1

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

US

Quality

Low

Volatility

Index

Fund

July

31,

2025

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

98

.8

%

Aerospace

&

Defense

-

2

.2

%

General

Dynamics

Corp.

3,071

$

956,954

Lockheed

Martin

Corp.

2,739

1,153,064

Northrop

Grumman

Corp.

1,826

1,052,890

3,162,908

Banks

-

0

.4

%

JPMorgan

Chase

&

Co.

2,003

593,369

Beverages

-

1

.6

%

PepsiCo,

Inc.

17,015

2,346,709

Biotechnology

-

4

.2

%

AbbVie,

Inc.

3,047

575,944

Alkermes

plc*

29,880

791,521

Biogen,

Inc.*

5,478

701,184

Gilead

Sciences,

Inc.

15,106

1,696,253

Madrigal

Pharmaceuticals,

Inc.*

2,407

728,142

Neurocrine

Biosciences,

Inc.*

5,976

766,302

Regeneron

Pharmaceuticals,

Inc.

1,245

679,098

5,938,444

Broadline

Retail

-

0

.5

%

Dillard's,

Inc.,

Class

A

1,577

736,349

Capital

Markets

-

1

.1

%

CME

Group,

Inc.

3,403

946,987

FactSet

Research

Systems,

Inc.

1,577

635,373

1,582,360

Chemicals

-

0

.8

%

Corteva,

Inc.

12,616

909,992

Ecolab,

Inc.

664

173,809

1,083,801

Commercial

Services

&

Supplies

-

0

.5

%

Republic

Services,

Inc.

3,320

765,758

Consumer

Staples

Distribution

&

Retail

-

0

.7

%

Costco

Wholesale

Corp.

996

935,881

Containers

&

Packaging

-

1

.7

%

AptarGroup,

Inc.

6,723

1,056,452

Avery

Dennison

Corp.

3,652

612,696

Packaging

Corp.

of

America

4,150

804,063

2,473,211

Diversified

Consumer

Services

-

0

.5

%

Service

Corp.

International(a)

9,296

709,378

Diversified

Telecommunication

Services

-

3

.0

%

AT&T,

Inc.

44,156

1,210,316

Iridium

Communications,

Inc.(a)

32,204

787,710

Verizon

Communications,

Inc.

52,290

2,235,920

4,233,946

Investments

Shares

Value

Electric

Utilities

-

4

.2

%

Alliant

Energy

Corp.

9,877

$

642,104

American

Electric

Power

Co.,

Inc.(a)

7,719

873,328

Duke

Energy

Corp.

10,790

1,312,496

Evergy,

Inc.

10,292

728,674

FirstEnergy

Corp.

10,043

428,936

Pinnacle

West

Capital

Corp.(a)

7,802

707,017

Southern

Co.

(The)(a)

14,359

1,356,638

6,049,193

Electronic

Equipment,

Instruments

&

Components

-

0

.4

%

Teledyne

Technologies,

Inc.*

1,162

640,285

Entertainment

-

0

.3

%

Electronic

Arts,

Inc.

2,525

385,037

Financial

Services

-

7

.7

%

Berkshire

Hathaway,

Inc.,

Class

B*

5,063

2,389,128

Jack

Henry

&

Associates,

Inc.

3,984

676,543

Mastercard,

Inc.,

Class

A

5,063

2,868,038

Visa,

Inc.,

Class

A

14,608

5,046,626

10,980,335

Food

Products

-

3

.5

%

Cal-Maine

Foods,

Inc.

10,458

1,162,302

Conagra

Brands,

Inc.

31,042

566,827

General

Mills,

Inc.(a)

13,778

674,846

Hershey

Co.

(The)

4,399

818,786

Hormel

Foods

Corp.

23,240

652,812

Kellanova

13,197

1,053,516

4,929,089

Ground

Transportation

-

0

.7

%

Landstar

System,

Inc.

7,055

940,925

Health

Care

Equipment

&

Supplies

-

0

.6

%

Abbott

Laboratories

1,328

167,580

Becton

Dickinson

&

Co.

3,735

665,764

833,344

Health

Care

Providers

&

Services

-

1

.2

%

Cencora,

Inc.

1,131

323,557

Chemed

Corp.

1,826

752,860

Encompass

Health

Corp.

5,893

648,878

1,725,295

Hotels,

Restaurants

&

Leisure

-

2

.4

%

McDonald's

Corp.

8,881

2,664,922

Restaurant

Brands

International,

Inc.

(a)

10,541

715,312

Texas

Roadhouse,

Inc.,

Class

A

166

30,732

3,410,966

Household

Products

-

3

.3

%

Clorox

Co.

(The)

2,090

262,420

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

US

Quality

Low

Volatility

Index

Fund

(cont.)

2

Investments

Shares

Value

COMMON

STOCKS

(continued)

Household

Products

(continued)

Procter

&

Gamble

Co.

(The)

29,050

$

4,371,154

4,633,574

Insurance

-

5

.0

%

Allstate

Corp.

(The)

3,984

809,748

American

Financial

Group,

Inc.

2,873

358,838

Assurant,

Inc.(a)

3,569

668,474

Chubb

Ltd.

3,320

883,253

Hanover

Insurance

Group,

Inc.

(The)

4,150

712,264

Markel

Group,

Inc.*

166

333,376

RenaissanceRe

Holdings

Ltd.(a)

2,905

708,065

Travelers

Cos.,

Inc.

(The)

3,071

799,197

W

R

Berkley

Corp.

10,126

696,770

Willis

Towers

Watson

plc(a)

3,569

1,127,126

7,097,111

Interactive

Media

&

Services

-

3

.1

%

Alphabet,

Inc.,

Class

A

6,059

1,162,722

Alphabet,

Inc.,

Class

C

4,150

800,369

Meta

Platforms,

Inc.,

Class

A

3,237

2,503,625

4,466,716

IT

Services

-

2

.7

%

Amdocs

Ltd.

11,703

998,968

International

Business

Machines

Corp.

11,122

2,815,534

3,814,502

Leisure

Products

-

0

.7

%

Hasbro,

Inc.

14,027

1,054,269

Life

Sciences

Tools

&

Services

-

0

.9

%

QIAGEN

NV(a)

24,734

1,220,376

Media

-

0

.4

%

Fox

Corp.,

Class

A

11,205

624,791

Metals

&

Mining

-

2

.3

%

Agnico

Eagle

Mines

Ltd.

10,873

1,352,166

Newmont

Corp.

15,687

974,163

Royal

Gold,

Inc.

6,142

930,022

3,256,351

Multi-Utilities

-

2

.2

%

CMS

Energy

Corp.

10,541

777,926

Consolidated

Edison,

Inc.

7,470

773,145

DTE

Energy

Co.

5,478

758,210

WEC

Energy

Group,

Inc.

7,221

787,666

3,096,947

Oil,

Gas

&

Consumable

Fuels

-

3

.2

%

Cheniere

Energy,

Inc.

1,577

371,983

Coterra

Energy,

Inc.

26,560

647,798

DT

Midstream,

Inc.

6,972

716,234

Exxon

Mobil

Corp.

17,430

1,945,885

Investments

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Scorpio

Tankers,

Inc.

19,173

$

866,811

4,548,711

Pharmaceuticals

-

6

.5

%

Eli

Lilly

&

Co.

4,399

3,255,568

Johnson

&

Johnson

22,244

3,664,477

Merck

&

Co.,

Inc.

30,627

2,392,581

9,312,626

Professional

Services

-

1

.9

%

Automatic

Data

Processing,

Inc.

4,897

1,515,621

FTI

Consulting,

Inc.*

4,150

690,353

Verisk

Analytics,

Inc.

2,003

558,256

2,764,230

Semiconductors

&

Semiconductor

Equipment

-

8

.1

%

Analog

Devices,

Inc.

522

117,257

Broadcom,

Inc.

4,897

1,438,249

NVIDIA

Corp.

50,630

9,005,558

Texas

Instruments,

Inc.

4,980

901,679

11,462,743

Software

-

12

.4

%

Appfolio,

Inc.,

Class

A*

1,479

395,455

CCC

Intelligent

Solutions

Holdings,

Inc.*(a)

52,954

512,065

Check

Point

Software

Technologies

Ltd.*

4,897

911,821

Commvault

Systems,

Inc.*

3,984

756,761

Microsoft

Corp.

21,995

11,734,332

Roper

Technologies,

Inc.

2,075

1,142,080

ServiceNow,

Inc.*

415

391,395

Tyler

Technologies,

Inc.*

1,909

1,115,925

Zoom

Communications,

Inc.,

Class

A*(a)

8,715

645,346

17,605,180

Specialty

Retail

-

2

.5

%

AutoZone,

Inc.*

318

1,198,345

Home

Depot,

Inc.

(The)

1,494

549,060

Murphy

USA,

Inc.(a)

1,566

567,643

TJX

Cos.,

Inc.

(The)

9,960

1,240,319

Tractor

Supply

Co.

1,044

59,456

3,614,823

Technology

Hardware,

Storage

&

Peripherals

-

4

.3

%

Apple,

Inc.

29,465

6,116,050

Wireless

Telecommunication

Services

-

1

.1

%

T-Mobile

US,

Inc.

6,474

1,543,466

Total

Common

Stocks

(Cost

$120,252,164)

140,689,049

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

US

Quality

Low

Volatility

Index

Fund

(cont.)

3

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

-

5

.1

%

(b)

REPURCHASE

AGREEMENTS

-

5

.1

%

CF

Secured

LLC

4.34%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$5,210,148,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

8/15/2025

-

2/15/2054;

total

market

value

$5,292,762

$

5,209,520

$

5,209,520

TD

Prime

Services

LLC

4.43%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$1,000,123,

collateralized

by

various

Common

Stocks;

total

market

value

$1,086,705

1,000,000

1,000,000

The

Bank

of

Nova

Scotia,

Toronto

4.46%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$1,000,124,

collateralized

by

various

Common

Stocks;

total

market

value

$1,103,423

1,000,000

1,000,000

7,209,520

Total

Securities

Lending

Reinvestments

(Cost

$7,209,520)

7,209,520

Investments

Principal

Amount

Value

SHORT-TERM

INVESTMENTS

-

0

.1

%

(c)

(d)

U.S.

TREASURY

OBLIGATIONS

-

0

.1

%

U.S.

Treasury

Bills

4.22%,

11/28/2025

(Cost

$114,411)

$

116,000

$

114,384

Total

Investments

-

104.0%

(Cost

$127,576,095)

148,012,953

Liabilities

in

excess

of

other

assets

-

(4.0%)

(5,639,068)

NET

ASSETS

-

100.0%

$142,373,885

*

Non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2025.

The

total

value

of

securities

on

loan

at

July

31,

2025

was

$8,846,646,

collateralized

in

the

form

of

cash

with

a

value

of

$7,209,520

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments

and

$1,937,567

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

4.88%,

and

maturity

dates

ranging

from

August

31,

2025

–

May

15,

2054;

a

total

value

of

$9,147,087.

(b)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2025.

The

total

value

of

securities

purchased

was

$7,209,520.

(c)

All

or

a

portion

of

the

security

pledged

as

collateral

for

Futures

Contracts.

(d)

The

rate

shown

was

the

current

yield

as

of

July

31,

2025.

Percentages

shown

are

based

on

Net

Assets.

Futures

Contracts

FlexShares

®

US

Quality

Low

Volatility

Index

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2025:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

S&P

500

Micro

E-Mini

Index

52

09/19/2025

USD

$

1,657,305

$

63,580

Abbreviations:

USD

—

US

Dollar

Security

Type

%

of

Net

Assets

Common

Stocks

98‌

.8

%

Securities

Lending

Reinvestments

5‌

.1

Short-Term

Investments

0‌

.1

Others

(1)

(

4‌

.0

)

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

4

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares

®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

July

31,

2025

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

98

.9

%

Aerospace

&

Defense

-

0

.7

%

Kongsberg

Gruppen

ASA

12,730

$

383,071

Automobile

Components

-

0

.4

%

Bridgestone

Corp.

6,300

256,655

Automobiles

-

0

.9

%

Ferrari

NV

1,178

519,492

Banks

-

12

.4

%

Bank

Hapoalim

BM

31,122

587,104

Bank

Leumi

Le-Israel

BM

32,680

607,536

BOC

Hong

Kong

Holdings

Ltd.

114,000

512,637

CaixaBank

SA

32,110

303,200

Danske

Bank

A/S

5,206

208,005

DBS

Group

Holdings

Ltd.

22,400

827,212

Hang

Seng

Bank

Ltd.

16,000

233,580

HSBC

Holdings

plc

16,036

195,830

Japan

Post

Bank

Co.

Ltd.

42,100

474,165

Mitsubishi

UFJ

Financial

Group,

Inc.

1,600

22,438

Mizrahi

Tefahot

Bank

Ltd.

8,170

506,922

National

Bank

of

Canada(a)

5,624

586,299

Oversea-Chinese

Banking

Corp.

Ltd.

39,700

516,236

Royal

Bank

of

Canada(a)

5,966

767,202

Toronto-Dominion

Bank

(The)

4,919

359,065

United

Overseas

Bank

Ltd.

14,200

396,114

7,103,545

Beverages

-

0

.3

%

Suntory

Beverage

&

Food

Ltd.

6,200

188,190

Broadline

Retail

-

1

.2

%

Dollarama,

Inc.

3,268

447,647

Pan

Pacific

International

Holdings

Corp.(a)

7,600

255,984

703,631

Capital

Markets

-

3

.4

%

Deutsche

Boerse

AG

2,145

623,831

Japan

Exchange

Group,

Inc.

12,000

118,011

London

Stock

Exchange

Group

plc

5,434

665,894

Singapore

Exchange

Ltd.

42,500

524,145

1,931,881

Chemicals

-

3

.4

%

Air

Liquide

SA

4,940

977,025

Asahi

Kasei

Corp.

62,500

438,345

Covestro

AG*(b)

494

34,139

Givaudan

SA

(Registered)

114

478,855

1,928,364

Commercial

Services

&

Supplies

-

2

.1

%

Brambles

Ltd.

20,672

318,234

Dai

Nippon

Printing

Co.

Ltd.

13,900

215,249

Investments

Shares

Value

Commercial

Services

&

Supplies

(continued)

GFL

Environmental,

Inc.

1,824

$

92,061

Secom

Co.

Ltd.

12,800

460,645

TOPPAN

Holdings,

Inc.

3,700

100,629

1,186,818

Construction

&

Engineering

-

0

.5

%

ACS

Actividades

de

Construccion

y

Servicios

SA(a)

4,082

282,192

Consumer

Staples

Distribution

&

Retail

-

2

.2

%

Alimentation

Couche-Tard,

Inc.

5,527

287,833

Koninklijke

Ahold

Delhaize

NV

10,830

428,884

Loblaw

Cos.

Ltd.

1,748

283,299

Metro,

Inc.,

Class

A

3,306

253,351

1,253,367

Containers

&

Packaging

-

0

.5

%

CCL

Industries,

Inc.,

Class

B

4,805

269,175

Diversified

Consumer

Services

-

0

.4

%

Pearson

plc

14,136

200,631

Diversified

Telecommunication

Services

-

4

.9

%

Deutsche

Telekom

AG

(Registered)

25,612

922,812

Elisa

OYJ

4,256

219,984

HKT

Trust

&

HKT

Ltd.

142,000

223,582

Koninklijke

KPN

NV

105,032

471,240

Orange

SA

21,584

329,674

Singapore

Telecommunications

Ltd.

58,700

175,555

Telstra

Group

Ltd.

81,016

259,246

TELUS

Corp.

13,756

222,078

2,824,171

Electric

Utilities

-

4

.4

%

Chubu

Electric

Power

Co.,

Inc.

18,000

220,732

CK

Infrastructure

Holdings

Ltd.

30,500

215,054

CLP

Holdings

Ltd.

27,500

238,742

Fortis,

Inc.

5,642

276,683

Hydro

One

Ltd.(b)

6,612

234,341

Iberdrola

SA(a)

42,521

747,288

Origin

Energy

Ltd.

22,458

168,743

Power

Assets

Holdings

Ltd.(a)

66,500

437,968

2,539,551

Entertainment

-

0

.4

%

Universal

Music

Group

NV(a)

7,980

231,808

Financial

Services

-

0

.0

%

(c)

HAL

Trust

169

24,101

Food

Products

-

3

.8

%

Ajinomoto

Co.,

Inc.

4,200

111,771

Chocoladefabriken

Lindt

&

Spruengli

AG

20

295,056

Danone

SA

7,562

622,128

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

(cont.)

5

Investments

Shares

Value

COMMON

STOCKS

(continued)

Food

Products

(continued)

Nestle

SA

(Registered)

10,260

$

898,326

WH

Group

Ltd.(b)

266,000

268,033

2,195,314

Gas

Utilities

-

1

.6

%

Hong

Kong

&

China

Gas

Co.

Ltd.

510,000

455,426

Osaka

Gas

Co.

Ltd.

9,100

230,380

Tokyo

Gas

Co.

Ltd.

7,000

234,845

920,651

Ground

Transportation

-

2

.7

%

Canadian

National

Railway

Co.

5,890

551,190

Canadian

Pacific

Kansas

City

Ltd.(a)

1,064

78,421

Central

Japan

Railway

Co.

10,200

237,963

East

Japan

Railway

Co.

11,800

252,317

Tokyu

Corp.(a)

17,700

200,646

West

Japan

Railway

Co.(a)

9,600

211,845

1,532,382

Health

Care

Equipment

&

Supplies

-

0

.8

%

BioMerieux

1,651

237,718

Cochlear

Ltd.

950

194,825

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

1,786

38,801

471,344

Hotels,

Restaurants

&

Leisure

-

1

.8

%

Compass

Group

plc

19,397

684,079

Flutter

Entertainment

plc*

587

177,427

Sodexo

SA

3,306

197,897

1,059,403

Household

Durables

-

0

.0

%

(c)

Sony

Group

Corp.

1,000

24,466

Household

Products

-

0

.4

%

Unicharm

Corp.(a)

29,300

203,647

Industrial

Conglomerates

-

1

.5

%

Jardine

Matheson

Holdings

Ltd.

500

27,265

Keppel

Ltd.

40,800

266,371

Sekisui

Chemical

Co.

Ltd.

24,700

432,059

Siemens

AG

(Registered)

473

121,754

847,449

Insurance

-

6

.7

%

Admiral

Group

plc

4,180

189,070

Allianz

SE

(Registered)

38

15,101

Fairfax

Financial

Holdings

Ltd.

327

579,652

Great-West

Lifeco,

Inc.

1,803

67,853

Insurance

Australia

Group

Ltd.

41,551

234,620

Intact

Financial

Corp.

2,090

432,951

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

1,482

976,346

Sampo

OYJ,

Class

A

47,500

511,911

Investments

Shares

Value

Insurance

(continued)

Tryg

A/S(a)

8,968

$

217,190

Zurich

Insurance

Group

AG

903

618,940

3,843,634

IT

Services

-

1

.4

%

CGI,

Inc.

3,876

374,493

Obic

Co.

Ltd.

6,400

230,493

Otsuka

Corp.

10,300

196,254

801,240

Leisure

Products

-

0

.4

%

Bandai

Namco

Holdings,

Inc.

2,000

65,225

Shimano,

Inc.

1,700

187,232

252,457

Machinery

-

1

.2

%

Kone

OYJ,

Class

B

7,486

462,163

Schindler

Holding

AG(a)

532

193,395

Schindler

Holding

AG

(Registered)

76

26,814

682,372

Marine

Transportation

-

1

.0

%

Kawasaki

Kisen

Kaisha

Ltd.(a)

12,600

179,378

Kuehne

+

Nagel

International

AG

(Registered)(a)

1,841

376,906

556,284

Metals

&

Mining

-

0

.7

%

Nippon

Steel

Corp.(a)

12,700

246,371

Wheaton

Precious

Metals

Corp.

1,955

179,189

425,560

Multi-Utilities

-

0

.8

%

Engie

SA

20,026

449,705

Oil,

Gas

&

Consumable

Fuels

-

4

.3

%

Eni

SpA

19,418

331,373

Galp

Energia

SGPS

SA

19,038

364,219

Idemitsu

Kosan

Co.

Ltd.

6,700

43,131

Imperial

Oil

Ltd.(a)

2,867

239,575

Pembina

Pipeline

Corp.

6,819

254,008

Shell

plc

13,528

485,331

TotalEnergies

SE

12,198

726,262

2,443,899

Passenger

Airlines

-

2

.3

%

ANA

Holdings,

Inc.

21,100

393,693

Cathay

Pacific

Airways

Ltd.(a)

309,000

460,548

Japan

Airlines

Co.

Ltd.

22,500

449,865

Singapore

Airlines

Ltd.

5,500

28,828

1,332,934

Personal

Care

Products

-

3

.8

%

Beiersdorf

AG

1,786

222,814

Kao

Corp.

11,300

511,333

Unilever

plc

24,396

1,423,098

2,157,245

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

(cont.)

6

Investments

Shares

Value

COMMON

STOCKS

(continued)

Pharmaceuticals

-

9

.1

%

AstraZeneca

plc

1,727

$

258,802

GSK

plc

17,100

320,883

Novartis

AG

(Registered)

12,806

1,485,373

Novo

Nordisk

A/S,

Class

B

15,998

771,700

Otsuka

Holdings

Co.

Ltd.

10,800

524,086

Roche

Holding

AG

684

216,559

Sanofi

SA

12,312

1,110,990

Shionogi

&

Co.

Ltd.

29,800

504,142

5,192,535

Professional

Services

-

2

.9

%

RELX

plc

4,180

217,724

SGS

SA

(Registered)

4,142

422,335

Thomson

Reuters

Corp.(a)

2,660

535,021

Wolters

Kluwer

NV

3,078

481,584

1,656,664

Real

Estate

Management

&

Development

-

2

.5

%

Daiwa

House

Industry

Co.

Ltd.

7,600

252,702

Mitsui

Fudosan

Co.

Ltd.

31,200

281,638

Sino

Land

Co.

Ltd.

10,190

11,748

Sun

Hung

Kai

Properties

Ltd.(a)

35,000

416,879

Swiss

Prime

Site

AG

(Registered)

3,306

458,415

1,421,382

Semiconductors

&

Semiconductor

Equipment

-

0

.7

%

ASML

Holding

NV

587

411,912

Software

-

2

.4

%

Constellation

Software,

Inc.

95

328,470

Nice

Ltd.*

1,140

179,169

Oracle

Corp.

Japan

3,800

414,226

SAP

SE

1,672

479,953

1,401,818

Specialty

Retail

-

0

.5

%

Industria

de

Diseno

Textil

SA

1,862

89,317

Nitori

Holdings

Co.

Ltd.(a)

2,200

189,235

278,552

Technology

Hardware,

Storage

&

Peripherals

-

0

.5

%

Canon,

Inc.(a)

10,500

300,010

Textiles,

Apparel

&

Luxury

Goods

-

0

.2

%

LVMH

Moet

Hennessy

Louis

Vuitton

SE

38

20,544

Pandora

A/S

418

69,593

90,137

Tobacco

-

0

.7

%

Japan

Tobacco,

Inc.

14,100

404,557

Trading

Companies

&

Distributors

-

2

.5

%

Bunzl

plc

5,033

150,126

Ferguson

Enterprises,

Inc.

2,356

526,166

Investments

Shares

Value

Trading

Companies

&

Distributors

(continued)

Mitsubishi

Corp.

38,000

$

754,470

1,430,762

Transportation

Infrastructure

-

1

.6

%

Aena

SME

SA(b)

18,240

492,583

Flughafen

Zurich

AG

(Registered)

798

226,021

Getlink

SE

10,733

195,323

913,927

Wireless

Telecommunication

Services

-

2

.0

%

KDDI

Corp.

35,800

591,255

SoftBank

Corp.

368,600

535,406

1,126,661

Total

Common

Stocks

(Cost

$50,244,160)

56,655,546

Number

of

Warrants

WARRANTS

-

0

.0

%

Software

-

0.0%

Constellation

Software,

Inc.,

expiring

3/31/2040

(Cost

$–)*‡

28

—

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

1

.8

%

(d)

REPURCHASE

AGREEMENTS

-

1

.8

%

CF

Secured

LLC

4.34%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$982,973,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

8/15/2025

-

2/15/2054;

total

market

value

$998,560

$

982,855

982,855

TD

Prime

Services

LLC

4.43%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$50,006,

collateralized

by

various

Common

Stocks;

total

market

value

$54,336

50,000

50,000

1,032,855

Total

Securities

Lending

Reinvestments

(Cost

$1,032,855)

1,032,855

Total

Investments

-

100.7%

(Cost

$51,277,015)

57,688,401

Liabilities

in

excess

of

other

assets

-

(0.7%)

(386,039)

NET

ASSETS

-

100.0%

$57,302,362

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

(cont.)

7

*

Non-income

producing

security.

‡

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2025.

The

total

value

of

securities

on

loan

at

July

31,

2025

was

$3,802,771,

collateralized

in

the

form

of

cash

with

a

value

of

$1,032,855

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$2,633,803

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.50%,

and

maturity

dates

ranging

from

August

7,

2025

–

February

15,

2055

and

$457,320

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

6.00%,

and

maturity

dates

ranging

from

October

22,

2025

–

June

30,

2120;

a

total

value

of

$4,123,978.

(b)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States

and

as

such

may

have

restrictions

on

resale.

(c)

Represents

less

than

0.05%

of

net

assets.

(d)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2025.

The

total

value

of

securities

purchased

was

$1,032,855.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

OYJ

—

Public

Limited

Company

Futures

Contracts

FlexShares

®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2025:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Depreciation

Long

Contracts

‌

MSCI

EAFE

E-Mini

Index

4

09/19/2025

USD

$

522,680

$

(

2,303

)

Forward

Foreign

Currency

Contracts

FlexShares

®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

had

the

following

outstanding

contracts

as

of

July

31,

2025:

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

ILS

73,522

JPMorgan

Chase

Bank

NA

USD

20,382

09/17/2025

$

1,298

USD

70,888

Morgan

Stanley

AUD

109,288

09/17/2025

462

USD

224,022

Morgan

Stanley

CHF

179,993

09/17/2025

1,103

USD

21,310

Morgan

Stanley

DKK

137,190

09/17/2025

194

USD

214,812

JPMorgan

Chase

Bank

NA

EUR

185,420

09/17/2025

1,944

USD

96,039

Bank

of

Montreal

GBP

70,939

09/17/2025

2,121

USD

62,896

Morgan

Stanley

HKD

490,000

09/17/2025

221

USD

104,638

JPMorgan

Chase

Bank

NA

JPY

14,950,000

09/17/2025

4,789

USD

13,215

Morgan

Stanley

NOK

131,563

09/17/2025

430

USD

17,678

Citigroup

Global

Markets,

Inc.

SEK

167,599

09/17/2025

454

Total

unrealized

appreciation

$

13,016

CAD

211,112

Bank

of

New

York

Mellon

(The)

USD

155,653

09/17/2025

$

(

2,615

)

SGD

16,357

Morgan

Stanley

USD

12,819

09/17/2025

(

166

)

Total

unrealized

depreciation

$

(

2,781

)

Net

unrealized

appreciation

$

10,235

Abbreviations:

AUD

—

Australian

Dollar

CAD

—

Canadian

Dollar

CHF

—

Swiss

Franc

DKK

—

Danish

Krone

EUR

—

Euro

GBP

—

British

Pound

HKD

—

Hong

Kong

Dollar

ILS

—

Israeli

Shekel

JPY

—

Japanese

Yen

NOK

—

Norwegian

Krone

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

(cont.)

8

Abbreviations:

(continued)

SEK

—

Swedish

Krona

SGD

—

Singapore

Dollar

USD

—

US

Dollar

FlexShares®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

invested,

as

a

percentage

of

net

assets,

in

companies

domiciled

in

the

following

countries

as

of

July

31,

2025:

Australia

2‌

.1

%

Canada

13‌

.4

Denmark

2‌

.2

Finland

2‌

.1

France

8‌

.5

Germany

5‌

.9

Hong

Kong

6‌

.1

Israel

3‌

.3

Italy

0‌

.6

Japan

21‌

.2

Netherlands

4‌

.5

New

Zealand

0‌

.1

Norway

0‌

.7

Portugal

0‌

.6

Singapore

4‌

.8

Spain

3‌

.3

Switzerland

9‌

.9

United

Kingdom

9‌

.6

Other

1

1‌

.1

100.0%

1

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

%

of

Net

Assets

Common

Stocks

98‌

.9

%

Warrants

–‌

Securities

Lending

Reinvestments

1‌

.8

Others

(1)

(

0‌

.7

)

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

9

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

July

31,

2025

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

99.1%

Aerospace

&

Defense

-

0.7%

Aselsan

Elektronik

Sanayi

ve

Ticaret

A/S

20,810

$

95,866

Automobile

Components

-

1.9%

Balkrishna

Industries

Ltd.

90

2,750

Bosch

Ltd.

15

6,915

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

H(a)

10,800

78,076

Hyundai

Mobis

Co.

Ltd.

465

98,747

MRF

Ltd.

45

75,949

262,437

Automobiles

-

1.3%

Bajaj

Auto

Ltd.

175

15,998

Hero

MotoCorp

Ltd.

1,365

66,392

Maruti

Suzuki

India

Ltd.

650

93,554

175,944

Banks

-

16.2%

Agricultural

Bank

of

China

Ltd.,

Class

H

110,000

72,166

Banco

BBVA

Peru

SA

8,733

3,458

Bank

Central

Asia

Tbk.

PT

224,500

112,898

Bank

of

China

Ltd.,

Class

H

295,000

170,611

BDO

Unibank,

Inc.

27,100

66,295

Boubyan

Bank

KSCP

33,365

76,870

Chang

Hwa

Commercial

Bank

Ltd.

126,000

78,097

China

CITIC

Bank

Corp.

Ltd.,

Class

H

22,000

20,487

China

Construction

Bank

Corp.,

Class

H

223,000

228,681

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

Class

H

125,000

99,204

Dubai

Islamic

Bank

PJSC

51,645

140,322

First

Financial

Holding

Co.

Ltd.

135,000

133,881

HDFC

Bank

Ltd.

5,035

116,002

Hong

Leong

Bank

Bhd.

22,000

98,007

Hong

Leong

Financial

Group

Bhd.

16,000

60,549

ICICI

Bank

Ltd.

6,330

107,048

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

180,000

138,038

Itau

Unibanco

Holding

SA

(Preference)

3,000

18,841

Kuwait

Finance

House

KSCP

45,960

121,208

Malayan

Banking

Bhd.

37,500

82,562

Mega

Financial

Holding

Co.

Ltd.

45,000

64,226

National

Bank

of

Kuwait

SAKP

34,991

119,953

Public

Bank

Bhd.

27,500

27,145

Qatar

International

Islamic

Bank

QSC

23,880

72,998

Sberbank

of

Russia

PJSC*‡

12,360

—

Taiwan

Cooperative

Financial

Holding

Co.

Ltd.

25,000

21,275

2,250,822

Investments

Shares

Value

Beverages

-

0.5%

Coca-Cola

Femsa

SAB

de

CV

8,000

$

66,461

Broadline

Retail

-

3.9%

Alibaba

Group

Holding

Ltd.,

ADR

3,630

437,887

PDD

Holdings,

Inc.,

ADR*

810

91,894

Prosus

NV

225

12,938

Robinson

PCL‡

600

—

542,719

Chemicals

-

2.9%

Asian

Paints

Ltd.

4,225

115,567

Berger

Paints

India

Ltd.

15,300

98,665

Fertiglobe

plc

30,795

21,798

Mesaieed

Petrochemical

Holding

Co.

162,165

60,350

PhosAgro

PJSC‡

1,158

—

PI

Industries

Ltd.

120

5,823

Pidilite

Industries

Ltd.

2,985

97,791

Yanbu

National

Petrochemical

Co.

1,420

11,546

411,540

Construction

Materials

-

1.1%

Asia

Cement

Corp.

27,000

36,636

LafargeHolcim

Maroc

SA

490

107,162

Shree

Cement

Ltd.

15

5,276

149,074

Consumer

Finance

-

1.5%

Bajaj

Finance

Ltd.

950

9,557

Muthoot

Finance

Ltd.

4,265

127,187

SBI

Cards

&

Payment

Services

Ltd.

6,800

62,676

Sundaram

Finance

Ltd.

110

5,870

205,290

Consumer

Staples

Distribution

&

Retail

-

0.6%

Nahdi

Medical

Co.

160

5,281

President

Chain

Store

Corp.

8,800

75,477

80,758

Containers

&

Packaging

-

0.0%(b)

Klabin

SA

(Preference)

6,000

3,944

Diversified

Telecommunication

Services

-

4.0%

Chunghwa

Telecom

Co.

Ltd.

22,000

95,083

Emirates

Integrated

Telecommunications

Co.

PJSC

43,280

117,830

Itissalat

Al-Maghrib

5,980

80,104

Ooredoo

QPSC

8,815

32,587

Saudi

Telecom

Co.

7,560

84,728

Telefonica

Brasil

SA

15,000

84,343

Telekom

Malaysia

Bhd.

43,000

68,054

562,729

Electric

Utilities

-

2.6%

CPFL

Energia

SA

14,500

98,185

Korea

Electric

Power

Corp.

5,030

139,823

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

(cont.)

10

Investments

Shares

Value

COMMON

STOCKS

(continued)

Electric

Utilities

(continued)

Manila

Electric

Co.

8,250

$

75,948

Power

Grid

Corp.

of

India

Ltd.

12,905

42,870

356,826

Electronic

Equipment,

Instruments

&

Components

-

0.4%

Hon

Hai

Precision

Industry

Co.

Ltd.

1,600

9,542

Synnex

Technology

International

Corp.

20,000

44,493

54,035

Energy

Equipment

&

Services

-

0.2%

ADNOC

Drilling

Co.

PJSC

19,820

31,513

Entertainment

-

1.0%

Krafton,

Inc.*

415

98,304

NetEase,

Inc.,

ADR

280

36,484

134,788

Food

Products

-

3.7%

Britannia

Industries

Ltd.

1,600

105,408

Marico

Ltd.

10,135

82,123

Nestle

India

Ltd.

4,115

105,587

Nestle

Malaysia

Bhd.

3,500

72,281

QL

Resources

Bhd.

32,500

32,386

Want

Want

China

Holdings

Ltd.

155,000

111,955

509,740

Gas

Utilities

-

0.5%

Petronas

Gas

Bhd.

18,000

75,883

Ground

Transportation

-

0.5%

Rumo

SA

23,000

67,950

Health

Care

Providers

&

Services

-

1.7%

Apollo

Hospitals

Enterprise

Ltd.

775

66,336

Bangkok

Dusit

Medical

Services

PCL,

NVDR

82,000

53,948

Bumrungrad

Hospital

PCL,

NVDR

21,500

111,842

232,126

Hotels,

Restaurants

&

Leisure

-

1.4%

Meituan,

Class

B*(a)

6,000

92,943

Tongcheng

Travel

Holdings

Ltd.(a)

26,000

65,248

Trip.com

Group

Ltd.

500

31,338

189,529

Independent

Power

and

Renewable

Electricity

Producers

-

0.7%

Aboitiz

Power

Corp.

131,500

97,387

Unipro

PAO*‡

726,000

—

97,387

Industrial

Conglomerates

-

0.5%

Industries

Qatar

QSC

20,265

73,969

Investments

Shares

Value

Insurance

-

2.6%

BB

Seguridade

Participacoes

SA

16,000

$

96,311

Caixa

Seguridade

Participacoes

SA

38,000

93,531

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

46,000

95,633

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

5,000

34,363

Porto

Seguro

SA

4,500

41,708

361,546

Interactive

Media

&

Services

-

4.6%

Tencent

Holdings

Ltd.

9,200

644,586

IT

Services

-

3.8%

HCL

Technologies

Ltd.

7,600

127,354

Infosys

Ltd.

4,020

69,250

Samsung

SDS

Co.

Ltd.

790

90,974

Tata

Consultancy

Services

Ltd.

6,885

238,683

526,261

Life

Sciences

Tools

&

Services

-

1.2%

Divi's

Laboratories

Ltd.

1,120

84,327

Samsung

Biologics

Co.

Ltd.*(a)

110

84,634

168,961

Marine

Transportation

-

0.3%

MISC

Bhd.

24,500

42,853

Metals

&

Mining

-

0.1%

Polyus

PJSC*‡

5,460

—

Vale

SA

1,700

16,233

16,233

Multi-Utilities

-

1.5%

Dubai

Electricity

&

Water

Authority

PJSC

146,940

110,812

Qatar

Electricity

&

Water

Co.

QSC

23,935

105,837

216,649

Office

REITs

-

0.0%(b)

Embassy

Office

Parks

REIT,

REIT

1,430

6,459

Oil,

Gas

&

Consumable

Fuels

-

4.5%

ADNOC

Logistics

&

Services

2,240

2,842

China

Coal

Energy

Co.

Ltd.,

Class

H

95,000

116,904

China

Shenhua

Energy

Co.

Ltd.,

Class

H

28,000

121,452

Petroleo

Brasileiro

SA

-

Petrobras

(Preference)

2,500

14,575

Petronas

Dagangan

Bhd.

8,500

43,008

Petronet

LNG

Ltd.

1,500

4,935

Qatar

Fuel

QSC

23,885

99,712

Rabigh

Refining

&

Petrochemical

Co.*

32,430

61,556

Reliance

Industries

Ltd.

4,320

68,559

Surgutneftegas

PAO

(Preference)*‡

156,600

—

Turkiye

Petrol

Rafinerileri

A/S

3,395

14,126

United

Tractors

Tbk.

PT

58,500

85,857

633,526

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

(cont.)

11

Investments

Shares

Value

COMMON

STOCKS

(continued)

Personal

Care

Products

-

2.0%

Colgate-Palmolive

India

Ltd.

230

$

5,895

Dabur

India

Ltd.

9,640

58,215

Godrej

Consumer

Products

Ltd.

2,840

40,817

Hindustan

Unilever

Ltd.

5,935

170,817

275,744

Pharmaceuticals

-

3.9%

Cipla

Ltd.

6,525

115,798

Dr

Reddy's

Laboratories

Ltd.

5,655

82,005

Lupin

Ltd.

4,525

99,650

Sun

Pharmaceutical

Industries

Ltd.

7,950

154,891

Torrent

Pharmaceuticals

Ltd.

1,455

62,152

Zydus

Lifesciences

Ltd.

2,835

31,386

545,882

Real

Estate

Management

&

Development

-

0.5%

Dar

Al

Arkan

Real

Estate

Development

Co.*

13,130

66,856

Emaar

Properties

PJSC

955

3,965

70,821

Semiconductors

&

Semiconductor

Equipment

-

11.9%

MediaTek,

Inc.

1,630

74,817

Novatek

Microelectronics

Corp.

1,800

28,646

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

39,300

1,527,364

United

Microelectronics

Corp.

15,000

20,881

1,651,708

Specialty

Retail

-

1.2%

Abu

Dhabi

National

Oil

Co.

for

Distribution

PJSC

60,575

61,184

Jarir

Marketing

Co.

29,520

101,125

162,309

Technology

Hardware,

Storage

&

Peripherals

-

2.8%

Catcher

Technology

Co.

Ltd.

15,000

106,541

Samsung

Electronics

Co.

Ltd.

5,510

283,685

390,226

Textiles,

Apparel

&

Luxury

Goods

-

0.6%

Page

Industries

Ltd.

10

5,571

Titan

Co.

Ltd.

2,170

82,920

88,491

Tobacco

-

1.5%

ITC

Ltd.

24,815

116,697

KT&G

Corp.

955

90,005

206,702

Transportation

Infrastructure

-

2.1%

China

Merchants

Port

Holdings

Co.

Ltd.

40,000

78,777

Salik

Co.

PJSC

67,350

117,351

Taiwan

High

Speed

Rail

Corp.

110,000

100,427

296,555

Investments

Shares

Value

Water

Utilities

-

1.6%

Emirates

Central

Cooling

Systems

Corp.

232,910

$

109,699

Guangdong

Investment

Ltd.

130,000

115,758

225,457

Wireless

Telecommunication

Services

-

4.6%

Advanced

Info

Service

PCL,

NVDR

9,800

87,264

Bharti

Airtel

Ltd.

4,910

107,298

Celcomdigi

Bhd.

77,000

69,327

Etihad

Etisalat

Co.

1,320

21,536

Far

EasTone

Telecommunications

Co.

Ltd.

36,500

99,910

Mobile

Telecommunications

Co.

KSCP

44,150

76,758

SK

Telecom

Co.

Ltd.

2,735

110,638

Taiwan

Mobile

Co.

Ltd.

20,000

70,693

643,424

Total

Common

Stocks

(Cost

$11,535,794)

13,805,723

Total

Investments

-

99.1%

(Cost

$11,535,794)

13,805,723

Other

assets

less

liabilities

-

0.9%

120,542

NET

ASSETS

-

100.0%

$13,926,265

*

Non-income

producing

security.

‡

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(a)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States

and

as

such

may

have

restrictions

on

resale.

(b)

Represents

less

than

0.05%

of

net

assets.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

ADR

—

American

Depositary

Receipt

NVDR

—

Non-Voting

Depositary

Receipt

PJSC

—

Public

Joint

Stock

Company

Preference

—

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

REIT

—

Real

Estate

Investment

Trust

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

(cont.)

12

Futures

Contracts

FlexShares®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2025:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

MSCI

Emerging

Markets

E-Mini

Index

3

09/19/2025

USD

$

185,745

$

3,899

Forward

Foreign

Currency

Contracts

FlexShares®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

had

the

following

outstanding

contracts

as

of

July

31,

2025:

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

USD

29,111

Citigroup

Global

Markets,

Inc.

INR

*

2,500,000

09/17/2025

$

631

Net

unrealized

appreciation

$

631

*

Non-deliverable

forward.

Abbreviations:

INR

—

Indian

Rupee

USD

—

US

Dollar

FlexShares®

Emerging

Markets

Quality

Low

Volatility

Index

invested,

as

a

percentage

of

net

assets,

in

companies

domiciled

in

the

following

countries

as

of

July

31,

2025:

Brazil

3.9

%

China

20.7

India

22.6

Indonesia

1.4

Kuwait

2.8

Malaysia

4.8

Mexico

0.5

Morocco

1.3

Peru

0.0

†

Philippines

1.7

Qatar

3.2

Saudi

Arabia

2.5

South

Africa

0.1

South

Korea

7.2

Taiwan

18.6

Thailand

1.8

Turkey

0.8

United

Arab

Emirates

5.2

Other

1

0.9

100.0%

†

Amount

represents

less

than

0.05%.

1

Includes

any

non-equity

securities

and

net

other

assets

(liabilities).

Security

Type

%

of

Net

Assets

Common

Stocks

99.1

%

Others

(1)

0.9

100.0%

(1)

Includes

any

other

net

assets/(liabilities).

13

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

July

31,

2025

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

99

.2

%

Aerospace

&

Defense

-

2

.0

%

AAR

Corp.*(a)

2,171

$

162,195

AeroVironment,

Inc.*

1,085

290,389

Archer

Aviation,

Inc.,

Class

A*(a)

16,168

162,165

ATI,

Inc.*

6,622

509,497

Axon

Enterprise,

Inc.*

1,540

1,163,455

Boeing

Co.

(The)*

19,710

4,372,466

BWX

Technologies,

Inc.

3,565

541,630

Curtiss-Wright

Corp.

926

453,944

Ducommun,

Inc.*(a)

465

42,306

GE

Aerospace

22,801

6,180,895

General

Dynamics

Corp.

6,314

1,967,506

HEICO

Corp.(a)

1,057

345,428

HEICO

Corp.,

Class

A

1,550

400,040

Hexcel

Corp.(a)

1,963

117,603

Howmet

Aerospace,

Inc.

8,607

1,547,280

Huntington

Ingalls

Industries,

Inc.(a)

1,812

505,294

Kratos

Defense

&

Security

Solutions,

Inc.*

4,530

265,911

L3Harris

Technologies,

Inc.

4,004

1,100,379

Leonardo

DRS,

Inc.

1,359

56,534

Lockheed

Martin

Corp.

5,134

2,161,311

Mercury

Systems,

Inc.*

3,542

186,274

Moog,

Inc.,

Class

A(a)

1,510

292,306

Northrop

Grumman

Corp.

3,850

2,219,949

Rocket

Lab

Corp.*(a)

11,929

547,780

RTX

Corp.

35,485

5,591,372

Spirit

AeroSystems

Holdings,

Inc.,

Class

A*(a)

4,928

194,163

StandardAero,

Inc.*

2,464

70,347

Textron,

Inc.

5,236

407,204

TransDigm

Group,

Inc.

1,057

1,700,142

V2X,

Inc.*

1,359

64,389

Woodward,

Inc.

2,790

717,253

34,337,407

Air

Freight

&

Logistics

-

0

.3

%

CH

Robinson

Worldwide,

Inc.

4,312

497,260

Expeditors

International

of

Washington,

Inc.(a)

3,020

351,045

FedEx

Corp.

5,889

1,316,133

GXO

Logistics,

Inc.*

19,630

975,807

Hub

Group,

Inc.,

Class

A

4,774

167,185

United

Parcel

Service,

Inc.,

Class

B

18,271

1,574,229

4,881,659

Automobile

Components

-

0

.5

%

Adient

plc*

14,629

313,646

Aptiv

plc*

4,832

331,668

Autoliv,

Inc.(a)

12,319

1,374,184

BorgWarner,

Inc.

39,881

1,467,621

Dana,

Inc.

25,099

399,576

Dorman

Products,

Inc.*(a)

1,540

185,755

Investments

Shares

Value

Automobile

Components

(continued)

Fox

Factory

Holding

Corp.*

10,268

$

311,839

Garrett

Motion,

Inc.

20,942

273,084

Gentex

Corp.(a)

9,547

252,232

Gentherm,

Inc.*

2,416

77,409

Goodyear

Tire

&

Rubber

Co.

(The)*

39,411

405,145

LCI

Industries(a)

3,473

329,935

Lear

Corp.

10,471

987,310

Modine

Manufacturing

Co.*(a)

2,772

373,000

Patrick

Industries,

Inc.

1,963

190,882

Phinia,

Inc.

9,060

459,342

QuantumScape

Corp.,

Class

A*

16,157

138,950

Standard

Motor

Products,

Inc.

1,208

36,675

Visteon

Corp.*(a)

4,158

462,162

XPEL,

Inc.*(a)(b)

7

229

8,370,644

Automobiles

-

1

.3

%

Ford

Motor

Co.(a)

97,624

1,080,698

General

Motors

Co.

26,878

1,433,673

Harley-Davidson,

Inc.

22,174

539,493

Lucid

Group,

Inc.*(a)

14,345

35,289

Rivian

Automotive,

Inc.,

Class

A*(a)

20,989

270,128

Tesla,

Inc.*

59,041

18,200,569

Thor

Industries,

Inc.(a)

3,080

280,249

Winnebago

Industries,

Inc.

3,542

105,268

21,945,367

Banks

-

5

.9

%

1st

Source

Corp.

2,416

144,525

Amalgamated

Financial

Corp.(a)

5,544

160,721

Amerant

Bancorp,

Inc.,

Class

A

5,852

112,944

Ameris

Bancorp(a)

12,684

866,951

Associated

Banc-Corp.

33,260

822,852

Atlantic

Union

Bankshares

Corp.(a)

26,639

844,456

Axos

Financial,

Inc.*

9,966

860,564

Banc

of

California,

Inc.

11,023

160,054

BancFirst

Corp.(a)

1,391

173,207

Bancorp,

Inc.

(The)*

3,322

209,818

Bank

of

America

Corp.

179,841

8,501,084

Bank

of

Hawaii

Corp.(a)

453

28,032

Bank

OZK(a)

20,385

1,004,981

BankUnited,

Inc.

14,167

516,670

Banner

Corp.(a)

2,619

162,574

Berkshire

Hills

Bancorp,

Inc.

8,909

219,518

BOK

Financial

Corp.

3,850

390,890

Brookline

Bancorp,

Inc.

9,393

96,936

Burke

&

Herbert

Financial

Services

Corp.

1,057

61,295

Business

First

Bancshares,

Inc.

2,114

50,208

Byline

Bancorp,

Inc.(a)

6,776

178,209

Cadence

Bank(a)

32,952

1,148,377

Camden

National

Corp.

924

34,844

Capital

City

Bank

Group,

Inc.(a)

604

23,912

Capitol

Federal

Financial,

Inc.

35,636

214,529

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

14

Investments

Shares

Value

COMMON

STOCKS

(continued)

Banks

(continued)

Cathay

General

Bancorp(a)

13,551

$

612,776

Central

Pacific

Financial

Corp.

2,310

61,585

Citigroup,

Inc.

50,283

4,711,517

Citizens

Financial

Group,

Inc.

13,439

641,309

City

Holding

Co.(a)

310

37,851

Coastal

Financial

Corp.*

1,359

130,736

Columbia

Banking

System,

Inc.

32,918

783,448

Comerica,

Inc.

24,613

1,663,100

Commerce

Bancshares,

Inc.(a)

4,530

277,236

Community

Financial

System,

Inc.(a)

3,322

175,069

Community

Trust

Bancorp,

Inc.

1,705

92,036

ConnectOne

Bancorp,

Inc.(a)

2,618

60,293

Cullen/Frost

Bankers,

Inc.

2,869

365,539

Customers

Bancorp,

Inc.*(a)

3,850

245,438

CVB

Financial

Corp.(a)

8,456

158,043

Dime

Community

Bancshares,

Inc.

4,530

125,526

East

West

Bancorp,

Inc.(a)

4,530

454,132

Eastern

Bankshares,

Inc.

12,835

198,301

Enterprise

Financial

Services

Corp.

(a)

8,154

450,019

FB

Financial

Corp.

924

45,054

Fifth

Third

Bancorp(a)

19,248

800,139

First

Bancorp/NC(a)

2,945

147,515

First

Bancorp/PR

30,351

632,211

First

Busey

Corp.

16,634

371,271

First

Citizens

BancShares,

Inc.,

Class

A(a)

310

618,376

First

Commonwealth

Financial

Corp.

20,923

345,439

First

Financial

Bancorp

15,499

375,696

First

Financial

Bankshares,

Inc.

3,080

106,630

First

Financial

Corp.

604

32,344

First

Hawaiian,

Inc.(a)

24,483

593,713

First

Horizon

Corp.

93,922

2,048,439

First

Interstate

BancSystem,

Inc.,

Class

A

14,937

430,036

First

Merchants

Corp.

9,815

374,148

First

Mid

Bancshares,

Inc.(a)

6,040

229,339

Flagstar

Financial,

Inc.

5,889

66,487

FNB

Corp.

64,364

986,056

Fulton

Financial

Corp.

31,874

572,138

Glacier

Bancorp,

Inc.(a)

2,772

121,497

Great

Southern

Bancorp,

Inc.

308

17,538

Hancock

Whitney

Corp.(a)

15,091

901,235

Hanmi

Financial

Corp.(a)

2,416

55,109

Heritage

Commerce

Corp.

18,422

170,404

Heritage

Financial

Corp.(a)

4,832

108,913

Hilltop

Holdings,

Inc.

4,158

123,077

Home

BancShares,

Inc.

34,492

971,295

Hope

Bancorp,

Inc.

13,288

132,747

Horizon

Bancorp,

Inc.

13,137

203,492

Huntington

Bancshares,

Inc.

38,958

640,080

Independent

Bank

Corp.

8,623

547,992

Independent

Bank

Corp./MI

924

28,228

International

Bancshares

Corp.

10,721

730,958

Investments

Shares

Value

Banks

(continued)

JPMorgan

Chase

&

Co.

73,386

$

21,739,869

KeyCorp

27,255

488,410

Lakeland

Financial

Corp.(a)

620

39,289

Live

Oak

Bancshares,

Inc.

616

19,472

M&T

Bank

Corp.

4,832

911,798

Mercantile

Bank

Corp.

2,002

91,471

Metrocity

Bankshares,

Inc.(a)

770

21,252

Metropolitan

Bank

Holding

Corp.

604

42,606

National

Bank

Holdings

Corp.,

Class

A

3,171

117,517

NBT

Bancorp,

Inc.

308

12,745

Nicolet

Bankshares,

Inc.

1,057

136,353

Northwest

Bancshares,

Inc.

23,405

273,838

OceanFirst

Financial

Corp.

12,165

204,129

OFG

Bancorp(a)

9,513

405,444

Old

National

Bancorp(a)

56,927

1,201,729

Old

Second

Bancorp,

Inc.

3,850

65,335

Origin

Bancorp,

Inc.

3,234

118,203

Orrstown

Financial

Services,

Inc.(a)

616

20,242

Park

National

Corp.

310

50,180

Pathward

Financial,

Inc.(a)

1,963

148,452

Peoples

Bancorp,

Inc.

4,960

142,054

Pinnacle

Financial

Partners,

Inc.

3,624

318,513

PNC

Financial

Services

Group,

Inc.

(The)

10,625

2,021,619

Popular,

Inc.

12,533

1,436,031

Preferred

Bank(a)

3,020

274,276

Prosperity

Bancshares,

Inc.

17,092

1,138,669

Provident

Financial

Services,

Inc.

19,807

360,884

QCR

Holdings,

Inc.

1,705

121,055

Regions

Financial

Corp.

25,519

646,396

Renasant

Corp.(a)

1,661

60,859

Republic

Bancorp,

Inc.,

Class

A

308

21,209

S&T

Bancorp,

Inc.

6,622

242,630

Seacoast

Banking

Corp.

of

Florida

906

25,540

ServisFirst

Bancshares,

Inc.(a)

3,388

266,466

Simmons

First

National

Corp.,

Class

A

8,623

165,303

Southside

Bancshares,

Inc.(a)

5,889

173,372

SouthState

Corp.(a)

18,478

1,740,073

Stellar

Bancorp,

Inc.

4,983

147,148

Stock

Yards

Bancorp,

Inc.

465

34,763

Synovus

Financial

Corp.

27,029

1,276,850

Texas

Capital

Bancshares,

Inc.*

2,772

232,765

Tompkins

Financial

Corp.

3,473

224,634

Towne

Bank

5,285

185,134

TriCo

Bancshares

4,158

170,977

Triumph

Financial,

Inc.*

2,002

113,553

Truist

Financial

Corp.

34,800

1,521,108

TrustCo

Bank

Corp.

NY

5,889

197,635

Trustmark

Corp.

12,835

478,104

UMB

Financial

Corp.

13,089

1,439,659

United

Bankshares,

Inc.

27,563

979,038

United

Community

Banks,

Inc.

17,818

543,449

Univest

Financial

Corp.(a)

4,158

119,917

US

Bancorp

38,958

1,751,552

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

15

Investments

Shares

Value

COMMON

STOCKS

(continued)

Banks

(continued)

Valley

National

Bancorp

78,222

$

725,118

Veritex

Holdings,

Inc.

10,779

341,910

WaFd,

Inc.(a)

16,610

483,434

Webster

Financial

Corp.

31,257

1,801,966

Wells

Fargo

&

Co.

87,278

7,037,225

WesBanco,

Inc.

19,026

573,253

Westamerica

Bancorp

5,236

250,804

Western

Alliance

Bancorp(a)

20,989

1,627,907

Wintrust

Financial

Corp.(a)

11,703

1,497,750

WSFS

Financial

Corp.(a)

2,718

149,055

Zions

Bancorp

NA

27,633

1,481,681

102,409,373

Beverages

-

0

.9

%

Boston

Beer

Co.,

Inc.

(The),

Class

A*

308

63,781

Brown-Forman

Corp.,

Class

A

8

229

Brown-Forman

Corp.,

Class

B(a)

4,004

115,515

Celsius

Holdings,

Inc.*

7,701

349,163

Coca-Cola

Co.

(The)

83,201

5,648,516

Coca-Cola

Consolidated,

Inc.

1,540

172,095

Constellation

Brands,

Inc.,

Class

A(a)

3,388

565,932

Keurig

Dr

Pepper,

Inc.

23,103

754,313

MGP

Ingredients,

Inc.

4,774

135,009

Molson

Coors

Beverage

Co.,

Class

B(a)

31,874

1,552,901

Monster

Beverage

Corp.*

15,553

913,739

National

Beverage

Corp.*(a)

468

21,444

PepsiCo,

Inc.

35,485

4,894,091

Primo

Brands

Corp.,

Class

A

1,661

45,860

Vita

Coco

Co.,

Inc.

(The)*

3,696

130,321

15,362,909

Biotechnology

-

2

.0

%

89bio,

Inc.*

1,359

12,910

AbbVie,

Inc.

46,659

8,819,484

ACADIA

Pharmaceuticals,

Inc.*

1,661

39,582

ADMA

Biologics,

Inc.*(a)

6,191

115,772

Agios

Pharmaceuticals,

Inc.*

4,108

152,900

Akero

Therapeutics,

Inc.*(a)

2,310

112,843

Alkermes

plc*

8,758

231,999

Alnylam

Pharmaceuticals,

Inc.*

2,926

1,147,694

Amgen,

Inc.

14,321

4,226,127

Amicus

Therapeutics,

Inc.*

19,749

118,297

Apellis

Pharmaceuticals,

Inc.*(a)

308

6,881

Arcellx,

Inc.*

1,057

75,459

Arcutis

Biotherapeutics,

Inc.*(a)

1,694

24,699

Ardelyx,

Inc.*

15,553

65,945

Aurinia

Pharmaceuticals,

Inc.*

12,165

112,465

Avidity

Biosciences,

Inc.*(a)

1,540

56,533

Beam

Therapeutics,

Inc.*(a)

302

5,952

BioCryst

Pharmaceuticals,

Inc.*

10,625

86,487

Biogen,

Inc.*

3,234

413,952

Biohaven

Ltd.*(a)

5,544

83,714

BioMarin

Pharmaceutical,

Inc.*

3,696

213,814

Bridgebio

Pharma,

Inc.*

6,776

320,302

Investments

Shares

Value

Biotechnology

(continued)

Catalyst

Pharmaceuticals,

Inc.*

8,304

$

177,124

CG

oncology,

Inc.*(a)

2,464

65,764

Cogent

Biosciences,

Inc.*

5,236

59,795

Crinetics

Pharmaceuticals,

Inc.*(a)

3,696

105,669

CRISPR

Therapeutics

AG*(a)

4,832

271,848

Cytokinetics,

Inc.*(a)

2,618

98,542

Day

One

Biopharmaceuticals,

Inc.*

10,317

69,227

Denali

Therapeutics,

Inc.*(a)

8,623

119,256

Dynavax

Technologies

Corp.*

12,011

131,881

Dyne

Therapeutics,

Inc.*

22,801

224,590

Exact

Sciences

Corp.*

6,342

297,757

Exelixis,

Inc.*

12,231

443,007

Geron

Corp.*

21,096

24,260

Gilead

Sciences,

Inc.

33,220

3,730,274

Gyre

Therapeutics,

Inc.*(a)

6,314

44,514

Halozyme

Therapeutics,

Inc.*

6,160

369,415

ImmunityBio,

Inc.*(a)

20,480

50,381

Immunome,

Inc.*(a)

3,080

32,402

Immunovant,

Inc.*(a)

6,468

104,005

Incyte

Corp.*

3,542

265,260

Insmed,

Inc.*

4,379

469,779

Ionis

Pharmaceuticals,

Inc.*

4,466

191,949

Iovance

Biotherapeutics,

Inc.*(a)

11,703

30,077

Kiniksa

Pharmaceuticals

International

plc,

Class

A*

1,078

32,620

Krystal

Biotech,

Inc.*(a)

1,386

213,264

Kymera

Therapeutics,

Inc.*

2,772

121,275

Madrigal

Pharmaceuticals,

Inc.*

770

232,933

MiMedx

Group,

Inc.*(a)

2,926

21,038

Mirum

Pharmaceuticals,

Inc.*

453

23,411

Moderna,

Inc.*(a)

17,667

522,237

Myriad

Genetics,

Inc.*

7,100

27,264

Natera,

Inc.*

3,234

432,256

Neurocrine

Biosciences,

Inc.*

3,624

464,706

Novavax,

Inc.*(a)

14,937

99,331

Nuvalent,

Inc.,

Class

A*(a)

604

47,323

Protagonist

Therapeutics,

Inc.*(a)

1,078

58,061

PTC

Therapeutics,

Inc.*

2,464

128,399

Regeneron

Pharmaceuticals,

Inc.

2,567

1,400,196

Relay

Therapeutics,

Inc.*

23,252

81,847

Replimune

Group,

Inc.*(a)

2,310

16,239

Revolution

Medicines,

Inc.*(a)

7,700

286,979

Rhythm

Pharmaceuticals,

Inc.*(a)

2,772

236,258

Rocket

Pharmaceuticals,

Inc.*(a)

12,165

37,103

Roivant

Sciences

Ltd.*(a)

9,060

102,922

Sarepta

Therapeutics,

Inc.*(a)

2,772

45,516

Savara,

Inc.*(a)

17,246

44,667

Scholar

Rock

Holding

Corp.*(a)

2,464

91,291

Soleno

Therapeutics,

Inc.*

462

39,949

Spyre

Therapeutics,

Inc.*(a)

12,382

210,123

Summit

Therapeutics,

Inc.*(a)

4,774

125,890

Syndax

Pharmaceuticals,

Inc.*

9,393

93,179

TG

Therapeutics,

Inc.*(a)

4,620

164,010

Twist

Bioscience

Corp.*

2,618

87,886

Ultragenyx

Pharmaceutical,

Inc.*

4,620

126,218

United

Therapeutics

Corp.*

1,078

296,127

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

16

Investments

Shares

Value

COMMON

STOCKS

(continued)

Biotechnology

(continued)

Vaxcyte,

Inc.*(a)

23,405

$

794,600

Vera

Therapeutics,

Inc.,

Class

A*

12,382

257,422

Veracyte,

Inc.*(a)

5,698

133,960

Vericel

Corp.*(a)

755

26,380

Vertex

Pharmaceuticals,

Inc.*

5,436

2,483,545

Viking

Therapeutics,

Inc.*(a)

2,002

65,205

Viridian

Therapeutics,

Inc.*(a)

7,238

126,810

Xencor,

Inc.*

5,852

48,689

Zymeworks,

Inc.*(a)

8,154

102,414

33,770,130

Broadline

Retail

-

3

.1

%

Amazon.com,

Inc.*

203,850

47,723,323

Coupang,

Inc.,

Class

A*

28,025

824,776

Dillard's,

Inc.,

Class

A

308

143,814

eBay,

Inc.

13,288

1,219,174

Etsy,

Inc.*

4,466

260,234

Kohl's

Corp.(a)

302

3,274

Macy's,

Inc.

45,425

573,718

MercadoLibre,

Inc.*

989

2,347,777

Ollie's

Bargain

Outlet

Holdings,

Inc.*(a)

2,790

381,198

53,477,288

Building

Products

-

0

.7

%

A

O

Smith

Corp.(a)

3,561

252,083

AAON,

Inc.(a)

3,255

271,793

Advanced

Drainage

Systems,

Inc.

2,416

277,236

Allegion

plc(a)

1,694

281,068

American

Woodmark

Corp.*

3,542

186,345

Apogee

Enterprises,

Inc.

2,310

96,997

Armstrong

World

Industries,

Inc.

1,359

255,723

AZZ,

Inc.(a)

1,963

214,949

Builders

FirstSource,

Inc.*(a)

3,696

469,872

Carlisle

Cos.,

Inc.

1,057

374,928

Carrier

Global

Corp.

18,120

1,243,394

CSW

Industrials,

Inc.(a)

462

119,880

Fortune

Brands

Innovations,

Inc.(a)

3,850

209,979

Gibraltar

Industries,

Inc.*

621

41,005

Griffon

Corp.

2,567

208,620

Hayward

Holdings,

Inc.*

10,625

163,412

Janus

International

Group,

Inc.*(a)

26,485

226,976

Johnson

Controls

International

plc

14,496

1,522,080

Lennox

International,

Inc.

770

468,930

Masco

Corp.

5,134

349,779

Masterbrand,

Inc.*(a)

22,020

242,881

Owens

Corning

2,718

378,971

Quanex

Building

Products

Corp.(a)

3,542

68,998

Resideo

Technologies,

Inc.*(a)

23,252

634,780

Simpson

Manufacturing

Co.,

Inc.(a)

1,395

250,305

Trane

Technologies

plc

4,832

2,116,803

Trex

Co.,

Inc.*(a)

5,236

336,361

UFP

Industries,

Inc.

3,171

310,758

Zurn

Elkay

Water

Solutions

Corp.(a)

4,681

207,134

11,782,040

Investments

Shares

Value

Capital

Markets

-

3

.6

%

Acadian

Asset

Management,

Inc.

3,775

$

157,757

Affiliated

Managers

Group,

Inc.

5,587

1,172,544

Ameriprise

Financial,

Inc.

2,114

1,095,454

Ares

Management

Corp.,

Class

A

3,775

700,376

Artisan

Partners

Asset

Management,

Inc.,

Class

A(a)

1,848

83,622

Bank

of

New

York

Mellon

Corp.

(The)

18,875

1,914,869

BGC

Group,

Inc.,

Class

A(a)

23,254

215,565

BlackRock,

Inc.

3,624

4,008,180

Blackstone,

Inc.

15,399

2,663,411

Blue

Owl

Capital,

Inc.,

Class

A(a)

15,352

297,061

Carlyle

Group,

Inc.

(The)

4,620

280,249

Charles

Schwab

Corp.

(The)

43,790

4,279,597

CME

Group,

Inc.

7,853

2,185,333

Cohen

&

Steers,

Inc.(a)

1,386

101,954

Coinbase

Global,

Inc.,

Class

A*

4,158

1,570,726

Donnelley

Financial

Solutions,

Inc.*(a)

1,078

57,091

Evercore,

Inc.,

Class

A

1,694

510,131

FactSet

Research

Systems,

Inc.(a)

775

312,247

Federated

Hermes,

Inc.,

Class

B

13,551

671,723

Franklin

Resources,

Inc.(a)

50,198

1,204,752

Freedom

Holding

Corp.*

302

56,116

Goldman

Sachs

Group,

Inc.

(The)

8,154

5,900,153

Hamilton

Lane,

Inc.,

Class

A(a)

2,156

328,359

Houlihan

Lokey,

Inc.,

Class

A

1,812

345,476

Interactive

Brokers

Group,

Inc.,

Class

A

10,268

673,170

Intercontinental

Exchange,

Inc.

12,231

2,260,656

Invesco

Ltd.(a)

62,670

1,316,697

Janus

Henderson

Group

plc

23,858

1,033,051

Jefferies

Financial

Group,

Inc.

27,784

1,602,025

Kayne

Anderson

BDC,

Inc.

2,525

39,112

KKR

&

Co.,

Inc.

14,647

2,146,957

Lazard,

Inc.,

Class

A

2,265

117,735

LPL

Financial

Holdings,

Inc.(a)

1,848

731,309

MarketAxess

Holdings,

Inc.(a)

1,812

372,366

Moelis

&

Co.,

Class

A

2,945

206,562

Moody's

Corp.

3,322

1,713,255

Morgan

Stanley

33,069

4,711,010

Morningstar,

Inc.

465

128,554

MSCI,

Inc.

1,705

957,119

Nasdaq,

Inc.

7,700

740,894

Northern

Trust

Corp.(c)

5,738

745,940

Piper

Sandler

Cos.(a)

924

291,356

PJT

Partners,

Inc.,

Class

A

453

80,915

Raymond

James

Financial,

Inc.

4,620

772,141

Robinhood

Markets,

Inc.,

Class

A*

14,345

1,478,252

S&P

Global,

Inc.

6,644

3,661,508

SEI

Investments

Co.

3,388

298,550

State

Street

Corp.

8,305

928,084

StepStone

Group,

Inc.,

Class

A(a)

2,156

127,980

Stifel

Financial

Corp.

5,082

579,958

StoneX

Group,

Inc.*(a)

8,670

843,071

T.

Rowe

Price

Group,

Inc.

6,622

671,802

TPG,

Inc.,

Class

A(a)

2,567

146,499

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

17

Investments

Shares

Value

COMMON

STOCKS

(continued)

Capital

Markets

(continued)

Tradeweb

Markets,

Inc.,

Class

A

2,869

$

397,500

Victory

Capital

Holdings,

Inc.,

Class

A(a)

7,097

489,054

Virtu

Financial,

Inc.,

Class

A

16,308

719,835

Virtus

Investment

Partners,

Inc.

924

178,618

WisdomTree,

Inc.(a)

155

2,057

61,276,338

Chemicals

-

1

.5

%

AdvanSix,

Inc.

4,774

96,053

Air

Products

and

Chemicals,

Inc.(a)

4,530

1,304,096

Albemarle

Corp.(a)

22,801

1,547,048

Ashland,

Inc.

935

48,209

Avient

Corp.(a)

13,741

433,803

Axalta

Coating

Systems

Ltd.*

7,904

223,841

Balchem

Corp.

1,705

259,961

Cabot

Corp.

8,305

599,455

Celanese

Corp.(a)

20,234

1,056,822

CF

Industries

Holdings,

Inc.

5,083

471,855

Chemours

Co.

(The)(a)

28,025

335,740

Corteva,

Inc.

14,629

1,055,190

Dow,

Inc.

16,322

380,139

DuPont

de

Nemours,

Inc.

9,855

708,575

Eastman

Chemical

Co.(a)

20,234

1,469,191

Ecolab,

Inc.

5,236

1,370,575

Ecovyst,

Inc.*

27,717

238,643

Element

Solutions,

Inc.(a)

11,626

274,374

FMC

Corp.

19,026

742,775

Hawkins,

Inc.(a)

465

75,925

HB

Fuller

Co.(a)

3,551

199,566

Huntsman

Corp.(a)

2,310

22,407

Ingevity

Corp.*

4,228

176,688

Innospec,

Inc.

620

49,538

International

Flavors

&

Fragrances,

Inc.

5,852

415,668

Kronos

Worldwide,

Inc.(a)

5,390

28,837

Linde

plc

10,117

4,656,450

LyondellBasell

Industries

NV,

Class

A

5,587

323,655

Minerals

Technologies,

Inc.

3,775

219,516

Mosaic

Co.

(The)

58,286

2,098,879

NewMarket

Corp.(a)

310

212,970

Olin

Corp.(a)

3,234

61,252

Orion

SA

14,321

138,914

Perimeter

Solutions,

Inc.*(a)

18,271

294,711

PPG

Industries,

Inc.

6,006

633,633

PureCycle

Technologies,

Inc.*(a)

11,174

149,843

Quaker

Chemical

Corp.(a)

462

52,862

RPM

International,

Inc.(a)

2,480

291,177

Scotts

Miracle-Gro

Co.

(The)(a)

6,644

416,313

Sensient

Technologies

Corp.(a)

924

103,756

Sherwin-Williams

Co.

(The)

5,082

1,681,532

Stepan

Co.

2,310

117,279

Tronox

Holdings

plc(a)

8,469

27,016

Westlake

Corp.

308

24,424

25,089,156

Investments

Shares

Value

Commercial

Services

&

Supplies

-

0

.6

%

ABM

Industries,

Inc.

10,933

$

504,339

ACV

Auctions,

Inc.,

Class

A*(a)

3,388

48,144

Brady

Corp.,

Class

A

930

65,630

BrightView

Holdings,

Inc.*(a)

5,285

84,296

Brink's

Co.

(The)

2,676

233,722

Casella

Waste

Systems,

Inc.,

Class

A*(a)

2,114

229,855

Cimpress

plc*(a)

1,694

93,695

Cintas

Corp.

7,439

1,655,549

Clean

Harbors,

Inc.*

1,359

320,466

Copart,

Inc.*(a)

18,271

828,224

CoreCivic,

Inc.*

8,456

169,458

Deluxe

Corp.(a)

9,393

151,227

Enviri

Corp.*(a)

15,706

141,354

GEO

Group,

Inc.

(The)*(a)

8,154

211,352

Healthcare

Services

Group,

Inc.*

5,698

74,131

HNI

Corp.

3,100

159,464

Interface,

Inc.,

Class

A

5,587

115,204

MillerKnoll,

Inc.(a)

16,322

309,792

MSA

Safety,

Inc.(a)

1,848

328,704

OPENLANE,

Inc.*

2,772

68,302

Pitney

Bowes,

Inc.(a)

38,656

439,132

Republic

Services,

Inc.

4,496

1,037,002

Rollins,

Inc.

5,427

310,804

Steelcase,

Inc.,

Class

A(a)

23,559

243,364

Tetra

Tech,

Inc.

8,607

316,221

UniFirst

Corp.

770

131,693

Veralto

Corp.

5,738

601,515

Vestis

Corp.

4,158

25,198

VSE

Corp.(a)

302

47,275

Waste

Management,

Inc.

8,061

1,847,259

10,792,371

Communications

Equipment

-

0

.8

%

Arista

Networks,

Inc.*

22,174

2,732,280

Calix,

Inc.*

3,080

174,605

Ciena

Corp.*

5,082

471,813

Cisco

Systems,

Inc.

105,398

7,175,496

CommScope

Holding

Co.,

Inc.*

23,713

194,447

Digi

International,

Inc.*

3,100

101,091

Extreme

Networks,

Inc.*

8,469

149,562

F5,

Inc.*

1,078

337,867

Harmonic,

Inc.*

4,004

34,074

Lumentum

Holdings,

Inc.*(a)

3,624

398,930

Motorola

Solutions,

Inc.

3,624

1,590,863

NETGEAR,

Inc.*

1,963

45,640

NetScout

Systems,

Inc.*

9,239

197,899

Viasat,

Inc.*(a)

22,348

367,178

Viavi

Solutions,

Inc.*

4,158

41,788

14,013,533

Construction

&

Engineering

-

0

.5

%

AECOM(a)

3,322

374,522

API

Group

Corp.*

10,646

384,001

Arcosa,

Inc.

1,240

106,491

Argan,

Inc.

755

184,960

Centuri

Holdings,

Inc.*

1,232

26,858

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

18

Investments

Shares

Value

COMMON

STOCKS

(continued)

Construction

&

Engineering

(continued)

Comfort

Systems

USA,

Inc.

770

$

541,541

Construction

Partners,

Inc.,

Class

A*(a)

1,208

121,827

Dycom

Industries,

Inc.*

1,240

333,325

EMCOR

Group,

Inc.

1,080

677,689

Everus

Construction

Group,

Inc.*(a)

906

67,280

Fluor

Corp.*

27,331

1,551,581

Granite

Construction,

Inc.

2,567

242,505

Great

Lakes

Dredge

&

Dock

Corp.*

4,530

50,192

IES

Holdings,

Inc.*(a)

618

218,197

MasTec,

Inc.*

2,310

437,075

MYR

Group,

Inc.*

1,078

208,593

Primoris

Services

Corp.

3,171

298,613

Quanta

Services,

Inc.

3,171

1,287,838

Sterling

Infrastructure,

Inc.*

1,541

412,356

Tutor

Perini

Corp.*

6,040

290,826

Valmont

Industries,

Inc.

616

224,193

WillScot

Holdings

Corp.(a)

8,315

244,045

8,284,508

Construction

Materials

-

0

.2

%

CRH

plc

17,708

1,690,229

Eagle

Materials,

Inc.

1,550

347,649

Knife

River

Corp.*

1,359

112,090

Martin

Marietta

Materials,

Inc.

1,395

801,958

Vulcan

Materials

Co.

2,790

766,329

3,718,255

Consumer

Finance

-

0

.9

%

Ally

Financial,

Inc.(a)

48,504

1,835,876

American

Express

Co.

14,647

4,383,994

Bread

Financial

Holdings,

Inc.

6,795

416,533

Capital

One

Financial

Corp.

16,912

3,636,080

Credit

Acceptance

Corp.*(a)

270

132,376

Dave,

Inc.*(a)

151

35,606

Encore

Capital

Group,

Inc.*(a)

5,544

204,463

Enova

International,

Inc.*

4,983

521,022

EZCORP,

Inc.,

Class

A*(a)

3,080

44,106

FirstCash

Holdings,

Inc.

1,240

165,280

LendingClub

Corp.*

10,779

168,045

Navient

Corp.(a)

6,644

85,973

Nelnet,

Inc.,

Class

A

1,057

131,882

OneMain

Holdings,

Inc.

21,096

1,219,138

PRA

Group,

Inc.*

2,310

35,112

PROG

Holdings,

Inc.

5,134

163,466

SLM

Corp.(a)

38,656

1,229,261

SoFi

Technologies,

Inc.*(a)

27,482

620,543

Synchrony

Financial

9,085

632,952

Upstart

Holdings,

Inc.*(a)

3,696

302,111

World

Acceptance

Corp.*(a)

310

48,769

16,012,588

Consumer

Staples

Distribution

&

Retail

-

1

.6

%

Albertsons

Cos.,

Inc.,

Class

A

69,007

1,326,315

Andersons,

Inc.

(The)(a)

3,850

138,292

Investments

Shares

Value

Consumer

Staples

Distribution

&

Retail

(continued)

BJ's

Wholesale

Club

Holdings,

Inc.*(a)

2,869

$

303,827

Casey's

General

Stores,

Inc.(a)

924

480,600

Chefs'

Warehouse,

Inc.

(The)*

2,718

186,346

Costco

Wholesale

Corp.

9,362

8,796,910

Dollar

General

Corp.(a)

6,191

649,436

Dollar

Tree,

Inc.*

4,681

531,528

Ingles

Markets,

Inc.,

Class

A

1,232

77,530

Kroger

Co.

(The)(a)

17,214

1,206,701

Maplebear,

Inc.*(a)

6,314

302,883

Performance

Food

Group

Co.*

3,388

340,155

PriceSmart,

Inc.(a)

310

33,325

SpartanNash

Co.

2,926

77,656

Sprouts

Farmers

Market,

Inc.*(a)

2,464

373,395

Sysco

Corp.

11,929

949,548

Target

Corp.

11,703

1,176,151

United

Natural

Foods,

Inc.*

5,436

150,251

US

Foods

Holding

Corp.*

6,468

538,978

Walgreens

Boots

Alliance,

Inc.

136,957

1,594,179

Walmart,

Inc.

91,808

8,995,348

Weis

Markets,

Inc.(a)

1,531

110,860

28,340,214

Containers

&

Packaging

-

0

.4

%

Amcor

plc

60,058

561,542

AptarGroup,

Inc.

2,265

355,922

Avery

Dennison

Corp.

1,396

234,207

Ball

Corp.

7,238

414,448

Crown

Holdings,

Inc.

5,700

566,352

Graphic

Packaging

Holding

Co.(a)

46,508

1,039,919

Greif,

Inc.,

Class

A

4,961

314,676

International

Paper

Co.(a)

11,395

532,602

O-I

Glass,

Inc.*

23,252

302,509

Packaging

Corp.

of

America

2,114

409,588

Sealed

Air

Corp.(a)

24,329

712,110

Silgan

Holdings,

Inc.(a)

14,798

688,551

Smurfit

WestRock

plc(a)

12,935

574,055

Sonoco

Products

Co.

16,476

742,573

TriMas

Corp.

1,086

38,803

7,487,857

Distributors

-

0

.1

%

Genuine

Parts

Co.

3,234

416,798

LKQ

Corp.

45,149

1,330,541

Pool

Corp.

1,359

418,762

2,166,101

Diversified

Consumer

Services

-

0

.3

%

ADT,

Inc.

53,303

445,080

Adtalem

Global

Education,

Inc.*

2,114

241,567

Bright

Horizons

Family

Solutions,

Inc.*

2,926

330,930

Duolingo,

Inc.,

Class

A*

925

320,559

Frontdoor,

Inc.*

2,156

126,126

Graham

Holdings

Co.,

Class

B

154

146,944

Grand

Canyon

Education,

Inc.*

1,078

181,783

H&R

Block,

Inc.

24,945

1,355,511

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

19

Investments

Shares

Value

COMMON

STOCKS

(continued)

Diversified

Consumer

Services

(continued)

Laureate

Education,

Inc.*

8,315

$

187,919

Matthews

International

Corp.,

Class

A(a)

1,963

46,111

Mister

Car

Wash,

Inc.*

9,547

55,134

OneSpaWorld

Holdings

Ltd.(a)

7,904

174,836

Perdoceo

Education

Corp.

5,238

150,750

Service

Corp.

International

3,775

288,070

Strategic

Education,

Inc.

1,550

114,925

Stride,

Inc.*

2,157

276,592

Udemy,

Inc.*

14,783

112,499

4,555,336

Diversified

REITs

-

0

.0

%

(d)

Alexander

&

Baldwin,

Inc.,

REIT

2,635

47,377

Broadstone

Net

Lease,

Inc.,

REIT

2,265

36,783

Essential

Properties

Realty

Trust,

Inc.,

REIT

6,622

201,905

Gladstone

Commercial

Corp.,

REIT

151

1,986

Global

Net

Lease,

Inc.,

REIT(a)

25,217

176,267

WP

Carey,

Inc.,

REIT

5,738

368,150

832,468

Diversified

Telecommunication

Services

-

0

.8

%

Anterix,

Inc.*(a)

2,618

58,146

AST

SpaceMobile,

Inc.,

Class

A*(a)

6,795

361,290

AT&T,

Inc.

185,277

5,078,442

Cogent

Communications

Holdings,

Inc.(a)

3,234

147,438

Frontier

Communications

Parent,

Inc.*

37,901

1,392,483

Globalstar,

Inc.*(a)

2,712

63,705

Iridium

Communications,

Inc.(a)

1,963

48,015

Liberty

Global

Ltd.,

Class

A*(a)

27,255

273,095

Liberty

Global

Ltd.,

Class

C*(a)

32,616

333,662

Lumen

Technologies,

Inc.*(a)

185,428

825,154

Shenandoah

Telecommunications

Co.(a)

7,550

110,834

Verizon

Communications,

Inc.

108,267

4,629,497

13,321,761

Electric

Utilities

-

1

.5

%

ALLETE,

Inc.

9,362

617,237

Alliant

Energy

Corp.(a)

5,852

380,438

American

Electric

Power

Co.,

Inc.(a)

13,551

1,533,160

Constellation

Energy

Corp.

6,776

2,356,964

Duke

Energy

Corp.

20,326

2,472,455

Edison

International

9,547

497,590

Entergy

Corp.

9,966

901,225

Evergy,

Inc.

7,097

502,468

Eversource

Energy

8,315

549,621

Exelon

Corp.

28,388

1,275,757

FirstEnergy

Corp.(a)

14,167

605,073

Hawaiian

Electric

Industries,

Inc.*(a)

37,264

399,470

IDACORP,

Inc.(a)

1,661

208,173

MGE

Energy,

Inc.

930

78,994

Investments

Shares

Value

Electric

Utilities

(continued)

NextEra

Energy,

Inc.

54,510

$

3,873,481

NRG

Energy,

Inc.

5,738

959,394

OGE

Energy

Corp.(a)

6,946

315,487

Otter

Tail

Corp.(a)

8,007

617,980

PG&E

Corp.

53,740

753,435

Pinnacle

West

Capital

Corp.(a)

5,285

478,927

Portland

General

Electric

Co.

21,404

880,132

PPL

Corp.(a)

17,246

615,510

Southern

Co.

(The)(a)

28,641

2,706,002

TXNM

Energy,

Inc.

4,983

282,984

Xcel

Energy,

Inc.(a)

15,855

1,164,391

25,026,348

Electrical

Equipment

-

1

.2

%

Acuity,

Inc.

1,540

479,479

AMETEK,

Inc.

4,774

882,474

Array

Technologies,

Inc.*

35,787

232,616

Atkore,

Inc.

6,946

534,981

Bloom

Energy

Corp.,

Class

A*(a)

9,085

339,688

Eaton

Corp.

plc

8,305

3,195,100

Emerson

Electric

Co.

12,382

1,801,705

EnerSys

6,776

625,899

Enovix

Corp.*

9,547

127,930

Eos

Energy

Enterprises,

Inc.*(a)

2,156

12,289

GE

Vernova,

Inc.

5,852

3,864,017

Generac

Holdings,

Inc.*

2,772

539,681

Hubbell,

Inc.,

Class

B

1,085

474,666

NEXTracker,

Inc.,

Class

A*(a)

24,945

1,453,296

NuScale

Power

Corp.*(a)

3,473

174,379

nVent

Electric

plc

5,889

461,815

Plug

Power,

Inc.*(a)

81,993

122,989

Regal

Rexnord

Corp.(a)

11,627

1,777,536

Rockwell

Automation,

Inc.

2,480

872,241

Sensata

Technologies

Holding

plc(a)

23,405

719,938

Shoals

Technologies

Group,

Inc.,

Class

A*

44,847

241,725

Sunrun,

Inc.*(a)

24,462

250,980

Thermon

Group

Holdings,

Inc.*

3,542

100,168

Vertiv

Holdings

Co.,

Class

A

8,469

1,233,086

Vicor

Corp.*

462

20,531

20,539,209

Electronic

Equipment,

Instruments

&

Components

-

1

.1

%

Advanced

Energy

Industries,

Inc.(a)

1,208

167,815

Amphenol

Corp.,

Class

A

25,253

2,689,697

Arrow

Electronics,

Inc.*(a)

9,239

1,071,724

Avnet,

Inc.(a)

16,761

887,327

Badger

Meter,

Inc.(a)

1,510

285,028

Bel

Fuse,

Inc.,

Class

B

616

80,105

Belden,

Inc.(a)

2,114

261,396

Benchmark

Electronics,

Inc.

3,171

122,083

CDW

Corp.

2,482

432,811

Cognex

Corp.

6,644

270,876

Coherent

Corp.*

5,587

601,161

Corning,

Inc.

17,365

1,098,163

Crane

NXT

Co.(a)

906

53,762

CTS

Corp.

775

30,372

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

20

Investments

Shares

Value

COMMON

STOCKS

(continued)

Electronic

Equipment,

Instruments

&

Components

(continued)

ePlus,

Inc.*

2,156

$

139,666

Fabrinet*

1,706

552,283

Flex

Ltd.*(a)

11,023

549,717

Insight

Enterprises,

Inc.*(a)

5,544

657,408

IPG

Photonics

Corp.*

462

34,599

Itron,

Inc.*

1,705

212,341

Jabil,

Inc.

2,466

550,337

Keysight

Technologies,

Inc.*

3,850

631,054

Knowles

Corp.*

2,171

44,093

Littelfuse,

Inc.

755

194,284

Mirion

Technologies,

Inc.,

Class

A*(a)

12,684

283,487

Novanta,

Inc.*

1,705

209,749

OSI

Systems,

Inc.*(a)

462

102,107

PAR

Technology

Corp.*(a)

604

36,711

PC

Connection,

Inc.

155

9,546

Plexus

Corp.*

616

78,540

Rogers

Corp.*

1,694

111,093

Sanmina

Corp.*(a)

9,815

1,138,933

ScanSource,

Inc.*

3,565

138,465

TD

SYNNEX

Corp.

13,137

1,896,851

TE

Connectivity

plc

6,644

1,367,003

Teledyne

Technologies,

Inc.*

1,085

597,857

Trimble,

Inc.*(a)

4,928

413,410

TTM

Technologies,

Inc.*(a)

18,752

886,032

Vontier

Corp.

8,161

338,437

Zebra

Technologies

Corp.,

Class

A*

924

313,254

19,539,577

Energy

Equipment

&

Services

-

0

.5

%

Archrock,

Inc.(a)

9,664

225,751

Atlas

Energy

Solutions,

Inc.,

Class

A(a)

18,573

241,449

Baker

Hughes

Co.

24,637

1,109,897

Bristow

Group,

Inc.,

Class

A*(a)

1,359

46,981

Cactus,

Inc.,

Class

A(a)

3,875

163,951

Halliburton

Co.(a)

20,018

448,403

Helix

Energy

Solutions

Group,

Inc.*

14,949

88,648

Helmerich

&

Payne,

Inc.(a)

19,864

321,995

Innovex

International,

Inc.*(a)

6,006

98,619

Liberty

Energy,

Inc.,

Class

A

604

7,453

Noble

Corp.

plc

20,385

546,522

NOV,

Inc.(a)

60,551

761,732

Oceaneering

International,

Inc.*(a)

7,392

160,406

Patterson-UTI

Energy,

Inc.(a)

74,292

439,066

RPC,

Inc.(a)

26,947

125,304

Schlumberger

NV

43,363

1,465,669

Select

Water

Solutions,

Inc.,

Class

A(a)

11,241

108,251

TechnipFMC

plc

15,251

554,679

Tidewater,

Inc.*(a)

9,239

462,042

Transocean

Ltd.*(a)

14,345

41,887

Valaris

Ltd.*(a)

9,664

469,960

Weatherford

International

plc(a)

12,935

731,474

8,620,139

Investments

Shares

Value

Entertainment

-

1

.3

%

AMC

Entertainment

Holdings,

Inc.,

Class

A*(a)

105,096

$

304,778

Atlanta

Braves

Holdings,

Inc.,

Class

C*

187

8,333

Cinemark

Holdings,

Inc.(a)

6,644

178,524

Electronic

Arts,

Inc.

5,436

828,936

IMAX

Corp.*

1,705

43,972

Liberty

Media

Corp.-Liberty

Formula

One,

Class

A*

1,208

108,865

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C*(a)

4,805

482,182

Lionsgate

Studios

Corp.*

27,871

164,996

Live

Nation

Entertainment,

Inc.*(a)

3,542

523,153

Madison

Square

Garden

Sports

Corp.*

308

62,247

Netflix,

Inc.*

8,909

10,329,095

ROBLOX

Corp.,

Class

A*

11,929

1,643,697

Roku,

Inc.*

5,544

522,023

Sphere

Entertainment

Co.*(a)

3,696

159,113

Starz

Entertainment

Corp.

1,858

27,034

Take-Two

Interactive

Software,

Inc.*

3,850

857,511

TKO

Group

Holdings,

Inc.,

Class

A

1,849

310,650

Walt

Disney

Co.

(The)

46,810

5,575,539

Warner

Bros

Discovery,

Inc.*

67,044

882,969

Warner

Music

Group

Corp.,

Class

A

4,620

135,181

23,148,798

Financial

Services

-

3

.9

%

Affirm

Holdings,

Inc.,

Class

A*

6,930

475,121

Apollo

Global

Management,

Inc.(a)

11,395

1,655,921

AvidXchange

Holdings,

Inc.*

10,009

98,689

Berkshire

Hathaway,

Inc.,

Class

B*

48,169

22,729,988

Block,

Inc.,

Class

A*(a)

14,496

1,119,961

Burford

Capital

Ltd.

1,812

23,284

Cantaloupe,

Inc.*

2,310

25,572

Compass

Diversified

Holdings

7,238

46,251

Corebridge

Financial,

Inc.

4,530

161,087

Corpay,

Inc.*

1,387

448,070

Enact

Holdings,

Inc.(a)

3,775

131,219

Equitable

Holdings,

Inc.

9,513

488,492

Essent

Group

Ltd.

18,632

1,043,206

Euronet

Worldwide,

Inc.*

7,700

748,286

EVERTEC,

Inc.(a)

4,466

161,446

Federal

Agricultural

Mortgage

Corp.,

Class

C

770

132,648

Fidelity

National

Information

Services,

Inc.(a)

10,471

831,502

Fiserv,

Inc.*

14,798

2,056,034

Global

Payments,

Inc.

6,006

480,180

HA

Sustainable

Infrastructure

Capital,

Inc.(a)

18,875

490,184

Jack

Henry

&

Associates,

Inc.

1,705

289,535

Jackson

Financial,

Inc.,

Class

A

12,627

1,105,620

Marqeta,

Inc.,

Class

A*

3,624

20,657

Mastercard,

Inc.,

Class

A

17,214

9,751,215

Merchants

Bancorp(a)

2,636

77,235

MGIC

Investment

Corp.

44,545

1,153,715

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

21

Investments

Shares

Value

COMMON

STOCKS

(continued)

Financial

Services

(continued)

Mr

Cooper

Group,

Inc.*

11,023

$

1,716,502

NCR

Atleos

Corp.*(a)

12,319

376,961

NMI

Holdings,

Inc.,

Class

A*

15,402

574,803

PayPal

Holdings,

Inc.*

24,462

1,682,007

PennyMac

Financial

Services,

Inc.(a)

4,681

435,988

Radian

Group,

Inc.

28,086

915,884

Remitly

Global,

Inc.*

8,007

132,115

Rocket

Cos.,

Inc.,

Class

A(a)

9,576

141,437

Sezzle,

Inc.*(a)

302

46,762

Shift4

Payments,

Inc.,

Class

A*(a)

2,114

217,742

Toast,

Inc.,

Class

A*

11,857

579,096

Visa,

Inc.,

Class

A(a)

36,391

12,571,999

Voya

Financial,

Inc.

17,862

1,250,340

Walker

&

Dunlop,

Inc.

2,156

161,721

Western

Union

Co.

(The)

54,817

441,277

WEX,

Inc.*

1,386

235,176

67,224,928

Food

Products

-

0

.9

%

Archer-Daniels-Midland

Co.(a)

13,137

711,763

Bunge

Global

SA

23,556

1,878,827

Cal-Maine

Foods,

Inc.(a)

7,084

787,316

Campbell's

Co.

(The)(a)

33,824

1,079,662

Conagra

Brands,

Inc.

8,758

159,921

Darling

Ingredients,

Inc.*

27,101

877,530

Flowers

Foods,

Inc.(a)

31,559

500,210

Fresh

Del

Monte

Produce,

Inc.(a)

6,314

237,343

Freshpet,

Inc.*

2,002

136,777

General

Mills,

Inc.(a)

12,986

636,054

Hershey

Co.

(The)

2,772

515,952

Hormel

Foods

Corp.

6,160

173,034

Ingredion,

Inc.

11,778

1,549,278

J

&

J

Snack

Foods

Corp.(a)

1,085

122,486

J

M

Smucker

Co.

(The)

2,772

297,547

John

B

Sanfilippo

&

Son,

Inc.

1,540

97,498

Kellanova

6,493

518,336

Kraft

Heinz

Co.

(The)

21,250

583,525

Lamb

Weston

Holdings,

Inc.(a)

4,077

232,674

Marzetti

Co.

(The)

1,078

191,625

McCormick

&

Co.,

Inc.

(Non-Voting)

6,160

435,081

Mission

Produce,

Inc.*(a)

7,550

93,167

Mondelez

International,

Inc.,

Class

A

34,954

2,261,174

Pilgrim's

Pride

Corp.(a)

2,774

131,460

Post

Holdings,

Inc.*(a)

9,701

1,026,463

Simply

Good

Foods

Co.

(The)*(a)

3,556

108,316

Tootsie

Roll

Industries,

Inc.(a)

2,368

89,818

TreeHouse

Foods,

Inc.*(a)

4,983

95,773

Tyson

Foods,

Inc.,

Class

A

6,314

330,222

Utz

Brands,

Inc.

6,510

84,825

WK

Kellogg

Co.(a)

7,097

163,586

16,107,243

Gas

Utilities

-

0

.3

%

Atmos

Energy

Corp.(a)

2,869

447,334

Chesapeake

Utilities

Corp.

1,540

184,615

Investments

Shares

Value

Gas

Utilities

(continued)

MDU

Resources

Group,

Inc.(a)

30,804

$

531,369

National

Fuel

Gas

Co.

16,168

1,403,221

New

Jersey

Resources

Corp.

16,006

734,835

Northwest

Natural

Holding

Co.(a)

3,542

141,397

ONE

Gas,

Inc.(a)

1,540

111,958

Southwest

Gas

Holdings,

Inc.

1,359

106,192

Spire,

Inc.(a)

11,778

877,108

UGI

Corp.(a)

37,448

1,354,869

5,892,898

Ground

Transportation

-

0

.9

%

ArcBest

Corp.

1,386

101,358

Avis

Budget

Group,

Inc.*

3,388

576,773

CSX

Corp.

40,770

1,448,966

Heartland

Express,

Inc.

2,416

18,893

Hertz

Global

Holdings,

Inc.*(a)

30,955

198,422

JB

Hunt

Transport

Services,

Inc.

1,860

267,933

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

7,700

327,250

Landstar

System,

Inc.(a)

1,396

186,185

Lyft,

Inc.,

Class

A*(a)

69,611

978,731

Marten

Transport

Ltd.

2,017

24,527

Norfolk

Southern

Corp.

4,983

1,385,274

Old

Dominion

Freight

Line,

Inc.

4,186

624,760

RXO,

Inc.*

7,853

121,329

Ryder

System,

Inc.(a)

7,852

1,395,379

Saia,

Inc.*

906

273,829

Schneider

National,

Inc.,

Class

B(a)

3,696

90,367

Uber

Technologies,

Inc.*

45,149

3,961,825

U-Haul

Holding

Co.(a)

2,567

133,484

U-Haul

Holding

Co.*(a)

155

8,968

Union

Pacific

Corp.

15,402

3,418,782

XPO,

Inc.*(a)

2,869

345,112

15,888,147

Health

Care

Equipment

&

Supplies

-

1

.8

%

Abbott

Laboratories

36,995

4,668,399

Align

Technology,

Inc.*(a)

1,208

155,844

Alphatec

Holdings,

Inc.*(a)

10,472

110,794

AtriCure,

Inc.*

2,464

86,486

Avanos

Medical,

Inc.*

2,310

25,803

Baxter

International,

Inc.

10,933

237,902

Becton

Dickinson

&

Co.

7,546

1,345,075

Boston

Scientific

Corp.*

31,710

3,327,013

Ceribell,

Inc.*(a)

1,694

24,394

CONMED

Corp.(a)

462

23,631

Cooper

Cos.,

Inc.

(The)*

3,878

274,136

Dentsply

Sirona,

Inc.

32,798

469,339

Dexcom,

Inc.*

7,293

589,056

Edwards

Lifesciences

Corp.*

12,781

1,013,661

Embecta

Corp.(a)

16,014

162,702

Enovis

Corp.*

7,550

202,340

Envista

Holdings

Corp.*

11,476

216,782

Establishment

Labs

Holdings,

Inc.*(a)

616

25,844

GE

HealthCare

Technologies,

Inc.

8,456

603,082

Glaukos

Corp.*

2,170

186,815

Globus

Medical,

Inc.,

Class

A*

3,775

198,678

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

22

Investments

Shares

Value

COMMON

STOCKS

(continued)

Health

Care

Equipment

&

Supplies

(continued)

Haemonetics

Corp.*(a)

2,002

$

148,228

Hologic,

Inc.*

4,379

292,605

ICU

Medical,

Inc.*(a)

1,386

177,976

IDEXX

Laboratories,

Inc.*

1,694

905,121

Inspire

Medical

Systems,

Inc.*(a)

1,078

134,254

Insulet

Corp.*

1,232

355,309

Integer

Holdings

Corp.*

775

84,095

Integra

LifeSciences

Holdings

Corp.*

5,738

75,397

Intuitive

Surgical,

Inc.*

7,550

3,632,230

iRhythm

Technologies,

Inc.*(a)

1,812

254,006

Lantheus

Holdings,

Inc.*(a)

3,782

269,241

LeMaitre

Vascular,

Inc.(a)

155

12,592

LivaNova

plc*

8,154

344,017

Masimo

Corp.*

1,848

284,204

Medtronic

plc

33,876

3,056,970

Merit

Medical

Systems,

Inc.*(a)

1,812

153,766

Neogen

Corp.*(a)

50,434

234,518

Novocure

Ltd.*(a)

4,620

53,453

Omnicell,

Inc.*(a)

4,312

133,715

Penumbra,

Inc.*(a)

1,540

388,496

PROCEPT

BioRobotics

Corp.*(a)

2,156

104,588

QuidelOrtho

Corp.*(a)

12,986

298,938

ResMed,

Inc.

2,926

795,697

RxSight,

Inc.*(a)

770

5,991

Solventum

Corp.*

2,926

208,799

STERIS

plc

2,326

526,816

Stryker

Corp.

7,399

2,905,809

Tandem

Diabetes

Care,

Inc.*(a)

4,004

62,382

Teleflex,

Inc.

7,852

938,314

TransMedics

Group,

Inc.*

1,240

147,523

Zimmer

Biomet

Holdings,

Inc.(a)

4,530

415,175

31,348,001

Health

Care

Providers

&

Services

-

1

.7

%

Acadia

Healthcare

Co.,

Inc.*(a)

12,986

282,705

AdaptHealth

Corp.,

Class

A*(a)

14,013

125,697

Addus

HomeCare

Corp.*(a)

924

98,665

agilon

health,

Inc.*(a)

48,924

87,574

Alignment

Healthcare,

Inc.*

924

12,733

Amedisys,

Inc.*

755

74,443

AMN

Healthcare

Services,

Inc.*

151

2,769

Ardent

Health,

Inc.*

154

1,632

Astrana

Health,

Inc.*(a)

2,310

55,117

Brookdale

Senior

Living,

Inc.*

42,757

331,367

Cardinal

Health,

Inc.

6,795

1,054,720

Castle

Biosciences,

Inc.*

2,310

34,997

Cencora,

Inc.

4,004

1,145,464

Centene

Corp.*

13,551

353,275

Chemed

Corp.(a)

604

249,029

Cigna

Group

(The)

7,097

1,897,596

Clover

Health

Investments

Corp.,

Class

A*(a)

2,772

8,011

Concentra

Group

Holdings

Parent,

Inc.

2,156

43,055

CorVel

Corp.*(a)

462

40,933

Investments

Shares

Value

Health

Care

Providers

&

Services

(continued)

CVS

Health

Corp.

33,414

$

2,075,009

DaVita,

Inc.*

6,946

975,010

Elevance

Health,

Inc.

5,889

1,667,058

Encompass

Health

Corp.

3,473

382,412

Ensign

Group,

Inc.

(The)(a)

1,963

294,450

Guardant

Health,

Inc.*

6,493

266,083

HCA

Healthcare,

Inc.

4,832

1,710,480

HealthEquity,

Inc.*

3,410

330,770

Henry

Schein,

Inc.*

20,234

1,368,830

Hims

&

Hers

Health,

Inc.*(a)

7,248

479,673

Humana,

Inc.

2,926

731,120

Labcorp

Holdings,

Inc.

2,416

628,353

LifeStance

Health

Group,

Inc.*

4,312

17,162

McKesson

Corp.

3,322

2,303,940

Molina

Healthcare,

Inc.*

1,359

214,545

National

HealthCare

Corp.(a)

2,002

192,252

NeoGenomics,

Inc.*(a)

7,853

38,009

OPKO

Health,

Inc.*(a)

72,833

93,226

Option

Care

Health,

Inc.*

7,907

232,070

PACS

Group,

Inc.*

1,694

18,736

Pediatrix

Medical

Group,

Inc.*

19,094

233,901

Privia

Health

Group,

Inc.*

7,701

150,324

Quest

Diagnostics,

Inc.(a)

2,718

455,020

RadNet,

Inc.*(a)

1,386

75,856

Select

Medical

Holdings

Corp.(a)

9,966

147,397

Surgery

Partners,

Inc.*(a)

2,791

61,262

Tenet

Healthcare

Corp.*(a)

2,926

471,905

UnitedHealth

Group,

Inc.

23,707

5,916,319

Universal

Health

Services,

Inc.,

Class

B

9,815

1,633,707

US

Physical

Therapy,

Inc.(a)

463

33,868

29,098,529

Health

Care

REITs

-

0

.3

%

Alexandria

Real

Estate

Equities,

Inc.,

REIT

2,464

188,324

American

Healthcare

REIT,

Inc.,

REIT(a)

4,228

163,370

CareTrust

REIT,

Inc.,

REIT

6,509

206,986

Healthcare

Realty

Trust,

Inc.,

Class

A,

REIT(a)

57,078

876,718

Healthpeak

Properties,

Inc.,

REIT

11,395

193,031

Medical

Properties

Trust,

Inc.,

REIT(a)

8,469

34,892

National

Health

Investors,

Inc.,

REIT

906

63,293

Omega

Healthcare

Investors,

Inc.,

REIT(a)

9,966

387,678

Sabra

Health

Care

REIT,

Inc.,

REIT

10,163

183,239

Sila

Realty

Trust,

Inc.,

REIT(a)

1,078

26,346

Ventas,

Inc.,

REIT

8,161

548,256

Welltower,

Inc.,

REIT

13,397

2,211,443

5,083,576

Health

Care

Technology

-

0

.1

%

Certara,

Inc.*(a)

11,703

115,157

Doximity,

Inc.,

Class

A*(a)

5,698

334,757

Evolent

Health,

Inc.,

Class

A*(a)

9,701

97,495

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

23

Investments

Shares

Value

COMMON

STOCKS

(continued)

Health

Care

Technology

(continued)

HealthStream,

Inc.

155

$

4,055

Phreesia,

Inc.*

1,386

37,367

Schrodinger,

Inc.*

6,160

125,233

Teladoc

Health,

Inc.*(a)

20,634

148,771

Veeva

Systems,

Inc.,

Class

A*

2,926

831,569

Waystar

Holding

Corp.*

1,359

50,256

1,744,660

Hotel

&

Resort

REITs

-

0

.2

%

Apple

Hospitality

REIT,

Inc.,

REIT(a)

33,975

399,206

DiamondRock

Hospitality

Co.,

REIT

15,956

123,180

Host

Hotels

&

Resorts,

Inc.,

REIT

122,914

1,932,208

Park

Hotels

&

Resorts,

Inc.,

REIT

604

6,439

Pebblebrook

Hotel

Trust,

REIT(a)

13,741

137,822

RLJ

Lodging

Trust,

REIT(a)

12,319

91,161

Ryman

Hospitality

Properties,

Inc.,

REIT(a)

2,945

279,952

Sunstone

Hotel

Investors,

Inc.,

REIT(a)

7,595

66,456

Xenia

Hotels

&

Resorts,

Inc.,

REIT

8,704

110,628

3,147,052

Hotels,

Restaurants

&

Leisure

-

2

.1

%

Accel

Entertainment,

Inc.,

Class

A*

7,700

99,022

Airbnb,

Inc.,

Class

A*

8,623

1,141,771

Aramark(a)

9,060

385,594

BJ's

Restaurants,

Inc.*(a)

1,860

65,900

Bloomin'

Brands,

Inc.

20,989

191,210

Booking

Holdings,

Inc.

687

3,781,289

Boyd

Gaming

Corp.

11,703

993,585

Brinker

International,

Inc.*

2,311

364,214

Caesars

Entertainment,

Inc.*

5,587

149,061

Carnival

Corp.*

24,915

741,720

Cava

Group,

Inc.*(a)

3,020

265,790

Cheesecake

Factory,

Inc.

(The)(a)

2,772

177,159

Chipotle

Mexican

Grill,

Inc.*

28,025

1,201,712

Choice

Hotels

International,

Inc.(a)

770

98,337

Churchill

Downs,

Inc.(a)

3,244

347,238

Cracker

Barrel

Old

Country

Store,

Inc.(a)

2,114

131,068

Darden

Restaurants,

Inc.

2,480

500,142

Dave

&

Buster's

Entertainment,

Inc.*(a)

2,618

76,550

Domino's

Pizza,

Inc.(a)

616

285,337

DoorDash,

Inc.,

Class

A*

7,392

1,849,848

DraftKings,

Inc.,

Class

A*

12,011

540,975

Dutch

Bros,

Inc.,

Class

A*

3,624

214,795

Expedia

Group,

Inc.(a)

3,542

638,339

Flutter

Entertainment

plc*

3,388

1,024,057

Golden

Entertainment,

Inc.(a)

2,926

82,279

Hilton

Grand

Vacations,

Inc.*(a)

9,239

414,092

Hilton

Worldwide

Holdings,

Inc.

5,134

1,376,323

Hyatt

Hotels

Corp.,

Class

A

2,156

303,931

Krispy

Kreme,

Inc.(a)

11,857

42,922

Las

Vegas

Sands

Corp.

8,623

451,845

Investments

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Life

Time

Group

Holdings,

Inc.*

5,852

$

168,069

Light

&

Wonder,

Inc.*(a)

4,312

415,332

Marriott

International,

Inc.,

Class

A(a)

5,134

1,354,503

Marriott

Vacations

Worldwide

Corp.

(a)

6,160

458,735

McDonald's

Corp.

15,100

4,531,057

MGM

Resorts

International*

7,248

264,190

Norwegian

Cruise

Line

Holdings

Ltd.*(a)

77,765

1,987,673

Papa

John's

International,

Inc.(a)

308

13,062

Penn

Entertainment,

Inc.*(a)

1,057

19,089

Planet

Fitness,

Inc.,

Class

A*

3,234

353,121

Pursuit

Attractions

and

Hospitality,

Inc.*(a)

2,015

60,934

Red

Rock

Resorts,

Inc.,

Class

A(a)

1,706

104,663

Royal

Caribbean

Cruises

Ltd.(a)

5,545

1,762,589

Sabre

Corp.*

1,057

3,203

Shake

Shack,

Inc.,

Class

A*(a)

1,057

127,199

Six

Flags

Entertainment

Corp.*(a)

1,208

36,192

Starbucks

Corp.

30,027

2,677,207

Sweetgreen,

Inc.,

Class

A*(a)

6,468

83,308

Target

Hospitality

Corp.*(a)

3,080

23,377

Texas

Roadhouse,

Inc.,

Class

A

2,416

447,274

Travel

+

Leisure

Co.

12,165

720,776

United

Parks

&

Resorts,

Inc.*(a)

3,388

160,354

Vail

Resorts,

Inc.

1,848

277,681

Wendy's

Co.

(The)(a)

3,080

30,338

Wingstop,

Inc.(a)

1,057

398,848

Wyndham

Hotels

&

Resorts,

Inc.(a)

2,772

238,392

Wynn

Resorts

Ltd.

2,567

279,880

Yum!

Brands,

Inc.

6,342

914,199

35,847,350

Household

Durables

-

0

.9

%

Beazer

Homes

USA,

Inc.*(a)

1,848

43,428

Cavco

Industries,

Inc.*

308

124,330

Century

Communities,

Inc.

5,587

314,492

Champion

Homes,

Inc.*(a)

3,234

196,951

DR

Horton,

Inc.

7,852

1,121,580

Dream

Finders

Homes,

Inc.,

Class

A*(a)

1,078

27,295

Ethan

Allen

Interiors,

Inc.(a)

3,875

115,359

Garmin

Ltd.

3,542

774,848

Green

Brick

Partners,

Inc.*

6,776

419,705

Helen

of

Troy

Ltd.*

2,926

64,313

Installed

Building

Products,

Inc.(a)

620

125,420

KB

Home(a)

12,986

717,606

La-Z-Boy,

Inc.(a)

3,624

130,355

Leggett

&

Platt,

Inc.(a)

17,365

165,836

Lennar

Corp.,

Class

A

6,644

745,324

Lennar

Corp.,

Class

B(a)

465

49,839

LGI

Homes,

Inc.*(a)

4,004

213,293

M/I

Homes,

Inc.*

5,285

635,204

Meritage

Homes

Corp.

14,262

960,403

Mohawk

Industries,

Inc.*

9,701

1,110,862

Newell

Brands,

Inc.(a)

54,209

304,113

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

24

Investments

Shares

Value

COMMON

STOCKS

(continued)

Household

Durables

(continued)

NVR,

Inc.*

70

$

528,464

PulteGroup,

Inc.

6,040

682,037

Somnigroup

International,

Inc.(a)

4,832

349,740

Sonos,

Inc.*

770

8,324

Taylor

Morrison

Home

Corp.,

Class

A*

19,781

1,172,618

Toll

Brothers,

Inc.

17,516

2,073,194

TopBuild

Corp.*(a)

924

342,277

Tri

Pointe

Homes,

Inc.*

17,063

525,540

Whirlpool

Corp.(a)

10,625

882,300

14,925,050

Household

Products

-

0

.7

%

Central

Garden

&

Pet

Co.*(a)

1,395

54,433

Central

Garden

&

Pet

Co.,

Class

A*

8,623

306,289

Church

&

Dwight

Co.,

Inc.

5,852

548,742

Clorox

Co.

(The)

2,618

328,716

Colgate-Palmolive

Co.

17,400

1,458,990

Energizer

Holdings,

Inc.(a)

9,393

211,530

Kimberly-Clark

Corp.

6,622

825,234

Procter

&

Gamble

Co.

(The)

48,924

7,361,594

Reynolds

Consumer

Products,

Inc.(a)

6,191

139,236

Spectrum

Brands

Holdings,

Inc.(a)

3,020

161,600

WD-40

Co.

308

66,035

11,462,399

Independent

Power

and

Renewable

Electricity

Producers

-

0

.2

%

AES

Corp.

(The)

122,310

1,608,376

Clearway

Energy,

Inc.,

Class

A

154

4,740

Clearway

Energy,

Inc.,

Class

C(a)

5,436

177,377

Ormat

Technologies,

Inc.

2,002

178,999

Talen

Energy

Corp.*

1,848

697,749

Vistra

Corp.

7,238

1,509,413

4,176,654

Industrial

Conglomerates

-

0

.3

%

3M

Co.

14,167

2,114,000

Honeywell

International,

Inc.

16,610

3,693,233

5,807,233

Industrial

REITs

-

0

.3

%

Americold

Realty

Trust,

Inc.,

REIT

6,930

111,434

EastGroup

Properties,

Inc.,

REIT

2,464

402,223

First

Industrial

Realty

Trust,

Inc.,

REIT(a)

6,006

292,612

Innovative

Industrial

Properties,

Inc.,

REIT

1,694

87,580

Lineage,

Inc.,

REIT

9,060

390,939

LXP

Industrial

Trust,

REIT(a)

3,542

27,486

Plymouth

Industrial

REIT,

Inc.,

REIT(a)

2,567

37,273

Prologis,

Inc.,

REIT

19,710

2,104,634

Rexford

Industrial

Realty,

Inc.,

REIT

9,547

348,752

STAG

Industrial,

Inc.,

REIT(a)

10,009

343,609

Investments

Shares

Value

Industrial

REITs

(continued)

Terreno

Realty

Corp.,

REIT(a)

5,236

$

290,546

4,437,088

Insurance

-

2

.6

%

Aflac,

Inc.

11,023

1,095,245

Allstate

Corp.

(The)

6,776

1,377,222

American

Financial

Group,

Inc.(a)

13,243

1,654,051

American

International

Group,

Inc.

16,006

1,242,546

AMERISAFE,

Inc.

310

13,882

Aon

plc,

Class

A

4,650

1,654,051

Arch

Capital

Group

Ltd.

10,625

914,388

Arthur

J

Gallagher

&

Co.

5,390

1,548,277

Assurant,

Inc.(a)

9,664

1,810,067

Assured

Guaranty

Ltd.

7,852

664,122

Axis

Capital

Holdings

Ltd.

13,948

1,308,880

Baldwin

Insurance

Group,

Inc.

(The),

Class

A*(a)

1,208

44,503

Brighthouse

Financial,

Inc.*(a)

12,080

578,028

Brown

&

Brown,

Inc.

4,961

453,287

Chubb

Ltd.

9,966

2,651,355

Cincinnati

Financial

Corp.

3,234

477,047

CNO

Financial

Group,

Inc.(a)

20,083

739,858

Employers

Holdings,

Inc.

2,926

120,785

Erie

Indemnity

Co.,

Class

A(a)

462

164,583

Everest

Group

Ltd.

930

312,294

F&G

Annuities

&

Life,

Inc.

1,232

39,313

Fidelity

National

Financial,

Inc.(a)

7,852

443,088

First

American

Financial

Corp.

17,818

1,069,971

Genworth

Financial,

Inc.,

Class

A*(a)

68,060

534,952

Globe

Life,

Inc.

14,949

2,099,886

Goosehead

Insurance,

Inc.,

Class

A

1,510

137,274

Hamilton

Insurance

Group

Ltd.,

Class

B*

4,530

97,350

Hanover

Insurance

Group,

Inc.

(The)

6,314

1,083,672

Hartford

Insurance

Group,

Inc.

(The)

8,003

995,493

Heritage

Insurance

Holdings,

Inc.*

906

19,108

Horace

Mann

Educators

Corp.

5,698

242,336

Kemper

Corp.

10,933

673,363

Kinsale

Capital

Group,

Inc.(a)

770

339,331

Lemonade,

Inc.*

924

34,816

Lincoln

National

Corp.(a)

31,105

1,185,412

Loews

Corp.(a)

5,436

492,175

Markel

Group,

Inc.*

302

606,504

Marsh

&

McLennan

Cos.,

Inc.

10,570

2,105,544

Mercury

General

Corp.

1,812

125,481

MetLife,

Inc.

16,006

1,215,656

Old

Republic

International

Corp.

44,243

1,600,269

Oscar

Health,

Inc.,

Class

A*(a)

6,776

95,203

Palomar

Holdings,

Inc.*(a)

604

80,024

Primerica,

Inc.(a)

1,232

327,256

Principal

Financial

Group,

Inc.

6,776

527,376

Progressive

Corp.

(The)

15,553

3,764,448

Prudential

Financial,

Inc.

9,513

985,357

Reinsurance

Group

of

America,

Inc.

1,386

266,736

RenaissanceRe

Holdings

Ltd.(a)

1,359

331,243

RLI

Corp.(a)

2,464

162,599

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

25

Investments

Shares

Value

COMMON

STOCKS

(continued)

Insurance

(continued)

Ryan

Specialty

Holdings,

Inc.,

Class

A(a)

3,322

$

203,273

Safety

Insurance

Group,

Inc.(a)

1,540

108,339

Selective

Insurance

Group,

Inc.

10,117

788,822

SiriusPoint

Ltd.*

13,590

266,500

Stewart

Information

Services

Corp.

1,963

127,458

Travelers

Cos.,

Inc.

(The)

6,191

1,611,146

Trupanion,

Inc.*(a)

462

21,903

Universal

Insurance

Holdings,

Inc.(a)

1,661

39,266

Unum

Group(a)

5,236

375,997

W

R

Berkley

Corp.

6,280

432,127

White

Mountains

Insurance

Group

Ltd.

151

269,958

Willis

Towers

Watson

plc

2,114

667,622

45,418,118

Interactive

Media

&

Services

-

5

.5

%

Alphabet,

Inc.,

Class

A

152,510

29,266,669

Alphabet,

Inc.,

Class

C

133,937

25,831,090

Cargurus,

Inc.,

Class

A*

3,542

116,248

Cars.com,

Inc.*

9,085

116,924

IAC,

Inc.*

10,268

403,532

Match

Group,

Inc.

10,625

364,119

Meta

Platforms,

Inc.,

Class

A

46,055

35,620,779

Pinterest,

Inc.,

Class

A*

13,288

512,917

Reddit,

Inc.,

Class

A*(a)

2,156

346,232

Rumble,

Inc.*(a)

2,618

22,096

Snap,

Inc.,

Class

A*

25,869

243,945

Taboola.com

Ltd.*

28,690

92,095

Vimeo,

Inc.*(a)

22,328

84,623

Webtoon

Entertainment,

Inc.*(a)

2,618

26,285

Yelp,

Inc.,

Class

A*

4,158

143,160

Ziff

Davis,

Inc.*

6,930

215,662

ZoomInfo

Technologies,

Inc.,

Class

A*

58,821

637,031

94,043,407

IT

Services

-

1

.1

%

Accenture

plc,

Class

A

16,157

4,315,535

Akamai

Technologies,

Inc.*(a)

3,100

236,561

Applied

Digital

Corp.*(a)

3,542

46,542

ASGN,

Inc.*(a)

6,191

310,417

Cloudflare,

Inc.,

Class

A*

6,795

1,411,186

Cognizant

Technology

Solutions

Corp.,

Class

A

11,174

801,846

CoreWeave,

Inc.,

Class

A*(a)

453

51,701

Couchbase,

Inc.*

1,078

26,152

DigitalOcean

Holdings,

Inc.*

1,694

47,195

DXC

Technology

Co.*

28,641

389,804

EPAM

Systems,

Inc.*

2,464

388,597

Fastly,

Inc.,

Class

A*

29,596

200,957

Gartner,

Inc.*

1,661

562,498

GoDaddy,

Inc.,

Class

A*

3,411

551,149

International

Business

Machines

Corp.

24,462

6,192,555

Investments

Shares

Value

IT

Services

(continued)

Kyndryl

Holdings,

Inc.*

11,174

$

422,042

MongoDB,

Inc.*

1,963

466,978

Okta,

Inc.*

3,542

346,408

Snowflake,

Inc.,

Class

A*

6,468

1,445,598

Twilio,

Inc.,

Class

A*(a)

3,624

467,496

VeriSign,

Inc.

1,812

487,192

19,168,409

Leisure

Products

-

0

.2

%

Acushnet

Holdings

Corp.(a)

930

74,046

Brunswick

Corp.

10,117

589,720

Hasbro,

Inc.

4,530

340,475

Malibu

Boats,

Inc.,

Class

A*(a)

1,812

60,358

Mattel,

Inc.*(a)

60,977

1,037,219

Peloton

Interactive,

Inc.,

Class

A*(a)

72,063

514,530

Polaris,

Inc.(a)

8,315

439,947

Sturm

Ruger

&

Co.,

Inc.(a)

2,416

82,530

Topgolf

Callaway

Brands

Corp.*(a)

18,940

175,195

YETI

Holdings,

Inc.*(a)

4,620

169,739

3,483,759

Life

Sciences

Tools

&

Services

-

0

.9

%

10X

Genomics,

Inc.,

Class

A*

11,857

159,477

Adaptive

Biotechnologies

Corp.*(a)

8,623

88,300

Agilent

Technologies,

Inc.

5,852

671,868

Avantor,

Inc.*(a)

117,629

1,580,934

Azenta,

Inc.*(a)

3,080

100,716

BioLife

Solutions,

Inc.*(a)

5,082

108,043

Bio-Rad

Laboratories,

Inc.,

Class

A*(a)

1,078

260,822

Bio-Techne

Corp.

5,134

280,984

Bruker

Corp.

5,712

219,512

Charles

River

Laboratories

International,

Inc.*

7,852

1,332,013

Danaher

Corp.

13,137

2,590,091

Fortrea

Holdings,

Inc.*(a)

30,502

175,081

Illumina,

Inc.*

2,772

284,712

IQVIA

Holdings,

Inc.*

4,228

785,816

Medpace

Holdings,

Inc.*

770

328,944

Mesa

Laboratories,

Inc.

924

70,668

Mettler-Toledo

International,

Inc.*(a)

465

573,661

OmniAb,

Inc.*‡(a)

562

—

Repligen

Corp.*(a)

1,812

212,131

Revvity,

Inc.

2,002

175,976

Sotera

Health

Co.*(a)

9,085

104,387

Tempus

AI,

Inc.,

Class

A*(a)

4,228

239,263

Thermo

Fisher

Scientific,

Inc.

7,852

3,672,223

Waters

Corp.*(a)

1,208

348,822

West

Pharmaceutical

Services,

Inc.

1,848

442,152

14,806,596

Machinery

-

2

.2

%

AGCO

Corp.

2,567

302,829

Alamo

Group,

Inc.

310

69,000

Albany

International

Corp.,

Class

A

1,706

92,448

Allison

Transmission

Holdings,

Inc.

4,228

380,816

Astec

Industries,

Inc.

154

6,108

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

26

Investments

Shares

Value

COMMON

STOCKS

(continued)

Machinery

(continued)

Blue

Bird

Corp.*(a)

4,228

$

189,372

Caterpillar,

Inc.

12,684

5,555,846

Chart

Industries,

Inc.*

7,700

1,530,991

CNH

Industrial

NV

16,938

219,516

Crane

Co.

1,661

325,174

Cummins,

Inc.

3,171

1,165,723

Deere

&

Co.

6,644

3,483,914

Donaldson

Co.,

Inc.(a)

5,698

410,085

Dover

Corp.

3,100

561,534

Energy

Recovery,

Inc.*

1,078

14,499

Enerpac

Tool

Group

Corp.,

Class

A

3,775

145,375

Enpro,

Inc.(a)

1,085

230,465

Esab

Corp.(a)

2,718

364,674

ESCO

Technologies,

Inc.(a)

604

116,995

Federal

Signal

Corp.(a)

1,812

229,345

Flowserve

Corp.

6,199

347,392

Fortive

Corp.

6,622

317,392

Franklin

Electric

Co.,

Inc.

1,078

101,278

Gates

Industrial

Corp.

plc*(a)

41,072

1,018,586

Gorman-Rupp

Co.

(The)

462

19,016

Graco,

Inc.

4,379

367,748

Greenbrier

Cos.,

Inc.

(The)

6,160

280,280

Hillenbrand,

Inc.

8,305

171,997

Hillman

Solutions

Corp.*(a)

21,895

172,752

IDEX

Corp.(a)

1,848

302,166

Illinois

Tool

Works,

Inc.(a)

6,468

1,655,614

Ingersoll

Rand,

Inc.(a)

8,161

690,665

ITT,

Inc.

3,926

667,263

JBT

Marel

Corp.

1,510

208,078

Kadant,

Inc.

310

103,159

Kennametal,

Inc.

2,772

68,635

Lincoln

Electric

Holdings,

Inc.

1,963

477,990

Lindsay

Corp.

310

42,318

Middleby

Corp.

(The)*(a)

9,547

1,386,224

Mueller

Industries,

Inc.

5,544

473,291

Mueller

Water

Products,

Inc.,

Class

A(a)

4,495

111,296

Nordson

Corp.

1,812

388,149

Oshkosh

Corp.

11,627

1,471,164

Otis

Worldwide

Corp.

9,146

783,721

PACCAR,

Inc.

13,705

1,353,506

Parker-Hannifin

Corp.

2,619

1,916,846

Pentair

plc

4,158

424,948

Proto

Labs,

Inc.*

924

39,843

RBC

Bearings,

Inc.*

1,208

467,907

REV

Group,

Inc.(a)

3,473

172,087

Snap-on,

Inc.(a)

1,208

387,998

SPX

Technologies,

Inc.*(a)

1,510

275,409

Standex

International

Corp.

155

25,535

Stanley

Black

&

Decker,

Inc.(a)

26,727

1,808,082

Symbotic,

Inc.,

Class

A*(a)

1,540

83,083

Tennant

Co.

1,386

114,400

Terex

Corp.(a)

11,627

591,349

Timken

Co.

(The)

11,703

890,481

Investments

Shares

Value

Machinery

(continued)

Toro

Co.

(The)

3,850

$

285,863

Trinity

Industries,

Inc.(a)

2,480

57,784

Watts

Water

Technologies,

Inc.,

Class

A(a)

906

237,662

Westinghouse

Air

Brake

Technologies

Corp.

3,926

753,988

Worthington

Enterprises,

Inc.

2,618

162,237

Xylem,

Inc.

5,698

824,045

37,893,936

Marine

Transportation

-

0

.1

%

Genco

Shipping

&

Trading

Ltd.(a)

2,926

46,611

Kirby

Corp.*

2,718

259,053

Matson,

Inc.(a)

6,160

657,765

963,429

Media

-

0

.7

%

Altice

USA,

Inc.,

Class

A*

50,660

131,716

Cable

One,

Inc.(a)

616

78,836

Charter

Communications,

Inc.,

Class

A*

2,567

691,447

Comcast

Corp.,

Class

A

95,281

3,166,188

DoubleVerify

Holdings,

Inc.*

462

7,078

EchoStar

Corp.,

Class

A*(a)

21,558

702,575

Fox

Corp.,

Class

A

4,928

274,785

Fox

Corp.,

Class

B

2,114

108,110

Ibotta,

Inc.,

Class

A*

462

16,794

Integral

Ad

Science

Holding

Corp.*

6,006

49,249

Interpublic

Group

of

Cos.,

Inc.

(The)

69,908

1,719,737

Liberty

Broadband

Corp.,

Class

A*

1,232

75,312

Liberty

Broadband

Corp.,

Class

C*

3,081

188,927

Magnite,

Inc.*

2,416

55,592

New

York

Times

Co.

(The),

Class

A

7,853

407,492

News

Corp.,

Class

A

8,059

236,290

News

Corp.,

Class

B(a)

2,635

88,062

Nexstar

Media

Group,

Inc.,

Class

A(a)

5,436

1,017,130

Omnicom

Group,

Inc.(a)

5,582

402,183

Paramount

Global,

Class

B

107,512

1,351,426

Sinclair,

Inc.

1,848

26,722

Sirius

XM

Holdings,

Inc.(a)

31,106

656,959

Stagwell,

Inc.,

Class

A*(a)

4,928

28,237

TEGNA,

Inc.

32,314

539,644

Trade

Desk,

Inc.

(The),

Class

A*(a)

9,239

803,423

12,823,914

Metals

&

Mining

-

0

.7

%

Alcoa

Corp.(a)

44,998

1,348,590

Alpha

Metallurgical

Resources,

Inc.*

2,156

254,559

Carpenter

Technology

Corp.

2,265

564,868

Century

Aluminum

Co.*(a)

6,622

140,254

Cleveland-Cliffs,

Inc.*(a)

86,485

909,822

Coeur

Mining,

Inc.*(a)

106,304

923,782

Commercial

Metals

Co.

20,989

1,088,489

Constellium

SE*

17,365

238,074

Freeport-McMoRan,

Inc.

31,257

1,257,782

Hecla

Mining

Co.

12,090

69,397

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

27

Investments

Shares

Value

COMMON

STOCKS

(continued)

Metals

&

Mining

(continued)

Kaiser

Aluminum

Corp.

1,694

$

130,963

Materion

Corp.

465

48,964

MP

Materials

Corp.*(a)

3,850

236,775

Newmont

Corp.

30,049

1,866,043

Nucor

Corp.

6,644

950,557

Reliance,

Inc.

1,542

447,380

Royal

Gold,

Inc.

2,464

373,099

Ryerson

Holding

Corp.(a)

4,466

92,000

Southern

Copper

Corp.

1,812

170,618

Steel

Dynamics,

Inc.(a)

4,228

539,324

SunCoke

Energy,

Inc.

8,469

62,586

Warrior

Met

Coal,

Inc.

3,322

170,684

Worthington

Steel,

Inc.

3,542

108,102

11,992,712

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0

.5

%

AGNC

Investment

Corp.(a)

168,301

1,587,078

Annaly

Capital

Management,

Inc.(a)

109,019

2,216,356

Apollo

Commercial

Real

Estate

Finance,

Inc.

14,629

140,731

Arbor

Realty

Trust,

Inc.(a)

26,878

299,959

ARMOUR

Residential

REIT,

Inc.(a)

10,117

165,008

Blackstone

Mortgage

Trust,

Inc.,

Class

A(a)

3,020

55,810

BrightSpire

Capital,

Inc.,

Class

A(a)

10,163

52,644

Chimera

Investment

Corp.

19,248

257,346

Ellington

Financial,

Inc.(a)

22,197

281,680

Franklin

BSP

Realty

Trust,

Inc.(a)

20,172

203,737

KKR

Real

Estate

Finance

Trust,

Inc.

15,091

136,423

Ladder

Capital

Corp.

28,025

306,033

MFA

Financial,

Inc.

10,779

97,981

Orchid

Island

Capital,

Inc.(a)

14,167

98,602

PennyMac

Mortgage

Investment

Trust(a)

17,092

201,515

Ready

Capital

Corp.(a)

15,860

66,771

Redwood

Trust,

Inc.(a)

19,556

106,776

Rithm

Capital

Corp.(a)

97,470

1,172,564

Starwood

Property

Trust,

Inc.(a)

55,433

1,078,726

TPG

RE

Finance

Trust,

Inc.

10,779

93,777

Two

Harbors

Investment

Corp.

12,165

118,609

8,738,126

Multi-Utilities

-

0

.6

%

Ameren

Corp.(a)

6,342

641,366

Avista

Corp.

12,684

473,113

Black

Hills

Corp.

12,231

706,707

CenterPoint

Energy,

Inc.(a)

15,706

609,707

CMS

Energy

Corp.(a)

7,399

546,046

Consolidated

Edison,

Inc.

8,623

892,481

Dominion

Energy,

Inc.

21,250

1,242,062

DTE

Energy

Co.

6,040

835,996

NiSource,

Inc.

11,028

468,139

Northwestern

Energy

Group,

Inc.(a)

9,060

486,522

Public

Service

Enterprise

Group,

Inc.

11,325

1,016,872

Sempra

16,014

1,308,024

Investments

Shares

Value

Multi-Utilities

(continued)

Unitil

Corp.

1,848

$

95,320

WEC

Energy

Group,

Inc.(a)

6,160

671,933

9,994,288

Office

REITs

-

0

.2

%

Brandywine

Realty

Trust,

REIT(a)

12,533

50,132

BXP,

Inc.,

REIT

5,134

335,918

COPT

Defense

Properties,

REIT

2,618

71,419

Cousins

Properties,

Inc.,

REIT(a)

4,077

110,487

Douglas

Emmett,

Inc.,

REIT(a)

22,650

343,374

Easterly

Government

Properties,

Inc.,

Class

A,

REIT

151

3,322

Empire

State

Realty

Trust,

Inc.,

Class

A,

REIT

14,013

101,454

Highwoods

Properties,

Inc.,

REIT(a)

6,493

188,362

JBG

SMITH

Properties,

REIT(a)

14,475

306,580

Kilroy

Realty

Corp.,

REIT(a)

6,160

227,058

Paramount

Group,

Inc.,

REIT*(a)

32,952

201,666

Piedmont

Realty

Trust,

Inc.,

REIT(a)

11,778

89,042

SL

Green

Realty

Corp.,

REIT(a)

4,004

229,229

Vornado

Realty

Trust,

REIT(a)

8,758

336,482

2,594,525

Oil,

Gas

&

Consumable

Fuels

-

3

.4

%

Antero

Midstream

Corp.

17,063

313,106

Antero

Resources

Corp.*

46,508

1,624,524

APA

Corp.(a)

62,061

1,197,157

BKV

Corp.*

2,464

50,857

California

Resources

Corp.

12,781

615,789

Calumet,

Inc.*(a)

10,163

161,998

Centrus

Energy

Corp.,

Class

A*(a)

302

65,051

Cheniere

Energy,

Inc.

4,983

1,175,390

Chevron

Corp.

49,204

7,461,295

Chord

Energy

Corp.

10,779

1,189,247

Civitas

Resources,

Inc.

13,741

417,179

CNX

Resources

Corp.*(a)

8,305

251,725

Comstock

Resources,

Inc.*(a)

5,134

91,745

ConocoPhillips

33,975

3,239,177

Core

Natural

Resources,

Inc.

9,547

704,664

Coterra

Energy,

Inc.

22,801

556,116

Crescent

Energy

Co.,

Class

A(a)

27,563

254,682

CVR

Energy,

Inc.

4,077

109,182

Delek

US

Holdings,

Inc.

14,647

327,653

Devon

Energy

Corp.

13,741

456,476

Diamondback

Energy,

Inc.(a)

4,962

737,651

Dorian

LPG

Ltd.

6,666

191,914

DT

Midstream,

Inc.(a)

4,832

496,391

EOG

Resources,

Inc.

14,937

1,792,739

EQT

Corp.

12,319

662,146

Expand

Energy

Corp.

5,436

569,584

Exxon

Mobil

Corp.

114,307

12,761,233

Gulfport

Energy

Corp.*

2,416

420,698

HF

Sinclair

Corp.

29,898

1,313,718

HighPeak

Energy,

Inc.(a)

5,236

52,203

International

Seaways,

Inc.

8,469

337,913

Kinder

Morgan,

Inc.(a)

44,243

1,241,459

Kosmos

Energy

Ltd.*(a)

42,129

90,577

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

28

Investments

Shares

Value

COMMON

STOCKS

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

Magnolia

Oil

&

Gas

Corp.,

Class

A(a)

29,103

$

693,233

Marathon

Petroleum

Corp.

8,607

1,464,825

Matador

Resources

Co.(a)

20,480

1,021,542

Murphy

Oil

Corp.(a)

25,253

626,527

New

Fortress

Energy,

Inc.*(a)

302

823

NextDecade

Corp.*

14,031

159,392

Northern

Oil

&

Gas,

Inc.(a)

15,706

442,281

Occidental

Petroleum

Corp.

15,402

676,764

ONEOK,

Inc.

15,860

1,302,265

Ovintiv,

Inc.

48,979

2,016,955

Par

Pacific

Holdings,

Inc.*

6,795

213,227

PBF

Energy,

Inc.,

Class

A

16,497

372,832

Peabody

Energy

Corp.

20,002

323,032

Permian

Resources

Corp.

110,985

1,571,548

Phillips

66

11,174

1,380,883

Range

Resources

Corp.

8,305

304,960

Sitio

Royalties

Corp.,

Class

A

6,493

117,978

SM

Energy

Co.(a)

18,940

522,555

Talos

Energy,

Inc.*

13,590

116,195

Targa

Resources

Corp.

4,983

829,221

Texas

Pacific

Land

Corp.(a)

465

450,180

Uranium

Energy

Corp.*(a)

13,416

116,317

Valero

Energy

Corp.(a)

8,758

1,202,561

Venture

Global,

Inc.,

Class

A

13,288

203,705

Viper

Energy,

Inc.,

Class

A(a)

3,624

136,480

Vitesse

Energy,

Inc.(a)

1,232

29,482

Williams

Cos.,

Inc.

(The)

26,727

1,602,284

World

Kinect

Corp.(a)

10,009

272,945

59,102,231

Paper

&

Forest

Products

-

0

.0

%

(d)

Louisiana-Pacific

Corp.(a)

3,542

320,232

Sylvamo

Corp.

5,544

255,412

575,644

Passenger

Airlines

-

0

.3

%

Alaska

Air

Group,

Inc.*(a)

23,103

1,223,535

Allegiant

Travel

Co.*(a)

1,812

93,572

American

Airlines

Group,

Inc.*(a)

117,949

1,355,234

Delta

Air

Lines,

Inc.(a)

16,014

852,105

Frontier

Group

Holdings,

Inc.*(a)

17,400

76,212

JetBlue

Airways

Corp.*(a)

45,887

203,738

Joby

Aviation,

Inc.*(a)

21,866

364,288

SkyWest,

Inc.*

6,468

750,029

Southwest

Airlines

Co.

10,317

319,105

United

Airlines

Holdings,

Inc.*

7,853

693,498

Wheels

Up

Experience,

Inc.*(a)

13,397

18,890

5,950,206

Personal

Care

Products

-

0

.1

%

BellRing

Brands,

Inc.*

4,340

236,877

Coty,

Inc.,

Class

A*(a)

46,659

226,296

Edgewell

Personal

Care

Co.

10,483

264,486

elf

Beauty,

Inc.*(a)

1,540

186,633

Investments

Shares

Value

Personal

Care

Products

(continued)

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

4,077

$

380,547

Herbalife

Ltd.*(a)

28,179

259,247

Interparfums,

Inc.(a)

465

56,079

Kenvue,

Inc.

40,166

861,159

2,471,324

Pharmaceuticals

-

2

.5

%

Amneal

Pharmaceuticals,

Inc.*

12,382

96,827

Amphastar

Pharmaceuticals,

Inc.*(a)

3,548

74,331

ANI

Pharmaceuticals,

Inc.*(a)

1,079

68,355

Avadel

Pharmaceuticals

plc,

ADR*(a)

6,622

69,597

Axsome

Therapeutics,

Inc.*

1,704

172,752

Bristol-Myers

Squibb

Co.

51,793

2,243,155

Collegium

Pharmaceutical,

Inc.*

7,700

229,922

Corcept

Therapeutics,

Inc.*(a)

3,775

253,567

Elanco

Animal

Health,

Inc.*

91,927

1,257,561

Eli

Lilly

&

Co.

16,912

12,516,064

Evolus,

Inc.*(a)

1,705

15,209

Harmony

Biosciences

Holdings,

Inc.*

5,436

191,238

Innoviva,

Inc.*

6,040

109,747

Jazz

Pharmaceuticals

plc*(a)

10,117

1,159,712

Johnson

&

Johnson

62,665

10,323,432

Ligand

Pharmaceuticals,

Inc.*(a)

308

40,527

Merck

&

Co.,

Inc.

65,383

5,107,720

Nuvation

Bio,

Inc.*(a)

38,034

89,760

Organon

&

Co.(a)

50,352

488,414

Pacira

BioSciences,

Inc.*(a)

10,779

227,329

Perrigo

Co.

plc(a)

22,328

595,488

Pfizer,

Inc.

150,593

3,507,311

Prestige

Consumer

Healthcare,

Inc.*(a)

2,718

200,996

Royalty

Pharma

plc,

Class

A

7,853

288,990

Supernus

Pharmaceuticals,

Inc.*(a)

4,004

140,540

Viatris,

Inc.

210,343

1,838,398

Zoetis,

Inc.

8,909

1,298,843

42,605,785

Professional

Services

-

0

.9

%

Alight,

Inc.,

Class

A(a)

63,132

338,388

Amentum

Holdings,

Inc.*

20,536

512,784

Automatic

Data

Processing,

Inc.

8,758

2,710,601

Barrett

Business

Services,

Inc.(a)

2,416

111,064

Booz

Allen

Hamilton

Holding

Corp.

2,636

282,922

Broadridge

Financial

Solutions,

Inc.

2,310

571,748

CACI

International,

Inc.,

Class

A*(a)

1,078

496,494

CBIZ,

Inc.*

1,550

94,736

Clarivate

plc*(a)

52,354

201,563

Concentrix

Corp.(a)

6,040

313,899

CSG

Systems

International,

Inc.

2,265

141,472

Dayforce,

Inc.*(a)

5,236

301,960

Dun

&

Bradstreet

Holdings,

Inc.

48,622

442,460

Equifax,

Inc.

2,718

652,945

ExlService

Holdings,

Inc.*(a)

5,436

236,085

Exponent,

Inc.(a)

1,078

74,339

First

Advantage

Corp.*

3,862

66,774

FTI

Consulting,

Inc.*(a)

1,078

179,325

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

29

Investments

Shares

Value

COMMON

STOCKS

(continued)

Professional

Services

(continued)

Genpact

Ltd.

7,550

$

332,578

Heidrick

&

Struggles

International,

Inc.

2,620

116,669

Huron

Consulting

Group,

Inc.*(a)

465

61,417

ICF

International,

Inc.

465

39,009

Insperity,

Inc.

770

45,877

Jacobs

Solutions,

Inc.

2,869

407,025

KBR,

Inc.(a)

4,158

194,345

Kforce,

Inc.(a)

310

10,803

Korn

Ferry(a)

7,852

556,471

Leidos

Holdings,

Inc.

3,020

482,143

Maximus,

Inc.

9,060

669,172

NV5

Global,

Inc.*

4,004

89,890

Parsons

Corp.*(a)

2,772

205,682

Paychex,

Inc.(a)

6,974

1,006,557

Paycom

Software,

Inc.

1,359

314,663

Paylocity

Holding

Corp.*

2,310

427,073

Planet

Labs

PBC*

11,549

72,181

Robert

Half,

Inc.(a)

3,100

114,421

Science

Applications

International

Corp.(a)

2,464

274,687

SS&C

Technologies

Holdings,

Inc.

5,587

477,577

TransUnion

3,234

307,844

TriNet

Group,

Inc.(a)

1,694

114,870

UL

Solutions,

Inc.,

Class

A

1,359

99,370

Upwork,

Inc.*

25,407

303,868

Verisk

Analytics,

Inc.

3,171

883,789

Verra

Mobility

Corp.,

Class

A*

8,837

223,223

WNS

Holdings

Ltd.*

2,618

195,800

15,756,563

Real

Estate

Management

&

Development

-

0

.3

%

CBRE

Group,

Inc.,

Class

A*

6,006

935,374

Compass,

Inc.,

Class

A*

29,565

234,746

CoStar

Group,

Inc.*

9,211

876,795

Cushman

&

Wakefield

plc*

33,106

403,562

eXp

World

Holdings,

Inc.(a)

6,776

73,045

Forestar

Group,

Inc.*

5,544

137,491

Howard

Hughes

Holdings,

Inc.*

1,848

127,013

Jones

Lang

LaSalle,

Inc.*(a)

1,661

449,068

Kennedy-Wilson

Holdings,

Inc.

14,783

108,212

Newmark

Group,

Inc.,

Class

A(a)

33,414

506,890

Opendoor

Technologies,

Inc.*(a)

112,797

207,547

St

Joe

Co.

(The)

3,388

171,094

Zillow

Group,

Inc.,

Class

A*

2,114

162,250

Zillow

Group,

Inc.,

Class

C*

4,530

360,362

4,753,449

Residential

REITs

-

0

.2

%

American

Homes

4

Rent,

Class

A,

REIT

8,623

299,132

AvalonBay

Communities,

Inc.,

REIT(a)

2,926

545,055

Camden

Property

Trust,

REIT

1,694

184,985

Centerspace,

REIT(a)

1,848

100,587

Investments

Shares

Value

Residential

REITs

(continued)

Elme

Communities,

REIT

8,154

$

122,962

Equity

LifeStyle

Properties,

Inc.,

REIT(a)

5,082

304,513

Equity

Residential,

REIT

6,191

391,271

Essex

Property

Trust,

Inc.,

REIT(a)

1,232

320,542

Independence

Realty

Trust,

Inc.,

REIT(a)

6,040

101,291

Invitation

Homes,

Inc.,

REIT

11,325

347,111

Mid-America

Apartment

Communities,

Inc.,

REIT(a)

2,618

372,882

NexPoint

Residential

Trust,

Inc.,

REIT

3,234

100,836

Sun

Communities,

Inc.,

REIT(a)

2,002

248,308

UDR,

Inc.,

REIT(a)

6,006

235,976

UMH

Properties,

Inc.,

REIT(a)

7,392

120,342

3,795,793

Retail

REITs

-

0

.3

%

Acadia

Realty

Trust,

REIT(a)

8,777

164,305

Agree

Realty

Corp.,

REIT(a)

5,236

375,421

Alexander's,

Inc.,

REIT

308

77,367

Brixmor

Property

Group,

Inc.,

REIT(a)

10,419

272,248

Curbline

Properties

Corp.,

REIT

7,700

170,170

Federal

Realty

Investment

Trust,

REIT

3,850

354,816

Getty

Realty

Corp.,

REIT(a)

4,681

130,085

InvenTrust

Properties

Corp.,

REIT(a)

755

20,815

Kimco

Realty

Corp.,

REIT

17,365

368,659

Kite

Realty

Group

Trust,

REIT(a)

12,627

277,541

Macerich

Co.

(The),

REIT(a)

15,091

252,171

NETSTREIT

Corp.,

REIT(a)

7,852

143,142

NNN

REIT,

Inc.,

REIT(a)

6,191

255,441

Phillips

Edison

&

Co.,

Inc.,

REIT

2,926

98,870

Realty

Income

Corp.,

REIT

17,554

985,306

Regency

Centers

Corp.,

REIT(a)

3,696

263,894

Simon

Property

Group,

Inc.,

REIT

6,776

1,109,841

SITE

Centers

Corp.,

REIT(a)

6,052

65,180

Tanger,

Inc.,

REIT(a)

6,930

208,039

Urban

Edge

Properties,

REIT(a)

4,185

82,528

Whitestone

REIT,

REIT

2,772

33,791

5,709,630

Semiconductors

&

Semiconductor

Equipment

-

9

.5

%

ACM

Research,

Inc.,

Class

A*

9,547

289,847

Advanced

Micro

Devices,

Inc.*

34,277

6,043,378

Allegro

MicroSystems,

Inc.*

7,701

241,888

Alpha

&

Omega

Semiconductor

Ltd.*(a)

3,542

90,215

Ambarella,

Inc.*(a)

2,156

142,490

Amkor

Technology,

Inc.

7,084

159,815

Analog

Devices,

Inc.

10,721

2,408,258

Applied

Materials,

Inc.

20,989

3,779,279

Astera

Labs,

Inc.*

5,587

763,911

Axcelis

Technologies,

Inc.*(a)

1,661

112,433

Broadcom,

Inc.

96,791

28,427,517

Cirrus

Logic,

Inc.*(a)

1,540

155,093

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

30

Investments

Shares

Value

COMMON

STOCKS

(continued)

Semiconductors

&

Semiconductor

Equipment

(continued)

Cohu,

Inc.*(a)

5,859

$

104,642

Credo

Technology

Group

Holding

Ltd.*

5,236

584,076

Diodes,

Inc.*(a)

3,322

164,007

Enphase

Energy,

Inc.*

7,852

254,091

Entegris,

Inc.(a)

3,388

265,823

First

Solar,

Inc.*

2,869

501,300

FormFactor,

Inc.*

1,861

52,871

Ichor

Holdings

Ltd.*(a)

3,234

64,001

Impinj,

Inc.*(a)

1,240

191,679

Intel

Corp.

87,882

1,740,064

KLA

Corp.

2,718

2,389,204

Kulicke

&

Soffa

Industries,

Inc.

924

30,270

Lam

Research

Corp.

32,918

3,121,943

Lattice

Semiconductor

Corp.*

6,314

314,627

MACOM

Technology

Solutions

Holdings,

Inc.*

2,114

289,914

Marvell

Technology,

Inc.

19,094

1,534,585

MaxLinear,

Inc.,

Class

A*

5,390

85,270

Microchip

Technology,

Inc.

11,929

806,281

Micron

Technology,

Inc.

28,992

3,164,187

MKS,

Inc.(a)

10,419

991,680

Monolithic

Power

Systems,

Inc.

1,078

766,717

NVIDIA

Corp.

496,639

88,337,179

NXP

Semiconductors

NV

5,436

1,162,054

ON

Semiconductor

Corp.*(a)

10,009

564,107

Onto

Innovation,

Inc.*(a)

2,310

218,873

PDF

Solutions,

Inc.*(a)

4,622

102,747

Penguin

Solutions,

Inc.*(a)

9,547

225,023

Photronics,

Inc.*

13,329

271,378

Power

Integrations,

Inc.(a)

1,078

52,305

Qorvo,

Inc.*

16,459

1,375,972

QUALCOMM,

Inc.

28,539

4,188,384

Rambus,

Inc.*

4,312

318,786

Rigetti

Computing,

Inc.*(a)

16,761

243,035

Semtech

Corp.*(a)

4,774

243,951

Silicon

Laboratories,

Inc.*

1,694

223,218

SiTime

Corp.*

462

93,717

Skyworks

Solutions,

Inc.(a)

27,784

1,904,315

SolarEdge

Technologies,

Inc.*(a)

5,285

135,613

Synaptics,

Inc.*(a)

462

28,967

Teradyne,

Inc.

3,080

330,884

Texas

Instruments,

Inc.

19,556

3,540,809

Ultra

Clean

Holdings,

Inc.*

3,696

83,234

Universal

Display

Corp.(a)

2,171

313,492

Veeco

Instruments,

Inc.*(a)

1,240

25,767

164,015,166

Software

-

9

.0

%

ACI

Worldwide,

Inc.*

2,869

122,105

Adeia,

Inc.

10,625

137,594

Adobe,

Inc.*

8,758

3,132,649

Agilysys,

Inc.*(a)

604

68,904

Alarm.com

Holdings,

Inc.*(a)

770

42,065

Alkami

Technology,

Inc.*(a)

4,620

102,980

Investments

Shares

Value

Software

(continued)

Amplitude,

Inc.,

Class

A*

9,513

$

116,344

Appfolio,

Inc.,

Class

A*

1,232

329,412

Appian

Corp.,

Class

A*(a)

462

12,756

AppLovin

Corp.,

Class

A*

4,928

1,925,370

Asana,

Inc.,

Class

A*(a)

7,853

115,282

Atlassian

Corp.,

Class

A*

3,542

679,285

Aurora

Innovation,

Inc.,

Class

A*(a)

48,966

284,492

Autodesk,

Inc.*

4,620

1,400,368

AvePoint,

Inc.*

1,057

20,168

Bentley

Systems,

Inc.,

Class

B

1,694

98,218

BILL

Holdings,

Inc.*(a)

5,082

217,764

Blackbaud,

Inc.*

2,480

167,202

BlackLine,

Inc.*(a)

924

49,693

Box,

Inc.,

Class

A*

4,495

144,290

Braze,

Inc.,

Class

A*

4,620

128,759

C3.ai,

Inc.,

Class

A*(a)

4,620

108,847

Cadence

Design

Systems,

Inc.*

5,890

2,147,317

CCC

Intelligent

Solutions

Holdings,

Inc.*(a)

13,590

131,415

Cipher

Mining,

Inc.*(a)

3,542

19,339

Cleanspark,

Inc.*(a)

58,890

669,579

Clear

Secure,

Inc.,

Class

A(a)

770

22,646

Clearwater

Analytics

Holdings,

Inc.,

Class

A*

7,097

143,785

Commvault

Systems,

Inc.*

2,114

401,554

Confluent,

Inc.,

Class

A*(a)

9,547

169,221

Core

Scientific,

Inc.*(a)

17,092

231,426

Crowdstrike

Holdings,

Inc.,

Class

A*

4,928

2,240,121

Datadog,

Inc.,

Class

A*

6,776

948,504

Docusign,

Inc.*

5,285

399,757

Dolby

Laboratories,

Inc.,

Class

A

2,310

174,035

Dropbox,

Inc.,

Class

A*(a)

33,975

923,101

D-Wave

Quantum,

Inc.*(a)

11,023

189,485

Dynatrace,

Inc.*

5,852

307,874

Elastic

NV*

3,850

322,245

Fair

Isaac

Corp.*

523

751,405

Fortinet,

Inc.*

14,345

1,433,066

Freshworks,

Inc.,

Class

A*(a)

8,623

112,013

Gen

Digital,

Inc.

14,475

426,868

Gitlab,

Inc.,

Class

A*(a)

4,774

209,149

Guidewire

Software,

Inc.*

2,003

453,119

HubSpot,

Inc.*

1,057

549,270

Informatica,

Inc.,

Class

A*(a)

3,850

95,095

Intapp,

Inc.*(a)

1,057

42,333

InterDigital,

Inc.(a)

755

194,941

Intuit,

Inc.

5,889

4,623,631

Jamf

Holding

Corp.*(a)

5,852

46,465

JFrog

Ltd.*(a)

5,082

220,610

Klaviyo,

Inc.,

Class

A*(a)

3,080

95,788

Life360,

Inc.*

1,812

138,781

LiveRamp

Holdings,

Inc.*

1,078

35,380

Manhattan

Associates,

Inc.*

2,114

464,361

MARA

Holdings,

Inc.*(a)

11,857

190,661

Meridianlink,

Inc.*(a)

4,466

71,367

Microsoft

Corp.

156,436

83,458,606

MicroStrategy,

Inc.,

Class

A*(a)

5,236

2,104,139

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

31

Investments

Shares

Value

COMMON

STOCKS

(continued)

Software

(continued)

N-able,

Inc.*

4,004

$

32,352

nCino,

Inc.*(a)

3,020

84,334

NCR

Voyix

Corp.*(a)

18,422

250,908

Nutanix,

Inc.,

Class

A*

6,493

488,079

Onestream,

Inc.,

Class

A*

755

18,007

Oracle

Corp.

34,277

8,698,474

Pagaya

Technologies

Ltd.,

Class

A*(a)

6,040

181,502

Palantir

Technologies,

Inc.,

Class

A*

45,300

7,173,255

Palo

Alto

Networks,

Inc.*(a)

13,859

2,405,922

Pegasystems,

Inc.

2,416

141,843

Procore

Technologies,

Inc.*

3,775

270,403

Progress

Software

Corp.

616

29,617

PROS

Holdings,

Inc.*(a)

5,544

86,985

PTC,

Inc.*

2,310

496,211

Q2

Holdings,

Inc.*

3,388

275,106

Qualys,

Inc.*(a)

1,240

165,007

Rapid7,

Inc.*

4,928

104,079

RingCentral,

Inc.,

Class

A*

14,167

361,117

Riot

Platforms,

Inc.*(a)

5,587

74,922

Roper

Technologies,

Inc.

2,310

1,271,424

Rubrik,

Inc.,

Class

A*

3,473

329,761

Salesforce,

Inc.

19,630

5,071,018

Samsara,

Inc.,

Class

A*

12,935

491,918

SentinelOne,

Inc.,

Class

A*

12,165

223,106

ServiceNow,

Inc.*

4,379

4,129,922

SoundHound

AI,

Inc.,

Class

A*(a)

23,707

244,893

Sprinklr,

Inc.,

Class

A*

8,469

76,306

Sprout

Social,

Inc.,

Class

A*

3,388

58,104

SPS

Commerce,

Inc.*(a)

1,078

117,356

Synopsys,

Inc.*(a)

3,900

2,470,533

Tenable

Holdings,

Inc.*

2,869

89,828

Teradata

Corp.*

6,160

128,929

Terawulf,

Inc.*(a)

2,464

12,714

Tyler

Technologies,

Inc.*

906

529,611

UiPath,

Inc.,

Class

A*(a)

13,859

162,843

Unity

Software,

Inc.*(a)

15,091

503,436

Varonis

Systems,

Inc.*

4,004

223,543

Verint

Systems,

Inc.*

11,857

252,317

Vertex,

Inc.,

Class

A*(a)

604

20,035

Workday,

Inc.,

Class

A*

4,530

1,039,091

Workiva,

Inc.,

Class

A*

2,310

147,447

Zeta

Global

Holdings

Corp.,

Class

A*

2,618

40,972

Zoom

Communications,

Inc.,

Class

A*

5,587

413,717

Zscaler,

Inc.*

2,114

603,674

154,553,620

Specialized

REITs

-

0

.7

%

American

Tower

Corp.,

REIT

9,855

2,053,683

Crown

Castle,

Inc.,

REIT

8,777

922,375

CubeSmart,

REIT

7,852

305,521

Digital

Realty

Trust,

Inc.,

REIT

6,776

1,195,557

EPR

Properties,

REIT(a)

4,496

247,460

Equinix,

Inc.,

REIT

2,015

1,582,118

Investments

Shares

Value

Specialized

REITs

(continued)

Extra

Space

Storage,

Inc.,

REIT

4,774

$

641,435

Four

Corners

Property

Trust,

Inc.,

REIT(a)

4,928

124,383

Gaming

and

Leisure

Properties,

Inc.,

REIT

5,890

268,466

Iron

Mountain,

Inc.,

REIT

6,045

588,541

Lamar

Advertising

Co.,

Class

A,

REIT

3,171

387,655

National

Storage

Affiliates

Trust,

REIT(a)

4,466

131,568

Outfront

Media,

Inc.,

REIT

2,114

37,058

PotlatchDeltic

Corp.,

REIT(a)

3,696

151,129

Public

Storage,

REIT

3,256

885,437

Rayonier,

Inc.,

REIT

2,869

66,876

Safehold,

Inc.,

REIT(a)

3,020

42,250

SBA

Communications

Corp.,

REIT

2,002

449,889

Uniti

Group,

Inc.,

REIT*(a)

41,883

222,818

VICI

Properties,

Inc.,

Class

A,

REIT

25,561

833,289

Weyerhaeuser

Co.,

REIT

13,551

339,453

11,476,961

Specialty

Retail

-

2

.2

%

Abercrombie

&

Fitch

Co.,

Class

A*(a)

8,758

840,943

Academy

Sports

&

Outdoors,

Inc.(a)

10,268

521,512

Advance

Auto

Parts,

Inc.(a)

4,006

212,598

American

Eagle

Outfitters,

Inc.(a)

36,802

397,462

Asbury

Automotive

Group,

Inc.*(a)

3,624

804,963

AutoNation,

Inc.*

5,436

1,047,191

AutoZone,

Inc.*

352

1,326,470

Bath

&

Body

Works,

Inc.

39,419

1,141,574

Best

Buy

Co.,

Inc.

5,852

380,731

Boot

Barn

Holdings,

Inc.*(a)

1,232

211,781

Buckle,

Inc.

(The)

5,889

290,740

Burlington

Stores,

Inc.*

1,232

336,287

CarMax,

Inc.*

5,285

299,184

Carvana

Co.*(a)

2,926

1,141,637

Chewy,

Inc.,

Class

A*

6,493

238,293

Dick's

Sporting

Goods,

Inc.

9,815

2,075,971

Five

Below,

Inc.*

1,661

226,760

Floor

&

Decor

Holdings,

Inc.,

Class

A*(a)

3,322

254,598

Foot

Locker,

Inc.*

15,855

397,009

GameStop

Corp.,

Class

A*

15,553

349,165

Gap,

Inc.

(The)

42,653

830,027

Group

1

Automotive,

Inc.(a)

2,465

1,015,950

Guess?,

Inc.

2,002

26,026

Home

Depot,

Inc.

(The)

20,838

7,658,173

Lithia

Motors,

Inc.,

Class

A

4,983

1,435,104

Lowe's

Cos.,

Inc.

14,949

3,342,148

Murphy

USA,

Inc.(a)

770

279,110

National

Vision

Holdings,

Inc.*(a)

5,889

142,867

O'Reilly

Automotive,

Inc.*

18,478

1,816,757

Penske

Automotive

Group,

Inc.(a)

3,234

541,404

Petco

Health

&

Wellness

Co.,

Inc.,

Class

A*(a)

15,091

45,424

RH*(a)

616

126,662

Ross

Stores,

Inc.

7,284

994,557

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

32

Investments

Shares

Value

COMMON

STOCKS

(continued)

Specialty

Retail

(continued)

Sally

Beauty

Holdings,

Inc.*

10,625

$

103,487

Signet

Jewelers

Ltd.(a)

7,596

600,843

Sonic

Automotive,

Inc.,

Class

A

3,473

251,271

TJX

Cos.,

Inc.

(The)

24,311

3,027,449

Tractor

Supply

Co.(a)

11,476

653,558

Ulta

Beauty,

Inc.*

1,085

558,786

Upbound

Group,

Inc.

9,239

190,647

Urban

Outfitters,

Inc.*

9,664

727,506

Valvoline,

Inc.*(a)

6,976

245,904

Victoria's

Secret

&

Co.*(a)

12,835

241,298

Warby

Parker,

Inc.,

Class

A*

7,084

169,662

Wayfair,

Inc.,

Class

A*(a)

4,620

303,257

Williams-Sonoma,

Inc.

2,772

518,503

38,341,249

Technology

Hardware,

Storage

&

Peripherals

-

4

.2

%

Apple,

Inc.

315,137

65,412,987

Corsair

Gaming,

Inc.*

12,011

108,820

Dell

Technologies,

Inc.,

Class

C

7,546

1,001,279

Diebold

Nixdorf,

Inc.*

4,681

263,493

Hewlett

Packard

Enterprise

Co.

36,546

756,137

HP,

Inc.

25,099

622,455

IonQ,

Inc.*(a)

10,471

417,479

NetApp,

Inc.

4,983

518,880

Pure

Storage,

Inc.,

Class

A*(a)

7,853

467,411

Quantum

Computing,

Inc.*(a)

4,530

67,225

Sandisk

Corp.*

19,630

842,520

Seagate

Technology

Holdings

plc

5,236

822,104

Super

Micro

Computer,

Inc.*(a)

15,704

926,065

Western

Digital

Corp.

8,315

654,307

Xerox

Holdings

Corp.

8,931

36,170

72,917,332

Textiles,

Apparel

&

Luxury

Goods

-

0

.5

%

Capri

Holdings

Ltd.*

16,761

304,883

Carter's,

Inc.(a)

5,082

123,188

Columbia

Sportswear

Co.(a)

1,540

87,118

Crocs,

Inc.*(a)

10,721

1,069,205

Deckers

Outdoor

Corp.*

3,503

371,914

Figs,

Inc.,

Class

A*

15,091

98,091

G-III

Apparel

Group

Ltd.*(a)

9,211

217,380

Hanesbrands,

Inc.*(a)

27,563

112,733

Kontoor

Brands,

Inc.(a)

3,542

197,148

Lululemon

Athletica,

Inc.*

2,172

435,551

NIKE,

Inc.,

Class

B

30,335

2,265,721

Oxford

Industries,

Inc.(a)

1,694

64,677

PVH

Corp.(a)

10,721

787,136

Ralph

Lauren

Corp.

1,812

541,335

Skechers

USA,

Inc.,

Class

A*

23,902

1,511,801

Steven

Madden

Ltd.(a)

12,684

304,479

Tapestry,

Inc.

4,681

505,688

Under

Armour,

Inc.,

Class

A*

23,098

153,371

Under

Armour,

Inc.,

Class

C*(a)

11,023

69,445

VF

Corp.(a)

18,478

216,562

9,437,426

Investments

Shares

Value

Tobacco

-

0

.5

%

Altria

Group,

Inc.

45,753

$

2,833,941

Philip

Morris

International,

Inc.

32,918

5,400,198

Universal

Corp.(a)

4,466

243,263

8,477,402

Trading

Companies

&

Distributors

-

0

.8

%

Air

Lease

Corp.,

Class

A(a)

18,478

1,023,681

Applied

Industrial

Technologies,

Inc.

1,812

491,958

Boise

Cascade

Co.

7,285

610,556

Core

&

Main,

Inc.,

Class

A*

6,040

384,386

DNOW,

Inc.*

9,211

143,323

DXP

Enterprises,

Inc.*

1,386

156,978

Fastenal

Co.

23,559

1,086,777

Ferguson

Enterprises,

Inc.

3,850

859,820

FTAI

Aviation

Ltd.

3,624

498,699

GATX

Corp.(a)

2,002

305,685

Global

Industrial

Co.

308

10,490

GMS,

Inc.*

7,399

811,226

Herc

Holdings,

Inc.(a)

5,854

683,806

McGrath

RentCorp

1,694

211,394

MRC

Global,

Inc.*

15,553

228,318

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

2,618

226,771

QXO,

Inc.*

22,197

445,272

Rush

Enterprises,

Inc.,

Class

A(a)

9,815

531,384

Rush

Enterprises,

Inc.,

Class

B

702

38,126

SiteOne

Landscape

Supply,

Inc.*(a)

1,553

214,050

United

Rentals,

Inc.

1,388

1,225,521

Watsco,

Inc.

620

279,546

WESCO

International,

Inc.

8,834

1,828,285

Willis

Lease

Finance

Corp.

151

21,378

WW

Grainger,

Inc.

930

966,772

Xometry,

Inc.,

Class

A*

1,232

39,843

13,324,045

Water

Utilities

-

0

.1

%

American

States

Water

Co.

604

44,448

American

Water

Works

Co.,

Inc.

3,696

518,327

California

Water

Service

Group

4,158

189,064

Essential

Utilities,

Inc.

12,627

464,674

H2O

America

308

14,873

Middlesex

Water

Co.

2,156

111,250

1,342,636

Wireless

Telecommunication

Services

-

0

.2

%

Gogo,

Inc.*(a)

47

745

Telephone

and

Data

Systems,

Inc.

19,026

742,775

T-Mobile

US,

Inc.

12,533

2,987,993

3,731,513

Total

Common

Stocks

(Cost

$857,357,700)

1,711,551,376

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

33

Investments

Number

of

Warrants

Value

WARRANTS

-

0

.0

%

(d)

Oil,

Gas

&

Consumable

Fuels

-

0.0%(d)

Occidental

Petroleum

Corp.,

expiring

8/3/2027,

price

22.00

(Cost

$21,117)*

4,266

94,492

Number

of

Rights

RIGHTS

-

0

.0

%

Biotechnology

-

0.0%

Bluebird

Bio,

Inc.,

CVR*‡

2,790

—

Health

Care

Equipment

&

Supplies

-

0.0%

ABIOMED,

Inc.,

CVR*‡

1,110

—

Paper

&

Forest

Products

-

0.0%

Resolute

Forest

Products,

Inc.,

CVR*‡

6,734

—

Total

Rights

(Cost

$1,132)

—

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

8

.7

%

(e)

CERTIFICATES

OF

DEPOSIT

-

2

.6

%

Bank

of

Montreal,

Chicago

(SOFR

+

0.31%),

4.63%,

5/29/2026(f)

$

2,000,000

$

1,999,616

Bank

of

Nova

Scotia,

Houston

(SOFR

+

0.34%),

4.66%,

7/1/2026(f)

4,000,000

3,999,940

Barclays

Bank

plc,

New

York

(SOFR

+

0.35%),

4.71%,

10/15/2025(f)

4,000,000

4,000,576

BNP

Paribas,

New

York

(SOFR

+

0.24%),

4.56%,

12/1/2025(f)

3,000,000

3,000,216

Canadian

Imperial

Bank

of

Commerce,

New

York

(SOFR

+

0.24%),

4.56%,

12/17/2025(f)

3,000,000

2,999,757

Credit

Agricole

CIB,

New

York

(SOFR

+

0.31%),

4.63%,

10/31/2025(f)

2,000,000

2,000,152

Credit

Industriel

et

Commercial,

New

York

(SOFR

+

0.20%),

4.52%,

8/7/2025(f)

1,000,000

1,000,000

(SOFR

+

0.28%),

4.60%,

10/28/2025(f)

2,000,000

2,000,144

Mitsubishi

UFJ

Trust

&

Banking

Corp.,

New

York

(SOFR

+

0.23%),

4.55%,

8/8/2025(f)

2,500,000

2,499,999

Investments

Principal

Amount

Value

CERTIFICATES

OF

DEPOSIT

(continued)

Mizuho

Bank

Ltd.,

New

York

(SOFR

+

0.20%),

4.66%,

8/19/2025(f)

$

1,000,000

$

999,949

MUFG

Bank

Ltd.,

New

York

Branch

(SOFR

+

0.19%),

4.55%,

9/8/2025(f)

2,000,000

2,000,000

Natixis

SA,

New

York

4.47%,

12/11/2025

3,000,000

3,000,357

Oversea-Chinese

Banking

Corp.

Ltd.,

New

York

(SOFR

+

0.32%),

4.68%,

10/17/2025(f)

3,000,000

3,000,723

Sumitomo

Mitsui

Banking

Corp.,

New

York

(SOFR

+

0.23%),

4.59%,

10/1/2025(f)

3,000,000

3,000,258

Sumitomo

Mitsui

Trust

Bank

Ltd.,

London

4.50%,

10/6/2025

2,000,000

2,000,500

Sumitomo

Mitsui

Trust

Bank

Ltd.,

New

York

(SOFR

+

0.29%),

4.61%,

11/7/2025(f)

1,000,000

1,000,214

Toronto-Dominion

Bank,

New

York

(SOFR

+

0.36%),

4.72%,

5/8/2026(f)

3,000,000

3,001,344

Westpac

Banking

Corp.,

New

York

(SOFR

+

0.33%),

4.65%,

9/11/2025(f)

3,000,000

3,000,000

Total

Certificates

of

Deposit

(Cost

$44,499,948)

44,503,745

REPURCHASE

AGREEMENTS

-

6

.1

%

BofA

Securities,

Inc.

4.78%,

dated

7/31/2025,

due

10/31/2025,

repurchase

price

$6,073,293,

collateralized

by

various

Common

Stocks,

U.S.

Treasury

Securities,

4.13%,

3/31/2029;

;

total

market

value

$6,585,234

6,000,000

6,000,000

CF

Secured

LLC

4.34%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$3,908,255,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

8/15/2025

-

2/15/2054;

total

market

value

$3,970,226

3,907,784

3,907,784

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

34

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

REPURCHASE

AGREEMENTS

(continued)

Citigroup

Global

Markets,

Inc.

4.36%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$7,000,848,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

1.88%

-

4.13%,

maturing

2/28/2027

-

2/28/2030;

total

market

value

$7,067,454

$

7,000,000

$

7,000,000

National

Bank

of

Canada

Financial

Inc.

4.47%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$70,008,692,

collateralized

by

various

Common

Stocks;

total

market

value

$77,318,631

70,000,000

70,000,000

TD

Prime

Services

LLC

4.43%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$7,000,861,

collateralized

by

various

Common

Stocks;

total

market

value

$7,616,212

7,000,000

7,000,000

TD

Prime

Services

LLC

4.63%,

dated

7/31/2025,

due

9/4/2025,

repurchase

price

$10,045,014,

collateralized

by

various

Common

Stocks;

total

market

value

$10,880,303

10,000,000

10,000,000

The

Bank

of

Nova

Scotia,

Toronto

4.46%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$2,000,248,

collateralized

by

various

Common

Stocks;

total

market

value

$2,206,846

2,000,000

2,000,000

Total

Repurchase

Agreements

(Cost

$105,907,784)

105,907,784

Total

Securities

Lending

Reinvestments

(Cost

$150,407,732)

150,411,529

Total

Investments

-

107.9%

(Cost

$1,007,787,681)

1,862,057,397

Liabilities

in

excess

of

other

assets

-

(7.9%)

(136,381,130)

NET

ASSETS

-

100.0%

$1,725,676,267

*

Non-income

producing

security.

‡

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2025.

The

total

value

of

securities

on

loan

at

July

31,

2025

was

$195,882,435,

collateralized

in

the

form

of

cash

with

a

value

of

$150,407,696

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$44,908,926

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

August

7,

2025

–

February

15,

2055

and

$8,381,981

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

6.00%,

and

maturity

dates

ranging

from

October

22,

2025

–

June

30,

2120;

a

total

value

of

$203,698,603.

(b)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States

and

as

such

may

have

restrictions

on

resale.

(c)

Investment

in

affiliated

company.

Northern

Trust

Investments,

Inc.,

the

Investment

Adviser

of

the

Fund,

is

a

subsidiary

of

Northern

Trust

Corporation.

(d)

Represents

less

than

0.05%

of

net

assets.

(e)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2025.

The

total

value

of

securities

purchased

was

$150,411,529.

(f)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

is

the

rate

in

effect

as

of

July

31,

2025.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

ADR

—

American

Depositary

Receipt

CVR

—

Contingent

Value

Rights

REIT

—

Real

Estate

Investment

Trust

SOFR

—

Secured

Overnight

Financing

Rate

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

35

Investment

in

a

company

which

was

affiliated

for

the

period

ended

July

31,

2025,

was

as

follows:

Security

Value

October

31,

2024

Purchases

at

Cost

Sales

Proceeds

Shares

July

31,

2025

Value

July

31,

2025

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Realized

Gain

Northern

Trust

Corp.

$

643,328

$

17,514

$

91,276

5,738

$

745,940

$

151,033

$

14,100

$

25,341

Futures

Contracts

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2025:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

Russell

2000

E-Mini

Index

15

09/19/2025

USD

$

1,665,150

$

52,664

S&P

500

E-Mini

Index

29

09/19/2025

USD

9,242,663

341,262

S&P

Midcap

400

E-Mini

Index

9

09/19/2025

USD

2,848,590

80,343

$

474,269

Abbreviations:

USD

—

US

Dollar

Security

Type

%

of

Net

Assets

Common

Stocks

99‌

.2

%

Warrants

0‌

.0

†

Rights

–‌

Securities

Lending

Reinvestments

8‌

.7

Others

(1)

(

7‌

.9

)

100‌

.0

%

†

Amount

represents

less

than

0.05%.

(1)

Includes

any

other

net

assets/(liabilities).

36

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

July

31,

2025

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

98

.3

%

Aerospace

&

Defense

-

1

.6

%

Airbus

SE

6,784

$

1,366,885

Austal

Ltd.*

2,573

10,867

Babcock

International

Group

plc

8,092

111,262

BAE

Systems

plc

35,872

856,381

Bet

Shemesh

Engines

Holdings

1997

Ltd.*

465

88,515

Bombardier,

Inc.,

Class

B*

1,184

138,367

CAE,

Inc.*

4,476

127,913

Chemring

Group

plc

6,231

45,352

Cirrus

Aircraft

Ltd.

3,100

19,291

Dassault

Aviation

SA

320

99,768

Elbit

Systems

Ltd.

288

133,108

Exosens

SAS

279

13,061

Hensoldt

AG

825

90,743

INVISIO

AB

32

1,041

Ispace,

Inc.*

3,100

11,350

Kongsberg

Gruppen

ASA

5,558

167,251

Leonardo

SpA

4,832

261,425

LISI

SA

880

47,741

MDA

Space

Ltd.*

3,038

85,259

Melrose

Industries

plc

18,185

123,262

Montana

Aerospace

AG*(a)

1,326

46,374

MTU

Aero

Engines

AG

672

290,888

QinetiQ

Group

plc

10,261

67,487

Rheinmetall

AG

512

1,017,020

Rolls-Royce

Holdings

plc

97,600

1,384,584

Saab

AB,

Class

B

3,776

206,485

Safran

SA

4,160

1,378,404

Singapore

Technologies

Engineering

Ltd.

18,400

124,383

Thales

SA

1,184

319,544

8,634,011

Air

Freight

&

Logistics

-

0

.5

%

AZ-COM

MARUWA

Holdings,

Inc.(b)

3,100

24,080

Deutsche

Post

AG

18,528

836,585

DSV

A/S(b)

2,240

503,153

Freightways

Group

Ltd.

7,410

48,776

Hamakyorex

Co.

Ltd.

19,200

186,903

ID

Logistics

Group

SACA*

81

40,838

InPost

SA*

3,608

52,115

KLN

Logistics

Group

Ltd.

62,000

65,159

Konoike

Transport

Co.

Ltd.

9,600

206,040

Logista

Integral

SA(b)

2,344

74,475

Mainfreight

Ltd.(b)

1,312

45,853

Mitsui-Soko

Holdings

Co.

Ltd.(b)

3,200

83,670

Nippon

Express

Holdings,

Inc.

4,800

105,763

Oesterreichische

Post

AG

136

4,771

Sankyu,

Inc.

1,333

78,645

SBS

Holdings,

Inc.(b)

6,400

136,935

Senko

Group

Holdings

Co.

Ltd.

3,100

41,939

SG

Holdings

Co.

Ltd.(b)

3,800

42,458

Investments

Shares

Value

Air

Freight

&

Logistics

(continued)

Yamato

Holdings

Co.

Ltd.(b)

3,800

$

55,424

2,633,582

Automobile

Components

-

2

.0

%

Aisan

Industry

Co.

Ltd.

12,800

142,633

Aisin

Corp.

12,800

178,525

ARB

Corp.

Ltd.(b)

4,160

90,102

Brembo

NV(b)

6,138

59,188

Bridgestone

Corp.

12,800

521,458

CIE

Automotive

SA(b)

14,912

449,729

Cie

Generale

des

Etablissements

Michelin

SCA

14,880

532,386

Continental

AG

2,656

228,602

Denso

Corp.

38,400

524,605

Dometic

Group

AB(b)(c)

120,768

614,741

Eagle

Industry

Co.

Ltd.(b)

8,000

128,695

Exedy

Corp.(b)

9,600

304,276

FCC

Co.

Ltd.

12,800

258,135

Forvia

SE*

56,832

731,129

Gestamp

Automocion

SA(a)(b)

34,176

129,318

Hella

GmbH

&

Co.

KGaA

328

32,661

Johnson

Electric

Holdings

Ltd.

128,000

379,924

Koito

Manufacturing

Co.

Ltd.

3,100

39,900

KYB

Corp.(b)

12,800

277,697

Linamar

Corp.

13,088

634,260

Magna

International,

Inc.

4,288

176,228

Musashi

Seimitsu

Industry

Co.

Ltd.(b)

16,000

348,716

NHK

Spring

Co.

Ltd.

6,200

70,612

Nifco,

Inc.

2,400

59,005

Nishikawa

Rubber

Co.

Ltd.

9,600

182,757

Niterra

Co.

Ltd.

3,200

111,079

NOK

Corp.

4,100

62,524

Opmobility

16,160

248,955

Pirelli

&

C

SpA(a)

3,854

26,114

Schaeffler

AG

12,214

71,156

Seiren

Co.

Ltd.

19,200

315,375

Stanley

Electric

Co.

Ltd.

3,400

64,602

Sumitomo

Electric

Industries

Ltd.

16,000

399,535

Sumitomo

Riko

Co.

Ltd.

16,000

203,807

Sumitomo

Rubber

Industries

Ltd.

3,800

43,796

Tokai

Rika

Co.

Ltd.(b)

16,000

257,603

Topre

Corp.(b)

16,000

220,818

Toyo

Tire

Corp.

4,500

95,804

Toyoda

Gosei

Co.

Ltd.

2,000

42,606

Toyota

Boshoku

Corp.(b)

2,700

38,609

TS

Tech

Co.

Ltd.(b)

35,200

424,870

Valeo

SE

75,744

832,771

Yokohama

Rubber

Co.

Ltd.

(The)

3,800

109,838

10,665,144

Automobiles

-

1

.8

%

Bayerische

Motoren

Werke

AG

5,280

506,906

Bayerische

Motoren

Werke

AG

(Preference)

620

54,712

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

37

Investments

Shares

Value

COMMON

STOCKS

(continued)

Automobiles

(continued)

Dr

Ing

hc

F

Porsche

AG

(Preference)

(a)

465

$

23,758

Ferrari

NV

1,376

606,809

Honda

Motor

Co.

Ltd.(b)

83,200

867,409

Isuzu

Motors

Ltd.(b)

12,800

165,640

Mazda

Motor

Corp.

6,200

37,539

Mercedes-Benz

Group

AG

13,568

778,016

Nissan

Motor

Co.

Ltd.*(b)

57,600

123,088

Nissan

Shatai

Co.

Ltd.(b)

6,200

43,134

Porsche

Automobil

Holding

SE

(Preference)

2,080

84,109

Renault

SA

2,976

111,416

Stellantis

NV

36,416

323,561

Subaru

Corp.(b)

12,800

236,404

Suzuki

Motor

Corp.

38,400

425,221

Toyota

Motor

Corp.

236,800

4,242,873

Trigano

SA(b)

2,784

479,239

Volkswagen

AG

(Preference)

3,840

404,874

Volvo

Car

AB,

Class

B*(b)

33,108

63,673

Yamaha

Motor

Co.

Ltd.

16,000

116,256

9,694,637

Banks

-

13

.7

%

77

Bank

Ltd.

(The)

1,500

52,327

ABN

AMRO

Bank

NV,

CVA(a)

9,984

289,793

AIB

Group

plc

46,688

371,385

Aichi

Financial

Group,

Inc.

3,200

57,815

Aktia

Bank

OYJ(b)

17,728

204,935

Alandsbanken

Abp,

Class

B(b)

2,035

90,837

Alior

Bank

SA

2,640

71,585

AMCO

-

Asset

Management

Co.

SpA*‡(b)

239

219

ANZ

Group

Holdings

Ltd.

33,440

661,412

Aozora

Bank

Ltd.

3,100

45,678

Awa

Bank

Ltd.

(The)

12,800

273,870

Banca

Monte

dei

Paschi

di

Siena

SpA(b)

19,296

164,888

Banca

Popolare

di

Sondrio

SpA

11,040

151,883

Banco

Bilbao

Vizcaya

Argentaria

SA

119,616

2,004,311

Banco

BPM

SpA

25,143

322,307

Banco

Comercial

Portugues

SA,

Class

R

189,546

156,547

Banco

de

Sabadell

SA

98,336

364,776

Banco

Santander

SA

309,696

2,671,230

Bank

Hapoalim

BM

26,656

502,854

Bank

Leumi

Le-Israel

BM

32,896

611,552

Bank

Millennium

SA*

17,360

68,017

Bank

of

East

Asia

Ltd.

(The)

25,413

39,301

Bank

of

Ireland

Group

plc

18,112

244,719

Bank

of

Montreal(b)

14,848

1,642,511

Bank

of

Nagoya

Ltd.

(The)

5,900

348,131

Bank

of

Nova

Scotia

(The)

26,496

1,477,398

Bank

of

Queensland

Ltd.

8,126

39,815

Bank

Polska

Kasa

Opieki

SA

3,872

212,265

Bankinter

SA(b)

12,060

172,541

Investments

Shares

Value

Banks

(continued)

Banque

Cantonale

de

Geneve

544

$

161,448

Banque

Cantonale

Vaudoise

(Registered)(b)

410

47,586

Barclays

plc

300,768

1,477,853

BAWAG

Group

AG(a)

1,775

225,099

Bendigo

&

Adelaide

Bank

Ltd.

7,372

58,144

BNP

Paribas

SA

21,504

1,970,469

BNPP

Bank

Polska

SA

496

13,748

BPER

Banca

SpA

23,721

234,466

CaixaBank

SA

70,528

665,963

Canadian

Imperial

Bank

of

Commerce

18,816

1,347,762

Chiba

Bank

Ltd.

(The)(b)

14,200

134,079

Chugin

Financial

Group,

Inc.

2,600

34,017

Commerzbank

AG

17,632

646,590

Commonwealth

Bank

of

Australia

19,520

2,235,964

Concordia

Financial

Group

Ltd.

19,200

128,982

Credit

Agricole

SA

25,280

467,288

Credito

Emiliano

SpA

31

472

Dah

Sing

Banking

Group

Ltd.

140,800

164,655

Dah

Sing

Financial

Holdings

Ltd.

64,000

238,064

Daishi

Hokuetsu

Financial

Group,

Inc.

3,100

76,627

Danske

Bank

A/S

14,336

572,794

DBS

Group

Holdings

Ltd.

41,661

1,538,504

DNB

Bank

ASA

15,872

404,454

EQB,

Inc.(b)

8,992

669,904

Erste

Group

Bank

AG

5,760

531,035

FIBI

Holdings

Ltd.

533

38,994

FinecoBank

Banca

Fineco

SpA

7,168

153,581

First

International

Bank

of

Israel

Ltd.

(The)

1,144

79,850

Fukuoka

Financial

Group,

Inc.

2,800

77,268

Graubuendner

Kantonalbank

7

15,258

Gunma

Bank

Ltd.

(The)

8,400

79,258

Hachijuni

Bank

Ltd.

(The)(b)

10,200

92,718

Hang

Seng

Bank

Ltd.

16,000

233,580

Hirogin

Holdings,

Inc.

9,200

81,030

Hokuhoku

Financial

Group,

Inc.(b)

3,100

66,328

HSBC

Holdings

plc

364,160

4,447,076

Hyakugo

Bank

Ltd.

(The)(b)

12,400

61,961

ING

Bank

Slaski

SA

532

47,515

ING

Groep

NV

63,616

1,491,912

Intesa

Sanpaolo

SpA

312,416

1,893,364

Israel

Discount

Bank

Ltd.,

Class

A

23,314

224,096

Iyogin

Holdings,

Inc.

6,200

72,837

Japan

Post

Bank

Co.

Ltd.

35,200

396,452

Judo

Capital

Holdings

Ltd.*

32,064

31,276

Juroku

Financial

Group,

Inc.

12,800

445,676

Jyske

Bank

A/S

(Registered)

1,155

116,566

KBC

Ancora

803

58,729

KBC

Group

NV

4,896

514,197

Keiyo

Bank

Ltd.

(The)(b)

35,200

266,874

Kiyo

Bank

Ltd.

(The)(b)

22,400

411,697

Kyoto

Financial

Group,

Inc.

3,100

56,502

Kyushu

Financial

Group,

Inc.

16,000

82,894

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

38

Investments

Shares

Value

COMMON

STOCKS

(continued)

Banks

(continued)

Liechtensteinische

Landesbank

AG

192

$

20,547

Lion

Finance

Group

plc

11,968

1,206,053

Lloyds

Banking

Group

plc(b)

1,186,240

1,221,313

Luzerner

Kantonalbank

AG

(Registered)

304

27,478

mBank

SA*

93

22,132

Mebuki

Financial

Group,

Inc.(b)

26,410

144,549

Mediobanca

Banca

di

Credito

Finanziario

SpA

10,752

238,002

Mitsubishi

UFJ

Financial

Group,

Inc.

137,600

1,929,664

Mizrahi

Tefahot

Bank

Ltd.

2,545

157,909

Mizuho

Financial

Group,

Inc.

51,200

1,524,824

Musashino

Bank

Ltd.

(The)(b)

12,800

318,522

Nanto

Bank

Ltd.

(The)

11,100

337,068

National

Australia

Bank

Ltd.

35,104

879,433

National

Bank

of

Canada(b)

4,495

468,601

NatWest

Group

plc

151,360

1,055,593

Nishi-Nippon

Financial

Holdings,

Inc.

3,800

60,625

Nordea

Bank

Abp

58,816

861,769

Norion

Bank

AB*

20,842

133,896

North

Pacific

Bank

Ltd.

118,400

516,100

Oberbank

AG

775

64,753

Oversea-Chinese

Banking

Corp.

Ltd.

67,200

873,831

Permanent

TSB

Group

Holdings

plc*

21,545

51,291

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

17,056

376,292

Raiffeisen

Bank

International

AG

3,451

100,484

Rakuten

Bank

Ltd.*

400

18,818

Resona

Holdings,

Inc.(b)

28,800

265,811

Ringkjoebing

Landbobank

A/S

492

108,891

Royal

Bank

of

Canada(b)

16,640

2,139,833

San-In

Godo

Bank

Ltd.

(The)(b)

57,600

489,521

Santander

Bank

Polska

SA

864

127,124

Senshu

Ikeda

Holdings,

Inc.(b)

83,200

357,136

Seven

Bank

Ltd.

6,200

11,173

Shizuoka

Financial

Group,

Inc.

11,600

138,164

Skandinaviska

Enskilda

Banken

AB,

Class

A

28,032

492,293

Skandinaviska

Enskilda

Banken

AB,

Class

C

684

12,167

Societe

Generale

SA

13,568

869,017

SpareBank

1

Nord

Norge

36,448

525,185

Sparebank

1

Oestlandet

1,329

24,895

SpareBank

1

SMN

3,103

58,072

SpareBank

1

Sor-Norge

ASA

4,950

87,233

Sparebanken

Norge

47,808

752,689

St

Galler

Kantonalbank

AG

(Registered)

41

25,068

Standard

Chartered

plc

39,232

706,340

Sumitomo

Mitsui

Financial

Group,

Inc.

80,000

2,049,238

Sumitomo

Mitsui

Trust

Group,

Inc.

16,000

422,818

Suruga

Bank

Ltd.(b)

6,200

57,676

Svenska

Handelsbanken

AB,

Class

A

32,896

403,456

Svenska

Handelsbanken

AB,

Class

B

31

608

Investments

Shares

Value

Banks

(continued)

Swedbank

AB,

Class

A

18,656

$

499,096

Sydbank

A/S

18,016

1,342,389

TBC

Bank

Group

plc

16,992

1,090,589

Tokyo

Kiraboshi

Financial

Group,

Inc.(b)

9,600

419,097

TOMONY

Holdings,

Inc.(b)

54,400

221,945

Toronto-Dominion

Bank

(The)

35,360

2,581,123

Unicaja

Banco

SA(a)

38,528

101,688

UniCredit

SpA

31,936

2,362,378

United

Overseas

Bank

Ltd.

28,800

803,385

Valiant

Holding

AG

(Registered)

5,408

853,772

Walliser

Kantonalbank

(Registered)

186

28,860

Westpac

Banking

Corp.

39,072

850,793

Yamaguchi

Financial

Group,

Inc.

4,100

46,831

72,834,259

Beverages

-

0

.6

%

Anheuser-Busch

InBev

SA/NV

11,040

649,482

Asahi

Group

Holdings

Ltd.

28,800

367,236

Budweiser

Brewing

Co.

APAC

Ltd.

(a)(b)

55,800

58,714

Carlsberg

A/S,

Class

B(b)

1,088

136,571

Coca-Cola

Europacific

Partners

plc

2,539

246,080

Coca-Cola

HBC

AG

3,127

163,290

Davide

Campari-Milano

NV(b)

434

3,010

Diageo

plc

24,832

608,922

Fevertree

Drinks

plc

2,201

27,758

Heineken

Holding

NV

2,144

145,763

Heineken

NV

2,880

227,643

Ito

En

Ltd.

800

17,446

Kirin

Holdings

Co.

Ltd.

19,200

255,030

Pernod

Ricard

SA

2,720

281,307

Royal

Unibrew

A/S

836

62,855

Sapporo

Holdings

Ltd.(b)

800

37,258

Suntory

Beverage

&

Food

Ltd.

1,800

54,636

Takara

Holdings,

Inc.

6,400

54,200

Treasury

Wine

Estates

Ltd.

3,906

19,038

3,416,239

Biotechnology

-

0

.5

%

Argenx

SE*

736

500,716

Bavarian

Nordic

A/S*

1,376

50,124

BioArctic

AB,

Class

B*(a)

2,108

46,524

BioGaia

AB,

Class

B

3,846

38,815

BioNTech

SE,

ADR*

1,120

120,400

CSL

Ltd.

5,888

1,026,979

Galapagos

NV*(b)

1,023

33,791

Genmab

A/S*

672

148,163

Genus

plc

1,891

62,436

Grifols

SA*(b)

5,301

79,602

Grifols

SA

(Preference),

Class

B*

5,301

57,063

Mesoblast

Ltd.*

22,320

34,202

PeptiDream,

Inc.*(b)

2,500

28,248

Pharma

Mar

SA

217

19,919

Swedish

Orphan

Biovitrum

AB*

2,455

67,816

Takara

Bio,

Inc.

400

2,355

Telix

Pharmaceuticals

Ltd.*(b)

4,018

54,456

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

39

Investments

Shares

Value

COMMON

STOCKS

(continued)

Biotechnology

(continued)

Vitrolife

AB(b)

880

$

12,984

Zealand

Pharma

A/S,

Class

A*(b)

896

47,234

2,431,827

Broadline

Retail

-

0

.7

%

Aeon

Kyushu

Co.

Ltd.(b)

3,200

64,321

Allegro.eu

SA*(a)

3,224

31,960

ASKUL

Corp.

3,100

31,248

B&M

European

Value

Retail

SA

6,758

20,069

Canadian

Tire

Corp.

Ltd.,

Class

A(b)

800

107,384

Dollarama,

Inc.

3,232

442,715

Europris

ASA(a)

7,750

73,258

Harvey

Norman

Holdings

Ltd.

5,586

20,860

Isetan

Mitsukoshi

Holdings

Ltd.(b)

5,000

71,614

Izumi

Co.

Ltd.

16,000

339,360

J

Front

Retailing

Co.

Ltd.(b)

4,100

55,781

Myer

Holdings

Ltd.(b)

52,328

20,383

Next

plc

1,600

260,647

Pan

Pacific

International

Holdings

Corp.

6,400

215,566

Prosus

NV(b)

14,272

820,671

Puuilo

OYJ

2,622

41,084

Rakuten

Group,

Inc.*

22,400

114,906

Ryohin

Keikaku

Co.

Ltd.(b)

3,200

152,457

Seria

Co.

Ltd.

1,000

18,659

Takashimaya

Co.

Ltd.

8,600

66,659

Tokmanni

Group

Corp.(b)

3,348

32,897

Wesfarmers

Ltd.

12,736

703,156

3,705,655

Building

Products

-

0

.7

%

AGC,

Inc.

4,100

123,849

Assa

Abloy

AB,

Class

B

12,544

416,171

Belimo

Holding

AG

(Registered)

126

147,948

Bunka

Shutter

Co.

Ltd.(b)

19,200

327,495

Carel

Industries

SpA(a)(b)

961

26,233

Cie

de

Saint-Gobain

SA

5,728

657,565

Daikin

Industries

Ltd.

3,500

433,154

dormakaba

Holding

AG

62

60,087

Fletcher

Building

Ltd.*

651

1,168

Geberit

AG

(Registered)

384

295,076

Genuit

Group

plc

10,695

55,198

Inrom

Construction

Industries

Ltd.(b)

5,859

34,350

Kingspan

Group

plc

1,664

138,364

Lindab

International

AB(b)

3,472

73,284

Munters

Group

AB(a)

2,720

38,460

Nibe

Industrier

AB,

Class

B(b)

16,399

75,813

Reliance

Worldwide

Corp.

Ltd.

13,860

38,461

ROCKWOOL

A/S,

Class

A

880

38,757

ROCKWOOL

A/S,

Class

B

1,796

78,894

Sanwa

Holdings

Corp.(b)

3,400

93,486

Systemair

AB

4,018

38,905

Takara

Standard

Co.

Ltd.

16,000

274,401

TOTO

Ltd.(b)

3,000

77,564

Investments

Shares

Value

Building

Products

(continued)

Volution

Group

plc

3,838

$

34,029

3,578,712

Capital

Markets

-

4

.1

%

3i

Group

plc

19,392

1,065,246

Aberdeen

Group

plc

619,936

1,645,707

AJ

Bell

plc

2,263

16,127

Allfunds

Group

plc

31

216

Alpha

Group

International

plc(a)

760

41,889

Amundi

SA(a)

1,273

94,779

Antin

Infrastructure

Partners

SA

31

455

Ashmore

Group

plc

31

72

ASX

Ltd.

1,938

87,407

Avanza

Bank

Holding

AB

2,464

91,341

Azimut

Holding

SpA

2,537

86,734

Banca

Generali

SpA

1,209

67,860

Brederode

SA(b)

285

36,077

Bridgepoint

Group

plc(a)

18,662

80,955

Brookfield

Asset

Management

Ltd.,

Class

A

4,352

268,949

Brookfield

Corp.,

Class

A

14,944

1,003,184

Bure

Equity

AB

968

28,743

CI

Financial

Corp.(b)

41,728

963,708

Cie

Financiere

Tradition

SA

31

9,009

CVC

Capital

Partners

plc(a)

6,976

135,016

Daiwa

Securities

Group,

Inc.

32,000

224,752

Deutsche

Bank

AG

(Registered)

37,952

1,259,049

Deutsche

Boerse

AG

2,304

670,073

EFG

International

AG

1,680

33,391

EQT

AB(b)

8,160

274,820

Euronext

NV(a)

1,178

190,916

Fairfax

India

Holdings

Corp.*(a)

3,689

69,353

flatexDEGIRO

AG

2,128

64,787

Galaxy

Digital,

Inc.,

Class

A*

3,264

92,782

Gimv

NV(b)

8,773

422,732

HMC

Capital

Ltd.,

REIT

9,954

23,008

Hong

Kong

Exchanges

&

Clearing

Ltd.

14,558

791,881

HUB24

Ltd.

1,023

70,246

ICG

plc

4,032

116,213

iFAST

Corp.

Ltd.

10,000

69,835

IG

Group

Holdings

plc

6,732

100,669

IGM

Financial,

Inc.

2,200

73,007

Insignia

Financial

Ltd.*

174,912

505,651

IntegraFin

Holdings

plc(a)

9,734

46,309

Integral

Corp.(b)

3,100

71,992

Investec

plc

14,014

104,133

JAFCO

Group

Co.

Ltd.(b)

16,000

264,461

Japan

Exchange

Group,

Inc.

12,800

125,878

JTC

plc(a)

2,542

31,588

Julius

Baer

Group

Ltd.

3,648

248,067

London

Stock

Exchange

Group

plc

5,472

670,551

Macquarie

Group

Ltd.

4,032

564,319

Magellan

Financial

Group

Ltd.(b)

52,800

363,410

Man

Group

plc

376,224

820,998

Monex

Group,

Inc.(b)

12,300

65,139

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

40

Investments

Shares

Value

COMMON

STOCKS

(continued)

Capital

Markets

(continued)

Nihon

M&A

Center

Holdings,

Inc.

9,300

$

46,965

Nomura

Holdings,

Inc.

60,800

406,020

Nordnet

AB

publ

2,420

65,708

Okasan

Securities

Group,

Inc.(b)

70,400

307,338

Onex

Corp.

684

55,767

Partners

Group

Holding

AG

224

303,843

Perpetual

Ltd.

41,696

564,302

Pinnacle

Investment

Management

Group

Ltd.

736

10,605

Plus500

Ltd.

2,816

125,436

Quilter

plc(a)

52,096

116,649

Rathbones

Group

plc

18,112

459,237

Ratos

AB,

Class

B

67,744

241,135

SBI

Holdings,

Inc.

6,400

240,784

Schroders

plc

8,742

45,234

Singapore

Exchange

Ltd.

12,300

151,694

St

James's

Place

plc

8,800

152,381

Swissquote

Group

Holding

SA

(Registered)

160

107,284

Tamburi

Investment

Partners

SpA

2,546

22,525

Tel

Aviv

Stock

Exchange

Ltd.

4,141

78,533

TMX

Group

Ltd.

3,520

143,443

Tokai

Tokyo

Financial

Holdings,

Inc.

89,600

326,262

TP

ICAP

Group

plc

270,368

1,096,631

UBS

Group

AG

(Registered)

35,488

1,330,281

UOB-Kay

Hian

Holdings

Ltd.

74,867

135,613

Van

Lanschot

Kempen

NV,

CVA

832

54,565

Vontobel

Holding

AG

(Registered)

339

24,797

VZ

Holding

AG

285

60,576

XTB

SA(a)

2,360

47,440

Yangzijiang

Financial

Holding

Ltd.

883,200

656,945

21,531,477

Chemicals

-

3

.3

%

ADEKA

Corp.

2,300

45,681

Aica

Kogyo

Co.

Ltd.

1,500

37,147

Air

Liquide

SA

6,656

1,316,412

Air

Water,

Inc.

4,100

61,107

Akzo

Nobel

NV

2,368

149,283

Arkema

SA

589

40,381

Artience

Co.

Ltd.

12,800

274,720

Asahi

Kasei

Corp.

22,400

157,103

BASF

SE

19,040

940,553

Borregaard

ASA

1,692

32,842

C

Uyemura

&

Co.

Ltd.

600

38,792

Chugoku

Marine

Paints

Ltd.

16,000

330,642

Clariant

AG

(Registered)(b)

279

2,886

Corbion

NV

2,139

40,836

Croda

International

plc

527

18,216

Daicel

Corp.

8,900

77,087

Denka

Co.

Ltd.(b)

32,000

453,012

DIC

Corp.

2,899

57,654

DSM-Firmenich

AG

2,976

287,890

Dyno

Nobel

Ltd.

14,043

26,582

Elkem

ASA(a)

25,451

59,638

Investments

Shares

Value

Chemicals

(continued)

EMS-Chemie

Holding

AG

(Registered)

130

$

102,857

Evonik

Industries

AG

2,635

52,688

FUCHS

SE

711

25,186

FUCHS

SE

(Preference)

1,182

54,439

Fujimi,

Inc.

3,100

46,924

Fuso

Chemical

Co.

Ltd.(b)

1,100

31,539

Givaudan

SA

(Registered)

96

403,246

Hexpol

AB

5,784

50,048

ICL

Group

Ltd.

10,602

66,407

Israel

Corp.

Ltd.

104

32,464

Johnson

Matthey

plc

56,032

1,310,971

K+S

AG

(Registered)

5,280

80,254

Kaneka

Corp.(b)

19,200

547,824

Kansai

Paint

Co.

Ltd.(b)

3,800

54,351

Kemira

OYJ(b)

2,992

63,970

Kumiai

Chemical

Industry

Co.

Ltd.

25,600

138,636

Kuraray

Co.

Ltd.

8,000

99,857

LANXESS

AG

930

25,759

Lenzing

AG*

7,712

217,139

Lintec

Corp.

16,000

323,200

Methanex

Corp.(b)

22,816

764,412

Mitsubishi

Chemical

Group

Corp.(b)

22,400

123,122

Mitsubishi

Gas

Chemical

Co.,

Inc.(b)

6,400

111,334

Mitsui

Chemicals,

Inc.(b)

4,600

103,710

Nihon

Parkerizing

Co.

Ltd.

35,200

323,243

Nippon

Paint

Holdings

Co.

Ltd.(b)

6,200

52,980

Nippon

Sanso

Holdings

Corp.

2,800

99,985

Nippon

Soda

Co.

Ltd.

19,278

439,374

Nissan

Chemical

Corp.

2,900

95,231

Nitto

Denko

Corp.

9,000

187,840

NOF

Corp.

3,600

72,313

Novonesis

Novozymes

B(b)

4,353

284,287

Nufarm

Ltd.*(b)

127,936

213,342

Nutrien

Ltd.

10,912

648,856

Okamoto

Industries,

Inc.(b)

6,400

218,160

Orica

Ltd.

4,446

61,201

Osaka

Soda

Co.

Ltd.

3,100

38,252

Palram

Industries

1990

Ltd.

1,147

25,069

Resonac

Holdings

Corp.

3,700

90,081

Sakata

INX

Corp.

12,800

183,544

Sanyo

Chemical

Industries

Ltd.

3,200

84,308

Shin-Etsu

Chemical

Co.

Ltd.

22,400

654,161

Shin-Etsu

Polymer

Co.

Ltd.(b)

800

9,553

Sika

AG

(Registered)

1,920

455,381

SK

Kaken

Co.

Ltd.

3,200

193,070

SOL

SpA

1,085

58,118

Solvay

SA(b)

1,558

49,181

Sumitomo

Chemical

Co.

Ltd.(b)

41,600

104,957

Syensqo

SA

899

71,985

Symrise

AG,

Class

A

1,696

154,322

T

Hasegawa

Co.

Ltd.(b)

900

18,748

Toagosei

Co.

Ltd.(b)

35,200

347,100

Tokai

Carbon

Co.

Ltd.(b)

73,600

506,414

Tokuyama

Corp.

25,600

555,224

Tokyo

Ohka

Kogyo

Co.

Ltd.

2,100

58,076

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

41

Investments

Shares

Value

COMMON

STOCKS

(continued)

Chemicals

(continued)

Toray

Industries,

Inc.

25,600

$

176,569

Tosoh

Corp.

7,000

106,073

UBE

Corp.(b)

35,200

542,285

Umicore

SA

61,696

985,068

Yara

International

ASA

2,496

93,138

Zeon

Corp.

3,600

38,489

17,574,779

Commercial

Services

&

Supplies

-

1

.1

%

ALSOK

Co.

Ltd.

6,200

43,401

Befesa

SA(a)

11,232

339,130

Bilfinger

SE

1,376

149,143

Boyd

Group

Services,

Inc.(b)

544

75,567

Brambles

Ltd.

18,656

287,199

Cleanaway

Waste

Management

Ltd.

(b)

35,024

64,945

Dai

Nippon

Printing

Co.

Ltd.

9,600

148,661

Daiseki

Co.

Ltd.(b)

1,499

35,210

DO

&

CO

AG

369

83,708

Downer

EDI

Ltd.

3,616

16,088

Element

Fleet

Management

Corp.(b)

6,016

156,824

Elis

SA

4,152

115,193

GFL

Environmental,

Inc.(b)

2,560

129,208

ISS

A/S

2,508

72,472

Loomis

AB,

Class

B

984

39,079

Matsuda

Sangyo

Co.

Ltd.

6,400

153,733

Mitie

Group

plc

53,600

99,872

Mitsubishi

Pencil

Co.

Ltd.

1,800

24,890

Nippon

Kanzai

Holdings

Co.

Ltd.

1,300

24,031

Okamura

Corp.

25,600

405,191

Pilot

Corp.(b)

12,800

373,721

Prestige

International,

Inc.

4,000

17,542

Prosegur

Cash

SA(a)

43,431

37,331

Prosegur

Cia

de

Seguridad

SA

30,620

91,120

RB

Global,

Inc.(b)

2,208

239,605

Rentokil

Initial

plc

19,488

97,871

Sdiptech

AB,

Class

B*(b)

1,767

35,703

Secom

Co.

Ltd.

5,400

194,335

Securitas

AB,

Class

B(b)

9,499

141,612

Serco

Group

plc

358,624

991,883

Societe

BIC

SA

6,880

420,498

SPIE

SA

2,368

139,716

TOPPAN

Holdings,

Inc.

3,800

103,348

Veridis

Environment

Ltd.*

31

216

Waste

Connections,

Inc.(b)

2,880

538,983

5,887,029

Communications

Equipment

-

0

.2

%

Nokia

OYJ

53,568

219,985

Telefonaktiebolaget

LM

Ericsson,

Class

A

306

2,238

Telefonaktiebolaget

LM

Ericsson,

Class

B

31,808

232,503

VTech

Holdings

Ltd.(b)

51,200

380,250

834,976

Investments

Shares

Value

Construction

&

Engineering

-

2

.6

%

Ackermans

&

van

Haaren

NV

384

$

94,670

ACS

Actividades

de

Construccion

y

Servicios

SA(b)

3,091

213,683

AF

Gruppen

ASA

837

12,831

Ashtrom

Group

Ltd.

238

4,995

AtkinsRealis

Group,

Inc.

2,068

146,752

Balfour

Beatty

plc

179,872

1,292,522

Bouygues

SA

3,488

144,318

Budimex

SA

93

14,012

Burkhalter

Holding

AG

31

5,589

Cadeler

A/S*

1,860

9,875

Chudenko

Corp.

1,500

36,579

COMSYS

Holdings

Corp.

3,100

71,498

Deme

Group

NV

272

41,032

Eiffage

SA

1,280

172,360

Elco

Ltd.(b)

4,032

228,186

Elecnor

SA(b)

2,201

60,208

Electra

Ltd.

76

46,369

EXEO

Group,

Inc.

3,100

41,033

Ferrovial

SE

5,750

295,494

Fugro

NV(b)

35,168

505,157

Gold

Finance

Holdings

Ltd.*‡

89,827

—

Hazama

Ando

Corp.

48,000

511,592

HOCHTIEF

AG

372

81,621

INFRONEER

Holdings,

Inc.(b)

4,100

34,940

Instalco

AB(a)

31

82

JGC

Holdings

Corp.

6,800

61,360

Kajima

Corp.

9,700

244,474

Keller

Group

plc

25,120

442,791

Kinden

Corp.

2,300

72,869

Koninklijke

BAM

Groep

NV

91,168

801,380

Koninklijke

Heijmans

N.V,

CVA

7,648

490,197

Kumagai

Gumi

Co.

Ltd.

10,400

312,356

Kvutzat

Acro

Ltd.(b)

2,108

30,763

Kyudenko

Corp.(b)

2,200

94,391

Maire

SpA

1,395

19,399

MIRAIT

ONE

Corp.

28,800

519,183

Monadelphous

Group

Ltd.(b)

6,045

75,856

Morgan

Sindall

Group

plc

1,387

84,249

NCC

AB,

Class

B

28,832

548,883

NRW

Holdings

Ltd.

168,256

350,994

Obayashi

Corp.

9,900

146,597

Okumura

Corp.(b)

12,800

379,760

Peab

AB,

Class

B

8,060

60,864

Penta-Ocean

Construction

Co.

Ltd.

(b)

92,800

604,916

Per

Aarsleff

Holding

A/S

5,184

561,348

Raito

Kogyo

Co.

Ltd.

3,100

64,371

Sacyr

SA

9,151

37,601

Shapir

Engineering

and

Industry

Ltd.

(b)

2,525

20,988

Shikun

&

Binui

Ltd.*

7,872

37,706

Shimizu

Corp.

7,600

84,865

Shinnihon

Corp.

10,800

126,447

SHO-BOND

Holdings

Co.

Ltd.

1,200

38,513

Skanska

AB,

Class

B

5,024

117,418

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

42

Investments

Shares

Value

COMMON

STOCKS

(continued)

Construction

&

Engineering

(continued)

Stantec,

Inc.

1,443

$

158,082

Sweco

AB,

Class

B

3,524

55,714

Taihei

Dengyo

Kaisha

Ltd.(b)

6,400

278,122

Taikisha

Ltd.

19,200

346,887

Taisei

Corp.

1,600

96,386

Takamatsu

Construction

Group

Co.

Ltd.(b)

6,400

130,981

Toda

Corp.

5,200

33,361

Toenec

Corp.

16,500

146,477

Toyo

Construction

Co.

Ltd.

3,800

41,738

Veidekke

ASA

3,088

49,499

Ventia

Services

Group

Pty.

Ltd.

2,356

7,903

Vinci

SA

10,048

1,398,453

Webuild

SpA

18,445

83,432

Worley

Ltd.

12,352

106,170

WSP

Global,

Inc.

1,376

283,948

Yokogawa

Bridge

Holdings

Corp.

12,100

215,636

Yurtec

Corp.

3,400

55,938

13,984,664

Construction

Materials

-

0

.7

%

Breedon

Group

plc

101,856

488,753

Brickworks

Ltd.(b)

1,435

30,332

Buzzi

SpA

2,310

120,880

Cementir

Holding

NV

3,596

53,670

Heidelberg

Materials

AG

2,464

571,085

Holcim

AG

5,696

455,792

Imerys

SA

10,592

262,586

Inmocemento

SA*

15,159

63,762

James

Hardie

Industries

plc,

CHDI*

4,224

112,348

RHI

Magnesita

NV(b)

4,960

157,203

SigmaRoc

plc*

51,739

79,013

Sumitomo

Osaka

Cement

Co.

Ltd.

9,600

252,862

Taiheiyo

Cement

Corp.

3,400

83,907

Titan

SA(b)

14,432

578,961

Vicat

SACA

6,816

443,111

Wienerberger

AG

2,601

87,880

3,842,145

Consumer

Finance

-

0

.5

%

Acom

Co.

Ltd.

20,500

59,649

AEON

Financial

Service

Co.

Ltd.

3,100

28,014

Aiful

Corp.

105,600

314,354

Cembra

Money

Bank

AG

558

62,771

Credit

Saison

Co.

Ltd.

2,100

56,039

goeasy

Ltd.(b)

4,704

622,641

Hong

Leong

Finance

Ltd.

54,400

113,635

Isracard

Ltd.

64,960

266,917

Jaccs

Co.

Ltd.

12,800

349,566

KRUK

SA

6,080

670,852

Marui

Group

Co.

Ltd.

3,200

65,512

Orient

Corp.(b)

12,400

82,395

Zip

Co.

Ltd.*(b)

33,914

70,529

2,762,874

Investments

Shares

Value

Consumer

Staples

Distribution

&

Retail

-

1

.4

%

Aeon

Co.

Ltd.(b)

12,406

$

398,407

Ain

Holdings,

Inc.

800

31,150

Alimentation

Couche-Tard,

Inc.

8,192

426,620

Arcs

Co.

Ltd.

16,000

322,668

Axfood

AB(b)

1,496

44,774

Belc

Co.

Ltd.

800

38,539

Carrefour

SA

7,584

109,111

Coles

Group

Ltd.

18,208

243,140

Cosmos

Pharmaceutical

Corp.

400

25,064

Create

SD

Holdings

Co.

Ltd.

500

11,446

Dino

Polska

SA*(a)

6,480

86,093

Empire

Co.

Ltd.,

Class

A

2,314

92,356

Endeavour

Group

Ltd.(b)

1,705

4,490

George

Weston

Ltd.

832

158,444

GrainCorp

Ltd.,

Class

A

3,348

16,339

H2O

Retailing

Corp.(b)

38,400

509,423

Heiwado

Co.

Ltd.

12,800

247,843

HelloFresh

SE*

186

1,978

J

Sainsbury

plc

24,864

99,830

Jeronimo

Martins

SGPS

SA

4,280

104,832

Kato

Sangyo

Co.

Ltd.

9,600

365,514

Kesko

OYJ,

Class

A

2,248

49,092

Kesko

OYJ,

Class

B(b)

4,573

99,865

Kobe

Bussan

Co.

Ltd.

1,900

51,321

Koninklijke

Ahold

Delhaize

NV

19,040

754,011

Kusuri

no

Aoki

Holdings

Co.

Ltd.

1,800

48,153

Life

Corp.

16,000

256,859

Loblaw

Cos.

Ltd.

1,920

311,175

Marks

&

Spencer

Group

plc

24,160

111,263

MatsukiyoCocokara

&

Co.(b)

6,600

136,083

Maxvalu

Tokai

Co.

Ltd.

3,200

67,617

Metcash

Ltd.(b)

36,800

92,405

Metro,

Inc.,

Class

A

2,816

215,801

North

West

Co.,

Inc.

(The)

2,077

71,449

Ocado

Group

plc*

22,785

95,252

Olam

Group

Ltd.

55,800

44,731

Redcare

Pharmacy

NV*(a)(b)

31

3,465

Seven

&

i

Holdings

Co.

Ltd.

28,800

382,163

Sheng

Siong

Group

Ltd.

17,900

28,974

Shufersal

Ltd.

4,983

60,455

Sugi

Holdings

Co.

Ltd.

2,400

58,288

Sundrug

Co.

Ltd.

1,600

47,651

Tesco

plc

87,008

489,814

Tsuruha

Holdings,

Inc.(b)

900

66,471

United

Super

Markets

Holdings,

Inc.

(b)

2,000

12,519

Valor

Holdings

Co.

Ltd.

12,800

227,091

Welcia

Holdings

Co.

Ltd.

2,300

38,727

Woolworths

Group

Ltd.

12,544

254,489

7,413,245

Containers

&

Packaging

-

0

.5

%

Billerud

Aktiebolag

5,485

46,786

CCL

Industries,

Inc.,

Class

B

2,156

120,778

Corticeira

Amorim

SGPS

SA

2,015

17,989

FP

Corp.

1,200

21,617

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

43

Investments

Shares

Value

COMMON

STOCKS

(continued)

Containers

&

Packaging

(continued)

Fuji

Seal

International,

Inc.

12,800

$

236,787

Huhtamaki

OYJ

899

31,115

Mayr

Melnhof

Karton

AG

2,432

208,488

Metsa

Board

OYJ,

Class

B(b)

68,128

252,174

Orora

Ltd.(b)

433,440

580,466

Rengo

Co.

Ltd.(b)

80,000

467,152

SIG

Group

AG(b)

1,271

20,660

Toyo

Seikan

Group

Holdings

Ltd.

3,100

64,618

Transcontinental,

Inc.,

Class

A(b)

25,440

354,583

Vidrala

SA

535

57,866

Winpak

Ltd.

1,716

50,814

2,531,893

Distributors

-

0

.2

%

Arata

Corp.

9,700

208,186

Bapcor

Ltd.(b)

31

77

D'ieteren

Group

343

68,230

Inchcape

plc

9,622

89,388

Inter

Cars

SA

2,944

451,771

PALTAC

Corp.

800

23,001

Tadiran

Group

Ltd.

248

13,217

853,870

Diversified

Consumer

Services

-

0

.1

%

AcadeMedia

AB(a)

20,832

191,462

IDP

Education

Ltd.

31

71

Pearson

plc

10,496

148,969

340,502

Diversified

REITs

-

0

.4

%

Argosy

Property

Ltd.,

REIT(b)

4,339

2,946

British

Land

Co.

plc

(The),

REIT

16,000

74,023

CapitaLand

Integrated

Commercial

Trust,

REIT

42,116

71,419

Centuria

Capital

Group,

REIT(b)

9,083

10,848

Charter

Hall

Group,

REIT

4,836

62,896

Charter

Hall

Long

Wale

REIT,

REIT

17,272

46,150

Covivio

SA,

REIT

1,344

87,605

Daiwa

House

REIT

Investment

Corp.,

REIT(b)

8

13,454

GPT

Group

(The),

REIT

11,873

38,987

H&R

REIT,

REIT(b)

39,296

329,421

Heiwa

Real

Estate

REIT,

Inc.,

REIT

31

29,168

ICADE,

REIT(b)

10,208

244,420

KDX

Realty

Investment

Corp.,

REIT

68

73,424

Land

Securities

Group

plc,

REIT(b)

13,728

104,914

Mapletree

Pan

Asia

Commercial

Trust,

REIT

65,100

64,731

Merlin

Properties

Socimi

SA,

REIT

4,522

63,040

Mirvac

Group,

REIT

64,690

93,714

NIPPON

REIT

Investment

Corp.,

REIT

31

19,486

Nomura

Real

Estate

Master

Fund,

Inc.,

REIT(b)

38

40,249

Investments

Shares

Value

Diversified

REITs

(continued)

NTT

UD

REIT

Investment

Corp.,

REIT

32

$

27,685

OUE

REIT,

REIT

151,900

34,540

Reit

1

Ltd.,

REIT

12,431

81,747

Sella

Capital

Real

Estate

Ltd.,

REIT

77,152

238,783

Star

Asia

Investment

Corp.,

REIT(b)

93

36,274

Stockland,

REIT

36,000

128,641

2,018,565

Diversified

Telecommunication

Services

-

1

.4

%

BCE,

Inc.(b)

8,064

188,513

Bezeq

The

Israeli

Telecommunication

Corp.

Ltd.

38,130

71,200

BT

Group

plc(b)

110,272

302,218

Cellnex

Telecom

SA(a)

5,728

203,235

Chorus

Ltd.(b)

31

159

Cogeco

Communications,

Inc.

2,688

121,301

Deutsche

Telekom

AG

(Registered)

68,288

2,460,446

Elisa

OYJ

1,054

54,479

Gamma

Communications

plc

2,584

37,205

Helios

Towers

plc*

47,020

74,046

HKT

Trust

&

HKT

Ltd.

53,400

84,079

Infrastrutture

Wireless

Italiane

SpA(a)

5,179

61,410

Koninklijke

KPN

NV

41,792

187,506

NOS

SGPS

SA

61,120

253,237

NTT,

Inc.

521,600

529,242

Orange

Polska

SA

26,182

61,339

Orange

SA

34,592

528,359

PCCW

Ltd.

77,035

55,249

Proximus

SADP

43,232

361,213

Quebecor,

Inc.,

Class

B

4,019

113,313

RAI

Way

SpA(a)

8,120

54,368

Singapore

Telecommunications

Ltd.

105,600

315,819

Spark

New

Zealand

Ltd.

40,238

57,723

Sunrise

Communications

AG,

Class

A*

217

11,694

Swisscom

AG

(Registered)(b)

352

245,128

Telecom

Italia

SpA*

50,716

23,434

Telecom

Italia

SpA*

151,280

78,280

Telefonica

SA(b)

84,288

436,439

Telekom

Austria

AG,

Class

A

4,091

43,546

Telenor

ASA

4,588

70,736

Telia

Co.

AB(b)

23,296

82,612

Telstra

Group

Ltd.

60,864

194,761

TELUS

Corp.

3,348

54,050

United

Internet

AG

(Registered)

1,720

49,609

Zegona

Communications

plc*

1,023

12,022

7,477,970

Electric

Utilities

-

1

.5

%

Acciona

SA

646

124,364

BKW

AG

384

85,733

Chubu

Electric

Power

Co.,

Inc.

16,000

196,206

CK

Infrastructure

Holdings

Ltd.

11,000

77,560

CLP

Holdings

Ltd.

37,000

321,217

Contact

Energy

Ltd.

15,128

81,360

EDP

SA

52,576

227,826

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

44

Investments

Shares

Value

COMMON

STOCKS

(continued)

Electric

Utilities

(continued)

Elia

Group

SA/NV

465

$

53,860

Emera,

Inc.(b)

3,168

149,080

Endesa

SA

5,056

146,696

Enea

SA

92,416

469,257

Enel

SpA

154,048

1,363,449

EVN

AG

1,705

46,250

Fortis,

Inc.

5,846

286,687

Fortum

OYJ(b)

2,883

53,093

Genesis

Energy

Ltd.

1,891

2,657

HK

Electric

Investments

&

HK

Electric

Investments

Ltd.(a)

15,500

12,084

Hokkaido

Electric

Power

Co.,

Inc.(b)

64,000

385,671

Hokuriku

Electric

Power

Co.(b)

54,400

283,034

Hydro

One

Ltd.(a)(b)

3,616

128,157

Iberdrola

SA(b)

68,310

1,200,519

Kansai

Electric

Power

Co.,

Inc.

(The)

22,400

271,116

Kyushu

Electric

Power

Co.,

Inc.

12,800

114,056

Mercury

NZ

Ltd.(b)

11,738

42,928

Naturenergie

Holding

AG

2,592

105,333

Origin

Energy

Ltd.

25,920

194,756

PGE

Polska

Grupa

Energetyczna

SA*

25,070

81,306

Power

Assets

Holdings

Ltd.(b)

19,500

128,427

Redeia

Corp.

SA

3,420

66,348

Romande

Energie

Holding

SA

(Registered)

186

9,506

Shikoku

Electric

Power

Co.,

Inc.(b)

7,600

63,630

SSE

plc

22,400

547,952

Tauron

Polska

Energia

SA*

42,112

94,036

Terna

-

Rete

Elettrica

Nazionale

16,718

161,725

Tohoku

Electric

Power

Co.,

Inc.

10,000

70,467

Tokyo

Electric

Power

Co.

Holdings,

Inc.*(b)

44,800

171,168

Verbund

AG

496

37,099

7,854,613

Electrical

Equipment

-

1

.6

%

ABB

Ltd.

(Registered)

18,208

1,200,040

Accelleron

Industries

AG

1,294

118,477

Daihen

Corp.

7,600

365,115

Fagerhult

Group

AB

6,336

24,669

Fuji

Electric

Co.

Ltd.

1,500

75,521

Fujikura

Ltd.

3,200

220,605

Furukawa

Electric

Co.

Ltd.

1,300

79,428

GS

Yuasa

Corp.

3,100

56,234

Huber

+

Suhner

AG

(Registered)

713

95,705

Kempower

OYJ*

1,457

26,632

Legrand

SA

3,328

494,988

Mabuchi

Motor

Co.

Ltd.

3,200

46,513

Mitsubishi

Electric

Corp.

25,600

568,492

Nexans

SA

737

106,707

Nidec

Corp.

12,820

248,146

Nitto

Kogyo

Corp.(b)

9,600

213,057

NKT

A/S*

448

39,716

Nordex

SE*

800

19,778

Investments

Shares

Value

Electrical

Equipment

(continued)

Prysmian

SpA

3,072

$

247,460

Schneider

Electric

SE

6,240

1,630,160

Siemens

Energy

AG*

7,616

889,123

Signify

NV(a)

42,688

1,030,915

Time

Interconnect

Technology

Ltd.

62,000

74,005

TKH

Group

NV,

CVA

13,344

552,267

Vestas

Wind

Systems

A/S(b)

12,544

230,876

8,654,629

Electronic

Equipment,

Instruments

&

Components

-

1

.4

%

Ai

Holdings

Corp.

3,100

49,870

Alps

Alpine

Co.

Ltd.

3,100

32,958

ALSO

Holding

AG

(Registered)

31

9,410

Amano

Corp.

800

22,449

Anritsu

Corp.(b)

6,400

69,892

Azbil

Corp.

8,400

79,342

Barco

NV

837

13,134

Canon

Marketing

Japan,

Inc.

1,500

54,640

Celestica,

Inc.*

1,216

243,640

Citizen

Watch

Co.

Ltd.(b)

76,800

463,877

Codan

Ltd.(b)

6,464

87,191

Comet

Holding

AG

(Registered)

288

73,485

Daiwabo

Holdings

Co.

Ltd.(b)

32,000

592,179

FIT

Hon

Teng

Ltd.*(a)(b)

448,000

152,377

Halma

plc

5,088

218,964

Hamamatsu

Photonics

KK

5,400

66,435

Hexagon

AB,

Class

B

20,800

230,062

Hirose

Electric

Co.

Ltd.

582

73,980

Horiba

Ltd.

800

59,750

Hosiden

Corp.(b)

16,000

250,905

Ibiden

Co.

Ltd.(b)

600

25,755

Inficon

Holding

AG

(Registered)(b)

722

87,488

Japan

Aviation

Electronics

Industry

Ltd.

3,400

54,899

Jenoptik

AG

2,585

55,327

Kaga

Electronics

Co.

Ltd.

13,000

251,198

Keyence

Corp.

2,300

843,616

Kitron

ASA

9,471

58,242

Kyocera

Corp.

16,000

191,581

Lagercrantz

Group

AB,

Class

B

2,640

61,619

Landis+Gyr

Group

AG

1,073

88,398

LEM

Holding

SA

(Registered)*

27

22,078

Macnica

Holdings,

Inc.

4,800

63,311

Meiko

Electronics

Co.

Ltd.(b)

6,400

319,373

Murata

Manufacturing

Co.

Ltd.

19,200

289,285

Mycronic

AB

1,848

40,350

NCAB

Group

AB*

4,028

21,915

Nohmi

Bosai

Ltd.

2,500

65,451

Oki

Electric

Industry

Co.

Ltd.

28,800

302,362

Omron

Corp.(b)

2,800

72,914

Oxford

Instruments

plc

2,139

51,405

Renishaw

plc

1,333

52,480

Rigaku

Holdings

Corp.(b)

3,100

16,026

Riken

Keiki

Co.

Ltd.(b)

2,400

51,111

Ryoyo

Ryosan

Holdings,

Inc.(b)

12,800

236,872

Sensirion

Holding

AG*(a)

31

3,096

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

45

Investments

Shares

Value

COMMON

STOCKS

(continued)

Electronic

Equipment,

Instruments

&

Components

(continued)

Shimadzu

Corp.

4,100

$

91,538

Softwareone

Holding

AG*

3,375

27,699

Softwareone

Holding

AG(b)

53,295

437,097

Spectris

plc

2,752

145,310

Taiyo

Yuden

Co.

Ltd.(b)

2,500

47,460

TDK

Corp.

22,400

276,400

Tokyo

Electron

Device

Ltd.(b)

5,100

89,668

Topcon

Corp.

3,200

70,062

Vaisala

OYJ,

Class

A

31

1,680

Venture

Corp.

Ltd.

3,100

30,872

VusionGroup

246

63,632

Yokogawa

Electric

Corp.

3,200

85,669

7,537,779

Energy

Equipment

&

Services

-

0

.7

%

Aker

Solutions

ASA(a)

81,344

243,713

CES

Energy

Solutions

Corp.

64,096

336,115

DOF

Group

ASA

8,672

80,078

John

Wood

Group

plc*‡(b)

33,661

9,211

Lapidoth

Capital

Ltd.

986

22,553

Odfjell

Drilling

Ltd.

38,240

274,909

Paratus

Energy

Services

Ltd.*(b)

36,064

138,111

Saipem

SpA(b)

17,440

46,789

SBM

Offshore

NV(b)

45,760

1,197,284

Subsea

7

SA

3,608

70,734

Technip

Energies

NV

3,656

158,508

Tecnicas

Reunidas

SA*

13,056

323,073

Tenaris

SA

7,648

135,154

TerraVest

Industries,

Inc.

124

15,312

TGS

ASA

70,240

522,017

Vallourec

SACA

5,275

98,924

3,672,485

Entertainment

-

0

.5

%

Bollore

SE

12,457

72,215

Capcom

Co.

Ltd.

4,000

103,020

CD

Projekt

SA

745

50,119

Cover

Corp.*(b)

3,100

44,143

CTS

Eventim

AG

&

Co.

KGaA

726

82,471

Daiichikosho

Co.

Ltd.

3,100

33,493

DeNA

Co.

Ltd.(b)

1,100

17,447

Embracer

Group

AB,

Class

B*

31

323

EVT

Ltd.

6,232

68,212

Koei

Tecmo

Holdings

Co.

Ltd.(b)

2,492

32,910

Konami

Group

Corp.

1,000

136,350

Modern

Times

Group

MTG

AB,

Class

B*

29,600

305,711

Nexon

Co.

Ltd.

3,100

57,141

Nintendo

Co.

Ltd.

14,300

1,205,801

Paradox

Interactive

AB

952

16,348

Square

Enix

Holdings

Co.

Ltd.

1,500

102,362

Toei

Animation

Co.

Ltd.

1,000

21,928

Toho

Co.

Ltd.(b)

1,200

76,045

Ubisoft

Entertainment

SA*

31

329

Investments

Shares

Value

Entertainment

(continued)

Universal

Music

Group

NV(b)

12,192

$

354,162

Vivendi

SE

6,262

23,831

2,804,361

Financial

Services

-

1

.5

%

Adyen

NV*(a)

352

608,593

AMP

Ltd.

65,142

67,107

Banca

IFIS

SpA

7,264

202,197

Banca

Mediolanum

SpA

4,444

78,839

BFF

Bank

SpA*(a)(b)

57,344

684,553

Challenger

Ltd.

2,852

15,112

Edenred

SE

1,426

40,999

Eurazeo

SE

1,376

81,344

EXOR

NV

1,504

145,889

Financial

Partners

Group

Co.

Ltd.(b)

19,200

308,996

First

National

Financial

Corp.(b)

1,209

42,176

Fuyo

General

Lease

Co.

Ltd.

3,000

81,491

Groupe

Bruxelles

Lambert

NV

510

42,962

HAL

Trust

588

83,855

Helia

Group

Ltd.

93,408

304,312

Hypoport

SE*

96

20,613

Industrivarden

AB,

Class

A

2,496

92,886

Industrivarden

AB,

Class

C(b)

744

27,641

Infratil

Ltd.(b)

11,625

79,815

Investor

AB,

Class

A

8,032

234,381

Investor

AB,

Class

B

21,728

633,375

Japan

Securities

Finance

Co.

Ltd.

4,700

57,401

Kinnevik

AB,

Class

B*

31

280

L

E

Lundbergforetagen

AB,

Class

B

1,178

57,767

M&G

plc

46,144

159,745

Mitsubishi

HC

Capital,

Inc.

13,200

97,973

Nexi

SpA(a)

2,697

15,465

ORIX

Corp.

23,900

539,952

OSB

Group

plc

131,232

965,582

Paragon

Banking

Group

plc

70,432

843,982

Peugeot

Invest

SA

2,176

189,032

Pluxee

NV

2,294

46,814

Ricoh

Leasing

Co.

Ltd.(b)

4,500

164,457

Sofina

SA(b)

326

100,594

Tokyo

Century

Corp.

2,400

27,693

Washington

H

Soul

Pattinson

&

Co.

Ltd.(b)

2,856

74,620

Wendel

SE

651

61,359

Wise

plc,

Class

A*

8,348

112,130

Worldline

SA*(a)(b)

81,984

300,647

Zenkoku

Hosho

Co.

Ltd.(b)

1,200

25,699

7,718,328

Food

Products

-

2

.1

%

a2

Milk

Co.

Ltd.

(The)

7,139

37,130

AAK

AB

2,771

71,718

Ajinomoto

Co.,

Inc.

12,800

340,636

Ariake

Japan

Co.

Ltd.(b)

800

35,669

Aryzta

AG*

248

23,424

Associated

British

Foods

plc

6,880

200,120

Austevoll

Seafood

ASA

3,432

31,841

Bakkafrost

P/F(b)

820

33,028

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

46

Investments

Shares

Value

COMMON

STOCKS

(continued)

Food

Products

(continued)

Bakkavor

Group

plc(a)

18,166

$

56,494

Barry

Callebaut

AG

(Registered)(b)

62

76,083

Bell

Food

Group

AG

(Registered)

672

213,504

Bumitama

Agri

Ltd.

80,600

50,944

Calbee,

Inc.

600

11,083

Chocoladefabriken

Lindt

&

Spruengli

AG

22

324,561

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

2

293,085

Cranswick

plc

155

10,892

Danone

SA

8,032

660,795

DyDo

Group

Holdings,

Inc.(b)

1,000

17,761

Ebro

Foods

SA(b)

3,286

64,463

Elders

Ltd.(b)

57,726

269,460

Emmi

AG

(Registered)

41

37,413

First

Pacific

Co.

Ltd.

62,000

48,889

First

Resources

Ltd.

179,200

209,954

Fraser

and

Neave

Ltd.

24,800

27,336

Fuji

Oil

Co.

Ltd.

1,200

22,745

Glanbia

plc

5,084

74,191

Golden

Agri-Resources

Ltd.

213,400

41,945

Greencore

Group

plc

7,347

24,987

Grieg

Seafood

ASA*

32

215

Hilton

Food

Group

plc

2,496

28,076

House

Foods

Group,

Inc.

2,400

44,581

Inghams

Group

Ltd.

122,912

273,814

Itoham

Yonekyu

Holdings,

Inc.(b)

10,840

367,348

JDE

Peet's

NV

3,168

94,564

Kagome

Co.

Ltd.

900

17,274

Kameda

Seika

Co.

Ltd.(b)

900

24,190

Kerry

Group

plc,

Class

A

1,472

136,720

Kikkoman

Corp.(b)

11,800

103,812

Kotobuki

Spirits

Co.

Ltd.(b)

2,500

33,764

KWS

Saat

SE

&

Co.

KGaA

186

13,305

Leroy

Seafood

Group

ASA

5,456

25,008

Lotus

Bakeries

NV

6

51,093

Maple

Leaf

Foods,

Inc.

3,893

82,334

Maruha

Nichiro

Corp.

16,000

333,832

Megmilk

Snow

Brand

Co.

Ltd.

16,000

303,851

MEIJI

Holdings

Co.

Ltd.

3,400

69,177

Mitsui

DM

Sugar

Co.

Ltd.(b)

6,400

131,832

Morinaga

&

Co.

Ltd.

2,200

35,347

Morinaga

Milk

Industry

Co.

Ltd.

2,400

52,403

Mowi

ASA

6,912

129,934

Nestle

SA

(Registered)

30,464

2,667,312

Neto

Malinda

Trading

Ltd.

2,400

100,595

Nichirei

Corp.

3,200

38,858

Nippn

Corp.(b)

22,400

324,327

Nisshin

Oillio

Group

Ltd.

(The)(b)

9,600

328,516

Nisshin

Seifun

Group,

Inc.

2,690

31,334

Nissin

Foods

Holdings

Co.

Ltd.(b)

4,100

78,216

Nissui

Corp.

8,200

48,237

Orkla

ASA

8,856

93,778

Premier

Foods

plc

3,720

9,491

Investments

Shares

Value

Food

Products

(continued)

Premium

Brands

Holdings

Corp.,

Class

A

1,824

$

115,887

Prima

Meat

Packers

Ltd.

3,100

49,231

S

Foods,

Inc.

6,400

113,418

Sakata

Seed

Corp.

1,400

31,629

Salmar

ASA

62

2,530

Saputo,

Inc.

899

18,896

Schouw

&

Co.

A/S

3,808

359,782

Showa

Sangyo

Co.

Ltd.(b)

9,600

193,601

Societe

LDC

SADIR(b)

2,176

230,624

Strauss

Group

Ltd.

952

25,637

Suedzucker

AG

22,592

259,870

Tate

&

Lyle

plc

12,512

88,750

Toyo

Suisan

Kaisha

Ltd.

1,800

115,599

Viscofan

SA

413

28,362

WH

Group

Ltd.(a)

144,000

145,101

Wilmar

International

Ltd.

21,700

49,343

Yakult

Honsha

Co.

Ltd.(b)

3,300

53,328

Yamazaki

Baking

Co.

Ltd.

2,900

62,607

11,327,484

Gas

Utilities

-

0

.5

%

AltaGas

Ltd.(b)

4,736

140,139

APA

Group(b)

7,719

41,697

Brookfield

Infrastructure

Corp.,

Class

A

1,395

54,577

Enagas

SA(b)

3,782

56,771

Hong

Kong

&

China

Gas

Co.

Ltd.

96,000

85,727

Italgas

SpA(b)

8,669

71,886

Naturgy

Energy

Group

SA(b)

2,234

70,264

Nippon

Gas

Co.

Ltd.

1,900

34,700

Osaka

Gas

Co.

Ltd.

7,900

200,000

Rubis

SCA

29,728

947,942

Shizuoka

Gas

Co.

Ltd.

9,300

70,015

Snam

SpA(b)

31,360

182,122

Superior

Plus

Corp.

73,792

369,347

Tokyo

Gas

Co.

Ltd.

6,400

214,715

2,539,902

Ground

Transportation

-

1

.0

%

Aurizon

Holdings

Ltd.

15,097

31,493

Ayvens

SA(a)

6,498

70,320

Canadian

National

Railway

Co.

6,432

601,911

Canadian

Pacific

Kansas

City

Ltd.

10,560

778,318

Central

Japan

Railway

Co.

19,200

447,930

ComfortDelGro

Corp.

Ltd.

12,400

14,624

East

Japan

Railway

Co.

12,800

273,699

Firstgroup

plc

210,560

625,278

Hankyu

Hanshin

Holdings,

Inc.

3,500

91,538

Jungfraubahn

Holding

AG

(Registered)

191

47,747

Keikyu

Corp.(b)

3,100

32,021

Keio

Corp.(b)

3,100

72,858

Keisei

Electric

Railway

Co.

Ltd.(b)

8,700

73,736

Kintetsu

Group

Holdings

Co.

Ltd.(b)

6,400

123,178

Kyushu

Railway

Co.

3,200

77,823

Maruzen

Showa

Unyu

Co.

Ltd.(b)

6,400

306,615

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

47

Investments

Shares

Value

COMMON

STOCKS

(continued)

Ground

Transportation

(continued)

MTR

Corp.

Ltd.(b)

32,264

$

116,109

Nagoya

Railroad

Co.

Ltd.(b)

3,100

33,875

Nankai

Electric

Railway

Co.

Ltd.

3,000

48,580

Nishi-Nippon

Railroad

Co.

Ltd.

25,600

365,386

Odakyu

Electric

Railway

Co.

Ltd.(b)

4,600

49,929

Seibu

Holdings,

Inc.

3,900

109,670

Seino

Holdings

Co.

Ltd.(b)

3,100

47,418

Sixt

SE

308

32,185

Sixt

SE

(Preference)

298

20,942

Stef

SA

1,088

164,874

TFI

International,

Inc.

1,152

100,406

Tobu

Railway

Co.

Ltd.

3,700

63,234

Tokyo

Metro

Co.

Ltd.(b)

3,100

33,596

Tokyu

Corp.(b)

4,300

48,744

West

Japan

Railway

Co.(b)

9,600

211,845

5,115,882

Health

Care

Equipment

&

Supplies

-

0

.9

%

Alcon

AG

5,440

481,129

Ambu

A/S,

Class

B(b)

3,468

51,223

Ansell

Ltd.(b)

2,720

52,450

Arjo

AB,

Class

B

31

109

Asahi

Intecc

Co.

Ltd.

3,200

50,277

BioMerieux

800

115,187

Carl

Zeiss

Meditec

AG

715

39,805

Cochlear

Ltd.

774

158,731

Coloplast

A/S,

Class

B(b)

1,312

121,423

ConvaTec

Group

plc(a)

26,387

81,501

Demant

A/S*

1,879

71,761

DiaSorin

SpA

293

28,740

Eckert

&

Ziegler

SE

155

11,833

Elekta

AB,

Class

B

31

153

EssilorLuxottica

SA

3,288

980,711

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

6,304

136,954

Fukuda

Denshi

Co.

Ltd.

1,000

46,779

Getinge

AB,

Class

B

2,980

58,960

Hogy

Medical

Co.

Ltd.(b)

1,200

37,995

Hoya

Corp.

3,800

484,295

Koninklijke

Philips

NV

7,648

202,206

Medacta

Group

SA(a)

336

61,569

Menicon

Co.

Ltd.

3,100

24,224

Nanosonics

Ltd.*(b)

4,960

12,934

Nihon

Kohden

Corp.

4,600

50,984

Nipro

Corp.

4,100

37,882

Olympus

Corp.

16,000

192,591

Paramount

Bed

Holdings

Co.

Ltd.

1,600

26,356

PHC

Holdings

Corp.(b)

16,000

98,874

Revenio

Group

OYJ

1,116

33,593

Siemens

Healthineers

AG(a)

2,432

131,662

Smith

&

Nephew

plc

10,560

162,454

Sonova

Holding

AG

(Registered)

480

131,401

Straumann

Holding

AG

(Registered)

(b)

1,280

156,270

Sysmex

Corp.

6,400

105,338

Investments

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Terumo

Corp.

16,000

$

272,275

Vimian

Group

AB*(b)

10,168

34,818

Xvivo

Perfusion

AB*(b)

620

12,718

Ypsomed

Holding

AG

(Registered)(b)

59

28,517

4,786,682

Health

Care

Providers

&

Services

-

0

.4

%

Alfresa

Holdings

Corp.

1,500

21,898

Amplifon

SpA(b)

2,112

35,691

As

One

Corp.

1,600

25,415

Chartwell

Retirement

Residences

5,304

67,943

Clariane

SE*

53,024

276,497

dentalcorp

Holdings

Ltd.

1,643

9,590

EBOS

Group

Ltd.

2,169

52,371

Fagron

3,264

81,254

Fresenius

Medical

Care

AG

4,064

206,897

Fresenius

SE

&

Co.

KGaA

4,992

239,857

Galenica

AG(a)

817

86,927

Medicover

AB,

Class

B

2,077

58,523

Medipal

Holdings

Corp.

3,400

56,706

Neuca

SA

736

130,682

NMC

Health

plc*‡

2,074

—

Raffles

Medical

Group

Ltd.

6,200

4,731

Ramsay

Health

Care

Ltd.

496

12,381

Ryman

Healthcare

Ltd.*

340,064

501,892

Ship

Healthcare

Holdings,

Inc.

1,900

26,759

Sigma

Healthcare

Ltd.(b)

54,976

102,295

Sonic

Healthcare

Ltd.

3,069

54,557

Spire

Healthcare

Group

plc(a)

31

89

Summerset

Group

Holdings

Ltd.(b)

2,592

17,490

Suzuken

Co.

Ltd.

1,880

71,455

Terveystalo

OYJ(a)

3,751

46,195

2,188,095

Health

Care

REITs

-

0

.1

%

Aedifica

SA,

REIT

832

61,612

Assura

plc,

REIT

57,226

37,759

Cofinimmo

SA,

REIT

1,472

128,633

Parkway

Life

REIT,

REIT

19,000

59,020

Primary

Health

Properties

plc,

REIT(b)

21,452

27,295

Vital

Healthcare

Property

Trust,

REIT

16,987

20,257

334,576

Health

Care

Technology

-

0

.1

%

M3,

Inc.

3,100

38,736

Medley,

Inc.*(b)

1,000

20,732

Pro

Medicus

Ltd.

768

159,167

Sectra

AB,

Class

B*

2,624

97,595

316,230

Hotel

&

Resort

REITs

-

0

.0

%

(d)

CapitaLand

Ascott

Trust,

REIT

3,100

2,138

Covivio

Hotels

SACA,

REIT(b)

3,447

94,686

Far

East

Hospitality

Trust,

REIT

3,100

1,434

Hoshino

Resorts

REIT,

Inc.,

REIT

24

41,846

Invincible

Investment

Corp.,

REIT

62

27,685

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

48

Investments

Shares

Value

COMMON

STOCKS

(continued)

Hotel

&

Resort

REITs

(continued)

Japan

Hotel

REIT

Investment

Corp.,

REIT

31

$

17,076

184,865

Hotels,

Restaurants

&

Leisure

-

1

.6

%

Accor

SA

2,688

137,399

Amadeus

IT

Group

SA

5,280

425,564

AmRest

Holdings

SE

29,792

114,253

Aristocrat

Leisure

Ltd.

8,288

373,750

Basic-Fit

NV*(a)

1,209

34,345

Betsson

AB,

Class

B

4,544

77,333

Carnival

plc*(b)

46,112

1,272,926

Colowide

Co.

Ltd.(b)

3,500

45,560

Compass

Group

plc

19,104

673,746

Create

Restaurants

Holdings,

Inc.(b)

4,400

45,112

Dalata

Hotel

Group

plc

9,951

72,665

Deliveroo

plc,

Class

A*(a)

21,483

50,406

Delivery

Hero

SE*(a)

837

25,186

Domino's

Pizza

Enterprises

Ltd.

682

8,022

Domino's

Pizza

Group

plc(b)

9,827

31,237

Entain

plc

7,424

100,407

Evolution

AB(a)

1,600

143,019

FDJ

UNITED(a)

1,085

34,002

Flight

Centre

Travel

Group

Ltd.(b)

31

238

Food

&

Life

Cos.

Ltd.

2,200

111,626

Fuji

Kyuko

Co.

Ltd.

1,000

14,173

Galaxy

Entertainment

Group

Ltd.

34,000

166,318

Genda,

Inc.*

3,100

19,301

Genting

Singapore

Ltd.

3,100

1,756

Greggs

plc

3,744

78,283

Guzman

y

Gomez

Ltd.*(b)

899

15,947

HBX

Group

International

plc*

1,550

15,186

Heiwa

Corp.(b)

18,450

256,347

Hongkong

&

Shanghai

Hotels

Ltd.

(The)*

224,000

166,930

Ichibanya

Co.

Ltd.

5,000

32,460

InterContinental

Hotels

Group

plc

1,664

192,988

Just

Eat

Takeaway.com

NV*(a)(b)

3,840

88,077

KOMEDA

Holdings

Co.

Ltd.

1,200

24,001

Kyoritsu

Maintenance

Co.

Ltd.(b)

2,200

53,562

Lottery

Corp.

Ltd.

(The)

27,165

94,797

Lottomatica

Group

Spa

3,584

96,973

McDonald's

Holdings

Co.

Japan

Ltd.

(b)

1,100

44,148

Melia

Hotels

International

SA

34,816

310,820

Metaplanet,

Inc.*

147,200

1,125,800

MGM

China

Holdings

Ltd.

37,200

78,665

Mitchells

&

Butlers

plc*

90,912

332,653

Monogatari

Corp.

(The)

1,500

39,320

MOS

Food

Services,

Inc.

2,100

53,513

Ohsho

Food

Service

Corp.

2,112

52,556

Oriental

Land

Co.

Ltd.

14,400

298,056

Playtech

plc

31

163

Restaurant

Brands

International,

Inc.

(b)

3,776

256,786

Investments

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Round

One

Corp.(b)

6,400

$

66,256

Royal

Holdings

Co.

Ltd.

1,600

28,354

Sands

China

Ltd.(b)

38,400

93,138

Scandic

Hotels

Group

AB(a)

1,824

15,213

Shangri-La

Asia

Ltd.

62,000

35,936

SJM

Holdings

Ltd.*(b)

186,000

73,926

SkiStar

AB

2,828

44,797

Skylark

Holdings

Co.

Ltd.

3,700

70,647

Sodexo

SA

2,176

130,255

SSP

Group

plc

2,046

4,630

Tabcorp

Holdings

Ltd.

65,100

32,484

Toridoll

Holdings

Corp.

1,100

32,584

Trainline

plc*(a)

12,865

46,614

TUI

AG*

3,534

32,197

Whitbread

plc

837

33,816

Wynn

Macau

Ltd.(b)

86,800

71,983

Yoshinoya

Holdings

Co.

Ltd.(b)

3,400

74,238

Zensho

Holdings

Co.

Ltd.

1,800

95,636

8,669,079

Household

Durables

-

1

.2

%

Atal

SA

3,740

55,489

Azorim-Investment

Development

&

Construction

Co.

Ltd.(b)

5,535

35,974

Barratt

Redrow

plc

21,248

105,192

Bellway

plc

2,272

74,866

Berkeley

Group

Holdings

plc

1,856

89,649

Breville

Group

Ltd.(b)

2,420

51,215

Cairn

Homes

plc

11,968

29,775

De'

Longhi

SpA

1,012

33,428

Dom

Development

SA

2,304

145,003

Electrolux

AB,

Class

B*(b)

77,760

476,608

ES-Con

Japan

Ltd.(b)

9,300

60,313

Glenveagh

Properties

plc*(a)

122,528

262,809

GN

Store

Nord

A/S*(b)

992

14,263

Haseko

Corp.(b)

3,500

52,211

Iida

Group

Holdings

Co.

Ltd.(b)

3,400

48,076

JM

AB

3,876

55,838

JVCKenwood

Corp.

48,000

380,026

Man

Wah

Holdings

Ltd.

12,400

6,998

Nagawa

Co.

Ltd.(b)

500

21,595

Nikon

Corp.(b)

3,100

30,352

Open

House

Group

Co.

Ltd.

1,800

80,482

Panasonic

Holdings

Corp.

41,600

398,185

Persimmon

plc

2,666

40,396

Rinnai

Corp.

1,800

44,732

Sangetsu

Corp.(b)

2,256

45,122

SEB

SA

896

66,043

Sekisui

House

Ltd.(b)

12,800

271,063

Sharp

Corp.*

9,300

44,357

Sony

Group

Corp.

70,400

1,722,401

Sumitomo

Forestry

Co.

Ltd.

9,600

98,395

Tamron

Co.

Ltd.

51,200

311,293

Taylor

Wimpey

plc

16,554

22,400

Vistry

Group

plc*(b)

115,840

894,334

YIT

OYJ*(b)

57,728

201,257

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

49

Investments

Shares

Value

COMMON

STOCKS

(continued)

Household

Durables

(continued)

Zojirushi

Corp.

3,100

$

37,407

6,307,547

Household

Products

-

0

.2

%

Earth

Corp.(b)

600

19,456

Essity

AB,

Class

A

1,020

25,239

Essity

AB,

Class

B

5,632

139,360

Henkel

AG

&

Co.

KGaA

1,408

100,398

Henkel

AG

&

Co.

KGaA

(Preference)

3,840

297,019

Pigeon

Corp.(b)

3,100

34,400

Reckitt

Benckiser

Group

plc

7,488

562,052

Unicharm

Corp.

9,300

64,639

1,242,563

Independent

Power

and

Renewable

Electricity

Producers

-

0

.5

%

Boralex,

Inc.,

Class

A

1,023

23,204

Brookfield

Renewable

Corp.

1,209

44,309

Capital

Power

Corp.

1,280

53,772

Corp.

ACCIONA

Energias

Renovables

SA

1,612

43,505

Drax

Group

plc

128,064

1,199,025

EDP

Renovaveis

SA

62

731

Electric

Power

Development

Co.

Ltd.

3,100

53,732

Energix-Renewable

Energies

Ltd.(b)

8,525

33,420

Enlight

Renewable

Energy

Ltd.*

1,428

35,285

ERG

SpA

1,209

26,264

Grenergy

Renovables

SA*

155

11,514

Meridian

Energy

Ltd.

21,702

73,027

Northland

Power,

Inc.

5,568

91,179

Orsted

A/S*(a)(b)

775

36,647

OY

Nofar

Energy

Ltd.*

1,496

44,890

RWE

AG

12,832

527,405

Scatec

ASA*(a)

7,254

72,516

Solaria

Energia

y

Medio

Ambiente

SA*

31

400

TransAlta

Corp.

6,634

79,989

Voltalia

SA

(Registered)*(b)

1,457

12,374

2,463,188

Industrial

Conglomerates

-

1

.1

%

Aker

ASA,

Class

A

264

18,287

Arendals

Fossekompani

ASA

992

13,733

Bonheur

ASA

4,832

112,662

Brookfield

Business

Corp.,

Class

A(b)

8,704

268,067

CK

Hutchison

Holdings

Ltd.

48,356

316,624

CTF

Services

Ltd.

38,000

37,274

DCC

plc

1,376

86,676

Hikari

Tsushin,

Inc.

100

27,057

Hitachi

Ltd.

54,400

1,697,842

Investment

AB

Latour,

Class

B

2,024

51,949

Italmobiliare

SpA

1,024

33,110

Jardine

Matheson

Holdings

Ltd.

3,200

174,496

Keppel

Ltd.

18,500

120,781

Lifco

AB,

Class

B

3,616

129,527

Investments

Shares

Value

Industrial

Conglomerates

(continued)

Nisshinbo

Holdings,

Inc.(b)

44,800

$

286,372

Nolato

AB,

Class

B

11,029

65,599

Sekisui

Chemical

Co.

Ltd.

9,600

167,926

Siemens

AG

(Registered)

8,576

2,207,542

Smiths

Group

plc

2,752

85,656

Storskogen

Group

AB,

Class

B(b)

63,922

74,730

Swire

Pacific

Ltd.,

Class

A

10,500

95,035

6,070,945

Industrial

REITs

-

0

.3

%

ARGAN

SA,

REIT

31

2,338

CapitaLand

Ascendas

REIT,

REIT

34,100

73,333

Centuria

Industrial

REIT,

REIT

31

64

Dream

Industrial

REIT,

REIT(b)

31

258

Frasers

Logistics

&

Commercial

Trust,

REIT(a)

3,100

2,103

GLP

J-REIT,

REIT

38

33,431

Goodman

Group,

REIT

22,208

503,026

Goodman

Property

Trust,

REIT(b)

19,085

22,646

Granite

REIT,

REIT

1,302

68,832

Industrial

&

Infrastructure

Fund

Investment

Corp.,

REIT(b)

68

55,893

LondonMetric

Property

plc,

REIT

12,834

32,439

Mapletree

Industrial

Trust,

REIT

46,589

72,899

Mapletree

Logistics

Trust,

REIT

43,400

38,805

Mitsui

Fudosan

Logistics

Park,

Inc.,

REIT(b)

79

53,228

Montea

NV,

REIT

1,088

81,565

Nippon

Prologis

REIT,

Inc.,

REIT

21

11,401

Property

for

Industry

Ltd.,

REIT

26,697

36,643

Segro

plc,

REIT

19,040

163,123

Tritax

Big

Box

REIT

plc,

REIT

48,896

91,430

Warehouses

De

Pauw

CVA,

REIT

2,883

67,711

1,411,168

Insurance

-

5

.0

%

Admiral

Group

plc

3,104

140,400

Aegon

Ltd.

28,417

204,385

Ageas

SA/NV

2,880

196,954

AIA

Group

Ltd.

128,000

1,196,841

Allianz

SE

(Registered)

7,968

3,166,386

Alm

Brand

A/S

27,040

74,901

ASR

Nederland

NV

2,636

176,074

AUB

Group

Ltd.

2,926

63,921

Aviva

plc

59,838

513,604

AXA

SA

35,744

1,746,073

Baloise

Holding

AG

(Registered)

352

84,657

Beazley

plc

12,018

142,261

Brookfield

Wealth

Solutions

Ltd.*(b)

7,904

529,849

CBL

Corp.

Ltd.*‡(e)

102,937

—

Clal

Insurance

Enterprises

Holdings

Ltd.

899

43,379

Coface

SA

38,272

714,885

Dai-ichi

Life

Holdings,

Inc.

76,800

614,165

Definity

Financial

Corp.

1,025

55,344

Fairfax

Financial

Holdings

Ltd.

416

737,417

Generali(b)

19,072

714,240

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

50

Investments

Shares

Value

COMMON

STOCKS

(continued)

Insurance

(continued)

Gjensidige

Forsikring

ASA

3,232

$

85,593

Great-West

Lifeco,

Inc.

6,976

262,530

Grupo

Catalana

Occidente

SA

704

39,402

Hannover

Rueck

SE

800

243,927

Harel

Insurance

Investments

&

Financial

Services

Ltd.

4,084

123,871

Helvetia

Holding

AG

(Registered)(b)

576

139,239

Hiscox

Ltd.

6,752

115,444

iA

Financial

Corp.,

Inc.

1,856

182,076

IDI

Insurance

Co.

Ltd.

1,792

103,740

Insurance

Australia

Group

Ltd.

33,056

186,653

Intact

Financial

Corp.

2,176

450,766

Japan

Post

Holdings

Co.

Ltd.

32,000

298,216

Japan

Post

Insurance

Co.

Ltd.

4,400

113,322

Just

Group

plc

327,200

913,630

Lancashire

Holdings

Ltd.

74,944

620,849

Legal

&

General

Group

plc

106,112

360,607

Lifenet

Insurance

Co.*

3,800

58,025

Mandatum

OYJ

10,146

69,188

Manulife

Financial

Corp.

34,880

1,081,556

Mapfre

SA

23,163

94,698

Medibank

Pvt

Ltd.

38,171

125,340

Menora

Mivtachim

Holdings

Ltd.(b)

492

42,955

Migdal

Insurance

&

Financial

Holdings

Ltd.(b)

22,656

69,519

MS&AD

Insurance

Group

Holdings,

Inc.

28,800

620,799

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

1,600

1,054,085

nib

holdings

Ltd.

6,172

29,446

NN

Group

NV

5,010

339,235

Phoenix

Financial

Ltd.

5,085

174,316

Phoenix

Group

Holdings

plc

17,984

158,026

Poste

Italiane

SpA(a)

8,923

193,686

Power

Corp.

of

Canada(b)

10,432

421,339

Powszechny

Zaklad

Ubezpieczen

SA

9,712

163,913

Protector

Forsikring

ASA

1,519

74,670

Prudential

plc

29,664

378,348

QBE

Insurance

Group

Ltd.

28,480

425,415

Sampo

OYJ,

Class

A

29,120

313,829

SCOR

SE

2,204

72,348

Sompo

Holdings,

Inc.

19,200

570,533

Steadfast

Group

Ltd.(b)

17,908

68,604

Storebrand

ASA

10,327

147,780

Sun

Life

Financial,

Inc.

11,168

682,415

Suncorp

Group

Ltd.

12,826

173,088

Swiss

Life

Holding

AG

(Registered)

(b)

320

333,300

Swiss

Re

AG

3,712

668,530

T&D

Holdings,

Inc.

9,600

237,106

Talanx

AG

968

129,184

Tokio

Marine

Holdings,

Inc.

22,400

911,509

Trisura

Group

Ltd.*(b)

874

26,734

Investments

Shares

Value

Insurance

(continued)

Tryg

A/S(b)

4,112

$

99,586

Unipol

Assicurazioni

SpA

6,080

122,580

Wuestenrot

&

Wuerttembergische

AG

5,984

96,160

Zurich

Insurance

Group

AG

1,664

1,140,548

26,723,994

Interactive

Media

&

Services

-

0

.2

%

Auto

Trader

Group

plc(a)

11,584

128,371

Baltic

Classifieds

Group

plc

16,805

79,615

CAR

Group

Ltd.

5,345

131,392

Domain

Holdings

Australia

Ltd.

12,956

36,787

Hemnet

Group

AB

925

26,803

Kakaku.com,

Inc.

1,600

27,536

LY

Corp.

22,400

82,607

MONY

Group

plc

15,965

42,466

REA

Group

Ltd.(b)

848

130,752

Rightmove

plc

12,138

131,490

Scout24

SE(a)

1,160

155,869

SEEK

Ltd.

4,807

75,023

Trustpilot

Group

plc*(a)

14,960

49,612

1,098,323

IT

Services

-

1

.1

%

Addnode

Group

AB,

Class

B

5,472

63,019

Alten

SA

10,368

850,249

Atea

ASA

2,420

33,572

Bechtle

AG

1,364

59,668

BIPROGY,

Inc.

1,100

44,535

Bouvet

ASA

5,054

37,070

Capgemini

SE

1,792

268,480

CGI,

Inc.

2,528

244,252

Computacenter

plc

1,092

33,179

Data#3

Ltd.

8,952

43,459

Digital

Garage,

Inc.

1,300

34,553

DTS

Corp.

2,100

70,049

Formula

Systems

1985

Ltd.

155

18,709

Fujitsu

Ltd.

22,400

491,923

GMO

internet

group,

Inc.

1,200

31,050

Indra

Sistemas

SA(b)

1,984

82,520

Kontron

AG

2,573

83,872

Macquarie

Technology

Group

Ltd.*

372

16,696

Megaport

Ltd.*

6,954

67,429

NEC

Corp.

16,000

467,683

Netcompany

Group

A/S*(a)

434

16,069

NEXTDC

Ltd.*(b)

10,016

93,572

Nomura

Research

Institute

Ltd.

5,545

221,770

NS

Solutions

Corp.(b)

1,600

37,902

Obic

Co.

Ltd.

4,000

144,058

Otsuka

Corp.

3,100

59,067

OVH

Groupe

SA*(b)

3,078

37,202

Reply

SpA

484

76,225

SCSK

Corp.

2,700

84,573

Shopify,

Inc.,

Class

A*

14,240

1,744,479

Softcat

plc

2,394

51,735

Sopra

Steria

Group

408

88,445

TietoEVRY

OYJ(b)

3,348

57,862

TIS,

Inc.

1,400

44,988

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

51

Investments

Shares

Value

COMMON

STOCKS

(continued)

IT

Services

(continued)

Wavestone*(b)

532

$

35,377

5,835,291

Leisure

Products

-

0

.2

%

Asmodee

Group

AB,

Class

B*

961

12,174

Bandai

Namco

Holdings,

Inc.

6,400

208,719

BRP,

Inc.(b)

1,178

59,695

Games

Workshop

Group

plc

310

66,828

MIPS

AB(a)

620

26,465

Mizuno

Corp.(b)

3,000

55,138

Noritsu

Koki

Co.

Ltd.

19,200

203,106

Roland

Corp.

6,400

134,383

Sankyo

Co.

Ltd.

3,300

61,858

Sanlorenzo

SpA(b)

31

1,050

Sega

Sammy

Holdings,

Inc.

2,600

53,643

Shimano,

Inc.

1,100

121,150

Technogym

SpA(a)

4,905

75,958

Thule

Group

AB(a)

2,024

57,611

Tsuburaya

Fields

Holdings,

Inc.

3,100

47,974

Yamaha

Corp.

6,200

44,802

Yonex

Co.

Ltd.

2,400

47,555

1,278,109

Life

Sciences

Tools

&

Services

-

0

.2

%

AddLife

AB,

Class

B

336

5,952

Bachem

Holding

AG(b)

31

2,644

Eurofins

Scientific

SE

1,408

108,488

Gerresheimer

AG

155

7,696

Lonza

Group

AG

(Registered)

832

586,053

Oxford

Nanopore

Technologies

plc*(b)

15,624

42,179

QIAGEN

NV

2,272

113,898

Sartorius

AG

(Preference)

330

70,838

Sartorius

Stedim

Biotech

310

62,447

Schott

Pharma

AG

&

Co.

KGaA

434

11,822

Siegfried

Holding

AG

(Registered)*

380

42,818

SKAN

Group

AG

451

41,543

Tecan

Group

AG

(Registered)

512

102,141

Wuxi

Biologics

Cayman,

Inc.*(a)

32,000

131,261

1,329,780

Machinery

-

3

.8

%

Aalberts

NV

1,023

32,972

Alfa

Laval

AB

3,840

167,807

Alstom

SA*(b)

8,896

210,155

Amada

Co.

Ltd.

7,200

81,643

ANDRITZ

AG

1,395

97,795

Atlas

Copco

AB,

Class

A

31,296

479,069

Atlas

Copco

AB,

Class

B

17,952

243,994

ATS

Corp.*(b)

961

29,229

AutoStore

Holdings

Ltd.*(a)(b)

38,750

27,538

Beijer

Alma

AB

2,304

62,323

Bodycote

plc

56,224

473,582

Bucher

Industries

AG

(Registered)

82

38,877

Burckhardt

Compression

Holding

AG

31

27,715

Investments

Shares

Value

Machinery

(continued)

CKD

Corp.

4,100

$

74,511

Construcciones

y

Auxiliar

de

Ferrocarriles

SA

6,592

400,633

Daetwyler

Holding

AG

465

83,145

Daifuku

Co.

Ltd.

3,200

82,416

Daimler

Truck

Holding

AG

9,856

483,152

Danieli

&

C

Officine

Meccaniche

SpA(b)

3,360

144,982

Danieli

&

C

Officine

Meccaniche

SpA

(Retirement

Savings

Plan)

12,160

397,490

DMG

Mori

Co.

Ltd.(b)

2,100

48,685

Duerr

AG

17,696

457,739

Ebara

Corp.

5,500

102,329

Electrolux

Professional

AB,

Class

B

5,882

40,138

Epiroc

AB,

Class

A

7,424

151,792

Epiroc

AB,

Class

B

4,393

79,130

FANUC

Corp.

9,600

272,445

FLSmidth

&

Co.

A/S

1,312

78,078

Fluidra

SA

912

22,922

Fuji

Corp.

1,000

18,868

Fujitec

Co.

Ltd.

200

7,461

GEA

Group

AG

2,208

159,464

Georg

Fischer

AG

(Registered)

1,280

100,802

Glory

Ltd.

19,200

495,899

Harmonic

Drive

Systems,

Inc.

1,500

28,964

Hiab

OYJ,

Class

B

684

46,816

Hino

Motors

Ltd.*

9,300

22,827

Hitachi

Construction

Machinery

Co.

Ltd.(b)

2,800

81,677

Hoshizaki

Corp.

2,400

82,815

IHI

Corp.

1,900

214,436

IMI

plc

1,824

53,634

Indutrade

AB

4,126

100,785

Interpump

Group

SpA

1,535

63,178

Iveco

Group

NV

6,144

127,668

Japan

Steel

Works

Ltd.

(The)(b)

900

56,340

Jungheinrich

AG

(Preference)

17,088

658,325

Kanadevia

Corp.

60,800

413,292

Kardex

Holding

AG

(Registered)

62

23,974

Kawasaki

Heavy

Industries

Ltd.

2,000

147,779

KION

Group

AG

589

36,572

Kitz

Corp.

22,400

189,327

Knorr-Bremse

AG

947

95,220

Komatsu

Ltd.

19,200

620,672

Kone

OYJ,

Class

B

4,480

276,582

Konecranes

OYJ

1,352

113,427

Krones

AG

246

36,603

KSB

SE

&

Co.

KGaA

(Preference)

224

240,484

Kubota

Corp.(b)

25,600

287,393

Kurita

Water

Industries

Ltd.

2,500

97,345

Makita

Corp.

3,700

115,601

Metso

OYJ(b)

9,888

125,226

MINEBEA

MITSUMI,

Inc.

9,611

153,079

MISUMI

Group,

Inc.

4,100

59,718

Mitsubishi

Heavy

Industries

Ltd.

40,300

972,052

Mitsubishi

Logisnext

Co.

Ltd.(b)

12,800

167,043

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

52

Investments

Shares

Value

COMMON

STOCKS

(continued)

Machinery

(continued)

Mitsuboshi

Belting

Ltd.(b)

1,300

$

31,097

Mitsui

E&S

Co.

Ltd.(b)

3,100

65,401

Miura

Co.

Ltd.

2,100

42,253

Namura

Shipbuilding

Co.

Ltd.(b)

22,400

464,387

NFI

Group,

Inc.*(b)

4,826

66,671

NGK

Insulators

Ltd.

6,200

78,975

Nitta

Corp.

6,400

175,421

Nomura

Micro

Science

Co.

Ltd.(b)

3,100

57,141

Noritake

Co.

Ltd.(b)

9,600

275,252

NSK

Ltd.

3,100

14,944

NTN

Corp.(b)

204,800

351,097

OC

Oerlikon

Corp.

AG

Pfaffikon

(Registered)

52,512

257,888

OKUMA

Corp.

1,400

38,373

OSG

Corp.(b)

25,600

332,726

Palfinger

AG

4,288

179,381

Pfeiffer

Vacuum

Technology

AG

220

39,130

Rational

AG

55

42,775

RENK

Group

AG

744

58,067

Rotork

plc

13,640

58,772

Sandvik

AB

12,320

301,947

Schindler

Holding

AG(b)

514

186,852

Schindler

Holding

AG

(Registered)

359

126,659

Seatrium

Ltd.

12,400

21,696

SFS

Group

AG

220

28,609

Shibaura

Machine

Co.

Ltd.(b)

6,400

165,640

Shibuya

Corp.(b)

6,400

154,796

Shinmaywa

Industries

Ltd.

16,000

194,133

SKF

AB,

Class

A

1,408

33,325

SKF

AB,

Class

B(b)

5,568

130,474

SMC

Corp.(b)

700

245,124

Spirax

Group

plc

744

62,471

Stadler

Rail

AG

31

825

Sulzer

AG

(Registered)

280

54,204

Sumitomo

Heavy

Industries

Ltd.

3,300

73,808

Tadano

Ltd.

41,600

303,234

Takeuchi

Manufacturing

Co.

Ltd.(b)

11,100

399,761

Techtronic

Industries

Co.

Ltd.

16,000

192,204

Tocalo

Co.

Ltd.

3,800

51,510

TOMRA

Systems

ASA

3,872

54,355

Toyota

Industries

Corp.

2,400

259,543

Trelleborg

AB,

Class

B(b)

1,209

44,124

Tsubakimoto

Chain

Co.

32,000

452,480

Tsurumi

Manufacturing

Co.

Ltd.(b)

6,400

166,916

Valmet

OYJ(b)

2,784

101,042

VAT

Group

AG(a)

352

124,623

Vesuvius

plc

57,536

271,364

Volvo

AB,

Class

A

4,640

133,593

Volvo

AB,

Class

B

29,952

862,979

Wacker

Neuson

SE

9,344

245,443

Wartsila

OYJ

Abp

5,384

149,373

Weir

Group

plc

(The)

3,392

119,671

YAMABIKO

Corp.

12,800

188,477

Investments

Shares

Value

Machinery

(continued)

Yaskawa

Electric

Corp.(b)

3,100

$

65,545

19,980,185

Marine

Transportation

-

0

.5

%

AP

Moller

-

Maersk

A/S,

Class

A

31

61,241

AP

Moller

-

Maersk

A/S,

Class

B(b)

64

127,561

Golden

Ocean

Group

Ltd.(b)

3,228

26,844

Hoegh

Autoliners

ASA

1,824

18,517

Iino

Kaiun

Kaisha

Ltd.(b)

35,200

243,250

Kawasaki

Kisen

Kaisha

Ltd.(b)

9,600

136,669

Kuehne

+

Nagel

International

AG

(Registered)(b)

576

117,924

Mitsui

OSK

Lines

Ltd.(b)

7,500

253,414

MPC

Container

Ships

ASA

126,848

234,695

Nippon

Yusen

KK

9,600

338,148

NS

United

Kaiun

Kaisha

Ltd.

3,300

92,096

Odfjell

SE,

Class

A

8,672

107,500

Pacific

Basin

Shipping

Ltd.(b)

1,440,000

416,408

SITC

International

Holdings

Co.

Ltd.

24,000

77,809

Stolt-Nielsen

Ltd.

9,152

269,845

TS

Lines

Ltd.

96,000

103,582

Wallenius

Wilhelmsen

ASA

2,952

26,628

2,652,131

Media

-

0

.9

%

4imprint

Group

plc

1,023

48,669

Atresmedia

Corp.

de

Medios

de

Comunicacion

SA(b)

26,272

149,145

Canal+

SA*

239,552

763,997

CyberAgent,

Inc.

6,300

64,132

Cyfrowy

Polsat

SA*

8,832

35,704

Dentsu

Group,

Inc.(b)

6,400

127,090

Future

plc

30,048

283,716

Hakuhodo

DY

Holdings,

Inc.(b)

3,100

24,626

Havas

NV*

20,708

33,549

Informa

plc

15,360

176,476

IPSOS

SA

13,088

591,705

ITV

plc

77,888

84,829

Lagardere

SA

5,408

127,199

Metropole

Television

SA(b)

15,040

220,684

MFE-MediaForEurope

NV,

Class

A(b)

60,416

192,235

MFE-MediaForEurope

NV,

Class

B

13,671

61,681

Nine

Entertainment

Co.

Holdings

Ltd.(b)

74,752

81,820

ProSiebenSat.1

Media

SE

55,744

511,372

Publicis

Groupe

SA

4,320

396,545

RTL

Group

SA(b)

434

17,187

Sanoma

OYJ

3,895

45,204

SES

SA,

Class

A,

ADR

16,160

111,808

SKY

Perfect

JSAT

Holdings,

Inc.

3,100

29,600

Stroeer

SE

&

Co.

KGaA

527

28,470

Television

Francaise

1

SA(b)

25,376

243,680

TX

Group

AG

205

55,791

Vend

Marketplaces

ASA,

Class

A

1,581

63,096

WPP

plc

27,424

148,795

4,718,805

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

53

Investments

Shares

Value

COMMON

STOCKS

(continued)

Metals

&

Mining

-

5

.0

%

Acerinox

SA(b)

63,200

$

732,759

Agnico

Eagle

Mines

Ltd.

6,260

778,838

Aichi

Steel

Corp.(b)

12,800

196,387

Alamos

Gold,

Inc.,

Class

A

4,042

98,437

Alleima

AB(b)

9,472

67,305

Anglo

American

plc

13,386

380,505

Antofagasta

plc

4,525

112,398

Aperam

SA

12,768

378,200

ArcelorMittal

SA

7,776

244,929

ARE

Holdings,

Inc.

25,600

304,489

Aura

Minerals,

Inc.

14,112

343,881

Aurubis

AG

738

74,036

AVZ

Minerals

Ltd.*‡(b)

111,012

2,859

B2Gold

Corp.

26,232

88,417

Barrick

Mining

Corp.

37,632

796,164

Bekaert

SA

11,360

471,326

BHP

Group

Ltd.(b)

55,616

1,405,478

BlueScope

Steel

Ltd.

7,968

121,945

Boliden

AB*

5,088

156,866

Capricorn

Metals

Ltd.*

10,385

59,977

Capstone

Copper

Corp.*(b)

11,016

61,910

Catalyst

Metals

Ltd.*

2,201

7,227

Centerra

Gold,

Inc.(b)

70,016

477,560

Champion

Iron

Ltd.(b)

133,728

359,040

Daido

Steel

Co.

Ltd.

64,000

495,006

Deterra

Royalties

Ltd.(b)

26,412

70,572

Discovery

Silver

Corp.*

8,060

18,830

Dowa

Holdings

Co.

Ltd.

1,100

36,239

Dundee

Precious

Metals,

Inc.

7,200

116,654

Eldorado

Gold

Corp.*

558

11,458

Emerald

Resources

NL*(b)

21,402

47,540

Endeavour

Mining

plc

3,876

117,974

Endeavour

Silver

Corp.*(b)

6,448

32,740

Equinox

Gold

Corp.*(b)

198,624

1,212,532

ERO

Copper

Corp.*(b)

4,268

57,882

Evolution

Mining

Ltd.

28,064

128,471

Falcon

Metals

Ltd.*

1

—

(f)

First

Majestic

Silver

Corp.(b)

11,232

89,528

First

Quantum

Minerals

Ltd.*

10,144

170,883

Fortescue

Ltd.

34,496

394,676

Fortuna

Mining

Corp.*(b)

103,552

669,600

Franco-Nevada

Corp.

2,318

370,062

Fresnillo

plc

1,023

18,953

G

Mining

Ventures

Corp.*

1,550

18,207

Genesis

Minerals

Ltd.*(b)

24,769

58,846

Glencore

plc

189,312

763,478

Gold

Road

Resources

Ltd.

26,415

53,403

Granges

AB(b)

34,272

462,120

Grupa

Kety

SA

248

58,048

Hill

&

Smith

plc

3,178

86,005

Hochschild

Mining

plc(b)

117,568

433,767

Hudbay

Minerals,

Inc.(b)

6,045

56,229

IAMGOLD

Corp.*

14,176

95,973

IGO

Ltd.(b)

10,323

29,444

Investments

Shares

Value

Metals

&

Mining

(continued)

Iluka

Resources

Ltd.(b)

26,815

$

88,914

Ivanhoe

Mines

Ltd.,

Class

A*(b)

11,392

89,073

Jastrzebska

Spolka

Weglowa

SA*

10,850

68,372

JFE

Holdings,

Inc.(b)

16,000

186,000

JX

Advanced

Metals

Corp.

6,200

36,777

K92

Mining,

Inc.*(b)

5,700

59,327

KGHM

Polska

Miedz

SA*

2,139

73,209

Kinross

Gold

Corp.

17,120

274,529

Kobe

Steel

Ltd.(b)

9,700

107,219

Labrador

Iron

Ore

Royalty

Corp.

512

9,869

Lundin

Gold,

Inc.(b)

1,287

59,698

Lundin

Mining

Corp.

11,134

113,953

Lynas

Rare

Earths

Ltd.*

14,347

96,715

MAG

Silver

Corp.(b)

4,288

87,649

Maruichi

Steel

Tube

Ltd.

2,000

48,879

Mineral

Resources

Ltd.*(b)

403

7,418

Nanshan

Aluminium

International

Holdings

Ltd.*

32,000

155,108

New

Gold,

Inc.*

28,160

118,135

NGEx

Minerals

Ltd.*

5,511

78,008

Nickel

Industries

Ltd.

736,544

350,926

Nippon

Light

Metal

Holdings

Co.

Ltd.

19,200

225,049

Nippon

Steel

Corp.(b)

22,415

434,836

Norsk

Hydro

ASA

25,216

150,804

Northern

Star

Resources

Ltd.

14,656

146,923

Novagold

Resources,

Inc.*

7,843

40,674

OceanaGold

Corp.

80,002

1,090,765

OR

Royalties,

Inc.

651

18,072

Orla

Mining

Ltd.*

8,000

74,645

Outokumpu

OYJ(b)

7,392

28,021

Pan

African

Resources

plc

755,520

531,903

Pan

American

Silver

Corp.

4,560

123,454

Perenti

Ltd.

284,256

321,197

Perseus

Mining

Ltd.

32,288

67,979

Ramelius

Resources

Ltd.(b)

51,104

82,916

Regis

Resources

Ltd.*

19,344

50,939

Resolute

Mining

Ltd.*

730,816

291,732

Rio

Tinto

Ltd.

7,360

529,317

Rio

Tinto

plc

22,208

1,323,532

Sandfire

Resources

Ltd.*

10,528

72,123

Sandstorm

Gold

Ltd.

2,294

21,521

Seabridge

Gold,

Inc.*

3,604

55,264

Sims

Ltd.

3,162

31,026

Skeena

Resources

Ltd.*

1,023

14,429

South32

Ltd.

58,976

111,637

Spartan

Resources

Ltd.*‡

7,471

9,636

SSAB

AB,

Class

A

6,150

35,666

SSAB

AB,

Class

B

12,333

70,133

SSR

Mining,

Inc.*(b)

66,784

799,447

Sumitomo

Metal

Mining

Co.

Ltd.(b)

5,000

111,466

Teck

Resources

Ltd.,

Class

B

6,496

211,107

thyssenkrupp

AG

14,272

166,944

Tokyo

Steel

Manufacturing

Co.

Ltd.

(b)

19,200

201,702

Torex

Gold

Resources,

Inc.*

3,456

97,564

UACJ

Corp.

12,500

496,694

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

54

Investments

Shares

Value

COMMON

STOCKS

(continued)

Metals

&

Mining

(continued)

Vault

Minerals

Ltd.*

2,197,120

$

516,335

voestalpine

AG

465

12,890

Wesdome

Gold

Mines

Ltd.*

3,534

42,176

West

African

Resources

Ltd.*

368,960

558,254

Westgold

Resources

Ltd.*

320,320

527,969

Wheaton

Precious

Metals

Corp.(b)

4,928

451,684

Yamato

Kogyo

Co.

Ltd.

1,300

73,398

Yodogawa

Steel

Works

Ltd.(b)

8,200

63,695

26,291,349

Multi-Utilities

-

0

.8

%

A2A

SpA

30,429

74,287

ACEA

SpA

2,387

53,084

AGL

Energy

Ltd.(b)

16,800

105,138

Algonquin

Power

&

Utilities

Corp.(b)

1,333

7,877

Atco

Ltd.,

Class

I

1,953

70,885

Canadian

Utilities

Ltd.,

Class

A(b)

2,278

63,568

Centrica

plc

103,840

226,188

E.ON

SE

44,128

805,834

Engie

SA

37,568

843,630

Hera

SpA

19,893

85,291

Iren

SpA

24,118

69,231

National

Grid

plc

98,176

1,377,165

REN

-

Redes

Energeticas

Nacionais

SGPS

SA

6,188

21,070

Sembcorp

Industries

Ltd.

16,800

100,488

Telecom

Plus

plc

448

10,956

Veolia

Environnement

SA

13,664

464,482

4,379,174

Office

REITs

-

0

.2

%

Allied

Properties

REIT,

REIT(b)

18,432

230,642

Champion

REIT,

REIT(b)

186,000

51,890

Derwent

London

plc,

REIT

4,256

108,701

Dexus,

REIT

25,696

116,969

Gecina

SA,

REIT

527

51,994

Global

One

Real

Estate

Investment

Corp.,

REIT

48

45,546

Great

Portland

Estates

plc,

REIT

12,462

55,989

Ichigo

Office

REIT

Investment

Corp.,

REIT

41

26,099

Inmobiliaria

Colonial

Socimi

SA,

REIT

1,488

9,920

Japan

Prime

Realty

Investment

Corp.,

REIT

52

34,311

Japan

Real

Estate

Investment

Corp.,

REIT(b)

62

50,631

Keppel

REIT,

REIT

46,500

34,050

Nippon

Building

Fund,

Inc.,

REIT

62

57,141

Orix

JREIT,

Inc.,

REIT

31

40,744

Precinct

Properties

Group,

REIT

31

23

Workspace

Group

plc,

REIT

775

4,077

918,727

Investments

Shares

Value

Oil,

Gas

&

Consumable

Fuels

-

5

.8

%

Advantage

Energy

Ltd.*

53,248

$

425,583

Aker

BP

ASA

4,800

116,719

Ampol

Ltd.(b)

2,356

41,487

ARC

Resources

Ltd.

11,744

229,775

Athabasca

Oil

Corp.*(b)

167,840

711,397

Baytex

Energy

Corp.(b)

211,264

449,254

Beach

Energy

Ltd.

571,872

430,794

Birchcliff

Energy

Ltd.

92,704

452,607

Bluenord

ASA

7,872

379,320

Boss

Energy

Ltd.*(b)

21,197

23,747

BP

plc

312,768

1,675,266

BRIGHTOIL*‡

50,147

—

BW

Energy

Ltd.*(b)

16,694

57,899

Cameco

Corp.(b)

5,280

397,294

Canadian

Natural

Resources

Ltd.(b)

41,984

1,331,900

Cenovus

Energy,

Inc.

23,200

353,903

Cosmo

Energy

Holdings

Co.

Ltd.(b)

1,600

71,412

Deep

Yellow

Ltd.*(b)

25,823

25,105

Denison

Mines

Corp.*(b)

27,187

56,043

DNO

ASA

323,616

446,748

Enbridge,

Inc.

24,960

1,132,863

ENEOS

Holdings,

Inc.

48,000

253,117

Energean

plc(b)

55,744

675,354

Eni

SpA

39,552

674,964

Equinor

ASA

14,624

380,324

Equital

Ltd.*(b)

5,184

225,996

Esso

SA

Francaise

279

30,863

FLEX

LNG

Ltd.(b)

2,015

50,505

Freehold

Royalties

Ltd.(b)

5,060

48,823

Galp

Energia

SGPS

SA

9,024

172,639

Gaztransport

Et

Technigaz

SA

423

79,884

Gibson

Energy,

Inc.(b)

4,640

83,836

Harbour

Energy

plc

190,560

502,338

Idemitsu

Kosan

Co.

Ltd.

22,400

144,198

Imperial

Oil

Ltd.(b)

2,304

192,529

Inpex

Corp.

18,000

256,852

International

Petroleum

Corp.*(b)

4,092

68,370

Ithaca

Energy

plc

76,480

175,498

Itochu

Enex

Co.

Ltd.

16,100

217,491

Iwatani

Corp.

5,588

59,057

Japan

Petroleum

Exploration

Co.

Ltd.

8,500

61,846

Keyera

Corp.(b)

3,108

97,789

Koninklijke

Vopak

NV

1,224

58,671

MEG

Energy

Corp.(b)

5,248

103,666

Mitsuuroko

Group

Holdings

Co.

Ltd.

(b)

12,800

181,757

Neste

OYJ(b)

1,612

25,526

New

Hope

Corp.

Ltd.

10,930

29,416

NexGen

Energy

Ltd.*(b)

14,848

99,878

NuVista

Energy

Ltd.*(b)

59,872

633,992

Oil

Refineries

Ltd.

579,296

151,970

Okeanis

Eco

Tankers

Corp.(a)(b)

4,640

112,017

OMV

AG

3,392

173,462

ORLEN

SA

12,864

288,217

Paladin

Energy

Ltd.*(b)

5,712

22,838

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

55

Investments

Shares

Value

COMMON

STOCKS

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

Paramount

Resources

Ltd.,

Class

A(b)

24,064

$

370,912

Parkland

Corp.

3,017

85,346

Paz

Retail

And

Energy

Ltd.

3,169

587,307

Pembina

Pipeline

Corp.

7,616

283,696

Peyto

Exploration

&

Development

Corp.(b)

67,104

943,548

PrairieSky

Royalty

Ltd.(b)

3,853

66,411

Repsol

SA

25,760

391,542

San-Ai

Obbli

Co.

Ltd.(b)

16,000

216,565

Santos

Ltd.

53,824

272,732

Secure

Waste

Infrastructure

Corp.

5,504

60,273

Shell

plc

122,976

4,411,889

South

Bow

Corp.

1,888

49,694

Strathcona

Resources

Ltd.(b)

837

20,596

Suncor

Energy,

Inc.

25,056

990,424

Tamar

Petroleum

Ltd.(a)

5,115

61,212

Tamarack

Valley

Energy

Ltd.(b)

182,976

719,966

TC

Energy

Corp.

12,256

586,494

Topaz

Energy

Corp.

3,731

69,490

TORM

plc,

Class

A(b)

20,992

388,618

TotalEnergies

SE

41,824

2,490,180

Tourmaline

Oil

Corp.(b)

6,368

271,615

United

Energy

Group

Ltd.(b)

3,520,000

255,592

Var

Energi

ASA

7,339

25,425

Viva

Energy

Group

Ltd.(a)(b)

393,728

532,354

Whitecap

Resources,

Inc.(b)

29,920

226,367

Whitehaven

Coal

Ltd.(b)

20,367

84,450

Woodside

Energy

Group

Ltd.(b)

36,288

621,250

Yellow

Cake

plc*(a)(b)

73,664

477,473

30,704,220

Paper

&

Forest

Products

-

0

.3

%

Canfor

Corp.*

4,495

44,152

Hokuetsu

Corp.(b)

48,000

325,964

Holmen

AB,

Class

B

1,116

41,622

Mondi

plc(b)

6,464

87,894

Navigator

Co.

SA

(The)

5,269

18,695

Nippon

Paper

Industries

Co.

Ltd.(b)

35,200

261,027

Oji

Holdings

Corp.(b)

11,400

55,994

Semapa-Sociedade

de

Investimento

e

Gestao(b)

5,030

98,792

Stella-Jones,

Inc.(b)

1,224

69,932

Stora

Enso

OYJ,

Class

R(b)

5,168

53,436

Svenska

Cellulosa

AB

SCA,

Class

A(b)

2,068

26,105

Svenska

Cellulosa

AB

SCA,

Class

B(b)

2,883

36,289

UPM-Kymmene

OYJ

9,248

240,804

West

Fraser

Timber

Co.

Ltd.(b)

1,105

76,776

1,437,482

Passenger

Airlines

-

0

.5

%

Air

Canada*

5,030

70,217

Air

France-KLM*(b)

42,848

567,658

Investments

Shares

Value

Passenger

Airlines

(continued)

Air

New

Zealand

Ltd.

590,080

$

202,045

ANA

Holdings,

Inc.

3,200

59,707

Cathay

Pacific

Airways

Ltd.(b)

38,000

56,637

Deutsche

Lufthansa

AG

(Registered)

14,272

123,231

easyJet

plc

6,806

44,466

El

Al

Israel

Airlines*

15,717

63,746

Exchange

Income

Corp.(b)

1,581

74,993

International

Consolidated

Airlines

Group

SA

69,536

350,138

Japan

Airlines

Co.

Ltd.

3,100

61,982

JET2

plc

3,584

77,167

Norwegian

Air

Shuttle

ASA*

160,064

264,740

Qantas

Airways

Ltd.

20,064

140,421

Singapore

Airlines

Ltd.

22,499

117,928

Wizz

Air

Holdings

plc*(a)(b)

17,952

299,335

2,574,411

Personal

Care

Products

-

0

.7

%

Beiersdorf

AG

1,280

159,688

Intercos

SpA

31

415

Interparfums

SA

682

25,182

Kao

Corp.

4,600

208,153

Kobayashi

Pharmaceutical

Co.

Ltd.

(b)

900

31,779

Kose

Corp.

700

27,098

L'Oreal

SA

2,848

1,269,156

Milbon

Co.

Ltd.(b)

1,000

16,977

Noevir

Holdings

Co.

Ltd.

1,000

30,632

Pola

Orbis

Holdings,

Inc.

2,000

16,991

Puig

Brands

SA,

Class

B

4,256

79,644

Rohto

Pharmaceutical

Co.

Ltd.

3,900

56,338

Shiseido

Co.

Ltd.(b)

3,100

50,580

Unilever

plc

28,736

1,676,265

3,648,898

Pharmaceuticals

-

3

.6

%

ALK-Abello

A/S,

Class

B*

2,158

63,285

Almirall

SA

4,747

57,483

Astellas

Pharma,

Inc.

19,200

201,383

AstraZeneca

plc

18,336

2,747,762

Bausch

Health

Cos.,

Inc.*(b)

95,424

563,896

Bayer

AG

(Registered)

19,296

604,031

Camurus

AB*

702

49,271

Chugai

Pharmaceutical

Co.

Ltd.

8,500

415,695

Daiichi

Sankyo

Co.

Ltd.

22,400

553,693

Eisai

Co.

Ltd.(b)

3,600

102,215

Faes

Farma

SA

15,680

78,157

Financiere

de

Tubize

SA

403

68,542

Galderma

Group

AG

1,280

200,973

GSK

plc

81,728

1,533,634

H

Lundbeck

A/S,

Class

A

5,650

25,521

Haleon

plc

99,328

472,547

Haw

Par

Corp.

Ltd.

6,200

66,380

Hikma

Pharmaceuticals

plc

2,890

75,113

Hutchmed

China

Ltd.*(b)

16,678

60,364

Ipsen

SA

732

86,881

Kaken

Pharmaceutical

Co.

Ltd.

1,500

39,430

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

56

Investments

Shares

Value

COMMON

STOCKS

(continued)

Pharmaceuticals

(continued)

Kissei

Pharmaceutical

Co.

Ltd.

1,400

$

41,536

Kyowa

Kirin

Co.

Ltd.(b)

4,300

74,202

Laboratorios

Farmaceuticos

Rovi

SA

424

26,303

Merck

KGaA

1,248

157,552

Mochida

Pharmaceutical

Co.

Ltd.

900

18,509

Nippon

Shinyaku

Co.

Ltd.

1,400

30,485

Novartis

AG

(Registered)

22,848

2,650,149

Novo

Nordisk

A/S,

Class

B(b)

37,536

1,810,636

Ono

Pharmaceutical

Co.

Ltd.

6,200

69,644

Orion

OYJ,

Class

A

352

28,081

Orion

OYJ,

Class

B(b)

1,248

100,416

Otsuka

Holdings

Co.

Ltd.

6,500

315,422

Recordati

Industria

Chimica

e

Farmaceutica

SpA

1,628

93,912

Roche

Holding

AG

448

150,501

Roche

Holding

AG

-

BR

8,064

2,553,112

Sandoz

Group

AG

4,128

237,549

Sanofi

SA

12,864

1,160,800

Santen

Pharmaceutical

Co.

Ltd.

1,100

12,203

Shionogi

&

Co.

Ltd.

10,500

177,634

Sumitomo

Pharma

Co.

Ltd.*

3,200

28,152

Takeda

Pharmaceutical

Co.

Ltd.

19,200

535,832

Teva

Pharmaceutical

Industries

Ltd.*(b)

21,024

346,723

Towa

Pharmaceutical

Co.

Ltd.(b)

9,600

210,505

Tsumura

&

Co.

900

22,348

UCB

SA(b)

1,344

292,965

Virbac

SACA

132

52,501

ZERIA

Pharmaceutical

Co.

Ltd.

1,800

25,021

19,288,949

Professional

Services

-

1

.0

%

Adecco

Group

AG

(Registered)

1,829

57,975

AFRY

AB

3,300

51,293

ALS

Ltd.

8,712

102,312

Arcadis

NV

1,152

57,672

BayCurrent,

Inc.

1,400

80,710

Bell

System24

Holdings,

Inc.(b)

9,600

86,626

Benefit

Systems

SA

31

28,227

Bureau

Veritas

SA

3,936

121,814

Computershare

Ltd.

6,944

188,448

dip

Corp.(b)

1,400

22,773

Experian

plc

10,112

535,804

Funai

Soken

Holdings,

Inc.

2,700

42,681

GlobalData

plc

31

58

Hays

plc

69,719

58,864

Hilan

Ltd.

646

52,897

Intertek

Group

plc

2,240

146,437

IPH

Ltd.(b)

31

105

JAC

Recruitment

Co.

Ltd.

5,200

36,660

MEITEC

Group

Holdings,

Inc.

2,400

50,441

Persol

Holdings

Co.

Ltd.

37,200

71,683

Randstad

NV

3,257

155,971

Recruit

Holdings

Co.

Ltd.

16,600

998,460

RELX

plc

21,280

1,108,413

Investments

Shares

Value

Professional

Services

(continued)

SGS

SA

(Registered)

1,870

$

190,673

SMS

Co.

Ltd.

2,000

20,306

TechnoPro

Holdings,

Inc.

1,100

35,187

Teleperformance

SE

620

60,829

Thomson

Reuters

Corp.(b)

1,824

366,871

Transcosmos,

Inc.

6,400

153,307

Wolters

Kluwer

NV

2,560

400,538

5,284,035

Real

Estate

Management

&

Development

-

2

.2

%

Aedas

Homes

SA(a)

3,936

95,280

AFI

Properties

Ltd.*(b)

578

35,096

Africa

Israel

Residences

Ltd.(b)

510

41,295

Airport

City

Ltd.*

1,928

34,552

Allreal

Holding

AG

(Registered)

512

116,013

Altus

Group

Ltd.

1,672

69,973

Amot

Investments

Ltd.

5,448

37,352

Aroundtown

SA*

208,064

755,379

Atrium

Ljungberg

AB,

Class

B

3,960

12,880

Aura

Investments

Ltd.(b)

6,930

46,573

Azrieli

Group

Ltd.

532

52,610

Bassac

SA(b)

589

39,370

Big

Shopping

Centers

Ltd.*(b)

287

55,004

Blue

Square

Real

Estate

Ltd.

1,504

172,185

CA

Immobilien

Anlagen

AG

1,674

44,872

Capitaland

India

Trust

6,200

5,687

CapitaLand

Investment

Ltd.

27,900

59,785

Castellum

AB(b)

5,643

64,584

Catena

AB

924

41,941

Cibus

Nordic

Real

Estate

AB

publ

3,503

62,273

City

Developments

Ltd.

15,500

73,596

Citycon

OYJ(b)

22,208

95,928

CK

Asset

Holdings

Ltd.

32,000

146,955

Colliers

International

Group,

Inc.

726

109,723

Corem

Property

Group

AB,

Class

B

82,181

36,797

CPI

Europe

AG*

8,864

184,949

CTP

NV(a)

1,519

32,407

Daito

Trust

Construction

Co.

Ltd.

1,100

113,439

Daiwa

House

Industry

Co.

Ltd.

12,600

418,953

Deutsche

EuroShop

AG

2,511

54,203

Deutsche

Wohnen

SE

31

791

Develia

SA

143,616

321,924

Dios

Fastigheter

AB

7,480

49,357

Electra

Real

Estate

Ltd.*(b)

1,476

20,022

Fabege

AB(b)

5,412

45,498

Fastighets

AB

Balder,

Class

B*

6,944

47,172

FastPartner

AB,

Class

A

31

159

FirstService

Corp.

590

116,553

G

City

Ltd.

31

112

Grainger

plc

3,937

10,707

Grand

City

Properties

SA*

21,600

273,923

Great

Eagle

Holdings

Ltd.

64,000

120,010

Hang

Lung

Group

Ltd.(b)

256,000

463,735

Hang

Lung

Properties

Ltd.

73,983

76,151

Heiwa

Real

Estate

Co.

Ltd.

2,600

38,250

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

57

Investments

Shares

Value

COMMON

STOCKS

(continued)

Real

Estate

Management

&

Development

(continued)

Henderson

Land

Development

Co.

Ltd.(b)

32,239

$

112,939

Ho

Bee

Land

Ltd.

49,400

77,298

Hufvudstaden

AB,

Class

A

304

3,694

Hulic

Co.

Ltd.

9,600

92,208

Hysan

Development

Co.

Ltd.

192,000

383,022

Ichigo,

Inc.

17,800

47,665

International

Workplace

Group

plc

29,497

86,423

Intershop

Holding

AG

350

64,910

Israel

Canada

T.R

Ltd.(b)

12,240

61,153

Isras

Holdings

Ltd.*

1,188

146,898

Isras

Investment

Co.

Ltd.

477

129,943

Kojamo

OYJ*

1,085

13,834

LEG

Immobilien

SE

806

64,345

Lendlease

Corp.

Ltd.

16,647

56,485

Leopalace21

Corp.

57,600

274,422

Mainstreet

Equity

Corp.

266

35,594

Mega

Or

Holdings

Ltd.,

REIT

7,520

354,211

Melisron

Ltd.

460

53,259

Mitsubishi

Estate

Co.

Ltd.

12,800

241,209

Mitsui

Fudosan

Co.

Ltd.

32,000

288,860

Mivne

Real

Estate

KD

Ltd.

14,248

53,924

Mobimo

Holding

AG

(Registered)

228

89,425

New

World

Development

Co.

Ltd.*(b)

512,000

420,036

Nomura

Real

Estate

Holdings,

Inc.

7,000

39,108

NP3

Fastigheter

AB(b)

1,462

38,873

Nyfosa

AB

1,798

15,678

Pandox

AB,

Class

B

620

11,104

PEXA

Group

Ltd.*

32

327

Platzer

Fastigheter

Holding

AB,

Class

B

1,674

11,989

Prashkovsky

Investments

and

Construction

Ltd.(b)

1,767

68,126

Property

&

Building

Corp.

Ltd.(b)

864

87,964

PSP

Swiss

Property

AG

(Registered)

696

118,364

Relo

Group,

Inc.

2,270

26,291

Sagax

AB,

Class

B(b)

2,914

61,983

Savills

plc

45,792

593,263

Sino

Land

Co.

Ltd.

10,304

11,879

Sirius

Real

Estate

Ltd.,

REIT(b)

58,680

80,838

Starts

Corp.,

Inc.

12,800

389,116

StorageVault

Canada,

Inc.

31

104

Sumitomo

Realty

&

Development

Co.

Ltd.

6,400

235,681

Sun

Frontier

Fudousan

Co.

Ltd.

9,600

135,744

Sun

Hung

Kai

Properties

Ltd.

37,000

440,701

Swire

Properties

Ltd.

13,600

36,555

Swiss

Prime

Site

AG

(Registered)

987

136,859

TAG

Immobilien

AG

3,968

64,172

Tokyo

Tatemono

Co.

Ltd.(b)

5,200

87,902

Tokyu

Fudosan

Holdings

Corp.(b)

11,200

79,705

Tosei

Corp.(b)

12,800

248,354

UOL

Group

Ltd.

3,100

16,440

VGP

NV(b)

465

49,283

Investments

Shares

Value

Real

Estate

Management

&

Development

(continued)

Vonovia

SE

8,512

$

265,773

Wallenstam

AB,

Class

B(b)

8,888

40,489

Wharf

Holdings

Ltd.

(The)(b)

17,000

48,401

Wharf

Real

Estate

Investment

Co.

Ltd.(b)

25,000

79,459

Wihlborgs

Fastigheter

AB

6,293

62,093

YH

Dimri

Construction

&

Development

Ltd.(b)

452

49,295

11,477,688

Residential

REITs

-

0

.1

%

Altarea

SCA,

REIT

584

72,456

Boardwalk

REIT,

REIT

1,000

51,680

Canadian

Apartment

Properties

REIT,

REIT(b)

31

992

Comforia

Residential

REIT,

Inc.,

REIT

19

37,496

Daiwa

Securities

Living

Investments

Corp.,

REIT

26

17,691

Ingenia

Communities

Group,

REIT

8,284

28,055

InterRent

REIT,

REIT(b)

3,565

34,166

Killam

Apartment

REIT,

REIT(b)

1,488

19,717

Nippon

Accommodations

Fund,

Inc.,

REIT

40

31,470

UNITE

Group

plc

(The),

REIT

4,681

46,367

Xior

Student

Housing

NV,

REIT(a)

651

23,098

363,188

Retail

REITs

-

0

.5

%

AEON

REIT

Investment

Corp.,

REIT(b)

31

26,552

BWP

Property

Group

Ltd.,

REIT*

14,098

32,496

CapitaLand

China

Trust,

REIT

102,300

59,928

Carmila

SA,

REIT

17,952

354,641

Choice

Properties

REIT,

REIT(b)

3,957

40,613

Eurocommercial

Properties

NV,

REIT

14,875

457,126

First

Capital

REIT,

REIT(b)

2,774

37,300

Fortune

REIT,

REIT

62,000

39,885

Frasers

Centrepoint

Trust,

REIT

12,749

21,816

Frontier

Real

Estate

Investment

Corp.,

REIT

31

17,735

Hammerson

plc,

REIT

20,709

81,394

HomeCo

Daily

Needs

REIT,

REIT(a)

(b)

94,816

78,446

Japan

Metropolitan

Fund

Invest,

REIT

31

22,679

Kiwi

Property

Group

Ltd.,

REIT

118,265

68,072

Klepierre

SA,

REIT

3,168

121,686

Lendlease

Global

Commercial

REIT,

REIT

3,100

1,314

Link

REIT,

REIT

32,000

178,955

Mercialys

SA,

REIT(b)

30,656

381,048

Primaris

REIT,

REIT

15,424

164,554

Region

Group,

REIT

6,417

9,668

RioCan

REIT,

REIT

3,472

44,324

Scentre

Group,

REIT

65,280

157,615

Shaftesbury

Capital

plc,

REIT

35,309

73,921

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

58

Investments

Shares

Value

COMMON

STOCKS

(continued)

Retail

REITs

(continued)

Unibail-Rodamco-Westfield,

REIT

2,528

$

246,635

Vicinity

Ltd.,

REIT(b)

63,702

101,306

Waypoint

REIT

Ltd.,

REIT

33,326

54,072

2,873,781

Semiconductors

&

Semiconductor

Equipment

-

1

.6

%

Advantest

Corp.

8,200

563,939

AIXTRON

SE

3,627

61,709

Alphawave

IP

Group

plc*

8,277

18,949

ASM

International

NV

480

234,862

ASML

Holding

NV

4,672

3,278,453

ASMPT

Ltd.

3,100

26,419

BE

Semiconductor

Industries

NV

960

130,863

Camtek

Ltd.*(b)

510

49,984

Disco

Corp.

1,200

363,201

Elmos

Semiconductor

SE

410

41,295

Ferrotec

Corp.(b)

16,000

388,053

Infineon

Technologies

AG

14,592

578,449

Japan

Material

Co.

Ltd.

2,500

23,173

Kokusai

Electric

Corp.(b)

3,100

70,221

Lasertec

Corp.(b)

1,100

113,439

Melexis

NV(b)

495

38,242

Micronics

Japan

Co.

Ltd.(b)

12,800

476,295

Mitsui

High-Tec,

Inc.(b)

9,300

47,645

Nordic

Semiconductor

ASA*

2,324

32,105

Nova

Ltd.*

352

94,625

Renesas

Electronics

Corp.

18,400

228,143

Rohm

Co.

Ltd.(b)

6,200

78,605

Rorze

Corp.

3,100

42,516

SCREEN

Holdings

Co.

Ltd.(b)

1,300

103,485

Siltronic

AG

4,992

218,145

Socionext,

Inc.(b)

3,000

57,909

SOITEC*

31

1,357

STMicroelectronics

NV

7,584

194,915

SUMCO

Corp.(b)

3,100

24,657

Tokyo

Electron

Ltd.

5,400

980,644

Tower

Semiconductor

Ltd.*

1,608

75,267

Ulvac,

Inc.

1,000

37,257

8,674,821

Software

-

1

.2

%

Asseco

Poland

SA

1,271

69,030

Atoss

Software

SE

352

47,459

BlackBerry

Ltd.*

13,206

48,715

Bytes

Technology

Group

plc

1,922

9,334

Constellation

Software,

Inc.

256

885,141

Dassault

Systemes

SE

6,784

224,320

Descartes

Systems

Group,

Inc.

(The)*

1,159

122,720

Enghouse

Systems

Ltd.

31

515

IRESS

Ltd.

2,263

11,569

Kinaxis,

Inc.*

520

77,345

Lightspeed

Commerce,

Inc.*(b)

5,115

63,894

Nemetschek

SE

884

132,645

Nice

Ltd.*

704

110,645

Investments

Shares

Value

Software

(continued)

Open

Text

Corp.(b)

3,936

$

116,097

Oracle

Corp.

Japan

800

87,205

QT

Group

OYJ*

217

15,026

Sage

Group

plc

(The)

13,728

221,637

Sansan,

Inc.*

3,400

43,535

SAP

SE

12,352

3,545,680

Sinch

AB*(a)

31

107

SiteMinder

Ltd.*(b)

17,179

57,626

Systena

Corp.

11,400

30,527

TeamViewer

SE*(a)

3,224

33,247

Technology

One

Ltd.

4,736

125,264

Temenos

AG

(Registered)

779

70,173

Trend

Micro,

Inc.

1,200

73,581

Truecaller

AB,

Class

B

32

161

Vitec

Software

Group

AB,

Class

B

1,025

39,972

Vobile

Group

Ltd.*(a)(b)

31,000

13,822

WiseTech

Global

Ltd.(b)

2,528

194,309

6,471,301

Specialized

REITs

-

0

.1

%

Abacus

Storage

King,

REIT(b)

51,832

53,395

Arena

REIT,

REIT

1,705

4,040

Big

Yellow

Group

plc,

REIT

8,096

100,282

Keppel

DC

REIT,

REIT

22,914

41,859

National

Storage

REIT,

REIT

10,013

15,472

Safestore

Holdings

plc,

REIT(b)

10,560

94,119

309,167

Specialty

Retail

-

1

.5

%

ABC-Mart,

Inc.(b)

2,100

39,476

AOKI

Holdings,

Inc.(b)

9,600

110,356

ARCLANDS

Corp.(b)

19,218

222,706

Aritzia,

Inc.*

1,981

106,562

Autobacs

Seven

Co.

Ltd.

2,100

20,610

Avolta

AG

1,920

100,770

Bic

Camera,

Inc.(b)

4,200

44,220

Bilia

AB,

Class

A(b)

18,912

223,034

Carasso

Motors

Ltd.

7,744

91,670

CCC

SA*

952

49,423

CECONOMY

AG*

34,080

173,188

Currys

plc*

354,112

529,065

DCM

Holdings

Co.

Ltd.(b)

35,200

335,873

Delek

Automotive

Systems

Ltd.

31

243

Douglas

AG*

8,448

101,275

Dunelm

Group

plc

5,632

90,630

Eagers

Automotive

Ltd.(b)

5,270

66,572

Fast

Retailing

Co.

Ltd.

2,300

708,821

Fielmann

Group

AG

152

9,673

Fox

Wizel

Ltd.

2,624

272,872

H

&

M

Hennes

&

Mauritz

AB,

Class

B(b)

2,821

38,255

Hornbach

Holding

AG

&

Co.

KGaA

3,072

363,560

IDOM,

Inc.(b)

19,200

125,538

Industria

de

Diseno

Textil

SA

13,440

644,691

JB

Hi-Fi

Ltd.(b)

1,722

123,843

JD

Sports

Fashion

plc

40,083

45,331

Joyful

Honda

Co.

Ltd.

2,000

27,748

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

59

Investments

Shares

Value

COMMON

STOCKS

(continued)

Specialty

Retail

(continued)

Kingfisher

plc

23,840

$

85,339

Kohnan

Shoji

Co.

Ltd.

7,900

204,724

Komeri

Co.

Ltd.(b)

9,600

199,342

K's

Holdings

Corp.(b)

48,000

482,568

Leon's

Furniture

Ltd.

6,784

133,712

Lovisa

Holdings

Ltd.(b)

1,530

33,631

Luk

Fook

Holdings

International

Ltd.

(b)

128,672

336,842

Moonpig

Group

plc

3,906

11,062

Nextage

Co.

Ltd.

3,100

39,117

Nitori

Holdings

Co.

Ltd.(b)

1,100

94,618

Nojima

Corp.

3,100

71,374

Pets

at

Home

Group

plc

8,742

26,469

Premier

Investments

Ltd.(b)

2,635

35,933

Sanrio

Co.

Ltd.(b)

2,600

107,511

Shimamura

Co.

Ltd.

1,000

73,026

Super

Retail

Group

Ltd.(b)

5,324

52,515

Temple

&

Webster

Group

Ltd.*

1,302

20,513

USS

Co.

Ltd.

3,600

39,386

Watches

of

Switzerland

Group

plc*(c)

81,376

377,557

WH

Smith

plc

46,048

624,611

World

Co.

Ltd.(b)

9,600

177,526

Yamada

Holdings

Co.

Ltd.

21,700

66,544

Yellow

Hat

Ltd.

3,100

32,855

Zalando

SE*(a)

1,457

42,891

ZOZO,

Inc.(b)

8,400

83,445

8,119,116

Technology

Hardware,

Storage

&

Peripherals

-

0

.4

%

Brother

Industries

Ltd.

4,000

68,507

Canon,

Inc.(b)

19,200

548,590

Eizo

Corp.

3,000

42,898

Elecom

Co.

Ltd.

1,600

20,870

FUJIFILM

Holdings

Corp.(b)

16,000

335,533

Konica

Minolta,

Inc.*

172,800

563,657

Logitech

International

SA

(Registered)

2,048

192,026

Ricoh

Co.

Ltd.(b)

9,600

84,872

Seiko

Epson

Corp.

3,100

39,663

Toshiba

TEC

Corp.

1,100

22,110

1,918,726

Textiles,

Apparel

&

Luxury

Goods

-

1

.4

%

adidas

AG

2,144

412,380

Asics

Corp.

9,400

222,859

Brunello

Cucinelli

SpA(b)

660

74,422

Burberry

Group

plc*

4,681

79,941

Cie

Financiere

Richemont

SA

(Registered)

6,240

1,025,080

Coats

Group

plc

42,191

41,317

Crystal

International

Group

Ltd.(a)(b)

203,500

146,727

Delta

Galil

Ltd.

272

14,471

Gildan

Activewear,

Inc.(b)

2,545

128,838

Goldwin,

Inc.

1,000

52,081

Gunze

Ltd.

9,600

244,314

Investments

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

(continued)

Hermes

International

SCA

416

$

1,024,162

HUGO

BOSS

AG

15,936

748,551

Kering

SA

640

158,589

LPP

SA

19

84,925

LVMH

Moet

Hennessy

Louis

Vuitton

SE

3,104

1,678,110

Moncler

SpA

1,856

99,714

New

Wave

Group

AB,

Class

B

3,468

41,787

Pandora

A/S

960

159,832

Puma

SE

31

662

Salvatore

Ferragamo

SpA*(b)

8,153

46,508

Samsonite

Group

SA(a)(b)

48,000

98,201

Seiko

Group

Corp.(b)

9,600

270,149

Stella

International

Holdings

Ltd.(b)

176,000

349,758

Swatch

Group

AG

(The)(b)

93

16,595

Swatch

Group

AG

(The)

(Registered)

1,767

64,801

Wacoal

Holdings

Corp.

700

25,489

Yue

Yuen

Industrial

Holdings

Ltd.

16,000

25,152

7,335,415

Tobacco

-

0

.6

%

British

American

Tobacco

plc

41,472

2,217,232

Imperial

Brands

plc

15,776

616,712

Japan

Tobacco,

Inc.

12,800

367,257

Scandinavian

Tobacco

Group

A/S(a)

11,360

149,321

3,350,522

Trading

Companies

&

Distributors

-

2

.1

%

AddTech

AB,

Class

B

2,432

82,231

Ashtead

Group

plc

4,416

296,754

Beijer

Ref

AB,

Class

B(b)

3,876

65,290

Bossard

Holding

AG

(Registered),

Class

A

38

8,086

Brenntag

SE

2,720

169,793

Bufab

AB

4,840

48,232

Bunzl

plc

2,449

73,050

Chori

Co.

Ltd.(b)

4,100

104,479

Diploma

plc

1,863

132,639

DKSH

Holding

AG

660

46,002

Finning

International,

Inc.

2,644

115,471

Grafton

Group

plc

3,744

44,096

Hanwa

Co.

Ltd.(b)

12,400

502,608

Howden

Joinery

Group

plc

9,212

107,278

IMCD

NV

768

84,667

Inaba

Denki

Sangyo

Co.

Ltd.

900

23,724

Inabata

&

Co.

Ltd.(b)

16,000

349,247

ITOCHU

Corp.

28,800

1,518,126

Kanamoto

Co.

Ltd.(b)

12,800

290,030

Kanematsu

Corp.

28,800

545,496

Marubeni

Corp.(b)

35,200

728,115

Mitani

Corp.

12,800

188,647

Mitsubishi

Corp.

80,000

1,588,358

Mitsui

&

Co.

Ltd.

54,400

1,120,569

MonotaRO

Co.

Ltd.

2,400

43,122

Nagase

&

Co.

Ltd.

2,200

43,570

Nishio

Holdings

Co.

Ltd.

6,700

188,764

Redox

Ltd.

10,323

15,087

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

60

Investments

Shares

Value

COMMON

STOCKS

(continued)

Trading

Companies

&

Distributors

(continued)

Reece

Ltd.(b)

5,487

$

48,046

Rexel

SA

4,864

147,973

Richelieu

Hardware

Ltd.(b)

899

22,544

RS

GROUP

plc

16,480

121,911

Russel

Metals,

Inc.

19,712

632,757

SGH

Ltd.

3,320

109,572

Sojitz

Corp.(b)

3,899

93,424

Sumitomo

Corp.

25,600

656,607

Toromont

Industries

Ltd.(b)

1,038

105,478

Toyota

Tsusho

Corp.

16,000

369,022

Travis

Perkins

plc

837

6,031

Trusco

Nakayama

Corp.(b)

16,000

234,214

Yamazen

Corp.(b)

3,200

28,514

Yuasa

Trading

Co.

Ltd.

6,400

200,086

11,299,710

Transportation

Infrastructure

-

0

.3

%

Aena

SME

SA(a)

8,000

216,045

Aeroports

de

Paris

SA(b)

704

85,733

Atlas

Arteria

Ltd.

20,243

67,253

Auckland

International

Airport

Ltd.

17,824

79,234

Dalrymple

Bay

Infrastructure

Ltd.

15,200

43,843

Enav

SpA(a)

12,657

55,773

Flughafen

Zurich

AG

(Registered)

320

90,635

Fraport

AG

Frankfurt

Airport

Services

Worldwide*

890

66,569

Getlink

SE

5,376

97,834

Hutchison

Port

Holdings

Trust

268,800

53,760

Mitsubishi

Logistics

Corp.

8,500

72,888

Port

of

Tauranga

Ltd.(b)

5,225

21,469

Qube

Holdings

Ltd.

31,840

89,586

SATS

Ltd.

8,200

20,099

Transurban

Group(b)

32,288

287,299

Westshore

Terminals

Investment

Corp.

1,647

33,606

1,381,626

Water

Utilities

-

0

.1

%

Pennon

Group

plc

15,488

102,152

Severn

Trent

plc

3,008

105,447

United

Utilities

Group

plc

8,160

121,754

329,353

Wireless

Telecommunication

Services

-

0

.6

%

1&1

AG

2,635

55,673

Airtel

Africa

plc(a)

22,568

60,985

Cellcom

Israel

Ltd.*

4,930

44,903

Freenet

AG

2,356

76,744

KDDI

Corp.

35,200

581,346

Partner

Communications

Co.

Ltd.

775

7,173

Rogers

Communications,

Inc.,

Class

B(b)

6,304

211,022

SoftBank

Corp.

352,000

511,294

SoftBank

Group

Corp.

11,000

863,218

StarHub

Ltd.

49,600

47,025

Investments

Shares

Value

Wireless

Telecommunication

Services

(continued)

Tele2

AB,

Class

B

8,052

$

124,825

Vodafone

Group

plc

364,224

395,333

2,979,541

Total

Common

Stocks

(Cost

$373,535,079)

520,876,274

CLOSED

END

FUNDS

-

0

.2

%

Independent

Power

and

Renewable

Electricity

Producers

-

0

.2

%

Renewables

Infrastructure

Group

Ltd.

(The)  

(Cost

$1,008,854)

865,184

973,200

Number

of

Warrants

WARRANTS

-

0

.0

%

Construction

&

Engineering

-

0.0%

Webuild

SpA,

expiring

8/2/2030*‡(b)

10,785

—

Software

-

0.0%

Constellation

Software,

Inc.,

expiring

3/31/2040*‡

280

—

Total

Warrants

(Cost

$–)

—

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

2

.7

%

(g)

REPURCHASE

AGREEMENTS

-

2

.7

%

CF

Secured

LLC

4.34%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$3,043,193,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

8/15/2025

-

2/15/2054;

total

market

value

$3,091,447

$

3,042,826

3,042,826

MetLife,

Inc.

4.36%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$6,000,727,

collateralized

by

various

U.S.

Treasury

Securities,

0.00%,

5/15/2046;

;

total

market

value

$6,107,651

6,000,000

6,000,000

National

Bank

of

Canada

Financial

Inc.

4.47%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$1,000,124,

collateralized

by

various

Common

Stocks;

total

market

value

$1,104,552

1,000,000

1,000,000

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

61

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

REPURCHASE

AGREEMENTS

(continued)

TD

Prime

Services

LLC

4.43%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$1,125,138,

collateralized

by

various

Common

Stocks;

total

market

value

$1,222,172

$

1,125,000

$

1,125,000

The

Bank

of

Nova

Scotia,

Toronto

4.46%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$3,000,372,

collateralized

by

various

Common

Stocks;

total

market

value

$3,310,269

3,000,000

3,000,000

14,167,826

Total

Securities

Lending

Reinvestments

(Cost

$14,167,826)

14,167,826

Total

Investments

-

101.2%

(Cost

$388,711,759)

536,017,300

Liabilities

in

excess

of

other

assets

-

(1.2%)

(6,241,829)

NET

ASSETS

-

100.0%

$529,775,471

*

Non-income

producing

security.

‡

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(a)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States

and

as

such

may

have

restrictions

on

resale.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2025.

The

total

value

of

securities

on

loan

at

July

31,

2025

was

$73,831,823,

collateralized

in

the

form

of

cash

with

a

value

of

$14,167,826

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$43,151,077

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.50%,

and

maturity

dates

ranging

from

August

7,

2025

–

May

15,

2055

and

$22,792,214

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

October

20,

2025

–

June

30,

2120;

a

total

value

of

$80,111,117.

(c)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

At

July

31,

2025,

the

value

of

these

securities

amounted

to

approximately

$992,298

or

0.19%

of

net

assets.

(d)

Represents

less

than

0.05%

of

net

assets.

(e)

Security

fair

valued

as

of

July

31,

2025

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Total

value

of

all

such

securities

at

July

31,

2025

amounted

to

$0,

which

represents

approximately

0.00%

of

net

assets

of

the

Fund.

(f)

Amount

less

than

one

dollar.

(g)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2025.

The

total

value

of

securities

purchased

was

$14,167,826.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

ADR

—

American

Depositary

Receipt

CHDI

—

Clearing

House

Electronic

Subregister

System

(CHESS)

Depository

Interest

CVA

—

Dutch

Certification

OYJ

—

Public

Limited

Company

Preference

—

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

REIT

—

Real

Estate

Investment

Trust

SCA

—

Limited

partnership

with

share

capital

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

62

Futures

Contracts

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2025:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

EURO

STOXX

50

Index

38

09/19/2025

EUR

$

2,322,521

$

7,234

FTSE

100

Index

17

09/19/2025

GBP

2,052,622

54,995

S&P/TSX

60

Index

6

09/18/2025

CAD

1,407,226

27,566

SGX

Nikkei

225

Index

10

09/11/2025

JPY

1,367,985

105,229

SPI

200

Index

4

09/18/2025

AUD

560,343

9,601

$

204,625

Forward

Foreign

Currency

Contracts

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

had

the

following

outstanding

contracts

as

of

July

31,

2025:

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

USD

348,509

Morgan

Stanley

CHF

280,000

09/17/2025

$

1,731

USD

730,019

Morgan

Stanley

DKK

4,700,000

09/17/2025

6,622

USD

347,410

JPMorgan

Chase

Bank

NA

EUR

300,000

09/17/2025

2,999

Total

unrealized

appreciation

$

11,352

CAD

340,000

Morgan

Stanley

USD

250,688

09/17/2025

$

(

4,218

)

CHF

280,000

JPMorgan

Chase

Bank

NA

USD

347,900

09/17/2025

(

1,122

)

DKK

3,700,000

JPMorgan

Chase

Bank

NA

USD

575,662

09/17/2025

(

6,179

)

EUR

300,000

Morgan

Stanley

USD

347,555

09/17/2025

(

3,144

)

GBP

203,203

Bank

of

Montreal

USD

275,102

09/17/2025

(

6,073

)

Total

unrealized

depreciation

$

(

20,736

)

Net

unrealized

depreciation

$

(

9,384

)

Abbreviations:

AUD

—

Australian

Dollar

CAD

—

Canadian

Dollar

CHF

—

Swiss

Franc

DKK

—

Danish

Krone

EUR

—

Euro

GBP

—

British

Pound

JPY

—

Japanese

Yen

USD

—

US

Dollar

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

invested,

as

a

percentage

of

net

assets,

in

companies

domiciled

in

the

following

countries

as

of

July

31,

2025:

Australia

5‌

.7

%

Austria

0‌

.5

Belgium

1‌

.0

Brazil

0‌

.1

Burkina

Faso

0‌

.0

†

Canada

10‌

.2

Chile

0‌

.1

Democratic

Republic

of

the

Congo

0‌

.0

†

Denmark

1‌

.5

Faroe

Islands

0‌

.0

†

Finland

0‌

.8

France

7‌

.3

Gabon

0‌

.0

†

Georgia

0‌

.4

Germany

6‌

.7

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

63

Greece

0‌

.0

†

Guernsey

0‌

.2

%

Hong

Kong

2‌

.2

India

0‌

.0

†

Indonesia

0‌

.1

Ireland

0‌

.3

Israel

1‌

.6

Italy

2‌

.7

Ivory

Coast

0‌

.0

†

Japan

24‌

.9

Jersey

0‌

.0

†

Jordan

0‌

.0

†

Kyrgyzstan

0‌

.1

Liechtenstein

0‌

.0

†

Luxembourg

0‌

.2

Macao

0‌

.1

Mexico

0‌

.0

†

Netherlands

2‌

.8

New

Zealand

0‌

.3

Nigeria

0‌

.0

†

Norway

1‌

.4

Peru

0‌

.1

Poland

0‌

.9

Portugal

0‌

.2

Singapore

1‌

.2

South

Africa

0‌

.2

South

Korea

0‌

.0

†

Spain

2‌

.8

Sweden

2‌

.7

Switzerland

2‌

.9

Taiwan

0‌

.0

†

Tanzania

0‌

.0

†

Turkey

0‌

.0

†

United

Kingdom

11‌

.0

United

States

5‌

.3

Zambia

0‌

.0

†

Other

1

1‌

.5

100.0%

†

Amount

represents

less

than

0.05%.

1

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

%

of

Net

Assets

Common

Stocks

98‌

.3

%

Closed

End

Funds

0‌

.2

Warrants

–‌

Securities

Lending

Reinvestments

2‌

.7

Others

(1)

(

1‌

.2

)

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

64

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

July

31,

2025

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

98.1%

Aerospace

&

Defense

-

0.5%

AECC

Aero-Engine

Control

Co.

Ltd.,

Class

A

4,600

$

13,488

AECC

Aviation

Power

Co.

Ltd.,

Class

A

4,700

27,679

Aselsan

Elektronik

Sanayi

ve

Ticaret

A/S

19,964

91,968

AviChina

Industry

&

Technology

Co.

Ltd.,

Class

H(a)

52,000

30,736

Bharat

Dynamics

Ltd.(b)

1,410

26,060

Bharat

Electronics

Ltd.

51,612

225,717

Colt

CZ

Group

SE

460

15,587

Data

Patterns

India

Ltd.*

920

27,736

Embraer

SA

9,200

132,547

Garden

Reach

Shipbuilders

&

Engineers

Ltd.

276

8,229

Hanwha

Aerospace

Co.

Ltd.

481

345,454

Hanwha

Systems

Co.

Ltd.

966

41,376

Hindustan

Aeronautics

Ltd.(b)

2,714

140,470

Korea

Aerospace

Industries

Ltd.

1,104

75,229

Kuang-Chi

Technologies

Co.

Ltd.,

Class

A

3,200

18,178

LIG

Nex1

Co.

Ltd.

156

70,643

Mazagon

Dock

Shipbuilders

Ltd.

1,056

33,407

SNT

Dynamics

Co.

Ltd.

276

11,663

United

Aircraft

Corp.

PAO*‡

25,155,036

—

Zen

Technologies

Ltd.

1,440

24,068

1,360,235

Air

Freight

&

Logistics

-

0.3%

Abu

Dhabi

Aviation

Co.

112,194

178,992

Agility

Global

plc

71,853

23,083

Agility

Public

Warehousing

Co.

KSC

48,806

22,808

Blue

Dart

Express

Ltd.*

96

6,569

CJ

Logistics

Corp.

245

15,723

Delhivery

Ltd.*

7,452

36,176

Eastern

Air

Logistics

Co.

Ltd.,

Class

A

9,200

18,009

Hyundai

Glovis

Co.

Ltd.

920

97,851

J&T

Global

Express

Ltd.*

82,800

108,853

JD

Logistics,

Inc.*(b)

52,000

90,487

Kerry

TJ

Logistics

Co.

Ltd.

4,000

4,510

Reysas

Tasimacilik

ve

Lojistik

Ticaret

A/S*

50,738

21,311

SAL

Saudi

Logistics

Services

460

21,154

SF

Holding

Co.

Ltd.,

Class

A

5,200

33,255

Sinotrans

Ltd.,

Class

A

4,700

3,476

Sinotrans

Ltd.,

Class

H

47,000

26,104

Xiamen

Xiangyu

Co.

Ltd.,

Class

A

13,800

13,699

YTO

Express

Group

Co.

Ltd.,

Class

A

4,700

9,625

YUNDA

Holding

Group

Co.

Ltd.,

Class

A

13,800

14,581

Investments

Shares

Value

Air

Freight

&

Logistics

(continued)

ZTO

Express

Cayman,

Inc.(a)

5,400

$

104,492

850,758

Automobile

Components

-

1.2%

Actron

Technology

Corp.

2,688

11,843

Apollo

Tyres

Ltd.

4,921

25,263

Asahi

India

Glass

Ltd.

2,401

23,025

Balkrishna

Industries

Ltd.

1,242

37,944

Bharat

Forge

Ltd.

3,956

52,797

Bosch

Ltd.

144

66,387

CALB

Group

Co.

Ltd.,

Class

H*(b)

10,000

25,096

Ceat

Ltd.

799

30,221

Cheng

Shin

Rubber

Industry

Co.

Ltd.

35,000

47,022

CIE

Automotive

India

Ltd.

1,715

7,873

Cub

Elecparts,

Inc.

3,269

7,689

Depo

Auto

Parts

Ind

Co.

Ltd.

4,200

24,273

DN

Automotive

Corp.

8,326

174,109

EGE

Endustri

ve

Ticaret

A/S

92

17,859

Endurance

Technologies

Ltd.(b)

350

10,195

Exide

Industries

Ltd.

8,016

35,167

Fras-Le

SA

4,700

19,821

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

A

600

4,559

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

H(b)

10,400

75,185

Hankook

&

Co.

Co

Ltd.

8,464

147,394

Hankook

Tire

&

Technology

Co.

Ltd.

1,380

44,232

Hanon

Systems*

4,462

10,553

Hesai

Group,

ADR*

1,104

20,976

HL

Mando

Co.

Ltd.

1,045

26,223

Hota

Industrial

Manufacturing

Co.

Ltd.

5,517

10,185

Hu

Lane

Associate,

Inc.

2,607

11,704

Huayu

Automotive

Systems

Co.

Ltd.,

Class

A

4,700

11,487

Hyundai

Mobis

Co.

Ltd.

1,426

302,824

Hyundai

Wia

Corp.

6,164

221,572

JK

Tyre

&

Industries

Ltd.

51,382

196,527

Kenda

Rubber

Industrial

Co.

Ltd.

14,500

11,003

Kumho

Tire

Co.,

Inc.*

52,624

176,640

Minda

Corp.

Ltd.

3,724

21,226

Minieye

Technology

Co.

Ltd.,

Class

H*(a)

3,800

11,303

Minth

Group

Ltd.

12,000

39,669

Motherson

Sumi

Wiring

India

Ltd.

45,189

19,139

MRF

Ltd.

48

81,012

Nan

Kang

Rubber

Tire

Co.

Ltd.

14,000

17,589

Nexteer

Automotive

Group

Ltd.

339,000

254,790

Ningbo

Tuopu

Group

Co.

Ltd.,

Class

A

2,465

15,778

Samvardhana

Motherson

International

Ltd.

58,443

64,829

Sebang

Global

Battery

Co.

Ltd.

2,116

101,619

Sensteed

Hi-tech

Group,

Class

A*

36,800

10,386

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

65

Investments

Shares

Value

COMMON

STOCKS

(continued)

Automobile

Components

(continued)

Shanghai

Daimay

Automotive

Interior

Co.

Ltd.,

Class

A

13,800

$

10,821

Shriram

Pistons

&

Rings

Ltd.

368

10,087

SL

Corp.

460

11,079

Sona

Blw

Precision

Forgings

Ltd.(b)

3,174

16,289

Sri

Trang

Agro-Industry

PCL,

NVDR

257,600

111,143

Sundram

Fasteners

Ltd.

322

3,621

Superalloy

Industrial

Co.

Ltd.*

14,000

25,469

Tianneng

Power

International

Ltd.(a)

274,000

237,001

Tong

Yang

Industry

Co.

Ltd.

9,072

31,914

Tube

Investments

of

India

Ltd.

1,610

52,210

TVS

Holdings

Ltd.

150

19,733

TYC

Brother

Industrial

Co.

Ltd.

61,795

84,471

UNO

Minda

Ltd.

4,125

49,039

WeRide,

Inc.,

ADR*

5,428

49,829

ZF

Commercial

Vehicle

Control

Systems

India

Ltd.*

92

13,848

3,251,542

Automobiles

-

2.0%

BAIC

BluePark

New

Energy

Technology

Co.

Ltd.,

Class

A*

5,000

5,644

Bajaj

Auto

Ltd.

1,058

96,719

Brilliance

China

Automotive

Holdings

Ltd.(a)

1,136,000

452,953

BYD

Co.

Ltd.,

Class

A

6,900

100,955

BYD

Co.

Ltd.,

Class

H(a)

50,500

742,382

China

Automotive

Engineering

Research

Institute

Co.

Ltd.,

Class

A

4,700

12,709

China

Motor

Corp.

7,000

12,993

Chongqing

Changan

Automobile

Co.

Ltd.,

Class

A

7,908

14,138

Chongqing

Changan

Automobile

Co.

Ltd.,

Class

B

18,990

10,233

DongFeng

Automobile

Co.

Ltd.,

Class

A

13,800

13,737

Eicher

Motors

Ltd.

2,346

146,453

Ford

Otomotiv

Sanayi

A/S

12,282

28,789

Geely

Automobile

Holdings

Ltd.

148,000

333,330

Great

Wall

Motor

Co.

Ltd.,

Class

A

4,700

14,134

Great

Wall

Motor

Co.

Ltd.,

Class

H

40,500

66,245

Guangzhou

Automobile

Group

Co.

Ltd.,

Class

A

4,100

4,304

Guangzhou

Automobile

Group

Co.

Ltd.,

Class

H(a)

14,000

5,671

Hero

MotoCorp

Ltd.

2,070

100,682

Hyundai

Motor

Co.

3,450

529,889

Hyundai

Motor

Co.

(2nd

Preference)

874

104,114

Hyundai

Motor

Co.

(3rd

Preference)

104

12,119

Hyundai

Motor

Co.

(Preference)

611

71,110

Hyundai

Motor

India

Ltd.*

1,426

35,029

KG

Mobility

Co.*

27,324

69,551

Kia

Corp.

5,934

437,733

Li

Auto,

Inc.,

Class

A*

16,200

214,211

Investments

Shares

Value

Automobiles

(continued)

Lotus

Technology,

Inc.,

ADR*

4,646

$

9,385

Mahindra

&

Mahindra

Ltd.

13,846

506,287

Maruti

Suzuki

India

Ltd.

1,840

264,829

NIO,

Inc.,

Class

A*(a)

17,800

78,910

Ola

Electric

Mobility

Ltd.*

18,584

8,764

SAIC

Motor

Corp.

Ltd.,

Class

A

11,800

28,184

Sanyang

Motor

Co.

Ltd.

21,700

45,076

Seres

Group

Co.

Ltd.,

Class

A

2,200

38,816

Tata

Motors

Ltd.

48,898

371,736

TVS

Motor

Co.

Ltd.

3,404

108,875

XPeng,

Inc.,

Class

A*

18,300

166,915

Yadea

Group

Holdings

Ltd.(b)

12,000

18,894

Yulon

Motor

Co.

Ltd.

18,120

19,912

ZEEKR

Intelligent

Technology

Holding

Ltd.,

ADR*

1,012

28,579

Zhejiang

Leapmotor

Technology

Co.

Ltd.,

Class

H*(b)

9,400

72,625

5,403,614

Banks

-

13.9%

Absa

Group

Ltd.

19,090

190,504

Abu

Dhabi

Commercial

Bank

PJSC

71,484

316,833

Abu

Dhabi

Islamic

Bank

PJSC

22,770

149,771

AFFIN

Bank

Bhd.*

7,554

4,215

Agricultural

Bank

of

China

Ltd.,

Class

A

276,000

241,738

Agricultural

Bank

of

China

Ltd.,

Class

H

690,000

452,675

Ahli

Bank

QSC

29,516

30,797

Ajman

Bank

PJSC

59,432

23,947

Akbank

TAS

68,356

113,666

Al

Ahli

Bank

of

Kuwait

KSCP

13,993

13,764

Al

Rajhi

Bank

27,646

698,317

Al

Rayan

Bank

82,984

54,244

Alinma

Bank

18,538

127,603

Alliance

Bank

Malaysia

Bhd.

30,847

32,474

Alpha

Bank

SA

53,038

200,325

AMMB

Holdings

Bhd.

59,800

70,807

Arab

National

Bank

21,298

123,435

AU

Small

Finance

Bank

Ltd.(b)

6,895

58,364

Axis

Bank

Ltd.

32,384

394,972

Banco

BBVA

Peru

SA

125,853

49,834

Banco

Bradesco

SA

33,700

80,660

Banco

Bradesco

SA

(Preference)

128,800

357,282

Banco

de

Bogota

SA

1,363

10,570

Banco

de

Chile

1,062,738

145,428

Banco

de

Credito

e

Inversiones

SA

2,392

94,304

Banco

del

Bajio

SA(b)

13,800

31,084

Banco

do

Brasil

SA

41,400

145,677

Banco

do

Estado

do

Rio

Grande

do

Sul

SA

(Preference),

Class

B

78,200

153,228

Banco

Itau

Chile

SA

1,943

25,505

Banco

Santander

Brasil

SA

9,200

43,432

Banco

Santander

Chile

1,510,180

86,655

Bandhan

Bank

Ltd.(b)

11,877

22,789

Bangkok

Bank

PCL,

NVDR

13,800

62,497

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

66

Investments

Shares

Value

COMMON

STOCKS

(continued)

Banks

(continued)

Bank

AlBilad

11,868

$

82,387

Bank

Al-Jazira*

8,970

30,059

Bank

Central

Asia

Tbk.

PT

754,400

379,378

Bank

Islam

Malaysia

Bhd.

44,100

23,162

Bank

Jago

Tbk.

PT*

133,400

15,160

Bank

Mandiri

Persero

Tbk.

PT

864,780

237,020

Bank

Negara

Indonesia

Persero

Tbk.

PT

322,000

78,470

Bank

OCBC

Nisp

Tbk.

PT

1,283,400

103,733

Bank

of

Baroda

28,150

76,440

Bank

of

Beijing

Co.

Ltd.,

Class

A

52,000

46,629

Bank

of

Changsha

Co.

Ltd.,

Class

A

9,400

12,912

Bank

of

Chengdu

Co.

Ltd.,

Class

A

10,600

27,219

Bank

of

China

Ltd.,

Class

H

1,886,000

1,090,757

Bank

of

Chongqing

Co.

Ltd.,

Class

A

10,000

14,056

Bank

of

Chongqing

Co.

Ltd.,

Class

H

23,000

22,707

Bank

of

Communications

Co.

Ltd.,

Class

A

45,500

48,391

Bank

of

Communications

Co.

Ltd.,

Class

H

190,000

171,121

Bank

of

Hangzhou

Co.

Ltd.,

Class

A

14,100

31,462

Bank

of

India

21,338

27,131

Bank

of

Jiangsu

Co.

Ltd.,

Class

A

40,980

64,379

Bank

of

Lanzhou

Co.

Ltd.,

Class

A

32,200

11,057

Bank

of

Maharashtra

28,294

18,114

Bank

of

Nanjing

Co.

Ltd.,

Class

A

26,500

42,294

Bank

of

Ningbo

Co.

Ltd.,

Class

A

11,950

46,302

Bank

of

Shanghai

Co.

Ltd.,

Class

A

16,800

23,894

Bank

of

the

Philippine

Islands

54,740

110,920

Bank

of

Xi'an

Co.

Ltd.,

Class

A

4,900

2,616

Bank

Pan

Indonesia

Tbk.

PT

150,400

10,237

Bank

Rakyat

Indonesia

Persero

Tbk.

PT

1,499,600

338,105

Banque

Saudi

Fransi

26,266

120,158

BDO

Unibank,

Inc.

54,654

133,701

BNK

Financial

Group,

Inc.

7,866

82,755

BOC

Hong

Kong

Holdings

Ltd.

89,000

400,217

Boubyan

Bank

KSCP

16,828

38,770

Burgan

Bank

SAK

34,732

28,376

Canara

Bank

45,713

55,968

Capitec

Bank

Holdings

Ltd.

1,380

269,557

Central

Bank

of

India

Ltd.

22,724

9,445

Chang

Hwa

Commercial

Bank

Ltd.

169,705

105,186

China

Banking

Corp.

27,990

31,429

China

CITIC

Bank

Corp.

Ltd.,

Class

A

23,700

26,985

China

CITIC

Bank

Corp.

Ltd.,

Class

H

184,000

171,343

China

Construction

Bank

Corp.,

Class

A

37,000

48,405

China

Construction

Bank

Corp.,

Class

H

2,346,000

2,405,771

China

Everbright

Bank

Co.

Ltd.,

Class

A

64,400

36,261

China

Everbright

Bank

Co.

Ltd.,

Class

H(a)

53,000

24,913

Investments

Shares

Value

Banks

(continued)

China

Merchants

Bank

Co.

Ltd.,

Class

A

36,800

$

227,567

China

Merchants

Bank

Co.

Ltd.,

Class

H

92,500

600,955

China

Minsheng

Banking

Corp.

Ltd.,

Class

A

47,400

32,224

China

Minsheng

Banking

Corp.

Ltd.,

Class

H

161,000

97,010

China

Zheshang

Bank

Co.

Ltd.,

Class

A

14,100

6,645

China

Zheshang

Bank

Co.

Ltd.,

Class

H

60,900

21,412

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

Class

A

18,800

17,721

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

Class

H

47,000

37,301

CIMB

Group

Holdings

Bhd.

207,140

318,117

City

Union

Bank

Ltd.

14,904

36,457

CNPC

Capital

Co.

Ltd.,

Class

A

14,700

17,698

Commercial

Bank

PSQC

(The)

71,852

96,618

Commercial

International

Bank

-

Egypt

(CIB)

55,749

108,009

Commercial

International

Bank

-

Egypt

(CIB)

(Registered),

GDR(b)

400

766

Credicorp

Ltd.

1,564

370,668

Credit

Bank

of

Moscow

PJSC*‡

229,590

—

CTBC

Financial

Holding

Co.

Ltd.

464,302

641,677

Doha

Bank

QPSC

899,714

604,669

Dubai

Islamic

Bank

PJSC

69,368

188,476

Dukhan

Bank

24,440

24,534

E.Sun

Financial

Holding

Co.

Ltd.

233,479

250,708

Emirates

NBD

Bank

PJSC

60,260

438,854

Equitas

Small

Finance

Bank

Ltd.(b)

214,682

145,231

Eurobank

Ergasias

Services

and

Holdings

SA

62,698

232,362

Faisal

Islamic

Bank

of

Egypt

236,486

201,001

Far

Eastern

International

Bank

111,070

50,051

Federal

Bank

Ltd.

30,636

70,796

First

Abu

Dhabi

Bank

PJSC

107,821

528,376

First

Financial

Holding

Co.

Ltd.

173,509

172,070

Grupo

Aval

Acciones

y

Valores

SA

(Preference)

106,455

14,773

Grupo

Cibest

SA

5,520

72,228

Grupo

Cibest

SA

(Preference)

9,798

107,739

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

68,570

612,263

Grupo

Financiero

Inbursa

SAB

de

CV,

Class

O(a)

59,050

152,576

Grupo

Security

SA

722,568

200,627

Gulf

Bank

KSCP

37,582

41,635

Haci

Omer

Sabanci

Holding

A/S

28,658

67,316

Hana

Financial

Group,

Inc.

6,900

424,906

HDFC

Bank

Ltd.

79,672

1,835,574

Hong

Leong

Bank

Bhd.

18,400

81,969

Hong

Leong

Financial

Group

Bhd.

4,900

18,543

Housing

&

Development

Bank

47,104

58,150

Hua

Nan

Financial

Holdings

Co.

Ltd.

143,484

137,968

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

67

Investments

Shares

Value

COMMON

STOCKS

(continued)

Banks

(continued)

Huaxia

Bank

Co.

Ltd.,

Class

A

36,800

$

40,673

Huishang

Bank

Corp.

Ltd.,

Class

H

368,000

154,701

ICICI

Bank

Ltd.

73,876

1,249,332

IDFC

First

Bank

Ltd.

80,362

63,080

iM

Financial

Group

Co.

Ltd.

5,336

53,368

Indian

Bank

7,117

50,510

IndusInd

Bank

Ltd.*

12,420

113,270

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

A

197,800

207,895

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

1,794,000

1,375,781

Industrial

Bank

Co.

Ltd.,

Class

A

36,800

115,830

Industrial

Bank

of

Korea

5,796

81,164

Intercorp

Financial

Services,

Inc.(b)

1,040

37,617

Itau

Unibanco

Holding

SA

(Preference)

127,020

797,711

Itausa

SA

22,289

41,166

Itausa

SA

(Preference)

149,795

276,925

Jammu

&

Kashmir

Bank

Ltd.

(The)

164,910

196,012

JB

Financial

Group

Co.

Ltd.

3,299

54,952

Jiangsu

Changshu

Rural

Commercial

Bank

Co.

Ltd.,

Class

A

8,107

8,329

KakaoBank

Corp.

4,692

95,071

Karur

Vysya

Bank

Ltd.

(The)

12,834

38,620

Kasikornbank

PCL,

NVDR

27,600

136,818

KB

Financial

Group,

Inc.

8,924

713,637

Kiatnakin

Phatra

Bank

PCL,

NVDR

5,100

8,622

King's

Town

Bank

Co.

Ltd.*

29,450

53,281

Komercni

Banka

A/S

2,024

96,936

Kotak

Mahindra

Bank

Ltd.

15,548

351,184

Krung

Thai

Bank

PCL,

NVDR

96,600

65,031

Kuwait

Finance

House

KSCP

190,623

502,721

Kuwait

International

Bank

KSCP

29,532

26,733

Malayan

Banking

Bhd.

179,400

394,974

Mashreqbank

PSC

552

38,615

MBSB

Bhd.

119,900

19,257

Mega

Financial

Holding

Co.

Ltd.

171,964

245,436

Metropolitan

Bank

&

Trust

Co.

34,500

43,885

Moneta

Money

Bank

A/S(b)

9,200

64,316

National

Bank

of

Greece

SA

18,998

267,236

National

Bank

of

Kuwait

SAKP

123,407

423,052

National

Bank

of

Ras

Al-Khaimah

PSC

(The)

12,282

25,914

Nedbank

Group

Ltd.

10,212

140,379

O-Bank

Co.

Ltd.

690,000

209,676

Optima

bank

SA(a)

6,072

50,246

OTP

Bank

Nyrt.

5,198

424,211

Philippine

National

Bank

224,480

242,442

Ping

An

Bank

Co.

Ltd.,

Class

A

30,600

52,029

Piraeus

Financial

Holdings

SA

16,606

128,673

Postal

Savings

Bank

of

China

Co.

Ltd.,

Class

A

179,400

143,163

Postal

Savings

Bank

of

China

Co.

Ltd.,

Class

H(a)(b)

230,000

162,611

Public

Bank

Bhd.

354,200

349,632

Investments

Shares

Value

Banks

(continued)

Punjab

National

Bank

46,368

$

55,780

Qatar

International

Islamic

Bank

QSC

20,378

62,293

Qatar

Islamic

Bank

QPSC

45,218

304,641

Qatar

National

Bank

QPSC

108,514

558,813

RBL

Bank

Ltd.*(b)

168,314

512,692

Regional

SAB

de

CV

5,100

39,796

RHB

Bank

Bhd.

98,751

141,933

Riyad

Bank

34,178

256,943

Saudi

Awwal

Bank

22,448

193,894

Saudi

Investment

Bank

(The)

16,505

63,317

Saudi

National

Bank

(The)

68,310

682,900

Sberbank

of

Russia

PJSC*‡

369,050

—

Sberbank

of

Russia

PJSC

(Preference)*‡

39,708

—

SCB

X

PCL,

NVDR

18,400

71,224

Shanghai

Commercial

&

Savings

Bank

Ltd.

(The)

108,475

156,275

Shanghai

Pudong

Development

Bank

Co.

Ltd.,

Class

A

46,000

81,922

Shanghai

Rural

Commercial

Bank

Co.

Ltd.,

Class

A

20,000

25,275

Sharjah

Islamic

Bank

473,662

389,442

Shinhan

Financial

Group

Co.

Ltd.

10,902

534,566

SinoPac

Financial

Holdings

Co.

Ltd.

319,509

264,942

Standard

Bank

Group

Ltd.

31,004

401,916

State

Bank

of

India

43,516

395,698

Taichung

Commercial

Bank

Co.

Ltd.*

57,181

42,626

Taishin

Financial

Holding

Co.

Ltd.

595,997

326,478

Taiwan

Business

Bank

77,536

41,824

Taiwan

Cooperative

Financial

Holding

Co.

Ltd.

150,232

127,846

Thanachart

Capital

PCL,

NVDR

19,300

29,086

Tisco

Financial

Group

PCL,

NVDR

9,400

28,548

TMBThanachart

Bank

PCL,

NVDR

1,117,900

66,020

Turkiye

Garanti

Bankasi

A/S

12,742

44,824

Turkiye

Is

Bankasi

A/S,

Class

B

1

11,233

Turkiye

Is

Bankasi

A/S,

Class

C

175,214

63,968

Turkiye

Vakiflar

Bankasi

TAO,

Class

D*

26,299

18,672

Ujjivan

Small

Finance

Bank

Ltd.*(b)

171,948

86,898

Union

Bank

of

India

Ltd.

41,860

62,581

Union

Bank

of

Taiwan

60,107

33,530

Union

Bank

of

the

Philippines

18,400

10,094

VTB

Bank

PJSC*‡

27,302

—

Warba

Bank

KSCP*

56,212

50,885

Woori

Financial

Group,

Inc.

15,916

283,476

Yapi

ve

Kredi

Bankasi

A/S*

74,579

61,841

Yes

Bank

Ltd.*

243,110

52,508

38,216,905

Beverages

-

0.9%

Allied

Blenders

&

Distillers

Ltd.

2,024

11,900

Ambev

SA

57,900

128,861

Anadolu

Efes

Biracilik

ve

Malt

Sanayii

A/S,

Class

B

53,500

19,980

Anhui

Gujing

Distillery

Co.

Ltd.,

Class

A

600

11,494

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

68

Investments

Shares

Value

COMMON

STOCKS

(continued)

Beverages

(continued)

Anhui

Gujing

Distillery

Co.

Ltd.,

Class

B

1,100

$

14,939

Arca

Continental

SAB

de

CV

5,482

57,247

Becle

SAB

de

CV(a)

9,200

11,546

Carabao

Group

PCL,

NVDR

100

169

Carlsberg

Brewery

Malaysia

Bhd.

4,600

19,500

China

Foods

Ltd.

276,000

115,322

China

Resources

Beer

Holdings

Co.

Ltd.(a)

24,607

81,971

Chongqing

Brewery

Co.

Ltd.,

Class

A

1,800

13,819

Coca-Cola

Femsa

SAB

de

CV

8,300

68,953

Coca-Cola

Icecek

A/S

11,914

14,910

Eastroc

Beverage

Group

Co.

Ltd.,

Class

A

780

30,504

Embotelladora

Andina

SA

(Preference),

Class

B

8,832

33,665

Emperador,

Inc.

26,200

7,276

Fomento

Economico

Mexicano

SAB

de

CV

27,416

247,987

Ginebra

San

Miguel,

Inc.

24,840

121,789

Guangzhou

Zhujiang

Brewery

Co.

Ltd.,

Class

A

1,700

2,425

Hebei

Hengshui

Laobaigan

Liquor

Co.

Ltd.,

Class

A

2,300

5,366

Heineken

Malaysia

Bhd.

500

2,804

Hey

Song

Corp.

15,000

20,052

Hite

Jinro

Co.

Ltd.

12,052

175,983

Jiangsu

Yanghe

Distillery

Co.

Ltd.,

Class

A

600

5,627

JiuGui

Liquor

Co.

Ltd.,

Class

A

500

3,268

Kweichow

Moutai

Co.

Ltd.,

Class

A

1,300

256,944

Lotte

Chilsung

Beverage

Co.

Ltd.

1,518

142,299

Luzhou

Laojiao

Co.

Ltd.,

Class

A

1,000

17,086

Nongfu

Spring

Co.

Ltd.,

Class

H(a)(b)

27,000

156,325

Osotspa

PCL,

NVDR

31,100

17,035

Radico

Khaitan

Ltd.

1,344

41,955

Sariguna

Primatirta

Tbk.

PT

243,800

8,297

Shanxi

Xinghuacun

Fen

Wine

Factory

Co.

Ltd.,

Class

A

960

23,890

Tsingtao

Brewery

Co.

Ltd.,

Class

H

10,000

63,567

United

Breweries

Ltd.

1,379

30,628

United

Spirits

Ltd.

4,968

76,007

Varun

Beverages

Ltd.

18,609

111,018

Vina

Concha

y

Toro

SA

204,516

217,220

Wuliangye

Yibin

Co.

Ltd.,

Class

A

3,600

60,635

ZJLD

Group,

Inc.(a)(b)

7,000

5,966

2,456,229

Biotechnology

-

0.8%

3SBio,

Inc.*(b)

47,000

192,191

ABLBio,

Inc.*

564

30,054

Akeso,

Inc.*(a)(b)

7,000

137,860

Alteogen,

Inc.*

598

195,769

Ascentage

Pharma

Group

International*(b)

4,600

42,191

Investments

Shares

Value

Biotechnology

(continued)

BeOne

Medicines

Ltd.,

Class

H*

10,900

$

251,880

Biocon

Ltd.

4,294

19,186

CanSino

Biologics,

Inc.,

Class

H*(b)

800

4,566

CARsgen

Therapeutics

Holdings

Ltd.*(b)

9,000

24,822

Celltrion,

Inc.

2,254

290,771

D&D

PharmaTech,

Inc.*

230

21,494

Dizal

Jiangsu

Pharmaceutical

Co.

Ltd.,

Class

A*

1,201

12,494

Duality

Biotherapeutics,

Inc.*

400

17,845

Ever

Supreme

Bio

Technology

Co.

Ltd.

3,000

15,328

Everest

Medicines

Ltd.*(a)(b)

5,500

44,771

GI

Innovation,

Inc.*

2,119

28,757

Green

Cross

Corp.

138

14,459

Green

Cross

Holdings

Corp.

2,024

23,352

HLB

Therapeutics

Co.

Ltd.*

1,564

4,263

Hugel,

Inc.*

102

24,787

InnoCare

Pharma

Ltd.,

Class

H*(a)

(b)

20,000

45,911

Innovent

Biologics,

Inc.*(b)

19,500

243,439

Keymed

Biosciences,

Inc.*(b)

4,000

31,287

Medigen

Vaccine

Biologics

Corp.*

11,148

16,116

Medytox,

Inc.

184

19,517

Naturecell

Co.

Ltd.*

987

26,903

OliX

Pharmaceuticals,

Inc.*

414

13,702

Pacific

Shuanglin

Bio-pharmacy

Co.

Ltd.,

Class

A

1,510

3,802

PharmaEngine,

Inc.

2,114

5,248

PharmaEssentia

Corp.*

4,800

79,765

PharmaResearch

Co.

Ltd.

96

38,558

Remegen

Co.

Ltd.,

Class

A*

1,775

15,835

Seegene,

Inc.

1,624

34,780

Shanghai

Junshi

Biosciences

Co.

Ltd.,

Class

A*

1,629

8,710

Shanghai

RAAS

Blood

Products

Co.

Ltd.,

Class

A

13,800

13,238

Sichuan

Kelun-Biotech

Biopharmaceutical

Co.

Ltd.,

Class

H*

300

15,898

SK

Bioscience

Co.

Ltd.*

368

12,140

SunMax

Biotechnology

Co.

Ltd.*

1,000

14,004

TaiMed

Biologics,

Inc.*

5,600

15,347

TYK

Medicines,

Inc.,

Class

H*

5,000

12,930

Zai

Lab

Ltd.*

14,200

53,092

2,117,062

Broadline

Retail

-

3.1%

Alibaba

Group

Holding

Ltd.

248,500

3,662,605

Central

Retail

Corp.

PCL,

NVDR

18,275

12,023

Daya

Intiguna

Yasa

Tbk.

PT*

105,800

8,198

Easyhome

New

Retail

Group

Co.

Ltd.,

Class

A*

14,400

5,966

El

Puerto

de

Liverpool

SAB

de

CV,

Class

C1

5,200

25,602

Falabella

SA

18,964

93,941

Far

Eastern

Department

Stores

Ltd.

21,120

15,001

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

69

Investments

Shares

Value

COMMON

STOCKS

(continued)

Broadline

Retail

(continued)

Global

Digital

Niaga

Tbk.

PT*

473,800

$

11,230

GoTo

Gojek

Tokopedia

Tbk.

PT,

Class

A*

8,510,000

33,616

Hyundai

Department

Store

Co.

Ltd.

4,968

253,272

JD.com,

Inc.,

Class

A

60,750

951,105

Lotte

Shopping

Co.

Ltd.

230

11,908

Magazine

Luiza

SA

15,015

18,934

MINISO

Group

Holding

Ltd.

7,968

37,911

Mitra

Adiperkasa

Tbk.

PT

3,138,488

224,110

momo.com,

Inc.

1,801

17,076

Naspers

Ltd.,

Class

N

2,300

718,068

PDD

Holdings,

Inc.,

ADR*

18,170

2,061,386

Poya

International

Co.

Ltd.

1,028

15,946

Shinsegae,

Inc.

2,346

290,628

Vipshop

Holdings

Ltd.,

ADR

7,498

113,145

Vishal

Mega

Mart

Ltd.*

7,958

12,677

Woolworths

Holdings

Ltd.

13,800

38,158

8,632,506

Building

Products

-

0.2%

Astral

Ltd.

1,227

19,627

Blue

Star

Ltd.

2,388

47,382

China

Lesso

Group

Holdings

Ltd.

368,000

219,394

Kajaria

Ceramics

Ltd.

2,760

37,084

Kyung

Dong

Navien

Co.

Ltd.

2,300

142,962

Sung

Kwang

Bend

Co.

Ltd.

414

9,568

Taiwan

Glass

Industry

Corp.*

38,314

30,679

Xinyi

Glass

Holdings

Ltd.(a)

49,881

51,469

558,165

Capital

Markets

-

2.1%

360

ONE

WAM

Ltd.

4,510

54,198

Administradora

de

Fondos

de

Pensiones

Habitat

SA

65,090

71,161

Anand

Rathi

Wealth

Ltd.

1,536

46,389

Angel

One

Ltd.

552

16,389

Authum

Investment

&

Infrastucture

Ltd.

506

16,036

B3

SA

-

Brasil

Bolsa

Balcao

73,600

165,380

Banco

BTG

Pactual

SA

18,400

128,603

Bengal

&

Assam

Co.

Ltd.

1,656

154,829

Bolsa

Mexicana

de

Valores

SAB

de

CV

22,954

49,325

Boursa

Kuwait

Securities

Co.

KPSC

1,296

14,730

Bursa

Malaysia

Bhd.

4,900

8,651

Caitong

Securities

Co.

Ltd.,

Class

A

2,820

3,176

Capital

Securities

Corp.

48,000

32,646

China

Bills

Finance

Corp.

21,312

10,818

China

Cinda

Asset

Management

Co.

Ltd.,

Class

H(a)

276,000

49,926

China

CITIC

Financial

Asset

Management

Co.

Ltd.,

Class

H*(b)

414,000

64,341

China

Everbright

Ltd.(a)

260,000

265,631

China

Galaxy

Securities

Co.

Ltd.,

Class

A

5,200

12,434

Investments

Shares

Value

Capital

Markets

(continued)

China

Galaxy

Securities

Co.

Ltd.,

Class

H

42,000

$

56,820

China

International

Capital

Corp.

Ltd.,

Class

H(b)

19,200

48,819

China

Merchants

Securities

Co.

Ltd.,

Class

A

11,820

29,382

China

Merchants

Securities

Co.

Ltd.,

Class

H(a)(b)

7,200

14,895

Choice

International

Ltd.*

799

6,952

CITIC

Securities

Co.

Ltd.,

Class

A

13,800

55,677

CITIC

Securities

Co.

Ltd.,

Class

H

23,000

80,866

Coronation

Fund

Managers

Ltd.

130,962

298,245

CRISIL

Ltd.

384

23,251

CSC

Financial

Co.

Ltd.,

Class

A

4,900

17,419

CSC

Financial

Co.

Ltd.,

Class

H(a)(b)

322,000

515,200

Daishin

Securities

Co.

Ltd.

10,856

200,008

Daishin

Securities

Co.

Ltd.

(Preference)

7,682

107,630

Daou

Technology,

Inc.

9,154

231,358

Derayah

Financial

Co.(b)

3,910

25,778

Dubai

Financial

Market

PJSC

26,726

12,733

EFG

Holding

S.A.E.*

440,036

215,533

Egypt

Kuwait

Holding

Co.

SAE

289,540

177,408

Everbright

Securities

Co.

Ltd.,

Class

A

4,700

11,886

Founder

Securities

Co.

Ltd.,

Class

A

3,000

3,387

GF

Securities

Co.

Ltd.,

Class

A

14,100

37,618

GF

Securities

Co.

Ltd.,

Class

H

28,200

61,573

Guangzhou

Yuexiu

Capital

Holdings

Group

Co.

Ltd.,

Class

A

13,800

14,101

Guolian

Minsheng

Securities

Co.

Ltd.,

Class

A

9,200

14,351

Guosen

Securities

Co.

Ltd.,

Class

A

14,600

26,915

Guotai

Haitong

Securities

Co.

Ltd.

14,314

40,397

Guotai

Haitong

Securities

Co.

Ltd.,

Class

H(b)

41,751

89,991

Guotai

Junan

International

Holdings

Ltd.(a)

92,000

75,006

Hanwha

Investment

&

Securities

Co.

Ltd.*

42,688

180,381

HDFC

Asset

Management

Co.

Ltd.(b)

1,472

94,942

Huatai

Securities

Co.

Ltd.,

Class

A

9,500

26,481

Huatai

Securities

Co.

Ltd.,

Class

H(b)

36,800

84,663

IBF

Financial

Holdings

Co.

Ltd.

59,424

28,968

Indian

Energy

Exchange

Ltd.(b)

15,730

24,296

Industrial

Securities

Co.

Ltd.,

Class

A

12,250

11,070

International

Financial

Advisors

KSC*

22,455

29,353

Investcorp

Capital

plc

273,516

122,122

Investec

Ltd.

4,653

34,574

Is

Yatirim

Menkul

Degerler

A/S

14,639

15,082

JM

Financial

Ltd.

12,972

23,372

JSE

Ltd.

31,648

238,290

Kfin

Technologies

Ltd.

1,718

21,238

KIWOOM

Securities

Co.

Ltd.

298

46,307

Korea

Investment

Holdings

Co.

Ltd.

1,012

104,352

Maharashtra

Scooters

Ltd.

92

16,861

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

70

Investments

Shares

Value

COMMON

STOCKS

(continued)

Capital

Markets

(continued)

Mirae

Asset

Securities

Co.

Ltd.

5,498

$

75,683

Mirae

Asset

Securities

Co.

Ltd.

(Preference)

1,702

10,456

Moscow

Exchange

MICEX-RTS

PJSC*‡

29,911

—

Motilal

Oswal

Financial

Services

Ltd.

2,350

24,439

Multi

Commodity

Exchange

of

India

Ltd.

482

42,330

NH

Investment

&

Securities

Co.

Ltd.

3,956

57,623

Nippon

Life

India

Asset

Management

Ltd.(b)

2,736

25,372

Norte

Grande

SA*

12,146,254

86,890

Nuvama

Wealth

Management

Ltd.

138

11,405

Orient

Securities

Co.

Ltd.,

Class

A

12,032

18,819

Orient

Securities

Co.

Ltd.,

Class

H(a)

(b)

20,400

19,646

Pihsiang

Machinery

Manufacturing

Co.

Ltd.*‡

5,000

—

Polaris

Bay

Group

Co.

Ltd.,

Class

A*

13,800

14,005

President

Securities

Corp.

37,895

23,996

Prudent

Corporate

Advisory

Services

Ltd.

322

10,740

PSG

Financial

Services

Ltd.

25,484

33,091

Reinet

Investments

SCA

3,404

99,113

Samsung

Securities

Co.

Ltd.

1,656

84,543

Saudi

Tadawul

Group

Holding

Co.

368

16,060

Shenwan

Hongyuan

Group

Co.

Ltd.,

Class

A

19,700

14,516

Shenwan

Hongyuan

Group

Co.

Ltd.,

Class

H(a)(b)

40,800

17,048

Shinyoung

Securities

Co.

Ltd.

1,702

156,970

Sociedad

de

Inversiones

Oro

Blanco

SA*

16,337,544

90,108

SPIC

Industry-Finance

Holdings

Co.

Ltd.,

Class

A

10,000

9,287

Tata

Investment

Corp.

Ltd.

240

18,633

Tera

Yatirim

Menkul

Degerler

A/S*

1,380

13,564

UTI

Asset

Management

Co.

Ltd.

1,840

27,932

Verusa

Holding

A/S

1,702

14,843

Xiangcai

Co.

Ltd.,

Class

A*

4,900

7,412

Yuanta

Futures

Co.

Ltd.

30,100

82,996

Zhejiang

Orient

Financial

Holdings

Group

Co.

Ltd.,

Class

A

13,800

11,588

5,879,322

Chemicals

-

3.1%

Aarti

Industries

Ltd.*

6,716

32,204

Abou

Kir

Fertilizers

&

Chemical

Industries

16,514

16,898

ADAMA

Ltd.,

Class

A*

14,100

13,957

Advanced

Petrochemical

Co.*

2,346

19,388

AECI

Ltd.

41,768

252,814

Akzo

Nobel

India

Ltd.

398

17,135

Alkyl

Amines

Chemicals

220

5,897

Allied

Supreme

Corp.

3,217

28,077

Investments

Shares

Value

Chemicals

(continued)

Alpek

SAB

de

CV,

Class

A(a)

123,556

$

59,388

Asian

Paints

Ltd.

9,982

273,039

Atul

Ltd.

126

9,535

Avia

Avian

Tbk.

PT

579,600

16,062

Barito

Pacific

Tbk.

PT*

422,699

67,560

BASF

India

Ltd.

184

10,490

Bayer

CropScience

Ltd.

47

3,392

Berger

Paints

India

Ltd.

4,632

29,870

Boubyan

Petrochemicals

Co.

KSCP

7,344

15,528

Braskem

SA

(Preference),

Class

A*

9,200

14,329

Carborundum

Universal

Ltd.

2,499

26,548

Castrol

India

Ltd.

9,900

24,650

Cathay

Biotech,

Inc.,

Class

A*

1,518

10,151

Chambal

Fertilisers

and

Chemicals

Ltd.

4,968

29,202

Chandra

Asri

Pacific

Tbk.

PT

133,400

75,192

China

Hainan

Rubber

Industry

Group

Co.

Ltd.,

Class

A

9,600

6,553

China

Lumena

New

Materials

Corp.*‡

22,200

—

China

Petrochemical

Development

Corp.*

92,000

22,963

China

Steel

Chemical

Corp.

9,434

27,467

Clean

Science

&

Technology

Ltd.

658

9,181

CNNC

Hua

Yuan

Titanium

Dioxide

Co.

Ltd.,

Class

A

7,975

4,646

Coromandel

International

Ltd.

1,858

57,085

Cosmochemical

Co.

Ltd.*

1,012

11,997

Daxin

Materials

Corp.

1,221

10,472

Deepak

Fertilisers

&

Petrochemicals

Corp.

Ltd.

2,346

42,818

Deepak

Nitrite

Ltd.*

552

11,597

DL

Holdings

Co.

Ltd.

4,232

154,107

Do-Fluoride

New

Materials

Co.

Ltd.,

Class

A

9,200

15,886

Dongjin

Semichem

Co.

Ltd.

11,730

268,129

Dongsung

Finetec

Co.

Ltd.

506

10,307

Dongyue

Group

Ltd.(a)

33,000

43,804

EID

Parry

India

Ltd.*

41,170

579,725

Eternal

Materials

Co.

Ltd.

24,850

23,145

Fine

Organic

Industries

Ltd.

343

20,763

Finolex

Industries

Ltd.

7,955

18,731

Formosa

Chemicals

&

Fibre

Corp.

51,209

49,498

Formosa

Plastics

Corp.

56,985

81,428

Fufeng

Group

Ltd.

46,000

50,805

Ganfeng

Lithium

Group

Co.

Ltd.,

Class

A

4,600

23,023

Garware

Hi-Tech

Films

Ltd.

368

14,529

Grand

Pacific

Petrochemical*

339,500

118,295

Guangzhou

Tinci

Materials

Technology

Co.

Ltd.,

Class

A

4,600

12,080

Gubre

Fabrikalari

TAS*

1,794

10,991

Gujarat

Fluorochemicals

Ltd.

715

29,335

Hangjin

Technology

Co.

Ltd.,

Class

A*

4,700

14,245

Hansol

Chemical

Co.

Ltd.

3,220

422,816

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

71

Investments

Shares

Value

COMMON

STOCKS

(continued)

Chemicals

(continued)

Hanwha

Solutions

Corp.

1,978

$

43,788

Haohua

Chemical

Science

&

Technology

Co.

Ltd.,

Class

A

4,600

16,416

Hektas

Ticaret

TAS*

98,164

9,576

Hengli

Petrochemical

Co.

Ltd.,

Class

A

14,100

30,286

Hengyi

Petrochemical

Co.

Ltd.,

Class

A

13,800

11,492

Hextar

Global

Bhd.

69,000

14,560

Himadri

Speciality

Chemical

Ltd.

5,505

29,728

HS

Hyosung

Advanced

Materials

Corp.

874

124,533

Huabao

International

Holdings

Ltd.(a)

17,000

7,406

Huafon

Chemical

Co.

Ltd.,

Class

A

14,400

15,035

Hyosung

TNC

Corp.

828

140,906

Indorama

Ventures

PCL,

NVDR

47,500

33,576

Inner

Mongolia

Berun

Chemical

Co.

Ltd.,

Class

A

18,400

14,760

Inner

Mongolia

Junzheng

Energy

&

Chemical

Industry

Group

Co.

Ltd.,

Class

A

23,500

17,446

ISU

Specialty

Chemical*

799

25,466

Jiangsu

Eastern

Shenghong

Co.

Ltd.,

Class

A*

6,300

7,821

Jinan

Acetate

Chemical

Co.

Ltd.

16,090

43,180

Jubilant

Ingrevia

Ltd.

2,701

24,134

KCC

Corp.

59

15,741

Kingfa

Sci

&

Tech

Co.

Ltd.,

Class

A

9,400

16,505

Kolon

Industries,

Inc.

7,176

213,448

KuibyshevAzot

PJSC*‡

9,900

—

Kumho

Petrochemical

Co.

Ltd.

423

37,304

LB

Group

Co.

Ltd.,

Class

A

4,600

10,904

LG

Chem

Ltd.

1,058

230,017

LG

Chem

Ltd.

(Preference)

230

25,176

Linde

India

Ltd.

282

21,162

Lotte

Chemical

Corp.

517

24,791

LOTTE

Fine

Chemical

Co.

Ltd.

5,106

158,320

Luxi

Chemical

Group

Co.

Ltd.,

Class

A

1,800

2,908

Meihua

Holdings

Group

Co.

Ltd.,

Class

A

10,900

17,048

Mesaieed

Petrochemical

Holding

Co.

111,228

41,394

Misr

Fertilizers

Production

Co.

SAE

19,988

11,091

Miwon

Commercial

Co.

Ltd.

50

5,971

Nan

Pao

Resins

Chemical

Co.

Ltd.

2,000

25,731

Nan

Ya

Plastics

Corp.

66,056

90,627

Nantex

Industry

Co.

Ltd.

9,120

7,440

National

Industrialization

Co.*

12,834

32,914

Navin

Fluorine

International

Ltd.

690

39,761

Ningbo

Shanshan

Co.

Ltd.,

Class

A*

14,100

19,701

Ningxia

Baofeng

Energy

Group

Co.

Ltd.,

Class

A

5,900

12,747

Nizhnekamskneftekhim

PJSC*‡

28,600

—

Nizhnekamskneftekhim

PJSC

(Preference)*‡

26,400

—

Investments

Shares

Value

Chemicals

(continued)

OCI

Holdings

Co.

Ltd.

5,566

$

376,472

Omnia

Holdings

Ltd.

60,490

264,440

Orbia

Advance

Corp.

SAB

de

CV

312,754

214,444

Organichesky

Sintez

PJSC*‡

11,550

—

Paradeep

Phosphates

Ltd.(b)

9,108

22,400

PCBL

Chemical

Ltd.

6,996

31,466

Petkim

Petrokimya

Holding

A/S*

41,124

17,324

Petronas

Chemicals

Group

Bhd.

51,300

46,669

PhosAgro

PJSC‡

1,540

—

PI

Industries

Ltd.

1,164

56,485

Pidilite

Industries

Ltd.

3,956

129,601

PTT

Global

Chemical

PCL,

NVDR

48,700

35,318

Qinghai

Salt

Lake

Industry

Co.

Ltd.,

Class

A*

6,500

16,293

Rongsheng

Petrochemical

Co.

Ltd.,

Class

A

14,600

18,552

SABIC

Agri-Nutrients

Co.

3,680

116,941

Sahara

International

Petrochemical

Co.

2,438

11,634

San

Fang

Chemical

Industry

Co.

Ltd.

72,000

82,741

Sasa

Polyester

Sanayi

A/S*

292,928

22,515

Sasol

Ltd.*

14,398

74,624

Satellite

Chemical

Co.

Ltd.,

Class

A

4,662

12,652

Saudi

Aramco

Base

Oil

Co.

736

20,484

Saudi

Basic

Industries

Corp.

12,052

175,586

Saudi

Industrial

Investment

Group

4,876

23,372

Saudi

Kayan

Petrochemical

Co.*

19,228

23,426

Scientex

Bhd.

24,900

19,033

Shandong

Hualu

Hengsheng

Chemical

Co.

Ltd.,

Class

A

6,110

20,370

Shanghai

Chlor-Alkali

Chemical

Co.

Ltd.,

Class

B

10,000

6,110

Shanghai

Putailai

New

Energy

Technology

Co.

Ltd.,

Class

A

4,060

9,906

Shinkong

Synthetic

Fibers

Corp.

593,300

256,422

Sichuan

Hebang

Biotechnology

Co.

Ltd.,

Class

A

41,400

10,763

Sichuan

Yahua

Industrial

Group

Co.

Ltd.,

Class

A

3,600

6,972

Sinofert

Holdings

Ltd.(a)

1,104,000

199,704

Sinon

Corp.

20,590

28,421

SK

Chemicals

Co.

Ltd.

598

29,322

SKC

Co.

Ltd.*

200

14,595

Sociedad

Quimica

y

Minera

de

Chile

SA

(Preference),

Class

B*

2,024

73,945

Solar

Applied

Materials

Technology

Corp.

12,078

20,233

Solar

Industries

India

Ltd.

373

60,549

Soulbrain

Co.

Ltd.

1,702

291,480

SRF

Ltd.

1,978

68,662

Sudarshan

Chemical

Industries

Ltd.*

782

12,817

Sumitomo

Chemical

India

Ltd.

2,585

19,143

Supreme

Industries

Ltd.

1,040

51,133

Taiwan

Fertilizer

Co.

Ltd.

16,360

28,557

Taiwan

Speciality

Chemicals

Corp.

2,000

14,943

Tata

Chemicals

Ltd.

2,679

30,049

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

72

Investments

Shares

Value

COMMON

STOCKS

(continued)

Chemicals

(continued)

Tianqi

Lithium

Corp.,

Class

A*

800

$

4,252

TKG

Huchems

Co.

Ltd.

5,612

71,425

TOA

Paint

Thailand

PCL,

NVDR

190,000

81,395

Tongkun

Group

Co.

Ltd.,

Class

A

9,200

15,834

Transfar

Zhilian

Co.

Ltd.,

Class

A

18,800

15,970

TSRC

Corp.

26,350

16,067

Unipar

Carbocloro

SA

(Preference),

Class

B

21,700

213,064

UPL

Ltd.

8,924

71,699

Wanhua

Chemical

Group

Co.

Ltd.,

Class

A

4,900

42,447

Yanbu

National

Petrochemical

Co.

2,350

19,108

Yung

Chi

Paint

&

Varnish

Manufacturing

Co.

Ltd.

7,295

18,380

Zhejiang

Longsheng

Group

Co.

Ltd.,

Class

A

9,600

14,134

Zhejiang

NHU

Co.

Ltd.,

Class

A

4,800

14,948

8,553,828

Commercial

Services

&

Supplies

-

0.1%

Ambipar

Participacoes

e

Empreendimentos

SA,

Class

B*

400

9,350

Catrion

Catering

Holding

Co.

624

18,881

China

Everbright

Environment

Group

Ltd.(a)

96,000

51,485

China

Southern

Power

Grid

Energy

Efficiency&Clean

Energy

Co.

Ltd.,

Class

A

23,500

15,094

Cleanaway

Co.

Ltd.

1,000

6,466

Doms

Industries

Ltd.

368

9,841

Dynagreen

Environmental

Protection

Group

Co.

Ltd.,

Class

H(b)

18,000

11,671

Eternal

Asia

Supply

Chain

Management

Ltd.,

Class

A

18,400

11,460

Frontken

Corp.

Bhd.

28,200

26,911

GPS

Participacoes

e

Empreendimentos

SA(c)

9,600

24,281

Indian

Railway

Catering

&

Tourism

Corp.

Ltd.

4,738

39,270

KEPCO

Plant

Service

&

Engineering

Co.

Ltd.

460

17,315

L&K

Engineering

Co.

Ltd.

2,508

27,351

Parkin

Co.

PJSC

14,922

25,066

S-1

Corp.

347

18,566

Taiwan

Secom

Co.

Ltd.

3,165

12,035

Taiwan

Shin

Kong

Security

Co.

Ltd.

5,520

7,481

Tuhu

Car,

Inc.,

Class

A*(a)(b)

14,500

37,127

369,651

Communications

Equipment

-

0.3%

Accton

Technology

Corp.

7,934

237,110

Arcadyan

Technology

Corp.

2,832

21,111

Astra

Microwave

Products

Ltd.

966

10,582

BYD

Electronic

International

Co.

Ltd.

(a)

21,500

90,108

Investments

Shares

Value

Communications

Equipment

(continued)

EZconn

Corp.

2,000

$

40,874

Fiberhome

Telecommunication

Technologies

Co.

Ltd.,

Class

A

4,600

14,364

FOCI

Fiber

Optic

Communications,

Inc.*

2,000

20,571

Glarun

Technology

Co.

Ltd.,

Class

A

1,800

7,573

Hengtong

Optic-electric

Co.

Ltd.,

Class

A

4,700

10,409

Intelbras

SA

Industria

de

Telecomunicacao

Eletronica

Brasileira

36,800

92,878

LuxNet

Corp.

3,840

25,409

Seojin

System

Co.

Ltd.*

12,144

192,651

Sercomm

Corp.

6,960

23,435

Tejas

Networks

Ltd.(b)

3,128

20,838

WNC

Corp.

9,572

37,842

ZTE

Corp.,

Class

A

3,100

14,778

ZTE

Corp.,

Class

H(a)

10,400

32,989

893,522

Construction

&

Engineering

-

1.6%

Acter

Group

Corp.

Ltd.

2,810

46,131

Afcons

Infrastructure

Ltd.

1,978

9,015

BES

Engineering

Corp.

50,496

18,779

CCCC

Design

&

Consulting

Group

Co.

Ltd.,

Class

A*

9,400

10,585

Central

New

Energy

Holding

Group

Ltd.*(a)

15,000

15,459

CH

Karnchang

PCL,

NVDR

900

372

China

Communications

Services

Corp.

Ltd.,

Class

H

946,000

551,934

China

Conch

Venture

Holdings

Ltd.

(a)

46,000

56,255

China

Energy

Engineering

Corp.

Ltd.,

Class

A

23,600

8,498

China

Energy

Engineering

Corp.

Ltd.,

Class

H

104,000

17,223

China

Railway

Group

Ltd.,

Class

A

44,300

35,044

China

Railway

Group

Ltd.,

Class

H(a)

74,000

37,236

Continental

Holdings

Corp.

180,285

133,186

CTCI

Corp.*

252,200

246,306

DA

CIN

Construction

Co.

Ltd.

77,597

155,207

Daewoo

Engineering

&

Construction

Co.

Ltd.*

68,402

184,964

DL

E&C

Co.

Ltd.

1,012

34,407

Engineers

India

Ltd.

9,696

23,664

Enka

Insaat

ve

Sanayi

A/S

17,350

29,748

Estithmar

Holding

QPSC*

29,093

28,358

G

R

Infraprojects

Ltd.

1,392

19,358

Gamuda

Bhd.

79,349

96,372

GEK

Terna

SA

1,470

36,443

Girsim

Elektrik

Sanayi

Taahut

ve

Ticaret

A/S*

54,556

67,199

GMR

Power

and

Urban

Infra

Ltd.*

94,714

117,886

GS

Engineering

&

Construction

Corp.

1,426

19,897

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

73

Investments

Shares

Value

COMMON

STOCKS

(continued)

Construction

&

Engineering

(continued)

Guangdong

Construction

Engineering

Group

Co.

Ltd.,

Class

A

27,900

$

14,235

HDC

Holdings

Co.

Ltd.

9,430

157,076

HDC

Hyundai

Development

Co-

Engineering

&

Construction,

Class

E

13,892

235,907

Hyundai

Engineering

&

Construction

Co.

Ltd.

1,774

86,346

IJM

Corp.

Bhd.

37,600

25,214

IRB

Infrastructure

Developers

Ltd.

39,439

20,291

IRCON

International

Ltd.(b)

7,912

16,019

ITD

Cementation

India

Ltd.

2,070

18,377

Kalpataru

Projects

International

Ltd.

2,050

26,852

KEC

International

Ltd.

2,064

20,299

Kelington

Group

Bhd.

13,800

13,719

KEPCO

Engineering

&

Construction

Co.,

Inc.

235

15,641

Kerjaya

Prospek

Group

Bhd.

133,400

63,807

Kuo

Toong

International

Co.

Ltd.

12,255

20,817

Larsen

&

Toubro

Ltd.

9,292

385,740

Malaysian

Resources

Corp.

Bhd.

96,600

12,117

Metallurgical

Corp.

of

China

Ltd.,

Class

A

42,300

17,819

Metallurgical

Corp.

of

China

Ltd.,

Class

H

106,000

22,955

NBCC

India

Ltd.

21,225

26,212

NCC

Ltd.

15,180

37,727

NMDC

Group

PJSC

3,404

23,131

Power

Construction

Corp.

of

China

Ltd.,

Class

A

35,600

33,804

Power

Mech

Projects

Ltd.

188

6,708

Praj

Industries

Ltd.*

4,738

25,261

PSG

Corp.

PCL,

NVDR*

313,700

11,711

Rail

Vikas

Nigam

Ltd.(b)

9,060

36,008

Ral

Yatirim

Holding

A/S*

3,588

11,040

Ruentex

Engineering

&

Construction

Co.

2,590

16,140

Run

Long

Construction

Co.

Ltd.

14,889

15,464

Samsung

E&A

Co.

Ltd.

4,324

82,626

Shaanxi

Construction

Engineering

Group

Corp.

Ltd.,

Class

A

4,900

2,650

Shanghai

Tunnel

Engineering

Co.

Ltd.,

Class

A

14,100

12,957

Sichuan

Road

and

Bridge

Group

Co.

Ltd.,

Class

A

9,200

10,629

Sinoma

International

Engineering

Co.,

Class

A

9,200

11,614

Sinopec

Engineering

Group

Co.

Ltd.,

Class

H

552,000

428,943

Sunway

Construction

Group

Bhd.

9,200

11,303

Taeyoung

Engineering

&

Construction

Co.

Ltd.*

5,382

8,693

Techno

Electric

&

Engineering

Co.

Ltd.

1,479

24,588

Investments

Shares

Value

Construction

&

Engineering

(continued)

Tekfen

Holding

A/S*

6,026

$

16,003

United

Integrated

Services

Co.

Ltd.

2,550

67,493

Voltas

Ltd.

2,852

43,227

Waaree

Renewable

Technologies

Ltd.

1,242

14,832

Waskita

Karya

Persero

Tbk.

PT*‡

173,900

—

Wilson

Bayly

Holmes-Ovcon

Ltd.

20,700

199,050

Yankey

Engineering

Co.

Ltd.

2,277

31,621

4,382,192

Construction

Materials

-

1.1%

ACC

Ltd.

1,141

23,294

Akcansa

Cimento

A/S

16,836

59,144

Ambuja

Cements

Ltd.

11,362

76,876

Anhui

Conch

Cement

Co.

Ltd.,

Class

A

5,100

16,698

Anhui

Conch

Cement

Co.

Ltd.,

Class

H

28,000

80,968

Apex

Investment

Co.

PSC*

10,350

10,961

Asia

Cement

Corp.

69,700

94,576

Baticim

Bati

Anadolu

Cimento

Sanayii

A/S*

161,092

18,017

BBMG

Corp.,

Class

A

50,600

11,256

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.

Ltd.,

Class

A

9,200

15,387

Berkah

Beton

Sadaya

Tbk.

PT*‡

425,000

120

Birla

Corp.

Ltd.*

327

5,045

Cementos

Argos

SA

9,936

26,193

Cemex

SAB

de

CV

333,888

292,064

China

National

Building

Material

Co.

Ltd.,

Class

H

94,462

56,316

China

Resources

Building

Materials

Technology

Holdings

Ltd.

828,000

202,517

Cimsa

Cimento

Sanayi

ve

Ticaret

A/S

19,504

24,865

CSG

Holding

Co.

Ltd.,

Class

B

418,700

99,208

Dalmia

Bharat

Ltd.

1,598

40,781

EMSTEEL

Building

Materials

PJSC*

28,060

10,084

GCC

SAB

de

CV

2,953

27,647

Goldsun

Building

Materials

Co.

Ltd.

20,000

24,793

Grasim

Industries

Ltd.

5,474

171,621

Grupo

Argos

SA

8,564

34,954

Grupo

Argos

SA

(Preference)

8,544

24,000

Hanil

Cement

Co.

Ltd.

8,234

123,498

Huaxin

Cement

Co.

Ltd.,

Class

A

3,700

7,917

India

Cements

Ltd.

(The)*

2,773

11,684

Indocement

Tunggal

Prakarsa

Tbk.

PT

446,200

142,361

JK

Cement

Ltd.

530

40,289

JK

Lakshmi

Cement

Ltd.

2,744

30,427

Konya

Cimento

Sanayii

A/S*

92

13,258

Malayan

Cement

Bhd.

9,200

12,080

Nuh

Cimento

Sanayi

A/S

2,068

11,890

Nuvoco

Vistas

Corp.

Ltd.*

830

4,079

Oyak

Cimento

Fabrikalari

A/S*

17,222

10,148

Qassim

Cement

Co.

(The)

2,714

33,340

Ramco

Cements

Ltd.

(The)

2,289

30,761

Rhi

Magnesita

India

Ltd.

393

2,248

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

74

Investments

Shares

Value

COMMON

STOCKS

(continued)

Construction

Materials

(continued)

Saudi

Cement

Co.

1,150

$

11,723

Semen

Indonesia

Persero

Tbk.

PT

1,324,800

198,056

Shree

Cement

Ltd.

230

80,895

Siam

Cement

PCL

(The),

NVDR

9,200

56,585

Star

Cement

Ltd.*

7,008

19,141

Tangshan

Jidong

Cement

Co.

Ltd.,

Class

A

4,700

3,176

TCC

Group

Holdings

Co.

Ltd.

92,000

74,901

TianShan

Material

Co.

Ltd.,

Class

A*

18,400

13,532

UltraTech

Cement

Ltd.

1,794

250,856

Universal

Cement

Corp.

184,926

165,735

Visne

Madencilik

Uretim

Sanayi

ve

Ticaret

A/S*

920

18,902

West

China

Cement

Ltd.(a)

736,000

188,454

Yamama

Cement

Co.

1,702

14,919

Yanbu

Cement

Co.

4,922

22,346

3,040,586

Consumer

Finance

-

0.8%

AEON

Credit

Service

M

Bhd.

69,000

83,318

Arzan

Financial

Group

for

Financing

&

Investment

KPSC

4,646

4,494

Bajaj

Finance

Ltd.

38,640

388,699

Bangkok

Commercial

Asset

Management

PCL,

NVDR

625,600

159,846

Cholamandalam

Financial

Holdings

Ltd.

1,776

38,272

Cholamandalam

Investment

and

Finance

Co.

Ltd.

6,026

99,279

CreditAccess

Grameen

Ltd.*

1,932

27,531

FinVolution

Group,

ADR(a)

53,544

459,943

Five-Star

Business

Finance

Ltd.*

1,974

13,381

Gentera

SAB

de

CV

40,388

91,443

Hotai

Finance

Co.

Ltd.

3,220

6,937

JMT

Network

Services

PCL,

NVDR

258,800

87,903

Krungthai

Card

PCL,

NVDR

18,900

16,483

LexinFintech

Holdings

Ltd.,

ADR(a)

41,676

265,476

Lufax

Holding

Ltd.*‡

18,800

21,624

Mahindra

&

Mahindra

Financial

Services

Ltd.

9,024

26,526

Manappuram

Finance

Ltd.

17,388

50,229

Muangthai

Capital

PCL,

NVDR

200

231

Muthoot

Finance

Ltd.

1,435

42,794

Poonawalla

Fincorp

Ltd.*

5,720

27,572

RCE

Capital

Bhd.

55,200

13,331

Samsung

Card

Co.

Ltd.

539

19,356

SBFC

Finance

Ltd.*

8,004

9,568

SBI

Cards

&

Payment

Services

Ltd.

2,990

27,559

Shriram

Finance

Ltd.

18,906

136,153

Srisawad

Corp.

PCL,

NVDR

4,280

2,659

Sundaram

Finance

Ltd.

1,518

81,013

United

International

Holding

Co.*

368

15,844

Yixin

Group

Ltd.(b)

46,000

14,767

Yulon

Finance

Corp.

4,672

15,731

2,247,962

Investments

Shares

Value

Consumer

Staples

Distribution

&

Retail

-

1.2%

Abdullah

Al

Othaim

Markets

Co.

12,696

$

24,708

Aeon

Co.

M

Bhd.

234,600

70,958

Al-Dawaa

Medical

Services

Co.

230

4,504

Alibaba

Health

Information

Technology

Ltd.*(a)

52,000

32,326

Almunajem

Foods

Co.

1,058

18,756

Avenue

Supermarts

Ltd.*(b)

2,024

98,600

Berli

Jucker

PCL

500

294

Berli

Jucker

PCL,

NVDR

600

353

BGF

retail

Co.

Ltd.

184

15,006

Bid

Corp.

Ltd.

5,198

131,657

BIM

Birlesik

Magazalar

A/S

11,439

149,493

BinDawood

Holding

Co.

12,880

20,327

Boxer

Retail

Ltd.*(a)

4,094

16,328

Cencosud

SA

32,568

97,463

Clicks

Group

Ltd.

3,680

77,723

Corporativo

Fragua

SAB

de

CV

2,300

67,538

CP

ALL

PCL,

NVDR

59,800

86,461

CP

Axtra

PCL,

NVDR

792

499

DaShenLin

Pharmaceutical

Group

Co.

Ltd.,

Class

A

4,320

10,396

Dis-Chem

Pharmacies

Ltd.(b)

4,048

6,955

Dongsuh

Cos.,

Inc.

859

18,458

East

Buy

Holding

Ltd.*(a)(b)

14,000

39,146

E-MART,

Inc.

322

20,735

Ghitha

Holding

PJSC*

16,146

110,685

Grainturk

Tarim

A/S

1,058

12,041

Great

Tree

Pharmacy

Co.

Ltd.

1,805

9,253

Grupo

Comercial

Chedraui

SA

de

CV(a)

4,623

37,520

Grupo

Mateus

SA

18,400

24,091

GS

Retail

Co.

Ltd.

12,834

150,939

InRetail

Peru

Corp.(b)

368

9,899

JD

Health

International,

Inc.*(b)

13,800

88,425

La

Comer

SAB

de

CV

10,657

23,116

Lulu

Retail

Holdings

plc

86,894

29,098

Magnit

PJSC*‡

2,296

—

Medplus

Health

Services

Ltd.*

1,880

19,971

Migros

Ticaret

A/S

1,380

17,814

Nahdi

Medical

Co.

690

22,773

Pick

n

Pay

Stores

Ltd.*(a)

7,176

11,251

Ping

An

Healthcare

and

Technology

Co.

Ltd.(b)

23,000

35,980

President

Chain

Store

Corp.

8,000

68,615

Puregold

Price

Club,

Inc.

404,800

277,581

Raia

Drogasil

SA

23,064

55,492

Robinsons

Retail

Holdings,

Inc.

138,000

89,898

Sendas

Distribuidora

SA

23,000

38,658

Shanghai

Bailian

Group

Co.

Ltd.,

Class

A*

9,200

12,586

Shoprite

Holdings

Ltd.

5,842

85,780

SMU

SA

1,368,776

215,156

Sok

Marketler

Ticaret

A/S

104,328

95,916

SPAR

Group

Ltd.

(The)*

75,440

446,403

Sumber

Alfaria

Trijaya

Tbk.

PT

296,000

41,733

Wal-Mart

de

Mexico

SAB

de

CV

68,600

202,610

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

75

Investments

Shares

Value

COMMON

STOCKS

(continued)

Consumer

Staples

Distribution

&

Retail

(continued)

Yonghui

Superstores

Co.

Ltd.,

Class

A*

14,100

$

9,272

3,251,240

Containers

&

Packaging

-

0.1%

Cheng

Loong

Corp.

26,600

16,264

Klabin

SA

23,000

76,413

Pantai

Indah

Kapuk

Dua

Tbk.

PT

24,000

24,066

Pumtech

Korea

Co.

Ltd.

276

13,275

SCG

Packaging

PCL,

NVDR

36,800

21,057

Taiwan

Hon

Chuan

Enterprise

Co.

Ltd.

4,857

23,839

Time

Technoplast

Ltd.

4,186

22,338

Ton

Yi

Industrial

Corp.

26,100

15,871

Youlchon

Chemical

Co.

Ltd.

460

11,361

224,484

Distributors

-

0.0%(d)

China

Tobacco

International

HK

Co.

Ltd.(a)(b)

6,000

25,185

MBM

Resources

Bhd.

73,600

79,381

Silicon2

Co.

Ltd.*

276

10,289

Wuchan

Zhongda

Group

Co.

Ltd.,

Class

A

13,800

10,341

Zhejiang

China

Commodities

City

Group

Co.

Ltd.,

Class

A

7,800

23,098

148,294

Diversified

Consumer

Services

-

0.2%

Advtech

Ltd.

17,112

30,869

China

East

Education

Holdings

Ltd.*(b)

23,000

23,879

Fu

Shou

Yuan

International

Group

Ltd.(a)

49,000

22,534

Humansoft

Holding

Co.

KSC

38,364

301,020

Lung

Yen

Life

Service

Corp.*

8,448

16,614

National

Co.

for

Learning

&

Education

736

32,806

New

Oriental

Education

&

Technology

Group,

Inc.

22,800

101,656

Offcn

Education

Technology

Co.

Ltd.,

Class

A*

4,700

1,934

TAL

Education

Group,

ADR*

6,854

74,983

Tianli

International

Holdings

Ltd.(b)

50,000

24,968

631,263

Diversified

REITs

-

0.3%

Axis

REIT,

REIT

69,644

32,495

Concentradora

Fibra

Danhos

SA

de

CV,

REIT

372,650

499,743

Fibra

Uno

Administracion

SA

de

CV,

REIT

59,800

85,340

Growthpoint

Properties

Ltd.,

REIT

79,534

62,765

KLCCP

Stapled

Group,

REIT

9,600

19,313

Redefine

Properties

Ltd.,

REIT

206,422

55,137

Investments

Shares

Value

Diversified

REITs

(continued)

SK

REITs

Co.

Ltd.,

REIT

4,738

$

16,468

Ziraat

Gayrimenkul

Yatirim

Ortakligi

A/S,

REIT

16,698

9,946

781,207

Diversified

Telecommunication

Services

-

1.0%

Chief

Telecom,

Inc.

1,104

16,145

China

Tower

Corp.

Ltd.,

Class

H(b)

101,400

142,089

Chunghwa

Telecom

Co.

Ltd.

50,609

218,731

CITIC

Telecom

International

Holdings

Ltd.

586,000

190,357

Converge

Information

and

Communications

Technology

Solutions,

Inc.

47,000

14,406

Emirates

Integrated

Telecommunications

Co.

PJSC

13,771

37,491

Emirates

Telecommunications

Group

Co.

PJSC

45,770

236,009

Hellenic

Telecommunications

Organization

SA

4,692

85,387

HFCL

Ltd.

20,750

17,901

Indus

Towers

Ltd.*

15,732

65,192

Jasmine

Technology

Solution

PCL,

NVDR*

87,000

87,186

LG

Uplus

Corp.

3,683

38,854

Magyar

Telekom

Telecommunications

plc

9,445

47,114

Ooredoo

QPSC

29,992

110,874

Operadora

De

Sites

Mexicanos

SAB

de

CV,

Series

A-1

13,800

12,123

PT

Tower

Bersama

Infrastructure

Tbk.

120,520

14,319

Railtel

Corp.

of

India

Ltd.

3,796

15,927

Rostelecom

PJSC‡

33,770

—

Rostelecom

PJSC

(Preference)‡

15,392

—

Sarana

Menara

Nusantara

Tbk.

PT

7,532,684

279,243

Saudi

Telecom

Co.

25,162

282,000

Space42

plc*

44,482

26,400

Tata

Communications

Ltd.

1,610

31,699

Telecom

Egypt

Co.

14,030

11,843

Telefonica

Brasil

SA

17,560

98,738

Telekom

Malaysia

Bhd.

27,600

43,681

Telkom

Indonesia

Persero

Tbk.

PT

1,145,400

200,471

Telkom

SA

SOC

Ltd.

108,008

354,979

TIME

dotCom

Bhd.

15,400

18,740

Turk

Telekomunikasyon

A/S*

19,746

26,487

2,724,386

Electric

Utilities

-

1.2%

Adani

Energy

Solutions

Ltd.*

4,600

42,451

Celsia

SA

184,322

207,992

Centrais

Eletricas

Brasileiras

SA

23,000

155,331

Centrais

Eletricas

Brasileiras

SA

(Preference),

Class

B

4,900

35,797

CESC

Ltd.

10,345

20,018

CEZ

A/S(a)

2,484

144,517

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

76

Investments

Shares

Value

COMMON

STOCKS

(continued)

Electric

Utilities

(continued)

Chongqing

Three

Gorges

Water

Conservancy

&

Electric

Power

Co.

Ltd.,

Class

A

9,400

$

8,913

Cia

Energetica

de

Minas

Gerais

6,110

16,065

Cia

Energetica

de

Minas

Gerais

(Preference)

43,412

80,100

Cia

Paranaense

de

Energia

-

Copel

14,100

27,804

Cia

Paranaense

de

Energia

-

Copel

(Preference)

18,400

38,979

CPFL

Energia

SA

4,700

31,826

Enel

Americas

SA

316,204

31,327

Enel

Chile

SA

603,998

38,433

Energisa

SA

4,900

39,963

Enerjisa

Enerji

A/S(b)

7,676

12,244

Engie

Energia

Chile

SA

154,560

187,699

Equatorial

Energia

SA

30,013

182,644

Federal

Grid

Co.

-

Rosseti

PJSC

(Registered)*‡

22,532,366

—

Holding

Co.

ADMIE

IPTO

SA

40,434

153,183

Inter

RAO

UES

PJSC*‡

1,596,292

—

Interconexion

Electrica

SA

ESP

10,718

54,039

Isa

Energia

Brasil

SA

(Preference)

9,300

35,997

Korea

Electric

Power

Corp.

5,980

166,231

Manila

Electric

Co.

8,280

76,224

Mosenergo

PJSC*‡

4,455,000

—

Neoenergia

SA

13,800

60,415

Power

Grid

Corp.

of

India

Ltd.

67,114

222,950

Public

Power

Corp.

SA

5,244

85,529

Reliance

Infrastructure

Ltd.*

95,358

357,162

RusHydro

PJSC*‡

2,361,000

—

Saudi

Electricity

Co.

16,422

64,662

SJVN

Ltd.

13,152

14,056

Synergy

Grid

&

Development

Phils,

Inc.*

450,800

88,873

Tata

Power

Co.

Ltd.

(The)

26,082

118,428

Tenaga

Nasional

Bhd.

110,400

337,024

Torrent

Power

Ltd.

1,932

28,892

Transmissora

Alianca

de

Energia

Eletrica

SA

5,000

29,793

3,195,561

Electrical

Equipment

-

1.2%

ABB

India

Ltd.

843

53,025

AcBel

Polytech,

Inc.

35,683

33,056

Allis

Electric

Co.

Ltd.

6,477

22,243

Amara

Raja

Energy

&

Mobility

Ltd.

2,250

24,750

Bharat

Heavy

Electricals

Ltd.

22,356

60,855

Bizlink

Holding,

Inc.

2,893

88,302

Cenergy

Holdings

SA

966

11,344

CG

Power

&

Industrial

Solutions

Ltd.

10,396

78,529

Chicony

Power

Technology

Co.

Ltd.

2,551

9,658

China

XD

Electric

Co.

Ltd.,

Class

A

5,000

4,553

Chung-Hsin

Electric

&

Machinery

Manufacturing

Corp.*

7,728

42,721

CS

Wind

Corp.

552

18,350

Investments

Shares

Value

Electrical

Equipment

(continued)

CyberPower

Systems,

Inc.

28,431

$

221,942

Dongfang

Electric

Corp.

Ltd.,

Class

A*

5,000

14,042

Dongfang

Electric

Corp.

Ltd.,

Class

H(a)

9,200

21,728

Doosan

Enerbility

Co.

Ltd.*

6,072

287,225

Doosan

Fuel

Cell

Co.

Ltd.*

690

11,643

Ecopro

BM

Co.

Ltd.*

690

55,278

Ecopro

Co.

Ltd.

1,427

50,729

Ecopro

Materials

Co.

Ltd.*

506

18,608

Elecon

Engineering

Co.

Ltd.

3,552

23,123

Electrical

Industries

Co.

15,732

37,620

Fangda

Carbon

New

Material

Co.

Ltd.,

Class

A

5,300

3,530

Farasis

Energy

Gan

Zhou

Co.

Ltd.,

Class

A*

784

1,751

Finolex

Cables

Ltd.

2,760

27,835

Fortune

Electric

Co.

Ltd.

3,543

79,175

GE

Vernova

T&D

India

Ltd.

1,350

42,023

GEM

Co.

Ltd.,

Class

A

7,300

6,546

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

H

5,600

5,001

Graphite

India

Ltd.

2,629

17,189

Gulf

Cables

&

Electrical

Industries

Group

Co.

KSCP

3,008

20,643

Hangzhou

Steam

Turbine

Power

Group

Co.

Ltd.,

Class

B

13,900

19,637

Havells

India

Ltd.

3,404

58,312

HBL

Engineering

Ltd.

4,272

28,637

HD

Hyundai

Electric

Co.

Ltd.

347

125,358

Hitachi

Energy

India

Ltd.

203

46,568

Hyosung

Heavy

Industries

Corp.

46

40,666

Iljin

Electric

Co.

Ltd.

611

18,747

Inox

Wind

Ltd.*

14,440

24,848

Jiangsu

Zhongtian

Technology

Co.

Ltd.,

Class

A

4,500

8,665

KEI

Industries

Ltd.

968

42,480

Korea

Electric

Terminal

Co.

Ltd.

2,898

138,547

LG

Energy

Solution

Ltd.*

598

164,937

LS

Corp.

644

80,477

LS

Electric

Co.

Ltd.

184

41,197

LS

Materials

Ltd.*

2,438

18,881

Ming

Yang

Smart

Energy

Group

Ltd.,

Class

A

4,500

6,944

NARI

Technology

Co.

Ltd.,

Class

A

9,700

29,506

Ningbo

Deye

Technology

Co.

Ltd.,

Class

A

1,764

12,532

Ningbo

Ronbay

New

Energy

Technology

Co.

Ltd.,

Class

A

3,496

10,843

Polycab

India

Ltd.

966

75,219

POSCO

Future

M

Co.

Ltd.*

514

52,816

REPT

BATTERO

Energy

Co.

Ltd.,

Class

H*

9,200

13,642

Riyadh

Cables

Group

Co.

720

25,183

RR

Kabel

Ltd.

1,380

22,682

Sanil

Electric

Co.

Ltd.

276

23,524

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

77

Investments

Shares

Value

COMMON

STOCKS

(continued)

Electrical

Equipment

(continued)

Schneider

Electric

Infrastructure

Ltd.*

1,400

$

16,028

Shanghai

Electric

Group

Co.

Ltd.,

Class

A*

24,000

25,959

Shihlin

Electric

&

Engineering

Corp.

5,136

30,715

Shinsung

Delta

Tech

Co.

Ltd.

368

17,885

SK

IE

Technology

Co.

Ltd.*(b)

644

12,887

State

Grid

Yingda

Co.

Ltd.,

Class

A

18,400

13,609

Suzlon

Energy

Ltd.*

175,168

123,179

Ta

Ya

Electric

Wire

&

Cable

16,626

19,440

Taihan

Electric

Wire

Co.

Ltd.*

1,021

11,581

Tatung

Co.

Ltd.

29,275

35,064

TBEA

Co.

Ltd.,

Class

A

15,350

28,831

Teco

Electric

and

Machinery

Co.

Ltd.

22,000

37,591

Transformers

&

Rectifiers

India

Ltd.

2,622

15,301

Triveni

Turbine

Ltd.

2,700

18,472

V-Guard

Industries

Ltd.

4,754

20,734

Voltronic

Power

Technology

Corp.

1,000

39,534

Walsin

Lihwa

Corp.

58,163

43,845

WEG

SA

22,700

150,467

Xi'An

Shaangu

Power

Co.

Ltd.,

Class

A

9,200

11,268

XTC

New

Energy

Materials

Xiamen

Co.

Ltd.,

Class

A

1,021

6,984

Zhejiang

Huayou

Cobalt

Co.

Ltd.,

Class

A

4,840

29,728

Zhuhai

CosMX

Battery

Co.

Ltd.,

Class

A

5,106

9,583

3,242,550

Electronic

Equipment,

Instruments

&

Components

-

3.6%

AAC

Technologies

Holdings,

Inc.

13,000

66,159

Ability

Opto-Electronics

Technology

Co.

Ltd.

3,072

12,042

All

Ring

Tech

Co.

Ltd.

2,000

25,262

Asia

Optical

Co.,

Inc.

7,296

31,900

AUO

Corp.

83,050

33,390

Aurora

Corp.

4,316

8,271

Avary

Holding

Shenzhen

Co.

Ltd.,

Class

A

4,100

30,210

BOE

Technology

Group

Co.

Ltd.,

Class

A

56,400

31,678

Cal-Comp

Electronics

Thailand

PCL,

NVDR

131,600

26,779

Chang

Wah

Electromaterials,

Inc.

10,200

13,328

Channel

Well

Technology

Co.

Ltd.

75,289

225,760

Cheng

Uei

Precision

Industry

Co.

Ltd.

117,290

224,383

China

Railway

Signal

&

Communication

Corp.

Ltd.,

Class

A

21,630

15,908

China

Railway

Signal

&

Communication

Corp.

Ltd.,

Class

H(b)

52,000

22,787

Chin-Poon

Industrial

Co.

Ltd.

133,684

158,105

Chroma

ATE,

Inc.

6,603

95,237

Investments

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Chunghwa

Precision

Test

Tech

Co.

Ltd.

720

$

20,577

Compeq

Manufacturing

Co.

Ltd.

33,000

72,639

Coretronic

Corp.

9,168

25,064

Daeduck

Electronics

Co.

Ltd.

2,208

38,052

Daejoo

Electronic

Materials

Co.

Ltd.

460

24,479

DataTec

Ltd.

76,769

253,965

Delta

Electronics

Thailand

PCL,

NVDR

64,500

288,158

Delta

Electronics,

Inc.

27,760

527,345

Dynapack

International

Technology

Corp.

2,935

22,715

E

Ink

Holdings,

Inc.

14,429

99,585

Elite

Material

Co.

Ltd.

5,163

191,142

Everdisplay

Optronics

Shanghai

Co.

Ltd.,

Class

A*

47,586

16,936

First

Hi-Tec

Enterprise

Co.

Ltd.

2,000

17,790

FLEXium

Interconnect,

Inc.*

8,432

18,504

Fositek

Corp.

1,000

30,522

Foxconn

Industrial

Internet

Co.

Ltd.,

Class

A

13,800

66,401

Foxconn

Technology

Co.

Ltd.

22,261

48,404

Fulltech

Fiber

Glass

Corp.*

9,000

16,464

General

Interface

Solution

GIS

Holding

Ltd.*

11,191

17,228

Genius

Electronic

Optical

Co.

Ltd.

2,150

31,226

Genus

Power

Infrastructures

Ltd.

5,088

20,698

Global

Brands

Manufacture

Ltd.

105,552

408,451

GoerTek,

Inc.,

Class

A

3,800

12,161

Gold

Circuit

Electronics

Ltd.

5,240

65,747

Hannstar

Board

Corp.

99,772

244,687

HannStar

Display

Corp.*

23,288

5,586

Hanwha

Vision

Co.

Ltd.*

460

20,499

Holy

Stone

Enterprise

Co.

Ltd.

3,250

8,722

Hon

Hai

Precision

Industry

Co.

Ltd.

291,904

1,740,813

Honeywell

Automation

India

Ltd.

52

23,014

I-Chiun

Precision

Industry

Co.

Ltd.

3,054

7,214

Innolux

Corp.

96,000

37,149

IRICO

Display

Devices

Co.

Ltd.,

Class

A*

13,800

11,799

IsuPetasys

Co.

Ltd.

987

46,261

ITEQ

Corp.

6,096

20,730

ITMAX

SYSTEM

Bhd.

13,800

12,975

JNTC

Co.

Ltd.*

799

9,449

Kaynes

Technology

India

Ltd.*

535

37,695

KCE

Electronics

PCL,

NVDR

252,500

191,616

Kingboard

Holdings

Ltd.

20,500

73,382

Kingboard

Laminates

Holdings

Ltd.

27,500

35,382

Largan

Precision

Co.

Ltd.

1,400

110,931

LG

Display

Co.

Ltd.*

5,751

44,953

LG

Innotek

Co.

Ltd.

322

36,338

Lingyi

iTech

Guangdong

Co.,

Class

A

6,500

8,142

Lotes

Co.

Ltd.

1,500

71,363

Luxshare

Precision

Industry

Co.

Ltd.,

Class

A

8,300

42,268

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

78

Investments

Shares

Value

COMMON

STOCKS

(continued)

Electronic

Equipment,

Instruments

&

Components

(continued)

MH

Development

Ltd.*‡

22,000

$

—

Nan

Ya

Printed

Circuit

Board

Corp.

5,664

33,683

Nationgate

Holdings

Bhd.

392,200

142,535

Nichidenbo

Corp.

64,025

162,811

Pan-International

Industrial

Corp.

20,845

30,170

Park

Systems

Corp.

138

27,465

PG

Electroplast

Ltd.

644

5,967

Primax

Electronics

Ltd.

14,600

35,610

Promate

Electronic

Co.

Ltd.

88,705

178,019

Quest

Holdings

SA(a)

8,418

70,527

Raytron

Technology

Co.

Ltd.,

Class

A

343

3,119

Redington

Ltd.

18,032

51,503

RoboSense

Technology

Co.

Ltd.*

4,900

19,132

Samsung

Electro-Mechanics

Co.

Ltd.

1,288

138,106

Samsung

SDI

Co.

Ltd.

894

129,575

Scientech

Corp.

1,000

11,358

Shanghai

BOCHU

Electronic

Technology

Corp.

Ltd.,

Class

A

736

13,434

Shengyi

Technology

Co.

Ltd.,

Class

A

4,900

29,238

Simplo

Technology

Co.

Ltd.

4,656

63,957

Sinbon

Electronics

Co.

Ltd.

4,561

37,286

Solomon

Technology

Corp.

3,078

14,180

SOLUM

Co.

Ltd.*

14,720

175,455

Sunny

Optical

Technology

Group

Co.

Ltd.

10,600

98,776

SUPCON

Technology

Co.

Ltd.,

Class

A

1,702

11,320

Supreme

Electronics

Co.

Ltd.

198,160

280,169

Synnex

Technology

International

Corp.

36,401

80,979

Syrma

SGS

Technology

Ltd.

1,656

14,292

Taiwan

Surface

Mounting

Technology

Corp.

6,816

24,206

Taiwan

Union

Technology

Corp.

4,128

37,757

TCL

Technology

Group

Corp.,

Class

A

36,260

22,181

Test

Research,

Inc.

4,350

21,205

Thinking

Electronic

Industrial

Co.

Ltd.

2,688

12,203

Tong

Hsing

Electronic

Industries

Ltd.

2,783

9,511

TPK

Holding

Co.

Ltd.

9,050

9,976

Tripod

Technology

Corp.

14,000

131,334

TXC

Corp.

4,608

12,968

Unimicron

Technology

Corp.

21,910

100,934

Unisplendour

Corp.

Ltd.,

Class

A

4,600

15,815

Unitech

Printed

Circuit

Board

Corp.*

239,446

225,026

Universal

Microwave

Technology,

Inc.

1,000

10,738

VS

Industry

Bhd.

46,065

8,695

Wah

Lee

Industrial

Corp.

69,810

219,856

Walsin

Technology

Corp.

5,952

16,930

Wasion

Holdings

Ltd.

184,000

199,704

Weikeng

Industrial

Co.

Ltd.*

162,860

185,518

Wintek

Corp.*‡

64,000

—

WPG

Holdings

Ltd.

32,200

71,741

WT

Microelectronics

Co.

Ltd.

21,650

100,099

Investments

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Wuhan

Guide

Infrared

Co.

Ltd.,

Class

A*

14,100

$

23,014

Yageo

Corp.

10,797

191,722

Zero

One

Technology

Co.

Ltd.

2,000

7,739

Zhejiang

Dahua

Technology

Co.

Ltd.,

Class

A

5,200

11,755

Zhen

Ding

Technology

Holding

Ltd.

17,150

72,111

9,797,824

Energy

Equipment

&

Services

-

0.3%

Ades

Holding

Co.

6,532

21,941

ADNOC

Drilling

Co.

PJSC

32,649

51,910

Arabian

Drilling

Co.

598

11,972

Bumi

Armada

Bhd.

1,108,600

114,369

China

Oilfield

Services

Ltd.,

Class

A

5,000

9,676

China

Oilfield

Services

Ltd.,

Class

H

18,000

15,959

China

Petroleum

Engineering

Corp.,

Class

A*

27,800

13,257

COFCO

Capital

Holdings

Co.

Ltd.,

Class

A

4,900

8,352

Dayang

Enterprise

Holdings

Bhd.

262,200

113,118

Dialog

Group

Bhd.

79,100

32,456

Gulf

International

Services

QSC

572,240

520,533

NMDC

Energy

6,992

5,006

Offshore

Oil

Engineering

Co.

Ltd.,

Class

A

23,500

18,002

Yinson

Holdings

Bhd.

39,688

21,775

958,326

Entertainment

-

0.7%

China

Film

Group

Co.

Ltd.,

Class

A

9,200

16,986

China

Ruyi

Holdings

Ltd.*(a)

132,000

52,800

CJ

ENM

Co.

Ltd.*

506

23,935

Damai

Entertainment

Holdings

Ltd.*

130,000

18,382

HYBE

Co.

Ltd.

276

51,645

International

Games

System

Co.

Ltd.

3,640

95,855

iQIYI,

Inc.,

ADR*(a)

182,436

335,682

JYP

Entertainment

Corp.

480

25,163

Kakao

Games

Corp.*

828

10,257

Kingsoft

Corp.

Ltd.

16,600

75,599

Krafton,

Inc.*

460

108,963

Maoyan

Entertainment(a)(b)

128,800

127,816

MD

Entertainment

Tbk.

PT*

122,755

12,682

Nazara

Technologies

Ltd.*

1,196

18,451

NCSoft

Corp.

92

12,850

NetEase

Cloud

Music,

Inc.*(b)

950

30,739

NetEase,

Inc.

24,900

648,352

Netmarble

Corp.(b)

276

11,862

Pearl

Abyss

Corp.*

368

10,362

Perfect

World

Co.

Ltd.,

Class

A

4,100

8,294

PVR

Inox

Ltd.*

1,104

12,600

Saregama

India

Ltd.

1,900

10,483

SHIFT

UP

Corp.*

322

9,717

SM

Entertainment

Co.

Ltd.

144

13,821

SMI

Holdings

Group

Ltd.*‡

72,000

—

Studio

Dragon

Corp.*

460

15,391

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

79

Investments

Shares

Value

COMMON

STOCKS

(continued)

Entertainment

(continued)

Tencent

Music

Entertainment

Group,

Class

A

14,554

$

153,512

Tips

Music

Ltd.

1,840

12,364

Wemade

Co.

Ltd.*

388

8,785

XD,

Inc.(b)

6,000

40,051

XPEC

Entertainment,

Inc.*‡

14,800

—

YG

Entertainment,

Inc.

423

25,957

1,999,356

Financial

Services

-

1.4%

Aavas

Financiers

Ltd.*

1,894

37,284

Aditya

Birla

Capital

Ltd.*

13,950

40,871

Aptus

Value

Housing

Finance

India

Ltd.

6,532

24,432

Bajaj

Finserv

Ltd.

5,520

122,752

Bajaj

Holdings

&

Investment

Ltd.

449

71,569

Bajaj

Housing

Finance

Ltd.*

7,176

9,328

Borusan

Yatirim

ve

Pazarlama

A/S

230

11,853

Can

Fin

Homes

Ltd.

2,250

19,314

Chailease

Holding

Co.

Ltd.

38,828

150,902

Corp.

Financiera

Colombiana

SA*

6,762

28,476

CSSC

Hong

Kong

Shipping

Co.

Ltd.

(b)

552,000

152,591

Destek

Finans

Faktoring

A/S*

1,288

17,007

E-Finance

for

Digital

&

Financial

Investments

67,298

16,904

Far

East

Horizon

Ltd.

51,000

51,975

Fawry

for

Banking

&

Payment

Technology

Services

SAE*

44,933

11,888

FirstRand

Ltd.

136,620

585,239

Grupo

de

Inversiones

Suramericana

SA

(Preference)

4,991

45,243

Home

First

Finance

Co.

India

Ltd.(b)

1,932

26,731

Housing

&

Urban

Development

Corp.

Ltd.

7,450

18,053

IFCI

Ltd.*

28,842

18,820

IIFL

Finance

Ltd.*

104,236

568,725

India

Shelter

Finance

Corp.

Ltd.

1,012

10,593

Indian

Railway

Finance

Corp.

Ltd.(b)

26,188

38,368

Indian

Renewable

Energy

Development

Agency

Ltd.*

2,530

4,257

Jio

Financial

Services

Ltd.*

42,136

158,373

JSW

Holdings

Ltd.*

94

21,252

L&T

Finance

Ltd.

11,562

26,739

LIC

Housing

Finance

Ltd.

8,786

58,780

Meritz

Financial

Group,

Inc.

2,070

172,848

National

Investments

Co.

KSCP

146,648

117,894

One

97

Communications

Ltd.*

3,818

47,479

Piramal

Enterprises

Ltd.

1,886

26,951

PNB

Housing

Finance

Ltd.*(b)

1,056

11,889

Power

Finance

Corp.

Ltd.

33,534

156,934

REC

Ltd.

30,038

135,516

Remgro

Ltd.

11,270

103,710

Sammaan

Capital

Ltd.

300,334

435,011

SY

Holdings

Group

Ltd.(b)

12,000

21,462

Investments

Shares

Value

Financial

Services

(continued)

Turkiye

Sinai

Kalkinma

Bankasi

A/S*

458,482

$

155,527

Yuanta

Financial

Holding

Co.

Ltd.

184,017

192,355

3,925,895

Food

Products

-

2.1%

Agthia

Group

PJSC

113,758

132,244

Alfa

SAB

de

CV,

Class

A(a)

87,400

64,151

Alicorp

SAA

105,800

281,748

Almarai

Co.

JSC

5,842

74,600

Anjoy

Foods

Group

Co.

Ltd.,

Class

A

500

5,130

AVI

Ltd.

5,424

28,166

AWL

Agri

Business

Ltd.*

3,312

9,914

Balrampur

Chini

Mills

Ltd.

3,850

25,801

Betagro

PCL

24,400

13,215

Bombay

Burmah

Trading

Co.

7,912

171,321

BRF

SA

9,600

34,380

Britannia

Industries

Ltd.

1,840

121,219

CCL

Products

India

Ltd.

2,597

25,284

Century

Pacific

Food,

Inc.

17,700

11,227

Charoen

Pokphand

Enterprise

4,272

16,603

Charoen

Pokphand

Foods

PCL,

NVDR

79,100

55,186

Charoen

Pokphand

Indonesia

Tbk.

PT

102,580

30,734

Cherkizovo

Group

PJSC‡

2,594

—

China

Feihe

Ltd.(b)

92,000

54,731

China

Huiyuan

Juice

Group

Ltd.*‡

24,000

—

China

Mengniu

Dairy

Co.

Ltd.

79,000

164,843

China

Youran

Dairy

Group

Ltd.*(b)

460,000

216,815

Chongqing

Fuling

Zhacai

Group

Co.

Ltd.,

Class

A

3,120

5,682

Cisarua

Mountain

Dairy

PT

Tbk.

36,800

11,160

CJ

CheilJedang

Corp.

141

25,571

COFCO

Sugar

Holding

Co.

Ltd.,

Class

A

9,200

12,522

Daesang

Corp.

7,084

120,297

Farm

Fresh

Bhd.

23,000

9,383

Formosa

Oilseed

Processing

Co.

Ltd.

4,000

4,034

Foshan

Haitian

Flavouring

&

Food

Co.

Ltd.,

Class

A

5,280

28,151

Genting

Plantations

Bhd.

13,800

15,887

Godrej

Agrovet

Ltd.(b)

414

4,004

Great

Wall

Enterprise

Co.

Ltd.

24,650

50,378

Gruma

SAB

de

CV,

Class

B

2,856

49,455

Grupo

Bimbo

SAB

de

CV,

Class

A,

Series

A(a)

21,068

61,251

Guan

Chong

Bhd.

397,133

106,151

Guangdong

Haid

Group

Co.

Ltd.,

Class

A

1,900

14,903

Heilongjiang

Agriculture

Co.

Ltd.,

Class

A

5,500

11,424

Henan

Shuanghui

Investment

&

Development

Co.

Ltd.,

Class

A

2,700

9,264

Huishan

Dairy*‡

158,000

—

Indofood

CBP

Sukses

Makmur

Tbk.

PT

42,400

25,252

Indofood

Sukses

Makmur

Tbk.

PT

82,800

42,897

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

80

Investments

Shares

Value

COMMON

STOCKS

(continued)

Food

Products

(continued)

Inner

Mongolia

Yili

Industrial

Group

Co.

Ltd.,

Class

A

5,700

$

21,721

IOI

Corp.

Bhd.

32,900

29,082

Japfa

Comfeed

Indonesia

Tbk.

PT

1,991,800

193,673

Jiangsu

Provincial

Agricultural

Reclamation

and

Development

Corp.,

Class

A

9,400

12,676

Johor

Plantations

Group

Bhd.

335,800

99,992

Jonjee

Hi-Tech

Industrial

and

Commercial

Holding

Co.

Ltd.,

Class

A

4,600

12,029

Juhayna

Food

Industries*

117,024

69,150

Kim

Loong

Resources

Bhd.

23,000

12,673

Kuala

Lumpur

Kepong

Bhd.

9,392

43,117

Leong

Hup

International

Bhd.(b)

611,800

86,785

Lian

HWA

Food

Corp.

2,013

9,307

Lien

Hwa

Industrial

Holdings

Corp.

19,619

29,842

Lotte

Wellfood

Co.

Ltd.

874

77,770

LT

Foods

Ltd.

3,911

21,718

Lydia

Yesil

Enerji

Kaynaklari

Anonimsirketi*

46

14,284

M

Dias

Branco

SA

41,500

180,201

Marfrig

Global

Foods

SA

4,700

17,881

Marico

Ltd.

9,430

76,410

Monde

Nissin

Corp.(b)

119,600

15,336

Mrs

Bectors

Food

Specialities

Ltd.(b)

1,104

19,047

Muyuan

Foods

Co.

Ltd.,

Class

A

9,320

60,070

National

Agriculture

Development

Co.

(The)*

6,578

36,090

Nestle

India

Ltd.

5,244

134,556

Nestle

Malaysia

Bhd.

700

14,456

New

Hope

Liuhe

Co.

Ltd.,

Class

A

4,300

5,751

NongShim

Co.

Ltd.

53

14,790

Orion

Corp.

552

44,302

Orion

Holdings

Corp.

7,866

126,770

Otoki

Corp.

644

185,055

Patanjali

Foods

Ltd.

1,012

21,646

PPB

Group

Bhd.

18,680

41,302

QL

Resources

Bhd.

33,392

33,275

Samyang

Foods

Co.

Ltd.

53

55,110

Sao

Martinho

SA

49,500

153,313

Sarawak

Oil

Palms

Bhd.

96,600

75,876

Saudia

Dairy

&

Foodstuff

Co.

294

20,613

SD

Guthrie

Bhd.

28,203

31,542

SLC

Agricola

SA

73,600

240,971

Tata

Consumer

Products

Ltd.

9,371

114,807

Thai

Union

Group

PCL,

NVDR

85,500

29,041

Thai

Vegetable

Oil

PCL,

NVDR

170,000

118,085

Thaifoods

Group

PCL,

NVDR

1,099,400

166,188

Tiger

Brands

Ltd.

3,818

64,082

Tingyi

Cayman

Islands

Holding

Corp.

36,000

53,106

Tres

Tentos

Agroindustrial

SA

46,000

111,990

Triputra

Agro

Persada

PT

1,518,000

133,765

Triveni

Engineering

&

Industries

Ltd.

4,263

16,734

Ulker

Biskuvi

Sanayi

A/S

6,672

18,014

Investments

Shares

Value

Food

Products

(continued)

Uni-President

China

Holdings

Ltd.

28,000

$

35,419

Uni-President

Enterprises

Corp.

74,479

197,629

United

Plantations

Bhd.

3,200

16,251

Universal

Robina

Corp.

13,770

20,891

Want

Want

China

Holdings

Ltd.

47,000

33,948

Yihai

International

Holding

Ltd.(a)

15,000

25,834

Zad

Holding

Co.

828

3,327

Zydus

Wellness

Ltd.

882

20,430

5,662,701

Gas

Utilities

-

0.4%

Adani

Total

Gas

Ltd.

2,567

17,703

Aygaz

A/S

19,918

80,128

Beijing

Enterprises

Holdings

Ltd.

8,500

35,570

China

Gas

Holdings

Ltd.

55,200

58,013

China

Resources

Gas

Group

Ltd.

18,400

46,457

ENN

Energy

Holdings

Ltd.

18,900

154,209

GAIL

India

Ltd.

64,584

130,998

Great

Taipei

Gas

Co.

Ltd.

25,547

25,763

Grupo

Energia

Bogota

SA

ESP

64,952

46,003

Gujarat

Gas

Ltd.

2,679

13,472

Gujarat

State

Petronet

Ltd.

1,242

4,470

Indraprastha

Gas

Ltd.

4,710

11,025

Korea

Gas

Corp.

999

30,940

Kunlun

Energy

Co.

Ltd.

92,000

88,718

Mahanagar

Gas

Ltd.(b)

1,794

27,813

National

Gas

&

Industrialization

Co.

1,155

23,386

Perusahaan

Gas

Negara

Tbk.

PT

154,790

15,333

Petronas

Gas

Bhd.

13,800

58,177

Towngas

Smart

Energy

Co.

Ltd.

434,290

221,294

1,089,472

Ground

Transportation

-

0.4%

ANE

Cayman,

Inc.*

253,000

262,669

Beijing-Shanghai

High

Speed

Railway

Co.

Ltd.,

Class

A

63,200

47,447

BTS

Group

Holdings

PCL,

NVDR*

9,948

1,072

China

Railway

Special

Cargo

Logistics

Co.

Ltd.,

Class

A

18,400

10,974

Container

Corp.

of

India

Ltd.

5,483

36,191

Daqin

Railway

Co.

Ltd.,

Class

A

37,400

34,005

Full

Truck

Alliance

Co.

Ltd.,

ADR(a)

11,224

129,637

GMexico

Transportes

SAB

de

CV(a)

(b)

9,400

16,225

Guangshen

Railway

Co.

Ltd.,

Class

A

27,600

11,396

GUR-Sel

Turizm

Tasimacilik

ve

Servis

Ticaret

A/S

8,280

61,397

LDR

Turizm

A/S

1,702

9,568

Localiza

Rent

a

Car

SA

23,606

146,016

Lotte

Rental

Co.

Ltd.

4,876

110,578

Lumi

Rental

Co.*

1,242

20,048

Rumo

SA

18,400

54,360

United

International

Transportation

Co.

1,012

18,885

Vamos

Locacao

de

Caminhoes

Maquinas

e

Equipamentos

SA

174,800

119,894

1,090,362

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

81

Investments

Shares

Value

COMMON

STOCKS

(continued)

Health

Care

Equipment

&

Supplies

-

0.2%

Angelalign

Technology,

Inc.(a)(b)

2,000

$

15,032

Classys,

Inc.

144

6,002

Dentium

Co.

Ltd.

2,720

126,507

Hartalega

Holdings

Bhd.

21,400

7,326

HLB,

Inc.*

1,886

65,278

Kossan

Rubber

Industries

Bhd.

35,000

11,243

Microport

Scientific

Corp.*(a)

25,598

46,370

Poly

Medicure

Ltd.

850

18,803

SD

Biosensor,

Inc.

2,714

19,609

Shandong

Weigao

Group

Medical

Polymer

Co.

Ltd.,

Class

H

55,200

48,590

Shanghai

Conant

Optical

Co.

Ltd.,

Class

H

3,500

19,529

Shanghai

MicroPort

MedBot

Group

Co.

Ltd.,

Class

H*(a)

8,500

23,713

Sri

Trang

Gloves

Thailand

PCL,

NVDR

4,200

906

Supermax

Corp.

Bhd.*

57,600

7,631

TaiDoc

Technology

Corp.

2,900

12,048

Top

Glove

Corp.

Bhd.*

41,400

6,649

435,236

Health

Care

Providers

&

Services

-

1.1%

Al

Hammadi

Holding

1,840

17,777

Almoosa

Health

Co.

460

21,706

Apollo

Hospitals

Enterprise

Ltd.

1,656

141,745

Aster

DM

Healthcare

Ltd.(b)

1,518

10,482

Bangkok

Chain

Hospital

PCL,

NVDR

20,800

8,911

Bangkok

Dusit

Medical

Services

PCL,

NVDR

81,600

53,684

Bumrungrad

Hospital

PCL,

NVDR

4,900

25,490

Chabiotech

Co.

Ltd.*

537

4,294

Chularat

Hospital

PCL,

NVDR

700

37

Dallah

Healthcare

Co.

585

21,210

Dr

Lal

PathLabs

Ltd.(b)

822

29,567

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

1,426

99,677

Fleury

SA

82,800

212,230

Fortis

Healthcare

Ltd.

7,288

71,338

Genertec

Universal

Medical

Group

Co.

Ltd.(b)

299,000

244,913

Global

Health

Ltd.*

1,978

29,607

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co.

Ltd.,

Class

A

4,600

17,177

Gushengtang

Holdings

Ltd.(a)

4,800

21,860

Hanmi

Science

Co.

Ltd.

552

20,181

Hapvida

Participacoes

e

Investimentos

SA*(b)

7,733

45,678

HealthyWay,

Inc.*

5,500

5,374

Hygeia

Healthcare

Holdings

Co.

Ltd.*(a)(b)

10,200

22,219

IHH

Healthcare

Bhd.

36,800

57,379

Jinxin

Fertility

Group

Ltd.*(a)(b)

50,000

21,210

Investments

Shares

Value

Health

Care

Providers

&

Services

(continued)

Jointown

Pharmaceutical

Group

Co.

Ltd.,

Class

A

18,400

$

13,711

KPJ

Healthcare

Bhd.

49,024

29,771

Krishna

Institute

of

Medical

Sciences

Ltd.*(b)

4,320

37,046

Life

Healthcare

Group

Holdings

Ltd.

535,348

396,422

Max

Healthcare

Institute

Ltd.

9,568

136,095

Medikaloka

Hermina

Tbk.

PT(b)

178,894

17,177

Metropolis

Healthcare

Ltd.*(b)

1,104

25,147

Middle

East

Healthcare

Co.

782

11,758

Mitra

Keluarga

Karyasehat

Tbk.

PT(b)

100,200

14,493

MLP

Saglik

Hizmetleri

A/S,

Class

B*(b)

21,160

199,778

Mouwasat

Medical

Services

Co.

1,932

39,144

Narayana

Hrudayalaya

Ltd.(b)

1,200

26,236

National

Medical

Care

Co.

782

33,856

Netcare

Ltd.

477,894

363,392

New

Horizon

Health

Ltd.*‡(b)

4,000

932

Odontoprev

SA

13,990

30,011

Pure

Health

Holding

PJSC

25,208

20,657

Rainbow

Children's

Medicare

Ltd.

1,794

31,219

Ramkhamhaeng

Hospital

PCL,

NVDR

600

327

Rede

D'Or

Sao

Luiz

SA(b)

18,400

106,813

Saudi

Chemical

Co.

Holding

13,754

27,977

Sejahteraraya

Anugrahjaya

Tbk.

PT*

46,000

13,950

Selcuk

Ecza

Deposu

Ticaret

ve

Sanayi

A/S

7,003

17,648

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.,

Class

H

14,600

23,323

Sinopharm

Group

Co.

Ltd.,

Class

H(a)

36,800

88,414

Topchoice

Medical

Corp.,

Class

A

700

4,480

Universal

Vision

Biotechnology

Co.

Ltd.

2,226

15,028

Vijaya

Diagnostic

Centre

Ltd.

1,564

19,194

2,947,745

Health

Care

Technology

-

0.0%(d)

Inventurus

Knowledge

Solutions

Ltd.*

506

9,167

Lunit,

Inc.*

322

10,913

20,080

Hotels,

Restaurants

&

Leisure

-

1.9%

Abu

Dhabi

National

Hotels

3,339,278

454,559

Advent

Hotels

International

Pvt

Ltd.*‡

7,806

27,866

Alsea

SAB

de

CV*

198,260

595,354

Ambassador

Hotel

(The)

72,288

101,478

Americana

Restaurants

International

plc

-

Foreign

Co.

42,872

25,095

Asset

World

Corp.

PCL,

NVDR

352,400

22,645

Atour

Lifestyle

Holdings

Ltd.,

ADR

942

31,858

Central

Plaza

Hotel

PCL

1,600

1,395

Central

Plaza

Hotel

PCL,

NVDR

15,100

13,169

Chagee

Holdings

Ltd.,

ADR*

368

8,136

Chalet

Hotels

Ltd.*

2,045

21,240

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

82

Investments

Shares

Value

COMMON

STOCKS

(continued)

Hotels,

Restaurants

&

Leisure

(continued)

Devyani

International

Ltd.*

5,106

$

9,507

DigiPlus

Interactive

Corp.

46,920

20,270

DoubleUGames

Co.

Ltd.

3,956

159,746

DPC

Dash

Ltd.*

2,200

23,822

EIH

Ltd.

4,500

19,290

Eternal

Ltd.*

67,252

236,307

Genting

Bhd.

65,400

47,996

Genting

Malaysia

Bhd.

70,000

32,169

Grand

Korea

Leisure

Co.

Ltd.

2,116

23,696

Guming

Holdings

Ltd.*(a)

6,800

20,010

H

World

Group

Ltd.

23,000

71,783

Haidilao

International

Holding

Ltd.(b)

28,164

49,942

Hana

Tour

Service,

Inc.

368

14,329

Hanjin

Kal

Corp.

460

36,221

Indian

Hotels

Co.

Ltd.

(The),

Class

A

14,122

119,418

Intralot

SA-Integrated

Information

Systems

&

Gaming

Services*(a)

7,896

10,031

ITC

Hotels

Ltd.*

10,350

27,228

Jabal

Omar

Development

Co.*

8,464

45,218

Jahez

International

Co.*

1,794

12,722

Jollibee

Foods

Corp.

3,210

11,941

Jubilant

Foodworks

Ltd.

6,820

51,034

Kangwon

Land,

Inc.

1,822

24,555

Leejam

Sports

Co.

JSC

499

18,903

Lemon

Tree

Hotels

Ltd.*(b)

19,505

33,353

Lion

Travel

Service

Co.

Ltd.

29,000

142,340

Lotte

Tour

Development

Co.

Ltd.*

966

12,141

Meituan,

Class

B*(b)

75,400

1,167,980

Minor

International

PCL,

NVDR

44,400

33,966

Mixue

Group,

Class

H*

400

23,949

OPAP

SA

2,524

56,795

Paradise

Co.

Ltd.

19,089

249,280

Petrokent

Turizm

A/S*

2,070

11,825

Sapphire

Foods

India

Ltd.*

4,000

14,457

Seera

Group

Holding*

6,164

42,527

Shanghai

Jinjiang

International

Hotels

Co.

Ltd.,

Class

A

4,600

14,447

Smartfit

Escola

de

Ginastica

e

Danca

SA

4,895

18,116

Southern

Sun

Ltd.

273,194

143,075

Swiggy

Ltd.*

2,944

13,569

TAB

Gida

Sanayi

ve

Ticaret

A/S

2,346

11,559

Talabat

Holding

plc

62,974

21,602

Tbo

Tek

Ltd.*

828

12,804

Tongcheng

Travel

Holdings

Ltd.(b)

18,800

47,180

Travellers

International

Hotel

Group,

Inc.*‡

209,900

—

TravelSky

Technology

Ltd.,

Class

H

21,000

33,600

Trip.com

Group

Ltd.

7,900

495,134

Wowprime

Corp.

1,654

12,690

Yum

China

Holdings,

Inc.

4,876

227,612

5,228,934

Household

Durables

-

0.9%

Ability

Enterprise

Co.

Ltd.*

6,000

12,061

Investments

Shares

Value

Household

Durables

(continued)

Amber

Enterprises

India

Ltd.*

239

$

21,727

Arcelik

A/S*

2,915

8,984

Beijing

Roborock

Technology

Co.

Ltd.,

Class

A

515

12,412

Cello

World

Ltd.

3,266

22,178

Coway

Co.

Ltd.

1,242

97,529

Crompton

Greaves

Consumer

Electricals

Ltd.

6,674

24,609

Cuckoo

Holdings

Co.

Ltd.

3,818

83,419

Cury

Construtora

e

Incorporadora

SA

50,600

266,080

Cyrela

Brazil

Realty

SA

Empreendimentos

e

Participacoes

101,200

443,226

Direcional

Engenharia

SA

48,100

334,983

Dixon

Technologies

India

Ltd.(b)

499

95,934

Eureka

Forbes

Ltd.*

1,960

12,489

Gree

Electric

Appliances,

Inc.

of

Zhuhai,

Class

A

9,200

58,350

Haier

Smart

Home

Co.

Ltd.,

Class

A

14,900

51,456

Haier

Smart

Home

Co.

Ltd.,

Class

H

55,000

173,057

Hanssem

Co.

Ltd.

644

21,779

Hisense

Home

Appliances

Group

Co.

Ltd.,

Class

H(a)

10,000

28,790

Hisense

Visual

Technology

Co.

Ltd.,

Class

A*

4,700

14,859

Jason

Furniture

Hangzhou

Co.

Ltd.,

Class

A

4,600

16,244

KingClean

Electric

Co.

Ltd.,

Class

A

4,600

14,722

LG

Electronics,

Inc.

2,576

143,772

LG

Electronics,

Inc.

(Preference)

584

16,297

Merry

Electronics

Co.

Ltd.

87,005

332,308

Midea

Group

Co.

Ltd.,

Class

A

13,800

134,664

Nien

Made

Enterprise

Co.

Ltd.

3,000

43,169

PIK-Spetsializirovannyy

Zastroyshchik

PAO*‡

4,646

—

Shenzhen

MTC

Co.

Ltd.,

Class

A

9,600

6,006

Sichuan

Changhong

Electric

Co.

Ltd.,

Class

A

9,200

12,611

Symphony

Ltd.

564

7,178

Taiwan

Sakura

Corp.

5,000

14,423

TCL

Electronics

Holdings

Ltd.

37,000

47,888

Whirlpool

of

India

Ltd.*

1,978

30,136

2,603,340

Household

Products

-

0.0%(d)

Blue

Moon

Group

Holdings

Ltd.(b)

25,000

12,070

Jyothy

Labs

Ltd.*

5,039

19,121

Kimberly-Clark

de

Mexico

SAB

de

CV,

Class

A

24,518

45,784

Opple

Lighting

Co.

Ltd.,

Class

A

4,600

11,838

Unilever

Indonesia

Tbk.

PT

115,000

11,951

100,764

Independent

Power

and

Renewable

Electricity

Producers

-

1.4%

Aboitiz

Power

Corp.

29,900

22,143

ACEN

Corp.

368,000

15,772

ACWA

Power

Co.*

2,069

121,346

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

83

Investments

Shares

Value

COMMON

STOCKS

(continued)

Independent

Power

and

Renewable

Electricity

Producers

(continued)

Adani

Green

Energy

Ltd.*

5,566

$

62,568

Adani

Power

Ltd.*

16,974

113,956

Aksa

Enerji

Uretim

A/S,

Class

B*

3,760

3,690

Auren

Energia

SA

133,700

221,379

B

Grimm

Power

PCL,

NVDR

69,700

24,954

Banpu

Power

PCL,

NVDR

255,500

62,155

Barito

Renewables

Energy

Tbk.

PT

188,600

89,687

BCPG

PCL,

NVDR

421,900

86,497

CECEP

Solar

Energy

Co.

Ltd.,

Class

A

23,000

14,453

CGN

New

Energy

Holdings

Co.

Ltd.

460,000

142,981

CGN

Power

Co.

Ltd.,

Class

A

34,600

17,702

CGN

Power

Co.

Ltd.,

Class

H(b)

138,000

51,860

China

Longyuan

Power

Group

Corp.

Ltd.,

Class

H(a)

61,000

55,094

China

National

Nuclear

Power

Co.

Ltd.,

Class

A

29,900

38,202

China

Power

International

Development

Ltd.(a)

138,000

54,145

China

Resources

Power

Holdings

Co.

Ltd.(a)

50,000

123,949

China

Three

Gorges

Renewables

Group

Co.

Ltd.,

Class

A

14,100

8,488

China

Yangtze

Power

Co.

Ltd.,

Class

A

27,600

106,825

CK

Power

PCL,

NVDR

4,200

337

Colbun

SA

169,138

24,873

Datang

International

Power

Generation

Co.

Ltd.,

Class

A

48,300

22,831

Datang

International

Power

Generation

Co.

Ltd.,

Class

H(a)

36,000

9,080

Electricity

Generating

PCL,

NVDR

4,900

16,568

Eneva

SA*

18,400

44,204

Engie

Brasil

Energia

SA

5,600

39,940

Fujian

Funeng

Co.

Ltd.,

Class

A

3,340

4,388

GD

Power

Development

Co.

Ltd.,

Class

A

42,500

27,061

Global

Power

Synergy

PCL,

NVDR

4,600

4,715

Guangdong

Electric

Power

Development

Co.

Ltd.,

Class

A

4,900

3,175

Guangdong

Electric

Power

Development

Co.

Ltd.,

Class

B

14,400

3,467

Gulf

Development

PCL,

NVDR*

93,071

134,566

HD

Renewable

Energy

Co.

Ltd.

2,704

17,032

Huadian

Power

International

Corp.

Ltd.,

Class

A

26,500

19,526

Huadian

Power

International

Corp.

Ltd.,

Class

H

38,000

20,428

Huaneng

Power

International,

Inc.,

Class

A

23,700

24,152

Huaneng

Power

International,

Inc.,

Class

H

94,000

63,824

Hubei

Energy

Group

Co.

Ltd.,

Class

A

8,700

5,528

Investments

Shares

Value

Independent

Power

and

Renewable

Electricity

Producers

(continued)

Inner

Mongolia

MengDian

HuaNeng

Thermal

Power

Corp.

Ltd.,

Class

A

9,800

$

5,491

J&V

Energy

Technology

Co.

Ltd.*

1,892

8,716

Jaiprakash

Power

Ventures

Ltd.*

1,853,846

444,421

Jilin

Electric

Power

Co.

Ltd.,

Class

A

19,400

13,917

JSW

Energy

Ltd.

8,510

50,036

KPI

Green

Energy

Ltd.(b)

2,714

15,886

Malakoff

Corp.

Bhd.

970,600

203,678

Margun

Enerji

Uretim

Sanayi

ve

Ticaret

A/S*

11,408

12,281

Mega

First

Corp.

Bhd.

217,400

185,032

NHPC

Ltd.

53,314

50,667

NLC

India

Ltd.

8,784

24,292

NTPC

Green

Energy

Ltd.*

8,050

9,582

NTPC

Ltd.

67,344

256,964

OGK-2

PJSC*‡

11,431,280

—

Orygen

Peru

SAA

28,566

20,153

Pertamina

Geothermal

Energy

PT(b)

166,704

16,767

Ratch

Group

PCL,

NVDR

24,000

19,461

Reliance

Power

Ltd.*

110,584

66,566

SDIC

Power

Holdings

Co.

Ltd.,

Class

A

8,600

18,831

Serena

Energia

SA*

13,800

29,209

Shandong

Hi-Speed

Holdings

Group

Ltd.*(a)

19,500

43,521

Shanghai

Electric

Power

Co.

Ltd.,

Class

A

10,000

13,166

Shenergy

Co.

Ltd.,

Class

A

4,900

5,566

Shenzhen

Energy

Group

Co.

Ltd.,

Class

A

10,600

9,594

Shinfox

Energy

Co.

Ltd.

4,749

13,095

Sichuan

Chuantou

Energy

Co.

Ltd.,

Class

A

9,400

20,374

Sichuan

New

Energy

Power

Co.

Ltd.,

Class

A

9,200

12,816

SP

New

Energy

Corp.*

4,692,000

119,044

Unipro

PAO*‡

5,337,000

—

Xinyi

Energy

Holdings

Ltd.(a)

949,869

151,253

Zhejiang

Provincial

New

Energy

Investment

Group

Co.

Ltd.,

Class

A

13,800

14,370

Zhejiang

Zheneng

Electric

Power

Co.

Ltd.,

Class

A

28,800

20,780

3,799,070

Industrial

Conglomerates

-

1.8%

3M

India

Ltd.

53

18,608

Aboitiz

Equity

Ventures,

Inc.

56,390

30,644

AG

Anadolu

Grubu

Holding

A/S

3,478

23,990

Alarko

Holding

A/S

5,336

12,350

Alliance

Global

Group,

Inc.

1,306,400

172,447

Alpha

Dhabi

Holding

PJSC

40,204

136,162

AntarChile

SA

920

6,700

Apar

Industries

Ltd.

240

24,404

Astra

Industrial

Group

Co.

693

25,883

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

84

Investments

Shares

Value

COMMON

STOCKS

(continued)

Industrial

Conglomerates

(continued)

Astra

International

Tbk.

PT

446,200

$

138,294

Ayala

Corp.

6,440

65,137

Bidvest

Group

Ltd.

8,464

111,370

China

Baoan

Group

Co.

Ltd.,

Class

A*

9,200

11,639

CITIC

Ltd.

121,000

181,577

CJ

Corp.

322

36,036

DMCI

Holdings,

Inc.

121,000

21,283

Doosan

Co.

Ltd.

138

59,805

Doosan

Co.

Ltd.

(Preference)

46

13,218

Dubai

Investments

PJSC

48,300

38,923

Far

Eastern

New

Century

Corp.

92,000

88,463

Fosun

International

Ltd.

25,000

17,261

Godrej

Industries

Ltd.*

1,296

16,976

Grupo

Carso

SAB

de

CV,

Series

A1(a)

9,200

65,734

GS

Holdings

Corp.

1,426

50,694

GT

Capital

Holdings,

Inc.

1,020

10,483

Hanwha

Corp.

782

56,276

HAP

Seng

Consolidated

Bhd.

32,200

19,328

Hong

Leong

Industries

Bhd.

27,600

84,515

Hyosung

Corp.

2,938

184,314

Industries

Qatar

QSC

37,490

136,842

International

Holding

Co.

PJSC*

10,212

1,115,143

JG

Summit

Holdings,

Inc.

93,011

33,484

KOC

Holding

A/S

14,214

62,784

LG

Corp.

2,852

162,877

Lotte

Corp.

506

10,271

LT

Group,

Inc.

98,000

21,941

LX

Holdings

Corp.

18,906

113,561

Metlen

Energy

&

Metals

SA

2,628

145,521

Modon

Holding

PSC*

82,708

85,565

Multiply

Group

PJSC*

52,302

39,158

National

Industries

Group

Holding

SAK

39,530

31,908

Nava

Ltd.

7,314

52,564

Opus

Global

Nyrt.(a)

125,994

207,092

Quinenco

SA

4,414

16,906

Samsung

C&T

Corp.

1,984

241,061

San

Miguel

Corp.

15,700

19,352

Shanghai

Industrial

Holdings

Ltd.

148,000

276,392

Siemens

Ltd.

1,380

47,787

Sime

Darby

Bhd.

36,600

13,988

SK

Square

Co.

Ltd.*

2,024

221,986

SK,

Inc.

782

114,469

SM

Investments

Corp.

6,440

90,088

Sunway

Bhd.

44,200

49,019

Tanco

Holdings

Bhd.*

33,840

6,625

Turkiye

Sise

ve

Cam

Fabrikalari

A/S

14,214

12,872

5,051,770

Industrial

REITs

-

0.5%

Equites

Property

Fund

Ltd.,

REIT

331,982

292,831

ESR

Kendall

Square

REIT

Co.

Ltd.,

REIT

3,919

12,010

Investments

Shares

Value

Industrial

REITs

(continued)

FIBRA

Macquarie

Mexico,

REIT(b)

293,342

$

482,347

Frasers

Property

Thailand

Industrial

Freehold

&

Leasehold

REIT,

REIT

630,000

180,248

Prologis

Property

Mexico

SA

de

CV,

REIT

14,996

56,476

Reysas

Gayrimenkul

Yatirim

Ortakligi

A/S,

REIT*

273,976

154,695

WHA

Premium

Growth

Freehold

&

Leasehold

Real

Estate

InvestmentTrust,

Class

F,

REIT

635,000

176,821

1,355,428

Insurance

-

3.0%

Abu

Dhabi

National

Insurance

Co.

PSC

103,684

203,241

Al

Rajhi

Co.

for

Co-operative

Insurance*

322

10,198

Allianz

Malaysia

Bhd.

23,000

93,941

Anadolu

Anonim

Turk

Sigorta

Sirketi

6,624

16,220

Anadolu

Hayat

Emeklilik

A/S

5,474

11,955

BB

Seguridade

Participacoes

SA

14,100

84,874

BKI

Holdings

PCL,

NVDR

18,400

162,154

Bupa

Arabia

for

Cooperative

Insurance

Co.

782

35,148

Caixa

Seguridade

Participacoes

SA

10,300

25,352

Capital

Financial

Indonesia

Tbk.

PT*

409,722

25,771

Cathay

Financial

Holding

Co.

Ltd.

229,975

469,235

Central

Reinsurance

Co.

Ltd.

161,794

125,489

China

Life

Insurance

Co.

Ltd.,

Class

H

110,000

318,790

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

A

13,700

71,348

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

H

64,400

259,651

China

Taiping

Insurance

Holdings

Co.

Ltd.

31,200

69,554

Co.

for

Cooperative

Insurance

(The)

1,012

36,233

DB

Insurance

Co.

Ltd.

1,104

101,898

Discovery

Ltd.

8,372

99,978

Fubon

Financial

Holding

Co.

Ltd.

218,174

602,313

Hanwha

Life

Insurance

Co.

Ltd.*

4,140

10,389

HDFC

Life

Insurance

Co.

Ltd.(b)

13,386

115,448

Hyundai

Marine

&

Fire

Insurance

Co.

Ltd.*

792

15,020

ICICI

Lombard

General

Insurance

Co.

Ltd.(b)

3,726

81,965

ICICI

Prudential

Life

Insurance

Co.

Ltd.(b)

5,336

37,520

KGI

Financial

Holding

Co.

Ltd.

382,757

194,921

Korean

Reinsurance

Co.

54,142

416,177

LPI

Capital

Bhd.

4,900

16,682

Max

Financial

Services

Ltd.*

4,278

73,323

Mercuries

&

Associates

Holding

Ltd.

201,550

81,707

Mercuries

Life

Insurance

Co.

Ltd.*

101,431

17,807

Momentum

Group

Ltd.

29,762

56,751

New

China

Life

Insurance

Co.

Ltd.,

Class

A

4,700

43,629

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

85

Investments

Shares

Value

COMMON

STOCKS

(continued)

Insurance

(continued)

New

China

Life

Insurance

Co.

Ltd.,

Class

H(a)

23,000

$

147,376

Old

Mutual

Ltd.

89,286

63,054

OUTsurance

Group

Ltd.

10,264

43,849

PB

Fintech

Ltd.*

4,738

98,012

People's

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

H

213,000

163,888

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

164,000

340,953

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

A

18,500

150,950

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

151,000

1,037,764

Porto

Seguro

SA

5,000

46,342

Qatar

Insurance

Co.

SAQ

1,182,522

681,387

Qualitas

Controladora

SAB

de

CV(a)

4,900

44,465

Rasan

Information

Technology

Co.*

1,012

24,281

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

736

233,781

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

(Preference)

47

11,252

Samsung

Life

Insurance

Co.

Ltd.

2,392

217,157

Sanlam

Ltd.

40,664

197,085

Santam

Ltd.

723

17,646

Saudi

Reinsurance

Co.*

1,472

17,855

SBI

Life

Insurance

Co.

Ltd.(b)

5,934

124,690

Shinkong

Insurance

Co.

Ltd.

7,450

23,712

Star

Health

&

Allied

Insurance

Co.

Ltd.*

1,187

6,025

Sunshine

Insurance

Group

Co.

Ltd.,

Class

H

736,000

365,656

Syarikat

Takaful

Malaysia

Keluarga

Bhd.

222,400

166,865

Thai

Life

Insurance

PCL,

NVDR

30,700

9,488

Tongyang

Life

Insurance

Co.

Ltd.*

12,282

74,836

Turkiye

Sigorta

A/S

49,680

12,104

ZhongAn

Online

P&C

Insurance

Co.

Ltd.,

Class

H*(a)(b)

5,900

15,107

8,320,262

Interactive

Media

&

Services

-

3.3%

Baidu,

Inc.,

Class

A*

51,950

559,869

Bilibili,

Inc.,

Class

Z*(a)

2,760

63,111

Dear

U

Co.

Ltd.

423

15,053

Info

Edge

India

Ltd.

6,210

98,702

JOYY,

Inc.,

ADR

10,718

538,044

Just

Dial

Ltd.*

1,012

9,712

Kakao

Corp.

4,342

181,595

Kanzhun

Ltd.*

9,200

86,199

Kuaishou

Technology*(b)

69,000

676,815

Meitu,

Inc.(b)

47,000

72,326

NAVER

Corp.

2,024

342,977

Newborn

Town,

Inc.*(b)

20,000

27,057

SOOP

Co.

Ltd.

3,036

174,042

Tencent

Holdings

Ltd.

84,700

5,934,395

Investments

Shares

Value

Interactive

Media

&

Services

(continued)

Weibo

Corp.,

Class

A(a)

35,880

$

352,401

9,132,298

IT

Services

-

1.1%

Al

Moammar

Information

Systems

Co.

505

17,448

Arabian

Internet

&

Communications

Services

Co.

460

29,272

Cafe24

Corp.*

368

11,490

Chinasoft

International

Ltd.(a)

52,000

37,758

Coforge

Ltd.

5,060

100,982

Cyient

Ltd.

2,530

34,820

Elm

Co.

368

89,275

GDS

Holdings

Ltd.,

Class

A*

13,400

60,599

Happiest

Minds

Technologies

Ltd.

1,060

7,346

HCL

Technologies

Ltd.

15,088

252,831

Hexaware

Technologies

Ltd.

1,150

9,242

Hyundai

Autoever

Corp.

94

10,445

Infosys

Ltd.

56,580

974,663

Kingsoft

Cloud

Holdings

Ltd.*(a)

26,000

25,868

LG

CNS

Co.

Ltd.

782

39,641

LTIMindtree

Ltd.(b)

1,426

83,119

Mphasis

Ltd.

1,196

38,095

Persistent

Systems

Ltd.

1,588

93,550

Posco

DX

Co.

Ltd.

769

13,281

Presight

AI

Holding

plc*

17,894

18,610

Samsung

SDS

Co.

Ltd.

874

100,647

Sonata

Software

Ltd.

6,164

27,580

Systex

Corp.

4,271

15,669

Tata

Consultancy

Services

Ltd.

13,708

475,217

Tata

Technologies

Ltd.

1,472

11,801

Tech

Mahindra

Ltd.

9,522

159,104

Vnet

Group,

Inc.,

ADR*(a)

4,232

35,168

Wipro

Ltd.

43,700

123,868

Zensar

Technologies

Ltd.

2,950

27,148

2,924,537

Leisure

Products

-

0.1%

Alexander

Marine

Co.

Ltd.*

20,765

140,880

Bloks

Group

Ltd.*(a)

900

13,460

Fusheng

Precision

Co.

Ltd.

3,950

37,187

Giant

Manufacturing

Co.

Ltd.

5,181

19,962

Johnson

Health

Tech

Co.

Ltd.

2,000

10,219

Merida

Industry

Co.

Ltd.

2,745

10,714

Topkey

Corp.

28,542

173,561

405,983

Life

Sciences

Tools

&

Services

-

0.3%

Akums

Drugs

&

Pharmaceuticals

Ltd.*

1,564

9,271

Divi's

Laboratories

Ltd.

1,932

145,464

EirGenix,

Inc.*

6,144

13,174

Genscript

Biotech

Corp.*(a)

14,000

30,640

Indegene

Ltd.

1,564

9,695

LigaChem

Biosciences,

Inc.*

486

47,100

Onesource

Specialty

Pharma

Ltd.*

552

12,439

Peptron,

Inc.*

368

77,883

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

86

Investments

Shares

Value

COMMON

STOCKS

(continued)

Life

Sciences

Tools

&

Services

(continued)

Samsung

Biologics

Co.

Ltd.*(b)

276

$

212,354

Syngene

International

Ltd.(b)

1,426

11,623

WuXi

AppTec

Co.

Ltd.,

Class

A

2,860

38,278

WuXi

AppTec

Co.

Ltd.,

Class

H(a)(b)

5,418

72,953

XtalPi

Holdings

Ltd.*(a)

46,000

35,511

716,385

Machinery

-

1.9%

Action

Construction

Equipment

Ltd.

1,488

19,237

AIA

Engineering

Ltd.

600

21,456

Airtac

International

Group

1,913

54,863

Anhui

Heli

Co.

Ltd.,

Class

A

4,600

11,371

Ashok

Leyland

Ltd.

45,172

62,422

Azad

Engineering

Ltd.*

828

13,931

BEML

Ltd.

690

31,198

BHI

Co.

Ltd.*

460

13,367

C

Sun

Manufacturing

Ltd.

2,828

13,739

China

CSSC

Holdings

Ltd.,

Class

A

5,000

23,864

China

International

Marine

Containers

Group

Co.

Ltd.,

Class

A

9,600

10,957

China

International

Marine

Containers

Group

Co.

Ltd.,

Class

H

9,400

10,142

CIMC

Enric

Holdings

Ltd.

184,000

157,045

Cochin

Shipyard

Ltd.(b)

1,450

29,312

Craftsman

Automation

Ltd.

343

26,438

CSBC

Corp.

Taiwan*

29,992

16,228

Cummins

India

Ltd.

2,094

84,992

Doosan

Bobcat,

Inc.

971

38,790

Doosan

Robotics,

Inc.*

322

14,024

Elgi

Equipments

Ltd.

5,290

34,322

Escorts

Kubota

Ltd.

564

21,628

Force

Motors

Ltd.

230

44,488

G

Shank

Enterprise

Co.

Ltd.

4,472

12,046

Grindwell

Norton

Ltd.

771

13,558

Haitian

International

Holdings

Ltd.

22,000

59,834

Hangcha

Group

Co.

Ltd.,

Class

A

4,600

13,526

Han's

Laser

Technology

Industry

Group

Co.

Ltd.,

Class

A

4,600

17,248

Hanwha

Engine*

966

24,136

Hanwha

Ocean

Co.

Ltd.*

1,610

130,374

HD

Hyundai

Construction

Equipment

Co.

Ltd.

4,324

288,724

HD

Hyundai

Heavy

Industries

Co.

Ltd.

315

111,413

HD

Hyundai

Infracore

Co.

Ltd.

46,138

512,681

HD

Hyundai

Marine

Solution

Co.

Ltd.

138

20,350

HD

Hyundai

Mipo

400

61,148

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

1,104

285,792

HD-Hyundai

Marine

Engine*

611

28,946

Hefei

Meiya

Optoelectronic

Technology,

Inc.,

Class

A

4,600

10,802

Hiwin

Technologies

Corp.

5,535

39,407

Investments

Shares

Value

Machinery

(continued)

HJ

Shipbuilding

&

Construction

Co.

Ltd.*

1,840

$

11,822

Hyundai

Elevator

Co.

Ltd.

676

41,580

Hyundai

Rotem

Co.

Ltd.

1,083

157,749

Ingersoll

Rand

India

Ltd.

141

6,219

INOX

India

Ltd.

736

9,835

ISGEC

Heavy

Engineering

Ltd.

329

4,098

Jiangsu

Guofu

Hydrogen

Energy

Equipment

Co.

Ltd.,

Class

H*

1,700

18,159

Jiangsu

Hengli

Hydraulic

Co.

Ltd.,

Class

A

2,000

20,465

Jupiter

Wagons

Ltd.

6,210

24,217

Kaori

Heat

Treatment

Co.

Ltd.

2,214

23,514

Keda

Industrial

Group

Co.

Ltd.,

Class

A

4,900

7,241

Kenmec

Mechanical

Engineering

Co.

Ltd.

8,075

19,885

Kinik

Co.

2,800

30,535

Kirloskar

Brothers

Ltd.

700

15,749

Kirloskar

Oil

Engines

Ltd.

3,024

31,214

KSB

Ltd.

564

5,399

LMW

Ltd.

91

15,696

Lonking

Holdings

Ltd.

690,000

233,809

Marcopolo

SA

78,200

92,887

Marcopolo

SA

(Preference)

276,100

407,353

Mirle

Automation

Corp.

5,000

9,649

North

Industries

Group

Red

Arrow

Co.

Ltd.,

Class

A*

4,600

13,922

Nova

Technology

Corp.

11,051

63,868

Olectra

Greentech

Ltd.

368

5,919

Otokar

Otomotiv

ve

Savunma

Sanayi

A/S*

1,440

19,599

People

&

Technology,

Inc.

7,728

194,760

Precision

Tsugami

China

Corp.

Ltd.

(b)

46,000

125,108

Rainbow

Robotics*

94

18,776

Raymond

Ltd.*

1,316

10,044

Rechi

Precision

Co.

Ltd.

104,000

83,277

Sam

Engineering

&

Equipment

M

Bhd.

5,100

4,986

Samsung

Heavy

Industries

Co.

Ltd.*

9,766

134,082

San

Shing

Fastech

Corp.

5,000

8,979

Sany

Heavy

Equipment

International

Holdings

Co.

Ltd.

12,000

11,251

Sany

Heavy

Industry

Co.

Ltd.,

Class

A

4,700

13,029

Schaeffler

India

Ltd.

574

27,008

SFA

Engineering

Corp.*

4,600

81,598

Shakti

Pumps

India

Ltd.

1,058

10,767

Shanghai

Zhenhua

Heavy

Industries

Co.

Ltd.,

Class

A

18,400

11,665

Shanghai

Zhenhua

Heavy

Industries

Co.

Ltd.,

Class

B

4,800

1,320

Shin

Zu

Shing

Co.

Ltd.*

3,324

26,227

Sinotruk

Hong

Kong

Ltd.

21,000

64,070

SK

oceanplant

Co.

Ltd.*

828

11,864

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

87

Investments

Shares

Value

COMMON

STOCKS

(continued)

Machinery

(continued)

SKF

India

Ltd.

385

$

21,538

SNT

Energy

Co.

Ltd.

322

11,459

STX

Engine

Co.

Ltd.*

552

9,473

Sunonwealth

Electric

Machine

Industry

Co.

Ltd.

5,022

19,097

Tega

Industries

Ltd.

598

13,011

Thermax

Ltd.

576

25,910

Tian

Di

Science

&

Technology

Co.

Ltd.,

Class

A

18,700

16,041

Timken

India

Ltd.

329

12,465

Titagarh

Rail

System

Ltd.

1,380

13,551

Turk

Traktor

ve

Ziraat

Makineleri

A/S

788

11,453

UBTech

Robotics

Corp.

Ltd.,

Class

H*(a)

2,350

26,943

UWC

Bhd.*

27,600

15,143

Vesuvius

India

Ltd.

3,360

19,781

Weichai

Power

Co.

Ltd.,

Class

A

14,100

29,659

Weichai

Power

Co.

Ltd.,

Class

H

46,000

97,508

XCMG

Construction

Machinery

Co.

Ltd.,

Class

A

28,800

33,553

Yangzijiang

Shipbuilding

Holdings

Ltd.

69,000

136,154

Yantai

Eddie

Precision

Machinery

Co.

Ltd.,

Class

A

4,700

11,866

Zhuzhou

CRRC

Times

Electric

Co.

Ltd.,

Class

H

7,100

28,852

ZMJ

Group

Co.

Ltd.,

Class

A

4,600

10,360

Zoomlion

Heavy

Industry

Science

and

Technology

Co.

Ltd.,

Class

A

17,400

17,780

Zoomlion

Heavy

Industry

Science

and

Technology

Co.

Ltd.,

Class

H(a)

29,200

22,765

5,117,355

Marine

Transportation

-

0.4%

Cia

Sud

Americana

de

Vapores

SA

402,367

20,199

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

A

18,700

40,661

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H(a)

69,000

126,222

COSCO

SHIPPING

Specialized

Carriers

Co.

Ltd.,

Class

A*

13,800

12,835

Evergreen

Marine

Corp.

Taiwan

Ltd.

27,994

185,704

Far-Eastern

Shipping

Co.

plc*‡

302,500

—

Gulf

Navigation

Holding

PJSC*

5,764

9,415

Hainan

Strait

Shipping

Co.

Ltd.,

Class

A

13,800

15,598

HMM

Co.

Ltd.

6,373

107,764

MISC

Bhd.

50,600

88,506

Orient

Overseas

International

Ltd.

3,500

63,089

Pan

Ocean

Co.

Ltd.

9,729

29,535

Qatar

Navigation

QSC

27,140

80,801

Shanghai

Zhonggu

Logistics

Co.

Ltd.,

Class

A

2,552

3,505

Shipping

Corp.

of

India

Ltd.

1,175

2,896

Investments

Shares

Value

Marine

Transportation

(continued)

Sincere

Navigation

Corp.

108,306

$

80,012

U-Ming

Marine

Transport

Corp.

14,000

24,484

Wan

Hai

Lines

Ltd.

34,121

101,400

Wisdom

Marine

Lines

Co.

Ltd.

11,898

23,320

Yang

Ming

Marine

Transport

Corp.

38,380

78,181

1,094,127

Media

-

0.8%

Affle

3i

Ltd.*

1,168

26,107

Arabian

Contracting

Services

Co.*

828

21,301

Cheil

Worldwide,

Inc.

1,472

21,101

China

Literature

Ltd.*(b)

4,200

16,533

China

South

Publishing

&

Media

Group

Co.

Ltd.,

Class

A

4,900

8,754

Chinese

Universe

Publishing

and

Media

Group

Co.

Ltd.,

Class

A

9,200

12,778

Elang

Mahkota

Teknologi

Tbk.

PT

400,706

15,220

Focus

Media

Information

Technology

Co.

Ltd.,

Class

A

14,900

15,536

Grupo

Televisa

SAB,

Series

CPO(a)

845,618

470,224

Innocean

Worldwide,

Inc.

6,302

89,522

Jiangsu

Broadcasting

Cable

Information

Network

Corp.

Ltd.,

Class

A

23,000

11,383

Megacable

Holdings

SAB

de

CV

327,980

913,296

Mobvista,

Inc.*(b)

28,000

32,066

MultiChoice

Group*

4,462

29,697

Saudi

Research

&

Media

Group*

605

29,693

Sun

TV

Network

Ltd.

1,380

8,867

Wasu

Media

Holding

Co.

Ltd.,

Class

A

9,200

10,527

Zee

Entertainment

Enterprises

Ltd.

356,684

481,245

2,213,850

Metals

&

Mining

-

3.9%

African

Rainbow

Minerals

Ltd.(a)

2,990

30,642

Al

Masane

Al

Kobra

Mining

Co.

1,403

24,873

Alamtri

Minerals

Indonesia

Tbk.

PT

193,200

13,033

Alrosa

PJSC‡

85,800

—

Aluminum

Corp.

of

China

Ltd.,

Class

A

19,600

20,246

Aluminum

Corp.

of

China

Ltd.,

Class

H

92,000

73,014

Amman

Mineral

Internasional

PT*

133,400

68,098

Aneka

Tambang

Tbk.

201,400

34,882

Angang

Steel

Co.

Ltd.,

Class

H*

38,000

10,892

APL

Apollo

Tubes

Ltd.

3,157

57,706

Baoshan

Iron

&

Steel

Co.

Ltd.,

Class

A

46,000

46,941

Beijing

Shougang

Co.

Ltd.,

Class

A

10,600

6,160

Borusan

Birlesik

Boru

Fabrikalari

Sanayi

ve

Ticaret

A/S*

720

6,394

Bradespar

SA

(Preference)

101,200

284,518

Bumi

Resources

Minerals

Tbk.

PT*

1,235,000

32,273

Century

Iron

&

Steel

Industrial

Co.

Ltd.

2,544

16,024

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

88

Investments

Shares

Value

COMMON

STOCKS

(continued)

Metals

&

Mining

(continued)

Chifeng

Jilong

Gold

Mining

Co.

Ltd.,

Class

A

4,600

$

14,639

China

Gold

International

Resources

Corp.

Ltd.(a)

4,900

42,290

China

Hongqiao

Group

Ltd.(a)

69,000

182,828

China

Metal

Recycling

Holdings

Ltd.*‡(a)

51,000

—

China

Nonferrous

Mining

Corp.

Ltd.

49,000

47,752

China

Northern

Rare

Earth

Group

High-Tech

Co.

Ltd.,

Class

A

4,600

23,982

China

Steel

Corp.

172,050

112,116

China

Zhongwang

Holdings

Ltd.*‡

699,600

—

Chung

Hung

Steel

Corp.*

23,000

11,867

Cia

Siderurgica

Nacional

SA

15,300

21,917

CMOC

Group

Ltd.,

Class

A

34,200

42,507

CMOC

Group

Ltd.,

Class

H

66,000

75,164

CSN

Mineracao

SA

9,600

8,642

Dazhong

Mining

Co.

Ltd.

4,700

7,495

DRDGOLD

Ltd.

10,054

13,428

East

Pipes

Integrated

Co.

for

Industry

644

18,542

Eregli

Demir

ve

Celik

Fabrikalari

TAS

76,774

50,536

EVERGREEN

Steel

Corp.

6,672

18,084

Feng

Hsin

Steel

Co.

Ltd.

9,308

21,081

Gerdau

SA

(Preference)

25,764

77,496

Gloria

Material

Technology

Corp.

215,278

267,587

GMK

Norilskiy

Nickel

PAO*‡

209,000

—

Godawari

Power

and

Ispat

Ltd.

15,651

34,695

Gold

Fields

Ltd.

20,884

509,093

Gravita

India

Ltd.

552

11,806

Grupo

Mexico

SAB

de

CV,

Series

B

73,600

461,610

Hangzhou

Iron

&

Steel

Co.,

Class

A*

9,400

11,709

Harmony

Gold

Mining

Co.

Ltd.

13,833

184,975

Hindalco

Industries

Ltd.

36,386

283,719

Hindustan

Copper

Ltd.

6,750

18,752

Hsin

Kuang

Steel

Co.

Ltd.

99,704

135,789

Hunan

Valin

Steel

Co.

Ltd.,

Class

A

23,500

18,492

Hyundai

Steel

Co.

1,426

36,709

Impala

Platinum

Holdings

Ltd.*

10,626

101,021

Industrias

CH

SAB

de

CV,

Class

B,

Series

B*

1,900

17,155

Industrias

Penoles

SAB

de

CV*

2,530

66,816

Inner

Mongolia

BaoTou

Steel

Union

Co.

Ltd.,

Class

A

70,500

26,366

Inner

Mongolia

ERDOS

Resources

Co.

Ltd.,

Class

B

10,388

10,357

Jai

Balaji

Industries

Ltd.*

7,730

9,911

Jiangxi

Copper

Co.

Ltd.,

Class

A

4,700

14,689

Jiangxi

Copper

Co.

Ltd.,

Class

H

35,000

70,357

Jinchuan

Group

International

Resources

Co.

Ltd.*‡(a)

235,000

23,163

Jindal

Saw

Ltd.

115,322

277,027

Jindal

Stainless

Ltd.

5,612

44,467

Jindal

Steel

&

Power

Ltd.

6,532

71,957

JSW

Steel

Ltd.

18,308

219,093

Investments

Shares

Value

Metals

&

Mining

(continued)

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

A/S,

Class

A*

8,280

$

8,073

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

A/S,

Class

D*

9,522

6,502

Kirloskar

Ferrous

Industries

Ltd.

4,183

29,064

Korea

Zinc

Co.

Ltd.

138

79,608

Koza

Anadolu

Metal

Madencilik

Isletmeleri

A/S*

11,454

21,021

Kumba

Iron

Ore

Ltd.(a)

1,978

32,950

Lingbao

Gold

Group

Co.

Ltd.,

Class

H(a)

206,000

267,144

Lloyds

Metals

&

Energy

Ltd.

2,064

35,454

Maanshan

Iron

&

Steel

Co.

Ltd.,

Class

H*

22,000

6,110

Magnitogorsk

Iron

&

Steel

Works

PJSC‡

45,174

—

Maharashtra

Seamless

Ltd.

16,733

133,856

Merdeka

Battery

Materials

Tbk.

PT*

391,000

11,406

Merdeka

Copper

Gold

Tbk.

PT*

183,462

26,312

Metalurgica

Gerdau

SA

41,400

69,363

Metalurgica

Gerdau

SA

(Preference)

239,200

400,336

Minsur

SA

346,518

393,271

MMG

Ltd.*(a)

64,000

31,307

Nanjing

Iron

&

Steel

Co.

Ltd.,

Class

A

18,400

11,639

National

Aluminium

Co.

Ltd.

17,188

36,311

NMDC

Ltd.

70,656

57,098

NMDC

Steel

Ltd.*

38,640

16,131

Northam

Platinum

Holdings

Ltd.(a)

6,348

73,645

Novolipetsk

Steel

PJSC*‡

51,150

—

Pangang

Group

Vanadium

Titanium

&

Resources

Co.

Ltd.,

Class

A*

36,800

13,814

Petrosea

Tbk.

PT

102,212

23,480

PMB

Technology

Bhd.*

41,500

14,401

Polyus

PJSC*‡

11,550

—

Poongsan

Corp.

500

57,975

POSCO

Holdings,

Inc.

1,702

378,618

Press

Metal

Aluminium

Holdings

Bhd.

59,800

74,873

PTC

Industries

Ltd.*

100

17,038

Qatar

Aluminum

Manufacturing

Co.

1,059,104

431,379

Ramkrishna

Forgings

Ltd.

1,656

11,013

Raspadskaya

OJSC*‡

4,240

—

Ratnamani

Metals

&

Tubes

Ltd.

576

17,416

Sarda

Energy

&

Minerals

Ltd.

3,700

18,901

Saudi

Arabian

Mining

Co.*

17,986

249,333

SeAH

Besteel

Holdings

Corp.

4,784

108,147

SeAH

Steel

Holdings

Corp.

690

100,505

Severstal

PAO‡

5,995

—

Shandong

Gold

Mining

Co.

Ltd.,

Class

A

5,200

21,233

Shandong

Gold

Mining

Co.

Ltd.,

Class

H(b)

12,250

37,998

Shandong

Nanshan

Aluminum

Co.

Ltd.,

Class

A

18,800

10,272

Shanxi

Meijin

Energy

Co.

Ltd.,

Class

A*

23,000

14,581

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

89

Investments

Shares

Value

COMMON

STOCKS

(continued)

Metals

&

Mining

(continued)

Shanxi

Taigang

Stainless

Steel

Co.

Ltd.,

Class

A*

15,900

$

9,262

Shougang

Fushan

Resources

Group

Ltd.

1,292,000

475,653

Shyam

Metalics

&

Energy

Ltd.

1,950

21,962

Sibanye

Stillwater

Ltd.*(a)

66,424

140,948

Steel

Authority

of

India

Ltd.

27,503

38,995

TA

Chen

Stainless

Pipe

45,804

60,310

Tata

Steel

Ltd.

114,080

205,685

Tianshan

Aluminum

Group

Co.

Ltd.,

Class

A

6,100

7,743

Trimegah

Bangun

Persada

Tbk.

PT

230,000

9,994

Tung

Ho

Steel

Enterprise

Corp.

17,050

36,616

Turk

Altin

Isletmeleri

A/S*

14,797

8,333

United

Co.

RUSAL

International

PJSC*‡

75,100

—

Usha

Martin

Ltd.

6,762

29,152

Usinas

Siderurgicas

de

Minas

Gerais

SA

Usiminas

(Preference),

Class

A*

170,200

133,155

Vale

Indonesia

Tbk.

PT

64,400

13,502

Vale

SA

87,400

834,574

Valterra

Platinum

Ltd.

4,048

183,908

Vedanta

Ltd.

38,272

185,967

VSMPO-AVISMA

Corp.

PJSC*‡

53

—

Wanguo

Gold

Group

Ltd.

8,000

30,981

Welspun

Corp.

Ltd.

3,165

33,634

Western

Mining

Co.

Ltd.,

Class

A

4,800

11,138

Xiamen

Tungsten

Co.

Ltd.,

Class

A

3,900

12,590

Yieh

Phui

Enterprise

Co.

Ltd.*

46,000

23,117

Yunnan

Aluminium

Co.

Ltd.,

Class

A

6,300

13,628

Yunnan

Copper

Co.

Ltd.,

Class

A

4,800

8,642

Yunnan

Tin

Co.

Ltd.,

Class

A

4,900

12,153

Zhaojin

Mining

Industry

Co.

Ltd.,

Class

H(a)

24,000

59,862

Zhejiang

JIULI

Hi-tech

Metals

Co.

Ltd.,

Class

A

4,700

14,624

Zhongjin

Gold

Corp.

Ltd.,

Class

A

10,900

21,700

Zijin

Mining

Group

Co.

Ltd.,

Class

A

23,000

61,234

Zijin

Mining

Group

Co.

Ltd.,

Class

H(a)

78,000

208,166

10,698,183

Multi-Utilities

-

0.1%

Dubai

Electricity

&

Water

Authority

PJSC

130,824

98,658

Power

&

Water

Utility

Co.

for

Jubail

&

Yanbu

1,886

20,172

Qatar

Electricity

&

Water

Co.

QSC

14,628

64,683

YTL

Corp.

Bhd.

120,520

70,362

YTL

Power

International

Bhd.

79,237

76,172

330,047

Office

REITs

-

0.0%(d)

AREIT,

Inc.,

REIT

18,400

13,248

Investments

Shares

Value

Office

REITs

(continued)

Brookfield

India

Real

Estate

Trust,

REIT(b)

2,806

$

10,080

Embassy

Office

Parks

REIT,

REIT

5,719

25,833

Hanwha

REIT

Co.

Ltd.,

REIT

6,164

17,757

RL

Commercial

REIT,

Inc.,

REIT

308,200

41,476

108,394

Oil,

Gas

&

Consumable

Fuels

-

4.1%

Adaro

Andalan

Indonesia

PT*

69,000

28,514

ADNOC

Logistics

&

Services

34,960

44,353

Aegis

Logistics

Ltd.

2,650

21,772

AKR

Corporindo

Tbk.

PT

2,708,480

220,563

Alamtri

Resources

Indonesia

Tbk.

PT

202,492

22,766

Bangchak

Corp.

PCL,

NVDR

14,000

14,565

Banpu

PCL,

NVDR

110,300

17,045

Bashneft

PJSC*‡

1,305

—

Bashneft

PJSC

(Preference)*‡

1,163

—

Bayan

Resources

Tbk.

PT

128,900

145,703

Bharat

Petroleum

Corp.

Ltd.

44,602

167,667

Brava

Energia*

178,950

630,962

Bukit

Asam

Tbk.

PT

81,282

11,954

Bumi

Resources

Tbk.

PT*

2,222,398

14,992

CGN

Mining

Co.

Ltd.(a)

75,000

19,299

Chennai

Petroleum

Corp.

Ltd.*

19,136

149,125

China

Coal

Energy

Co.

Ltd.,

Class

A

11,400

18,702

China

Coal

Energy

Co.

Ltd.,

Class

H(a)

47,000

57,837

China

Coal

Xinji

Energy

Co.

Ltd.,

Class

A*

13,800

12,375

China

Merchants

Energy

Shipping

Co.

Ltd.,

Class

A

14,100

11,879

China

Petroleum

&

Chemical

Corp.,

Class

A

87,400

73,027

China

Petroleum

&

Chemical

Corp.,

Class

H

552,000

323,465

China

Shenhua

Energy

Co.

Ltd.,

Class

A

13,800

73,212

China

Shenhua

Energy

Co.

Ltd.,

Class

H(a)

84,000

364,357

China

Suntien

Green

Energy

Corp.

Ltd.,

Class

H(a)

50,000

26,752

Coal

India

Ltd.

55,660

239,132

Cosan

SA*

37,300

39,508

COSCO

SHIPPING

Energy

Transportation

Co.

Ltd.,

Class

A

8,600

12,040

COSCO

SHIPPING

Energy

Transportation

Co.

Ltd.,

Class

H(a)

40,000

32,561

Dana

Gas

PJSC

2,219,776

462,919

Dian

Swastatika

Sentosa

Tbk.

PT*

23,000

90,574

Ecopetrol

SA

137,494

57,934

Exxaro

Resources

Ltd.

6,118

53,890

Formosa

Petrochemical

Corp.

20,736

30,429

Gansu

Energy

Chemical

Co.

Ltd.,

Class

A

28,200

9,723

Gazprom

PJSC*‡

412,500

—

Golden

Energy

Mines

Tbk.

PT

18,400

10,232

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

90

Investments

Shares

Value

COMMON

STOCKS

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

Great

Eastern

Shipping

Co.

Ltd.

(The)

38,962

$

418,047

Guanghui

Energy

Co.

Ltd.,

Class

A

13,800

10,399

Guangzhou

Development

Group,

Inc.,

Class

A

16,600

14,655

Gujarat

Mineral

Development

Corp.

Ltd.

2,208

9,926

HD

Hyundai

Co.

Ltd.

1,058

108,791

HELLENiQ

ENERGY

Holdings

SA(a)

1,316

11,605

Hindustan

Petroleum

Corp.

Ltd.

25,668

122,613

Indian

Oil

Corp.

Ltd.*

98,256

163,336

Indo

Tambangraya

Megah

Tbk.

PT

156,400

218,608

Inner

Mongolia

Dian

Tou

Energy

Corp.

Ltd.,

Class

A

5,500

15,392

Inner

Mongolia

Yitai

Coal

Co.

Ltd.,

Class

B

20,516

42,160

Jinneng

Holding

Shanxi

Coal

Industry

Co.

Ltd.,

Class

A

4,900

8,897

Jizhong

Energy

Resources

Co.

Ltd.,

Class

A

4,800

3,984

Kinetic

Development

Group

Ltd.

828,000

136,066

LUKOIL

PJSC*‡

12,265

—

Mangalore

Refinery

&

Petrochemicals

Ltd.

5,520

7,947

Medco

Energi

Internasional

Tbk.

PT

2,469,418

192,841

MOL

Hungarian

Oil

&

Gas

plc

7,636

66,691

Motor

Oil

Hellas

Corinth

Refineries

SA

1,443

41,587

Nanjing

Tanker

Corp.,

Class

A*

37,400

14,819

Novatek

PJSC‡

20,020

—

Oil

&

Natural

Gas

Corp.

Ltd.

102,580

282,216

Oil

India

Ltd.

16,871

84,741

Petrindo

Jaya

Kreasi

Tbk.

PT

189,980

17,722

PetroChina

Co.

Ltd.,

Class

H

520,000

508,076

Petroleo

Brasileiro

SA

-

Petrobras

87,400

558,724

Petroleo

Brasileiro

SA

-

Petrobras

(Preference)

109,100

636,062

Petronas

Dagangan

Bhd.

4,900

24,793

Petronet

LNG

Ltd.

17,618

57,963

PRIO

SA*

18,600

140,167

PTT

Exploration

&

Production

PCL

469

1,808

PTT

Exploration

&

Production

PCL,

NVDR

36,331

140,077

PTT

PCL,

NVDR

197,800

201,250

Qatar

Fuel

QSC

18,354

76,622

Qatar

Gas

Transport

Co.

Ltd.

54,142

71,525

Reliance

Industries

Ltd.

102,304

1,623,574

Rosneft

Oil

Co.

PJSC*‡

72,122

—

Rosneft

Oil

Co.

PJSC,

GDR*‡(b)

1,920

—

Saudi

Arabian

Oil

Co.(b)

80,454

521,189

Semirara

Mining

&

Power

Corp.,

Class

A

9,400

5,318

Shaanxi

Coal

Industry

Co.

Ltd.,

Class

A

18,400

51,545

Investments

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Shan

Xi

Hua

Yang

Group

New

Energy

Co.

Ltd.,

Class

A

7,050

$

6,704

Shanxi

Coking

Coal

Energy

Group

Co.

Ltd.,

Class

A

13,800

13,526

Shanxi

Lu'an

Environmental

Energy

Development

Co.

Ltd.,

Class

A

13,800

26,323

Sinopec

Kantons

Holdings

Ltd.(a)

294,000

168,910

SK

Discovery

Co.

Ltd.

598

23,587

SK

Gas

Ltd.

48

9,155

SK

Innovation

Co.

Ltd.

1,334

103,792

S-Oil

Corp.

744

33,638

Star

Petroleum

Refining

PCL,

NVDR

589,400

102,802

Surgutneftegas

PAO*‡

319,000

—

Surgutneftegas

PAO

(Preference)*‡

225,500

—

Tatneft

PJSC‡

22,094

—

Tatneft

PJSC,

ADR*‡

4,806

—

Tatneft

PJSC

(Preference)‡

3,870

—

Thai

Oil

PCL,

NVDR

27,902

29,456

Thungela

Resources

Ltd.

50,646

260,449

Transneft

PJSC

(Preference)*‡

5,500

—

Turkiye

Petrol

Rafinerileri

A/S

18,768

78,090

Ultrapar

Participacoes

SA

18,400

56,430

United

Tractors

Tbk.

PT

36,800

54,009

Vista

Energy

SAB

de

CV,

ADR*

2,024

90,473

Yancoal

Australia

Ltd.(a)(b)

4,800

19,903

Yankuang

Energy

Group

Co.

Ltd.,

Class

A

10,335

18,133

Yankuang

Energy

Group

Co.

Ltd.,

Class

H(a)

89,699

102,383

11,319,327

Paper

&

Forest

Products

-

0.6%

Aditya

Birla

Real

Estate

Ltd.

1,050

22,591

Century

Plyboards

India

Ltd.

2,316

19,340

Chung

Hwa

Pulp

Corp.*

200,800

82,412

Empresas

CMPC

SA

19,872

27,809

Indah

Kiat

Pulp

&

Paper

Tbk.

PT

909,420

375,816

Lee

&

Man

Paper

Manufacturing

Ltd.

(a)

920,000

305,885

Nine

Dragons

Paper

Holdings

Ltd.*

9,000

4,953

Pabrik

Kertas

Tjiwi

Kimia

Tbk.

PT

455,400

170,204

Sappi

Ltd.

238,648

364,126

Shandong

Sun

Paper

Industry

JSC

Ltd.,

Class

A

9,200

17,817

Suzano

SA

15,300

142,518

YFY,

Inc.

22,472

18,333

1,551,804

Passenger

Airlines

-

0.4%

Aegean

Airlines

SA

13,478

194,679

Aeroflot

PJSC*‡

74,029

—

Air

Arabia

PJSC

60,996

61,775

Asiana

Airlines,

Inc.*

2,576

17,609

Bangkok

Airways

PCL,

NVDR

245,000

112,454

China

Airlines

Ltd.

61,000

42,101

China

Eastern

Airlines

Corp.

Ltd.,

Class

A*

14,300

7,535

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

91

Investments

Shares

Value

COMMON

STOCKS

(continued)

Passenger

Airlines

(continued)

China

Eastern

Airlines

Corp.

Ltd.,

Class

H*(a)

46,000

$

16,583

China

Southern

Airlines

Co.

Ltd.,

Class

A*

14,100

11,115

China

Southern

Airlines

Co.

Ltd.,

Class

H*

24,000

11,068

Eva

Airways

Corp.

78,300

99,293

InterGlobe

Aviation

Ltd.*(b)

2,530

170,705

Jazeera

Airways

Co.

KSCP

2,208

9,756

Korean

Air

Lines

Co.

Ltd.

3,772

64,462

Latam

Airlines

Group

SA

5,045,832

109,618

Pegasus

Hava

Tasimaciligi

A/S*

5,171

32,101

Turk

Hava

Yollari

AO

15,640

110,963

1,071,817

Personal

Care

Products

-

0.4%

Amorepacific

Corp.

414

40,212

Amorepacific

Holdings

Corp.

690

15,449

APR

Corp.*

368

48,746

Colgate-Palmolive

India

Ltd.

1,886

48,341

Cosmax,

Inc.

144

26,115

Dabur

India

Ltd.

7,866

47,502

Emami

Ltd.

2,162

14,824

Giant

Biogene

Holding

Co.

Ltd.(a)(b)

7,800

55,643

Gillette

India

Ltd.

192

23,744

Godrej

Consumer

Products

Ltd.

5,704

81,980

Grape

King

Bio

Ltd.

2,637

11,441

Hengan

International

Group

Co.

Ltd.

12,000

35,924

Hindustan

Unilever

Ltd.

12,236

352,167

Honasa

Consumer

Ltd.*

6,486

20,136

Kolmar

Korea

Co.

Ltd.

240

16,873

LG

H&H

Co.

Ltd.

97

22,103

LG

H&H

Co.

Ltd.

(Preference)

43

3,959

Mao

Geping

Cosmetics

Co.

Ltd.,

Class

H(a)

1,400

17,870

Microbio

Co.

Ltd.*

26,681

21,499

Natura

Cosmeticos

SA*

24,058

38,804

Procter

&

Gamble

Hygiene

&

Health

Care

Ltd.

92

14,419

Sarantis

SA

1,316

20,183

Shanghai

Chicmax

Cosmetic

Co.

Ltd.,

Class

H

1,900

18,286

TCI

Co.

Ltd.*

1,000

4,372

VT

Co.

Ltd.*

920

23,949

1,024,541

Pharmaceuticals

-

2.0%

Acutaas

Chemicals

Ltd.

598

9,062

Ajanta

Pharma

Ltd.

576

18,092

Alembic

Pharmaceuticals

Ltd.

2,000

22,327

Alivus

Life

Sciences

Ltd.*

874

10,288

Alkem

Laboratories

Ltd.

782

44,913

Aspen

Pharmacare

Holdings

Ltd.

6,854

44,461

Asymchem

Laboratories

Tianjin

Co.

Ltd.,

Class

A

700

11,118

Investments

Shares

Value

Pharmaceuticals

(continued)

Aurobindo

Pharma

Ltd.*

5,152

$

67,036

Beijing

Tong

Ren

Tang

Chinese

Medicine

Co.

Ltd.(a)

5,000

5,822

Blue

Jet

Healthcare

Ltd.

966

8,888

Bora

Pharmaceuticals

Co.

Ltd.

1,008

27,760

Boryung

12,374

75,486

BrightGene

Bio-Medical

Technology

Co.

Ltd.,

Class

A

1,334

18,134

Caliway

Biopharmaceuticals

Co.

Ltd.*

20,000

82,754

Caplin

Point

Laboratories

Ltd.

912

21,513

Caregen

Co.

Ltd.

598

21,453

Celltrion

Pharm,

Inc.*

322

12,492

Center

Laboratories,

Inc.

11,446

14,304

Changchun

High-Tech

Industry

Group

Co.

Ltd.,

Class

A

600

8,802

China

Medical

System

Holdings

Ltd.

(a)

21,000

35,687

China

Resources

Pharmaceutical

Group

Ltd.(a)(b)

28,000

19,582

China

Traditional

Chinese

Medicine

Holdings

Co.

Ltd.(a)

990,000

282,497

Chong

Kun

Dang

Pharmaceutical

Corp.

414

25,255

Cipla

Ltd.

8,280

146,944

Cohance

Lifesciences

Ltd.*

2,303

26,249

Concord

Biotech

Ltd.*

1,288

25,985

Consun

Pharmaceutical

Group

Ltd.

184,000

322,996

CSPC

Pharmaceutical

Group

Ltd.

124,080

156,799

Daewoong

Co.

Ltd.

8,602

144,835

Daewoong

Pharmaceutical

Co.

Ltd.

49

5,201

Dong-A

Socio

Holdings

Co.

Ltd.

1,327

107,170

DongKook

Pharmaceutical

Co.

Ltd.

9,476

128,939

Dr

Reddy's

Laboratories

Ltd.

9,016

130,744

Emcure

Pharmaceuticals

Ltd.*

690

11,103

Eris

Lifesciences

Ltd.(b)

1,069

21,953

Genomma

Lab

Internacional

SAB

de

CV,

Class

B(a)

248,814

288,346

Gland

Pharma

Ltd.(b)

920

21,685

GlaxoSmithKline

Pharmaceuticals

Ltd.

376

13,575

Glenmark

Pharmaceuticals

Ltd.

2,208

53,792

Grand

Pharmaceutical

Group

Ltd.(a)

28,500

31,550

Granules

India

Ltd.

3,193

17,310

Hanall

Biopharma

Co.

Ltd.*

1,150

22,473

Hanmi

Pharm

Co.

Ltd.

103

20,759

Hansoh

Pharmaceutical

Group

Co.

Ltd.(b)

14,000

63,045

HK

inno

N

Corp.

192

6,230

Hua

Han

Health

Industry

Holdings

Ltd.*‡

3,780,000

—

Hypera

SA

9,400

43,167

Ipca

Laboratories

Ltd.

2,668

44,891

Jamjoom

Pharmaceuticals

Factory

Co.

480

20,768

JB

Chemicals

&

Pharmaceuticals

Ltd.

1,152

23,268

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

92

Investments

Shares

Value

COMMON

STOCKS

(continued)

Pharmaceuticals

(continued)

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.,

Class

A

5,000

$

43,724

Jiangzhong

Pharmaceutical

Co.

Ltd.,

Class

A

4,700

14,277

Jilin

Aodong

Pharmaceutical

Group

Co.

Ltd.,

Class

A

4,600

12,125

Jubilant

Pharmova

Ltd.

1,518

20,692

Kalbe

Farma

Tbk.

PT

252,494

21,943

Laurus

Labs

Ltd.(b)

4,136

41,283

Livzon

Pharmaceutical

Group,

Inc.,

Class

H

3,930

18,774

Lotus

Pharmaceutical

Co.

Ltd.

2,000

14,607

Lumosa

Therapeutics

Co.

Ltd.*

2,188

9,163

Lupin

Ltd.

3,910

86,106

Luye

Pharma

Group

Ltd.*(a)(b)

759,500

416,032

Mankind

Pharma

Ltd.*

1,904

55,799

Marksans

Pharma

Ltd.

6,992

18,155

Mezzion

Pharma

Co.

Ltd.*

318

8,817

Nanjing

King-Friend

Biochemical

Pharmaceutical

Co.

Ltd.,

Class

A

9,200

15,157

Natco

Pharma

Ltd.

39,330

428,056

Neuland

Laboratories

Ltd.

230

34,871

Oneness

Biotech

Co.

Ltd.*

4,406

9,388

Oscotec,

Inc.*

460

10,482

Pfizer

Ltd.

341

20,221

Pharmally

International

Holding

Co.

Ltd.*‡

2,564

—

Piramal

Pharma

Ltd.

13,309

29,935

Richter

Gedeon

Nyrt.

3,581

107,875

Sam

Chun

Dang

Pharm

Co.

Ltd.

240

35,737

Sanofi

India

Ltd.

144

9,575

Saudi

Pharmaceutical

Industries

&

Medical

Appliances

Corp.*

3,036

19,522

Shandong

Buchang

Pharmaceuticals

Co.

Ltd.,

Class

A

4,600

11,633

Shanghai

Fosun

Pharmaceutical

Group

Co.

Ltd.,

Class

A

2,200

8,439

Shanghai

Fosun

Pharmaceutical

Group

Co.

Ltd.,

Class

H(a)

14,000

34,171

Shanghai

Shyndec

Pharmaceutical

Co.

Ltd.,

Class

A

1,900

3,030

Sino

Biopharmaceutical

Ltd.

120,999

115,912

SK

Biopharmaceuticals

Co.

Ltd.*

460

32,739

SSY

Group

Ltd.

470,000

186,204

ST

Pharm

Co.

Ltd.

141

8,856

Sun

Pharmaceutical

Industries

Ltd.

16,192

315,471

Synmosa

Biopharma

Corp.

9,513

11,777

Tianjin

Pharmaceutical

Da

Re

Tang

Group

Corp.

Ltd.,

Class

S

4,900

12,740

Tonghua

Dongbao

Pharmaceutical

Co.

Ltd.,

Class

A

9,200

10,603

Torrent

Pharmaceuticals

Ltd.

1,656

70,738

TTY

Biopharm

Co.

Ltd.

2,575

6,651

United

Laboratories

International

Holdings

Ltd.

(The)(a)

24,000

45,187

Investments

Shares

Value

Pharmaceuticals

(continued)

Wockhardt

Ltd.*

1,920

$

36,548

Yuhan

Corp.

828

70,512

YungShin

Global

Holding

Corp.

11,055

23,186

Yunnan

Baiyao

Group

Co.

Ltd.,

Class

A

2,600

20,271

Zhangzhou

Pientzehuang

Pharmaceutical

Co.

Ltd.,

Class

A

600

16,599

Zhejiang

Jiuzhou

Pharmaceutical

Co.

Ltd.,

Class

A

4,700

12,402

Zydus

Lifesciences

Ltd.

4,286

47,450

5,390,938

Professional

Services

-

0.1%

BLS

International

Services

Ltd.

3,626

15,732

Computer

Age

Management

Services

Ltd.

712

30,373

eClerx

Services

Ltd.

679

29,200

Firstsource

Solutions

Ltd.

6,900

26,915

International

Gemmological

Institute

India

Ltd.

2,346

10,556

L&T

Technology

Services

Ltd.(b)

138

6,787

NICE

Information

Service

Co.

Ltd.

13,432

157,875

RITES

Ltd.

4,200

12,310

Sagility

India

Ltd.*(b)

21,022

11,188

Sporton

International,

Inc.

1,595

8,577

Zetrix

Ai

Bhd.

90,687

18,711

328,224

Real

Estate

Management

&

Development

-

3.3%

Advancetek

Enterprise

Co.

Ltd.

124,227

291,344

Aldar

Properties

PJSC

88,826

230,221

Allos

SA

14,500

55,192

Anant

Raj

Ltd.

3,135

20,206

AP

Thailand

PCL,

NVDR

299,000

66,333

Arabian

Centres

Co.(b)

6,348

35,132

Arriyadh

Development

Co.

3,496

29,861

Ayala

Land,

Inc.

90,400

38,743

Barwa

Real

Estate

Co.

51,336

39,605

Brigade

Enterprises

Ltd.*

1,551

17,844

Bumi

Serpong

Damai

Tbk.

PT*

1,849,200

88,780

C&D

International

Investment

Group

Ltd.

14,196

28,609

Cathay

Real

Estate

Development

Co.

Ltd.

388,550

242,783

Cencosud

Shopping

SA

11,750

22,802

Central

Pattana

PCL,

NVDR

24,000

38,372

China

Dili

Group,

Class

D*‡

50,001

—

China

Enterprise

Co.

Ltd.,

Class

A*

28,200

11,448

China

Jinmao

Holdings

Group

Ltd.

188,000

34,247

China

Merchants

Shekou

Industrial

Zone

Holdings

Co.

Ltd.,

Class

A

19,400

23,465

China

Overseas

Land

&

Investment

Ltd.

92,000

159,389

China

Overseas

Property

Holdings

Ltd.

15,000

10,319

China

Resources

Land

Ltd.

72,500

266,449

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

93

Investments

Shares

Value

COMMON

STOCKS

(continued)

Real

Estate

Management

&

Development

(continued)

China

Resources

Mixc

Lifestyle

Services

Ltd.(b)

9,600

$

44,637

China

Vanke

Co.

Ltd.,

Class

A*

23,700

21,219

China

Vanke

Co.

Ltd.,

Class

H*

54,900

34,898

Chong

Hong

Construction

Co.

Ltd.

86,111

236,284

Ciputra

Development

Tbk.

PT

3,141,846

175,661

Commercial

Real

Estate

Co.

KSC

47,538

29,517

Corp.

Inmobiliaria

Vesta

SAB

de

CV(a)

10,300

29,037

Country

Garden

Services

Holdings

Co.

Ltd.

51,000

42,294

Crowell

Development

Corp.

96,600

86,575

Da-Li

Development

Co.

Ltd.*

161,876

246,766

DAP

Gayrimenkul

Gelistirme

A/S,

Class

C*

43,562

14,230

Dar

Al

Arkan

Real

Estate

Development

Co.*

7,493

38,153

Delpha

Construction

Co.

Ltd.

8,965

8,560

Deyaar

Development

PJSC

431,664

122,221

DLF

Ltd.

12,834

114,900

Eco

World

Development

Group

Bhd.

42,300

20,233

Emaar

Development

PJSC

22,808

93,453

Emaar

Economic

City*

5,750

19,268

Emaar

Properties

PJSC

151,846

630,435

Embassy

Developments

Ltd.*

19,090

22,982

Evergrande

Property

Services

Group

Ltd.*(b)

2,047,000

198,181

Farglory

Land

Development

Co.

Ltd.

11,524

23,938

Fortress

Real

Estate

Investments

Ltd.,

Class

B

38,134

44,666

Fu

Hua

Innovation

Co.

Ltd.

114,000

127,568

Ganesh

Housing

Corp.

Ltd.

920

9,391

Gemdale

Corp.,

Class

A*

23,000

12,023

Godrej

Properties

Ltd.*

1,932

46,380

Greenland

Holdings

Corp.

Ltd.,

Class

A*

46,000

12,343

Greentown

China

Holdings

Ltd.

24,500

30,804

Greentown

Service

Group

Co.

Ltd.(b)

526,000

320,961

Hainan

Airport

Infrastructure

Co.

Ltd.,

Class

A

23,000

12,567

Hangzhou

Binjiang

Real

Estate

Group

Co.

Ltd.,

Class

A

4,300

5,966

Hanson

International

Tbk.

PT*‡

2,409,275

—

Highwealth

Construction

Corp.

31,009

42,544

Hiyes

International

Co.

Ltd.

16,932

49,524

Hopson

Development

Holdings

Ltd.*

32,200

15,505

Hua

Yu

Lien

Development

Co.

Ltd.

45,550

110,642

Huaku

Development

Co.

Ltd.

5,987

19,116

Huang

Hsiang

Construction

Corp.

51,690

67,800

Iguatemi

SA

86,700

321,028

IOI

Properties

Group

Bhd.

38,700

19,237

KE

Holdings,

Inc.,

Class

A

33,311

202,624

Kindom

Development

Co.

Ltd.*

135,301

226,654

Knowledge

Economic

City

Co.*

5,382

17,949

Kuwait

Real

Estate

Co.

KSC*

11,608

13,656

Investments

Shares

Value

Real

Estate

Management

&

Development

(continued)

LAMDA

Development

SA*

2,806

$

21,421

Land

&

Houses

PCL,

NVDR

207,600

24,267

Lodha

Developers

Ltd.(b)

4,140

58,207

Longfor

Group

Holdings

Ltd.(a)(b)

48,488

60,471

LSR

Group

PJSC,

Class

A*‡

21,295

—

Mabanee

Co.

KPSC

10,312

29,858

Mah

Sing

Group

Bhd.

664,200

182,207

Makkah

Construction

&

Development

Co.

1,380

30,535

MAS

P.L.C.*

184,230

231,784

Matrix

Concepts

Holdings

Bhd.

471,550

148,154

MBK

PCL,

NVDR

191,044

98,796

Megaworld

Corp.

3,358,000

114,557

Multiplan

Empreendimentos

Imobiliarios

SA*

5,000

22,595

Nanjing

Gaoke

Co.

Ltd.,

Class

A

14,100

14,839

Oberoi

Realty

Ltd.

1,978

36,808

Onewo,

Inc.,

Class

H(a)

5,000

14,331

OSK

Holdings

Bhd.

558,900

171,667

Pakuwon

Jati

Tbk.

PT

5,308,400

113,556

Parque

Arauco

SA

15,548

31,506

Phoenix

Mills

Ltd.

(The)

3,068

51,975

Plaza

SA

10,212

21,432

PNB

Holdings

Corp.*‡

46,815

38,410

Poly

Developments

and

Holdings

Group

Co.

Ltd.,

Class

A*

17,100

18,971

Poly

Property

Services

Co.

Ltd.,

Class

H(b)

56,600

251,275

Prestige

Estates

Projects

Ltd.

2,076

38,546

Radiance

Holdings

Group

Co.

Ltd.*(a)(b)

230,000

82,038

RAK

Properties

PJSC*

58,880

24,686

Retal

Urban

Development

Co.,

Class

A

8,096

32,029

Robinsons

Land

Corp.

593,400

147,504

Ruentex

Development

Co.

Ltd.

39,428

39,563

Salhia

Real

Estate

Co.

KSCP

4,508

6,084

Sansiri

PCL,

NVDR

2,295,400

103,953

Saudi

Real

Estate

Co.*

1,288

6,325

Seazen

Group

Ltd.*

94,000

29,936

Shanghai

Jinqiao

Export

Processing

Zone

Development

Co.

Ltd.,

Class

B*

92,092

75,147

Shanghai

Lujiazui

Finance

&

Trade

Zone

Development

Co.

Ltd.,

Class

A

9,200

11,243

Shanghai

Lujiazui

Finance

&

Trade

Zone

Development

Co.

Ltd.,

Class

B

4,900

2,283

Shanghai

Zhangjiang

High-Tech

Park

Development

Co.

Ltd.,

Class

A

4,700

21,040

Shenzhen

Overseas

Chinese

Town

Co.

Ltd.,

Class

A*

32,200

10,252

Sichuan

Languang

Justbon

Services

Group

Co.

Ltd.,

Class

H*‡

26,500

—

SignatureGlobal

India

Ltd.*

1,472

19,234

Sime

Darby

Property

Bhd.

67,600

23,616

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

94

Investments

Shares

Value

COMMON

STOCKS

(continued)

Real

Estate

Management

&

Development

(continued)

Sinic

Holdings

Group

Co.

Ltd.*‡

318,000

$

—

Sinyi

Realty,

Inc.

92,000

78,291

SK

D&D

Co.

Ltd.

1

7

SM

Prime

Holdings,

Inc.

174,800

69,521

Sobha

Ltd.

1,104

20,161

SP

Setia

Bhd.

Group

50,000

13,130

Sunac

China

Holdings

Ltd.*(a)

184,000

36,566

Supalai

PCL,

NVDR

286,000

136,524

Talaat

Moustafa

Group

19,728

21,649

TECOM

Group

PJSC

14,398

13,406

Tropicana

Corp.

Bhd.*

50,600

14,118

UEM

Sunrise

Bhd.

64,400

11,325

United

Development

Co.

QSC

626,520

177,752

UOA

Development

Bhd.

9,700

4,003

Valor

Estate

Ltd.*

78,062

165,127

WHA

Corp.

PCL,

NVDR

227,890

24,965

Yea

Shin

International

Development

Co.

Ltd.

153,840

137,102

Youngor

Fashion

Co.

Ltd.,

Class

A

14,400

14,715

Yuexiu

Property

Co.

Ltd.(a)

19,079

11,229

Yungshin

Construction

&

Development

Co.

Ltd.

1,600

4,315

Zhuhai

Huafa

Properties

Co.

Ltd.,

Class

A

4,900

3,263

Zhuhai

Zhumian

Group

Co.

Ltd.*

13,800

11,089

9,162,893

Residential

REITs

-

0.0%(d)

Emlak

Konut

Gayrimenkul

Yatirim

Ortakligi

A/S,

REIT

51,117

24,996

Retail

REITs

-

0.6%

Axtra

Future

City

Freehold

and

Leasehold

REIT,

REIT

446,000

155,581

Hyprop

Investments

Ltd.,

REIT

145,958

370,737

IGB

REIT,

REIT

39,800

25,942

LOTTE

Reit

Co.

Ltd.,

REIT

2,174

6,028

Nexus

Select

Trust,

REIT

10,105

16,957

Pavilion

REIT,

REIT

15,000

6,260

Resilient

REIT

Ltd.,

REIT(a)

113,850

412,712

Sunway

REIT,

REIT

30,900

16,229

Vukile

Property

Fund

Ltd.,

REIT

462,162

523,950

1,534,396

Semiconductors

&

Semiconductor

Equipment

-

8.2%

3peak,

Inc.,

Class

A*

552

10,935

ACM

Research

Shanghai,

Inc.,

Class

A*

1,081

18,781

ADATA

Technology

Co.

Ltd.

120,182

367,623

Advanced

Echem

Materials

Co.

Ltd.

1,000

22,112

Advanced

Wireless

Semiconductor

Co.

5,104

16,382

Airoha

Technology

Corp.

1,250

23,327

Alchip

Technologies

Ltd.

1,100

143,178

Amlogic

Shanghai

Co.

Ltd.,

Class

A*

1,104

11,105

Investments

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Andes

Technology

Corp.*

1,507

$

14,314

Anji

Microelectronics

Technology

Shanghai

Co.

Ltd.,

Class

A

214

4,456

AP

Memory

Technology

Corp.

2,224

24,626

Ardentec

Corp.

15,298

38,697

ASE

Technology

Holding

Co.

Ltd.

82,850

423,306

ASMedia

Technology,

Inc.

464

29,692

ASPEED

Technology,

Inc.

400

61,111

ASR

Microelectronics

Co.

Ltd.,

Class

A*

987

12,119

Black

Sesame

International

Holding

Ltd.*

9,400

20,836

Cambricon

Technologies

Corp.

Ltd.,

Class

A*

490

48,333

China

Resources

Microelectronics

Ltd.,

Class

A

1,610

10,437

Chipbond

Technology

Corp.

17,001

31,897

ChipMOS

Technologies,

Inc.

226,035

196,898

DB

HiTek

Co.

Ltd.

753

24,814

Dosilicon

Co.

Ltd.,

Class

A*

2,438

21,950

Duk

San

Neolux

Co.

Ltd.*

506

14,650

Elan

Microelectronics

Corp.

3,378

14,090

Elite

Advanced

Laser

Corp.

1,534

9,996

Elite

Semiconductor

Microelectronics

Technology,

Inc.

99,036

166,567

eMemory

Technology,

Inc.

900

61,362

Ennostar,

Inc.

248,658

293,249

Eo

Technics

Co.

Ltd.

322

50,733

Episil

Technologies,

Inc.*

6,292

7,821

Everlight

Electronics

Co.

Ltd.

11,850

27,513

Faraday

Technology

Corp.

4,154

21,224

Fitipower

Integrated

Technology,

Inc.

42,269

255,618

Flat

Glass

Group

Co.

Ltd.,

Class

H

1,000

1,302

FocalTech

Systems

Co.

Ltd.*

4,711

10,007

Formosa

Sumco

Technology

Corp.

1,000

2,985

Foxsemicon

Integrated

Technology,

Inc.

2,650

27,124

GalaxyCore,

Inc.,

Class

A

5,014

10,665

GCL

System

Integration

Technology

Co.

Ltd.,

Class

A*

9,800

3,502

GCL

Technology

Holdings

Ltd.*(a)

184,000

27,424

GemVax

&

Kael

Co.

Ltd.*

920

36,023

Genesys

Logic,

Inc.

2,000

8,845

Global

Mixed

Mode

Technology,

Inc.

2,448

17,798

Global

Unichip

Corp.

1,432

58,292

Globalwafers

Co.

Ltd.

5,803

66,589

Grand

Process

Technology

Corp.

500

25,128

Greatek

Electronics,

Inc.

7,632

15,751

Gudeng

Precision

Industrial

Co.

Ltd.

1,812

18,455

Hana

Micron,

Inc.

18,952

176,155

Hangzhou

First

Applied

Material

Co.

Ltd.,

Class

A

9,200

18,712

Hanmi

Semiconductor

Co.

Ltd.

801

53,080

Hua

Hong

Semiconductor

Ltd.,

Class

H*(a)(b)

6,000

31,032

Inari

Amertron

Bhd.

16,200

8,015

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

95

Investments

Shares

Value

COMMON

STOCKS

(continued)

Semiconductors

&

Semiconductor

Equipment

(continued)

InnoScience

Suzhou

Technology

Holding

Co.

Ltd.,

Class

H*

4,600

$

25,783

ITE

Technology,

Inc.

4,100

18,132

ITH

Corp.

92,000

143,945

JA

Solar

Technology

Co.

Ltd.,

Class

A*

9,200

14,146

JCET

Group

Co.

Ltd.,

Class

A

4,600

22,428

Jentech

Precision

Industrial

Co.

Ltd.

1,287

62,092

Jusung

Engineering

Co.

Ltd.

1,152

22,636

King

Yuan

Electronics

Co.

Ltd.

24,326

96,171

Kinsus

Interconnect

Technology

Corp.

4,000

13,804

Koh

Young

Technology,

Inc.

1,932

20,214

LandMark

Optoelectronics

Corp.*

2,048

28,132

LEENO

Industrial,

Inc.

530

18,230

LONGi

Green

Energy

Technology

Co.

Ltd.,

Class

A*

5,848

12,813

LX

Semicon

Co.

Ltd.

3,956

156,894

M31

Technology

Corp.

460

7,675

Machvision,

Inc.

1,123

18,248

Macronix

International

Co.

Ltd.*

31,104

19,748

Malaysian

Pacific

Industries

Bhd.

4,600

21,722

Marketech

International

Corp.

2,489

17,095

MediaTek,

Inc.

22,000

1,009,800

Montage

Technology

Co.

Ltd.,

Class

A

1,608

19,007

MPI

Corp.

1,428

50,235

Nanya

Technology

Corp.*

9,385

14,008

NAURA

Technology

Group

Co.

Ltd.,

Class

A

1,080

50,330

Novatek

Microelectronics

Corp.

9,312

148,193

Nuvoton

Technology

Corp.

4,000

9,247

OmniVision

Integrated

Circuits

Group,

Inc.

900

15,175

Orient

Semiconductor

Electronics

Ltd.

14,256

18,675

Pan

Jit

International,

Inc.

8,000

12,731

Parade

Technologies

Ltd.

1,400

26,970

Phison

Electronics

Corp.

2,776

49,293

Phoenix

Silicon

International

Corp.

4,061

17,415

Pixart

Imaging,

Inc.

3,200

21,014

Powerchip

Semiconductor

Manufacturing

Corp.*

52,000

26,133

Powertech

Technology,

Inc.

14,550

61,422

Premier

Energies

Ltd.(b)

517

6,091

PSK

Holdings,

Inc.

3,542

85,945

Radiant

Opto-Electronics

Corp.

8,350

38,606

Raydium

Semiconductor

Corp.

22,380

261,684

Realtek

Semiconductor

Corp.

7,724

148,800

RichWave

Technology

Corp.*

2,388

9,321

Sanan

Optoelectronics

Co.

Ltd.,

Class

A

9,200

15,988

SDI

Corp.

1,781

4,428

Shanghai

Awinic

Technology

Co.

Ltd.,

Class

A

1,104

10,933

Investments

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Shanghai

Fudan

Microelectronics

Group

Co.

Ltd.,

Class

A

1,564

$

11,009

Shanghai

Fudan

Microelectronics

Group

Co.

Ltd.,

Class

H

4,000

16,051

Sigurd

Microelectronics

Corp.

16,300

42,487

Silergy

Corp.

4,000

43,555

Silicon

Integrated

Systems

Corp.

5,959

11,061

Sino-American

Silicon

Products,

Inc.

16,352

55,333

Sitronix

Technology

Corp.

5,674

37,925

SK

Hynix,

Inc.

12,926

2,549,222

Skytech,

Inc.

1,000

6,651

Sunplus

Technology

Co.

Ltd.*

5,116

3,274

Taesung

Co.

Ltd.*

506

11,548

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

337,266

13,107,582

TechWing,

Inc.

1,150

23,219

Tokai

Carbon

Korea

Co.

Ltd.

276

21,295

Tongwei

Co.

Ltd.,

Class

A*

4,600

13,065

Topco

Scientific

Co.

Ltd.

2,704

26,136

Trina

Solar

Co.

Ltd.,

Class

A*

4,502

9,714

Unisem

M

Bhd.

41,400

22,617

United

Microelectronics

Corp.

284,332

395,812

United

Renewable

Energy

Co.

Ltd.*

50,256

11,955

UPI

Semiconductor

Corp.

1,358

8,895

Vanguard

International

Semiconductor

Corp.

15,078

47,183

Verisilicon

Microelectronics

Shanghai

Co.

Ltd.,

Class

A*

1,233

17,022

Via

Technologies,

Inc.

5,424

10,867

VisEra

Technologies

Co.

Ltd.

1,392

10,447

Visual

Photonics

Epitaxy

Co.

Ltd.

4,000

19,432

ViTrox

Corp.

Bhd.

9,400

8,463

WAAREE

Energies

Ltd.*

322

11,000

Win

Semiconductors

Corp.

6,961

20,057

Winbond

Electronics

Corp.*

63,007

36,625

WinWay

Technology

Co.

Ltd.

650

24,391

WONIK

IPS

Co.

Ltd.

1,269

29,968

Xinjiang

Daqo

New

Energy

Co.

Ltd.,

Class

A*

4,462

16,067

XinTec,

Inc.

3,000

14,825

Xinyi

Solar

Holdings

Ltd.(a)

122,000

47,401

22,730,142

Software

-

0.3%

360

Security

Technology,

Inc.,

Class

A

9,200

14,453

AurionPro

Solutions

Ltd.

517

8,044

Beijing

Fourth

Paradigm

Technology

Co.

Ltd.,

Class

H*(a)

9,300

65,396

Beijing

Kingsoft

Office

Software,

Inc.,

Class

A

151

6,581

Beijing

Shiji

Information

Technology

Co.

Ltd.,

Class

A

9,200

13,136

Birlasoft

Ltd.

6,026

26,932

CE

Info

Systems

Ltd.

506

10,409

CETC

Cyberspace

Security

Technology

Co.

Ltd.,

Class

A

4,600

11,678

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

96

Investments

Shares

Value

COMMON

STOCKS

(continued)

Software

(continued)

Dmall,

Inc.*

9,200

$

12,071

Douzone

Bizon

Co.

Ltd.

350

18,045

Horizon

Robotics*(a)

110,400

97,461

Hundsun

Technologies,

Inc.,

Class

A

4,550

22,899

Iflytek

Co.

Ltd.,

Class

A

4,800

32,552

Inspur

Digital

Enterprise

Technology

Ltd.

12,000

16,020

Intellect

Design

Arena

Ltd.

2,484

28,997

Kingdee

International

Software

Group

Co.

Ltd.*

40,000

93,248

KPIT

Technologies

Ltd.

2,381

33,334

Newgen

Software

Technologies

Ltd.

1,920

18,606

Oracle

Financial

Services

Software

Ltd.

322

31,153

Phoenix

Group

plc*

81,328

34,541

Pony

AI,

Inc.,

ADR*

2,208

29,676

Qi

An

Xin

Technology

Group,

Inc.,

Class

A*

2,254

11,300

Shanghai

Baosight

Software

Co.

Ltd.,

Class

A

3,200

11,006

Shanghai

Stonehill

Technology

Co.

Ltd.,

Class

A*

13,800

11,013

Tata

Elxsi

Ltd.

517

35,963

TOTVS

SA

9,200

71,664

Tuya,

Inc.,

Class

A*

9,200

23,557

Venustech

Group,

Inc.,

Class

A*

4,700

10,416

800,151

Specialty

Retail

-

1.0%

Abu

Dhabi

National

Oil

Co.

for

Distribution

PJSC

28,106

28,388

Aditya

Birla

Fashion

and

Retail

Ltd.*

6,536

5,437

Aldrees

Petroleum

and

Transport

Services

Co.

768

24,446

Ali

Alghanim

Sons

Automotive

Co.

KSCC

7,452

27,275

BrainBees

Solutions

Ltd.*

2,346

9,195

Cartrade

Tech

Ltd.*

1,058

26,408

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

Class

A

900

8,128

Chow

Tai

Fook

Jewellery

Group

Ltd.

(a)

38,800

65,046

Com7

PCL,

NVDR

400

267

Dogus

Otomotiv

Servis

ve

Ticaret

A/S

3,220

14,619

Empresas

Copec

SA

8,418

55,362

Foschini

Group

Ltd.

9,062

61,646

FSN

E-Commerce

Ventures

Ltd.*

18,240

43,648

HLA

Group

Corp.

Ltd.,

Class

A

5,200

4,930

Home

Product

Center

PCL,

NVDR

800

175

Hotai

Motor

Co.

Ltd.

6,120

113,183

Hotel

Shilla

Co.

Ltd.*

414

14,001

Italtile

Ltd.

141,818

77,252

Jarir

Marketing

Co.

4,888

16,745

JUMBO

SA

3,082

104,555

Lojas

Renner

SA

21,220

61,668

Investments

Shares

Value

Specialty

Retail

(continued)

M.Video

PJSC*‡

31,680

$

—

Map

Aktif

Adiperkasa

PT

3,593,382

150,680

Metro

Brands

Ltd.

1,409

20,003

Motus

Holdings

Ltd.

56,212

288,575

MR

DIY

Group

M

Bhd.(b)

57,600

22,284

Mr

Price

Group

Ltd.

4,232

49,452

National

Petroleum

Co.

Ltd.

2,000

4,268

Nice

One

Beauty

Digital

Marketing

Co.*

2,438

19,654

Oriental

Holdings

Bhd.

8,500

13,512

Oula

Fuel

Marketing

Co.

8,298

9,979

Padini

Holdings

Bhd.

188,900

88,139

Pan

German

Universal

Motors

Ltd.

8,370

93,662

Pepkor

Holdings

Ltd.(b)

37,490

56,787

Pop

Mart

International

Group

Ltd.(b)

9,600

300,841

PTT

Oil

&

Retail

Business

PCL,

NVDR

47,500

20,203

Saudi

Automotive

Services

Co.

1,472

20,229

Shanghai

Yuyuan

Tourist

Mart

Group

Co.

Ltd.,

Class

A

13,800

11,051

Siam

Global

House

PCL,

NVDR

112,810

23,301

Topsports

International

Holdings

Ltd.

(b)

52,000

20,999

Trent

Ltd.

2,346

134,388

Truworths

International

Ltd.

11,638

45,522

United

Electronics

Co.

874

20,912

Uxin

Ltd.,

ADR*

2,622

9,125

Vibra

Energia

SA

23,000

87,135

We

Buy

Cars

Holdings

Ltd.

137,034

436,357

XXF

Group

Holdings

Ltd.*(a)

40,000

31,745

Zhongsheng

Group

Holdings

Ltd.(a)

12,000

20,240

2,761,417

Technology

Hardware,

Storage

&

Peripherals

-

4.2%

Acer,

Inc.

60,750

65,436

Advantech

Co.

Ltd.

8,552

96,129

AIC,

Inc.

11,836

126,697

Asia

Vital

Components

Co.

Ltd.

5,136

158,825

ASROCK,

Inc.

1,086

9,697

Asustek

Computer,

Inc.

18,000

399,229

AURAS

Technology

Co.

Ltd.

1,550

35,001

Catcher

Technology

Co.

Ltd.

7,418

52,688

Chenming

Electronic

Technology

Corp.

3,654

14,568

Chicony

Electronics

Co.

Ltd.

13,050

57,276

China

Greatwall

Technology

Group

Co.

Ltd.,

Class

A*

5,500

11,531

Clevo

Co.

13,536

20,158

Compal

Electronics,

Inc.

94,000

92,906

CosmoAM&T

Co.

Ltd.*

874

24,484

Ennoconn

Corp.

2,304

23,621

Getac

Holdings

Corp.

9,843

38,914

Gigabyte

Technology

Co.

Ltd.

8,976

82,700

HTC

Corp.*

11,432

15,455

IEI

Integration

Corp.

46,219

118,925

Innodisk

Corp.*

1,321

10,047

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

97

Investments

Shares

Value

COMMON

STOCKS

(continued)

Technology

Hardware,

Storage

&

Peripherals

(continued)

Inventec

Corp.

49,008

$

73,067

JPC

connectivity,

Inc.

1,842

8,486

King

Slide

Works

Co.

Ltd.

1,104

98,573

Kinpo

Electronics

22,751

13,758

Legend

Holdings

Corp.,

Class

H*(b)

216,200

274,312

Lenovo

Group

Ltd.

158,000

203,689

Lite-On

Technology

Corp.

35,626

142,039

Micro-Star

International

Co.

Ltd.

16,000

77,192

Mitac

Holdings

Corp.*

14,304

36,710

Netweb

Technologies

India

Ltd.

690

16,002

Pegatron

Corp.

54,304

145,551

Qisda

Corp.

46,000

39,993

Quanta

Computer,

Inc.

41,335

389,842

Quanta

Storage,

Inc.

5,200

15,418

Samsung

Electronics

Co.

Ltd.

115,092

5,925,562

Samsung

Electronics

Co.

Ltd.

(Preference)

19,366

804,357

Shenzhen

Transsion

Holdings

Co.

Ltd.,

Class

A

1,303

13,809

Wistron

Corp.

44,429

183,090

Wiwynn

Corp.

1,150

106,533

Xiaomi

Corp.,

Class

B*(b)

236,200

1,599,239

11,621,509

Textiles,

Apparel

&

Luxury

Goods

-

1.2%

361

Degrees

International

Ltd.

276,000

219,042

Aksa

Akrilik

Kimya

Sanayii

A/S

38,400

8,996

ANTA

Sports

Products

Ltd.

19,800

227,006

Arvind

Ltd.

4,000

14,432

Azzas

2154

SA

56,242

358,435

Bata

India

Ltd.

1,150

15,639

Bosideng

International

Holdings

Ltd.

92,000

52,504

China

National

Gold

Group

Gold

Jewellery

Co.

Ltd.,

Class

A

9,200

10,437

DI

Dong

Il

Corp.

414

12,762

Eclat

Textile

Co.

Ltd.

3,546

47,878

F&F

Co.

Ltd.

460

23,186

Feng

TAY

Enterprise

Co.

Ltd.

11,872

47,333

FF

Group*‡

3,536

—

Fuguiniao

Group

Ltd.*‡

334,800

—

Fulgent

Sun

International

Holding

Co.

Ltd.

55,083

189,162

Garware

Technical

Fibres

Ltd.

940

9,644

JNBY

Design

Ltd.(b)

71,000

168,229

Kalyan

Jewellers

India

Ltd.

5,934

40,285

KPR

Mill

Ltd.

1,754

22,826

Lao

Feng

Xiang

Co.

Ltd.,

Class

B

7,400

26,485

Laopu

Gold

Co.

Ltd.,

Class

H(a)

400

36,102

Li

Ning

Co.

Ltd.

62,000

131,582

Makalot

Industrial

Co.

Ltd.

4,420

39,169

Mavi

Giyim

Sanayi

ve

Ticaret

A/S,

Class

B(b)

225,400

234,878

Misto

Holdings

Corp.

966

25,042

Page

Industries

Ltd.

96

53,486

Pou

Chen

Corp.

75,600

71,680

Investments

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

(continued)

Relaxo

Footwears

Ltd.

2,116

$

10,963

Ruentex

Industries

Ltd.

16,940

29,569

Safari

Industries

India

Ltd.

368

8,815

Shenzhou

International

Group

Holdings

Ltd.

9,700

70,248

Shinkong

Textile

Co.

Ltd.

7,600

13,343

Sports

Gear

Co.

Ltd.

31,269

105,810

Swan

Energy

Ltd.

5,658

30,183

Tainan

Spinning

Co.

Ltd.

414,000

178,930

Taiwan

Paiho

Ltd.

99,000

171,813

Titan

Co.

Ltd.

5,704

217,960

Trident

Ltd.

22,165

7,588

Vardhman

Textiles

Ltd.

6,302

31,431

Vedant

Fashions

Ltd.

864

7,391

Vivara

Participacoes

SA

5,300

24,064

Welspun

Living

Ltd.

7,370

10,608

Wiselink

Co.

Ltd.

3,000

16,635

Xtep

International

Holdings

Ltd.(a)

28,949

20,725

Youngone

Corp.

480

20,940

Youngone

Holdings

Co.

Ltd.

1,794

182,531

3,245,767

Tobacco

-

0.2%

Godfrey

Phillips

India

Ltd.

138

14,352

Gudang

Garam

Tbk.

PT

198,582

106,502

ITC

Ltd.

44,482

209,185

KT&G

Corp.

2,714

255,783

RLX

Technology,

Inc.,

ADR

9,614

22,016

Smoore

International

Holdings

Ltd.

(a)(b)

31,000

83,720

691,558

Trading

Companies

&

Distributors

-

0.4%

Adani

Enterprises

Ltd.

5,382

149,340

Barloworld

Ltd.

51,888

334,184

BOC

Aviation

Ltd.(b)

5,000

45,573

Bohai

Leasing

Co.

Ltd.,

Class

A*

18,800

9,096

Brighton-Best

International

Taiwan,

Inc.

14,272

16,688

Chin

Hin

Group

Bhd.*

18,800

10,094

COSCO

SHIPPING

Development

Co.

Ltd.,

Class

A

37,600

13,016

HextarTechnologies

Solutions

Bhd.*

41,400

12,231

IndiaMart

InterMesh

Ltd.(b)

715

21,134

LX

International

Corp.

10,488

243,142

Posco

International

Corp.

1,058

37,230

Realord

Group

Holdings

Ltd.*

14,000

15,052

Shanghai

Waigaoqiao

Free

Trade

Zone

Group

Co.

Ltd.,

Class

B

22,310

17,134

Shanxi

Coal

International

Energy

Group

Co.

Ltd.,

Class

A

11,400

15,199

Sinochem

International

Corp.,

Class

A*

18,800

10,612

SK

Networks

Co.

Ltd.

36,018

118,692

Xiamen

C

&

D,

Inc.,

Class

A

9,400

13,251

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

98

Investments

Shares

Value

COMMON

STOCKS

(continued)

Trading

Companies

&

Distributors

(continued)

Xiamen

ITG

Group

Corp.

Ltd.,

Class

A

13,800

$

12,087

1,093,755

Transportation

Infrastructure

-

0.7%

Abu

Dhabi

Ports

Co.

PJSC*

33,810

38,292

Adani

Ports

&

Special

Economic

Zone

Ltd.

12,972

203,335

Airports

of

Thailand

PCL

54,000

67,748

Airports

of

Thailand

PCL,

NVDR

5,800

7,277

Bangkok

Expressway

&

Metro

PCL,

NVDR

18,200

3,091

Beibuwan

Port

Co.

Ltd.,

Class

A

4,900

5,559

Celebi

Hava

Servisi

A/S

276

11,429

China

Merchants

Expressway

Network

&

Technology

Holdings

Co.

Ltd.,

Class

A

9,600

14,961

China

Merchants

Port

Holdings

Co.

Ltd.

34,521

67,987

COSCO

SHIPPING

Ports

Ltd.(a)

12,216

8,559

Evergreen

International

Storage

&

Transport

Corp.

15,520

17,861

GMR

Airports

Ltd.*

46,402

47,706

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV,

Class

B

4,800

63,792

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

Class

B

5,520

127,058

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

Class

B

2,400

72,890

Guangdong

Provincial

Expressway

Development

Co.

Ltd.,

Class

B

9,800

10,824

Huaihe

Energy

Group

Co.

Ltd.,

Class

A*

23,000

11,255

International

Container

Terminal

Services,

Inc.

12,880

98,920

Jasa

Marga

Persero

Tbk.

PT

11,523

2,507

Jiangsu

Expressway

Co.

Ltd.,

Class

H

32,000

39,256

JSW

Infrastructure

Ltd.

1,564

5,441

Motiva

Infraestrutura

de

Mobilidade

SA

23,782

52,291

Ningbo

Zhoushan

Port

Co.

Ltd.,

Class

A

23,500

11,860

Novorossiysk

Commercial

Sea

Port

PJSC*‡

189,696

—

Piraeus

Port

Authority

SA*

460

25,377

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

3,174

37,482

Qingdao

Port

International

Co.

Ltd.,

Class

A

5,200

6,297

Qingdao

Port

International

Co.

Ltd.,

Class

H(b)

23,000

19,132

Salik

Co.

PJSC

25,828

45,003

Santos

Brasil

Participacoes

SA

27,600

68,771

Saudi

Ground

Services

Co.

1,815

23,564

Investments

Shares

Value

Transportation

Infrastructure

(continued)

Shanghai

International

Port

Group

Co.

Ltd.,

Class

A

19,300

$

15,106

Shenzhen

Expressway

Corp.

Ltd.,

Class

H(a)

18,000

15,478

Shenzhen

International

Holdings

Ltd.

26,562

26,596

Sociedad

Matriz

SAAM

SA

217,948

26,256

Taiwan

High

Speed

Rail

Corp.

47,000

42,910

TangShan

Port

Group

Co.

Ltd.,

Class

A

23,300

13,119

TAV

Havalimanlari

Holding

A/S*

4,067

24,627

WCE

Holdings

Bhd.*

64,400

10,494

Westports

Holdings

Bhd.

17,500

22,978

Wilson

Sons

SA

9,600

30,351

Zhejiang

Expressway

Co.

Ltd.,

Class

H

634,000

603,309

2,046,749

Water

Utilities

-

0.6%

Aguas

Andinas

SA,

Class

A

69,842

22,834

AlKhorayef

Water

&

Power

Technologies

Co.

690

23,803

Beijing

Capital

Eco-Environment

Protection

Group

Co.

Ltd.,

Class

A

24,000

10,277

Beijing

Enterprises

Water

Group

Ltd.

(a)

132,000

45,233

China

Water

Affairs

Group

Ltd.(a)

276,000

217,284

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

5,800

112,207

Cia

de

Saneamento

de

Minas

Gerais

Copasa

MG

73,600

339,962

Cia

De

Sanena

Do

Parana

92,000

560,359

Guangdong

Investment

Ltd.

56,000

49,865

Luenmei

Quantum

Co.

Ltd.,

Class

A

13,800

11,511

Manila

Water

Co.,

Inc.

386,400

243,436

National

Central

Cooling

Co.

PJSC

25,990

20,591

VA

Tech

Wabag

Ltd.*

987

17,867

1,675,229

Wireless

Telecommunication

Services

-

1.0%

Advanced

Info

Service

PCL,

NVDR

18,400

163,843

America

Movil

SAB

de

CV,

Series

B

436,402

394,717

Axiata

Group

Bhd.

43,804

27,731

Bharti

Airtel

Ltd.

39,100

854,454

Bharti

Hexacom

Ltd.

874

18,435

Celcomdigi

Bhd.

60,700

54,651

Etihad

Etisalat

Co.

6,118

99,816

Far

EasTone

Telecommunications

Co.

Ltd.

30,033

82,208

Indosat

Tbk.

PT

127,200

17,006

Kuwait

Telecommunications

Co.

5,658

10,632

Maxis

Bhd.

42,000

33,876

Mobile

Telecommunications

Co.

KSCP

51,474

89,491

Mobile

Telecommunications

Co.

Saudi

Arabia

1,380

3,826

Mobile

TeleSystems

PJSC*‡

31,356

—

MTN

Group

Ltd.

38,686

328,079

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

99

Investments

Shares

Value

COMMON

STOCKS

(continued)

Wireless

Telecommunication

Services

(continued)

PLDT,

Inc.

2,530

$

57,121

Sistema

AFK

PAO*‡

122,643

—

SK

Telecom

Co.

Ltd.

2,254

91,181

Taiwan

Mobile

Co.

Ltd.

20,000

70,693

TIM

SA

18,400

68,065

Turkcell

Iletisim

Hizmetleri

A/S

22,586

51,884

Vodacom

Group

Ltd.

11,546

88,805

Vodafone

Idea

Ltd.*

435,022

34,316

Vodafone

Qatar

QSC

44,198

28,951

XLSMART

Telecom

Sejahtera

Tbk.

PT

199,502

30,553

2,700,334

Total

Common

Stocks

(Cost

$193,402,924)

270,316,335

Number

of

Rights

RIGHTS

-

0.0%(d)

Electrical

Equipment

-

0.0%(d)

Inox

Wind

Ltd.,

expiring

8/20/2025,

price

120.00

INR*

925

325

Electronic

Equipment,

Instruments

&

Components

-

0.0%(d)

All

Ring

Tech

Co.

Ltd.,

expiring

9/9/2025,

price

14.52

TWD*‡

176

—

All

Ring

Tech

Co.

Ltd.,

expiring

9/4/2025,

price

36.00

TWD*‡

26

—

Global

Brands

Manufacture

Ltd.,

expiring

8/29/2025*

4,465

6,059

6,059

Metals

&

Mining

-

0.0%(d)

TA

Chen

Stainless

Pipe,

expiring

8/25/2025,

price

1.00

TWD*

2,116

588

Technology

Hardware,

Storage

&

Peripherals

-

0.0%

Acer,

Inc.,

expiring

8/15/2025,

price

18.20

TWD*‡

22

—

Total

Rights

(Cost

$–)

6,972

Number

of

Warrants

WARRANTS

-

0.0%(d)

Food

Products

-

0.0%(d)

Guan

Chong

Bhd.,

expiring

6/19/2028,

price

1.60

MYR

(Cost

$–)*

39,100

1,788

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

-

1.2%(e)

REPURCHASE

AGREEMENTS

-

1.2%

CF

Secured

LLC

4.34%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$2,230,171,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

8/15/2025

-

2/15/2054;

total

market

value

$2,265,533

$

2,229,902

$

2,229,902

National

Bank

of

Canada

Financial

Inc.

4.47%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$150,019,

collateralized

by

various

Common

Stocks;

total

market

value

$165,683

150,000

150,000

Societe

Generale

4.44%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$100,012,

collateralized

by

various

Common

Stocks;

total

market

value

$110,972

100,000

100,000

TD

Prime

Services

LLC

4.43%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$200,025,

collateralized

by

various

Common

Stocks;

total

market

value

$217,044

200,000

200,000

The

Bank

of

Nova

Scotia,

Toronto

4.46%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$500,062,

collateralized

by

various

Common

Stocks;

total

market

value

$551,712

500,000

500,000

3,179,902

Total

Securities

Lending

Reinvestments

(Cost

$3,179,902)

3,179,902

Total

Investments

-

99.3%

(Cost

$196,582,826)

273,504,997

Other

assets

less

liabilities

-

0.7%

1,825,511

NET

ASSETS

-

100.0%

$275,330,508

*

Non-income

producing

security.

‡

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

100

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2025.

The

total

value

of

securities

on

loan

at

July

31,

2025

was

$9,178,974,

collateralized

in

the

form

of

cash

with

a

value

of

$3,179,902

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$4,107,152

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.50%,

and

maturity

dates

ranging

from

August

7,

2025

–

May

15,

2055

and

$2,583,486

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

6.00%,

and

maturity

dates

ranging

from

October

22,

2025

–

June

30,

2120;

a

total

value

of

$9,870,540.

(b)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States

and

as

such

may

have

restrictions

on

resale.

(c)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

At

July

31,

2025,

the

value

of

these

securities

amounted

to

approximately

$24,281

or

0.01%

of

net

assets.

(d)

Represents

less

than

0.05%

of

net

assets.

(e)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2025.

The

total

value

of

securities

purchased

was

$3,179,902.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

ADR

—

American

Depositary

Receipt

GDR

—

Global

Depositary

Receipt

NVDR

—

Non-Voting

Depositary

Receipt

OJSC

—

Open

Joint

Stock

Company

PJSC

—

Public

Joint

Stock

Company

Preference

—

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

REIT

—

Real

Estate

Investment

Trust

SCA

—

Limited

partnership

with

share

capital

Futures

Contracts

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2025:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

MSCI

Emerging

Markets

E-Mini

Index

110

09/19/2025

USD

$

6,810,650

$

179,268

Forward

Foreign

Currency

Contracts

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

had

the

following

outstanding

contracts

as

of

July

31,

2025:

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

USD

224,395

Citibank

NA

BRL

*

1,270,000

09/17/2025

$

165

USD

316,551

Morgan

Stanley

HKD

2,466,137

09/17/2025

1,112

USD

180,827

JPMorgan

Chase

Bank

NA

INR

*

15,531,500

09/17/2025

3,892

USD

189,102

Citibank

NA

KRW

*

254,462,590

09/17/2025

5,128

USD

299,154

Citibank

NA

TWD

*

8,556,120

09/17/2025

11,423

USD

52,375

Morgan

Stanley

ZAR

950,000

09/17/2025

4

Total

unrealized

appreciation

$

21,724

USD

20,996

Goldman

Sachs

&

Co.

MXN

404,000

09/17/2025

$

(354)

Total

unrealized

depreciation

$

(354)

Net

unrealized

appreciation

$

21,370

*

Non-deliverable

forward.

Abbreviations:

BRL

—

Brazilian

Real

HKD

—

Hong

Kong

Dollar

INR

—

Indian

Rupee

KRW

—

Korean

Won

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

101

Abbreviations:

(continued)

MXN

—

Mexican

Peso

TWD

—

Taiwan

Dollar

USD

—

US

Dollar

ZAR

—

South

African

Rand

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

invested,

as

a

percentage

of

net

assets,

in

companies

domiciled

in

the

following

countries

as

of

July

31,

2025:

Australia

0.0

†

Belgium

0.0

†

Brazil

5.0

%

Cayman

Islands

0.0

†

Chile

0.8

China

24.2

Colombia

0.3

Czech

Republic

0.1

Egypt

0.3

Germany

0.0

†

Greece

0.7

Hungary

0.3

India

13.9

Indonesia

2.1

Kuwait

0.7

Luxembourg

0.0

†

Malaysia

2.2

Mexico

2.7

Peru

0.4

Philippines

1.0

Qatar

1.5

Romania

0.1

Saudi

Arabia

2.2

Singapore

0.0

†

South

Africa

4.5

South

Korea

13.3

Taiwan

16.3

Thailand

1.7

Turkey

1.1

United

Arab

Emirates

2.6

United

States

0.1

Other

1

1.9

100.0%

†

Amount

represents

less

than

0.05%.

1

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

%

of

Net

Assets

Common

Stocks

98.1

%

Rights

0.0

†

Warrants

0.0

†

Securities

Lending

Reinvestments

1.2

Others

(1)

0.7

100.0%

†

Amount

represents

less

than

0.05%.

(1)

Includes

any

other

net

assets/(liabilities).

102

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares

®

US

Quality

Large

Cap

Index

Fund

July

31,

2025

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

99

.4

%

Aerospace

&

Defense

-

1

.6

%

GE

Aerospace

22,876

$

6,201,226

Lockheed

Martin

Corp.

5,719

2,407,585

8,608,811

Air

Freight

&

Logistics

-

0

.9

%

CH

Robinson

Worldwide,

Inc.

18,060

2,082,679

Expeditors

International

of

Washington,

Inc.(a)

15,953

1,854,377

United

Parcel

Service,

Inc.,

Class

B

13,545

1,167,037

5,104,093

Automobiles

-

1

.2

%

Tesla,

Inc.*

20,769

6,402,460

Banks

-

5

.5

%

Bank

of

America

Corp.

160,132

7,569,440

Citigroup,

Inc.

92,708

8,686,740

JPMorgan

Chase

&

Co.

38,227

11,324,366

Wells

Fargo

&

Co.

30,100

2,426,963

30,007,509

Beverages

-

0

.4

%

Molson

Coors

Beverage

Co.,

Class

B(a)

44,247

2,155,714

Biotechnology

-

1

.3

%

AbbVie,

Inc.

5,418

1,024,110

Amgen,

Inc.

9,632

2,842,403

Gilead

Sciences,

Inc.

24,381

2,737,743

United

Therapeutics

Corp.*

2,107

578,793

7,183,049

Broadline

Retail

-

3

.5

%

Amazon.com,

Inc.*

61,103

14,304,823

eBay,

Inc.

39,130

3,590,177

MercadoLibre,

Inc.*

577

1,369,735

19,264,735

Building

Products

-

0

.4

%

Carlisle

Cos.,

Inc.

3,913

1,387,980

Masco

Corp.

15,050

1,025,357

2,413,337

Capital

Markets

-

3

.0

%

Bank

of

New

York

Mellon

Corp.

(The)

(a)

35,518

3,603,301

Goldman

Sachs

Group,

Inc.

(The)

7,869

5,693,930

Morgan

Stanley

25,585

3,644,839

Robinhood

Markets,

Inc.,

Class

A*

3,612

372,216

State

Street

Corp.

27,993

3,128,218

16,442,504

Chemicals

-

0

.4

%

CF

Industries

Holdings,

Inc.

23,779

2,207,405

Investments

Shares

Value

Communications

Equipment

-

1

.9

%

Arista

Networks,

Inc.*

14,448

$

1,780,283

Cisco

Systems,

Inc.

109,865

7,479,609

F5,

Inc.*

2,107

660,376

Motorola

Solutions,

Inc.

602

264,266

10,184,534

Construction

&

Engineering

-

0

.1

%

EMCOR

Group,

Inc.

1,204

755,498

Consumer

Finance

-

2

.0

%

Ally

Financial,

Inc.(a)

44,548

1,686,142

Capital

One

Financial

Corp.

27,993

6,018,495

Synchrony

Financial

43,043

2,998,806

10,703,443

Consumer

Staples

Distribution

&

Retail

-

0

.6

%

Kroger

Co.

(The)(a)

40,635

2,848,514

Target

Corp.

2,107

211,753

3,060,267

Diversified

REITs

-

0

.0

%

(b)

WP

Carey,

Inc.,

REIT(a)

2,107

135,185

Diversified

Telecommunication

Services

-

0

.9

%

AT&T,

Inc.

175,483

4,809,989

Electric

Utilities

-

2

.5

%

Edison

International

14,147

737,342

Evergy,

Inc.

13,244

937,675

Exelon

Corp.

68,026

3,057,088

NRG

Energy,

Inc.

18,361

3,069,959

PPL

Corp.

79,765

2,846,813

Southern

Co.

(The)(a)

34,013

3,213,548

13,862,425

Electrical

Equipment

-

0

.1

%

Emerson

Electric

Co.

1,204

175,194

GE

Vernova,

Inc.

903

596,242

771,436

Electronic

Equipment,

Instruments

&

Components

-

0

.6

%

Jabil,

Inc.

10,836

2,418,270

Zebra

Technologies

Corp.,

Class

A*

2,107

714,315

3,132,585

Entertainment

-

1

.8

%

Electronic

Arts,

Inc.

6,321

963,889

Netflix,

Inc.*

4,216

4,888,031

Spotify

Technology

SA*

5,748

3,601,352

Warner

Bros

Discovery,

Inc.*

44,849

590,661

10,043,933

Financial

Services

-

3

.1

%

Berkshire

Hathaway,

Inc.,

Class

B*

25,284

11,931,014

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

US

Quality

Large

Cap

Index

Fund

(cont.)

103

Investments

Shares

Value

COMMON

STOCKS

(continued)

Financial

Services

(continued)

Fidelity

National

Information

Services,

Inc.

21,672

$

1,720,973

Fiserv,

Inc.*

11,739

1,631,017

PayPal

Holdings,

Inc.*

24,983

1,717,831

17,000,835

Food

Products

-

0

.1

%

General

Mills,

Inc.(a)

15,652

766,635

Health

Care

Equipment

&

Supplies

-

1

.2

%

Abbott

Laboratories

6,020

759,664

GE

HealthCare

Technologies,

Inc.

5,117

364,945

Hologic,

Inc.*

12,642

844,738

IDEXX

Laboratories,

Inc.*

1,505

804,137

Medtronic

plc

4,214

380,271

ResMed,

Inc.

11,438

3,110,450

Stryker

Corp.

610

239,565

6,503,770

Health

Care

Providers

&

Services

-

3

.2

%

Cardinal

Health,

Inc.

9,030

1,401,637

Cencora,

Inc.

10,535

3,013,853

Centene

Corp.*

25,886

674,848

Cigna

Group

(The)

11,739

3,138,774

DaVita,

Inc.*

12,040

1,690,055

HCA

Healthcare,

Inc.

4,214

1,491,714

McKesson

Corp.

6,301

4,369,995

Tenet

Healthcare

Corp.*

6,923

1,116,541

Universal

Health

Services,

Inc.,

Class

B

1,505

250,507

17,147,924

Health

Care

Technology

-

0

.1

%

Veeva

Systems,

Inc.,

Class

A*

2,107

598,809

Hotel

&

Resort

REITs

-

0

.4

%

Host

Hotels

&

Resorts,

Inc.,

REIT

129,129

2,029,908

Hotels,

Restaurants

&

Leisure

-

1

.6

%

Booking

Holdings,

Inc.

658

3,621,671

DoorDash,

Inc.,

Class

A*

5,719

1,431,180

Expedia

Group,

Inc.

3,612

650,955

Royal

Caribbean

Cruises

Ltd.(a)

8,729

2,774,687

8,478,493

Household

Durables

-

0

.4

%

NVR,

Inc.*

301

2,272,396

Household

Products

-

1

.7

%

Colgate-Palmolive

Co.

17,759

1,489,092

Kimberly-Clark

Corp.

16,254

2,025,574

Procter

&

Gamble

Co.

(The)

37,324

5,616,142

9,130,808

Industrial

Conglomerates

-

0

.4

%

3M

Co.

15,050

2,245,761

Investments

Shares

Value

Insurance

-

1

.6

%

Aflac,

Inc.

26,789

$

2,661,755

American

International

Group,

Inc.(a)

34,314

2,663,796

MetLife,

Inc.(a)

32,207

2,446,122

Prudential

Financial,

Inc.(a)

6,321

654,729

8,426,402

Interactive

Media

&

Services

-

8

.8

%

Alphabet,

Inc.,

Class

A

83,076

15,942,284

Alphabet,

Inc.,

Class

C

80,066

15,441,529

Meta

Platforms,

Inc.,

Class

A

21,070

16,296,381

47,680,194

IT

Services

-

1

.1

%

Accenture

plc,

Class

A

9,632

2,572,707

Cognizant

Technology

Solutions

Corp.,

Class

A(a)

22,575

1,619,982

Gartner,

Inc.*

1,505

509,668

GoDaddy,

Inc.,

Class

A*

8,127

1,313,161

6,015,518

Life

Sciences

Tools

&

Services

-

0

.4

%

ICON

plc*

3,612

611,114

Mettler-Toledo

International,

Inc.*(a)

1,050

1,295,364

Waters

Corp.*(a)

1,505

434,584

2,341,062

Machinery

-

2

.6

%

Caterpillar,

Inc.

12,341

5,405,605

Cummins,

Inc.

4,214

1,549,151

Illinois

Tool

Works,

Inc.(a)

14,147

3,621,208

Snap-on,

Inc.

6,923

2,223,598

Westinghouse

Air

Brake

Technologies

Corp.

7,224

1,387,369

14,186,931

Media

-

0

.6

%

Comcast

Corp.,

Class

A

30,401

1,010,225

Fox

Corp.,

Class

A

26,187

1,460,187

Omnicom

Group,

Inc.

7,826

563,864

3,034,276

Metals

&

Mining

-

0

.9

%

Agnico

Eagle

Mines

Ltd.

12,341

1,534,726

Newmont

Corp.

56,588

3,514,115

5,048,841

Multi-Utilities

-

1

.0

%

Consolidated

Edison,

Inc.

25,886

2,679,201

Public

Service

Enterprise

Group,

Inc.

32,508

2,918,893

5,598,094

Oil,

Gas

&

Consumable

Fuels

-

1

.4

%

EOG

Resources,

Inc.

26,789

3,215,216

Marathon

Petroleum

Corp.

9,632

1,639,270

Valero

Energy

Corp.

19,565

2,686,470

7,540,956

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

US

Quality

Large

Cap

Index

Fund

(cont.)

104

Investments

Shares

Value

COMMON

STOCKS

(continued)

Pharmaceuticals

-

3

.8

%

Bristol-Myers

Squibb

Co.

98,728

$

4,275,910

Eli

Lilly

&

Co.

4,816

3,564,177

Johnson

&

Johnson

47,859

7,884,292

Merck

&

Co.,

Inc.

46,053

3,597,660

Royalty

Pharma

plc,

Class

A

19,565

719,992

Viatris,

Inc.(a)

77,357

676,100

20,718,131

Professional

Services

-

0

.9

%

Automatic

Data

Processing,

Inc.

4,816

1,490,552

Leidos

Holdings,

Inc.

16,555

2,643,006

Paychex,

Inc.

5,418

781,980

SS&C

Technologies

Holdings,

Inc.

2,107

180,106

5,095,644

Real

Estate

Management

&

Development

-

0

.6

%

CBRE

Group,

Inc.,

Class

A*

21,070

3,281,442

Residential

REITs

-

0

.5

%

AvalonBay

Communities,

Inc.,

REIT(a)

1,505

280,352

Equity

Residential,

REIT(a)

3,311

209,255

Essex

Property

Trust,

Inc.,

REIT(a)

8,729

2,271,111

Mid-America

Apartment

Communities,

Inc.,

REIT

903

128,614

2,889,332

Retail

REITs

-

0

.5

%

Simon

Property

Group,

Inc.,

REIT

16,856

2,760,844

Semiconductors

&

Semiconductor

Equipment

-

12

.9

%

Analog

Devices,

Inc.

3,612

811,363

Applied

Materials,

Inc.

19,264

3,468,676

Broadcom,

Inc.

51,471

15,117,033

KLA

Corp.

4,515

3,968,820

Lam

Research

Corp.

18,662

1,769,904

NVIDIA

Corp.

236,285

42,028,013

QUALCOMM,

Inc.

20,468

3,003,884

70,167,693

Software

-

9

.7

%

Adobe,

Inc.*

8,127

2,906,947

AppLovin

Corp.,

Class

A*

3,311

1,293,608

Check

Point

Software

Technologies

Ltd.*

12,341

2,297,894

Fair

Isaac

Corp.*

1,299

1,866,299

Fortinet,

Inc.*(a)

26,488

2,646,151

Gen

Digital,

Inc.

5,418

159,777

Intuit,

Inc.

7,864

6,174,262

Manhattan

Associates,

Inc.*

2,107

462,824

Microsoft

Corp.

56,588

30,189,698

Oracle

Corp.

1,486

377,102

Palantir

Technologies,

Inc.,

Class

A*

11,438

1,811,207

Roper

Technologies,

Inc.

1,806

994,022

Salesforce,

Inc.

5,117

1,321,875

Investments

Shares

Value

Software

(continued)

Zoom

Communications,

Inc.,

Class

A*

3,612

$

267,469

52,769,135

Specialized

REITs

-

0

.4

%

Public

Storage,

REIT

7,224

1,964,494

Specialty

Retail

-

1

.7

%

AutoZone,

Inc.*

602

2,268,565

Best

Buy

Co.,

Inc.

12,341

802,905

Home

Depot,

Inc.

(The)

8,127

2,986,754

Lowe's

Cos.,

Inc.

6,923

1,547,775

Williams-Sonoma,

Inc.

9,331

1,745,364

9,351,363

Technology

Hardware,

Storage

&

Peripherals

-

7

.1

%

Apple,

Inc.

167,055

34,675,607

Dell

Technologies,

Inc.,

Class

C

12,341

1,637,527

NetApp,

Inc.

23,177

2,413,421

38,726,555

Textiles,

Apparel

&

Luxury

Goods

-

0

.3

%

Deckers

Outdoor

Corp.*

15,953

1,693,730

Tobacco

-

1

.5

%

Altria

Group,

Inc.

70,735

4,381,326

Philip

Morris

International,

Inc.

21,371

3,505,912

7,887,238

Trading

Companies

&

Distributors

-

0

.2

%

WW

Grainger,

Inc.

903

938,705

Total

Common

Stocks

(Cost

$442,788,251)

541,540,831

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

5

.4

%

(c)

REPURCHASE

AGREEMENTS

-

5

.4

%

CF

Secured

LLC

4.34%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$15,608,890,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

8/15/2025

-

2/15/2054;

total

market

value

$15,856,389

$

15,607,008

15,607,008

MetLife,

Inc.

4.36%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$9,001,090,

collateralized

by

various

U.S.

Treasury

Securities,

0.00%,

5/15/2046;

;

total

market

value

$9,161,477

9,000,000

9,000,000

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

US

Quality

Large

Cap

Index

Fund

(cont.)

105

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

REPURCHASE

AGREEMENTS

(continued)

TD

Prime

Services

LLC

4.43%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$16,630,

collateralized

by

various

Common

Stocks;

total

market

value

$18,069

$

16,628

$

16,628

The

Bank

of

Nova

Scotia,

Toronto

4.46%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$5,000,619,

collateralized

by

various

Common

Stocks;

total

market

value

$5,517,115

5,000,000

5,000,000

29,623,636

Total

Securities

Lending

Reinvestments

(Cost

$29,623,636)

29,623,636

Total

Investments

-

104.8%

(Cost

$472,411,887)

571,164,467

Liabilities

in

excess

of

other

assets

-

(4.8%)

(26,073,968)

NET

ASSETS

-

100.0%

$545,090,499

*

Non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2025.

The

total

value

of

securities

on

loan

at

July

31,

2025

was

$29,042,772,

collateralized

in

the

form

of

cash

with

a

value

of

$29,623,635

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments

and

$213,803

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

August

7,

2025

–

August

15,

2054;

a

total

value

of

$29,837,438.

(b)

Represents

less

than

0.05%

of

net

assets.

(c)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2025.

The

total

value

of

securities

purchased

was

$29,623,636.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

REIT

—

Real

Estate

Investment

Trust

Futures

Contracts

FlexShares

®

US

Quality

Large

Cap

Index

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2025:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

S&P

500

E-Mini

Index

3

09/19/2025

USD

$

956,137

$

12,865

S&P

500

Micro

E-Mini

Index

79

09/19/2025

USD

2,517,829

118,450

$

131,315

Abbreviations:

USD

—

US

Dollar

Security

Type

%

of

Net

Assets

Common

Stocks

99‌

.4

%

Securities

Lending

Reinvestments

5‌

.4

Others

(1)

(

4‌

.8

)

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

106

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares

®

STOXX

®

US

ESG

Select

Index

Fund

July

31,

2025

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

99.4%

Air

Freight

&

Logistics

-

0.3%

Expeditors

International

of

Washington,

Inc.

264

$

30,687

FedEx

Corp.

396

88,502

United

Parcel

Service,

Inc.,

Class

B

3,399

292,858

412,047

Automobile

Components

-

0.0%(a)

Aptiv

plc*

374

25,671

Automobiles

-

2.9%

General

Motors

Co.

4,554

242,910

Tesla,

Inc.*

10,593

3,265,504

3,508,414

Banks

-

6.6%

Bank

of

America

Corp.

32,604

1,541,191

Citigroup,

Inc.

10,626

995,656

Citizens

Financial

Group,

Inc.

1,320

62,990

Fifth

Third

Bancorp

1,947

80,937

JPMorgan

Chase

&

Co.

15,642

4,633,786

KeyCorp

3,267

58,545

Regions

Financial

Corp.

3,003

76,066

Truist

Financial

Corp.(b)

4,884

213,479

US

Bancorp

7,458

335,312

7,997,962

Beverages

-

2.4%

Coca-Cola

Co.

(The)

22,143

1,503,288

Coca-Cola

Europacific

Partners

plc

1,190

115,335

Constellation

Brands,

Inc.,

Class

A(b)

462

77,173

Keurig

Dr

Pepper,

Inc.

6,402

209,025

Monster

Beverage

Corp.*

1,972

115,855

PepsiCo,

Inc.

6,501

896,618

2,917,294

Biotechnology

-

1.2%

AbbVie,

Inc.

3,333

630,004

Gilead

Sciences,

Inc.

2,376

266,801

Incyte

Corp.*

363

27,185

Moderna,

Inc.*(b)

396

11,706

Vertex

Pharmaceuticals,

Inc.*

1,221

557,838

1,493,534

Broadline

Retail

-

5.5%

Amazon.com,

Inc.*

27,621

6,466,352

eBay,

Inc.

2,046

187,721

6,654,073

Building

Products

-

0.7%

Allegion

plc

408

67,696

Carrier

Global

Corp.

1,518

104,165

Lennox

International,

Inc.

165

100,485

Owens

Corning

330

46,012

Investments

Shares

Value

Building

Products

(continued)

Trane

Technologies

plc

1,254

$

549,352

867,710

Capital

Markets

-

3.8%

Bank

of

New

York

Mellon

Corp.

(The)

(b)

3,366

341,481

BlackRock,

Inc.

825

912,458

FactSet

Research

Systems,

Inc.

99

39,887

Goldman

Sachs

Group,

Inc.

(The)

1,452

1,050,653

Intercontinental

Exchange,

Inc.

3,234

597,740

Moody's

Corp.

297

153,172

Morgan

Stanley

2,277

324,382

MSCI,

Inc.(b)

231

129,674

Nasdaq,

Inc.

1,683

161,938

S&P

Global,

Inc.

1,452

800,197

State

Street

Corp.

1,089

121,696

4,633,278

Chemicals

-

0.4%

Corteva,

Inc.

2,673

192,803

Dow,

Inc.

1,716

39,966

DuPont

de

Nemours,

Inc.

1,155

83,044

Sherwin-Williams

Co.

(The)

660

218,381

534,194

Commercial

Services

&

Supplies

-

0.6%

Cintas

Corp.

1,980

440,649

Republic

Services,

Inc.

396

91,337

Veralto

Corp.

693

72,647

Waste

Management,

Inc.

693

158,808

763,441

Communications

Equipment

-

1.4%

Arista

Networks,

Inc.*

3,069

378,162

Cisco

Systems,

Inc.

18,810

1,280,585

1,658,747

Construction

&

Engineering

-

0.0%(a)

AECOM

495

55,806

Construction

Materials

-

0.3%

CRH

plc

2,541

242,539

Vulcan

Materials

Co.

363

99,705

342,244

Consumer

Staples

Distribution

&

Retail

-

4.3%

Costco

Wholesale

Corp.

2,079

1,953,512

Dollar

General

Corp.(b)

627

65,772

Dollar

Tree,

Inc.*

957

108,667

Kroger

Co.

(The)

3,564

249,837

Sprouts

Farmers

Market,

Inc.*

204

30,914

Sysco

Corp.

2,739

218,025

Target

Corp.

1,188

119,394

US

Foods

Holding

Corp.*

476

39,665

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

US

ESG

Select

Index

Fund

(cont.)

107

Investments

Shares

Value

COMMON

STOCKS

(continued)

Consumer

Staples

Distribution

&

Retail

(continued)

Walmart,

Inc.

24,981

$

2,447,638

5,233,424

Containers

&

Packaging

-

0.1%

Ball

Corp.

924

52,908

Smurfit

WestRock

plc

2,475

109,841

162,749

Diversified

Telecommunication

Services

-

0.7%

AT&T,

Inc.

13,431

368,144

Verizon

Communications,

Inc.

11,715

500,933

869,077

Electric

Utilities

-

1.1%

Alliant

Energy

Corp.

693

45,052

American

Electric

Power

Co.,

Inc.

2,508

283,755

Duke

Energy

Corp.

1,419

172,607

Edison

International

1,287

67,079

Eversource

Energy

693

45,807

Exelon

Corp.

3,795

170,547

NextEra

Energy,

Inc.

5,808

412,717

NRG

Energy,

Inc.

561

93,799

1,291,363

Electrical

Equipment

-

0.2%

Emerson

Electric

Co.

1,056

153,658

Rockwell

Automation,

Inc.

429

150,884

304,542

Electronic

Equipment,

Instruments

&

Components

-

0.2%

CDW

Corp.

759

132,354

Flex

Ltd.*(b)

693

34,560

TE

Connectivity

plc

561

115,426

282,340

Energy

Equipment

&

Services

-

0.3%

Baker

Hughes

Co.

1,848

83,253

Schlumberger

NV

7,029

237,580

320,833

Entertainment

-

1.7%

Electronic

Arts,

Inc.

858

130,836

Netflix,

Inc.*

792

918,245

Walt

Disney

Co.

(The)

8,481

1,010,172

2,059,253

Financial

Services

-

5.6%

Apollo

Global

Management,

Inc.

2,442

354,871

Berkshire

Hathaway,

Inc.,

Class

B*(b)

7,590

3,581,569

Block,

Inc.,

Class

A*(b)

1,584

122,380

Fidelity

National

Information

Services,

Inc.

1,496

118,797

Fiserv,

Inc.*

1,518

210,911

Mastercard,

Inc.,

Class

A

2,310

1,308,546

Visa,

Inc.,

Class

A(b)

3,201

1,105,850

6,802,924

Investments

Shares

Value

Food

Products

-

1.0%

Archer-Daniels-Midland

Co.

2,277

$

123,368

Bunge

Global

SA

726

57,906

Conagra

Brands,

Inc.

3,069

56,040

General

Mills,

Inc.

2,937

143,854

Hershey

Co.

(The)

495

92,134

J

M

Smucker

Co.

(The)

363

38,964

Kellanova

1,782

142,257

Kraft

Heinz

Co.

(The)

3,828

105,117

McCormick

&

Co.,

Inc.

(Non-Voting)

957

67,593

Mondelez

International,

Inc.,

Class

A

4,983

322,350

Tyson

Foods,

Inc.,

Class

A

825

43,148

1,192,731

Ground

Transportation

-

0.8%

Grab

Holdings

Ltd.,

Class

A*

5,082

24,851

Uber

Technologies,

Inc.*

7,755

680,501

Union

Pacific

Corp.

1,089

241,726

XPO,

Inc.*(b)

462

55,574

1,002,652

Health

Care

Equipment

&

Supplies

-

2.1%

Abbott

Laboratories

8,217

1,036,903

Baxter

International,

Inc.

1,188

25,851

Becton

Dickinson

&

Co.

495

88,234

Boston

Scientific

Corp.*

2,739

287,376

GE

HealthCare

Technologies,

Inc.

1,650

117,678

Hologic,

Inc.*

1,254

83,792

IDEXX

Laboratories,

Inc.*

231

123,426

Medtronic

plc

3,597

324,593

Stryker

Corp.(b)

1,353

531,364

2,619,217

Health

Care

Providers

&

Services

-

1.5%

Cardinal

Health,

Inc.

1,386

215,135

Cencora,

Inc.

858

245,457

Cigna

Group

(The)

495

132,353

CVS

Health

Corp.

7,161

444,698

Elevance

Health,

Inc.

1,056

298,932

Labcorp

Holdings,

Inc.

165

42,913

McKesson

Corp.

594

411,963

1,791,451

Health

Care

REITs

-

0.6%

Alexandria

Real

Estate

Equities,

Inc.,

REIT

462

35,311

Healthpeak

Properties,

Inc.,

REIT

2,145

36,336

Ventas,

Inc.,

REIT

1,716

115,281

Welltower,

Inc.,

REIT

3,069

506,600

693,528

Hotels,

Restaurants

&

Leisure

-

2.4%

Booking

Holdings,

Inc.

154

847,625

Carnival

Corp.*

3,399

101,188

Chipotle

Mexican

Grill,

Inc.*

5,148

220,746

Domino's

Pizza,

Inc.

69

31,961

Expedia

Group,

Inc.

462

83,262

Flutter

Entertainment

plc*

825

249,365

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

US

ESG

Select

Index

Fund

(cont.)

108

Investments

Shares

Value

COMMON

STOCKS

(continued)

Hotels,

Restaurants

&

Leisure

(continued)

Hilton

Worldwide

Holdings,

Inc.

1,122

$

300,786

Marriott

International,

Inc.,

Class

A

1,155

304,724

McDonald's

Corp.

2,013

604,041

Yum!

Brands,

Inc.

1,056

152,222

2,895,920

Household

Durables

-

0.0%(a)

Somnigroup

International,

Inc.(b)

792

57,325

Household

Products

-

2.3%

Church

&

Dwight

Co.,

Inc.

924

86,643

Clorox

Co.

(The)

693

87,013

Colgate-Palmolive

Co.

4,653

390,154

Kimberly-Clark

Corp.

1,914

238,523

Procter

&

Gamble

Co.

(The)

13,266

1,996,135

2,798,468

Independent

Power

and

Renewable

Electricity

Producers

-

0.2%

Vistra

Corp.

957

199,573

Insurance

-

2.1%

Aflac,

Inc.

2,673

265,589

Allstate

Corp.

(The)

990

201,218

American

International

Group,

Inc.(b)

3,267

253,617

Aon

plc,

Class

A

1,023

363,891

Chubb

Ltd.

1,056

280,938

Hartford

Insurance

Group,

Inc.

(The)

825

102,622

Marsh

&

McLennan

Cos.,

Inc.

1,848

368,122

MetLife,

Inc.(b)

2,211

167,925

Principal

Financial

Group,

Inc.

1,054

82,033

RenaissanceRe

Holdings

Ltd.

102

24,862

Travelers

Cos.,

Inc.

(The)

850

221,204

Unum

Group

825

59,243

Willis

Towers

Watson

plc

462

145,904

2,537,168

Interactive

Media

&

Services

-

5.4%

Meta

Platforms,

Inc.,

Class

A

8,481

6,559,545

IT

Services

-

2.2%

Accenture

plc,

Class

A

3,828

1,022,459

Akamai

Technologies,

Inc.*

272

20,757

Cognizant

Technology

Solutions

Corp.,

Class

A

957

68,674

Gartner,

Inc.*

231

78,228

GoDaddy,

Inc.,

Class

A*

528

85,314

International

Business

Machines

Corp.

5,247

1,328,278

MongoDB,

Inc.*

165

39,252

Okta,

Inc.*

330

32,274

Twilio,

Inc.,

Class

A*

429

55,341

2,730,577

Investments

Shares

Value

Life

Sciences

Tools

&

Services

-

0.2%

IQVIA

Holdings,

Inc.*

660

$

122,667

Mettler-Toledo

International,

Inc.*

66

81,423

Revvity,

Inc.(b)

231

20,305

224,395

Machinery

-

1.2%

Cummins,

Inc.

660

242,629

Deere

&

Co.

1,023

536,431

Fortive

Corp.

594

28,470

Ingersoll

Rand,

Inc.(b)

1,496

126,606

Lincoln

Electric

Holdings,

Inc.

132

32,142

Nordson

Corp.

99

21,207

Otis

Worldwide

Corp.

1,848

158,355

Pentair

plc

759

77,570

Stanley

Black

&

Decker,

Inc.

759

51,346

Westinghouse

Air

Brake

Technologies

Corp.

330

63,377

Xylem,

Inc.

680

98,342

1,436,475

Media

-

0.2%

Comcast

Corp.,

Class

A

6,831

226,994

Omnicom

Group,

Inc.

990

71,330

298,324

Metals

&

Mining

-

0.3%

Freeport-McMoRan,

Inc.

4,080

164,179

Newmont

Corp.

4,257

264,360

428,539

Multi-Utilities

-

0.3%

CMS

Energy

Corp.(b)

495

36,531

Consolidated

Edison,

Inc.

660

68,310

NiSource,

Inc.(b)

990

42,025

Public

Service

Enterprise

Group,

Inc.

1,881

168,895

315,761

Oil,

Gas

&

Consumable

Fuels

-

3.4%

Chevron

Corp.

10,824

1,641,351

Diamondback

Energy,

Inc.

363

53,964

EQT

Corp.

2,838

152,542

Exxon

Mobil

Corp.

20,328

2,269,418

4,117,275

Personal

Care

Products

-

0.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

561

52,364

Kenvue,

Inc.

9,108

195,275

247,639

Pharmaceuticals

-

5.5%

Eli

Lilly

&

Co.

3,993

2,955,099

Johnson

&

Johnson

13,629

2,245,241

Merck

&

Co.,

Inc.

11,715

915,176

Pfizer,

Inc.

10,362

241,331

Zoetis,

Inc.

2,145

312,720

6,669,567

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

US

ESG

Select

Index

Fund

(cont.)

109

Investments

Shares

Value

COMMON

STOCKS

(continued)

Professional

Services

-

0.7%

Automatic

Data

Processing,

Inc.

1,914

$

592,383

Broadridge

Financial

Solutions,

Inc.

429

106,182

Verisk

Analytics,

Inc.

660

183,948

882,513

Real

Estate

Management

&

Development

-

0.2%

CBRE

Group,

Inc.,

Class

A*

1,716

267,250

Residential

REITs

-

0.0%(a)

Essex

Property

Trust,

Inc.,

REIT

198

51,516

Semiconductors

&

Semiconductor

Equipment

-

9.0%

Advanced

Micro

Devices,

Inc.*

4,521

797,098

Intel

Corp.

20,264

401,227

KLA

Corp.

231

203,056

Lam

Research

Corp.

2,376

225,340

Marvell

Technology,

Inc.(b)

2,442

196,264

Micron

Technology,

Inc.

6,336

691,511

NVIDIA

Corp.

40,557

7,213,874

NXP

Semiconductors

NV

1,155

246,904

ON

Semiconductor

Corp.*(b)

759

42,777

QUALCOMM,

Inc.

3,003

440,720

Skyworks

Solutions,

Inc.

442

30,295

Texas

Instruments,

Inc.

2,541

460,073

10,949,139

Software

-

8.0%

Adobe,

Inc.*

1,188

424,936

Autodesk,

Inc.*

1,188

360,095

Check

Point

Software

Technologies

Ltd.*

231

43,012

Crowdstrike

Holdings,

Inc.,

Class

A*

693

315,017

Gen

Digital,

Inc.

2,739

80,773

Guidewire

Software,

Inc.*

306

69,223

HubSpot,

Inc.*

198

102,891

Intuit,

Inc.

792

621,823

Microsoft

Corp.

12,276

6,549,246

Palo

Alto

Networks,

Inc.*

2,475

429,660

ServiceNow,

Inc.*

792

746,951

9,743,627

Specialized

REITs

-

0.9%

American

Tower

Corp.,

REIT

2,244

467,627

Equinix,

Inc.,

REIT

363

285,017

Iron

Mountain,

Inc.,

REIT

1,156

112,548

VICI

Properties,

Inc.,

Class

A,

REIT(b)

4,983

162,446

Weyerhaeuser

Co.,

REIT

3,795

95,065

1,122,703

Specialty

Retail

-

2.2%

AutoZone,

Inc.*

33

124,356

Best

Buy

Co.,

Inc.

1,023

66,556

Burlington

Stores,

Inc.*

136

37,123

Home

Depot,

Inc.

(The)

1,848

679,158

Investments

Shares

Value

Specialty

Retail

(continued)

Lowe's

Cos.,

Inc.

2,079

$

464,802

Ross

Stores,

Inc.

1,287

175,727

TJX

Cos.,

Inc.

(The)

6,336

789,022

Tractor

Supply

Co.

2,508

142,831

Ulta

Beauty,

Inc.*

264

135,963

Williams-Sonoma,

Inc.

693

129,626

2,745,164

Technology

Hardware,

Storage

&

Peripherals

-

5.5%

Apple,

Inc.

29,502

6,123,730

Hewlett

Packard

Enterprise

Co.

7,446

154,058

HP,

Inc.

5,016

124,397

NetApp,

Inc.

447

46,546

Super

Micro

Computer,

Inc.*

2,890

170,423

Western

Digital

Corp.

990

77,903

6,697,057

Textiles,

Apparel

&

Luxury

Goods

-

0.4%

Deckers

Outdoor

Corp.*

561

59,561

Lululemon

Athletica,

Inc.*

627

125,732

NIKE,

Inc.,

Class

B

2,079

155,281

Tapestry,

Inc.

1,190

128,556

469,130

Trading

Companies

&

Distributors

-

0.2%

Ferguson

Enterprises,

Inc.

1,122

250,576

Water

Utilities

-

0.1%

American

Water

Works

Co.,

Inc.

1,088

152,581

Total

Common

Stocks

(Cost

$93,749,983)

121,338,306

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

3.4%(c)

REPURCHASE

AGREEMENTS

-

3.4%

CF

Secured

LLC

4.34%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$1,444,307,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

8/15/2025

-

2/15/2054;

total

market

value

$1,467,208

$

1,444,133

1,444,133

Citigroup

Global

Markets,

Inc.

4.36%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$2,000,242,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

1.88%

-

4.13%,

maturing

2/28/2027

-

2/28/2030;

total

market

value

$2,019,272

2,000,000

2,000,000

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

US

ESG

Select

Index

Fund

(cont.)

110

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

REPURCHASE

AGREEMENTS

(continued)

The

Bank

of

Nova

Scotia,

Toronto

4.46%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$700,087,

collateralized

by

various

Common

Stocks;

total

market

value

$772,396

$

700,000

$

700,000

4,144,133

Total

Securities

Lending

Reinvestments

(Cost

$4,144,133)

4,144,133

Total

Investments

-

102.8%

(Cost

$97,894,116)

125,482,439

Liabilities

in

excess

of

other

assets

-

(2.8%)

(3,461,358)

NET

ASSETS

-

100.0%

$122,021,081

*

Non-income

producing

security.

(a)

Represents

less

than

0.05%

of

net

assets.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2025.

The

total

value

of

securities

on

loan

at

July

31,

2025

was

$4,539,025,

collateralized

in

the

form

of

cash

with

a

value

of

$4,144,133

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$530,463

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

August

7,

2025

–

November

15,

2054

and

$8,339

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

6.00%,

and

maturity

dates

ranging

from

October

22,

2025

–

June

22,

2071;

a

total

value

of

$4,682,935.

(c)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2025.

The

total

value

of

securities

purchased

was

$4,144,133.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

REIT

—

Real

Estate

Investment

Trust

Futures

Contracts

FlexShares®

STOXX®

US

ESG

Select

Index

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2025:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

S&P

500

Micro

E-Mini

Index

22

09/19/2025

USD

$

701,168

$

36,603

Abbreviations:

USD

—

US

Dollar

Security

Type

%

of

Net

Assets

Common

Stocks

99.4

%

Securities

Lending

Reinvestments

3.4

Others

(1)

(2.8)

100.0%

(1)

Includes

any

other

net

assets/(liabilities).

111

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

STOXX

®

Global

ESG

Select

Index

Fund

July

31,

2025

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

99.1%

Air

Freight

&

Logistics

-

0.3%

Deutsche

Post

AG

940

$

42,443

DSV

A/S(a)

500

112,311

Nippon

Express

Holdings,

Inc.

200

4,407

United

Parcel

Service,

Inc.,

Class

B

1,040

89,606

248,767

Automobile

Components

-

0.3%

Aisin

Corp.

1,200

16,737

Bridgestone

Corp.

2,000

81,478

Cie

Generale

des

Etablissements

Michelin

SCA

2,440

87,300

Continental

AG

221

19,022

Denso

Corp.

4,000

54,646

Niterra

Co.

Ltd.

700

24,298

283,481

Automobiles

-

0.8%

Bayerische

Motoren

Werke

AG

540

51,843

Ferrari

NV

180

79,379

General

Motors

Co.

2,220

118,415

Honda

Motor

Co.

Ltd.(a)

12,000

125,107

Mazda

Motor

Corp.

1,100

6,660

Mercedes-Benz

Group

AG

1,720

98,628

Mitsubishi

Motors

Corp.(a)

1,900

5,047

Nissan

Motor

Co.

Ltd.*(a)

4,700

10,044

Renault

SA

466

17,446

Stellantis

NV

5,100

45,314

Subaru

Corp.

1,600

29,550

Suzuki

Motor

Corp.

6,000

66,441

Volkswagen

AG

(Preference)

520

54,827

Yamaha

Motor

Co.

Ltd.

2,300

16,712

725,413

Banks

-

10.8%

ABN

AMRO

Bank

NV,

CVA(b)

1,380

40,056

AIB

Group

plc

4,948

39,359

ANZ

Group

Holdings

Ltd.

8,200

162,188

Banca

Monte

dei

Paschi

di

Siena

SpA(a)

2,743

23,440

Banca

Popolare

di

Sondrio

SpA

380

5,228

Banco

Bilbao

Vizcaya

Argentaria

SA

14,680

245,981

Banco

BPM

SpA

3,440

44,097

Banco

Comercial

Portugues

SA,

Class

R

9,140

7,549

Banco

Santander

SA

38,380

331,040

Bank

of

Ireland

Group

plc

2,111

28,523

Bank

of

Montreal(a)

1,700

188,057

Bank

Polska

Kasa

Opieki

SA

540

29,603

Bankinter

SA

2,820

40,345

Banque

Cantonale

Vaudoise

(Registered)

87

10,098

Barclays

plc

30,220

148,489

BAWAG

Group

AG(b)

161

20,417

Investments

Shares

Value

Banks

(continued)

Bendigo

&

Adelaide

Bank

Ltd.

1,843

$

14,536

BNP

Paribas

SA

3,560

326,212

BPER

Banca

SpA

3,800

37,560

CaixaBank

SA

9,480

89,515

Canadian

Imperial

Bank

of

Commerce

2,220

159,015

Citigroup,

Inc.

5,720

535,964

Commerzbank

AG

1,061

38,908

Commonwealth

Bank

of

Australia

5,240

600,228

Danske

Bank

A/S

1,200

47,946

DBS

Group

Holdings

Ltd.

1,980

73,120

DNB

Bank

ASA

2,300

58,609

Erste

Group

Bank

AG

437

40,289

FinecoBank

Banca

Fineco

SpA

1,813

38,845

Hachijuni

Bank

Ltd.

(The)(a)

1,900

17,271

Hang

Seng

Bank

Ltd.

1,900

27,738

HSBC

Holdings

plc

45,240

552,465

Intesa

Sanpaolo

SpA

14,440

87,512

Japan

Post

Bank

Co.

Ltd.

5,700

64,198

JPMorgan

Chase

&

Co.

12,460

3,691,150

KBC

Group

NV

440

46,211

Lloyds

Banking

Group

plc(a)

155,400

159,995

Mediobanca

Banca

di

Credito

Finanziario

SpA(a)

1,254

27,758

Mitsubishi

UFJ

Financial

Group,

Inc.

32,000

448,759

National

Australia

Bank

Ltd.

4,800

120,251

National

Bank

of

Canada

700

72,975

NatWest

Group

plc

17,800

124,138

Nordea

Bank

Abp

8,880

130,094

Oversea-Chinese

Banking

Corp.

Ltd.

10,000

130,034

Resona

Holdings,

Inc.(a)

6,000

55,377

Ringkjoebing

Landbobank

A/S

95

21,026

Royal

Bank

of

Canada

2,260

290,626

Santander

Bank

Polska

SA

46

6,768

Skandinaviska

Enskilda

Banken

AB,

Class

A

3,640

63,925

Societe

Generale

SA

2,660

170,370

SpareBank

1

Sor-Norge

ASA

120

2,115

Standard

Chartered

plc

3,540

63,735

Svenska

Handelsbanken

AB,

Class

A

4,220

51,757

Swedbank

AB,

Class

A

2,440

65,276

Sydbank

A/S

228

16,989

UniCredit

SpA

1,600

118,356

Westpac

Banking

Corp.

9,100

198,153

10,250,239

Beverages

-

1.2%

Anheuser-Busch

InBev

SA/NV

1,560

91,775

Asahi

Group

Holdings

Ltd.

1,900

24,227

Carlsberg

A/S,

Class

B

174

21,841

Coca-Cola

Co.

(The)

8,900

604,221

Coca-Cola

Europacific

Partners

plc

600

58,152

Coca-Cola

HBC

AG

391

20,418

Davide

Campari-Milano

NV(a)

222

1,540

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

ESG

Select

Index

Fund

(cont.)

112

Investments

Shares

Value

COMMON

STOCKS

(continued)

Beverages

(continued)

Diageo

plc

4,940

$

121,137

Heineken

Holding

NV

149

10,130

Heineken

NV

780

61,653

Kirin

Holdings

Co.

Ltd.

1,700

22,581

Pernod

Ricard

SA

720

74,464

Treasury

Wine

Estates

Ltd.

2,394

11,668

1,123,807

Biotechnology

-

0.6%

CSL

Ltd.

1,300

226,745

Genmab

A/S*

65

14,331

Swedish

Orphan

Biovitrum

AB*

589

16,270

Vertex

Pharmaceuticals,

Inc.*

580

264,985

522,331

Broadline

Retail

-

5.9%

Allegro.eu

SA*(b)

1,012

10,032

Amazon.com,

Inc.*

21,340

4,995,907

Dollarama,

Inc.

420

57,531

eBay,

Inc.

1,040

95,420

Isetan

Mitsukoshi

Holdings

Ltd.(a)

1,500

21,484

J

Front

Retailing

Co.

Ltd.(a)

1,300

17,687

Next

plc

200

32,581

Prosus

NV

1,780

102,354

Rakuten

Group,

Inc.*

6,000

30,778

Ryohin

Keikaku

Co.

Ltd.

1,400

66,700

Wesfarmers

Ltd.

3,520

194,340

5,624,814

Building

Products

-

0.7%

Assa

Abloy

AB,

Class

B

2,440

80,952

Belimo

Holding

AG

(Registered)

21

24,658

Cie

de

Saint-Gobain

SA

1,620

185,973

Geberit

AG

(Registered)

95

73,000

Lennox

International,

Inc.(a)

60

36,540

Lixil

Corp.(a)

1,300

15,160

Nibe

Industrier

AB,

Class

B

1,544

7,138

ROCKWOOL

A/S,

Class

B

200

8,785

Trane

Technologies

plc

520

227,802

660,008

Capital

Markets

-

2.0%

3i

Group

plc

2,500

137,331

Aberdeen

Group

plc

3,700

9,822

Allfunds

Group

plc

824

5,753

ASX

Ltd.

540

24,355

Bank

of

New

York

Mellon

Corp.

(The)

(a)

1,160

117,682

BlackRock,

Inc.

440

486,644

Daiwa

Securities

Group,

Inc.

6,000

42,141

EQT

AB(a)

2,260

76,115

Euronext

NV(b)

140

22,690

Hong

Kong

Exchanges

&

Clearing

Ltd.

2,300

125,108

ICG

plc

358

10,319

Investments

Shares

Value

Capital

Markets

(continued)

IG

Group

Holdings

plc

853

$

12,756

Intercontinental

Exchange,

Inc.

2,180

402,929

Investec

plc

714

5,305

Julius

Baer

Group

Ltd.

363

24,684

London

Stock

Exchange

Group

plc

860

105,386

Macquarie

Group

Ltd.

1,100

153,956

Man

Group

plc

2,576

5,621

Partners

Group

Holding

AG(a)

60

81,387

Schroders

plc

252

1,304

Swissquote

Group

Holding

SA

(Registered)

40

26,821

1,878,109

Chemicals

-

0.5%

Air

Liquide

SA

600

118,667

Akzo

Nobel

NV

378

23,830

Arkema

SA

62

4,251

Asahi

Kasei

Corp.

3,800

26,651

BASF

SE

1,860

91,882

Croda

International

plc

361

12,478

DSM-Firmenich

AG

266

25,732

Dyno

Nobel

Ltd.

3,726

7,053

FUCHS

SE

(Preference)

135

6,218

Hexpol

AB

792

6,853

Mitsubishi

Chemical

Group

Corp.

3,800

20,887

Nippon

Sanso

Holdings

Corp.

500

17,854

Nitto

Denko

Corp.

1,400

29,219

Novonesis

Novozymes

B

720

47,022

Orica

Ltd.

1,198

16,491

Syensqo

SA

55

4,404

Yara

International

ASA

492

18,359

477,851

Commercial

Services

&

Supplies

-

0.8%

Brambles

Ltd.

3,960

60,962

Cintas

Corp.

1,040

231,452

Downer

EDI

Ltd.

2,477

11,020

Elis

SA

446

12,374

ISS

A/S

598

17,280

Rentokil

Initial

plc

5,225

26,240

Republic

Services,

Inc.,

Class

A

340

78,421

Securitas

AB,

Class

B

1,131

16,861

SPIE

SA

466

27,495

TOPPAN

Holdings,

Inc.

600

16,318

Waste

Connections,

Inc.

580

108,545

Waste

Management,

Inc.

560

128,330

735,298

Communications

Equipment

-

0.5%

Cisco

Systems,

Inc.

6,040

411,203

Nokia

OYJ

8,120

33,346

444,549

Construction

&

Engineering

-

0.5%

Ackermans

&

van

Haaren

NV

53

13,066

ACS

Actividades

de

Construccion

y

Servicios

SA(a)

405

27,998

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

ESG

Select

Index

Fund

(cont.)

113

Investments

Shares

Value

COMMON

STOCKS

(continued)

Construction

&

Engineering

(continued)

Balfour

Beatty

plc

1,015

$

7,293

Bouygues

SA

562

23,253

Eiffage

SA

222

29,894

Ferrovial

SE

926

47,587

HOCHTIEF

AG

46

10,093

Obayashi

Corp.

1,900

28,135

Skanska

AB,

Class

B

616

14,397

Sweco

AB,

Class

B

632

9,992

Vinci

SA

1,600

222,684

Worley

Ltd.

1,517

13,039

447,431

Construction

Materials

-

0.2%

Buzzi

SpA

244

12,768

Holcim

AG

1,660

132,833

Wienerberger

AG

285

9,629

155,230

Consumer

Finance

-

0.0%(c)

Cembra

Money

Bank

AG

46

5,175

Marui

Group

Co.

Ltd.

900

18,425

23,600

Consumer

Staples

Distribution

&

Retail

-

2.9%

Aeon

Co.

Ltd.(a)

2,000

64,228

Axfood

AB

221

6,614

Carrefour

SA

1,881

27,062

Costco

Wholesale

Corp.

1,000

939,640

Dollar

Tree,

Inc.*

420

47,691

J

Sainsbury

plc

3,108

12,479

Jeronimo

Martins

SGPS

SA

703

17,219

Kesko

OYJ,

Class

B(a)

472

10,308

Koninklijke

Ahold

Delhaize

NV

2,400

95,043

Kroger

Co.

(The)

980

68,698

Marks

&

Spencer

Group

plc

6,600

30,395

Walmart,

Inc.

13,200

1,293,336

Woolworths

Group

Ltd.

4,140

83,991

2,696,704

Containers

&

Packaging

-

0.1%

Huhtamaki

OYJ

230

7,961

Orora

Ltd.

5,198

6,961

Smurfit

WestRock

plc

1,580

70,120

85,042

Distributors

-

0.0%(c)

D'ieteren

Group

55

10,941

Inchcape

plc

1,147

10,655

21,596

Diversified

Consumer

Services

-

0.0%(c)

Pearson

plc

1,344

19,075

Diversified

REITs

-

0.1%

British

Land

Co.

plc

(The),

REIT

2,348

10,863

Investments

Shares

Value

Diversified

REITs

(continued)

CapitaLand

Integrated

Commercial

Trust,

REIT

16,600

$

28,150

Covivio

SA,

REIT

49

3,194

KDX

Realty

Investment

Corp.,

REIT

19

20,516

Land

Securities

Group

plc,

REIT(a)

2,717

20,764

Mirvac

Group,

REIT

8,997

13,034

Stockland,

REIT

4,417

15,783

112,304

Diversified

Telecommunication

Services

-

1.0%

BT

Group

plc

16,900

46,317

Cellnex

Telecom

SA(b)

1,160

41,158

Deutsche

Telekom

AG

(Registered)

8,920

321,391

Elisa

OYJ

384

19,848

Infrastrutture

Wireless

Italiane

SpA(b)

803

9,522

Koninklijke

KPN

NV

6,540

29,343

NTT,

Inc.

154,000

156,256

Singapore

Telecommunications

Ltd.

24,000

71,777

Spark

New

Zealand

Ltd.

11,609

16,654

Swisscom

AG

(Registered)(a)

52

36,212

Telenor

ASA

1,605

24,745

Telia

Co.

AB(a)

4,722

16,745

Telstra

Group

Ltd.

36,760

117,630

907,598

Electric

Utilities

-

2.3%

Acciona

SA

95

18,289

Alliant

Energy

Corp.

440

28,604

American

Electric

Power

Co.,

Inc.(a)

1,560

176,498

BKW

AG

42

9,377

Contact

Energy

Ltd.

822

4,421

Duke

Energy

Corp.

1,720

209,221

Edison

International

980

51,078

EDP

SA

11,060

47,926

Elia

Group

SA/NV

171

19,807

Emera,

Inc.(a)

980

46,117

Endesa

SA

782

22,689

Enel

SpA

16,320

144,445

Entergy

Corp.

660

59,684

Eversource

Energy

437

28,886

Exelon

Corp.

2,940

132,124

Fortis,

Inc.

1,980

97,099

Fortum

OYJ(a)

1,920

35,358

Iberdrola

SA(a)

17,899

314,567

Kansai

Electric

Power

Co.,

Inc.

(The)

4,000

48,413

Kyushu

Electric

Power

Co.,

Inc.

1,900

16,930

NextEra

Energy,

Inc.

4,640

329,718

NRG

Energy,

Inc.

440

73,568

Origin

Energy

Ltd.

6,180

46,435

Redeia

Corp.

SA

1,241

24,075

SSE

plc

3,000

73,386

Terna

-

Rete

Elettrica

Nazionale(a)

2,660

25,732

Tohoku

Electric

Power

Co.,

Inc.

2,200

15,503

Verbund

AG

169

12,641

Xcel

Energy,

Inc.

800

58,752

2,171,343

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

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®

Global

ESG

Select

Index

Fund

(cont.)

114

Investments

Shares

Value

COMMON

STOCKS

(continued)

Electrical

Equipment

-

1.1%

ABB

Ltd.

(Registered)

3,140

$

206,949

Accelleron

Industries

AG

100

9,156

Legrand

SA

740

110,063

Mitsubishi

Electric

Corp.

6,000

133,240

Nexans

SA

103

14,913

Nidec

Corp.

6,000

116,137

Prysmian

SpA

700

56,387

Schneider

Electric

SE

660

172,421

Siemens

Energy

AG*

1,360

158,772

Vestas

Wind

Systems

A/S(a)

1,635

30,093

1,008,131

Electronic

Equipment,

Instruments

&

Components

-

0.4%

CDW

Corp.

380

66,264

Halma

plc

280

12,050

Hexagon

AB,

Class

B

4,780

52,870

Ibiden

Co.

Ltd.(a)

300

12,878

Lagercrantz

Group

AB,

Class

B

218

5,088

Murata

Manufacturing

Co.

Ltd.

5,100

76,841

Shimadzu

Corp.

800

17,861

TE

Connectivity

plc

480

98,760

Venture

Corp.

Ltd.

1,900

18,922

361,534

Energy

Equipment

&

Services

-

0.1%

Schlumberger

NV

3,360

113,568

Technip

Energies

NV

138

5,983

Vallourec

SACA

230

4,313

123,864

Entertainment

-

0.6%

Bollore

SE

1,826

10,585

Electronic

Arts,

Inc.

320

48,797

Walt

Disney

Co.

(The)

4,080

485,969

545,351

Financial

Services

-

1.9%

AMP

Ltd.

7

7

Apollo

Global

Management,

Inc.

1,300

188,916

Banca

Mediolanum

SpA

1,235

21,910

Berkshire

Hathaway,

Inc.,

Class

B*(a)

3,000

1,415,640

Edenred

SE

665

19,120

EXOR

NV

200

19,400

Industrivarden

AB,

Class

C

532

19,765

Infratil

Ltd.(a)

2,486

17,068

Kinnevik

AB,

Class

B*

1,881

16,976

M&G

plc

4,540

15,717

Mitsubishi

HC

Capital,

Inc.

1,900

14,102

Nexi

SpA(b)

1,394

7,993

ORIX

Corp.

2,000

45,184

Wendel

SE

43

4,053

1,805,851

Food

Products

-

0.3%

a2

Milk

Co.

Ltd.

(The)

2,945

15,317

Investments

Shares

Value

Food

Products

(continued)

AAK

AB

553

$

14,313

Ajinomoto

Co.,

Inc.

2,900

77,175

Associated

British

Foods

plc

603

17,540

Bakkafrost

P/F(a)

46

1,853

General

Mills,

Inc.

760

37,225

Hershey

Co.

(The)

133

24,755

JDE

Peet's

NV

665

19,850

Kerry

Group

plc,

Class

A

357

33,158

MEIJI

Holdings

Co.

Ltd.

100

2,035

Mowi

ASA

1,158

21,768

Orkla

ASA

1,914

20,268

Salmar

ASA

147

5,998

291,255

Gas

Utilities

-

0.2%

APA

Group

1,656

8,946

Enagas

SA

322

4,833

Italgas

SpA

1,900

15,755

Naturgy

Energy

Group

SA(a)

596

18,745

Osaka

Gas

Co.

Ltd.(a)

1,800

45,570

Rubis

SCA

276

8,801

Snam

SpA(a)

6,840

39,723

Tokyo

Gas

Co.

Ltd.

1,600

53,679

196,052

Ground

Transportation

-

0.5%

Ayvens

SA(b)

720

7,792

Canadian

National

Railway

Co.

1,900

177,803

ComfortDelGro

Corp.

Ltd.

4,500

5,307

Hankyu

Hanshin

Holdings,

Inc.

300

7,846

MTR

Corp.

Ltd.

2,000

7,198

Tokyu

Corp.(a)

1,900

21,538

Uber

Technologies,

Inc.*

3,160

277,290

504,774

Health

Care

Equipment

&

Supplies

-

1.8%

Abbott

Laboratories

3,900

492,141

Alcon

AG

1,280

113,207

Ansell

Ltd.(a)

322

6,209

Baxter

International,

Inc.

680

14,797

Cochlear

Ltd.

220

45,118

ConvaTec

Group

plc(b)

2,022

6,245

Demant

A/S*

279

10,655

EssilorLuxottica

SA

360

107,377

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

1,720

37,367

GE

HealthCare

Technologies,

Inc.

1,340

95,569

Getinge

AB,

Class

B

358

7,083

Hologic,

Inc.*

709

47,376

Hoya

Corp.

1,300

165,680

IDEXX

Laboratories,

Inc.*

140

74,804

Koninklijke

Philips

NV

2,105

55,654

Medtronic

plc

1,880

169,651

Siemens

Healthineers

AG(b)

294

15,916

Sonova

Holding

AG

(Registered)

100

27,375

Straumann

Holding

AG

(Registered)

(a)

315

38,457

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

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®

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Select

Index

Fund

(cont.)

115

Investments

Shares

Value

COMMON

STOCKS

(continued)

Health

Care

Equipment

&

Supplies

(continued)

Stryker

Corp.(a)

540

$

212,074

1,742,755

Health

Care

Providers

&

Services

-

0.4%

Cardinal

Health,

Inc.

880

136,594

EBOS

Group

Ltd.

184

4,443

Elevance

Health,

Inc.

500

141,540

Fresenius

Medical

Care

AG

476

24,233

Fresenius

SE

&

Co.

KGaA

1,080

51,892

Galenica

AG(b)

152

16,172

Ramsay

Health

Care

Ltd.

798

19,920

Sigma

Healthcare

Ltd.

10,735

19,975

Sonic

Healthcare

Ltd.

240

4,266

419,035

Health

Care

REITs

-

0.3%

Aedifica

SA,

REIT

228

16,884

Alexandria

Real

Estate

Equities,

Inc.,

REIT

180

13,758

Healthpeak

Properties,

Inc.,

REIT

1,197

20,277

Ventas,

Inc.,

REIT

740

49,713

Welltower,

Inc.,

REIT

1,040

171,673

272,305

Hotel

&

Resort

REITs

-

0.0%(c)

Invincible

Investment

Corp.,

REIT

22

9,824

Hotels,

Restaurants

&

Leisure

-

1.7%

Accor

SA

646

33,021

Amadeus

IT

Group

SA

1,440

116,063

Aristocrat

Leisure

Ltd.

2,040

91,994

Booking

Holdings,

Inc.

74

407,300

Carnival

Corp.*

1,620

48,227

Chipotle

Mexican

Grill,

Inc.,

Class

A*

2,060

88,333

Compass

Group

plc

4,360

153,765

Entain

plc

1,596

21,585

Expedia

Group,

Inc.

220

39,648

FDJ

UNITED(b)

276

8,649

Food

&

Life

Cos.

Ltd.

400

20,296

Greggs

plc

233

4,872

Hilton

Worldwide

Holdings,

Inc.

560

150,125

InterContinental

Hotels

Group

plc

440

51,031

Just

Eat

Takeaway.com

NV*(b)

364

8,349

Lottery

Corp.

Ltd.

(The)

3,060

10,678

Marriott

International,

Inc.,

Class

A

520

137,192

Oriental

Land

Co.

Ltd.

4,000

82,793

Sodexo

SA

217

12,990

TUI

AG*

714

6,505

Whitbread

plc

415

16,767

Yum!

Brands,

Inc.

460

66,309

1,576,492

Household

Durables

-

1.0%

Berkeley

Group

Holdings

plc

247

11,931

Panasonic

Holdings

Corp.

4,000

38,287

Investments

Shares

Value

Household

Durables

(continued)

Persimmon

plc

988

$

14,970

SEB

SA

62

4,570

Sekisui

House

Ltd.(a)

2,000

42,354

Somnigroup

International,

Inc.(a)

399

28,880

Sony

Group

Corp.

32,800

802,482

Taylor

Wimpey

plc

9,948

13,461

Vistry

Group

plc*

920

7,103

964,038

Household

Products

-

0.9%

Clorox

Co.

(The)

240

30,134

Essity

AB,

Class

B

1,820

45,035

Henkel

AG

&

Co.

KGaA

(Preference)

520

40,221

Kimberly-Clark

Corp.

760

94,711

Procter

&

Gamble

Co.

(The)

3,480

523,636

Reckitt

Benckiser

Group

plc

1,800

135,109

868,846

Independent

Power

and

Renewable

Electricity

Producers

-

0.2%

Drax

Group

plc

897

8,398

EDP

Renovaveis

SA

1,558

18,367

Meridian

Energy

Ltd.

2,621

8,820

Orsted

A/S*(a)(b)

570

26,953

Vistra

Corp.

780

162,661

225,199

Industrial

Conglomerates

-

0.6%

CK

Hutchison

Holdings

Ltd.

5,500

36,013

Hitachi

Ltd.

8,000

249,683

Investment

AB

Latour,

Class

B

322

8,265

Keppel

Ltd.

3,800

24,809

Lifco

AB,

Class

B

323

11,570

Sekisui

Chemical

Co.

Ltd.

2,000

34,984

Siemens

AG

(Registered)

740

190,483

555,807

Industrial

REITs

-

0.2%

CapitaLand

Ascendas

REIT,

REIT

6,900

14,839

Goodman

Group,

REIT

5,260

119,142

Mapletree

Logistics

Trust,

REIT

17,100

15,289

Mitsui

Fudosan

Logistics

Park,

Inc.,

REIT(a)

19

12,802

Segro

plc,

REIT

3,040

26,045

Tritax

Big

Box

REIT

plc,

REIT

5,198

9,720

197,837

Insurance

-

2.3%

Aegon

Ltd.

1,341

9,645

Aflac,

Inc.

1,040

103,334

Ageas

SA/NV

399

27,286

American

International

Group,

Inc.(a)

1,280

99,366

Aon

plc,

Class

A

300

106,713

ASR

Nederland

NV

304

20,306

Aviva

plc

6,596

56,615

AXA

SA

6,320

308,728

Beazley

plc

972

11,506

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

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®

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®

Global

ESG

Select

Index

Fund

(cont.)

116

Investments

Shares

Value

COMMON

STOCKS

(continued)

Insurance

(continued)

Generali(a)

3,200

$

119,839

Gjensidige

Forsikring

ASA

294

7,786

Hannover

Rueck

SE

126

38,418

Helvetia

Holding

AG

(Registered)

76

18,372

Hiscox

Ltd.

768

13,131

Insurance

Australia

Group

Ltd.

2,960

16,714

Legal

&

General

Group

plc

5,631

19,136

Manulife

Financial

Corp.

5,460

169,303

Mapfre

SA

3,971

16,235

Medibank

Pvt

Ltd.

3,009

9,880

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

320

210,817

nib

holdings

Ltd.

1

5

NN

Group

NV

251

16,996

Phoenix

Group

Holdings

plc

1,239

10,887

Poste

Italiane

SpA(b)

952

20,665

Power

Corp.

of

Canada

1,620

65,430

Principal

Financial

Group,

Inc.

220

17,123

Prudential

plc

2,280

29,080

QBE

Insurance

Group

Ltd.

1,440

21,510

Steadfast

Group

Ltd.

4,081

15,634

Sun

Life

Financial,

Inc.

1,400

85,546

Suncorp

Group

Ltd.

1,276

17,220

Swiss

Life

Holding

AG

(Registered)

(a)

60

62,494

Swiss

Re

AG

780

140,478

Tryg

A/S(a)

742

17,970

Unipol

Assicurazioni

SpA

640

12,903

Unum

Group

285

20,466

Willis

Towers

Watson

plc

140

44,213

Zurich

Insurance

Group

AG

300

205,628

2,187,378

Interactive

Media

&

Services

-

5.5%

Auto

Trader

Group

plc(b)

1,684

18,662

CAR

Group

Ltd.

1,060

26,057

Meta

Platforms,

Inc.,

Class

A

6,500

5,027,360

Pinterest,

Inc.,

Class

A*

1,100

42,460

REA

Group

Ltd.

117

18,040

Rightmove

plc

1,716

18,589

Scout24

SE(b)

203

27,277

SEEK

Ltd.

716

11,175

5,189,620

IT

Services

-

2.3%

Accenture

plc,

Class

A

3,040

811,984

Alten

SA

17

1,394

Bechtle

AG

126

5,512

Capgemini

SE

580

86,896

CGI,

Inc.

920

88,889

Computacenter

plc

220

6,684

Fujitsu

Ltd.

6,500

142,746

Gartner,

Inc.*

120

40,638

GoDaddy,

Inc.,

Class

A*

340

54,937

Investments

Shares

Value

IT

Services

(continued)

International

Business

Machines

Corp.

2,800

$

708,820

NEC

Corp.

4,000

116,921

Obic

Co.

Ltd.

400

14,406

Okta,

Inc.,

Class

A*

270

26,406

Otsuka

Corp.

500

9,527

Reply

SpA

47

7,402

Softcat

plc

377

8,147

Sopra

Steria

Group

42

9,105

Twilio,

Inc.,

Class

A*(a)

247

31,863

2,172,277

Leisure

Products

-

0.1%

Games

Workshop

Group

plc

76

16,384

Sega

Sammy

Holdings,

Inc.

700

14,442

Shimano,

Inc.

100

11,014

Thule

Group

AB(b)

324

9,222

Yamaha

Corp.

200

1,445

52,507

Life

Sciences

Tools

&

Services

-

0.2%

Eurofins

Scientific

SE

405

31,206

Gerresheimer

AG

49

2,433

IQVIA

Holdings,

Inc.*

260

48,324

Lonza

Group

AG

(Registered)

78

54,942

QIAGEN

NV

332

16,644

Sartorius

AG

(Preference)

53

11,377

Sartorius

Stedim

Biotech

76

15,309

Siegfried

Holding

AG

(Registered)*

130

14,648

Tecan

Group

AG

(Registered)

21

4,189

199,072

Machinery

-

1.1%

Aalberts

NV

100

3,223

Alfa

Laval

AB

439

19,184

Alstom

SA*

1,159

27,380

Atlas

Copco

AB,

Class

A

5,600

85,723

Cummins,

Inc.

180

66,172

Daimler

Truck

Holding

AG

587

28,775

Ebara

Corp.

1,500

27,908

Epiroc

AB,

Class

A

1,219

24,924

FANUC

Corp.

2,500

70,949

Georg

Fischer

AG

(Registered)

156

12,285

Indutrade

AB

145

3,542

Interpump

Group

SpA

399

16,422

KION

Group

AG

108

6,706

Knorr-Bremse

AG

92

9,251

Komatsu

Ltd.

2,000

64,653

Kone

OYJ,

Class

B

1,080

66,676

Konecranes

OYJ

216

18,122

Kurita

Water

Industries

Ltd.

400

15,575

Metso

OYJ(a)

1,078

13,652

MINEBEA

MITSUMI,

Inc.

1,500

23,891

Otis

Worldwide

Corp.

600

51,414

Pentair

plc

285

29,127

Rotork

plc

2,384

10,272

Sandvik

AB

1,860

45,586

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

ESG

Select

Index

Fund

(cont.)

117

Investments

Shares

Value

COMMON

STOCKS

(continued)

Machinery

(continued)

Schindler

Holding

AG(a)

83

$

30,173

SKF

AB,

Class

B

516

12,091

Spirax

Group

plc

194

16,290

Stanley

Black

&

Decker,

Inc.

399

26,992

Techtronic

Industries

Co.

Ltd.

1,500

18,019

TOMRA

Systems

ASA

1,102

15,470

Trelleborg

AB,

Class

B

426

15,548

Valmet

OYJ(a)

225

8,166

VAT

Group

AG(b)

56

19,826

Volvo

AB,

Class

B

3,400

97,961

Wartsila

OYJ

Abp

864

23,971

Weir

Group

plc

(The)

920

32,458

1,058,377

Marine

Transportation

-

0.1%

AP

Moller

-

Maersk

A/S,

Class

B(a)

14

27,904

Kuehne

+

Nagel

International

AG

(Registered)(a)

66

13,512

Nippon

Yusen

KK(a)

1,400

49,313

90,729

Media

-

0.2%

Dentsu

Group,

Inc.

400

7,943

Informa

plc

2,050

23,553

ITV

plc

10,219

11,130

Omnicom

Group,

Inc.

680

48,994

Publicis

Groupe

SA

820

75,270

WPP

plc

1,426

7,737

174,627

Metals

&

Mining

-

1.2%

Anglo

American

plc

2,320

65,947

Antofagasta

plc

724

17,984

Aurubis

AG

60

6,019

BHP

Group

Ltd.

13,420

339,138

BlueScope

Steel

Ltd.

613

9,382

Boliden

AB*

508

15,662

Fortescue

Ltd.(a)

5,520

63,156

IGO

Ltd.

1,622

4,626

Lynas

Rare

Earths

Ltd.*

2,508

16,907

Mineral

Resources

Ltd.*

1,007

18,537

Newmont

Corp.

1,840

114,264

Norsk

Hydro

ASA

3,364

20,118

Northern

Star

Resources

Ltd.

2,980

29,874

Pilbara

Minerals

Ltd.*(a)

1,807

1,867

Rio

Tinto

Ltd.

1,000

71,918

Rio

Tinto

plc

2,300

137,073

South32

Ltd.

11,137

21,082

SSAB

AB,

Class

B

1,242

7,063

Teck

Resources

Ltd.,

Class

B

1,760

57,196

voestalpine

AG

283

7,845

Wheaton

Precious

Metals

Corp.(a)

800

73,325

1,098,983

Investments

Shares

Value

Multi-Utilities

-

0.9%

A2A

SpA

3,990

$

9,741

AGL

Energy

Ltd.(a)

1,853

11,596

Ameren

Corp.

320

32,362

Centrica

plc

3,030

6,600

CMS

Energy

Corp.(a)

320

23,616

Consolidated

Edison,

Inc.

780

80,730

Dominion

Energy,

Inc.(a)

1,260

73,647

E.ON

SE

3,340

60,993

Engie

SA

6,260

140,575

Hera

SpA

2,055

8,811

National

Grid

plc

13,400

187,969

NiSource,

Inc.(a)

722

30,649

Public

Service

Enterprise

Group,

Inc.

(a)

1,460

131,093

Sembcorp

Industries

Ltd.

2,000

11,963

Veolia

Environnement

SA

1,560

53,029

863,374

Office

REITs

-

0.0%(c)

Derwent

London

plc,

REIT

589

15,043

Dexus,

REIT

2,336

10,634

Gecina

SA,

REIT

120

11,839

37,516

Oil,

Gas

&

Consumable

Fuels

-

4.0%

Aker

BP

ASA

570

13,860

BP

plc

27,820

149,011

Chevron

Corp.(a)

8,600

1,304,104

Enbridge,

Inc.

3,380

153,409

Eni

SpA

6,460

110,241

EQT

Corp.

1,520

81,700

Equinor

ASA

2,620

68,138

Exxon

Mobil

Corp.

9,740

1,087,374

Galp

Energia

SGPS

SA

1,273

24,354

ORLEN

SA

1,700

38,088

Pembina

Pipeline

Corp.

1,260

46,935

Santos

Ltd.

2,282

11,563

Shell

plc

15,160

546,482

TotalEnergies

SE

2,360

140,513

3,775,772

Paper

&

Forest

Products

-

0.1%

Holmen

AB,

Class

B

169

6,303

Mondi

plc

920

12,509

Stora

Enso

OYJ,

Class

R(a)

1,610

16,647

Svenska

Cellulosa

AB

SCA,

Class

B

1,193

15,017

UPM-Kymmene

OYJ

487

12,681

63,157

Passenger

Airlines

-

0.2%

ANA

Holdings,

Inc.

1,800

33,585

International

Consolidated

Airlines

Group

SA

6,441

32,433

Qantas

Airways

Ltd.

3,839

26,868

Ryanair

Holdings

plc

2,960

87,779

Singapore

Airlines

Ltd.

1,900

9,959

190,624

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

ESG

Select

Index

Fund

(cont.)

118

Investments

Shares

Value

COMMON

STOCKS

(continued)

Personal

Care

Products

-

0.7%

Beiersdorf

AG

124

$

15,470

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

240

22,402

L'Oreal

SA

680

303,029

Shiseido

Co.

Ltd.(a)

1,200

19,579

Unilever

plc

5,660

330,166

690,646

Pharmaceuticals

-

7.5%

ALK-Abello

A/S,

Class

B*

100

2,933

Astellas

Pharma,

Inc.

6,000

62,932

AstraZeneca

plc

4,000

599,425

Chugai

Pharmaceutical

Co.

Ltd.

2,000

97,811

Eli

Lilly

&

Co.

1,900

1,406,133

GSK

plc

11,220

210,544

Haleon

plc

15,500

73,740

Hikma

Pharmaceuticals

plc

453

11,774

Ipsen

SA

76

9,020

Johnson

&

Johnson

10,840

1,785,782

Merck

&

Co.,

Inc.

7,580

592,150

Merck

KGaA

380

47,973

Novartis

AG

(Registered)

5,020

582,272

Novo

Nordisk

A/S,

Class

B

6,540

315,472

Orion

OYJ,

Class

B(a)

282

22,690

Roche

Holding

AG

1,800

569,891

Sandoz

Group

AG

660

37,980

Sanofi

SA

3,760

339,289

Santen

Pharmaceutical

Co.

Ltd.

1,700

18,859

Shionogi

&

Co.

Ltd.

4,600

77,820

UCB

SA

180

39,236

Zoetis,

Inc.,

Class

A

980

142,874

7,046,600

Professional

Services

-

1.0%

Adecco

Group

AG

(Registered)

376

11,918

ALS

Ltd.

1,192

13,999

Arcadis

NV

106

5,307

Automatic

Data

Processing,

Inc.

600

185,700

Bureau

Veritas

SA

751

23,242

Computershare

Ltd.

1,200

32,566

Intertek

Group

plc

354

23,142

Randstad

NV

192

9,194

Recruit

Holdings

Co.

Ltd.

4,000

240,593

RELX

plc

4,840

252,101

SGS

SA

(Registered)

460

46,904

Teleperformance

SE(a)

152

14,913

Verisk

Analytics,

Inc.,

Class

A

200

55,742

Wolters

Kluwer

NV

440

68,842

984,163

Real

Estate

Management

&

Development

-

0.5%

Castellum

AB

809

9,259

CBRE

Group,

Inc.,

Class

A*

960

149,511

CK

Asset

Holdings

Ltd.

3,000

13,777

Daiwa

House

Industry

Co.

Ltd.

1,400

46,550

Investments

Shares

Value

Real

Estate

Management

&

Development

(continued)

Fastighets

AB

Balder,

Class

B*

2,204

$

14,972

Hongkong

Land

Holdings

Ltd.

2,700

16,335

Hulic

Co.

Ltd.

1,900

18,250

LEG

Immobilien

SE

190

15,168

Lendlease

Corp.

Ltd.

356

1,208

Mitsubishi

Estate

Co.

Ltd.

2,000

37,689

Mitsui

Fudosan

Co.

Ltd.

6,000

54,161

PSP

Swiss

Property

AG

(Registered)

95

16,156

Swiss

Prime

Site

AG

(Registered)

185

25,652

Tokyu

Fudosan

Holdings

Corp.(a)

1,600

11,387

Vonovia

SE

2,100

65,569

Wharf

Real

Estate

Investment

Co.

Ltd.(a)

3,000

9,535

Wihlborgs

Fastigheter

AB

546

5,387

510,566

Residential

REITs

-

0.0%(c)

Essex

Property

Trust,

Inc.,

REIT(a)

95

24,717

Retail

REITs

-

0.1%

Klepierre

SA,

REIT

651

25,006

Link

REIT,

REIT(a)

5,300

29,639

Unibail-Rodamco-Westfield,

REIT

400

39,025

93,670

Semiconductors

&

Semiconductor

Equipment

-

9.2%

Advanced

Micro

Devices,

Inc.*

2,400

423,144

ASM

International

NV

140

68,501

ASML

Holding

NV

800

561,379

ASMPT

Ltd.

1,900

16,192

BE

Semiconductor

Industries

NV

260

35,442

Infineon

Technologies

AG

2,140

84,833

Intel

Corp.(a)

12,680

251,064

Marvell

Technology,

Inc.(a)

1,280

102,874

Micron

Technology,

Inc.

4,240

462,754

NVIDIA

Corp.

31,460

5,595,790

NXP

Semiconductors

NV

560

119,711

QUALCOMM,

Inc.

1,600

234,816

Renesas

Electronics

Corp.

6,000

74,394

Rohm

Co.

Ltd.(a)

1,700

21,553

Skyworks

Solutions,

Inc.

133

9,116

STMicroelectronics

NV(a)

1,460

37,515

Texas

Instruments,

Inc.

1,400

253,484

Tokyo

Electron

Ltd.

2,100

381,362

8,733,924

Software

-

8.3%

Adobe,

Inc.*

640

228,922

Autodesk,

Inc.*

640

193,990

Check

Point

Software

Technologies

Ltd.*

114

21,227

Crowdstrike

Holdings,

Inc.,

Class

A*

580

263,651

Dassault

Systemes

SE

1,040

34,389

Gen

Digital,

Inc.

1,280

37,747

Guidewire

Software,

Inc.*(a)

182

41,172

HubSpot,

Inc.*

128

66,515

Intuit,

Inc.

640

502,483

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

ESG

Select

Index

Fund

(cont.)

119

Investments

Shares

Value

COMMON

STOCKS

(continued)

Software

(continued)

Microsoft

Corp.

9,520

$

5,078,920

Oracle

Corp.

2,520

639,500

Palo

Alto

Networks,

Inc.*

1,500

260,400

Sage

Group

plc

(The)

1,272

20,536

ServiceNow,

Inc.*

460

433,835

Temenos

AG

(Registered)

35

3,153

Xero

Ltd.*

448

52,206

7,878,646

Specialized

REITs

-

0.6%

American

Tower

Corp.,

REIT

1,040

216,726

Big

Yellow

Group

plc,

REIT

458

5,673

Equinix,

Inc.,

REIT

140

109,924

Iron

Mountain,

Inc.,

REIT

400

38,944

Keppel

DC

REIT,

REIT

2,497

4,561

VICI

Properties,

Inc.,

Class

A,

REIT(a)

2,320

75,632

Weyerhaeuser

Co.,

REIT

3,140

78,657

530,117

Specialty

Retail

-

1.4%

Best

Buy

Co.,

Inc.

540

35,132

Fast

Retailing

Co.

Ltd.

400

123,273

H

&

M

Hennes

&

Mauritz

AB,

Class

B(a)

1,957

26,538

Industria

de

Diseno

Textil

SA

1,780

85,383

JB

Hi-Fi

Ltd.

181

13,017

Kingfisher

plc

3,203

11,466

Lowe's

Cos.,

Inc.

820

183,327

Nitori

Holdings

Co.

Ltd.

300

25,805

Ross

Stores,

Inc.

560

76,463

TJX

Cos.,

Inc.

(The)

3,420

425,893

Tractor

Supply

Co.

1,340

76,313

Ulta

Beauty,

Inc.*

140

72,102

USS

Co.

Ltd.

2,200

24,069

Williams-Sonoma,

Inc.

460

86,043

Zalando

SE*(b)

414

12,187

ZOZO,

Inc.

1,200

11,921

1,288,932

Technology

Hardware,

Storage

&

Peripherals

-

5.5%

Apple,

Inc.

22,900

4,753,353

FUJIFILM

Holdings

Corp.

3,800

79,689

Hewlett

Packard

Enterprise

Co.

4,440

91,864

HP,

Inc.

2,680

66,464

Logitech

International

SA

(Registered)

233

21,847

Ricoh

Co.

Ltd.(a)

1,700

15,029

Seiko

Epson

Corp.

1,100

14,074

Super

Micro

Computer,

Inc.*(a)

1,420

83,737

Western

Digital

Corp.

640

50,362

5,176,419

Textiles,

Apparel

&

Luxury

Goods

-

1.0%

Asics

Corp.

2,500

59,271

Investments

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

(continued)

Brunello

Cucinelli

SpA

57

$

6,427

Burberry

Group

plc*

1,216

20,767

Christian

Dior

SE

15

7,726

Deckers

Outdoor

Corp.*

209

22,189

Hermes

International

SCA

60

147,716

Kering

SA

240

59,471

LPP

SA

1

4,470

Lululemon

Athletica,

Inc.*

320

64,170

LVMH

Moet

Hennessy

Louis

Vuitton

SE

840

454,128

Moncler

SpA

329

17,675

Pandora

A/S

210

34,963

Puma

SE

608

12,975

Swatch

Group

AG

(The)(a)

30

5,353

Tapestry,

Inc.

680

73,460

990,761

Trading

Companies

&

Distributors

-

0.9%

AddTech

AB,

Class

B

398

13,457

Ashtead

Group

plc

1,140

76,608

Beijer

Ref

AB,

Class

B(a)

897

15,110

Bunzl

plc

96

2,863

Diploma

plc

229

16,304

DKSH

Holding

AG

73

5,088

Ferguson

Enterprises,

Inc.

780

174,197

Grafton

Group

plc

334

3,934

Howden

Joinery

Group

plc

1,273

14,825

IMCD

NV

117

12,898

ITOCHU

Corp.

2,400

126,510

Marubeni

Corp.

2,500

51,713

Mitsui

&

Co.

Ltd.

8,000

164,790

MonotaRO

Co.

Ltd.

800

14,374

Rexel

SA

677

20,596

RS

GROUP

plc

663

4,905

Sojitz

Corp.(a)

399

9,560

Sumitomo

Corp.

2,100

53,862

Toyota

Tsusho

Corp.

2,100

48,434

830,028

Transportation

Infrastructure

-

0.2%

Aena

SME

SA(b)

1,700

45,909

Aeroports

de

Paris

SA

60

7,307

Atlas

Arteria

Ltd.

4,978

16,538

Auckland

International

Airport

Ltd.

4,062

18,057

Flughafen

Zurich

AG

(Registered)

46

13,029

Getlink

SE

247

4,495

Qube

Holdings

Ltd.

2,166

6,094

SATS

Ltd.

2,300

5,638

Transurban

Group

9,120

81,150

198,217

Water

Utilities

-

0.2%

American

Water

Works

Co.,

Inc.

880

123,411

Pennon

Group

plc

2,375

15,665

Severn

Trent

plc

880

30,849

United

Utilities

Group

plc

1,512

22,560

192,485

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

ESG

Select

Index

Fund

(cont.)

120

Investments

Shares

Value

COMMON

STOCKS

(continued)

Wireless

Telecommunication

Services

-

0.1%

Freenet

AG

475

$

15,473

Tele2

AB,

Class

B

1,093

16,944

Vodafone

Group

plc

45,000

48,843

81,260

Total

Common

Stocks

(Cost

$69,809,612)

93,688,704

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

3.5%(d)

REPURCHASE

AGREEMENTS

-

3.5%

CF

Secured

LLC

4.34%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$2,652,760,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

8/15/2025

-

2/15/2054;

total

market

value

$2,694,823

$

2,652,440

2,652,440

TD

Prime

Services

LLC

4.43%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$200,025,

collateralized

by

various

Common

Stocks;

total

market

value

$217,341

200,000

200,000

The

Bank

of

Nova

Scotia,

Toronto

4.46%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$500,062,

collateralized

by

various

Common

Stocks;

total

market

value

$551,711

500,000

500,000

3,352,440

Total

Securities

Lending

Reinvestments

(Cost

$3,352,440)

3,352,440

Total

Investments

-

102.6%

(Cost

$73,162,052)

97,041,144

Liabilities

in

excess

of

other

assets

-

(2.6%)

(2,447,949)

NET

ASSETS

-

100.0%

$94,593,195

*

Non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2025.

The

total

value

of

securities

on

loan

at

July

31,

2025

was

$4,886,885,

collateralized

in

the

form

of

cash

with

a

value

of

$3,352,440

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$1,427,227

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.50%,

and

maturity

dates

ranging

from

August

7,

2025

–

May

15,

2055

and

$382,178

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

6.00%,

and

maturity

dates

ranging

from

October

20,

2025

–

June

30,

2120;

a

total

value

of

$5,161,845.

(b)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States

and

as

such

may

have

restrictions

on

resale.

(c)

Represents

less

than

0.05%

of

net

assets.

(d)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2025.

The

total

value

of

securities

purchased

was

$3,352,440.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

CVA

—

Dutch

Certification

OYJ

—

Public

Limited

Company

Preference

—

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

REIT

—

Real

Estate

Investment

Trust

SCA

—

Limited

partnership

with

share

capital

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

ESG

Select

Index

Fund

(cont.)

121

Futures

Contracts

FlexShares®

STOXX®

Global

ESG

Select

Index

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2025:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

/

(

Depreciation

)

Long

Contracts

‌

EURO

STOXX

50

Index

1

09/19/2025

EUR

$

61,119

$

137

MSCI

EAFE

E-Mini

Index

2

09/19/2025

USD

261,340

(2,921)

S&P

500

E-Mini

Index

1

09/19/2025

USD

318,712

17,077

S&P

500

Micro

E-Mini

Index

6

09/19/2025

USD

191,228

9,328

$

23,621

Forward

Foreign

Currency

Contracts

FlexShares®

STOXX®

Global

ESG

Select

Index

Fund

had

the

following

outstanding

contracts

as

of

July

31,

2025:

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

USD

80,308

Citibank

NA

CHF

64,000

09/17/2025

$

1,044

USD

151,850

Morgan

Stanley

CHF

122,000

09/17/2025

754

USD

338,287

Morgan

Stanley

EUR

292,000

09/17/2025

3,060

Total

unrealized

appreciation

$

4,858

CHF

70,000

Bank

of

Montreal

USD

88,165

09/17/2025

$

(1,470)

EUR

202,000

JPMorgan

Chase

Bank

NA

USD

233,923

09/17/2025

(2,019)

Total

unrealized

depreciation

$

(3,489)

Net

unrealized

appreciation

$

1,369

Abbreviations:

CHF

—

Swiss

Franc

EUR

—

Euro

USD

—

US

Dollar

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

ESG

Select

Index

Fund

(cont.)

122

FlexShares®

STOXX®

Global

ESG

Select

Index

invested,

as

a

percentage

of

net

assets,

in

companies

domiciled

in

the

following

countries

as

of

July

31,

2025:

Australia

3.5

%

Austria

0.1

Belgium

0.3

Brazil

0.1

Canada

1.9

Chile

0.0

†

China

0.2

Denmark

0.8

Faroe

Islands

0.0

†

Finland

0.4

France

3.9

Germany

2.0

Hong

Kong

0.3

Ireland

1.0

Israel

0.0

†

Italy

1.3

Japan

6.8

Jordan

0.0

†

Luxembourg

0.0

†

Netherlands

1.4

New

Zealand

0.2

Norway

0.3

Poland

0.1

Portugal

0.1

Singapore

0.5

South

Africa

0.1

Spain

1.5

Sweden

1.1

Switzerland

1.4

United

Kingdom

4.7

United

States

65.1

Other

1

0.9

100.0%

†

Amount

represents

less

than

0.05%.

1

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

%

of

Net

Assets

Common

Stocks

99.1

%

Securities

Lending

Reinvestments

3.5

Others

(1)

(2.6)

100.0%

(1)

Includes

any

other

net

assets/(liabilities).

123

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

ESG &

Climate

US

Large

Cap

Core

Index

Fund

July

31,

2025

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

99

.3

%

Automobiles

-

2

.2

%

Tesla,

Inc.*

4,960

$

1,529,019

Banks

-

2

.3

%

JPMorgan

Chase

&

Co.

5,400

1,599,696

Beverages

-

1

.6

%

Coca-Cola

Europacific

Partners

plc(a)

1,280

124,058

Keurig

Dr

Pepper,

Inc.

6,800

222,020

PepsiCo,

Inc.

5,480

755,801

1,101,879

Biotechnology

-

1

.2

%

Amgen,

Inc.

2,520

743,652

Regeneron

Pharmaceuticals,

Inc.

200

109,092

852,744

Broadline

Retail

-

5

.1

%

Amazon.com,

Inc.*

13,800

3,230,718

eBay,

Inc.

3,040

278,920

3,509,638

Building

Products

-

1

.2

%

Lennox

International,

Inc.(a)

200

121,800

Owens

Corning

520

72,504

Trane

Technologies

plc

1,400

613,312

807,616

Capital

Markets

-

5

.5

%

Bank

of

New

York

Mellon

Corp.

(The)

4,560

462,612

BlackRock,

Inc.

520

575,125

FactSet

Research

Systems,

Inc.

240

96,696

Goldman

Sachs

Group,

Inc.

(The)

1,200

868,308

Moody's

Corp.

1,000

515,730

MSCI,

Inc.

480

269,453

Nasdaq,

Inc.

2,680

257,870

S&P

Global,

Inc.

1,320

727,452

3,773,246

Chemicals

-

1

.3

%

Ecolab,

Inc.

1,600

418,816

Sherwin-Williams

Co.

(The)

1,480

489,702

908,518

Commercial

Services

&

Supplies

-

1

.4

%

Cintas

Corp.

2,240

498,512

Waste

Management,

Inc.

2,000

458,320

956,832

Communications

Equipment

-

1

.3

%

Cisco

Systems,

Inc.

12,880

876,870

Consumer

Finance

-

0

.4

%

American

Express

Co.

960

287,338

Investments

Shares

Value

Consumer

Staples

Distribution

&

Retail

-

2

.5

%

Dollar

Tree,

Inc.*

1,280

$

145,344

Sysco

Corp.

3,080

245,168

Target

Corp.

2,840

285,420

Walmart,

Inc.

10,480

1,026,830

1,702,762

Containers

&

Packaging

-

0

.3

%

Avery

Dennison

Corp.

480

80,530

Packaging

Corp.

of

America

560

108,500

189,030

Diversified

Telecommunication

Services

-

1

.0

%

Verizon

Communications,

Inc.

16,320

697,843

Electric

Utilities

-

1

.3

%

Eversource

Energy

2,200

145,420

Exelon

Corp.

6,160

276,830

NextEra

Energy,

Inc.

4,440

315,507

PG&E

Corp.

12,480

174,970

912,727

Electrical

Equipment

-

0

.2

%

Emerson

Electric

Co.

960

139,690

Energy

Equipment

&

Services

-

0

.9

%

Baker

Hughes

Co.

6,080

273,904

Halliburton

Co.

5,320

119,168

Schlumberger

NV

6,600

223,080

616,152

Entertainment

-

1

.1

%

Walt

Disney

Co.

(The)

6,520

776,597

Financial

Services

-

4

.8

%

Berkshire

Hathaway,

Inc.,

Class

B*

988

466,217

Fiserv,

Inc.*

400

55,576

Global

Payments,

Inc.

1,600

127,920

Mastercard,

Inc.,

Class

A

1,880

1,064,964

PayPal

Holdings,

Inc.*

6,000

412,560

Visa,

Inc.,

Class

A

3,440

1,188,417

3,315,654

Ground

Transportation

-

2

.1

%

CSX

Corp.

12,040

427,902

Norfolk

Southern

Corp.

1,400

389,200

Union

Pacific

Corp.

2,880

639,273

1,456,375

Health

Care

Equipment

&

Supplies

-

2

.5

%

Abbott

Laboratories

5,920

747,045

Becton

Dickinson

&

Co.(a)

1,800

320,850

Medtronic

plc

7,360

664,166

1,732,061

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

US

Large

Cap

Core

Index

Fund

(cont.)

124

Investments

Shares

Value

COMMON

STOCKS

(continued)

Health

Care

Providers

&

Services

-

2

.0

%

Cigna

Group

(The)

1,720

$

459,894

CVS

Health

Corp.

7,760

481,896

Elevance

Health,

Inc.

1,440

407,635

1,349,425

Health

Care

REITs

-

0

.4

%

Alexandria

Real

Estate

Equities,

Inc.,

REIT

960

73,373

Ventas,

Inc.,

REIT

2,560

171,981

245,354

Hotel

&

Resort

REITs

-

0

.1

%

Host

Hotels

&

Resorts,

Inc.,

REIT

4,560

71,683

Hotels,

Restaurants

&

Leisure

-

1

.5

%

Booking

Holdings,

Inc.

135

743,048

Expedia

Group,

Inc.

800

144,176

Las

Vegas

Sands

Corp.

2,320

121,568

1,008,792

Household

Durables

-

0

.1

%

TopBuild

Corp.*

200

74,086

Household

Products

-

1

.2

%

Church

&

Dwight

Co.,

Inc.

1,520

142,530

Clorox

Co.

(The)

760

95,426

Colgate-Palmolive

Co.

4,840

405,834

Procter

&

Gamble

Co.

(The)

1,440

216,677

860,467

Industrial

REITs

-

0

.1

%

Prologis,

Inc.,

REIT

680

72,610

Insurance

-

1

.3

%

Aflac,

Inc.

3,280

325,901

Hartford

Insurance

Group,

Inc.

(The)

1,840

228,877

MetLife,

Inc.

3,680

279,496

Travelers

Cos.,

Inc.

(The)

320

83,277

917,551

Interactive

Media

&

Services

-

7

.6

%

Alphabet,

Inc.,

Class

A

10,200

1,957,380

Alphabet,

Inc.,

Class

C

6,480

1,249,733

Meta

Platforms,

Inc.,

Class

A

2,680

2,072,819

5,279,932

IT

Services

-

1

.5

%

Akamai

Technologies,

Inc.*

920

70,205

Cognizant

Technology

Solutions

Corp.,

Class

A

3,040

218,151

International

Business

Machines

Corp.

3,040

769,576

1,057,932

Life

Sciences

Tools

&

Services

-

0

.1

%

Illumina,

Inc.*

960

98,602

Investments

Shares

Value

Machinery

-

1

.7

%

CNH

Industrial

NV

5,280

$

68,429

Deere

&

Co.

1,280

671,194

Ingersoll

Rand,

Inc.

2,480

209,882

Westinghouse

Air

Brake

Technologies

Corp.

1,080

207,414

1,156,919

Media

-

0

.6

%

Comcast

Corp.,

Class

A

11,200

372,176

Interpublic

Group

of

Cos.,

Inc.

(The)

2,240

55,104

427,280

Metals

&

Mining

-

0

.1

%

Newmont

Corp.

1,200

74,520

Multi-Utilities

-

0

.3

%

Consolidated

Edison,

Inc.

2,120

219,420

Office

REITs

-

0

.1

%

BXP,

Inc.,

REIT

960

62,813

Oil,

Gas

&

Consumable

Fuels

-

1

.8

%

ConocoPhillips

3,880

369,919

Devon

Energy

Corp.

3,800

126,236

EQT

Corp.

2,640

141,900

Occidental

Petroleum

Corp.

4,080

179,275

ONEOK,

Inc.

3,600

295,596

Valero

Energy

Corp.

680

93,371

1,206,297

Personal

Care

Products

-

0

.2

%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

1,400

130,676

Pharmaceuticals

-

3

.5

%

Eli

Lilly

&

Co.

120

88,808

Johnson

&

Johnson

6,280

1,034,567

Merck

&

Co.,

Inc.

9,760

762,451

Pfizer,

Inc.

23,040

536,602

2,422,428

Professional

Services

-

1

.6

%

Automatic

Data

Processing,

Inc.

2,080

643,760

Equifax,

Inc.

760

182,575

Paychex,

Inc.

2,000

288,660

1,114,995

Residential

REITs

-

0

.2

%

AvalonBay

Communities,

Inc.,

REIT

880

163,926

Semiconductors

&

Semiconductor

Equipment

-

10

.9

%

Broadcom,

Inc.

2,720

798,864

Enphase

Energy,

Inc.*

760

24,594

First

Solar,

Inc.*

640

111,827

Intel

Corp.

26,560

525,888

NVIDIA

Corp.

34,080

6,061,809

7,522,982

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

US

Large

Cap

Core

Index

Fund

(cont.)

125

Investments

Shares

Value

COMMON

STOCKS

(continued)

Software

-

12

.5

%

Adobe,

Inc.*

1,760

$

629,534

Autodesk,

Inc.*

1,360

412,229

Cadence

Design

Systems,

Inc.*

1,680

612,478

Microsoft

Corp.

9,840

5,249,640

Salesforce,

Inc.

2,880

743,990

ServiceNow,

Inc.*

590

556,441

Workday,

Inc.,

Class

A*

1,320

302,782

Zoom

Communications,

Inc.,

Class

A*

1,560

115,518

8,622,612

Specialized

REITs

-

0

.8

%

Digital

Realty

Trust,

Inc.,

REIT

560

98,806

Equinix,

Inc.,

REIT

600

471,102

569,908

Specialty

Retail

-

1

.4

%

Best

Buy

Co.,

Inc.

1,240

80,675

Home

Depot,

Inc.

(The)

1,040

382,210

Tractor

Supply

Co.

3,280

186,796

Ulta

Beauty,

Inc.*

280

144,203

Williams-Sonoma,

Inc.(a)

760

142,158

936,042

Technology

Hardware,

Storage

&

Peripherals

-

6

.5

%

Apple,

Inc.

19,200

3,985,344

Dell

Technologies,

Inc.,

Class

C

1,640

217,612

Hewlett

Packard

Enterprise

Co.

7,880

163,037

HP,

Inc.

5,960

147,808

4,513,801

Textiles,

Apparel

&

Luxury

Goods

-

0

.8

%

NIKE,

Inc.,

Class

B

7,400

552,706

Investments

Shares

Value

Water

Utilities

-

0

.2

%

American

Water

Works

Co.,

Inc.

1,200

$

168,288

Total

Common

Stocks

(Cost

$57,207,716)

68,644,334

Principal

Amount

SHORT-TERM

INVESTMENTS

-

0

.1

%

(b)

(c)

U.S.

TREASURY

OBLIGATIONS

-

0

.1

%

U.S.

Treasury

Bills

4.22%,

11/28/2025

(Cost

$46,357)

$

47,000

46,345

Total

Investments

-

99.4%

(Cost

$57,254,073)

68,690,679

Other

assets

less

liabilities

-

0.6%

412,637

NET

ASSETS

-

100.0%

$69,103,316

*

Non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2025.

The

total

value

of

securities

on

loan

at

July

31,

2025

was

$642,058,

collateralized

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

August

7,

2025

–

November

15,

2054;

a

total

value

of

$667,087.

(b)

All

or

a

portion

of

the

security

pledged

as

collateral

for

Futures

Contracts.

(c)

The

rate

shown

was

the

current

yield

as

of

July

31,

2025.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

REIT

—

Real

Estate

Investment

Trust

Futures

Contracts

FlexShares

®

ESG &

Climate

US

Large

Cap

Core

Index

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2025:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

S&P

500

Micro

E-Mini

Index

14

09/19/2025

USD

$

446,198

$

19,594

Abbreviations:

USD

—

US

Dollar

Security

Type

%

of

Net

Assets

Common

Stocks

99‌

.3

%

Short-Term

Investments

0‌

.1

Others

(1)

0‌

.6

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

126

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares

®

ESG &

Climate

Developed

Markets ex-US Core

Index

July

31,

2025

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

98.6%

Air

Freight

&

Logistics

-

0.8%

Deutsche

Post

AG

10,038

$

453,241

Automobile

Components

-

0.6%

Bridgestone

Corp.

8,100

329,985

Automobiles

-

1.3%

Honda

Motor

Co.

Ltd.(a)

7,100

74,022

Mercedes-Benz

Group

AG

4,158

238,428

Nissan

Motor

Co.

Ltd.*(a)

31,400

67,100

Renault

SA

672

25,158

Toyota

Motor

Corp.

14,600

261,596

Yamaha

Motor

Co.

Ltd.

12,600

91,552

757,856

Banks

-

14.0%

ABN

AMRO

Bank

NV,

CVA(b)

6,278

182,224

Banco

Santander

SA

50,022

431,456

Bank

of

Montreal(a)

776

85,842

Bank

of

Nova

Scotia

(The)

639

35,630

Barclays

plc

48,468

238,152

BNP

Paribas

SA

1,826

167,321

Canadian

Imperial

Bank

of

Commerce

8,988

643,797

Commonwealth

Bank

of

Australia

8,610

986,253

Credit

Agricole

SA

3,822

70,648

Danske

Bank

A/S

7,980

318,840

DBS

Group

Holdings

Ltd.

1,800

66,473

HSBC

Holdings

plc

42,210

515,463

ING

Groep

NV

28,686

672,739

Intesa

Sanpaolo

SpA

2,498

15,139

KBC

Group

NV

3,212

337,337

Mediobanca

Banca

di

Credito

Finanziario

SpA(a)

7,182

158,978

Mitsubishi

UFJ

Financial

Group,

Inc.

39,800

558,144

Mizuho

Financial

Group,

Inc.

3,400

101,258

National

Australia

Bank

Ltd.

4,872

122,054

National

Bank

of

Canada

1,806

188,274

Royal

Bank

of

Canada(a)

6,605

849,375

Societe

Generale

SA

5,040

322,807

Standard

Chartered

plc

15,288

275,248

Sumitomo

Mitsui

Financial

Group,

Inc.

14,200

363,740

Svenska

Handelsbanken

AB,

Class

A

21,042

258,072

UniCredit

SpA

546

40,389

8,005,653

Beverages

-

1.3%

Asahi

Group

Holdings

Ltd.

16,800

214,221

Budweiser

Brewing

Co.

APAC

Ltd.

(a)(b)

8,400

8,839

Diageo

plc

19,236

471,699

Pernod

Ricard

SA

630

65,155

759,914

Investments

Shares

Value

Biotechnology

-

0.7%

CSL

Ltd.

2,288

$

399,071

Broadline

Retail

-

1.2%

Dollarama,

Inc.

2,352

322,174

Next

plc

1,680

273,679

Rakuten

Group,

Inc.*

21,000

107,725

703,578

Building

Products

-

1.4%

Cie

de

Saint-Gobain

SA

3,570

409,830

Geberit

AG

(Registered)

294

225,917

Kingspan

Group

plc

2,142

178,111

813,858

Capital

Markets

-

4.1%

3i

Group

plc

10,206

560,639

Amundi

SA(b)

924

68,795

Daiwa

Securities

Group,

Inc.(a)

18,800

132,042

Deutsche

Boerse

AG

420

122,149

EQT

AB(a)

5,208

175,400

Hong

Kong

Exchanges

&

Clearing

Ltd.

11,900

647,299

London

Stock

Exchange

Group

plc

168

20,587

Macquarie

Group

Ltd.

1,974

276,281

Nomura

Holdings,

Inc.

43,300

289,156

Schroders

plc

10,542

54,547

2,346,895

Chemicals

-

2.7%

Akzo

Nobel

NV

2,394

150,922

Givaudan

SA

(Registered)

98

411,647

Nippon

Paint

Holdings

Co.

Ltd.(a)

6,200

52,980

Nitto

Denko

Corp.

10,100

210,798

Novonesis

Novozymes

B

840

54,859

Shin-Etsu

Chemical

Co.

Ltd.

300

8,761

Sika

AG

(Registered)

2,016

478,150

Symrise

AG,

Class

A

1,848

168,153

Toray

Industries,

Inc.

2,000

13,794

1,550,064

Commercial

Services

&

Supplies

-

0.8%

Brambles

Ltd.

12,600

193,970

Dai

Nippon

Printing

Co.

Ltd.

4,200

65,039

Rentokil

Initial

plc

9,198

46,194

Secom

Co.

Ltd.

3,700

133,155

438,358

Communications

Equipment

-

0.2%

Nokia

OYJ

27,636

113,491

Construction

&

Engineering

-

0.1%

WSP

Global,

Inc.

314

64,796

Construction

Materials

-

0.2%

James

Hardie

Industries

plc,

CHDI*

3,612

96,070

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Developed

Markets ex-US Core

Index

(cont.)

127

Investments

Shares

Value

COMMON

STOCKS

(continued)

Consumer

Staples

Distribution

&

Retail

-

2.2%

Carrefour

SA

7,476

$

107,557

Jeronimo

Martins

SGPS

SA

3,864

94,643

Loblaw

Cos.

Ltd.

986

159,801

Tesco

plc

97,314

547,832

Woolworths

Group

Ltd.

15,666

317,827

1,227,660

Containers

&

Packaging

-

0.1%

SIG

Group

AG

4,074

66,224

Diversified

Consumer

Services

-

0.2%

Pearson

plc

8,798

124,869

Diversified

REITs

-

0.2%

CapitaLand

Integrated

Commercial

Trust,

REIT

71,400

121,078

Diversified

Telecommunication

Services

-

1.8%

BCE,

Inc.

3,402

79,369

Deutsche

Telekom

AG

(Registered)

14,154

509,975

NTT,

Inc.

21,000

21,308

Swisscom

AG

(Registered)

356

247,913

Telefonica

SA(a)

11,970

61,980

TELUS

Corp.

6,972

112,556

1,033,101

Electric

Utilities

-

2.0%

EDP

SA

43,806

189,823

Enel

SpA

34,482

305,194

Iberdrola

SA(a)

26,921

473,125

Terna

-

Rete

Elettrica

Nazionale

19,866

192,178

1,160,320

Electrical

Equipment

-

3.5%

Legrand

SA

398

59,196

Mitsubishi

Electric

Corp.

5,200

115,475

Schneider

Electric

SE

3,234

844,862

Siemens

Energy

AG*

5,964

696,262

Vestas

Wind

Systems

A/S

14,154

260,509

1,976,304

Electronic

Equipment,

Instruments

&

Components

-

0.7%

Celestica,

Inc.*

1,196

239,633

Murata

Manufacturing

Co.

Ltd.

11,100

167,243

406,876

Energy

Equipment

&

Services

-

0.1%

Tenaris

SA

1,470

25,978

Entertainment

-

0.1%

Toho

Co.

Ltd.(a)

400

25,348

Financial

Services

-

0.3%

Edenred

SE

3,318

95,396

Mitsubishi

HC

Capital,

Inc.

12,600

93,520

188,916

Investments

Shares

Value

Food

Products

-

1.3%

Ajinomoto

Co.,

Inc.

1,800

$

47,902

Nestle

SA

(Registered)

7,686

672,957

Orkla

ASA

3,486

36,914

757,773

Gas

Utilities

-

0.1%

Hong

Kong

&

China

Gas

Co.

Ltd.

84,000

75,012

Ground

Transportation

-

1.3%

Canadian

National

Railway

Co.

5,376

503,090

Canadian

Pacific

Kansas

City

Ltd.(a)

2,268

167,162

MTR

Corp.

Ltd.

21,000

75,573

745,825

Health

Care

Equipment

&

Supplies

-

1.6%

Alcon

AG

210

18,573

BioMerieux

588

84,663

Koninklijke

Philips

NV

11,742

310,448

Olympus

Corp.

8,900

107,129

Siemens

Healthineers

AG(b)

3,948

213,734

Sonova

Holding

AG

(Registered)

734

200,933

935,480

Hotels,

Restaurants

&

Leisure

-

1.3%

Amadeus

IT

Group

SA

6,468

521,316

Galaxy

Entertainment

Group

Ltd.

14,000

68,484

Oriental

Land

Co.

Ltd.

4,200

86,933

Sands

China

Ltd.(a)

33,600

81,496

758,229

Household

Durables

-

1.2%

Panasonic

Holdings

Corp.

5,500

52,645

Sekisui

House

Ltd.

5,500

116,472

Sony

Group

Corp.

22,000

538,250

707,367

Household

Products

-

1.0%

Henkel

AG

&

Co.

KGaA

(Preference)

2,436

188,421

Reckitt

Benckiser

Group

plc

4,914

368,847

557,268

Independent

Power

and

Renewable

Electricity

Producers

-

0.3%

EDP

Renovaveis

SA

4,032

47,533

Orsted

A/S*(a)(b)

2,478

117,175

164,708

Industrial

Conglomerates

-

2.9%

Hitachi

Ltd.

27,900

870,768

Siemens

AG

(Registered)

3,066

789,217

1,659,985

Industrial

REITs

-

0.3%

Segro

plc,

REIT

17,934

153,647

Insurance

-

7.8%

Aegon

Ltd.

7,560

54,374

AIA

Group

Ltd.

33,600

314,171

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Developed

Markets ex-US Core

Index

(cont.)

128

Investments

Shares

Value

COMMON

STOCKS

(continued)

Insurance

(continued)

Allianz

SE

(Registered)

2,142

$

851,205

Aviva

plc

43,680

374,916

AXA

SA

14,196

693,466

Legal

&

General

Group

plc

22,050

74,934

Manulife

Financial

Corp.

17,850

553,491

MS&AD

Insurance

Group

Holdings,

Inc.

800

17,244

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

321

211,476

QBE

Insurance

Group

Ltd.

15,918

237,772

Sompo

Holdings,

Inc.

3,500

104,003

Swiss

Re

AG

1,112

200,271

Tokio

Marine

Holdings,

Inc.

700

28,485

Zurich

Insurance

Group

AG

1,021

699,820

4,415,628

Interactive

Media

&

Services

-

0.3%

LY

Corp.

37,800

139,400

IT

Services

-

2.0%

Capgemini

SE

1,680

251,700

CGI,

Inc.

2,898

280,001

Fujitsu

Ltd.

23,400

513,884

Nomura

Research

Institute

Ltd.

2,600

103,986

1,149,571

Leisure

Products

-

0.2%

Shimano,

Inc.

1,100

121,150

Machinery

-

2.0%

Atlas

Copco

AB,

Class

A

10,374

158,802

Epiroc

AB,

Class

A

5,586

114,212

GEA

Group

AG

2,226

160,764

Komatsu

Ltd.

6,400

206,891

Kone

OYJ,

Class

B

2,310

142,613

Kubota

Corp.

700

7,858

SKF

AB,

Class

B

4,704

110,228

Spirax

Group

plc

1,092

91,691

Volvo

AB,

Class

B

1,364

39,300

Weir

Group

plc

(The)

546

19,263

Yaskawa

Electric

Corp.(a)

3,300

69,774

1,121,396

Media

-

0.5%

Publicis

Groupe

SA

2,520

231,318

WPP

plc

13,104

71,099

302,417

Metals

&

Mining

-

2.6%

Anglo

American

plc

8,323

236,586

Barrick

Mining

Corp.

1,134

23,992

Fortescue

Ltd.

11,802

135,029

Kinross

Gold

Corp.

17,010

272,765

Northern

Star

Resources

Ltd.

20,160

202,099

Investments

Shares

Value

Metals

&

Mining

(continued)

Valterra

Platinum

Ltd.*

967

$

43,253

Wheaton

Precious

Metals

Corp.

6,300

577,437

1,491,161

Multi-Utilities

-

0.3%

National

Grid

plc

13,608

190,886

Office

REITs

-

0.1%

Gecina

SA,

REIT

630

62,156

Oil,

Gas

&

Consumable

Fuels

-

4.8%

Enbridge,

Inc.(a)

14,994

680,535

ENEOS

Holdings,

Inc.

39,800

209,876

Neste

OYJ

6,300

99,760

Pembina

Pipeline

Corp.

6,132

228,417

Repsol

SA

14,154

215,135

Shell

plc

23,604

846,817

TC

Energy

Corp.

1,238

59,243

TotalEnergies

SE

6,426

382,601

2,722,384

Passenger

Airlines

-

0.3%

International

Consolidated

Airlines

Group

SA

32,424

163,266

Personal

Care

Products

-

1.7%

Kao

Corp.

6,600

298,654

L'Oreal

SA

1,470

655,077

953,731

Pharmaceuticals

-

7.9%

Astellas

Pharma,

Inc.

11,100

116,425

AstraZeneca

plc

5,312

796,036

Daiichi

Sankyo

Co.

Ltd.

7,700

190,332

GSK

plc

20,832

390,915

Novartis

AG

(Registered)

6,636

769,712

Novo

Nordisk

A/S,

Class

B

11,970

577,401

Roche

Holding

AG

398

126,009

Sanofi

SA

6,510

587,438

Takeda

Pharmaceutical

Co.

Ltd.

14,200

396,292

Teva

Pharmaceutical

Industries

Ltd.*(a)

11,802

194,636

UCB

SA

1,680

366,206

4,511,402

Professional

Services

-

2.7%

Computershare

Ltd.

902

24,479

Recruit

Holdings

Co.

Ltd.

7,000

421,037

RELX

plc

13,146

684,737

Wolters

Kluwer

NV

2,414

377,694

1,507,947

Real

Estate

Management

&

Development

-

0.5%

Daiwa

House

Industry

Co.

Ltd.

7,300

242,727

Mitsubishi

Estate

Co.

Ltd.

3,500

65,956

308,683

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Developed

Markets ex-US Core

Index

(cont.)

129

Investments

Shares

Value

COMMON

STOCKS

(continued)

Retail

REITs

-

0.6%

Scentre

Group,

REIT

72,618

$

175,332

Unibail-Rodamco-Westfield,

REIT

1,764

172,098

347,430

Semiconductors

&

Semiconductor

Equipment

-

2.4%

Advantest

Corp.

3,700

254,460

ASML

Holding

NV

1,238

868,734

Tokyo

Electron

Ltd.

1,200

217,921

1,341,115

Software

-

2.7%

Open

Text

Corp.

3,654

107,779

SAP

SE

4,368

1,253,848

Xero

Ltd.*

1,596

185,983

1,547,610

Specialty

Retail

-

1.2%

Fast

Retailing

Co.

Ltd.

500

154,091

Industria

de

Diseno

Textil

SA

10,080

483,518

ZOZO,

Inc.

5,800

57,617

695,226

Technology

Hardware,

Storage

&

Peripherals

-

0.6%

Canon,

Inc.(a)

11,500

328,582

Textiles,

Apparel

&

Luxury

Goods

-

1.7%

Cie

Financiere

Richemont

SA

(Registered)

840

137,991

Hermes

International

SCA

109

268,350

Kering

SA

1,050

260,185

LVMH

Moet

Hennessy

Louis

Vuitton

SE

546

295,183

961,709

Trading

Companies

&

Distributors

-

1.3%

Bunzl

plc

3,696

110,246

ITOCHU

Corp.

11,500

606,196

716,442

Transportation

Infrastructure

-

0.9%

Aena

SME

SA(b)

5,460

147,451

Transurban

Group

39,942

355,404

502,855

Water

Utilities

-

0.2%

Severn

Trent

plc

3,738

131,038

Wireless

Telecommunication

Services

-

1.4%

SoftBank

Corp.

357,000

518,557

Vodafone

Group

plc

248,052

269,238

787,795

Total

Common

Stocks

(Cost

$47,805,890)

56,225,778

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

-

0.2%(c)

REPURCHASE

AGREEMENTS

-

0.2%

CF

Secured

LLC

4.34%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$90,566,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

8/15/2025

-

2/15/2054;

total

market

value

$92,004

$

90,555

$

90,555

TD

Prime

Services

LLC

4.43%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$30,003,

collateralized

by

various

Common

Stocks;

total

market

value

$32,601

29,999

29,999

120,554

Total

Securities

Lending

Reinvestments

(Cost

$120,554)

120,554

Total

Investments

-

98.8%

(Cost

$47,926,444)

56,346,332

Other

assets

less

liabilities

-

1.2%

673,245

NET

ASSETS

-

100.0%

$57,019,577

*

Non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2025.

The

total

value

of

securities

on

loan

at

July

31,

2025

was

$2,252,954,

collateralized

in

the

form

of

cash

with

a

value

of

$120,557

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$2,042,454

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.50%,

and

maturity

dates

ranging

from

August

7,

2025

–

February

15,

2055

and

$292,900

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

6.00%,

and

maturity

dates

ranging

from

October

22,

2025

–

June

30,

2120;

a

total

value

of

$2,455,911.

(b)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States

and

as

such

may

have

restrictions

on

resale.

(c)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2025.

The

total

value

of

securities

purchased

was

$120,554.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

CHDI

—

Clearing

House

Electronic

Subregister

System

(CHESS)

Depository

Interest

CVA

—

Dutch

Certification

OYJ

—

Public

Limited

Company

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Developed

Markets ex-US Core

Index

(cont.)

130

Preference

—

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

REIT

—

Real

Estate

Investment

Trust

SCA

—

Limited

partnership

with

share

capital

Futures

Contracts

FlexShares®

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2025:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Depreciation

Long

Contracts

‌

MSCI

EAFE

E-Mini

Index

5

09/19/2025

USD

$

653,350

$

(3,656)

Forward

Foreign

Currency

Contracts

FlexShares®

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

had

the

following

outstanding

contracts

as

of

July

31,

2025:

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

USD

44,785

Citigroup

Global

Markets,

Inc.

AUD

69,070

09/17/2025

$

276

USD

69,488

Toronto-Dominion

Bank

(The)

CAD

95,000

09/17/2025

621

USD

140,470

Morgan

Stanley

CHF

112,857

09/17/2025

698

USD

88,749

Morgan

Stanley

EUR

76,606

09/17/2025

803

USD

46,045

Bank

of

Montreal

GBP

34,011

09/17/2025

1,016

USD

20,156

Morgan

Stanley

HKD

157,028

09/17/2025

71

USD

137,577

UBS

AG

JPY

19,653,090

09/17/2025

6,318

USD

25,856

Morgan

Stanley

NOK

257,473

09/17/2025

836

USD

21,765

Citigroup

Global

Markets,

Inc.

NZD

36,099

09/17/2025

419

USD

41,164

Morgan

Stanley

SEK

390,201

09/17/2025

1,065

USD

50,928

BNP

Paribas

SA

SGD

65,000

09/17/2025

649

Total

unrealized

appreciation

$

12,772

CAD

146,291

Morgan

Stanley

USD

107,863

09/17/2025

$

(1,815)

JPY

11,712,000

Toronto-Dominion

Bank

(The)

USD

79,250

09/17/2025

(1,028)

Total

unrealized

depreciation

$

(2,843)

Net

unrealized

appreciation

$

9,929

Abbreviations:

AUD

—

Australian

Dollar

CAD

—

Canadian

Dollar

CHF

—

Swiss

Franc

EUR

—

Euro

GBP

—

British

Pound

HKD

—

Hong

Kong

Dollar

JPY

—

Japanese

Yen

NOK

—

Norwegian

Krone

NZD

—

New

Zealand

Dollar

SEK

—

Swedish

Krona

SGD

—

Singapore

Dollar

USD

—

US

Dollar

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Developed

Markets ex-US Core

Index

(cont.)

131

FlexShares®

ESG &

Climate

Developed

Markets ex-US Core

Index

invested,

as

a

percentage

of

net

assets,

in

companies

domiciled

in

the

following

countries

as

of

July

31,

2025:

Australia

6.2

%

Belgium

1.2

Canada

10.9

Denmark

2.3

Finland

0.6

France

10.8

Germany

10.3

Hong

Kong

2.2

Ireland

0.3

Israel

0.4

Italy

1.3

Japan

18.8

Netherlands

4.6

New

Zealand

0.3

Norway

0.1

Portugal

0.6

Singapore

0.3

South

Africa

0.1

Spain

4.1

Sweden

1.5

Switzerland

7.5

United

Kingdom

14.2

Other

1

1.4

100.0%

1

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

%

of

Net

Assets

Common

Stocks

98.6

%

Securities

Lending

Reinvestments

0.2

Others

(1)

1.2

100.0%

(1)

Includes

any

other

net

assets/(liabilities).

132

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares

®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

July

31,

2025

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

99

.6

%

Building

Products

-

0

.6

%

Simpson

Manufacturing

Co.,

Inc.(a)

87,357

$

15,674,467

UFP

Industries,

Inc.(a)

129,855

12,725,790

28,400,257

Chemicals

-

17

.8

%

CF

Industries

Holdings,

Inc.

783,852

72,764,981

Corteva,

Inc.

3,248,736

234,331,328

FMC

Corp.(a)

512,337

20,001,636

ICL

Group

Ltd.

4,941,573

30,952,198

K+S

AG

(Registered)

1,166,334

17,727,838

Mosaic

Co.

(The)

1,555,899

56,027,923

Nutrien

Ltd.

3,333,732

198,232,330

PhosAgro

PJSC‡

308,581

—

PI

Industries

Ltd.

679,968

32,996,772

Qinghai

Salt

Lake

Industry

Co.

Ltd.,

Class

A*

10,684,200

26,781,427

SABIC

Agri-Nutrients

Co.

1,605,480

51,017,892

Scotts

Miracle-Gro

Co.

(The)(a)

191,241

11,983,161

Taiwan

Fertilizer

Co.

Ltd.

5,173,000

9,029,678

UPL

Ltd.

3,697,326

29,705,653

Yara

International

ASA

1,114,392

41,583,528

Yunnan

Yuntianhua

Co.

Ltd.,

Class

A

3,777,600

12,951,051

846,087,396

Food

Products

-

10

.7

%

Archer-Daniels-Midland

Co.(a)

2,219,340

120,243,841

Bakkafrost

P/F(a)

347,067

13,979,179

Bunge

Global

SA

679,968

54,234,248

Cal-Maine

Foods,

Inc.(a)

203,046

22,566,533

Charoen

Pokphand

Foods

PCL,

NVDR

20,304,600

14,166,000

Charoen

Pokphand

Indonesia

Tbk.

PT

50,761,500

15,208,398

Mowi

ASA

3,043,329

57,209,600

Muyuan

Foods

Co.

Ltd.,

Class

A

10,796,804

69,588,043

New

Hope

Liuhe

Co.

Ltd.,

Class

A

9,445,164

12,632,245

PPB

Group

Bhd.

4,958,100

10,962,458

QL

Resources

Bhd.

16,290,900

16,233,605

Salmar

ASA

491,088

20,037,690

Tyson

Foods,

Inc.,

Class

A

1,341,048

70,136,810

United

Plantations

Bhd.

2,124,900

10,791,403

507,990,053

Industrial

Conglomerates

-

1

.6

%

Industries

Qatar

QSC

20,229,048

73,837,970

Metals

&

Mining

-

28

.6

%

Agnico

Eagle

Mines

Ltd.(a)

871,876

108,474,479

Alamos

Gold,

Inc.,

Class

A

696,495

16,962,125

Anglo

American

plc

2,120,178

60,267,243

Antofagasta

plc

559,557

13,898,993

Barrick

Mining

Corp.(a)

2,828,478

59,840,860

BHP

Group

Ltd.(a)

8,348,496

210,975,782

Investments

Shares

Value

Metals

&

Mining

(continued)

Boliden

AB*(a)

493,449

$

15,213,304

Evolution

Mining

Ltd.

3,432,894

15,715,011

First

Quantum

Minerals

Ltd.*

1,119,114

18,852,240

Fortescue

Ltd.(a)

2,693,901

30,821,499

Franco-Nevada

Corp.(a)

321,096

51,262,022

Freeport-McMoRan,

Inc.

1,806,165

72,680,080

Glencore

plc

16,597,830

66,937,540

GMK

Norilskiy

Nickel

PAO*‡

4,615,800

—

GMK

Norilskiy

Nickel

PAO,

ADR*‡

1,231,473

—

Gold

Fields

Ltd.

1,421,322

34,647,794

Grupo

Mexico

SAB

de

CV,

Series

B

5,261,684

33,000,625

Hindalco

Industries

Ltd.

2,467,245

19,238,308

Kinross

Gold

Corp.

2,082,402

33,392,537

Newmont

Corp.(a)

1,562,982

97,061,182

Northern

Star

Resources

Ltd.

2,479,050

24,851,843

Pan

American

Silver

Corp.

531,225

14,381,940

Rio

Tinto

plc

1,879,356

112,004,106

Royal

Gold,

Inc.(a)

94,440

14,300,105

Saudi

Arabian

Mining

Co.*

2,198,091

30,471,257

South32

Ltd.(a)

7,899,906

14,953,882

Teck

Resources

Ltd.,

Class

B

767,325

24,936,467

Vale

SA

6,027,100

57,552,182

Vedanta

Ltd.

2,833,200

13,766,767

Wheaton

Precious

Metals

Corp.(a)

769,686

70,546,895

Zijin

Mining

Group

Co.

Ltd.,

Class

A

10,624,500

28,286,112

1,365,293,180

Oil,

Gas

&

Consumable

Fuels

-

31

.4

%

ARC

Resources

Ltd.

576,084

11,271,254

BP

plc

15,641,625

83,780,597

Cameco

Corp.(a)

639,831

48,144,095

Canadian

Natural

Resources

Ltd.(a)

1,992,684

63,215,884

Cenovus

Energy,

Inc.

1,227,720

18,728,158

Chevron

Corp.(a)

1,076,616

163,258,050

China

Petroleum

&

Chemical

Corp.,

Class

H

23,610,000

13,835,159

ConocoPhillips

845,238

80,584,991

Coterra

Energy,

Inc.

488,727

11,920,052

Devon

Energy

Corp.

387,204

12,862,917

Diamondback

Energy,

Inc.(a)

122,772

18,251,285

Eni

SpA

2,006,850

34,247,378

EOG

Resources,

Inc.(a)

358,872

43,071,817

EQT

Corp.

406,092

21,827,445

Equinor

ASA

821,628

21,367,939

Expand

Energy

Corp.

158,187

16,574,834

Exxon

Mobil

Corp.

2,228,784

248,821,446

Gazprom

PJSC*‡

15,937,700

—

Inpex

Corp.

854,600

12,194,781

LUKOIL

PJSC*‡

214,305

—

LUKOIL

PJSC,

ADR*‡

269,035

—

Novatek

PJSC‡

1,237,715

—

Occidental

Petroleum

Corp.

424,980

18,673,621

PetroChina

Co.

Ltd.,

Class

H

20,056,000

19,596,117

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

(cont.)

133

Investments

Shares

Value

COMMON

STOCKS

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

Petroleo

Brasileiro

SA

-

Petrobras

(Preference)

4,751,600

$

27,702,213

Repsol

SA

1,130,919

17,189,544

Rosneft

Oil

Co.

PJSC*‡

2,926,433

—

Santos

Ltd.

3,071,661

15,564,412

Saudi

Arabian

Oil

Co.(b)

5,895,417

38,191,099

Shell

plc

5,834,031

209,301,804

Suncor

Energy,

Inc.

1,194,666

47,223,245

Tatneft

PJSC‡

2,021,036

—

Texas

Pacific

Land

Corp.(a)

13,020

12,605,053

TotalEnergies

SE

2,021,016

120,330,264

Tourmaline

Oil

Corp.(a)

339,984

14,501,361

Woodside

Energy

Group

Ltd.(a)

1,832,136

31,366,116

1,496,202,931

Paper

&

Forest

Products

-

3

.0

%

Canfor

Corp.*

146,382

1,437,827

Mondi

plc(a)

1,248,969

16,982,758

Oji

Holdings

Corp.(a)

2,641,000

12,972,040

Stella-Jones,

Inc.(a)

136,938

7,823,755

Stora

Enso

OYJ,

Class

R(a)

1,737,696

17,967,542

Suzano

SA

1,761,400

16,407,286

Svenska

Cellulosa

AB

SCA,

Class

B(a)

1,435,488

18,068,987

UPM-Kymmene

OYJ

1,541,733

40,144,434

West

Fraser

Timber

Co.

Ltd.(a)

146,382

10,170,666

141,975,295

Specialized

REITs

-

1

.0

%

PotlatchDeltic

Corp.,

REIT(a)

155,826

6,371,725

Rayonier,

Inc.,

REIT(a)

299,847

6,989,434

Weyerhaeuser

Co.,

REIT(a)

1,418,961

35,544,973

48,906,132

Trading

Companies

&

Distributors

-

0

.1

%

Boise

Cascade

Co.(a)

80,274

6,727,764

Water

Utilities

-

4

.8

%

Aguas

Andinas

SA,

Class

A

9,795,789

3,202,631

AlKhorayef

Water

&

Power

Technologies

Co.

54,303

1,873,266

American

States

Water

Co.

92,079

6,776,094

American

Water

Works

Co.,

Inc.(a)

469,839

65,890,221

Beijing

Enterprises

Water

Group

Ltd.

(a)

14,166,000

4,854,336

Chengdu

Xingrong

Environment

Co.

Ltd.,

Class

A

2,833,200

2,800,547

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

1,510,000

29,212,582

Cia

de

Saneamento

de

Minas

Gerais

Copasa

MG

708,300

3,271,675

Cia

De

Sanena

Do

Parana

752,000

4,580,329

Essential

Utilities,

Inc.

599,694

22,068,739

Grandblue

Environment

Co.

Ltd.,

Class

A

785,679

2,924,082

Investments

Shares

Value

Water

Utilities

(continued)

Guangdong

Investment

Ltd.

9,444,000

$

8,409,371

Pennon

Group

plc

1,610,202

10,620,210

Severn

Trent

plc

871,209

30,540,703

United

Utilities

Group

plc

2,266,560

33,818,823

230,843,609

Total

Common

Stocks

(Cost

$4,444,828,037)

4,746,264,587

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

3

.9

%

(c)

CERTIFICATES

OF

DEPOSIT

-

0

.8

%

Bank

of

Montreal,

Chicago

(SOFR

+

0.31%),

4.63%,

5/29/2026(d)

$

2,000,000

1,999,616

Bank

of

Nova

Scotia,

Houston

(SOFR

+

0.34%),

4.66%,

7/1/2026(d)

3,000,000

2,999,955

Barclays

Bank

plc,

New

York

(SOFR

+

0.35%),

4.71%,

10/15/2025(d)

4,000,000

4,000,576

BNP

Paribas,

New

York

(SOFR

+

0.24%),

4.56%,

12/1/2025(d)

3,000,000

3,000,216

Canadian

Imperial

Bank

of

Commerce,

New

York

(SOFR

+

0.24%),

4.56%,

12/17/2025(d)

2,000,000

1,999,838

Credit

Agricole

CIB,

New

York

(SOFR

+

0.31%),

4.63%,

10/31/2025(d)

2,000,000

2,000,152

Credit

Industriel

et

Commercial,

New

York

(SOFR

+

0.20%),

4.52%,

8/7/2025(d)

1,000,000

1,000,000

(SOFR

+

0.28%),

4.60%,

10/28/2025(d)

2,000,000

2,000,144

Mitsubishi

UFJ

Trust

&

Banking

Corp.,

New

York

(SOFR

+

0.23%),

4.55%,

8/8/2025(d)

2,500,000

2,499,999

MUFG

Bank

Ltd.,

New

York

Branch

(SOFR

+

0.19%),

4.55%,

9/8/2025(d)

2,000,000

2,000,000

Natixis

SA,

New

York

4.47%,

12/11/2025

2,000,000

2,000,238

Oversea-Chinese

Banking

Corp.

Ltd.,

New

York

(SOFR

+

0.32%),

4.68%,

10/17/2025(d)

3,000,000

3,000,723

Sumitomo

Mitsui

Banking

Corp.,

New

York

(SOFR

+

0.23%),

4.59%,

10/1/2025(d)

2,000,000

2,000,172

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

(cont.)

134

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

CERTIFICATES

OF

DEPOSIT

(continued)

Sumitomo

Mitsui

Trust

Bank

Ltd.,

London

4.50%,

10/6/2025

$

2,000,000

$

2,000,500

Sumitomo

Mitsui

Trust

Bank

Ltd.,

New

York

(SOFR

+

0.29%),

4.61%,

11/7/2025(d)

1,000,000

1,000,214

Toronto-Dominion

Bank,

New

York

(SOFR

+

0.36%),

4.72%,

5/8/2026(d)

3,000,000

3,001,344

Westpac

Banking

Corp.,

New

York

(SOFR

+

0.33%),

4.65%,

9/11/2025(d)

2,000,000

2,000,000

Total

Certificates

of

Deposit

(Cost

$38,499,999)

38,503,687

REPURCHASE

AGREEMENTS

-

3

.1

%

BofA

Securities,

Inc.

4.78%,

dated

7/31/2025,

due

10/31/2025,

repurchase

price

$8,097,724,

collateralized

by

various

Common

Stocks,

U.S.

Treasury

Securities,

4.13%,

3/31/2029;

;

total

market

value

$8,780,312

8,000,000

8,000,000

CF

Secured

LLC

4.34%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$41,067,832,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

8/15/2025

-

2/15/2054;

total

market

value

$41,719,019

41,062,881

41,062,881

National

Bank

of

Canada

Financial

Inc.

4.47%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$30,003,725,

collateralized

by

various

Common

Stocks;

total

market

value

$33,136,556

30,000,000

30,000,000

TD

Prime

Services

LLC

4.43%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$30,003,692,

collateralized

by

various

Common

Stocks;

total

market

value

$32,612,089

30,000,000

30,000,000

TD

Prime

Services

LLC

4.63%,

dated

7/31/2025,

due

9/4/2025,

repurchase

price

$5,022,507,

collateralized

by

various

Common

Stocks;

total

market

value

$5,435,348

5,000,000

5,000,000

Investments

Principal

Amount

Value

REPURCHASE

AGREEMENTS

(continued)

The

Bank

of

Nova

Scotia,

Toronto

4.46%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$34,004,212,

collateralized

by

various

Common

Stocks;

total

market

value

$37,516,381

$

34,000,000

$

34,000,000

Total

Repurchase

Agreements

(Cost

$148,062,881)

148,062,881

Total

Securities

Lending

Reinvestments

(Cost

$186,562,880)

186,566,568

Total

Investments

-

103.5%

(Cost

$4,631,390,917)

4,932,831,155

Liabilities

in

excess

of

other

assets

-

(3.5%)

(165,037,128)

NET

ASSETS

-

100.0%

$4,767,794,027

*

Non-income

producing

security.

‡

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2025.

The

total

value

of

securities

on

loan

at

July

31,

2025

was

$359,564,340,

collateralized

in

the

form

of

cash

with

a

value

of

$186,562,875

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$150,401,096

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

August

7,

2025

–

May

15,

2055

and

$44,684,554

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

October

22,

2025

–

June

30,

2120;

a

total

value

of

$381,648,525.

(b)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States

and

as

such

may

have

restrictions

on

resale.

(c)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2025.

The

total

value

of

securities

purchased

was

$186,566,568.

(d)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

is

the

rate

in

effect

as

of

July

31,

2025.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

ADR

—

American

Depositary

Receipt

NVDR

—

Non-Voting

Depositary

Receipt

OYJ

—

Public

Limited

Company

PJSC

—

Public

Joint

Stock

Company

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

(cont.)

135

Preference

—

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

REIT

—

Real

Estate

Investment

Trust

SCA

—

Limited

partnership

with

share

capital

SOFR

—

Secured

Overnight

Financing

Rate

Futures

Contracts

FlexShares

®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2025:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

/

(

Depreciation

)

Long

Contracts

‌

FTSE

100

Index

40

09/19/2025

GBP

$

4,829,698

$

120,755

FTSE/JSE

Top

40

Index

40

09/18/2025

ZAR

2,015,341

39,589

Hang

Seng

Index

13

08/28/2025

HKD

2,049,032

(

59,833

)

MSCI

Emerging

Markets

E-Mini

Index

8

09/19/2025

USD

495,320

16,926

Russell

2000

E-Mini

Index

6

09/19/2025

USD

666,060

30,492

S&P

Midcap

400

E-Mini

Index

6

09/19/2025

USD

1,899,060

16,968

S&P/TSX

60

Index

41

09/18/2025

CAD

9,616,043

253,027

SPI

200

Index

7

09/18/2025

AUD

980,599

16,802

$

434,726

Forward

Foreign

Currency

Contracts

FlexShares

®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

had

the

following

outstanding

contracts

as

of

July

31,

2025:

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

USD

1,064,153

Citibank

NA

BRL

*

6,022,760

09/17/2025

$

785

USD

2,026,557

JPMorgan

Chase

Bank

NA

EUR

1,750,000

09/17/2025

17,492

USD

3,098,545

JPMorgan

Chase

Bank

NA

GBP

2,300,000

09/17/2025

53,480

USD

2,602,393

Morgan

Stanley

HKD

20,274,345

09/17/2025

9,138

USD

7,284

UBS

AG

JPY

1,040,584

09/17/2025

335

USD

52,835

Morgan

Stanley

SEK

500,827

09/17/2025

1,367

USD

845,424

Citibank

NA

TWD

*

24,180,000

09/17/2025

32,283

USD

223,833

Morgan

Stanley

ZAR

4,060,000

09/17/2025

16

Total

unrealized

appreciation

$

114,896

AUD

1,394,480

Citibank

NA

USD

904,175

09/17/2025

$

(

5,566

)

CAD

2,263,539

Morgan

Stanley

USD

1,668,951

09/17/2025

(

28,082

)

GBP

1,397,860

Bank

of

Montreal

USD

1,892,462

09/17/2025

(

41,778

)

INR

*

53,715,711

JPMorgan

Chase

Bank

NA

USD

625,390

09/17/2025

(

13,459

)

KRW

*

373,297,844

Citibank

NA

USD

277,414

09/17/2025

(

7,523

)

NOK

7,058,048

Morgan

Stanley

USD

708,786

09/17/2025

(

22,904

)

USD

435,508

Goldman

Sachs

&

Co.

MXN

8,380,000

09/17/2025

(

7,342

)

Total

unrealized

depreciation

$

(

126,654

)

Net

unrealized

depreciation

$

(

11,758

)

*

Non-deliverable

forward.

Abbreviations:

AUD

—

Australian

Dollar

BRL

—

Brazilian

Real

CAD

—

Canadian

Dollar

EUR

—

Euro

GBP

—

British

Pound

HKD

—

Hong

Kong

Dollar

INR

—

Indian

Rupee

JPY

—

Japanese

Yen

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

(cont.)

136

Abbreviations:

(continued)

KRW

—

Korean

Won

MXN

—

Mexican

Peso

NOK

—

Norwegian

Krone

SEK

—

Swedish

Krona

TWD

—

Taiwan

Dollar

USD

—

US

Dollar

ZAR

—

South

African

Rand

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

invested,

as

a

percentage

of

net

assets,

in

companies

domiciled

in

the

following

countries

as

of

July

31,

2025:

Australia

11‌

.0

%

Austria

0‌

.4

Brazil

5‌

.3

Canada

15‌

.3

Chile

0‌

.4

China

4‌

.3

Faroe

Islands

0‌

.3

Finland

1‌

.2

France

2‌

.5

Germany

0‌

.4

India

2‌

.0

Indonesia

0‌

.3

Israel

0‌

.6

Italy

0‌

.7

Japan

0‌

.5

Malaysia

0‌

.8

Mexico

0‌

.7

Norway

2‌

.1

Qatar

1‌

.5

Saudi

Arabia

2‌

.5

South

Africa

2‌

.0

Spain

0‌

.4

Sweden

0‌

.7

Taiwan

0‌

.2

Thailand

0‌

.3

United

Kingdom

1‌

.6

United

States

41‌

.2

Zambia

0‌

.4

Other

1

0‌

.4

100.0%

1

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

%

of

Net

Assets

Common

Stocks

99‌

.6

%

Securities

Lending

Reinvestments

3‌

.9

Others

(1)

(

3‌

.5

)

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

137

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

STOXX

®

Global

Broad

Infrastructure

Index

Fund

July

31,

2025

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

99.0%

Air

Freight

&

Logistics

-

2.3%

CTT-

Correios

de

Portugal

SA(a)

124,712

$

1,056,270

Deutsche

Post

AG

1,358,077

61,320,568

Oesterreichische

Post

AG

41,265

1,447,595

PostNL

NV(a)

332,871

365,177

Singapore

Post

Ltd.

2,109,100

796,592

Viettel

Post

Joint

Stock

Corp.

91,700

388,515

65,374,717

Chemicals

-

0.0%(b)

PureCycle

Technologies,

Inc.*(a)

78,862

1,057,539

Commercial

Services

&

Supplies

-

6.6%

Ambipar

Participacoes

e

Empreendimentos

SA,

Class

B*

59,300

1,386,073

Befesa

SA(a)(c)

43,099

1,301,298

Casella

Waste

Systems,

Inc.,

Class

A*(a)

25,676

2,791,751

China

Everbright

Environment

Group

Ltd.(a)

4,585,000

2,458,962

Clean

Harbors,

Inc.*

20,174

4,757,231

Cleanaway

Waste

Management

Ltd.

(a)

3,344,299

6,201,294

CoreCivic

,

Inc.*

40,348

808,574

Daiei

Kankyo

Co.

Ltd.(a)

49,100

1,014,658

Daiseki

Co.

Ltd.(a)

55,560

1,305,057

GEO

Group,

Inc.

(The)*(a)

49,518

1,283,507

GFL

Environmental,

Inc.(a)

512,603

25,804,435

Republic

Services,

Inc.,

Class

A

80,696

18,612,532

TRE

Holdings

Corp.(a)

91,700

833,553

Veralto

Corp.

99,036

10,381,944

Waste

Connections,

Inc.(a)

375,970

70,361,635

Waste

Management,

Inc.

146,720

33,622,355

182,924,859

Construction

&

Engineering

-

0.0%(b)

Envision

Greenwise

Holdings

Ltd.*(a)

(c)

917,000

846,911

Diversified

Telecommunication

Services

-

15.4%

AST

SpaceMobile

,

Inc.,

Class

A*(a)

83,447

4,436,877

AT&T,

Inc.

2,840,866

77,868,137

BCE,

Inc.(a)

861,413

20,137,332

BT

Group

plc(a)

5,799,108

15,893,371

Cellnex

Telecom

SA(c)

441,994

15,682,411

China

Tower

Corp.

Ltd.,

Class

H(c)

4,126,500

5,782,357

Cogent

Communications

Holdings,

Inc.(a)

13,755

627,090

Deutsche

Telekom

AG

(Registered)

3,258,101

117,390,793

Frontier

Communications

Parent,

Inc.*

88,949

3,267,986

GCI

Liberty,

Inc.*‡

36,294

—

Helios

Towers

plc*

939,925

1,480,181

HKT

Trust

&

HKT

Ltd.

3,150,000

4,959,745

Investments

Shares

Value

Diversified

Telecommunication

Services

(continued)

Infrastrutture

Wireless

Italiane

SpA(c)

249,424

$

2,957,555

Iridium

Communications,

Inc.(a)

32,095

785,044

KINX,

Inc.

4,585

298,878

Koninklijke

KPN

NV

3,555,209

15,950,929

Lumen

Technologies,

Inc.*(a)

328,286

1,460,873

NTT,

Inc.

48,509,300

49,220,041

Quebecor,

Inc.,

Class

B(a)

144,886

4,084,956

Swisscom

AG

(Registered)(a)

22,925

15,964,642

Verizon

Communications,

Inc.

1,661,604

71,050,187

429,299,385

Electric

Utilities

-

13.4%

American

Electric

Power

Co.,

Inc.(a)

210,910

23,862,357

Constellation

Energy

Corp.

123,795

43,060,853

Duke

Energy

Corp.

305,361

37,144,112

Enel

SpA

4,845,428

42,885,939

Entergy

Corp.(a)

171,479

15,506,846

Exelon

Corp.

399,812

17,967,551

Iberdrola

SA(a)

3,666,313

64,433,857

NextEra

Energy,

Inc.

813,379

57,798,712

PG&E

Corp.

853,727

11,969,253

Southern

Co.

(The)(a)

431,907

40,806,573

Xcel

Energy,

Inc.(a)

228,333

16,768,776

372,204,829

Gas

Utilities

-

0.7%

AltaGas

Ltd.(a)

191,653

5,671,060

APA

Group(a)

775,782

4,190,698

Enagas

SA(a)

134,799

2,023,437

Snam

SpA

(a)

1,287,468

7,476,902

19,362,097

Ground

Transportation

-

14.6%

Aurizon

Holdings

Ltd.

2,673,972

5,578,104

Canadian

National

Railway

Co.

832,636

77,918,662

Canadian

Pacific

Kansas

City

Ltd.(a)

1,350,741

99,555,537

Central

Japan

Railway

Co.

1,505,500

35,122,831

CSX

Corp.

746,438

26,528,407

East

Japan

Railway

Co.

1,650,600

35,294,401

Keisei

Electric

Railway

Co.

Ltd.(a)

679,700

5,760,705

Kyushu

Railway

Co.

225,600

5,486,534

MTR

Corp.

Ltd.(a)

2,292,500

8,250,080

Norfolk

Southern

Corp.

88,949

24,727,822

Odakyu

Electric

Railway

Co.

Ltd.(a)

516,700

5,608,355

Rumo

SA

1,742,300

5,147,340

Tobu

Railway

Co.

Ltd.

275,100

4,701,533

Union

Pacific

Corp.

236,586

52,514,994

West

Japan

Railway

Co.(a)

676,200

14,921,826

407,117,131

Health

Care

Providers

&

Services

-

3.9%

Acadia

Healthcare

Co.,

Inc.*(a)

42,182

918,302

Bangkok

Dusit

Medical

Services

PCL,

NVDR

19,440,400

12,789,737

Bumrungrad

Hospital

PCL,

NVDR

1,008,700

5,247,215

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

Broad

Infrastructure

Index

Fund

(cont.)

138

Investments

Shares

Value

COMMON

STOCKS

(continued)

Health

Care

Providers

&

Services

(continued)

Encompass

Health

Corp.

41,265

$

4,543,689

Fresenius

SE

&

Co.

KGaA

595,133

28,595,075

HCA

Healthcare,

Inc.(a)

67,858

24,021,053

IHH

Healthcare

Bhd.

3,117,800

4,861,283

KPJ

Healthcare

Bhd.

2,842,700

1,726,282

Life

Healthcare

Group

Holdings

Ltd.

1,470,868

1,089,170

Ramsay

Health

Care

Ltd.(a)

283,353

7,073,076

Rede

D'Or

Sao

Luiz

SA(c)

1,152,200

6,688,607

Select

Medical

Holdings

Corp.

39,431

583,185

Tenet

Healthcare

Corp.*

37,597

6,063,644

Universal

Health

Services,

Inc.,

Class

B

19,257

3,205,328

107,405,646

Independent

Power

and

Renewable

Electricity

Producers

-

1.0%

Vistra

Corp.

134,799

28,110,983

IT

Services

-

0.2%

Fastly,

Inc.,

Class

A*

26,593

180,566

NEXTDC

Ltd.*(a)

559,370

5,225,782

SUNeVision

Holdings

Ltd.(a)

504,000

501,432

5,907,780

Media

-

2.3%

Charter

Communications,

Inc.,

Class

A*

37,597

10,127,128

Comcast

Corp.,

Class

A

1,474,536

48,998,831

EchoStar

Corp.,

Class

A*(a)

49,518

1,613,792

Liberty

Broadband

Corp.,

Class

C*

50,435

3,092,674

Sirius

XM

Holdings,

Inc.(a)

81,613

1,723,667

65,556,092

Multi-Utilities

-

7.8%

Consolidated

Edison,

Inc.

142,135

14,710,973

Dominion

Energy,

Inc.(a)

339,290

19,831,501

E.ON

SE

1,404,844

25,654,271

Engie

SA

1,162,756

26,110,931

National

Grid

plc

3,174,654

44,532,491

Public

Service

Enterprise

Group,

Inc.

197,155

17,702,547

Sempra

259,511

21,196,858

Veolia

Environnement

SA

973,854

33,104,351

WEC

Energy

Group,

Inc.(a)

125,629

13,703,611

216,547,534

Oil,

Gas

&

Consumable

Fuels

-

8.7%

Antero

Midstream

Corp.

130,214

2,389,427

Cheniere

Energy,

Inc.

88,032

20,764,988

DT

Midstream,

Inc.(a)

41,265

4,239,154

Enbridge,

Inc.

1,358,077

61,639,240

Hess

Midstream

LP,

Class

A

41,265

1,796,265

Keyera

Corp.(a)

141,218

4,443,227

Kinder

Morgan,

Inc.(a)

777,616

21,819,905

Kinetik

Holdings,

Inc.,

Class

A(a)

13,755

596,692

Koninklijke

Vopak

NV

39,431

1,890,076

Investments

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

ONEOK,

Inc.

248,507

$

20,404,910

Pembina

Pipeline

Corp.

364,966

13,594,987

Santos

Ltd.

2,054,997

10,412,874

South

Bow

Corp.(a)

132,965

3,499,762

Targa

Resources

Corp.

86,198

14,344,209

TC

Energy

Corp.

641,900

30,717,228

Transneft

PJSC

(Preference)*‡

147,300

—

Williams

Cos.,

Inc.

(The)

481,425

28,861,429

241,414,373

Specialized

REITs

-

4.4%

American

Tower

Corp.,

REIT

185,234

38,600,913

Crown

Castle,

Inc.,

REIT

173,313

18,213,463

Digital

Core

REIT

Management

Pte.

Ltd.,

REIT

458,500

240,713

Digital

Realty

Trust,

Inc.,

REIT

124,712

22,004,185

Equinix,

Inc.,

REIT

38,514

30,240,038

Keppel

DC

REIT,

REIT

1,650,600

3,015,317

SBA

Communications

Corp.,

Class

A,

REIT

43,099

9,685,207

Uniti

Group,

Inc.,

REIT*(a)

49,518

263,436

122,263,272

Transportation

Infrastructure

-

7.4%

Adani

Ports

&

Special

Economic

Zone

Ltd.

1,280,132

20,065,917

Aena

SME

SA(c)

1,072,890

28,974,100

Airports

of

Thailand

PCL,

NVDR

6,419,000

8,053,213

Atlas

Arteria

Ltd.

1,368,164

4,545,405

Auckland

International

Airport

Ltd.

2,416,295

10,741,242

Bangkok

Expressway

&

Metro

PCL,

NVDR

9,628,500

1,635,195

China

Merchants

Port

Holdings

Co.

Ltd.

1,834,000

3,611,929

COSCO

SHIPPING

Ports

Ltd.(a)

1,893,426

1,326,604

Flughafen

Zurich

AG

(Registered)

27,510

7,791,762

Gemadept

Corp.

550,200

1,180,245

Getlink

SE

443,828

8,076,935

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV,

Class

B

412,324

5,479,769

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

Class

B

586,880

13,508,666

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

Class

B

243,005

7,380,300

International

Container

Terminal

Services,

Inc.

2,164,120

16,620,679

Japan

Airport

Terminal

Co.

Ltd.

137,300

4,193,035

Jiangsu

Expressway

Co.

Ltd.,

Class

H

1,834,000

2,249,862

Motiva

Infraestrutura

de

Mobilidade

SA

1,467,200

3,226,055

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

270,515

3,194,573

Qube

Holdings

Ltd.

2,551,094

7,177,821

Santos

Brasil

Participacoes

SA

641,900

1,599,433

Shenzhen

International

Holdings

Ltd.

(a)

1,969,732

1,972,241

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

Broad

Infrastructure

Index

Fund

(cont.)

139

Investments

Shares

Value

COMMON

STOCKS

(continued)

Transportation

Infrastructure

(continued)

Transurban

Group(a)

4,540,984

$

40,405,707

Westports

Holdings

Bhd.

1,375,500

1,806,049

204,816,737

Water

Utilities

-

2.6%

Aguas

Andinas

SA,

Class

A

3,769,787

1,232,493

American

States

Water

Co.

12,838

944,748

American

Water

Works

Co.,

Inc.

77,028

10,802,407

Beijing

Enterprises

Water

Group

Ltd.

(a)

5,986,000

2,051,253

California

Water

Service

Group(a)

25,676

1,167,488

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

672,300

13,006,370

Cia

de

Saneamento

de

Minas

Gerais

Copasa

MG

275,100

1,270,702

Cia

De

Sanena

Do

Parana

(Preference)

1,467,200

1,732,269

Essential

Utilities,

Inc.

97,202

3,577,034

Guangdong

Investment

Ltd.

3,668,000

3,266,155

H2O

America

9,170

442,819

Middlesex

Water

Co.

6,419

331,220

Pennon

Group

plc

657,489

4,336,519

Severn

Trent

plc

384,223

13,469,145

United

Utilities

Group

plc

1,003,198

14,968,488

72,599,110

Wireless

Telecommunication

Services

-

7.7%

Bharti

Airtel

Ltd.

2,426,382

53,023,851

KDDI

Corp.

2,567,600

42,405,195

SoftBank

Group

Corp.

948,800

74,456,480

T-Mobile

US,

Inc.

181,566

43,287,150

213,172,676

Total

Common

Stocks

(Cost

$2,404,999,035)

2,755,981,671

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

4.9%(d)

CERTIFICATES

OF

DEPOSIT

-

0.1%

Credit

Agricole

CIB,

New

York

(SOFR

+

0.21%),

4.53%,

1/8/2026(e)

$

1,000,000

999,557

National

Australia

Bank,

New

York

(SOFR

+

0.25%),

4.57%,

3/17/2026(e)

1,000,000

1,000,122

Natixis

SA,

New

York

4.47%,

12/11/2025

1,000,000

1,000,119

Total

Certificates

of

Deposit

(Cost

$3,000,000)

2,999,798

Investments

Principal

Amount

Value

REPURCHASE

AGREEMENTS

-

4.8%

BofA

Securities,

Inc.

4.78%,

dated

7/31/2025,

due

10/31/2025,

repurchase

price

$2,024,431,

collateralized

by

various

Common

Stocks,

U.S.

Treasury

Securities,

4.13%,

3/31/2029;

;

total

market

value

$2,195,078

$

2,000,000

$

2,000,000

CF

Secured

LLC

4.34%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$36,335,489,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

8/15/2025

-

2/15/2054;

total

market

value

$36,911,638

36,331,109

36,331,109

Citigroup

Global

Markets,

Inc.

4.36%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$29,003,512,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

1.88%

-

4.13%,

maturing

2/28/2027

-

2/28/2030;

total

market

value

$29,279,451

29,000,000

29,000,000

MetLife,

Inc.

4.36%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$19,002,301,

collateralized

by

various

U.S.

Treasury

Securities,

0.00%,

5/15/2046;

;

total

market

value

$19,340,895

19,000,000

19,000,000

National

Bank

of

Canada

Financial

Inc.

4.47%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$12,001,490,

collateralized

by

various

Common

Stocks;

total

market

value

$13,254,622

12,000,000

12,000,000

TD

Prime

Services

LLC

4.43%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$4,000,492,

collateralized

by

various

Common

Stocks;

total

market

value

$4,346,821

4,000,000

4,000,000

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

Broad

Infrastructure

Index

Fund

(cont.)

140

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

REPURCHASE

AGREEMENTS

(continued)

The

Bank

of

Nova

Scotia,

Toronto

4.46%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$32,003,964,

collateralized

by

various

Common

Stocks;

total

market

value

$35,309,535

$

32,000,000

$

32,000,000

Total

Repurchase

Agreements

(Cost

$134,331,109)

134,331,109

Total

Securities

Lending

Reinvestments

(Cost

$137,331,109)

137,330,907

Total

Investments

-

103.9%

(Cost

$2,542,330,144)

2,893,312,578

Liabilities

in

excess

of

other

assets

-

(3.9%)

(108,850,870)

NET

ASSETS

-

100.0%

$2,784,461,708

*

Non-income

producing

security.

‡

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2025.

The

total

value

of

securities

on

loan

at

July

31,

2025

was

$257,855,564,

collateralized

in

the

form

of

cash

with

a

value

of

$137,331,109

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$120,021,245

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

August

7,

2025

–

May

15,

2055

and

$15,430,015

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

6.00%,

and

maturity

dates

ranging

from

October

20,

2025

–

June

30,

2120;

a

total

value

of

$272,782,369.

(b)

Represents

less

than

0.05%

of

net

assets.

(c)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States

and

as

such

may

have

restrictions

on

resale.

(d)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2025.

The

total

value

of

securities

purchased

was

$137,330,907.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

is

the

rate

in

effect

as

of

July

31,

2025.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

NVDR

—

Non-Voting

Depositary

Receipt

PJSC

—

Public

Joint

Stock

Company

Preference

—

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

REIT

—

Real

Estate

Investment

Trust

SOFR

—

Secured

Overnight

Financing

Rate

Futures

Contracts

FlexShares

®

STOXX®

Global

Broad

Infrastructure

Index

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2025:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

FTSE

100

Index

77

09/19/2025

GBP

$

9,297,169

$

219,505

S&P

500

E-Mini

Index

19

09/19/2025

USD

6,055,537

255,947

S&P/TSX

60

Index

36

09/18/2025

CAD

8,443,355

157,063

SPI

200

Index

39

09/18/2025

AUD

5,463,341

86,000

TOPIX

Index

3

09/11/2025

JPY

587,860

35,445

$

753,960

Forward

Foreign

Currency

Contracts

FlexShares

®

STOXX®

Global

Broad

Infrastructure

Index

Fund

had

the

following

outstanding

contracts

as

of

July

31,

2025:

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

USD

1,046,146

Bank

of

Montreal

AUD

1,600,000

09/17/2025

$

15,098

USD

2,978,422

Bank

of

Montreal

GBP

2,200,000

09/17/2025

65,751

USD

1,240,256

UBS

AG

JPY

177,172,000

09/17/2025

56,955

Total

unrealized

appreciation

$

137,804

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

Broad

Infrastructure

Index

Fund

(cont.)

141

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

JPY

357,000,000

JPMorgan

Chase

Bank

NA

USD

2,470,087

09/17/2025

$

(85,746)

Total

unrealized

depreciation

$

(85,746)

Net

unrealized

appreciation

$

52,058

Abbreviations:

AUD

—

Australian

Dollar

CAD

—

Canadian

Dollar

GBP

—

British

Pound

JPY

—

Japanese

Yen

USD

—

US

Dollar

FlexShares

®

STOXX®

Global

Broad

Infrastructure

Index

invested,

as

a

percentage

of

net

assets,

in

companies

domiciled

in

the

following

countries

as

of

July

31,

2025:

Australia

3.3

%

Austria

0.1

Brazil

1.2

Canada

11.5

Chile

0.0

†

China

0.8

France

2.4

Germany

8.4

Hong

Kong

0.5

India

2.6

Italy

1.9

Japan

10.1

Malaysia

0.3

Mexico

1.1

Netherlands

0.7

New

Zealand

0.4

Philippines

0.6

Portugal

0.0

†

Singapore

0.1

South

Africa

0.0

†

South

Korea

0.0

†

Spain

4.0

Switzerland

0.9

Tanzania

0.1

Thailand

1.0

United

Kingdom

3.3

United

States

43.6

Vietnam

0.1

Other

1

1.0

100.0%

†

Amount

represents

less

than

0.05%.

1

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

%

of

Net

Assets

Common

Stocks

99.0

%

Securities

Lending

Reinvestments

4.9

Others

(1)

(3.9)

100.0%

(1)

Includes

any

other

net

assets/(liabilities).

142

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares

®

Global

Quality

Real

Estate

Index

Fund

July

31,

2025

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

98

.1

%

Capital

Markets

-

0

.1

%

HMC

Capital

Ltd.,

REIT(a)

138,176

$

319,383

Diversified

REITs

-

8

.9

%

Alexander

&

Baldwin,

Inc.,

REIT

54,610

981,888

American

Assets

Trust,

Inc.,

REIT

41,783

795,131

British

Land

Co.

plc

(The),

REIT

513,080

2,373,730

Broadstone

Net

Lease,

Inc.,

REIT

96,901

1,573,672

CapitaLand

Integrated

Commercial

Trust,

REIT

3,059,300

5,187,852

Charter

Hall

Group,

REIT

241,554

3,141,596

Covivio

SA,

REIT

6,223

405,628

Essential

Properties

Realty

Trust,

Inc.,

REIT(a)

90,805

2,768,644

KDX

Realty

Investment

Corp.,

REIT

2,103

2,270,757

Mapletree

Pan

Asia

Commercial

Trust,

REIT

1,244,600

1,237,549

Mori

Trust

REIT,

Inc.,

REIT(a)

2,032

992,405

NIPPON

REIT

Investment

Corp.,

REIT

1,559

979,975

Reit

1

Ltd.,

REIT

160,401

1,054,809

Stockland,

REIT

161,798

578,164

Suntec

REIT,

REIT

622,300

556,417

Tokyu

REIT,

Inc.,

REIT(a)

728

952,478

WP

Carey,

Inc.,

REIT(a)

113,157

7,260,153

33,110,848

Financial

Services

-

0

.4

%

HA

Sustainable

Infrastructure

Capital,

Inc.(a)

58,674

1,523,764

Health

Care

REITs

-

6

.9

%

CareTrust

REIT,

Inc.,

REIT(a)

96,901

3,081,452

Healthpeak

Properties,

Inc.,

REIT

357,759

6,060,437

LTC

Properties,

Inc.,

REIT(a)

28,448

968,370

Medical

Properties

Trust,

Inc.,

REIT(a)

294,640

1,213,917

National

Health

Investors,

Inc.,

REIT(a)

23,495

1,641,361

Parkway

Life

REIT,

REIT

304,800

946,810

Sabra

Health

Care

REIT,

Inc.,

REIT

122,301

2,205,087

Welltower,

Inc.,

REIT

57,658

9,517,606

25,635,040

Hotel

&

Resort

REITs

-

1

.6

%

Apple

Hospitality

REIT,

Inc.,

REIT(a)

117,856

1,384,808

CapitaLand

Ascott

Trust,

REIT

1,574,800

1,086,404

Park

Hotels

&

Resorts,

Inc.,

REIT

105,410

1,123,670

RLJ

Lodging

Trust,

REIT(a)

101,727

752,780

Sunstone

Hotel

Investors,

Inc.,

REIT

98,552

862,330

Xenia

Hotels

&

Resorts,

Inc.,

REIT

67,310

855,510

6,065,502

Investments

Shares

Value

Industrial

REITs

-

5

.9

%

AIMS

APAC

REIT,

REIT

88,900

$

95,249

First

Industrial

Realty

Trust,

Inc.,

REIT

68,326

3,328,843

Granite

REIT,

REIT

20,701

1,094,381

Innovative

Industrial

Properties,

Inc.,

REIT

14,732

761,644

LondonMetric

Property

plc,

REIT

1,179,957

2,982,457

Mitsubishi

Estate

Logistics

REIT

Investment

Corp.,

REIT(a)

1,166

932,831

Montea

NV,

REIT

11,994

899,166

Prologis,

Inc.,

REIT

92,583

9,886,013

Tritax

Big

Box

REIT

plc,

REIT

1,157,224

2,163,886

22,144,470

Office

REITs

-

3

.0

%

Cousins

Properties,

Inc.,

REIT

86,614

2,347,239

Highwoods

Properties,

Inc.,

REIT(a)

54,102

1,569,499

Inmobiliaria

Colonial

Socimi

SA,

REIT

160,655

1,071,088

Japan

Excellent,

Inc.,

REIT(a)

1,039

966,544

Kilroy

Realty

Corp.,

REIT(a)

57,912

2,134,636

Vornado

Realty

Trust,

REIT(a)

83,058

3,191,088

11,280,094

Real

Estate

Management

&

Development

-

17

.4

%

Airport

City

Ltd.*(a)

52,705

944,545

Allreal

Holding

AG

(Registered)

7,747

1,755,370

Amot

Investments

Ltd.

168,910

1,158,064

Aroundtown

SA*

396,748

1,440,399

Azrieli

Group

Ltd.(a)

12,827

1,268,484

Big

Shopping

Centers

Ltd.*

8,255

1,582,091

Capitaland

India

Trust

1,117,600

1,025,123

City

Developments

Ltd.

265,500

1,260,631

CK

Asset

Holdings

Ltd.

998,500

4,585,468

CTP

NV(a)(b)

65,659

1,400,796

Daito

Trust

Construction

Co.

Ltd.

30,500

3,145,354

Hang

Lung

Group

Ltd.

674,000

1,220,927

Hang

Lung

Properties

Ltd.

555,000

571,261

Howard

Hughes

Holdings,

Inc.*

16,764

1,152,190

Hulic

Co.

Ltd.

107,400

1,031,574

Ichigo,

Inc.(a)

317,500

850,211

International

Workplace

Group

plc

426,847

1,250,618

Intershop

Holding

AG

987

183,046

Katitas

Co.

Ltd.(a)

61,900

1,047,605

Kerry

Properties

Ltd.(a)

403,000

1,078,089

Mega

Or

Holdings

Ltd.,

REIT

24,511

1,154,530

Melisron

Ltd.

13,462

1,558,649

Mivne

Real

Estate

KD

Ltd.

337,185

1,276,147

Mobimo

Holding

AG

(Registered)

3,683

1,444,536

Nomura

Real

Estate

Holdings,

Inc.

282,800

1,579,974

Olav

Thon

Eiendomsselskap

ASA

3,556

101,911

PSP

Swiss

Property

AG

(Registered)

23,368

3,974,042

Sino

Land

Co.

Ltd.

2,080,954

2,399,062

Sirius

Real

Estate

Ltd.,

REIT(a)

839,470

1,156,460

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Global

Quality

Real

Estate

Index

Fund

(cont.)

143

Investments

Shares

Value

COMMON

STOCKS

(continued)

Real

Estate

Management

&

Development

(continued)

Sumitomo

Realty

&

Development

Co.

Ltd.(a)

160,800

$

5,921,483

Sun

Hung

Kai

Properties

Ltd.

747,500

8,903,344

Swire

Properties

Ltd.

589,400

1,584,247

Tokyo

Tatemono

Co.

Ltd.(a)

96,000

1,622,805

Tokyu

Fudosan

Holdings

Corp.(a)

299,100

2,128,550

UOL

Group

Ltd.

245,600

1,302,446

VGP

NV(a)

8,890

942,209

Zug

Estates

Holding

AG,

Class

B

60

158,118

65,160,359

Residential

REITs

-

15

.2

%

American

Homes

4

Rent,

Class

A,

REIT

171,577

5,952,006

AvalonBay

Communities,

Inc.,

REIT(a)

73,533

13,697,727

Boardwalk

REIT,

REIT

19,558

1,010,755

Camden

Property

Trust,

REIT

54,483

5,949,544

Equity

Residential,

REIT

176,403

11,148,669

Independence

Realty

Trust,

Inc.,

REIT(a)

116,332

1,950,888

Killam

Apartment

REIT,

REIT(a)

66,802

885,185

Mid-America

Apartment

Communities,

Inc.,

REIT(a)

60,452

8,610,178

UDR,

Inc.,

REIT(a)

160,655

6,312,135

UNITE

Group

plc

(The),

REIT

119,253

1,181,234

56,698,321

Retail

REITs

-

19

.2

%

Acadia

Realty

Trust,

REIT(a)

61,468

1,150,681

Agree

Realty

Corp.,

REIT(a)

53,467

3,833,584

BWP

Property

Group

Ltd.,

REIT*

414,909

956,358

Carmila

SA,

REIT

44,958

888,142

Choice

Properties

REIT,

REIT(a)

96,774

993,254

CT

REIT,

REIT(a)

75,184

838,550

Eurocommercial

Properties

NV,

REIT

34,686

1,065,941

First

Capital

REIT,

REIT

77,470

1,041,675

Fukuoka

REIT

Corp.,

REIT(a)

804

965,901

Getty

Realty

Corp.,

REIT(a)

34,671

963,507

InvenTrust

Properties

Corp.,

REIT(a)

39,624

1,092,434

Kimco

Realty

Corp.,

REIT

344,805

7,320,210

Klepierre

SA,

REIT

111,252

4,273,311

NNN

REIT,

Inc.,

REIT

97,028

4,003,375

Realty

Income

Corp.,

REIT(a)

19,431

1,090,662

Regency

Centers

Corp.,

REIT(a)

89,154

6,365,596

Retail

Estates

NV,

REIT

1,994

148,802

RioCan

REIT,

REIT(a)

83,947

1,071,690

Shaftesbury

Capital

plc,

REIT

748,284

1,566,562

Simon

Property

Group,

Inc.,

REIT

114,681

18,783,601

SITE

Centers

Corp.,

REIT(a)

57,277

616,873

SmartCentres

REIT,

REIT(a)

51,943

954,289

Starhill

Global

REIT,

REIT

241,300

100,437

Tanger,

Inc.,

REIT(a)

57,150

1,715,643

Unibail-Rodamco-Westfield,

REIT

61,849

6,034,078

Vicinity

Ltd.,

REIT(a)

1,984,502

3,155,972

Investments

Shares

Value

Retail

REITs

(continued)

Waypoint

REIT

Ltd.,

REIT

564,515

$

915,927

71,907,055

Specialized

REITs

-

19

.5

%

American

Tower

Corp.,

REIT

123,825

25,803,892

Big

Yellow

Group

plc,

REIT

95,504

1,182,966

Crown

Castle,

Inc.,

REIT

2,667

280,275

Digital

Realty

Trust,

Inc.,

REIT

33,782

5,960,496

EPR

Properties,

REIT(a)

39,116

2,152,945

Equinix,

Inc.,

REIT

13,335

10,470,242

Four

Corners

Property

Trust,

Inc.,

REIT(a)

50,165

1,266,164

Keppel

DC

REIT,

REIT

975,400

1,781,861

National

Storage

REIT,

REIT(a)

714,502

1,104,077

Public

Storage,

REIT

7,366

2,003,110

Rayonier,

Inc.,

REIT

73,152

1,705,173

Safestore

Holdings

plc,

REIT(a)

122,428

1,091,172

Shurgard

Self

Storage

Ltd.,

REIT

24,765

987,816

VICI

Properties,

Inc.,

Class

A,

REIT(a)

526,669

17,169,409

72,959,598

Total

Common

Stocks

(Cost

$352,540,101)

366,804,434

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

8

.5

%

(c)

REPURCHASE

AGREEMENTS

-

8

.5

%

CF

Secured

LLC

4.34%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$13,635,177,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

8/15/2025

-

2/15/2054;

total

market

value

$13,851,381

$

13,633,533

13,633,533

Citigroup

Global

Markets,

Inc.

4.36%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$4,000,484,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

1.88%

-

4.13%,

maturing

2/28/2027

-

2/28/2030;

total

market

value

$4,038,545

4,000,000

4,000,000

National

Bank

of

Canada

Financial

Inc.

4.47%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$2,000,248,

collateralized

by

various

Common

Stocks;

total

market

value

$2,209,104

2,000,000

2,000,000

TD

Prime

Services

LLC

4.43%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$4,000,492,

collateralized

by

various

Common

Stocks;

total

market

value

$4,346,822

4,000,000

4,000,000

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Global

Quality

Real

Estate

Index

Fund

(cont.)

144

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

REPURCHASE

AGREEMENTS

(continued)

The

Bank

of

Nova

Scotia,

Toronto

4.46%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$8,000,991,

collateralized

by

various

Common

Stocks;

total

market

value

$8,827,384

$

8,000,000

$

8,000,000

31,633,533

Total

Securities

Lending

Reinvestments

(Cost

$31,633,533)

31,633,533

Total

Investments

-

106.6%

(Cost

$384,173,634)

398,437,967

Liabilities

in

excess

of

other

assets

-

(6.6%)

(24,557,735)

NET

ASSETS

-

100.0%

$373,880,232

*

Non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2025.

The

total

value

of

securities

on

loan

at

July

31,

2025

was

$61,892,486,

collateralized

in

the

form

of

cash

with

a

value

of

$31,633,533

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$27,960,629

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

August

7,

2025

–

May

15,

2055

and

$5,876,371

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

6.00%,

and

maturity

dates

ranging

from

October

20,

2025

–

June

30,

2120;

a

total

value

of

$65,470,533.

(b)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States

and

as

such

may

have

restrictions

on

resale.

(c)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2025.

The

total

value

of

securities

purchased

was

$31,633,533.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

REIT

—

Real

Estate

Investment

Trust

Futures

Contracts

FlexShares

®

Global

Quality

Real

Estate

Index

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2025:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

EURO

STOXX

50

Index

13

09/19/2025

EUR

$

794,547

$

4,163

S&P

Midcap

400

E-Mini

Index

12

09/19/2025

USD

3,798,120

117,408

SPI

200

Index

17

09/18/2025

AUD

2,381,456

44,365

$

165,936

Forward

Foreign

Currency

Contracts

FlexShares

®

Global

Quality

Real

Estate

Index

Fund

had

the

following

outstanding

contracts

as

of

July

31,

2025:

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

USD

22,278

Citibank

NA

AUD

34,359

09/17/2025

$

137

USD

155,452

Toronto-Dominion

Bank

(The)

AUD

240,000

09/17/2025

795

USD

73,145

Toronto-Dominion

Bank

(The)

CAD

100,000

09/17/2025

654

USD

243,187

JPMorgan

Chase

Bank

NA

EUR

210,000

09/17/2025

2,099

USD

16,631

Morgan

Stanley

EUR

14,355

09/17/2025

151

USD

107,775

JPMorgan

Chase

Bank

NA

GBP

80,000

09/17/2025

1,860

USD

357,575

JPMorgan

Chase

Bank

NA

JPY

51,680,000

09/17/2025

12,413

Total

unrealized

appreciation

$

18,109

CAD

149,730

Morgan

Stanley

USD

110,399

09/17/2025

$

(

1,858

)

GBP

130,000

Bank

of

Montreal

USD

175,998

09/17/2025

(

3,885

)

JPY

56,910,000

JPMorgan

Chase

Bank

NA

USD

397,658

09/17/2025

(

17,566

)

JPY

22,693,000

UBS

AG

USD

158,858

09/17/2025

(

7,295

)

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Global

Quality

Real

Estate

Index

Fund

(cont.)

145

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

SGD

107,106

BNP

Paribas

SA

USD

83,919

09/17/2025

$

(

1,070

)

USD

86,526

JPMorgan

Chase

Bank

NA

CHF

70,000

09/17/2025

(

169

)

USD

31,071

Bank

of

New

York

Mellon

(The)

ILS

111,846

09/17/2025

(

1,911

)

Total

unrealized

depreciation

$

(

33,754

)

Net

unrealized

depreciation

$

(

15,645

)

Abbreviations:

AUD

—

Australian

Dollar

CAD

—

Canadian

Dollar

CHF

—

Swiss

Franc

EUR

—

Euro

GBP

—

British

Pound

ILS

—

Israeli

Shekel

JPY

—

Japanese

Yen

SGD

—

Singapore

Dollar

USD

—

US

Dollar

FlexShares®

Global

Quality

Real

Estate

Index

invested,

as

a

percentage

of

net

assets,

in

companies

domiciled

in

the

following

countries

as

of

July

31,

2025:

Australia

2‌

.7

%

Belgium

0‌

.8

Canada

2‌

.1

France

3‌

.1

Germany

0‌

.4

Hong

Kong

5‌

.4

Israel

2‌

.7

Japan

6‌

.8

Netherlands

0‌

.7

Norway

0‌

.0

†

Singapore

3‌

.9

Spain

0‌

.3

Switzerland

2‌

.0

United

Kingdom

4‌

.0

United

States

63‌

.2

Other

1

1‌

.9

100.0%

†

Amount

represents

less

than

0.05%.

1

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

%

of

Net

Assets

Common

Stocks

98‌

.1

%

Securities

Lending

Reinvestments

8‌

.5

Others

(1)

(

6‌

.6

)

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

146

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares

®

Real

Assets

Allocation

Index

Fund

July

31,

2025

(Unaudited)

The

underlying

index

of

the

FlexShares®

Real

Assets

Allocation

Index

Fund

is

comprised

of

securities

of

affiliated

FlexShares®

Funds.

The

Schedules

of

Investments

of

the

affiliated

FlexShares®

Funds

are

located

elsewhere

in

this

Report.

Investments

Shares

Value

EXCHANGE

TRADED

FUNDS

-

99.9%

FlexShares®

Global

Quality

Real

Estate

Index

Fund(a)

49,023

$

2,878,366

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund(a)

18,495

746,088

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

Fund(a)

59,661

3,616,053

Total

Exchange

Traded

Funds

(Cost

$7,330,451)

7,240,507

Total

Investments

-

99.9%

(Cost

$7,330,451)

7,240,507

Other

assets

less

liabilities

-

0.1%

5,785

NET

ASSETS

-

100.0%

$7,246,292

(a)

Investment

in

affiliated

Fund.

Northern

Trust

Investments,

Inc.

is

the

Investment

Adviser

to

both

the

Fund

and

the

affiliated

Funds.

Percentages

shown

are

based

on

Net

Assets.

Investment

in

a

company

which

was

affiliated

for

the

period

ended

July

31,

2025,

was

as

follows:

Security

Value

October

31,

2024

Purchases

at

Cost

Sales

Proceeds

Shares

July

31,

2025

Value

July

31,

2025

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Realized

Gain/(Loss)

FlexShares®

Global

Quality

Real

Estate

Index

Fund

$

3,143,386

$

827,087

$

1,010,143

49,023

$

2,878,366

$

(

47,142

)

$

101,084

$

(

34,822

)

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

793,413

196,803

252,336

18,495

746,088

15,126

18,231

(

6,918

)

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

Fund

3,955,335

900,205

1,409,790

59,661

3,616,053

161,708

95,104

8,595

$7,892,134

$1,924,095

$2,672,269

127,179

$7,240,507

$129,692

$214,419

$(33,145)

Security

Type

%

of

Net

Assets

Exchange

Traded

Funds

99‌

.9

%

Others

(1)

0‌

.1

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

147

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

Quality

Dividend

Index

Fund

July

31,

2025

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

99

.3

%

Aerospace

&

Defense

-

0

.4

%

Lockheed

Martin

Corp.

19,980

$

8,411,180

Air

Freight

&

Logistics

-

0

.5

%

United

Parcel

Service,

Inc.,

Class

B

114,885

9,898,492

Banks

-

3

.2

%

Bank

of

America

Corp.

29,970

1,416,682

Cullen/Frost

Bankers,

Inc.(a)

63,936

8,146,086

JPMorgan

Chase

&

Co.

103,896

30,778,151

Popular,

Inc.

87,912

10,072,957

Truist

Financial

Corp.(a)

227,772

9,955,914

60,369,790

Biotechnology

-

4

.0

%

AbbVie,

Inc.

277,035

52,365,156

Gilead

Sciences,

Inc.

196,558

22,071,498

74,436,654

Broadline

Retail

-

1

.1

%

Dillard's,

Inc.,

Class

A(a)

14,985

6,996,946

eBay,

Inc.

139,860

12,832,155

19,829,101

Building

Products

-

0

.8

%

Trane

Technologies

plc

34,965

15,317,467

Capital

Markets

-

2

.6

%

Ameriprise

Financial,

Inc.

13,986

7,247,406

Bank

of

New

York

Mellon

Corp.

(The)

(a)

121,878

12,364,523

Invesco

Ltd.(a)

495,504

10,410,539

Morgan

Stanley

129,870

18,501,280

48,523,748

Chemicals

-

0

.5

%

Cabot

Corp.

21,978

1,586,372

Scotts

Miracle-Gro

Co.

(The)(a)

119,880

7,511,681

9,098,053

Commercial

Services

&

Supplies

-

0

.4

%

Cintas

Corp.

32,967

7,336,806

Construction

&

Engineering

-

0

.1

%

EMCOR

Group,

Inc.

3,996

2,507,450

Construction

Materials

-

0

.1

%

Eagle

Materials,

Inc.

4,995

1,120,329

Consumer

Finance

-

1

.2

%

Ally

Financial,

Inc.

235,764

8,923,668

OneMain

Holdings,

Inc.(a)

158,841

9,179,421

Synchrony

Financial

74,925

5,220,025

23,323,114

Investments

Shares

Value

Consumer

Staples

Distribution

&

Retail

-

0

.5

%

Costco

Wholesale

Corp.

5,151

$

4,840,086

Walmart,

Inc.

47,952

4,698,337

9,538,423

Distributors

-

0

.3

%

Pool

Corp.

20,979

6,464,469

Diversified

Consumer

Services

-

0

.1

%

H&R

Block,

Inc.

50,949

2,768,569

Diversified

Telecommunication

Services

-

0

.3

%

Iridium

Communications,

Inc.(a)

193,806

4,740,495

Electric

Utilities

-

0

.8

%

Duke

Energy

Corp.

4,995

607,592

Edison

International

71,928

3,748,887

Evergy,

Inc.

135,864

9,619,171

NRG

Energy,

Inc.

4,995

835,164

14,810,814

Electrical

Equipment

-

1

.4

%

GE

Vernova,

Inc.

15,888

10,490,688

Rockwell

Automation,

Inc.

6,993

2,459,508

Vertiv

Holdings

Co.,

Class

A

94,905

13,818,168

26,768,364

Energy

Equipment

&

Services

-

0

.9

%

Schlumberger

NV

450,202

15,216,827

Weatherford

International

plc(a)

14,985

847,402

16,064,229

Entertainment

-

0

.5

%

Electronic

Arts,

Inc.

62,937

9,597,263

Financial

Services

-

2

.7

%

Fidelity

National

Information

Services,

Inc.(a)

118,881

9,440,340

Jackson

Financial,

Inc.,

Class

A

105,894

9,272,078

Mastercard,

Inc.,

Class

A

10,989

6,224,939

Radian

Group,

Inc.

252,747

8,242,080

Visa,

Inc.,

Class

A

27,972

9,663,487

Western

Union

Co.

(The)(a)

881,118

7,093,000

49,935,924

Food

Products

-

0

.5

%

Cal-Maine

Foods,

Inc.(a)

89,910

9,992,597

Gas

Utilities

-

0

.5

%

UGI

Corp.(a)

256,743

9,288,962

Ground

Transportation

-

1

.1

%

Old

Dominion

Freight

Line,

Inc.(a)

1,998

298,201

Union

Pacific

Corp.

94,905

21,066,063

21,364,264

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Quality

Dividend

Index

Fund

(cont.)

148

Investments

Shares

Value

COMMON

STOCKS

(continued)

Health

Care

Equipment

&

Supplies

-

0

.6

%

ResMed,

Inc.

38,961

$

10,595,054

Hotel

&

Resort

REITs

-

0

.9

%

Apple

Hospitality

REIT,

Inc.,

REIT(a)

735,264

8,639,352

Host

Hotels

&

Resorts,

Inc.,

REIT

545,454

8,574,537

17,213,889

Hotels,

Restaurants

&

Leisure

-

1

.3

%

Booking

Holdings,

Inc.

3,033

16,693,814

Domino's

Pizza,

Inc.

6,993

3,239,228

Marriott

International,

Inc.,

Class

A(a)

2,997

790,698

Vail

Resorts,

Inc.(a)

21,978

3,302,414

Wyndham

Hotels

&

Resorts,

Inc.(a)

6,993

601,398

24,627,552

Household

Durables

-

0

.5

%

Installed

Building

Products,

Inc.(a)

48,951

9,902,298

Household

Products

-

2

.7

%

Colgate-Palmolive

Co.

28,971

2,429,218

Procter

&

Gamble

Co.

(The)

316,683

47,651,291

50,080,509

Independent

Power

and

Renewable

Electricity

Producers

-

0

.5

%

Vistra

Corp.

40,959

8,541,590

Industrial

Conglomerates

-

0

.7

%

3M

Co.

86,913

12,969,158

Insurance

-

2

.4

%

Aflac,

Inc.

96,903

9,628,282

MetLife,

Inc.(a)

118,881

9,029,012

Principal

Financial

Group,

Inc.

81,918

6,375,678

Prudential

Financial,

Inc.(a)

90,909

9,416,354

Willis

Towers

Watson

plc(a)

30,969

9,780,320

44,229,646

Interactive

Media

&

Services

-

6

.0

%

Alphabet,

Inc.,

Class

A

129,870

24,922,053

Alphabet,

Inc.,

Class

C

104,895

20,230,050

Meta

Platforms,

Inc.,

Class

A

87,912

67,994,657

113,146,760

IT

Services

-

1

.8

%

Accenture

plc,

Class

A

96,903

25,882,791

Amdocs

Ltd.(a)

97,902

8,356,915

34,239,706

Machinery

-

2

.5

%

Caterpillar,

Inc.

57,942

25,379,755

Illinois

Tool

Works,

Inc.

46,953

12,018,559

Parker-Hannifin

Corp.

1,039

760,444

Snap-on,

Inc.

25,974

8,342,589

46,501,347

Investments

Shares

Value

Marine

Transportation

-

0

.2

%

Matson,

Inc.(a)

27,972

$

2,986,850

Media

-

0

.5

%

Nexstar

Media

Group,

Inc.,

Class

A(a)

50,949

9,533,067

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0

.5

%

Starwood

Property

Trust,

Inc.(a)

434,565

8,456,635

Multi-Utilities

-

0

.6

%

Dominion

Energy,

Inc.(a)

182,817

10,685,654

Office

REITs

-

0

.5

%

Kilroy

Realty

Corp.,

REIT(a)

260,739

9,610,840

Oil,

Gas

&

Consumable

Fuels

-

2

.4

%

EOG

Resources,

Inc.

87,912

10,551,198

Exxon

Mobil

Corp.

58,941

6,580,173

Kinetik

Holdings,

Inc.,

Class

A(a)

195,804

8,493,978

Marathon

Petroleum

Corp.

59,940

10,201,189

Scorpio

Tankers,

Inc.

7,992

361,318

Valero

Energy

Corp.(a)

67,932

9,327,743

45,515,599

Paper

&

Forest

Products

-

0

.3

%

Louisiana-Pacific

Corp.(a)

55,944

5,057,897

Pharmaceuticals

-

5

.1

%

Bristol-Myers

Squibb

Co.

315,684

13,672,274

Johnson

&

Johnson

346,653

57,107,615

Merck

&

Co.,

Inc.

87,912

6,867,686

Pfizer,

Inc.

292,707

6,817,146

Zoetis,

Inc.

71,928

10,486,383

94,951,104

Professional

Services

-

2

.8

%

Automatic

Data

Processing,

Inc.

63,936

19,788,192

Booz

Allen

Hamilton

Holding

Corp.

18,981

2,037,231

Broadridge

Financial

Solutions,

Inc.

23,976

5,934,300

Leidos

Holdings,

Inc.

28,971

4,625,220

Paychex,

Inc.(a)

66,933

9,660,440

Paycom

Software,

Inc.

33,966

7,864,487

Robert

Half,

Inc.(a)

90,909

3,355,451

53,265,321

Residential

REITs

-

1

.6

%

AvalonBay

Communities,

Inc.,

REIT

45,954

8,560,311

Equity

Residential,

REIT(a)

130,869

8,270,921

Essex

Property

Trust,

Inc.,

REIT(a)

16,983

4,418,637

Mid-America

Apartment

Communities,

Inc.,

REIT

57,942

8,252,679

29,502,548

Retail

REITs

-

0

.5

%

Brixmor

Property

Group,

Inc.,

REIT

213,786

5,586,228

Kite

Realty

Group

Trust,

REIT(a)

143,856

3,161,955

8,748,183

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Quality

Dividend

Index

Fund

(cont.)

149

Investments

Shares

Value

COMMON

STOCKS

(continued)

Semiconductors

&

Semiconductor

Equipment

-

14

.5

%

Broadcom,

Inc.

235,764

$

69,243,887

KLA

Corp.

20,979

18,441,170

Lam

Research

Corp.

205,794

19,517,503

NVIDIA

Corp.

737,262

131,136,792

QUALCOMM,

Inc.

173,826

25,510,704

Skyworks

Solutions,

Inc.(a)

109,890

7,531,860

271,381,916

Software

-

9

.1

%

Bentley

Systems,

Inc.,

Class

B

183,816

10,657,652

Gen

Digital,

Inc.(a)

323,676

9,545,205

Intuit,

Inc.

43,956

34,511,174

Microsoft

Corp.

201,798

107,659,233

Pegasystems,

Inc.(a)

109,890

6,451,642

Salesforce,

Inc.

3,996

1,032,287

169,857,193

Specialized

REITs

-

0

.9

%

Lamar

Advertising

Co.,

Class

A,

REIT

69,930

8,548,942

Public

Storage,

REIT

32,967

8,965,046

17,513,988

Specialty

Retail

-

2

.3

%

Bath

&

Body

Works,

Inc.

124,875

3,616,380

Best

Buy

Co.,

Inc.

125,874

8,189,362

Home

Depot,

Inc.

(The)

7,992

2,937,140

Lowe's

Cos.,

Inc.

83,916

18,761,100

TJX

Cos.,

Inc.

(The)

2,997

373,216

Williams-Sonoma,

Inc.(a)

47,952

8,969,422

42,846,620

Technology

Hardware,

Storage

&

Peripherals

-

7

.4

%

Apple,

Inc.

641,358

133,126,680

NetApp,

Inc.

48,951

5,097,268

138,223,948

Textiles,

Apparel

&

Luxury

Goods

-

2

.2

%

Kontoor

Brands,

Inc.(a)

106,893

5,949,664

NIKE,

Inc.,

Class

B

185,814

13,878,448

Ralph

Lauren

Corp.

32,967

9,848,891

Tapestry,

Inc.

108,891

11,763,495

41,440,498

Tobacco

-

2

.9

%

Altria

Group,

Inc.

269,730

16,707,076

Philip

Morris

International,

Inc.

226,773

37,202,111

53,909,187

Trading

Companies

&

Distributors

-

0

.6

%

Fastenal

Co.(a)

250,749

11,567,051

Total

Common

Stocks

(Cost

$1,378,419,380)

1,858,608,165

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

-

6

.5

%

(b)

CERTIFICATES

OF

DEPOSIT

-

0

.8

%

Bank

of

Montreal,

Chicago

(SOFR

+

0.31%),

4.63%,

5/29/2026(c)

$

1,000,000

$

999,808

Bank

of

Nova

Scotia,

Houston

(SOFR

+

0.34%),

4.66%,

7/1/2026(c)

1,000,000

999,985

Barclays

Bank

plc,

New

York

(SOFR

+

0.35%),

4.71%,

10/15/2025(c)

1,000,000

1,000,144

BNP

Paribas,

New

York

(SOFR

+

0.24%),

4.56%,

12/1/2025(c)

1,000,000

1,000,072

Canadian

Imperial

Bank

of

Commerce,

New

York

(SOFR

+

0.24%),

4.56%,

12/17/2025(c)

1,000,000

999,919

Credit

Agricole

CIB,

New

York

(SOFR

+

0.31%),

4.63%,

10/31/2025(c)

1,000,000

1,000,076

MUFG

Bank

Ltd.,

New

York

Branch

(SOFR

+

0.19%),

4.55%,

9/8/2025(c)

1,000,000

1,000,000

Natixis

SA,

New

York

4.47%,

12/11/2025

1,000,000

1,000,119

Oversea-Chinese

Banking

Corp.

Ltd.,

New

York

(SOFR

+

0.32%),

4.68%,

10/17/2025(c)

1,000,000

1,000,241

Sumitomo

Mitsui

Banking

Corp.,

New

York

(SOFR

+

0.23%),

4.59%,

10/1/2025(c)

1,000,000

1,000,086

Sumitomo

Mitsui

Trust

Bank

Ltd.,

London

4.50%,

10/6/2025

1,000,000

1,000,250

Sumitomo

Mitsui

Trust

Bank

Ltd.,

New

York

(SOFR

+

0.29%),

4.61%,

11/7/2025(c)

1,000,000

1,000,214

Toronto-Dominion

Bank,

New

York

(SOFR

+

0.36%),

4.72%,

5/8/2026(c)

2,000,000

2,000,896

Westpac

Banking

Corp.,

New

York

(SOFR

+

0.33%),

4.65%,

9/11/2025(c)

1,000,000

1,000,000

Total

Certificates

of

Deposit

(Cost

$15,000,000)

15,001,810

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Quality

Dividend

Index

Fund

(cont.)

150

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

REPURCHASE

AGREEMENTS

-

5

.7

%

BofA

Securities,

Inc.

4.78%,

dated

7/31/2025,

due

10/31/2025,

repurchase

price

$8,097,724,

collateralized

by

various

Common

Stocks,

U.S.

Treasury

Securities,

4.13%,

3/31/2029;

;

total

market

value

$8,780,312

$

8,000,000

$

8,000,000

CF

Secured

LLC

4.34%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$10,540,591,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

8/15/2025

-

2/15/2054;

total

market

value

$10,707,726

10,539,320

10,539,320

Citigroup

Global

Markets,

Inc.

4.36%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$5,000,606,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

1.88%

-

4.13%,

maturing

2/28/2027

-

2/28/2030;

total

market

value

$5,048,181

5,000,000

5,000,000

MetLife,

Inc.

4.36%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$23,002,786,

collateralized

by

various

U.S.

Treasury

Securities,

0.00%,

5/15/2046;

;

total

market

value

$23,412,662

23,000,000

23,000,000

National

Bank

of

Canada

Financial

Inc.

4.47%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$20,002,483,

collateralized

by

various

Common

Stocks;

total

market

value

$22,091,037

20,000,000

20,000,000

TD

Prime

Services

LLC

4.43%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$11,001,354,

collateralized

by

various

Common

Stocks;

total

market

value

$11,958,074

11,000,000

11,000,000

TD

Prime

Services

LLC

4.63%,

dated

7/31/2025,

due

9/4/2025,

repurchase

price

$2,009,003,

collateralized

by

various

Common

Stocks;

total

market

value

$2,174,195

2,000,000

2,000,000

Investments

Principal

Amount

Value

REPURCHASE

AGREEMENTS

(continued)

The

Bank

of

Nova

Scotia,

Toronto

4.46%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$27,003,345,

collateralized

by

various

Common

Stocks;

total

market

value

$29,792,420

$

27,000,000

$

27,000,000

Total

Repurchase

Agreements

(Cost

$106,539,320)

106,539,320

Total

Securities

Lending

Reinvestments

(Cost

$121,539,320)

121,541,130

Total

Investments

-

105.8%

(Cost

$1,499,958,700)

1,980,149,295

Liabilities

in

excess

of

other

assets

-

(5.8%)

(108,536,543)

NET

ASSETS

-

100.0%

$1,871,612,752

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2025.

The

total

value

of

securities

on

loan

at

July

31,

2025

was

$163,507,041,

collateralized

in

the

form

of

cash

with

a

value

of

$121,539,320

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$43,919,338

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

August

7,

2025

–

November

15,

2054

and

$3,263,542

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.13%

–

4.50%,

and

maturity

dates

ranging

from

March

22,

2034

–

July

22,

2052;

a

total

value

of

$168,722,200.

(b)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2025.

The

total

value

of

securities

purchased

was

$121,541,130.

(c)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

is

the

rate

in

effect

as

of

July

31,

2025.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

REIT

—

Real

Estate

Investment

Trust

SOFR

—

Secured

Overnight

Financing

Rate

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Quality

Dividend

Index

Fund

(cont.)

151

Futures

Contracts

FlexShares

®

Quality

Dividend

Index

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2025:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

S&P

500

E-Mini

Index

32

09/19/2025

USD

$

10,198,800

$

421,100

S&P

Midcap

400

E-Mini

Index

8

09/19/2025

USD

2,532,080

70,899

$

491,999

Abbreviations:

USD

—

US

Dollar

Security

Type

%

of

Net

Assets

Common

Stocks

99‌

.3

%

Securities

Lending

Reinvestments

6‌

.5

Others

(1)

(

5‌

.8

)

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

152

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares

®

Quality

Dividend

Defensive

Index

Fund

July

31,

2025

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

98

.8

%

Aerospace

&

Defense

-

0

.8

%

Lockheed

Martin

Corp.

8,126

$

3,420,884

Air

Freight

&

Logistics

-

1

.1

%

CH

Robinson

Worldwide,

Inc.

21,988

2,535,656

Expeditors

International

of

Washington,

Inc.

15,057

1,750,226

United

Parcel

Service,

Inc.,

Class

B

9,799

844,282

5,130,164

Banks

-

5

.1

%

Bank

of

America

Corp.

5,019

237,248

Cullen/Frost

Bankers,

Inc.

16,730

2,131,569

East

West

Bancorp,

Inc.

23,422

2,348,055

JPMorgan

Chase

&

Co.

31,787

9,416,581

Popular,

Inc.

21,032

2,409,847

Prosperity

Bancshares,

Inc.

30,114

2,006,195

Truist

Financial

Corp.(a)

54,731

2,392,292

UMB

Financial

Corp.

19,120

2,103,009

23,044,796

Biotechnology

-

4

.8

%

AbbVie,

Inc.

66,920

12,649,218

Amgen,

Inc.

11,950

3,526,445

Gilead

Sciences,

Inc.

47,083

5,286,950

21,462,613

Broadline

Retail

-

1

.1

%

Dillard's,

Inc.,

Class

A(a)

3,585

1,673,944

eBay,

Inc.

33,460

3,069,955

4,743,899

Building

Products

-

1

.4

%

Carlisle

Cos.,

Inc.

5,019

1,780,289

Masco

Corp.

11,950

814,154

Trane

Technologies

plc

8,365

3,664,539

6,258,982

Capital

Markets

-

0

.7

%

Bank

of

New

York

Mellon

Corp.

(The)

29,158

2,958,079

Chemicals

-

0

.5

%

CF

Industries

Holdings,

Inc.

25,573

2,373,942

Commercial

Services

&

Supplies

-

0

.1

%

Rollins,

Inc.

10,516

602,251

Communications

Equipment

-

0

.6

%

Motorola

Solutions,

Inc.

6,214

2,727,822

Consumer

Finance

-

0

.5

%

OneMain

Holdings,

Inc.

38,479

2,223,701

Consumer

Staples

Distribution

&

Retail

-

0

.5

%

Costco

Wholesale

Corp.

1,195

1,122,870

Investments

Shares

Value

Consumer

Staples

Distribution

&

Retail

(continued)

Walmart,

Inc.

11,711

$

1,147,444

2,270,314

Containers

&

Packaging

-

0

.4

%

Avery

Dennison

Corp.

11,233

1,884,560

Diversified

Consumer

Services

-

0

.5

%

H&R

Block,

Inc.

38,240

2,077,962

Diversified

Telecommunication

Services

-

0

.5

%

Iridium

Communications,

Inc.(a)

84,367

2,063,617

Electric

Utilities

-

2

.4

%

Duke

Energy

Corp.

28,680

3,488,635

Evergy,

Inc.

33,460

2,368,968

FirstEnergy

Corp.(a)

54,014

2,306,938

PPL

Corp.(a)

66,920

2,388,375

10,552,916

Entertainment

-

0

.5

%

Electronic

Arts,

Inc.

16,013

2,441,822

Financial

Services

-

2

.2

%

Fidelity

National

Information

Services,

Inc.

28,202

2,239,521

Mastercard,

Inc.,

Class

A

2,629

1,489,250

MGIC

Investment

Corp.

81,021

2,098,444

Visa,

Inc.,

Class

A

6,692

2,311,885

Western

Union

Co.

(The)(a)

217,729

1,752,718

9,891,818

Food

Products

-

0

.8

%

Cal-Maine

Foods,

Inc.

21,510

2,390,621

General

Mills,

Inc.(a)

1,673

81,944

Kellanova

12,906

1,030,286

3,502,851

Gas

Utilities

-

0

.5

%

National

Fuel

Gas

Co.

26,529

2,302,452

Ground

Transportation

-

0

.4

%

Landstar

System,

Inc.

11,711

1,561,896

Health

Care

Equipment

&

Supplies

-

0

.6

%

ResMed,

Inc.

9,560

2,599,746

Health

Care

Providers

&

Services

-

1

.4

%

Cencora,

Inc.

7,887

2,256,313

Chemed

Corp.

1,434

591,238

McKesson

Corp.

4,780

3,315,121

6,162,672

Hotel

&

Resort

REITs

-

0

.5

%

Apple

Hospitality

REIT,

Inc.,

REIT(a)

177,577

2,086,530

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Quality

Dividend

Defensive

Index

Fund

(cont.)

153

Investments

Shares

Value

COMMON

STOCKS

(continued)

Hotels,

Restaurants

&

Leisure

-

1

.6

%

Domino's

Pizza,

Inc.

4,541

$

2,103,437

Vail

Resorts,

Inc.

14,340

2,154,728

Wendy's

Co.

(The)

76,241

750,974

Yum!

Brands,

Inc.

16,491

2,377,178

7,386,317

Household

Products

-

3

.4

%

Colgate-Palmolive

Co.

15,057

1,262,530

Kimberly-Clark

Corp.

17,686

2,204,029

Procter

&

Gamble

Co.

(The)

79,826

12,011,418

15,477,977

Independent

Power

and

Renewable

Electricity

Producers

-

0

.6

%

AES

Corp.

(The)(a)

166,105

2,184,281

Vistra

Corp.

2,868

598,092

2,782,373

Industrial

Conglomerates

-

0

.7

%

3M

Co.

20,554

3,067,068

Industrial

REITs

-

0

.5

%

STAG

Industrial,

Inc.,

REIT(a)

60,706

2,084,037

Insurance

-

3

.0

%

Aflac,

Inc.

23,661

2,350,957

American

Financial

Group,

Inc.

17,208

2,149,279

American

International

Group,

Inc.(a)

30,114

2,337,750

MetLife,

Inc.(a)

31,070

2,359,767

Unum

Group(a)

27,246

1,956,535

Willis

Towers

Watson

plc(a)

7,648

2,415,315

13,569,603

Interactive

Media

&

Services

-

4

.7

%

Alphabet,

Inc.,

Class

A

31,548

6,054,061

Alphabet,

Inc.,

Class

C

25,573

4,932,009

Meta

Platforms,

Inc.,

Class

A

13,384

10,351,721

21,337,791

IT

Services

-

0

.5

%

Amdocs

Ltd.

24,139

2,060,505

Leisure

Products

-

0

.6

%

Hasbro,

Inc.

32,743

2,460,964

Machinery

-

1

.3

%

Allison

Transmission

Holdings,

Inc.(a)

15,535

1,399,238

Illinois

Tool

Works,

Inc.

10,994

2,814,134

Toro

Co.

(The)

21,749

1,614,863

5,828,235

Metals

&

Mining

-

1

.1

%

Newmont

Corp.

51,385

3,191,008

Royal

Gold,

Inc.(a)

12,906

1,954,227

5,145,235

Investments

Shares

Value

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0

.6

%

Rithm

Capital

Corp.

47,561

$

572,159

Starwood

Property

Trust,

Inc.(a)

106,355

2,069,668

2,641,827

Multi-Utilities

-

0

.7

%

Consolidated

Edison,

Inc.

6,692

692,622

Dominion

Energy,

Inc.

44,215

2,584,367

3,276,989

Office

REITs

-

0

.5

%

Kilroy

Realty

Corp.,

REIT(a)

62,140

2,290,480

Oil,

Gas

&

Consumable

Fuels

-

2

.0

%

Cheniere

Energy,

Inc.

10,755

2,536,889

EOG

Resources,

Inc.

22,705

2,725,054

Exxon

Mobil

Corp.

14,101

1,574,236

Scorpio

Tankers,

Inc.

50,429

2,279,895

9,116,074

Pharmaceuticals

-

5

.6

%

Bristol-Myers

Squibb

Co.

76,719

3,322,700

Johnson

&

Johnson

82,694

13,623,010

Merck

&

Co.,

Inc.

93,927

7,337,577

Pfizer,

Inc.

39,913

929,574

Zoetis,

Inc.

956

139,375

25,352,236

Professional

Services

-

3

.0

%

Automatic

Data

Processing,

Inc.

15,535

4,808,083

Booz

Allen

Hamilton

Holding

Corp.

17,208

1,846,935

Leidos

Holdings,

Inc.

14,340

2,289,381

Paychex,

Inc.

16,013

2,311,156

Verisk

Analytics,

Inc.(a)

8,126

2,264,797

13,520,352

Residential

REITs

-

1

.8

%

AvalonBay

Communities,

Inc.,

REIT(a)

11,233

2,092,483

Equity

Residential,

REIT(a)

32,026

2,024,043

Essex

Property

Trust,

Inc.,

REIT(a)

7,887

2,052,040

Mid-America

Apartment

Communities,

Inc.,

REIT

14,101

2,008,406

8,176,972

Retail

REITs

-

0

.5

%

Regency

Centers

Corp.,

REIT

30,353

2,167,204

Semiconductors

&

Semiconductor

Equipment

-

14

.3

%

Broadcom,

Inc.

80,065

23,515,090

KLA

Corp.

5,019

4,411,852

NVIDIA

Corp.

170,885

30,395,315

QUALCOMM,

Inc.

41,108

6,033,010

64,355,267

Software

-

8

.4

%

Bentley

Systems,

Inc.,

Class

B

45,171

2,619,015

Gen

Digital,

Inc.

78,631

2,318,828

Intuit,

Inc.

7,887

6,192,320

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Quality

Dividend

Defensive

Index

Fund

(cont.)

154

Investments

Shares

Value

COMMON

STOCKS

(continued)

Software

(continued)

Microsoft

Corp.

48,995

$

26,138,832

Pegasystems,

Inc.(a)

10,994

645,458

Salesforce,

Inc.

239

61,741

37,976,194

Specialized

REITs

-

0

.5

%

Public

Storage,

REIT

8,126

2,209,784

Specialty

Retail

-

2

.7

%

Best

Buy

Co.,

Inc.

25,095

1,632,681

Home

Depot,

Inc.

(The)

1,912

702,679

Lowe's

Cos.,

Inc.

21,271

4,755,557

TJX

Cos.,

Inc.

(The)

42,064

5,238,230

12,329,147

Technology

Hardware,

Storage

&

Peripherals

-

6

.5

%

Apple,

Inc.

139,815

29,021,400

Textiles,

Apparel

&

Luxury

Goods

-

1

.1

%

Kontoor

Brands,

Inc.(a)

29,875

1,662,843

NIKE,

Inc.,

Class

B

44,454

3,320,269

4,983,112

Tobacco

-

3

.0

%

Altria

Group,

Inc.

64,530

3,996,988

Philip

Morris

International,

Inc.

58,794

9,645,156

13,642,144

Trading

Companies

&

Distributors

-

0

.7

%

Fastenal

Co.

60,228

2,778,317

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

5,019

434,746

3,213,063

Wireless

Telecommunication

Services

-

1

.0

%

T-Mobile

US,

Inc.(a)

19,598

4,672,359

Total

Common

Stocks

(Cost

$347,953,336)

444,490,998

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

6

.3

%

(b)

REPURCHASE

AGREEMENTS

-

6

.3

%

BofA

Securities,

Inc.

4.78%,

dated

7/31/2025,

due

10/31/2025,

repurchase

price

$1,012,216,

collateralized

by

various

Common

Stocks,

U.S.

Treasury

Securities,

4.13%,

3/31/2029;

;

total

market

value

$1,097,539

$

1,000,000

1,000,000

Investments

Principal

Amount

Value

REPURCHASE

AGREEMENTS

(continued)

CF

Secured

LLC

4.34%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$9,157,247,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

8/15/2025

-

2/15/2054;

total

market

value

$9,302,447

$

9,156,143

$

9,156,143

Citigroup

Global

Markets,

Inc.

4.36%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$10,001,211,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

1.88%

-

4.13%,

maturing

2/28/2027

-

2/28/2030;

total

market

value

$10,096,362

10,000,000

10,000,000

National

Bank

of

Canada

Financial

Inc.

4.47%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$1,000,124,

collateralized

by

various

Common

Stocks;

total

market

value

$1,104,552

1,000,000

1,000,000

TD

Prime

Services

LLC

4.43%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$1,000,123,

collateralized

by

various

Common

Stocks;

total

market

value

$1,086,705

1,000,000

1,000,000

The

Bank

of

Nova

Scotia,

Toronto

4.46%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$6,000,743,

collateralized

by

various

Common

Stocks;

total

market

value

$6,620,538

6,000,000

6,000,000

28,156,143

Total

Securities

Lending

Reinvestments

(Cost

$28,156,143)

28,156,143

Total

Investments

-

105.1%

(Cost

$376,109,479)

472,647,141

Liabilities

in

excess

of

other

assets

-

(5.1%)

(23,053,593)

NET

ASSETS

-

100.0%

$449,593,548

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Quality

Dividend

Defensive

Index

Fund

(cont.)

155

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2025.

The

total

value

of

securities

on

loan

at

July

31,

2025

was

$30,926,245,

collateralized

in

the

form

of

cash

with

a

value

of

$28,156,143

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$3,102,309

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

August

7,

2025

–

November

15,

2054

and

$642,178

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.13%

–

4.50%,

and

maturity

dates

ranging

from

March

22,

2034

–

July

22,

2052;

a

total

value

of

$31,900,630.

(b)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2025.

The

total

value

of

securities

purchased

was

$28,156,143.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

REIT

—

Real

Estate

Investment

Trust

Futures

Contracts

FlexShares

®

Quality

Dividend

Defensive

Index

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2025:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

S&P

500

E-Mini

Index

9

09/19/2025

USD

$

2,868,412

$

125,989

S&P

500

Micro

E-Mini

Index

70

09/19/2025

USD

2,230,988

97,500

$

223,489

Abbreviations:

USD

—

US

Dollar

Security

Type

%

of

Net

Assets

Common

Stocks

98‌

.8

%

Securities

Lending

Reinvestments

6‌

.3

Others

(1)

(

5‌

.1

)

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

156

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares

®

International

Quality

Dividend

Index

Fund

July

31,

2025

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

98

.0

%

Air

Freight

&

Logistics

-

1

.6

%

Deutsche

Post

AG

132,050

$

5,962,387

Sinotrans

Ltd.,

Class

H(a)

10,564,000

5,867,394

11,829,781

Automobile

Components

-

0

.3

%

Magna

International,

Inc.

47,260

1,942,290

Automobiles

-

1

.9

%

Dr

Ing

hc

F

Porsche

AG

(Preference)

(b)

17,236

880,634

Hero

MotoCorp

Ltd.

108,698

5,286,943

Isuzu

Motors

Ltd.

123,500

1,598,168

Kia

Corp.

15,568

1,148,404

Mercedes-Benz

Group

AG

44,758

2,566,511

Subaru

Corp.(a)

177,100

3,270,869

14,751,529

Banks

-

18

.6

%

ANZ

Group

Holdings

Ltd.

113,702

2,248,920

Bank

Leumi

Le-Israel

BM

78,118

1,452,250

Bank

Mandiri

Persero

Tbk.

PT

5,254,200

1,440,075

Bank

of

Nova

Scotia

(The)

22,240

1,240,086

Bank

Polska

Kasa

Opieki

SA

117,038

6,416,090

Bank

Rakyat

Indonesia

Persero

Tbk.

PT

11,731,600

2,645,046

Barclays

plc

807,312

3,966,807

BNP

Paribas

SA

66,720

6,113,732

BOC

Hong

Kong

Holdings

Ltd.

1,361,000

6,120,166

CaixaBank

SA(a)

744,484

7,029,818

Canara

Bank

232,408

284,545

Danske

Bank

A/S

55,044

2,199,278

DNB

Bank

ASA

23,074

587,977

FinecoBank

Banca

Fineco

SpA

267,714

5,736,034

Grupo

Cibest

SA

(Preference)

149,008

1,638,500

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

667,200

5,957,440

Hang

Seng

Bank

Ltd.(a)

120,100

1,753,307

HSBC

Holdings

plc

1,077,250

13,155,241

ING

Bank

Slaski

SA

18,904

1,688,400

ING

Groep

NV

205,164

4,811,471

Intesa

Sanpaolo

SpA

943,532

5,718,174

Japan

Post

Bank

Co.

Ltd.

27,800

313,107

KBC

Group

NV

62,828

6,598,442

Komercni

Banka

A/S

31,414

1,504,517

Mitsubishi

UFJ

Financial

Group,

Inc.

305,800

4,288,454

National

Bank

of

Canada(a)

3,058

318,795

Nordea

Bank

Abp

455,086

6,667,119

Royal

Bank

of

Canada(a)

89,238

11,475,624

Santander

Bank

Polska

SA

39,476

5,808,279

Sberbank

of

Russia

PJSC*‡

1,227,390

—

Skandinaviska

Enskilda

Banken

AB,

Class

A

361,400

6,346,847

Investments

Shares

Value

Banks

(continued)

Sumitomo

Mitsui

Financial

Group,

Inc.

114,800

$

2,940,656

Swedbank

AB,

Class

A

230,462

6,165,457

Toronto-Dominion

Bank

(The)

84,234

6,148,707

140,779,361

Beverages

-

0

.2

%

Budweiser

Brewing

Co.

APAC

Ltd.

(a)(b)

1,278,800

1,345,591

Broadline

Retail

-

0

.7

%

Alibaba

Group

Holding

Ltd.,

ADR(a)

33,082

3,990,682

Next

plc

9,174

1,494,485

5,485,167

Capital

Markets

-

2

.0

%

Brookfield

Asset

Management

Ltd.,

Class

A(a)

93,130

5,755,327

Daiwa

Securities

Group,

Inc.

250,200

1,757,277

Julius

Baer

Group

Ltd.

25,298

1,720,283

Moscow

Exchange

MICEX-RTS

PJSC*‡

775,590

—

Nomura

Holdings,

Inc.

317,100

2,117,582

Partners

Group

Holding

AG(a)

2,933

3,978,449

15,328,918

Chemicals

-

2

.0

%

Evonik

Industries

AG

248,254

4,963,910

Fertiglobe

plc

6,340,346

4,488,007

Nitto

Denko

Corp.

93,900

1,959,799

Shin-Etsu

Chemical

Co.

Ltd.

132,900

3,881,162

15,292,878

Construction

&

Engineering

-

0

.2

%

Bouygues

SA

44,480

1,840,381

Consumer

Staples

Distribution

&

Retail

-

0

.4

%

Carrefour

SA

103,972

1,495,844

Coles

Group

Ltd.

142,614

1,904,389

3,400,233

Diversified

Telecommunication

Services

-

3

.1

%

BCE,

Inc.

92,018

2,146,780

Elisa

OYJ

8,618

445,446

Emirates

Integrated

Telecommunications

Co.

PJSC

2,258,750

6,149,438

Koninklijke

KPN

NV

783,960

3,517,343

Orange

SA

152,344

2,326,905

Telefonica

SA(a)

388,366

2,010,938

Telenor

ASA

115,648

1,783,011

Telia

Co.

AB(a)

458,978

1,627,618

Telstra

Group

Ltd.

609,654

1,950,853

TELUS

Corp.

105,918

1,709,949

23,668,281

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

International

Quality

Dividend

Index

Fund

(cont.)

157

Investments

Shares

Value

COMMON

STOCKS

(continued)

Electric

Utilities

-

2

.7

%

Emera,

Inc.(a)

41,700

$

1,962,318

Enel

SpA

1,064,184

9,418,885

Fortum

OYJ(a)

328,874

6,056,481

Origin

Energy

Ltd.

246,864

1,854,869

Power

Grid

Corp.

of

India

Ltd.

269,104

893,954

20,186,507

Electronic

Equipment,

Instruments

&

Components

-

0

.1

%

Largan

Precision

Co.

Ltd.

5,000

396,181

Entertainment

-

1

.0

%

Nintendo

Co.

Ltd.

91,000

7,673,278

Financial

Services

-

2

.5

%

Banca

Mediolanum

SpA

333,322

5,913,307

Chailease

Holding

Co.

Ltd.

1,188,651

4,619,600

FirstRand

Ltd.

122,876

526,364

ORIX

Corp.

205,800

4,649,457

REC

Ltd.

710,290

3,204,459

18,913,187

Food

Products

-

1

.6

%

China

Feihe

Ltd.(b)

1,946,000

1,157,684

Nestle

SA

(Registered)

99,524

8,713,942

Want

Want

China

Holdings

Ltd.

1,668,000

1,204,785

WH

Group

Ltd.(b)

834,000

840,374

11,916,785

Gas

Utilities

-

1

.8

%

China

Gas

Holdings

Ltd.

5,838,000

6,135,478

Grupo

Energia

Bogota

SA

ESP

7,813,746

5,534,173

Hong

Kong

&

China

Gas

Co.

Ltd.

1,946,000

1,737,766

13,407,417

Ground

Transportation

-

0

.0

%

(c)

Canadian

National

Railway

Co.

1,946

182,108

Hotels,

Restaurants

&

Leisure

-

1

.4

%

Evolution

AB(b)

45,870

4,100,185

OPAP

SA

246,030

5,536,131

Sodexo

SA

15,846

948,541

10,584,857

Household

Durables

-

0

.7

%

Nien

Made

Enterprise

Co.

Ltd.

355,023

5,108,715

Sony

Group

Corp.

21,400

523,571

5,632,286

Household

Products

-

0

.3

%

Unilever

Indonesia

Tbk.

PT

24,352,800

2,530,738

Independent

Power

and

Renewable

Electricity

Producers

-

0

.0

%

Unipro

PAO*‡

125,500,000

—

Investments

Shares

Value

Industrial

Conglomerates

-

1

.5

%

Astra

International

Tbk.

PT

15,234,400

$

4,721,692

Hitachi

Ltd.

166,800

5,205,884

Siemens

AG

(Registered)

5,282

1,359,636

11,287,212

Insurance

-

3

.6

%

Admiral

Group

plc

40,310

1,823,306

Allianz

SE

(Registered)

1,112

441,895

BB

Seguridade

Participacoes

SA

834,000

5,020,193

Legal

&

General

Group

plc

587,414

1,996,246

Manulife

Financial

Corp.(a)

116,204

3,603,244

New

China

Life

Insurance

Co.

Ltd.,

Class

H(a)

1,362,200

8,728,492

Powszechny

Zaklad

Ubezpieczen

SA

343,052

5,789,806

27,403,182

Interactive

Media

&

Services

-

1

.1

%

Tencent

Holdings

Ltd.

114,200

8,001,274

IT

Services

-

1

.3

%

HCL

Technologies

Ltd.

301,074

5,045,124

Infosys

Ltd.

68,110

1,173,281

Nomura

Research

Institute

Ltd.

83,400

3,335,557

9,553,962

Leisure

Products

-

0

.0

%

(c)

Shimano,

Inc.

800

88,109

Machinery

-

1

.3

%

Komatsu

Ltd.

64,700

2,091,535

Kone

OYJ,

Class

B

95,076

5,869,710

Weichai

Power

Co.

Ltd.,

Class

H

834,000

1,767,867

9,729,112

Marine

Transportation

-

3

.0

%

AP

Moller

-

Maersk

A/S,

Class

A

73

144,212

AP

Moller

-

Maersk

A/S,

Class

B(a)

2,914

5,808,022

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H(a)

3,058,000

5,593,997

Evergreen

Marine

Corp.

Taiwan

Ltd.

639,000

4,238,948

Kawasaki

Kisen

Kaisha

Ltd.(a)

147,200

2,095,591

Orient

Overseas

International

Ltd.

278,000

5,011,083

22,891,853

Media

-

0

.5

%

WPP

plc

710,846

3,856,862

Metals

&

Mining

-

5

.4

%

BHP

Group

Ltd.(a)

642,180

16,228,603

China

Hongqiao

Group

Ltd.(a)

2,919,000

7,734,420

Fortescue

Ltd.(a)

536,540

6,138,669

GMK

Norilskiy

Nickel

PAO*‡

1,631,500

—

JFE

Holdings,

Inc.(a)

139,000

1,615,871

Kumba

Iron

Ore

Ltd.(a)

310,804

5,177,403

Rio

Tinto

plc

73,392

4,373,948

Severstal

PAO‡

58,985

—

41,268,914

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

International

Quality

Dividend

Index

Fund

(cont.)

158

Investments

Shares

Value

COMMON

STOCKS

(continued)

Multi-Utilities

-

0

.4

%

Engie

SA

118,150

$

2,653,185

Oil,

Gas

&

Consumable

Fuels

-

6

.8

%

Alamtri

Resources

Indonesia

Tbk.

PT

41,533,200

4,669,488

BP

plc

46,982

251,648

Canadian

Natural

Resources

Ltd.(a)

136,776

4,339,080

China

Shenhua

Energy

Co.

Ltd.,

Class

H(a)

1,189,500

5,159,551

Coal

India

Ltd.

360,288

1,547,903

Eni

SpA

159,294

2,718,390

Equinor

ASA

125,934

3,275,144

Indian

Oil

Corp.

Ltd.*

907,114

1,507,943

PetroChina

Co.

Ltd.,

Class

H

2,338,000

2,284,390

PTT

Exploration

&

Production

PCL,

NVDR

556,000

2,143,697

Repsol

SA(a)

142,336

2,163,454

Shell

plc

62,828

2,254,019

TotalEnergies

SE

87,570

5,213,873

Turkiye

Petrol

Rafinerileri

A/S

452,862

1,884,275

United

Tractors

Tbk.

PT

4,058,800

5,956,853

Var

Energi

ASA

535,428

1,854,904

Woodside

Energy

Group

Ltd.(a)

155,124

2,655,719

Yankuang

Energy

Group

Co.

Ltd.,

Class

H(a)

1,356,000

1,547,740

51,428,071

Paper

&

Forest

Products

-

0

.1

%

UPM-Kymmene

OYJ

28,078

731,109

Passenger

Airlines

-

1

.5

%

Cathay

Pacific

Airways

Ltd.(a)

4,085,000

6,088,471

Singapore

Airlines

Ltd.

1,056,400

5,537,072

11,625,543

Personal

Care

Products

-

0

.5

%

L'Oreal

SA

8,062

3,592,674

Unilever

plc

9,452

551,366

4,144,040

Pharmaceuticals

-

6

.0

%

AstraZeneca

plc

20,016

2,999,521

Chugai

Pharmaceutical

Co.

Ltd.

27,800

1,359,567

Daiichi

Sankyo

Co.

Ltd.

171,300

4,234,267

Novartis

AG

(Registered)

162,352

18,831,272

Novo

Nordisk

A/S,

Class

B(a)

76,172

3,674,332

Roche

Holding

AG

556

186,783

Roche

Holding

AG

-

BR

40,032

12,674,376

Sanofi

SA

1,946

175,600

Takeda

Pharmaceutical

Co.

Ltd.

39,000

1,088,408

45,224,126

Professional

Services

-

2

.1

%

Bureau

Veritas

SA(a)

166,244

5,145,024

Intertek

Group

plc

80,342

5,252,237

Randstad

NV

35,584

1,704,046

Investments

Shares

Value

Professional

Services

(continued)

SGS

SA

(Registered)

34,194

$

3,486,563

15,587,870

Real

Estate

Management

&

Development

-

1

.8

%

China

Resources

Land

Ltd.

1,668,000

6,130,165

CK

Asset

Holdings

Ltd.

1,251,000

5,745,038

Henderson

Land

Development

Co.

Ltd.(a)

496,000

1,737,580

13,612,783

Semiconductors

&

Semiconductor

Equipment

-

6

.8

%

ASML

Holding

NV

5,560

3,901,583

BE

Semiconductor

Industries

NV

2,502

341,062

MediaTek,

Inc.

196,688

9,027,978

Novatek

Microelectronics

Corp.

324,770

5,168,465

Realtek

Semiconductor

Corp.

90,947

1,752,057

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

538,447

20,926,326

Tokyo

Electron

Ltd.

57,800

10,496,522

51,613,993

Software

-

1

.6

%

Nemetschek

SE

38,364

5,756,538

Open

Text

Corp.(a)

50,596

1,492,391

Oracle

Financial

Services

Software

Ltd.

8,896

860,670

SAP

SE

15,290

4,389,042

12,498,641

Specialty

Retail

-

2

.3

%

Chow

Tai

Fook

Jewellery

Group

Ltd.

(a)

3,892,000

6,524,678

Fast

Retailing

Co.

Ltd.

600

184,910

H

&

M

Hennes

&

Mauritz

AB,

Class

B(a)

113,702

1,541,882

Industria

de

Diseno

Textil

SA

138,444

6,640,894

Jarir

Marketing

Co.

631,338

2,162,750

17,055,114

Technology

Hardware,

Storage

&

Peripherals

-

0

.7

%

Catcher

Technology

Co.

Ltd.

192,000

1,363,732

Lite-On

Technology

Corp.

471,000

1,877,846

Samsung

Electronics

Co.

Ltd.

38,364

1,975,187

5,216,765

Textiles,

Apparel

&

Luxury

Goods

-

1

.1

%

Bosideng

International

Holdings

Ltd.

9,220,000

5,261,860

Cie

Financiere

Richemont

SA

(Registered)

2,224

365,349

Feng

TAY

Enterprise

Co.

Ltd.

32,123

128,072

LVMH

Moet

Hennessy

Louis

Vuitton

SE

3,465

1,873,277

Shenzhou

International

Group

Holdings

Ltd.

139,000

1,006,643

8,635,201

Tobacco

-

2

.1

%

British

American

Tobacco

plc

130,660

6,985,520

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

International

Quality

Dividend

Index

Fund

(cont.)

159

Investments

Shares

Value

COMMON

STOCKS

(continued)

Tobacco

(continued)

Imperial

Brands

plc

170,692

$

6,672,650

Japan

Tobacco,

Inc.

78,000

2,237,975

15,896,145

Trading

Companies

&

Distributors

-

2

.2

%

ITOCHU

Corp.

153,200

8,075,588

Marubeni

Corp.

111,200

2,300,180

Mitsubishi

Corp.(a)

147,700

2,932,507

Mitsui

&

Co.

Ltd.

66,000

1,359,513

Sumitomo

Corp.(a)

83,400

2,139,101

16,806,889

Wireless

Telecommunication

Services

-

1

.2

%

KDDI

Corp.

45,800

756,410

Tele2

AB,

Class

B

392,536

6,085,237

Vodafone

Group

plc

2,043,022

2,217,520

9,059,167

Total

Common

Stocks

(Cost

$625,639,732)

742,956,876

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

3

.1

%

(d)

REPURCHASE

AGREEMENTS

-

3

.1

%

CF

Secured

LLC

4.34%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$19,147,023,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

8/15/2025

-

2/15/2054;

total

market

value

$19,450,625

$

19,144,715

19,144,715

Citigroup

Global

Markets,

Inc.

4.36%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$1,000,121,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

1.88%

-

4.13%,

maturing

2/28/2027

-

2/28/2030;

total

market

value

$1,009,636

1,000,000

1,000,000

National

Bank

of

Canada

Financial

Inc.

4.47%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$1,000,124,

collateralized

by

various

Common

Stocks;

total

market

value

$1,104,552

1,000,000

1,000,000

Investments

Principal

Amount

Value

REPURCHASE

AGREEMENTS

(continued)

TD

Prime

Services

LLC

4.43%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$2,000,246,

collateralized

by

various

Common

Stocks;

total

market

value

$2,173,410

$

2,000,000

$

2,000,000

23,144,715

Total

Securities

Lending

Reinvestments

(Cost

$23,144,715)

23,144,715

Total

Investments

-

101.1%

(Cost

$648,784,447)

766,101,591

Liabilities

in

excess

of

other

assets

-

(1.1%)

(8,327,219)

NET

ASSETS

-

100.0%

$757,774,372

*

Non-income

producing

security.

‡

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2025.

The

total

value

of

securities

on

loan

at

July

31,

2025

was

$99,448,824,

collateralized

in

the

form

of

cash

with

a

value

of

$23,144,715

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$54,098,485

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.50%,

and

maturity

dates

ranging

from

August

7,

2025

–

May

15,

2055

and

$29,444,923

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

6.00%,

and

maturity

dates

ranging

from

October

20,

2025

–

June

30,

2120;

a

total

value

of

$106,688,123.

(b)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States

and

as

such

may

have

restrictions

on

resale.

(c)

Represents

less

than

0.05%

of

net

assets.

(d)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2025.

The

total

value

of

securities

purchased

was

$23,144,715.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

ADR

—

American

Depositary

Receipt

NVDR

—

Non-Voting

Depositary

Receipt

OYJ

—

Public

Limited

Company

PJSC

—

Public

Joint

Stock

Company

Preference

—

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

International

Quality

Dividend

Index

Fund

(cont.)

160

Futures

Contracts

FlexShares

®

International

Quality

Dividend

Index

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2025:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

/

(

Depreciation

)

Long

Contracts

‌

MSCI

EAFE

E-Mini

Index

73

09/19/2025

USD

$

9,538,910

$

(

81,367

)

MSCI

Emerging

Markets

E-Mini

Index

82

09/19/2025

USD

5,077,030

126,394

$

45,027

Forward

Foreign

Currency

Contracts

FlexShares

®

International

Quality

Dividend

Index

Fund

had

the

following

outstanding

contracts

as

of

July

31,

2025:

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

USD

80,401

Citibank

NA

AUD

124,000

09/17/2025

$

495

USD

216,648

Citibank

NA

BRL

*

1,226,155

09/17/2025

160

USD

1,014,862

Morgan

Stanley

CHF

815,364

09/17/2025

5,040

USD

394,642

Morgan

Stanley

DKK

2,540,779

09/17/2025

3,580

USD

1,966,944

Morgan

Stanley

EUR

1,697,812

09/17/2025

17,792

USD

461,594

Bank

of

Montreal

GBP

340,955

09/17/2025

10,190

USD

418,450

Morgan

Stanley

HKD

3,260,000

09/17/2025

1,469

USD

323,082

JPMorgan

Chase

Bank

NA

INR

*

27,750,000

09/17/2025

6,953

USD

1,434,450

UBS

AG

JPY

204,912,715

09/17/2025

65,873

USD

414,176

Citibank

NA

KRW

*

557,330,039

09/17/2025

11,232

Total

unrealized

appreciation

$

122,784

CAD

1,367,313

Morgan

Stanley

USD

1,008,146

09/17/2025

$

(

16,963

)

Total

unrealized

depreciation

$

(

16,963

)

Net

unrealized

appreciation

$

105,821

*

Non-deliverable

forward.

Abbreviations:

AUD

—

Australian

Dollar

BRL

—

Brazilian

Real

CAD

—

Canadian

Dollar

CHF

—

Swiss

Franc

DKK

—

Danish

Krone

EUR

—

Euro

GBP

—

British

Pound

HKD

—

Hong

Kong

Dollar

INR

—

Indian

Rupee

JPY

—

Japanese

Yen

KRW

—

Korean

Won

USD

—

US

Dollar

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

International

Quality

Dividend

Index

Fund

(cont.)

161

FlexShares®

International

Quality

Dividend

Index

invested,

as

a

percentage

of

net

assets,

in

companies

domiciled

in

the

following

countries

as

of

July

31,

2025:

Australia

4‌

.3

%

Belgium

0‌

.9

Brazil

0‌

.7

Canada

5‌

.6

China

11‌

.0

Colombia

0‌

.9

Czech

Republic

0‌

.2

Denmark

1‌

.6

Finland

1‌

.7

France

4‌

.1

Germany

3‌

.5

Greece

0‌

.7

Hong

Kong

3‌

.3

India

2‌

.6

Indonesia

2‌

.9

Israel

0‌

.2

Italy

3‌

.9

Japan

11‌

.4

Mexico

0‌

.8

Netherlands

1‌

.9

Norway

1‌

.0

Poland

2‌

.6

Saudi

Arabia

0‌

.3

Singapore

0‌

.7

South

Africa

0‌

.8

South

Korea

0‌

.4

Spain

2‌

.4

Sweden

4‌

.3

Switzerland

6‌

.6

Taiwan

7‌

.2

Thailand

0‌

.3

Turkey

0‌

.2

United

Arab

Emirates

1‌

.4

United

Kingdom

7‌

.6

Other

1

2‌

.0

100.0%

1

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

%

of

Net

Assets

Common

Stocks

98‌

.0

%

Securities

Lending

Reinvestments

3‌

.1

Others

(1)

(

1‌

.1

)

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

162

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares

®

International

Quality

Dividend

Dynamic

Index

Fund

July

31,

2025

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

98

.0

%

Air

Freight

&

Logistics

-

1

.2

%

Deutsche

Post

AG

7,383

$

333,361

Sinotrans

Ltd.,

Class

H

1,035,000

574,853

908,214

Automobile

Components

-

0

.8

%

Bharat

Forge

Ltd.

10,649

142,122

Magna

International,

Inc.

4,715

193,777

Sumitomo

Electric

Industries

Ltd.

9,200

229,733

565,632

Automobiles

-

0

.8

%

Dr

Ing

hc

F

Porsche

AG

(Preference)

(a)

1,656

84,610

Hyundai

Motor

India

Ltd.*

2,737

67,232

Isuzu

Motors

Ltd.

10,300

133,288

Kia

Corp.

1,012

74,652

Mercedes-Benz

Group

AG

4,439

254,541

614,323

Banks

-

17

.8

%

ANZ

Group

Holdings

Ltd.

18,515

366,210

Bank

Polska

Kasa

Opieki

SA

11,431

626,654

Barclays

plc

91,080

447,531

BNP

Paribas

SA

6,486

594,330

BOC

Hong

Kong

Holdings

Ltd.

23,000

103,427

CaixaBank

SA(b)

34,270

323,596

Canara

Bank

368,161

450,751

China

Merchants

Bank

Co.

Ltd.,

Class

H

85,500

555,478

DNB

Bank

ASA

2,530

64,470

FinecoBank

Banca

Fineco

SpA

26,312

563,760

Grupo

Cibest

SA

(Preference)

13,938

153,263

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

64,400

575,029

Hang

Seng

Bank

Ltd.

11,500

167,885

HSBC

Holdings

plc

106,306

1,298,195

ING

Bank

Slaski

SA

1,909

170,501

ING

Groep

NV

19,987

468,732

Intesa

Sanpaolo

SpA

92,782

562,295

KBC

Group

NV

6,164

647,367

Komercni

Banka

A/S

3,220

154,216

Mitsubishi

UFJ

Financial

Group,

Inc.

85,100

1,193,419

National

Bank

of

Canada(b)

2,484

258,956

Nordea

Bank

Abp

20,010

293,151

Royal

Bank

of

Canada

8,809

1,132,800

Santander

Bank

Polska

SA

3,841

565,143

Sberbank

of

Russia

PJSC

(Preference)*‡

31,920

—

Skandinaviska

Enskilda

Banken

AB,

Class

A

35,374

621,232

Standard

Chartered

plc

15,847

285,312

Swedbank

AB,

Class

A

22,425

599,927

13,243,630

Investments

Shares

Value

Beverages

-

0

.7

%

Budweiser

Brewing

Co.

APAC

Ltd.

(a)(b)

476,100

$

500,966

Broadline

Retail

-

0

.3

%

Alibaba

Group

Holding

Ltd.,

ADR

2,024

244,155

Building

Products

-

0

.8

%

Geberit

AG

(Registered)

805

618,583

Capital

Markets

-

3

.7

%

Brookfield

Asset

Management

Ltd.,

Class

A(b)

9,706

599,820

Daiwa

Securities

Group,

Inc.

9,200

64,616

EQT

AB(b)

5,658

190,556

Hong

Kong

Exchanges

&

Clearing

Ltd.

10,500

571,146

Julius

Baer

Group

Ltd.

8,165

555,226

Nomura

Holdings,

Inc.

32,200

215,030

Partners

Group

Holding

AG(b)

437

592,766

2,789,160

Chemicals

-

1

.1

%

Evonik

Industries

AG

7,176

143,486

Fertiglobe

plc

314,985

222,962

Shin-Etsu

Chemical

Co.

Ltd.

15,000

438,054

804,502

Construction

&

Engineering

-

0

.3

%

Bouygues

SA

4,577

189,376

Diversified

Telecommunication

Services

-

1

.0

%

Telefonica

SA(b)

38,341

198,528

Telkom

Indonesia

Persero

Tbk.

PT

3,128,000

547,471

TELUS

Corp.

828

13,367

759,366

Electric

Utilities

-

2

.3

%

Enel

SpA

103,569

916,669

Fortum

OYJ(b)

32,798

604,002

Origin

Energy

Ltd.

25,024

188,023

1,708,694

Electronic

Equipment,

Instruments

&

Components

-

0

.3

%

TDK

Corp.

16,100

198,662

Entertainment

-

0

.5

%

Universal

Music

Group

NV(b)

13,363

388,177

Financial

Services

-

2

.0

%

Banca

Mediolanum

SpA

32,775

581,446

FirstRand

Ltd.

114,356

489,867

Power

Finance

Corp.

Ltd.

75,831

354,878

REC

Ltd.

21,643

97,642

1,523,833

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

International

Quality

Dividend

Dynamic

Index

Fund

(cont.)

163

Investments

Shares

Value

COMMON

STOCKS

(continued)

Food

Products

-

0

.2

%

Nestle

SA

(Registered)

1,587

$

138,952

Gas

Utilities

-

2

.0

%

China

Gas

Holdings

Ltd.

579,600

609,134

ENN

Energy

Holdings

Ltd.

11,500

93,831

Grupo

Energia

Bogota

SA

ESP

766,429

542,832

Hong

Kong

&

China

Gas

Co.

Ltd.

253,000

225,927

1,471,724

Health

Care

Equipment

&

Supplies

-

2

.0

%

Hoya

Corp.

4,600

586,252

Sonova

Holding

AG

(Registered)

1,472

402,963

Straumann

Holding

AG

(Registered)

(b)

3,059

373,461

Sysmex

Corp.

7,100

116,859

1,479,535

Hotels,

Restaurants

&

Leisure

-

0

.7

%

Evolution

AB(a)

2,254

201,479

Haidilao

International

Holding

Ltd.

(a)(b)

195,000

345,783

547,262

Household

Durables

-

0

.7

%

Nien

Made

Enterprise

Co.

Ltd.

35,000

503,643

Household

Products

-

0

.9

%

Reckitt

Benckiser

Group

plc

2,599

195,082

Unilever

Indonesia

Tbk.

PT

4,853,000

504,323

699,405

Industrial

Conglomerates

-

3

.8

%

Astra

International

Tbk.

PT

483,000

149,699

Hitachi

Ltd.

55,800

1,741,537

Siemens

AG

(Registered)

3,749

965,028

2,856,264

Insurance

-

3

.8

%

Ageas

SA/NV

989

67,635

BB

Seguridade

Participacoes

SA

36,800

221,514

Dai-ichi

Life

Holdings,

Inc.

29,900

239,109

Legal

&

General

Group

plc

29,877

101,533

Manulife

Financial

Corp.

11,339

351,599

New

China

Life

Insurance

Co.

Ltd.,

Class

H(b)

131,100

840,042

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

42,000

288,650

Powszechny

Zaklad

Ubezpieczen

SA

33,741

569,458

Tokio

Marine

Holdings,

Inc.

4,600

187,185

2,866,725

Interactive

Media

&

Services

-

0

.8

%

Tencent

Holdings

Ltd.

8,600

602,548

IT

Services

-

0

.6

%

HCL

Technologies

Ltd.

368

6,167

Investments

Shares

Value

IT

Services

(continued)

Infosys

Ltd.

6,026

$

103,805

Tech

Mahindra

Ltd.

18,216

304,374

414,346

Life

Sciences

Tools

&

Services

-

0

.8

%

WuXi

AppTec

Co.

Ltd.,

Class

H(a)

43,800

589,766

Machinery

-

2

.1

%

FANUC

Corp.

4,600

130,546

Kone

OYJ,

Class

B

6,785

418,886

Metso

OYJ(b)

13,593

172,148

VAT

Group

AG(a)

1,449

513,007

Weichai

Power

Co.

Ltd.,

Class

H

80,000

169,580

Yaskawa

Electric

Corp.(b)

6,900

145,890

1,550,057

Marine

Transportation

-

2

.9

%

AP

Moller

-

Maersk

A/S,

Class

A

11

21,731

AP

Moller

-

Maersk

A/S,

Class

B(b)

282

562,067

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H(b)

299,000

546,960

Evergreen

Marine

Corp.

Taiwan

Ltd.

63,000

417,924

Kuehne

+

Nagel

International

AG

(Registered)(b)

2,254

461,459

Orient

Overseas

International

Ltd.

8,000

144,204

2,154,345

Media

-

0

.7

%

Publicis

Groupe

SA

1,794

164,676

WPP

plc

69,460

376,872

541,548

Metals

&

Mining

-

5

.8

%

Antofagasta

plc

1,288

31,993

BHP

Group

Ltd.(b)

55,614

1,405,428

China

Hongqiao

Group

Ltd.(b)

276,000

731,312

Fortescue

Ltd.(b)

52,808

604,188

GMK

Norilskiy

Nickel

PAO*‡

212,800

—

Kumba

Iron

Ore

Ltd.(b)

30,820

513,402

Rio

Tinto

plc

7,176

427,669

Severstal

PAO‡

7,952

—

Vale

SA

59,800

571,024

4,285,016

Oil,

Gas

&

Consumable

Fuels

-

5

.8

%

Alamtri

Resources

Indonesia

Tbk.

PT

3,604,100

405,201

Bharat

Petroleum

Corp.

Ltd.

44,298

166,524

Canadian

Natural

Resources

Ltd.

26,588

843,477

China

Shenhua

Energy

Co.

Ltd.,

Class

H(b)

115,000

498,822

Coal

India

Ltd.

26,473

113,736

Equinor

ASA

11,109

288,910

Indian

Oil

Corp.

Ltd.*

75,716

125,867

Ovintiv,

Inc.

4,462

183,745

Petroleo

Brasileiro

SA

-

Petrobras

(Preference)

23,000

134,092

Shell

plc

1,357

48,684

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

International

Quality

Dividend

Dynamic

Index

Fund

(cont.)

164

Investments

Shares

Value

COMMON

STOCKS

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

TC

Energy

Corp.

8,073

$

386,322

TotalEnergies

SE

2,277

135,571

Turkiye

Petrol

Rafinerileri

A/S

37,743

157,042

United

Tractors

Tbk.

PT

282,900

415,195

Var

Energi

ASA

53,383

184,937

Woodside

Energy

Group

Ltd.

15,364

263,031

4,351,156

Passenger

Airlines

-

0

.7

%

Singapore

Airlines

Ltd.

103,500

542,490

Personal

Care

Products

-

1

.4

%

L'Oreal

SA

2,415

1,076,198

Pharmaceuticals

-

3

.4

%

AstraZeneca

plc

1,035

155,101

CSPC

Pharmaceutical

Group

Ltd.

214,000

270,431

Daiichi

Sankyo

Co.

Ltd.

17,300

427,629

GSK

plc

15,755

295,644

Novartis

AG

(Registered)

4,968

576,240

Novo

Nordisk

A/S,

Class

B(b)

5,681

274,036

Roche

Holding

AG

1,771

560,710

2,559,791

Professional

Services

-

2

.5

%

Bureau

Veritas

SA(b)

16,537

511,797

Intertek

Group

plc

7,820

511,221

Randstad

NV

3,404

163,011

Recruit

Holdings

Co.

Ltd.

10,800

649,600

1,835,629

Real

Estate

Management

&

Development

-

1

.2

%

CK

Asset

Holdings

Ltd.

120,000

551,083

Sun

Hung

Kai

Properties

Ltd.

28,000

333,503

884,586

Retail

REITs

-

0

.3

%

Unibail-Rodamco-Westfield,

REIT

1,909

186,245

Semiconductors

&

Semiconductor

Equipment

-

9

.1

%

Advantest

Corp.

4,900

336,988

ASML

Holding

NV

322

225,955

BE

Semiconductor

Industries

NV

1,265

172,440

Disco

Corp.

2,400

726,403

eMemory

Technology,

Inc.

2,400

163,632

Lasertec

Corp.(b)

5,100

525,944

MediaTek,

Inc.

19,400

890,460

Novatek

Microelectronics

Corp.

31,500

501,298

Renesas

Electronics

Corp.

16,100

199,625

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

47,500

1,846,051

Tokyo

Electron

Ltd.

5,800

1,053,284

United

Microelectronics

Corp.

115,000

160,089

6,802,169

Investments

Shares

Value

Software

-

1

.4

%

Nemetschek

SE

4,071

$

610,856

Open

Text

Corp.(b)

3,726

109,903

Oracle

Financial

Services

Software

Ltd.

575

55,630

SAP

SE

943

270,691

1,047,080

Specialty

Retail

-

3

.3

%

Chow

Tai

Fook

Jewellery

Group

Ltd.

(b)

381,800

640,062

Fast

Retailing

Co.

Ltd.

2,200

678,003

Industria

de

Diseno

Textil

SA

13,501

647,617

Jarir

Marketing

Co.

82,455

282,463

ZOZO,

Inc.(b)

18,400

182,783

2,430,928

Technology

Hardware,

Storage

&

Peripherals

-

0

.9

%

Catcher

Technology

Co.

Ltd.

23,000

163,364

Lite-On

Technology

Corp.

46,000

183,399

Logitech

International

SA

(Registered)

3,657

342,890

689,653

Textiles,

Apparel

&

Luxury

Goods

-

1

.7

%

Bosideng

International

Holdings

Ltd.

920,000

525,045

Cie

Financiere

Richemont

SA

(Registered)

1,403

230,479

Eclat

Textile

Co.

Ltd.

20,000

270,039

LVMH

Moet

Hennessy

Louis

Vuitton

SE

161

87,041

Shenzhou

International

Group

Holdings

Ltd.

18,400

133,253

1,245,857

Tobacco

-

2

.1

%

British

American

Tobacco

plc

12,650

676,311

Imperial

Brands

plc

16,491

644,662

Japan

Tobacco,

Inc.

7,500

215,190

1,536,163

Trading

Companies

&

Distributors

-

1

.7

%

ITOCHU

Corp.

15,000

790,691

Marubeni

Corp.(b)

11,500

237,878

Mitsui

&

Co.

Ltd.

4,600

94,754

Rexel

SA

5,589

170,029

1,293,352

Wireless

Telecommunication

Services

-

1

.1

%

Tele2

AB,

Class

B

38,594

598,298

Vodafone

Group

plc

206,908

224,581

822,879

Total

Common

Stocks

(Cost

$62,380,368)

73,062,585

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

International

Quality

Dividend

Dynamic

Index

Fund

(cont.)

165

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

-

4

.1

%

(c)

REPURCHASE

AGREEMENTS

-

4

.1

%

CF

Secured

LLC

4.34%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$1,719,523,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

8/15/2025

-

2/15/2054;

total

market

value

$1,746,789

$

1,719,316

$

1,719,316

National

Bank

of

Canada

Financial

Inc.

4.47%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$100,012,

collateralized

by

various

Common

Stocks;

total

market

value

$110,455

100,000

100,000

TD

Prime

Services

LLC

4.43%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$200,025,

collateralized

by

various

Common

Stocks;

total

market

value

$217,341

200,000

200,000

The

Bank

of

Nova

Scotia,

Toronto

4.46%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$1,000,124,

collateralized

by

various

Common

Stocks;

total

market

value

$1,103,423

1,000,000

1,000,000

3,019,316

Total

Securities

Lending

Reinvestments

(Cost

$3,019,316)

3,019,316

Total

Investments

-

102.1%

(Cost

$65,399,684)

76,081,901

Liabilities

in

excess

of

other

assets

-

(2.1%)

(1,553,226)

NET

ASSETS

-

100.0%

$74,528,675

*

Non-income

producing

security.

‡

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(a)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States

and

as

such

may

have

restrictions

on

resale.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2025.

The

total

value

of

securities

on

loan

at

July

31,

2025

was

$9,665,072,

collateralized

in

the

form

of

cash

with

a

value

of

$3,019,316

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$4,215,479

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.50%,

and

maturity

dates

ranging

from

August

14,

2025

–

May

15,

2055

and

$3,168,117

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

5.75%,

and

maturity

dates

ranging

from

February

15,

2026

–

June

30,

2120;

a

total

value

of

$10,402,912.

(c)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2025.

The

total

value

of

securities

purchased

was

$3,019,316.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

ADR

—

American

Depositary

Receipt

OYJ

—

Public

Limited

Company

PJSC

—

Public

Joint

Stock

Company

Preference

—

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

REIT

—

Real

Estate

Investment

Trust

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

International

Quality

Dividend

Dynamic

Index

Fund

(cont.)

166

Futures

Contracts

FlexShares

®

International

Quality

Dividend

Dynamic

Index

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2025:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

/

(

Depreciation

)

Long

Contracts

‌

MSCI

EAFE

E-Mini

Index

7

09/19/2025

USD

$

914,690

$

(

5,566

)

MSCI

Emerging

Markets

E-Mini

Index

9

09/19/2025

USD

557,235

14,743

$

9,177

Forward

Foreign

Currency

Contracts

FlexShares

®

International

Quality

Dividend

Dynamic

Index

Fund

had

the

following

outstanding

contracts

as

of

July

31,

2025:

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

USD

120,733

Morgan

Stanley

CHF

97,000

09/17/2025

$

600

USD

57,470

Morgan

Stanley

DKK

370,000

09/17/2025

521

USD

274,568

Morgan

Stanley

EUR

237,000

09/17/2025

2,484

USD

27,077

Bank

of

Montreal

GBP

20,000

09/17/2025

598

USD

140,006

UBS

AG

JPY

20,000,000

09/17/2025

6,429

Total

unrealized

appreciation

$

10,632

CAD

45,542

Morgan

Stanley

USD

33,579

09/17/2025

$

(

565

)

JPY

20,000,000

JPMorgan

Chase

Bank

NA

USD

138,380

09/17/2025

(

4,804

)

Total

unrealized

depreciation

$

(

5,369

)

Net

unrealized

appreciation

$

5,263

Abbreviations:

CAD

—

Canadian

Dollar

CHF

—

Swiss

Franc

DKK

—

Danish

Krone

EUR

—

Euro

GBP

—

British

Pound

JPY

—

Japanese

Yen

USD

—

US

Dollar

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

International

Quality

Dividend

Dynamic

Index

Fund

(cont.)

167

FlexShares®

International

Quality

Dividend

Dynamic

Index

invested,

as

a

percentage

of

net

assets,

in

companies

domiciled

in

the

following

countries

as

of

July

31,

2025:

Australia

3‌

.8

%

Belgium

1‌

.0

Brazil

1‌

.2

Canada

5‌

.5

China

11‌

.3

Colombia

0‌

.9

Czech

Republic

0‌

.2

Denmark

1‌

.1

Finland

1‌

.6

France

4‌

.2

Germany

3‌

.6

Hong

Kong

3‌

.3

India

2‌

.7

Indonesia

2‌

.7

Italy

3‌

.5

Japan

15‌

.7

Mexico

0‌

.8

Netherlands

1‌

.9

Norway

0‌

.7

Poland

2‌

.6

Saudi

Arabia

0‌

.4

Singapore

0‌

.7

South

Africa

1‌

.3

South

Korea

0‌

.1

Spain

1‌

.6

Sweden

3‌

.4

Switzerland

7‌

.2

Taiwan

6‌

.8

Turkey

0‌

.2

United

Arab

Emirates

0‌

.3

United

Kingdom

7‌

.7

Other

1

2‌

.0

100.0%

1

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

%

of

Net

Assets

Common

Stocks

98‌

.0

%

Securities

Lending

Reinvestments

4‌

.1

Others

(1)

(

2‌

.1

)

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

168

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares

®

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund

July

31,

2025

(Unaudited)

Investments

Principal

Amount

Value

U.S.

TREASURY

OBLIGATIONS

-

99

.7

%

U.S.

Treasury

Inflation

Linked

Bonds

2.38%,

1/15/2027

$

49,119,365

$

49,878,996

1.75%,

1/15/2028

44,771,231

45,282,922

3.63%,

4/15/2028

63,056,694

66,924,213

2.50%,

1/15/2029

146,890,654

152,707,186

3.88%,

4/15/2029

70,230,346

76,571,303

U.S.

Treasury

Inflation

Linked

Notes

0.13%,

10/15/2026

83,616,404

82,726,224

0.38%,

1/15/2027

94,869,358

93,609,398

0.13%,

4/15/2027

83,284,933

81,555,171

0.38%,

7/15/2027

90,213,769

89,040,088

1.63%,

10/15/2027

80,635,043

81,535,212

0.50%,

1/15/2028

94,172,122

92,399,332

1.25%,

4/15/2028

297,136,071

296,483,144

0.75%,

7/15/2028

324,498,781

320,709,933

2.38%,

10/15/2028

305,992,571

317,148,662

0.88%,

1/15/2029

85,889,768

84,611,127

2.13%,

4/15/2029

84,609,413

86,851,038

0.25%,

7/15/2029

92,932,153

89,329,536

1.63%,

10/15/2029

88,277,869

89,404,604

0.13%,

1/15/2030

95,230,093

89,980,039

1.63%,

4/15/2030

99,638,870

100,356,798

0.13%,

7/15/2030

99,379,488

93,454,662

0.13%,

1/15/2031

98,562,309

91,389,515

0.13%,

7/15/2031

105,644,351

97,285,791

Total

U.S.

Treasury

Obligations

(Cost

$2,644,496,195)

2,669,234,894

Total

Investments

-

99.7%

(Cost

$2,644,496,195)

2,669,234,894

Other

assets

less

liabilities

-

0.3%

7,606,617

NET

ASSETS

-

100.0%

$2,676,841,511

Percentages

shown

are

based

on

Net

Assets.

Security

Type

%

of

Net

Assets

U.S.

Treasury

Obligations

99‌

.7

%

Others

(1)

0‌

.3

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

169

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund

July

31,

2025

(Unaudited)

Investments

Principal

Amount

Value

U.S.

TREASURY

OBLIGATIONS

-

99

.8

%

U.S.

Treasury

Inflation

Linked

Bonds

2.50%,

1/15/2029

$

16,139,181

$

16,778,256

3.88%,

4/15/2029

28,494,963

31,067,716

3.38%,

4/15/2032

6,824,112

7,577,090

U.S.

Treasury

Inflation

Linked

Notes

2.38%,

10/15/2028

33,221,823

34,433,047

0.88%,

1/15/2029

34,846,568

34,327,807

2.13%,

4/15/2029

34,326,000

35,235,426

0.25%,

7/15/2029

37,704,713

36,243,049

1.63%,

10/15/2029

35,817,677

36,274,836

0.13%,

1/15/2030

78,852,171

74,505,035

1.63%,

4/15/2030

80,837,483

81,419,941

0.13%,

7/15/2030

82,288,804

77,382,894

0.13%,

1/15/2031

81,609,601

75,670,528

0.13%,

7/15/2031

85,683,937

78,904,641

0.13%,

1/15/2032

44,656,572

40,473,386

0.63%,

7/15/2032

40,243,451

37,509,460

1.13%,

1/15/2033

40,559,198

38,693,908

1.38%,

7/15/2033

37,662,480

36,489,180

1.75%,

1/15/2034

40,469,981

40,009,570

1.88%,

7/15/2034

42,368,395

42,292,081

Total

U.S.

Treasury

Obligations

(Cost

$851,025,761)

855,287,851

Total

Investments

-

99.8%

(Cost

$851,025,761)

855,287,851

Other

assets

less

liabilities

-

0.2%

1,755,189

NET

ASSETS

-

100.0%

$857,043,040

Percentages

shown

are

based

on

Net

Assets.

Security

Type

%

of

Net

Assets

U.S.

Treasury

Obligations

99‌

.8

%

Others

(1)

0‌

.2

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

170

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares

®

Disciplined

Duration

MBS

Index

Fund

July

31,

2025

(Unaudited)

Investments

Principal

Amount

Value

MORTGAGE-BACKED

SECURITIES

-

99

.4

%

FHLMC

2.50%,

4/1/2028

$

658,418

$

645,762

2.50%,

5/1/2028

234,924

229,561

2.50%,

6/1/2028

265,733

259,516

3.00%,

6/1/2029

344,292

336,851

3.00%,

8/1/2029

439,050

433,799

3.00%,

1/1/2032

738,760

715,692

2.50%,

2/1/2032

905,253

865,999

3.00%,

9/1/2032

482,276

466,990

5.00%,

5/1/2034

26,835

26,809

5.00%,

7/1/2035

7,966

8,031

5.00%,

10/1/2035

12,175

12,297

5.00%,

12/1/2035

57,188

57,696

6.00%,

1/1/2037

41,413

43,353

6.00%,

4/1/2037

22,703

23,766

6.00%,

5/1/2037

36,478

38,186

5.00%,

2/1/2038

30,640

30,897

5.00%,

7/1/2038

33,696

33,985

5.00%,

10/1/2038

30,246

30,505

5.00%,

2/1/2039

72,235

72,866

5.00%,

5/1/2039

36,941

37,216

5.00%,

6/1/2039

14,249

14,380

5.00%,

7/1/2039

35,525

35,771

5.00%,

9/1/2039

3,486

3,516

6.00%,

11/1/2039

23,417

24,514

5.00%,

1/1/2040

10,558

10,631

5.00%,

3/1/2040

28,219

28,415

5.00%,

4/1/2040

13,173

13,265

6.00%,

4/1/2040

26,350

27,473

5.00%,

5/1/2040

10,714

10,788

6.00%,

5/1/2040

65,005

68,026

5.00%,

7/1/2040

65,401

65,854

6.00%,

7/1/2040

97,502

102,070

4.00%,

1/1/2041

9,274

8,906

5.00%,

5/1/2041

87,820

88,433

3.50%,

11/1/2041

48,862

45,570

3.00%,

3/1/2042

7,817

7,018

3.00%,

4/1/2042

59,651

53,541

3.00%,

6/1/2042

50,690

45,456

3.50%,

7/1/2042

480,974

446,925

3.00%,

8/1/2042

28,164

25,268

3.00%,

12/1/2042

59,905

53,717

3.00%,

1/1/2043

32,046

28,704

3.00%,

2/1/2043

16,083

14,477

3.00%,

4/1/2043

20,781

18,601

3.00%,

6/1/2043

12,021

10,772

3.50%,

8/1/2043

537,946

499,137

3.00%,

10/1/2043

42,221

37,775

4.00%,

8/1/2044

9,074

8,564

5.00%,

8/1/2044

23,795

24,023

4.00%,

1/1/2045

27,977

26,411

4.00%,

2/1/2045

59,659

56,674

4.50%,

2/1/2045

314,077

303,144

4.00%,

8/1/2045

68,076

64,160

Investments

Principal

Amount

Value

4.00%,

9/1/2045

$

11,214

$

10,567

4.00%,

10/1/2045

116,679

109,844

4.00%,

11/1/2045

23,516

22,153

4.00%,

12/1/2045

9,942

9,365

4.00%,

1/1/2046

30,915

29,165

2.50%,

9/1/2046

18,906

15,990

3.00%,

11/1/2046

18,161

16,100

FHLMC

UMBS

3.00%,

8/1/2026

8,580

8,490

3.00%,

1/1/2027

19,332

19,098

3.00%,

2/1/2027

11,902

11,753

3.00%,

4/1/2027

72,035

71,102

2.50%,

6/1/2027

8,665

8,509

2.50%,

3/1/2028

345,573

337,926

2.50%,

7/1/2028

1,033,738

1,007,887

2.50%,

8/1/2030

548,866

528,212

2.50%,

11/1/2030

17,169

16,691

3.00%,

5/1/2031

22,166

21,714

2.00%,

8/1/2031

18,550

17,567

2.00%,

11/1/2031

29,524

27,928

2.00%,

1/1/2032

60,028

56,733

2.00%,

2/1/2032

64,948

61,154

2.00%,

12/1/2032

262,185

247,471

3.00%,

4/1/2033

693,343

679,864

2.00%,

10/1/2035

833,409

761,251

1.50%,

11/1/2035

494,326

439,028

1.50%,

2/1/2036

546,249

483,777

2.00%,

3/1/2036

314,498

288,392

1.50%,

4/1/2036

245,325

217,206

2.50%,

4/1/2037

623,188

578,527

4.50%,

9/1/2037

739,245

730,610

5.00%,

3/1/2038

35,912

36,247

5.00%,

7/1/2039

55,824

56,140

3.00%,

9/1/2039

83,508

77,516

3.00%,

10/1/2039

23,390

21,462

5.00%,

10/1/2039

18,438

18,548

3.00%,

11/1/2039

92,041

85,351

5.00%,

1/1/2040

16,850

17,007

5.00%,

3/1/2040

28,844

29,008

5.00%,

5/1/2040

41,766

42,002

6.00%,

5/1/2040

656,869

692,423

2.00%,

7/1/2040

91,002

78,780

1.50%,

10/1/2040

464,029

388,591

3.50%,

12/1/2040

33,820

31,522

2.00%,

1/1/2041

141,516

120,839

2.00%,

2/1/2041

442,694

377,964

1.50%,

3/1/2041

608,618

498,766

2.00%,

3/1/2041

513,590

437,065

4.50%,

3/1/2041

58,417

57,547

4.50%,

4/1/2041

13,002

12,836

1.50%,

5/1/2041

499,617

409,127

2.00%,

6/1/2041

691,529

590,120

2.50%,

6/1/2041

394,829

349,435

2.00%,

10/1/2041

434,580

369,771

4.00%,

1/1/2042

43,135

41,332

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Disciplined

Duration

MBS

Index

Fund

(cont.)

171

Investments

Principal

Amount

Value

MORTGAGE-BACKED

SECURITIES

(continued)

5.00%,

2/1/2042

$

34,765

$

34,962

3.50%,

11/1/2042

62,377

57,828

3.50%,

1/1/2043

28,386

26,379

3.50%,

2/1/2043

20,761

19,258

2.50%,

6/1/2043

317,633

276,890

4.00%,

12/1/2043

9,534

9,095

4.50%,

3/1/2044

42,734

41,860

4.00%,

6/1/2044

3,272

3,091

4.50%,

7/1/2044

15,246

14,808

4.00%,

8/1/2044

9,805

9,242

4.50%,

12/1/2044

10,537

10,234

4.00%,

2/1/2045

11,932

11,320

4.50%,

9/1/2045

8,222

7,996

4.00%,

10/1/2045

31,511

29,647

4.00%,

12/1/2045

15,914

15,049

4.50%,

12/1/2045

474,442

461,095

3.00%,

1/1/2046

33,956

30,130

4.00%,

1/1/2046

27,336

25,790

4.00%,

2/1/2046

194,139

185,212

4.50%,

4/1/2046

24,530

23,946

4.00%,

11/1/2046

140,881

133,029

4.50%,

3/1/2047

343,952

334,056

2.00%,

6/1/2051

755,178

593,757

2.00%,

5/1/2052

1,263,055

990,585

6.50%,

2/1/2053

70,819

73,659

6.00%,

10/1/2053

354,443

359,792

7.00%,

12/1/2053

365,323

383,888

6.50%,

4/1/2054

204,303

211,148

6.50%,

8/1/2054

461,776

476,238

FNMA

UMBS

3.00%,

11/1/2026

161,472

159,663

3.00%,

12/1/2026

51,066

50,474

3.00%,

1/1/2027

16,594

16,394

3.00%,

2/1/2027

21,620

21,348

3.00%,

4/1/2027

710,368

701,234

3.00%,

6/1/2027

83,075

81,882

3.00%,

8/1/2027

97,275

95,800

3.00%,

10/1/2027

31,084

30,599

3.00%,

11/1/2027

31,591

31,113

2.50%,

12/1/2027

73,951

72,406

2.50%,

1/1/2028

388,745

379,807

2.50%,

4/1/2028

23,919

23,376

2.00%,

5/1/2028

105,517

102,416

2.50%,

9/1/2028

18,926

18,542

3.00%,

2/1/2029

53,625

52,519

2.50%,

3/1/2029

96,241

94,057

2.50%,

6/1/2029

32,936

32,279

3.00%,

8/1/2029

1,033,172

1,008,994

3.50%,

12/1/2029

359,937

354,059

3.50%,

4/1/2030

387,471

381,472

2.50%,

7/1/2030

87,883

85,890

3.00%,

7/1/2030

316,755

310,343

2.50%,

8/1/2030

308,685

297,077

3.00%,

9/1/2030

510,855

500,909

3.00%,

12/1/2030

902,957

878,296

2.50%,

2/1/2031

324,939

314,153

Investments

Principal

Amount

Value

3.50%,

2/1/2031

$

383,459

$

378,039

2.50%,

3/1/2031

189,635

184,592

2.00%,

9/1/2031

15,492

14,662

2.00%,

11/1/2031

36,479

34,505

3.50%,

12/1/2031

341,387

333,135

2.00%,

2/1/2032

516,760

498,831

3.50%,

2/1/2032

460,586

449,365

6.00%,

12/1/2032

6,167

6,319

6.00%,

4/1/2033

4,823

4,933

6.00%,

8/1/2034

22,148

23,028

6.50%,

9/1/2034

57,966

60,063

6.00%,

12/1/2034

104,517

107,298

3.50%,

1/1/2035

115,116

111,106

3.00%,

2/1/2035

404,314

394,163

3.00%,

7/1/2035

613,245

594,555

5.00%,

8/1/2035

14,813

14,914

1.50%,

10/1/2035

122,723

109,373

6.00%,

11/1/2035

20,779

21,317

5.00%,

12/1/2035

33,051

33,298

6.00%,

6/1/2036

30,334

31,715

2.00%,

7/1/2036

713,472

651,637

5.00%,

7/1/2036

14,399

14,506

6.50%,

8/1/2036

9,879

10,299

2.50%,

11/1/2036

267,596

246,301

6.00%,

11/1/2036

30,670

32,067

1.50%,

2/1/2037

707,195

624,539

2.50%,

4/1/2037

637,640

587,514

1.50%,

8/1/2037

244,147

215,757

6.00%,

8/1/2037

98,533

101,188

6.00%,

9/1/2037

12,984

13,575

6.50%,

10/1/2037

24,642

25,860

5.00%,

3/1/2038

37,134

37,420

5.00%,

5/1/2038

28,004

28,196

6.00%,

5/1/2038

10,466

10,943

4.50%,

7/1/2038

681,074

673,732

6.00%,

9/1/2038

19,442

20,329

5.50%,

11/1/2038

723,194

738,422

5.00%,

6/1/2039

30,692

30,978

6.00%,

9/1/2039

1,504,689

1,545,914

5.00%,

10/1/2039

32,784

32,973

3.00%,

1/1/2040

29,398

27,241

5.00%,

2/1/2040

28,562

29,003

3.00%,

6/1/2040

345,333

317,987

5.00%,

6/1/2040

10,305

10,364

6.00%,

6/1/2040

1,069,866

1,099,890

4.00%,

8/1/2040

1,442,649

1,402,247

3.00%,

9/1/2040

305,397

281,224

3.50%,

1/1/2041

26,466

24,711

1.50%,

2/1/2041

668,065

547,698

3.50%,

2/1/2041

17,951

16,762

1.50%,

4/1/2041

363,469

298,093

4.50%,

5/1/2041

31,016

30,600

5.00%,

5/1/2041

25,675

25,820

6.00%,

5/1/2041

17,809

18,621

4.50%,

6/1/2041

9,829

9,696

2.50%,

7/1/2041

487,139

427,745

5.00%,

7/1/2041

317,916

319,715

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Disciplined

Duration

MBS

Index

Fund

(cont.)

172

Investments

Principal

Amount

Value

MORTGAGE-BACKED

SECURITIES

(continued)

6.00%,

7/1/2041

$

19,806

$

20,708

4.50%,

8/1/2041

86,290

85,042

5.00%,

8/1/2041

46,612

46,896

4.00%,

9/1/2041

133,680

128,052

4.50%,

9/1/2041

56,591

55,768

3.50%,

10/1/2041

99,382

92,446

4.00%,

10/1/2041

41,726

39,854

5.00%,

10/1/2041

48,484

48,759

4.00%,

11/1/2041

55,392

53,073

4.00%,

12/1/2041

14,247

13,644

4.00%,

1/1/2042

119,026

112,915

4.50%,

1/1/2042

14,206

14,005

6.00%,

1/1/2042

48,506

50,717

3.00%,

3/1/2042

20,472

18,343

4.00%,

3/1/2042

62,522

60,183

3.00%,

4/1/2042

39,885

35,738

4.50%,

4/1/2042

69,532

68,649

3.50%,

5/1/2042

19,072

17,719

4.50%,

5/1/2042

49,534

48,638

3.50%,

6/1/2042

32,449

30,133

3.50%,

7/1/2042

97,133

90,222

4.00%,

7/1/2042

83,397

79,874

3.50%,

8/1/2042

32,331

30,004

3.00%,

9/1/2042

54,487

48,798

3.50%,

9/1/2042

10,702

9,941

4.00%,

9/1/2042

51,397

49,190

3.00%,

10/1/2042

104,224

93,431

3.50%,

10/1/2042

19,890

18,463

2.50%,

12/1/2042

190,766

166,690

3.00%,

12/1/2042

106,155

95,005

2.50%,

1/1/2043

6,685

5,841

3.00%,

1/1/2043

109,124

97,617

3.50%,

1/1/2043

31,118

28,849

4.00%,

1/1/2043

54,815

52,507

4.50%,

1/1/2043

140,307

138,323

2.50%,

2/1/2043

262,082

227,938

3.00%,

2/1/2043

144,803

129,554

3.50%,

2/1/2043

56,094

52,068

3.50%,

3/1/2043

65,712

61,092

2.50%,

5/1/2043

10,124

8,805

2.50%,

6/1/2043

5,542

4,848

4.00%,

8/1/2043

30,722

29,338

4.00%,

9/1/2043

72,738

69,548

4.50%,

9/1/2043

22,373

21,786

4.00%,

10/1/2043

86,839

82,941

4.00%,

11/1/2043

190,935

182,313

4.50%,

11/1/2043

67,144

65,517

4.50%,

12/1/2043

52,325

51,020

4.00%,

1/1/2044

73,282

69,973

4.50%,

2/1/2044

14,186

13,807

4.50%,

3/1/2044

88,467

87,680

5.00%,

3/1/2044

13,266

13,205

4.00%,

4/1/2044

686,153

649,402

4.50%,

4/1/2044

147,282

143,391

5.00%,

6/1/2044

24,856

24,917

4.00%,

10/1/2044

27,362

26,147

Investments

Principal

Amount

Value

4.50%,

10/1/2044

$

6,462

$

6,276

4.50%,

12/1/2044

26,697

26,061

4.00%,

2/1/2045

21,333

20,117

4.50%,

2/1/2045

87,833

85,741

4.00%,

4/1/2045

18,345

17,273

4.00%,

8/1/2045

9,452

8,898

4.00%,

11/1/2045

52,324

49,207

4.50%,

11/1/2045

59,705

58,108

4.00%,

12/1/2045

116,358

111,288

4.00%,

2/1/2046

6,163

5,842

4.50%,

3/1/2046

95,618

93,047

4.00%,

4/1/2046

8,743

8,240

2.50%,

6/1/2046

60,338

52,542

4.50%,

6/1/2046

67,839

65,888

4.50%,

7/1/2046

13,379

12,994

4.50%,

8/1/2046

10,573

10,269

2.50%,

10/1/2046

50,109

42,345

4.50%,

10/1/2046

22,941

22,281

2.50%,

12/1/2046

16,703

14,087

4.50%,

1/1/2047

21,278

20,666

4.00%,

2/1/2047

23,751

22,382

4.50%,

2/1/2047

26,316

25,690

4.50%,

5/1/2047

407,442

392,951

4.50%,

7/1/2047

54,312

52,750

5.00%,

7/1/2047

21,703

21,848

5.00%,

8/1/2048

1,028,046

1,020,768

3.50%,

11/1/2048

817,251

749,467

5.50%,

2/1/2049

1,244,638

1,277,752

6.00%,

2/1/2049

60,081

62,948

4.50%,

7/1/2049

366,220

352,366

4.50%,

11/1/2049

378,918

368,022

4.00%,

1/1/2050

498,603

465,510

3.50%,

7/1/2050

398,255

367,478

4.00%,

7/1/2050

610,073

568,060

4.50%,

9/1/2050

909,961

896,134

4.50%,

10/1/2050

1,005,177

970,384

1.50%,

2/1/2051

638,965

474,778

1.50%,

10/1/2051

1,229,955

913,205

2.50%,

2/1/2052

1,056,513

871,639

5.00%,

11/1/2052

829,363

811,248

6.50%,

11/1/2052

69,297

72,387

6.50%,

1/1/2053

196,758

203,387

6.50%,

11/1/2053

663,517

684,296

7.00%,

12/1/2053

391,301

411,186

7.00%,

3/1/2054

545,119

572,821

6.50%,

8/1/2054

318,318

328,287

7.00%,

3/1/2055

1,094,807

1,150,443

6.50%,

5/1/2055

671,731

692,767

GNMA

5.50%,

8/20/2033

17,967

18,263

5.50%,

11/20/2033

17,026

17,313

5.50%,

3/20/2034

21,116

21,487

5.50%,

7/20/2034

13,521

13,851

5.50%,

9/20/2034

6,086

6,221

5.50%,

3/20/2036

46,338

47,370

5.50%,

9/20/2038

29,489

30,147

5.50%,

2/20/2039

48,461

49,630

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Disciplined

Duration

MBS

Index

Fund

(cont.)

173

Investments

Principal

Amount

Value

MORTGAGE-BACKED

SECURITIES

(continued)

4.50%,

5/15/2039

$

1,594,696

$

1,551,779

5.00%,

8/15/2039

823,819

822,175

4.00%,

6/15/2040

235,438

222,741

4.00%,

8/15/2040

237,619

224,769

4.00%,

11/15/2040

183,673

173,420

5.50%,

12/20/2040

13,840

14,081

5.50%,

1/20/2041

14,314

14,633

4.00%,

9/15/2041

720,137

675,845

5.50%,

12/20/2041

35,985

36,150

5.50%,

2/20/2042

9,803

10,021

3.00%,

4/15/2042

815,277

730,462

3.50%,

6/15/2042

370,810

341,745

2.50%,

3/20/2043

32,087

27,641

2.50%,

5/20/2043

45,805

39,457

5.50%,

3/20/2044

38,882

39,749

4.50%,

10/20/2044

94,840

91,960

2.50%,

11/20/2044

30,531

26,301

5.00%,

6/20/2045

114,927

115,184

4.00%,

8/15/2045

717,568

674,359

4.50%,

12/20/2045

200,522

194,351

4.50%,

4/20/2046

229,088

222,042

5.00%,

5/20/2046

275,568

276,184

3.50%,

6/15/2046

1,461,967

1,348,432

3.50%,

10/20/2047

318,793

291,121

4.00%,

2/20/2048

746,434

695,955

5.00%,

5/20/2048

102,115

101,275

5.50%,

1/20/2049

231,029

233,929

5.50%,

7/20/2049

6,317

6,422

2.50%,

10/20/2050

1,022,026

860,950

Investments

Principal

Amount

Value

2.00%,

12/20/2051

$

1,130,769

$

913,027

4.00%,

12/20/2051

333,127

309,422

2.00%,

2/20/2052

1,163,280

939,423

2.50%,

3/20/2052

1,021,441

859,443

6.00%,

12/20/2052

349,694

357,028

7.50%,

2/20/2053

139,628

145,128

7.50%,

3/20/2053

242,337

251,823

6.50%,

6/20/2053

518,425

533,780

7.00%,

8/20/2053

470,745

488,114

6.50%,

10/20/2053

734,591

755,827

7.00%,

10/20/2053

129,144

133,972

7.50%,

2/20/2054

313,937

326,132

6.50%,

7/20/2054

397,550

408,410

7.00%,

7/20/2054

833,302

861,224

6.50%,

8/20/2054

342,292

351,642

7.50%,

8/20/2054

251,496

260,601

7.00%,

9/20/2054

822,919

850,493

7.00%,

5/20/2055

891,883

921,966

Total

Mortgage-Backed

Securities

(Cost

$86,054,159)

82,723,414

Total

Investments

-

99.4%

(Cost

$86,054,159)

82,723,414

Other

assets

less

liabilities

-

0.6%

520,374

NET

ASSETS

-

100.0%

$83,243,788

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

FHLMC

—

Federal

Home

Loan

Mortgage

Corp.

FNMA

—

Federal

National

Mortgage

Association

GNMA

—

Government

National

Mortgage

Association

UMBS

—

Uniform

Mortgage-Backed

Securities

Security

Type

%

of

Net

Assets

Mortgage-Backed

Securities

99‌

.4

%

Others

(1)

0‌

.6

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

174

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

July

31,

2025

(Unaudited)

Investments

Principal

Amount

Value

CORPORATE

BONDS

-

98.2%

Aerospace

&

Defense

-

1.5%

General

Dynamics

Corp.

2.63%,

11/15/2027

$

25,000

$

24,142

3.63%,

4/1/2030(a)

95,000

92,212

General

Electric

Co.

6.75%,

3/15/2032(a)

350,000

394,568

HEICO

Corp.

5.25%,

8/1/2028(a)

400,000

407,617

5.35%,

8/1/2033

300,000

305,839

Hexcel

Corp.

4.20%,

2/15/2027(b)

200,000

198,317

5.88%,

2/26/2035

250,000

255,312

Howmet

Aerospace,

Inc.

5.90%,

2/1/2027(a)

150,000

152,999

6.75%,

1/15/2028

150,000

157,400

3.00%,

1/15/2029(a)

1,200,000

1,144,181

4.85%,

10/15/2031

250,000

252,836

L3Harris

Technologies,

Inc.

3.85%,

12/15/2026(a)

600,000

594,783

5.40%,

1/15/2027

600,000

607,399

5.40%,

7/31/2033

50,000

51,318

Leidos,

Inc.

4.38%,

5/15/2030(a)

352,000

345,826

2.30%,

2/15/2031(a)

300,000

262,691

5.40%,

3/15/2032(a)

300,000

305,804

5.75%,

3/15/2033

380,000

394,376

5.50%,

3/15/2035

250,000

252,347

Northrop

Grumman

Systems

Corp.

7.75%,

2/15/2031(a)

500,000

574,713

RTX

Corp.

5.75%,

11/8/2026(a)

425,000

431,280

3.50%,

3/15/2027(a)

25,000

24,657

Textron,

Inc.

3.65%,

3/15/2027(a)

475,000

467,835

3.90%,

9/17/2029

200,000

195,139

3.00%,

6/1/2030(a)

150,000

139,034

6.10%,

11/15/2033(a)

50,000

53,187

5.50%,

5/15/2035(a)

250,000

253,183

8,338,995

Air

Freight

&

Logistics

-

0.1%

CH

Robinson

Worldwide,

Inc.

4.20%,

4/15/2028(a)

500,000

497,307

Automobile

Components

-

0.0%(c)

Lear

Corp.

4.25%,

5/15/2029

150,000

147,203

Banks

-

24.8%

Banco

Bilbao

Vizcaya

Argentaria

SA

6.14%,

9/14/2028(d)

250,000

257,820

7.88%,

11/15/2034(a)(d)

500,000

570,905

6.03%,

3/13/2035(d)

600,000

624,468

Banco

Santander

SA

1.72%,

9/14/2027(d)

2,000

1,935

5.55%,

3/14/2028(a)(d)

400,000

405,654

3.31%,

6/27/2029(a)

50,000

47,752

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

-

24.8%

(continued)

Banco

Santander

SA

(continued)

2.75%,

12/3/2030

$

200,000

$

177,985

2.96%,

3/25/2031(a)

125,000

113,758

6.92%,

8/8/2033

1,200,000

1,306,881

6.35%,

3/14/2034

570,000

598,568

Bank

of

America

Corp.

3.25%,

10/21/2027(a)

170,000

166,542

3.71%,

4/24/2028(d)

224,000

220,993

3.59%,

7/21/2028(d)

1,100,000

1,081,944

4.95%,

7/22/2028(d)

685,000

691,084

6.20%,

11/10/2028(d)

729,000

756,570

3.42%,

12/20/2028(d)

1,800,000

1,757,693

Series

FIX,

4.98%,

1/24/2029(a)(d)

500,000

506,207

3.97%,

3/5/2029(d)

500,000

493,939

5.20%,

4/25/2029(d)

300,000

305,593

2.09%,

6/14/2029(a)(d)

150,000

140,434

4.27%,

7/23/2029(d)

250,000

249,060

5.82%,

9/15/2029(d)

150,000

155,834

2.59%,

4/29/2031(a)(d)

125,000

114,265

1.90%,

7/23/2031(d)

150,000

131,796

1.92%,

10/24/2031(d)

50,000

43,605

Series

N,

2.65%,

3/11/2032(d)

100,000

89,619

2.30%,

7/21/2032(d)

250,000

217,904

2.57%,

10/20/2032(a)(d)

150,000

132,195

5.02%,

7/22/2033(d)

50,000

50,522

5.29%,

4/25/2034(a)(d)

281,000

286,263

5.47%,

1/23/2035(d)

500,000

513,130

5.43%,

8/15/2035(d)

1,025,000

1,026,849

5.52%,

10/25/2035(d)

1,450,000

1,451,393

5.74%,

2/12/2036(d)

450,000

457,792

2.48%,

9/21/2036(d)

875,000

744,986

3.85%,

3/8/2037(a)(d)

1,575,000

1,443,649

Bank

of

Montreal

1.25%,

9/15/2026(a)

50,000

48,279

5.72%,

9/25/2028

100,000

103,827

3.80%,

12/15/2032(a)(d)

1,195,000

1,161,095

3.09%,

1/10/2037(a)(d)

700,000

609,534

7.70%,

5/26/2084(a)(d)

500,000

523,077

7.30%,

11/26/2084(a)(d)

400,000

415,046

Bank

of

Nova

Scotia

(The)

2.70%,

8/3/2026

50,000

49,137

4.40%,

9/8/2028(a)(d)

150,000

149,818

4.93%,

2/14/2029(d)

650,000

656,259

5.13%,

2/14/2031(d)

450,000

457,798

2.15%,

8/1/2031

50,000

43,566

4.59%,

5/4/2037(a)(d)

1,100,000

1,044,110

Series

2,

3.63%,

10/27/2081(d)

350,000

325,957

8.63%,

10/27/2082(d)

500,000

531,061

8.00%,

1/27/2084(d)

350,000

373,105

7.35%,

4/27/2085(a)(d)

250,000

255,201

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

175

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

-

24.8%

(continued)

Bank

OZK

2.75%,

10/1/2031(d)

$

151,000

$

134,390

BankUnited,

Inc.

5.13%,

6/11/2030

180,000

178,256

Barclays

plc

4.34%,

1/10/2028(a)

50,000

49,707

4.97%,

5/16/2029(d)

200,000

201,862

5.09%,

6/20/2030(a)(d)

700,000

702,536

7.44%,

11/2/2033(a)(d)

300,000

340,939

7.12%,

6/27/2034(a)(d)

450,000

492,913

3.56%,

9/23/2035(a)(d)

550,000

506,795

Canadian

Imperial

Bank

of

Commerce

5.99%,

10/3/2028

50,000

52,260

4.86%,

3/30/2029(a)(d)

900,000

907,222

5.25%,

1/13/2031(d)

400,000

408,890

6.95%,

1/28/2085(a)(d)

200,000

201,075

7.00%,

10/28/2085(d)

250,000

252,250

Capital

One

NA

3.45%,

7/27/2026

402,000

397,835

4.65%,

9/13/2028

477,000

479,277

Citigroup,

Inc.

4.45%,

9/29/2027

1,450,000

1,445,928

3.89%,

1/10/2028(d)

650,000

643,349

3.07%,

2/24/2028(d)

1,110,000

1,083,813

4.64%,

5/7/2028(d)

1,000,000

1,001,016

4.66%,

5/24/2028(a)(d)

350,000

350,447

3.67%,

7/24/2028(d)

1,510,000

1,485,117

3.52%,

10/27/2028(a)(d)

886,000

866,686

4.79%,

3/4/2029(a)(d)

200,000

201,052

4.08%,

4/23/2029(d)

100,000

98,846

5.17%,

2/13/2030(d)

400,000

407,279

3.98%,

3/20/2030(d)

250,000

244,680

4.54%,

9/19/2030(a)(d)

650,000

647,362

2.98%,

11/5/2030(d)

600,000

560,238

2.67%,

1/29/2031(d)

776,000

710,806

4.95%,

5/7/2031(d)

100,000

100,950

2.57%,

6/3/2031(a)(d)

250,000

226,703

6.63%,

6/15/2032

250,000

272,140

3.06%,

1/25/2033(d)

250,000

223,933

5.88%,

2/22/2033

100,000

104,041

3.79%,

3/17/2033(d)

450,000

420,276

4.91%,

5/24/2033(d)

150,000

149,693

6.00%,

10/31/2033(a)

135,000

141,724

6.27%,

11/17/2033(a)(d)

203,000

218,652

6.17%,

5/25/2034(d)

1,800,000

1,882,371

5.59%,

11/19/2034(d)

350,000

354,538

5.83%,

2/13/2035(a)(d)

1,200,000

1,220,278

5.45%,

6/11/2035(a)(d)

150,000

153,050

6.02%,

1/24/2036(a)(d)

450,000

461,174

5.33%,

3/27/2036(a)(d)

150,000

150,703

5.41%,

9/19/2039(a)(d)

500,000

489,544

Citizens

Bank

NA

4.58%,

8/9/2028(d)

450,000

449,514

Citizens

Financial

Group,

Inc.

2.85%,

7/27/2026

25,000

24,576

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

-

24.8%

(continued)

Citizens

Financial

Group,

Inc.

(continued)

5.72%,

7/23/2032(d)

$

150,000

$

154,760

2.64%,

9/30/2032(a)

300,000

252,017

5.64%,

5/21/2037(d)

50,000

49,474

Comerica

Bank

5.33%,

8/25/2033(d)

250,000

243,382

Comerica,

Inc.

4.00%,

2/1/2029

583,000

569,578

5.98%,

1/30/2030(d)

550,000

565,541

Cooperatieve

Rabobank

UA

3.75%,

7/21/2026

250,000

247,845

4.80%,

1/9/2029

250,000

253,818

4.49%,

10/17/2029(a)

250,000

251,418

Fifth

Third

Bancorp

6.36%,

10/27/2028(d)

955,000

993,378

6.34%,

7/27/2029(a)(d)

75,000

78,824

4.77%,

7/28/2030(a)(d)

506,000

508,072

5.63%,

1/29/2032(d)

100,000

103,588

First

Citizens

BancShares,

Inc.

5.23%,

3/12/2031(d)

150,000

150,803

6.25%,

3/12/2040(a)(d)

350,000

350,111

First

Horizon

Bank

5.75%,

5/1/2030

250,000

255,369

First-Citizens

Bank

&

Trust

Co.

6.13%,

3/9/2028

200,000

206,908

FNB

Corp.

5.72%,

12/11/2030(d)

300,000

302,086

HSBC

Holdings

plc

4.38%,

11/23/2026

300,000

298,869

2.25%,

11/22/2027(a)(d)

200,000

193,948

4.04%,

3/13/2028(a)(d)

1,064,000

1,053,827

5.60%,

5/17/2028(d)

550,000

559,066

4.76%,

6/9/2028(d)

930,000

932,281

5.21%,

8/11/2028(d)

900,000

910,809

2.01%,

9/22/2028(d)

500,000

473,760

7.39%,

11/3/2028(a)(d)

883,000

934,145

5.13%,

11/19/2028(d)

200,000

202,103

4.90%,

3/3/2029(d)

300,000

302,114

6.16%,

3/9/2029(d)

300,000

311,154

4.58%,

6/19/2029(d)

870,000

868,899

2.21%,

8/17/2029(d)

700,000

651,694

5.55%,

3/4/2030(d)

200,000

205,722

3.97%,

5/22/2030(a)(d)

1,403,000

1,366,065

5.29%,

11/19/2030(d)

250,000

255,244

5.13%,

3/3/2031(d)

200,000

202,765

5.24%,

5/13/2031(d)

250,000

254,575

2.85%,

6/4/2031(a)(d)

350,000

320,469

2.36%,

8/18/2031(a)(d)

150,000

133,469

7.63%,

5/17/2032

175,000

197,034

4.76%,

3/29/2033(d)

1,352,000

1,324,222

8.11%,

11/3/2033(a)(d)

950,000

1,098,929

6.25%,

3/9/2034(a)(d)

500,000

535,402

6.55%,

6/20/2034(a)(d)

1,200,000

1,273,558

7.40%,

11/13/2034(a)(d)

250,000

279,435

5.87%,

11/18/2035(a)(d)

350,000

355,208

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

176

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

-

24.8%

(continued)

HSBC

Holdings

plc

(continued)

5.45%,

3/3/2036(d)

$

300,000

$

301,888

5.79%,

5/13/2036(a)(d)

200,000

206,202

Huntington

Bancshares,

Inc.

4.44%,

8/4/2028(d)

401,000

399,888

6.21%,

8/21/2029(d)

505,000

528,348

5.02%,

5/17/2033(d)

250,000

247,069

5.71%,

2/2/2035(d)

425,000

434,766

2.49%,

8/15/2036(d)

300,000

251,220

6.14%,

11/18/2039(d)

300,000

306,668

Huntington

National

Bank

(The)

5.65%,

1/10/2030

344,000

356,318

ING

Groep

NV

6.08%,

9/11/2027(a)(d)

300,000

304,593

4.02%,

3/28/2028(a)(d)

700,000

694,383

6.11%,

9/11/2034(d)

150,000

159,296

5.55%,

3/19/2035(a)(d)

295,000

301,239

JPMorgan

Chase

&

Co.

5.04%,

1/23/2028(a)(d)

350,000

352,750

3.78%,

2/1/2028(d)

1,153,000

1,140,600

2.95%,

2/24/2028(d)

550,000

537,102

5.57%,

4/22/2028(d)

100,000

101,770

4.32%,

4/26/2028(a)(d)

1,502,000

1,497,768

3.54%,

5/1/2028(d)

535,000

526,350

2.18%,

6/1/2028(a)(d)

765,000

734,927

4.98%,

7/22/2028(a)(d)

500,000

504,813

4.85%,

7/25/2028(a)(d)

1,268,000

1,278,207

4.51%,

10/22/2028(d)

300,000

300,353

3.51%,

1/23/2029(d)

700,000

684,740

4.92%,

1/24/2029(a)(d)

550,000

555,982

4.01%,

4/23/2029(d)

350,000

346,116

2.07%,

6/1/2029(a)(d)

450,000

421,675

4.20%,

7/23/2029(d)

1,150,000

1,142,209

5.30%,

7/24/2029(a)(d)

100,000

102,394

5.00%,

7/22/2030(d)

400,000

406,789

8.75%,

9/1/2030(a)

385,000

454,157

2.74%,

10/15/2030(d)

150,000

139,727

4.49%,

3/24/2031(d)

100,000

99,651

5.10%,

4/22/2031(a)(d)

450,000

460,204

2.96%,

5/13/2031(d)

1,653,000

1,531,417

1.76%,

11/19/2031(a)(d)

400,000

346,500

1.95%,

2/4/2032(d)

100,000

86,755

5.72%,

9/14/2033(a)(d)

1,575,000

1,641,203

5.29%,

7/22/2035(d)

250,000

253,298

5.50%,

1/24/2036(d)

100,000

102,596

5.58%,

7/23/2036(d)

650,000

658,421

KeyBank

NA

5.85%,

11/15/2027(a)

550,000

565,308

3.90%,

4/13/2029

400,000

385,598

4.90%,

8/8/2032(a)

450,000

437,996

5.00%,

1/26/2033

300,000

297,017

KeyCorp

2.25%,

4/6/2027

253,000

243,490

5.12%,

4/4/2031(a)(d)

600,000

606,444

4.79%,

6/1/2033(a)(d)

500,000

489,853

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

-

24.8%

(continued)

KeyCorp

(continued)

6.40%,

3/6/2035(d)

$

450,000

$

480,956

Lloyds

Banking

Group

plc

3.75%,

3/18/2028(a)(d)

300,000

295,897

4.55%,

8/16/2028

200,000

200,239

3.57%,

11/7/2028(d)

350,000

342,024

M&T

Bank

Corp.

4.55%,

8/16/2028(d)

371,000

369,929

4.83%,

1/16/2029(d)

250,000

251,345

7.41%,

10/30/2029(d)

450,000

487,062

5.18%,

7/8/2031(d)

280,000

283,205

6.08%,

3/13/2032(d)

195,000

205,196

5.05%,

1/27/2034(d)

650,000

640,736

5.39%,

1/16/2036(d)

450,000

448,366

Manufacturers

&

Traders

Trust

Co.

3.40%,

8/17/2027

353,000

344,683

4.70%,

1/27/2028(a)

402,000

404,442

Mitsubishi

UFJ

Financial

Group,

Inc.

3.74%,

3/7/2029(a)

100,000

97,987

3.20%,

7/18/2029

100,000

95,308

5.26%,

4/17/2030(d)

175,000

179,098

2.31%,

7/20/2032(d)

200,000

174,010

Mizuho

Financial

Group,

Inc.

5.67%,

5/27/2029(d)

175,000

180,187

5.78%,

7/6/2029(d)

200,000

206,780

4.25%,

9/11/2029(a)(d)

50,000

49,531

2.17%,

5/22/2032(d)

50,000

43,215

NatWest

Group

plc

5.58%,

3/1/2028(d)

400,000

406,053

3.07%,

5/22/2028(d)

525,000

511,957

5.52%,

9/30/2028(d)

550,000

560,436

4.89%,

5/18/2029(d)

400,000

403,410

5.81%,

9/13/2029(d)

550,000

570,228

5.08%,

1/27/2030(a)(d)

243,000

246,289

4.45%,

5/8/2030(a)(d)

435,000

431,941

6.48%,

6/1/2034(a)(d)

600,000

626,495

3.03%,

11/28/2035(a)(d)

650,000

586,504

PNC

Bank

NA

4.05%,

7/26/2028

250,000

247,326

PNC

Financial

Services

Group,

Inc.

(The)

2.60%,

7/23/2026(a)

150,000

147,611

3.45%,

4/23/2029(a)

100,000

96,977

2.55%,

1/22/2030(a)

100,000

92,434

5.49%,

5/14/2030(a)(d)

100,000

103,504

2.31%,

4/23/2032(d)

200,000

175,586

4.81%,

10/21/2032(d)

100,000

99,925

4.63%,

6/6/2033(d)

50,000

48,674

6.04%,

10/28/2033(a)(d)

100,000

106,318

6.88%,

10/20/2034(d)

150,000

167,556

Regions

Financial

Corp.

5.72%,

6/6/2030(a)(d)

250,000

258,368

5.50%,

9/6/2035(a)(d)

350,000

352,526

Royal

Bank

of

Canada

1.15%,

7/14/2026

50,000

48,494

5.20%,

7/20/2026

150,000

151,110

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

177

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

-

24.8%

(continued)

Royal

Bank

of

Canada

(continued)

1.40%,

11/2/2026(a)

$

100,000

$

96,443

4.88%,

1/19/2027(a)

20,000

20,157

5.20%,

8/1/2028(a)

50,000

51,250

4.52%,

10/18/2028(a)(d)

55,000

55,019

4.97%,

1/24/2029(a)(d)

300,000

303,466

4.95%,

2/1/2029(a)

150,000

153,186

4.97%,

8/2/2030(d)

250,000

253,626

4.65%,

10/18/2030(a)(d)

150,000

150,017

5.15%,

2/4/2031(d)

150,000

152,975

2.30%,

11/3/2031

80,000

70,052

3.88%,

5/4/2032

55,000

52,470

5.00%,

2/1/2033

100,000

101,647

7.50%,

5/2/2084(a)(d)

400,000

415,958

6.35%,

11/24/2084(d)

750,000

714,647

6.75%,

8/24/2085(d)

550,000

556,050

Santander

Holdings

USA,

Inc.

2.49%,

1/6/2028(a)(d)

850,000

823,693

6.50%,

3/9/2029(d)

645,000

671,519

6.57%,

6/12/2029(d)

150,000

156,904

6.17%,

1/9/2030(d)

400,000

416,737

5.35%,

9/6/2030(a)(d)

700,000

712,427

7.66%,

11/9/2031(a)(d)

250,000

279,038

6.34%,

5/31/2035(a)(d)

400,000

420,540

Santander

UK

Group

Holdings

plc

2.47%,

1/11/2028(a)(d)

25,000

24,201

3.82%,

11/3/2028(d)

300,000

293,733

6.53%,

1/10/2029(d)

500,000

520,605

5.69%,

4/15/2031(a)(d)

200,000

206,987

Sumitomo

Mitsui

Financial

Group,

Inc.

5.72%,

9/14/2028(a)

50,000

51,811

3.04%,

7/16/2029

150,000

141,835

2.14%,

9/23/2030

50,000

44,235

5.42%,

7/9/2031(a)

400,000

413,469

5.81%,

9/14/2033

50,000

53,041

Synovus

Bank

5.63%,

2/15/2028

350,000

354,964

Synovus

Financial

Corp.

6.17%,

11/1/2030(a)(d)

250,000

257,086

Toronto-Dominion

Bank

(The)

5.16%,

1/10/2028(a)

50,000

50,876

2.00%,

9/10/2031(a)

175,000

152,327

3.63%,

9/15/2031(a)(d)

1,455,000

1,435,054

5.15%,

9/10/2034(a)(d)

500,000

502,665

8.13%,

10/31/2082(d)

1,055,000

1,112,063

7.25%,

7/31/2084(d)

400,000

414,724

Truist

Bank

3.80%,

10/30/2026(a)

610,000

604,085

2.25%,

3/11/2030

750,000

674,437

Truist

Financial

Corp.

4.12%,

6/6/2028(d)

350,000

348,235

4.87%,

1/26/2029(a)(d)

825,000

832,533

3.88%,

3/19/2029(a)

500,000

487,354

7.16%,

10/30/2029(d)

775,000

836,563

5.44%,

1/24/2030(a)(d)

675,000

693,987

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

-

24.8%

(continued)

Truist

Financial

Corp.

(continued)

5.07%,

5/20/2031(d)

$

100,000

$

101,375

4.92%,

7/28/2033(a)(d)

950,000

931,674

6.12%,

10/28/2033(d)

400,000

424,756

5.12%,

1/26/2034(d)

600,000

600,200

5.87%,

6/8/2034(d)

694,000

725,610

5.71%,

1/24/2035(d)

1,050,000

1,086,452

US

Bancorp

Series

X,

3.15%,

4/27/2027(a)

75,000

73,581

4.55%,

7/22/2028(a)(d)

300,000

300,500

4.65%,

2/1/2029(a)(d)

100,000

100,503

5.78%,

6/12/2029(d)

400,000

414,138

1.38%,

7/22/2030

55,000

47,454

2.68%,

1/27/2033(a)(d)

50,000

43,839

4.97%,

7/22/2033(d)

501,000

493,995

5.84%,

6/12/2034(d)

50,000

52,438

5.68%,

1/23/2035(a)(d)

250,000

259,066

2.49%,

11/3/2036(d)

600,000

509,348

Webster

Financial

Corp.

4.10%,

3/25/2029

115,000

111,748

Wells

Fargo

&

Co.

3.53%,

3/24/2028(a)(d)

305,000

300,167

3.58%,

5/22/2028(a)(d)

500,000

491,657

2.39%,

6/2/2028(d)

475,000

457,325

4.81%,

7/25/2028(d)

600,000

603,291

4.15%,

1/24/2029

150,000

148,678

4.97%,

4/23/2029(d)

500,000

505,867

5.57%,

7/25/2029(d)

50,000

51,484

6.30%,

10/23/2029(a)(d)

200,000

210,454

Series

B,

7.95%,

11/15/2029

50,000

55,572

5.20%,

1/23/2030(a)(d)

300,000

306,390

2.88%,

10/30/2030(d)

50,000

46,707

5.21%,

12/3/2035(d)

1,000,000

1,002,712

Westpac

Banking

Corp.

3.35%,

3/8/2027

75,000

73,999

3.40%,

1/25/2028(a)

75,000

73,684

5.54%,

11/17/2028(a)

50,000

52,022

1.95%,

11/20/2028

200,000

186,038

5.05%,

4/16/2029(a)

25,000

25,669

2.15%,

6/3/2031

50,000

44,200

4.32%,

11/23/2031(d)

454,000

450,094

5.41%,

8/10/2033(a)(d)

515,000

521,478

6.82%,

11/17/2033(a)

400,000

440,191

4.11%,

7/24/2034(d)

754,000

729,852

2.67%,

11/15/2035(d)

900,000

794,877

5.62%,

11/20/2035(d)

800,000

806,797

3.02%,

11/18/2036(d)

700,000

613,506

Wintrust

Financial

Corp.

4.85%,

6/6/2029

150,000

146,684

Zions

Bancorp

NA

3.25%,

10/29/2029

252,000

231,777

6.82%,

11/19/2035(a)(d)

250,000

260,980

136,400,377

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

178

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Beverages

-

0.4%

Coca-Cola

Co.

(The)

3.45%,

3/25/2030

$

218,000

$

210,328

1.65%,

6/1/2030(a)

450,000

398,310

Coca-Cola

Consolidated,

Inc.

5.25%,

6/1/2029(a)

155,000

158,958

Constellation

Brands,

Inc.

4.35%,

5/9/2027(a)

50,000

49,836

3.60%,

2/15/2028

50,000

49,020

3.15%,

8/1/2029(a)

202,000

191,670

2.88%,

5/1/2030

50,000

46,228

4.75%,

5/9/2032(a)

150,000

148,914

Pepsico

Singapore

Financing

I

Pte.

Ltd.

4.55%,

2/16/2029(a)

100,000

100,901

4.70%,

2/16/2034

50,000

49,389

PepsiCo,

Inc.

2.63%,

7/29/2029(a)

50,000

47,067

2.75%,

3/19/2030(a)

255,000

238,016

1.63%,

5/1/2030(a)

300,000

265,631

1,954,268

Biotechnology

-

0.2%

Biogen,

Inc.

2.25%,

5/1/2030

200,000

179,426

Gilead

Sciences,

Inc.

4.80%,

11/15/2029(a)

350,000

355,591

5.25%,

10/15/2033(a)

150,000

154,567

Regeneron

Pharmaceuticals,

Inc.

1.75%,

9/15/2030

815,000

707,659

1,397,243

Broadline

Retail

-

0.3%

eBay,

Inc.

3.60%,

6/5/2027(a)

250,000

246,621

5.95%,

11/22/2027

100,000

103,180

2.70%,

3/11/2030

750,000

693,709

2.60%,

5/10/2031

150,000

134,125

6.30%,

11/22/2032

300,000

324,510

1,502,145

Building

Products

-

0.8%

Allegion

plc

3.50%,

10/1/2029(a)

152,000

145,303

Amrize

Finance

US

LLC

4.95%,

4/7/2030(e)

200,000

201,973

5.40%,

4/7/2035(e)

350,000

353,033

Carlisle

Cos.,

Inc.

3.75%,

12/1/2027(a)

450,000

442,536

2.75%,

3/1/2030

275,000

253,755

2.20%,

3/1/2032

300,000

253,587

Carrier

Global

Corp.

2.72%,

2/15/2030

300,000

278,356

Lennox

International,

Inc.

5.50%,

9/15/2028(a)

400,000

410,562

Masco

Corp.

3.50%,

11/15/2027

150,000

146,585

1.50%,

2/15/2028

201,000

186,406

2.00%,

10/1/2030

300,000

262,795

2.00%,

2/15/2031

250,000

214,703

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Building

Products

-

0.8%

(continued)

Trane

Technologies

Financing

Ltd.

3.80%,

3/21/2029(a)

$

712,000

$

698,267

5.25%,

3/3/2033

130,000

133,540

5.10%,

6/13/2034

340,000

344,865

Trane

Technologies

Global

Holding

Co.

Ltd.

3.75%,

8/21/2028(a)

250,000

246,331

4,572,597

Capital

Markets

-

6.7%

Ameriprise

Financial,

Inc.

5.70%,

12/15/2028(a)

450,000

468,323

5.15%,

5/15/2033(a)

175,000

178,616

5.20%,

4/15/2035

250,000

250,559

Apollo

Debt

Solutions

BDC

6.90%,

4/13/2029(a)

325,000

339,488

5.88%,

8/30/2030(e)

100,000

100,119

6.70%,

7/29/2031

550,000

572,735

6.55%,

3/15/2032(a)(e)

300,000

307,667

Ares

Capital

Corp.

7.00%,

1/15/2027

5,000

5,147

5.80%,

3/8/2032

200,000

199,660

Bain

Capital

Specialty

Finance,

Inc.

2.55%,

10/13/2026

227,000

220,183

5.95%,

3/15/2030

200,000

198,819

Bank

of

New

York

Mellon

Corp.

(The)

3.30%,

8/23/2029(a)

150,000

143,852

6.32%,

10/25/2029(d)

200,000

211,256

4.29%,

6/13/2033(a)(d)

50,000

48,489

Blackstone

Private

Credit

Fund

2.63%,

12/15/2026(a)

702,000

678,580

3.25%,

3/15/2027(a)

650,000

632,518

7.30%,

11/27/2028

200,000

212,313

4.00%,

1/15/2029

475,000

458,618

5.95%,

7/16/2029

300,000

306,016

5.25%,

4/1/2030

250,000

247,567

6.25%,

1/25/2031

175,000

180,417

6.00%,

1/29/2032(a)

500,000

506,427

6.00%,

11/22/2034(a)

350,000

347,723

Blackstone

Reg

Finance

Co.

LLC

5.00%,

12/6/2034

450,000

444,976

Blackstone

Secured

Lending

Fund

2.75%,

9/16/2026(a)

252,000

245,826

2.13%,

2/15/2027(a)

302,000

288,820

5.88%,

11/15/2027

150,000

152,606

5.35%,

4/13/2028(a)

850,000

856,813

2.85%,

9/30/2028

350,000

327,719

Blue

Owl

Capital

Corp.

3.40%,

7/15/2026

440,000

433,687

2.63%,

1/15/2027

50,000

48,183

2.88%,

6/11/2028

450,000

419,720

5.95%,

3/15/2029

250,000

250,570

Blue

Owl

Credit

Income

Corp.

3.13%,

9/23/2026

300,000

292,594

4.70%,

2/8/2027

350,000

347,318

7.75%,

9/16/2027(a)

450,000

470,049

7.95%,

6/13/2028

50,000

52,933

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

179

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Capital

Markets

-

6.7%

(continued)

Blue

Owl

Credit

Income

Corp.

(continued)

7.75%,

1/15/2029

$

200,000

$

212,587

5.80%,

3/15/2030

250,000

250,464

6.65%,

3/15/2031(a)

300,000

308,462

Blue

Owl

Technology

Finance

Corp.

2.50%,

1/15/2027

205,000

196,932

6.10%,

3/15/2028(e)

500,000

502,889

6.75%,

4/4/2029(a)

250,000

256,021

Brookfield

Asset

Management

Ltd.

5.80%,

4/24/2035

250,000

255,663

Brookfield

Finance

I

UK

plc

2.34%,

1/30/2032(a)

25,000

21,440

Brookfield

Finance,

Inc.

4.85%,

3/29/2029

50,000

50,447

4.35%,

4/15/2030(a)

100,000

98,824

6.35%,

1/5/2034(a)

100,000

107,667

Carlyle

Secured

Lending,

Inc.

6.75%,

2/18/2030

100,000

102,865

Cboe

Global

Markets,

Inc.

3.65%,

1/12/2027(a)

151,000

149,425

1.63%,

12/15/2030

1,000

867

3.00%,

3/16/2032

50,000

45,034

Charles

Schwab

Corp.

(The)

5.64%,

5/19/2029(a)(d)

400,000

413,435

5.85%,

5/19/2034(d)

250,000

264,984

6.14%,

8/24/2034(d)

200,000

215,832

CI

Financial

Corp.

3.20%,

12/17/2030

450,000

399,436

CME

Group,

Inc.

3.75%,

6/15/2028

100,000

98,956

4.40%,

3/15/2030(a)

150,000

150,018

2.65%,

3/15/2032(a)

150,000

134,185

Deutsche

Bank

AG

2.31%,

11/16/2027(d)

150,000

145,561

5.37%,

1/10/2029(d)

150,000

152,498

6.72%,

1/18/2029(d)

100,000

104,724

5.88%,

7/8/2031(d)

200,000

205,785

3.55%,

9/18/2031(a)(d)

250,000

234,878

3.73%,

1/14/2032(a)(d)

650,000

601,651

4.88%,

12/1/2032(a)(d)

453,000

448,850

3.74%,

1/7/2033(a)(d)

650,000

586,852

7.08%,

2/10/2034(d)

800,000

862,256

FactSet

Research

Systems,

Inc.

2.90%,

3/1/2027(a)

200,000

195,289

3.45%,

3/1/2032(a)

250,000

227,928

Franklin

Resources,

Inc.

1.60%,

10/30/2030(a)

50,000

43,062

Goldman

Sachs

Group,

Inc.

(The)

5.95%,

1/15/2027(a)

50,000

51,226

3.85%,

1/26/2027(a)

125,000

123,937

3.81%,

4/23/2029(d)

220,000

215,937

4.22%,

5/1/2029(d)

370,000

367,733

2.60%,

2/7/2030(a)

100,000

92,378

3.80%,

3/15/2030(a)

120,000

116,752

5.73%,

4/25/2030(d)

300,000

311,493

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Capital

Markets

-

6.7%

(continued)

Goldman

Sachs

Group,

Inc.

(The)

(continued)

5.05%,

7/23/2030(d)

$

270,000

$

274,344

5.21%,

1/28/2031(a)(d)

100,000

102,119

1.99%,

1/27/2032(d)

470,000

407,779

2.62%,

4/22/2032(d)

150,000

133,529

2.38%,

7/21/2032(a)(d)

243,000

212,275

2.65%,

10/21/2032(d)

150,000

132,122

6.13%,

2/15/2033

50,000

54,456

3.10%,

2/24/2033(d)

400,000

359,626

6.56%,

10/24/2034(a)(d)

50,000

55,245

5.85%,

4/25/2035(d)

150,000

157,172

5.33%,

7/23/2035(a)(d)

200,000

202,043

5.02%,

10/23/2035(a)(d)

300,000

295,896

HPS

Corporate

Lending

Fund

5.45%,

1/14/2028

500,000

501,065

5.95%,

4/14/2032

250,000

248,034

Janus

Henderson

US

Holdings,

Inc.

5.45%,

9/10/2034

150,000

147,683

Jefferies

Financial

Group,

Inc.

6.20%,

4/14/2034(a)

250,000

261,170

Lazard

Group

LLC

4.38%,

3/11/2029(a)

50,000

49,493

LPL

Holdings,

Inc.

5.70%,

5/20/2027(a)

450,000

457,373

6.75%,

11/17/2028

300,000

318,544

5.20%,

3/15/2030(a)

500,000

506,080

6.00%,

5/20/2034(a)

350,000

361,669

Main

Street

Capital

Corp.

3.00%,

7/14/2026(a)

200,000

196,236

Moody's

Corp.

3.25%,

1/15/2028(a)

240,000

234,419

4.25%,

2/1/2029(a)

202,000

201,024

2.00%,

8/19/2031(a)

353,000

304,951

4.25%,

8/8/2032

225,000

218,590

5.00%,

8/5/2034(a)

200,000

201,127

Morgan

Stanley

3.62%,

4/1/2031(a)(d)

100,000

95,784

5.25%,

4/21/2034(d)

182,000

184,942

5.42%,

7/21/2034(a)(d)

150,000

153,617

5.47%,

1/18/2035(a)(d)

300,000

307,311

5.83%,

4/19/2035(a)(d)

150,000

157,239

Morgan

Stanley

Direct

Lending

Fund

6.00%,

5/19/2030

250,000

251,533

Nasdaq,

Inc.

3.85%,

6/30/2026(a)

400,000

397,624

5.35%,

6/28/2028

45,000

46,207

5.55%,

2/15/2034(a)

627,000

650,515

Nomura

Holdings,

Inc.

2.68%,

7/16/2030

250,000

225,923

5.78%,

7/3/2034(a)

175,000

181,660

Nuveen

Churchill

Direct

Lending

Corp.

6.65%,

3/15/2030

50,000

51,336

Oaktree

Specialty

Lending

Corp.

6.34%,

2/27/2030

150,000

149,620

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

180

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Capital

Markets

-

6.7%

(continued)

Oaktree

Strategic

Credit

Fund

8.40%,

11/14/2028

$

100,000

$

107,640

6.50%,

7/23/2029

150,000

153,903

S&P

Global,

Inc.

2.95%,

1/22/2027(a)

250,000

245,131

2.45%,

3/1/2027(a)

900,000

874,933

4.75%,

8/1/2028(a)

100,000

101,096

2.70%,

3/1/2029

677,000

640,173

4.25%,

5/1/2029(a)

1,000,000

997,621

2.50%,

12/1/2029

250,000

232,037

1.25%,

8/15/2030

200,000

172,105

2.90%,

3/1/2032

875,000

790,751

5.25%,

9/15/2033(a)

400,000

413,677

State

Street

Corp.

5.82%,

11/4/2028(a)(d)

50,000

51,556

4.53%,

2/20/2029(a)(d)

350,000

351,490

2.40%,

1/24/2030(a)

75,000

69,524

2.20%,

3/3/2031(a)

50,000

44,042

4.42%,

5/13/2033(d)

150,000

146,801

4.16%,

8/4/2033(a)(d)

50,000

47,975

5.16%,

5/18/2034(a)(d)

300,000

305,543

6.12%,

11/21/2034(d)

200,000

213,103

Stifel

Financial

Corp.

4.00%,

5/15/2030

196,000

188,563

UBS

AG

4.86%,

1/10/2028(a)(d)

200,000

201,257

7.50%,

2/15/2028

250,000

268,559

36,836,984

Chemicals

-

0.7%

Cabot

Corp.

3.40%,

9/15/2026

50,000

49,309

CF

Industries,

Inc.

5.15%,

3/15/2034(a)

450,000

446,672

Ecolab,

Inc.

1.65%,

2/1/2027

250,000

240,382

4.80%,

3/24/2030(a)

150,000

152,638

EIDP,

Inc.

5.13%,

5/15/2032

250,000

254,276

LYB

International

Finance

III

LLC

5.50%,

3/1/2034(a)

200,000

197,917

NewMarket

Corp.

2.70%,

3/18/2031(a)

400,000

356,905

PPG

Industries,

Inc.

3.75%,

3/15/2028(a)

200,000

197,041

RPM

International,

Inc.

4.55%,

3/1/2029(a)

150,000

149,286

2.95%,

1/15/2032(a)

200,000

177,071

Sherwin-Williams

Co.

(The)

3.45%,

6/1/2027(a)

325,000

319,261

2.95%,

8/15/2029

701,000

660,408

2.30%,

5/15/2030(a)

350,000

316,103

4.80%,

9/1/2031(a)

250,000

251,634

2.20%,

3/15/2032(a)

150,000

128,436

3,897,339

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Commercial

Services

&

Supplies

-

1.0%

Cintas

Corp.

No.

2

3.70%,

4/1/2027(a)

$

650,000

$

643,469

4.00%,

5/1/2032(a)

365,000

352,559

RELX

Capital,

Inc.

4.00%,

3/18/2029(a)

852,000

843,442

3.00%,

5/22/2030

352,000

330,701

4.75%,

5/20/2032

200,000

200,617

5.25%,

3/27/2035

400,000

407,383

Republic

Services,

Inc.

3.38%,

11/15/2027

50,000

49,014

3.95%,

5/15/2028

51,000

50,602

4.88%,

4/1/2029(a)

350,000

356,621

5.00%,

11/15/2029

50,000

51,180

2.30%,

3/1/2030(a)

100,000

91,199

1.45%,

2/15/2031

2,000

1,701

5.00%,

4/1/2034

20,000

20,198

Rollins,

Inc.

5.25%,

2/24/2035

200,000

199,817

Veralto

Corp.

5.50%,

9/18/2026

850,000

857,468

5.35%,

9/18/2028

275,000

282,055

5.45%,

9/18/2033

300,000

308,012

Waste

Connections,

Inc.

2.60%,

2/1/2030(a)

150,000

138,878

5.00%,

3/1/2034(a)

150,000

150,903

5,335,819

Communications

Equipment

-

1.0%

Cisco

Systems,

Inc.

4.75%,

2/24/2030

450,000

457,633

4.95%,

2/26/2031

450,000

460,915

4.95%,

2/24/2032

500,000

509,826

5.05%,

2/26/2034

225,000

229,070

5.10%,

2/24/2035

200,000

203,332

Juniper

Networks,

Inc.

3.75%,

8/15/2029(a)

201,000

194,647

2.00%,

12/10/2030

200,000

173,302

Motorola

Solutions,

Inc.

4.60%,

2/23/2028

401,000

402,318

5.00%,

4/15/2029(a)

250,000

253,571

4.60%,

5/23/2029

428,000

429,147

2.30%,

11/15/2030

402,000

357,113

2.75%,

5/24/2031

650,000

583,631

5.60%,

6/1/2032

250,000

259,278

5.40%,

4/15/2034

550,000

560,994

Nokia

OYJ

4.38%,

6/12/2027(a)

175,000

173,452

5,248,229

Construction

&

Engineering

-

0.0%(c)

MasTec,

Inc.

5.90%,

6/15/2029(a)

100,000

103,330

Quanta

Services,

Inc.

4.75%,

8/9/2027(a)

150,000

150,975

254,305

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

181

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Construction

Materials

-

0.1%

Martin

Marietta

Materials,

Inc.

Series

CB,

2.50%,

3/15/2030

$

110,000

$

100,675

2.40%,

7/15/2031

53,000

46,564

5.15%,

12/1/2034

200,000

200,620

Vulcan

Materials

Co.

3.90%,

4/1/2027

50,000

49,626

3.50%,

6/1/2030(a)

175,000

166,553

5.35%,

12/1/2034

250,000

253,835

817,873

Consumer

Finance

-

1.1%

AerCap

Ireland

Capital

DAC

2.45%,

10/29/2026(a)

700,000

681,451

3.00%,

10/29/2028

200,000

190,337

4.95%,

9/10/2034

300,000

292,585

6.95%,

3/10/2055(a)(d)

550,000

575,410

American

Express

Co.

2.55%,

3/4/2027

20,000

19,454

4.73%,

4/25/2029(a)(d)

100,000

100,876

5.53%,

4/25/2030(a)(d)

25,000

25,928

5.09%,

1/30/2031(d)

250,000

255,318

5.02%,

4/25/2031(d)

100,000

101,781

6.49%,

10/30/2031(d)

100,000

108,513

4.99%,

5/26/2033(a)(d)

428,000

427,971

5.63%,

7/28/2034(a)(d)

435,000

446,030

5.92%,

4/25/2035(a)(d)

250,000

259,935

Capital

One

Financial

Corp.

7.62%,

10/30/2031(d)

250,000

281,509

5.88%,

7/26/2035(a)(d)

100,000

103,261

Caterpillar

Financial

Services

Corp.

1.15%,

9/14/2026

25,000

24,165

5.00%,

5/14/2027(a)

40,000

40,522

Ford

Motor

Credit

Co.

LLC

7.35%,

11/4/2027

200,000

207,182

7.20%,

6/10/2030

100,000

105,209

Synchrony

Financial

3.70%,

8/4/2026

270,000

267,243

3.95%,

12/1/2027

705,000

691,380

5.15%,

3/19/2029(a)

662,000

664,928

5.94%,

8/2/2030(a)(d)

50,000

51,389

2.88%,

10/28/2031

475,000

413,901

6,336,278

Consumer

Staples

Distribution

&

Retail

-

0.9%

Costco

Wholesale

Corp.

1.38%,

6/20/2027(a)

475,000

451,983

1.60%,

4/20/2030

900,000

800,033

1.75%,

4/20/2032(a)

570,000

483,209

Dollar

Tree,

Inc.

4.20%,

5/15/2028

200,000

198,079

Kroger

Co.

(The)

2.65%,

10/15/2026

50,000

48,901

Series

B,

7.70%,

6/1/2029

100,000

110,690

8.00%,

9/15/2029

50,000

55,838

5.00%,

9/15/2034

150,000

148,380

Sysco

Corp.

3.30%,

7/15/2026(a)

25,000

24,715

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Consumer

Staples

Distribution

&

Retail

-

0.9%

(continued)

Sysco

Corp.

(continued)

3.25%,

7/15/2027(a)

$

280,000

$

274,020

5.75%,

1/17/2029

450,000

467,882

2.40%,

2/15/2030

220,000

200,568

5.95%,

4/1/2030

595,000

627,064

6.00%,

1/17/2034

125,000

133,649

5.40%,

3/23/2035(a)

350,000

354,934

Walmart,

Inc.

4.90%,

4/28/2035

500,000

503,284

4,883,229

Containers

&

Packaging

-

0.3%

Amcor

Flexibles

North

America,

Inc.

3.10%,

9/15/2026

100,000

98,164

AptarGroup,

Inc.

3.60%,

3/15/2032

195,000

179,290

Avery

Dennison

Corp.

4.88%,

12/6/2028(a)

406,000

410,056

2.65%,

4/30/2030

100,000

91,732

2.25%,

2/15/2032

100,000

84,864

5.75%,

3/15/2033

300,000

313,575

Packaging

Corp.

of

America

3.00%,

12/15/2029(a)

278,000

261,856

5.70%,

12/1/2033(a)

350,000

364,136

1,803,673

Distributors

-

0.1%

Genuine

Parts

Co.

4.95%,

8/15/2029

50,000

50,623

2.75%,

2/1/2032

25,000

21,834

LKQ

Corp.

5.75%,

6/15/2028

550,000

563,043

6.25%,

6/15/2033(a)

50,000

52,256

687,756

Diversified

REITs

-

1.4%

American

Assets

Trust

LP

REIT,

6.15%,

10/1/2034

250,000

249,755

Broadstone

Net

Lease

LLC

REIT,

2.60%,

9/15/2031(a)

150,000

128,048

GLP

Capital

LP

REIT,

5.75%,

6/1/2028

400,000

408,649

REIT,

5.30%,

1/15/2029(a)

500,000

504,596

REIT,

4.00%,

1/15/2030

315,000

301,289

REIT,

4.00%,

1/15/2031

200,000

188,473

REIT,

3.25%,

1/15/2032

655,000

579,391

REIT,

6.75%,

12/1/2033

250,000

267,795

REIT,

5.63%,

9/15/2034(a)

500,000

499,350

Rayonier

LP

REIT,

2.75%,

5/17/2031(a)

250,000

221,696

Simon

Property

Group

LP

REIT,

6.25%,

1/15/2034(a)

50,000

54,376

REIT,

4.75%,

9/26/2034(a)

50,000

48,684

VICI

Properties

LP

REIT,

4.75%,

2/15/2028

705,000

707,811

REIT,

4.75%,

4/1/2028

350,000

351,979

REIT,

4.95%,

2/15/2030(a)

503,000

505,127

REIT,

5.13%,

11/15/2031(a)

250,000

249,853

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

182

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Diversified

REITs

-

1.4%

(continued)

VICI

Properties

LP

(continued)

REIT,

5.13%,

5/15/2032

$

840,000

$

837,990

REIT,

5.75%,

4/1/2034(a)

300,000

306,958

REIT,

5.63%,

4/1/2035(a)

400,000

402,555

WP

Carey,

Inc.

REIT,

4.25%,

10/1/2026

150,000

149,350

REIT,

2.40%,

2/1/2031

250,000

220,261

REIT,

2.45%,

2/1/2032(a)

50,000

42,841

REIT,

5.38%,

6/30/2034(a)

250,000

251,303

7,478,130

Diversified

Telecommunication

Services

-

0.2%

Deutsche

Telekom

International

Finance

BV

8.75%,

6/15/2030(b)

300,000

351,932

Koninklijke

KPN

NV

8.38%,

10/1/2030

326,000

377,953

Sprint

Capital

Corp.

8.75%,

3/15/2032

200,000

241,580

971,465

Electric

Utilities

-

3.4%

AEP

Texas,

Inc.

5.45%,

5/15/2029(a)

750,000

772,613

4.70%,

5/15/2032

50,000

49,120

Series

E,

6.65%,

2/15/2033

50,000

54,082

5.70%,

5/15/2034(a)

500,000

510,479

American

Electric

Power

Co.,

Inc.

5.20%,

1/15/2029

750,000

766,409

2.30%,

3/1/2030

250,000

225,405

5.95%,

11/1/2032(a)

40,000

42,359

5.63%,

3/1/2033

250,000

259,266

6.95%,

12/15/2054(d)

300,000

316,686

7.05%,

12/15/2054(d)

700,000

730,621

3.88%,

2/15/2062(d)

91,000

87,752

Appalachian

Power

Co.

5.65%,

4/1/2034(a)

200,000

205,805

Duke

Energy

Corp.

2.65%,

9/1/2026

1,300,000

1,273,566

6.45%,

9/1/2054(a)(d)

300,000

308,886

3.25%,

1/15/2082(d)

551,000

528,549

Emera

US

Finance

LP

2.64%,

6/15/2031

150,000

131,418

Enel

Chile

SA

4.88%,

6/12/2028

425,000

427,693

Entergy

Corp.

7.13%,

12/1/2054(a)(d)

100,000

103,528

Evergy,

Inc.

6.65%,

6/1/2055(d)

100,000

100,984

Exelon

Corp.

6.50%,

3/15/2055(d)

250,000

255,456

FirstEnergy

Corp.

Series

B,

3.90%,

7/15/2027(b)

400,000

395,036

Fortis,

Inc.

3.06%,

10/4/2026

700,000

686,416

Interstate

Power

and

Light

Co.

5.70%,

10/15/2033

100,000

103,587

4.95%,

9/30/2034

150,000

146,720

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Electric

Utilities

-

3.4%

(continued)

ITC

Holdings

Corp.

3.25%,

6/30/2026

$

450,000

$

444,641

Kentucky

Utilities

Co.

5.45%,

4/15/2033

250,000

258,146

MidAmerican

Energy

Co.

3.10%,

5/1/2027(a)

225,000

220,855

3.65%,

4/15/2029

503,000

491,758

6.75%,

12/30/2031

100,000

111,852

5.35%,

1/15/2034

200,000

205,943

Nevada

Power

Co.

Series

CC,

3.70%,

5/1/2029

702,000

683,154

Series

DD,

2.40%,

5/1/2030(a)

200,000

182,150

6.25%,

5/15/2055(d)

250,000

249,050

NextEra

Energy

Capital

Holdings,

Inc.

6.75%,

6/15/2054(d)

50,000

52,169

4.80%,

12/1/2077(d)

61,000

58,661

5.65%,

5/1/2079(d)

97,000

96,516

3.80%,

3/15/2082(d)

110,000

105,754

OGE

Energy

Corp.

5.45%,

5/15/2029

150,000

154,566

Ohio

Power

Co.

Series

G,

6.60%,

2/15/2033

600,000

661,247

Series

D,

6.60%,

3/1/2033

200,000

216,007

Oncor

Electric

Delivery

Co.

LLC

7.00%,

5/1/2032(a)

150,000

167,904

4.15%,

6/1/2032(a)

150,000

144,323

PacifiCorp

5.10%,

2/15/2029(a)

400,000

406,717

3.50%,

6/15/2029

100,000

96,186

2.70%,

9/15/2030

200,000

182,222

5.30%,

2/15/2031(a)

350,000

359,164

5.45%,

2/15/2034

990,000

998,008

7.38%,

9/15/2055(a)(d)

250,000

255,940

PPL

Capital

Funding,

Inc.

4.13%,

4/15/2030(a)

50,000

48,927

5.25%,

9/1/2034(a)

250,000

252,126

Southern

Co.

(The)

3.25%,

7/1/2026(a)

500,000

494,523

5.11%,

8/1/2027(a)(b)

625,000

633,413

5.70%,

3/15/2034

750,000

780,703

Series

21-A,

3.75%,

9/15/2051(d)

200,000

196,787

Series

2025,

6.38%,

3/15/2055(a)(d)

1,000,000

1,034,712

18,726,560

Electrical

Equipment

-

0.2%

Acuity

Brands

Lighting,

Inc.

2.15%,

12/15/2030(a)

250,000

219,900

Hubbell,

Inc.

3.50%,

2/15/2028(a)

200,000

195,685

Regal

Rexnord

Corp.

6.05%,

4/15/2028

50,000

51,508

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

183

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Electrical

Equipment

-

0.2%

(continued)

Rockwell

Automation,

Inc.

6.70%,

1/15/2028

$

450,000

$

472,376

939,469

Electronic

Equipment,

Instruments

&

Components

-

2.3%

Allegion

US

Holding

Co.,

Inc.

3.55%,

10/1/2027(a)

150,000

146,703

5.41%,

7/1/2032

250,000

256,763

5.60%,

5/29/2034

350,000

357,730

Amphenol

Corp.

5.05%,

4/5/2027(a)

350,000

354,015

4.38%,

6/12/2028

150,000

150,350

5.05%,

4/5/2029

200,000

204,619

4.35%,

6/1/2029(a)

193,000

193,402

2.20%,

9/15/2031

350,000

305,686

5.25%,

4/5/2034(a)

250,000

256,521

Arrow

Electronics,

Inc.

3.88%,

1/12/2028(a)

115,000

112,692

5.15%,

8/21/2029(a)

550,000

557,621

Avnet,

Inc.

6.25%,

3/15/2028

200,000

207,473

3.00%,

5/15/2031(a)

150,000

134,184

CDW

LLC

2.67%,

12/1/2026(a)

454,000

442,083

4.25%,

4/1/2028

402,000

397,905

3.28%,

12/1/2028(a)

257,000

245,375

3.25%,

2/15/2029

200,000

189,508

5.10%,

3/1/2030

450,000

453,240

3.57%,

12/1/2031

650,000

598,475

5.55%,

8/22/2034(a)

250,000

251,855

Flex

Ltd.

6.00%,

1/15/2028

230,000

236,481

4.88%,

6/15/2029

200,000

200,964

4.88%,

5/12/2030

262,000

262,089

Jabil,

Inc.

4.25%,

5/15/2027

400,000

397,554

3.95%,

1/12/2028(a)

280,000

276,126

3.60%,

1/15/2030(a)

450,000

428,202

3.00%,

1/15/2031(a)

250,000

227,182

Keysight

Technologies,

Inc.

4.60%,

4/6/2027(a)

450,000

450,502

3.00%,

10/30/2029(a)

250,000

234,418

5.35%,

7/30/2030

250,000

257,102

4.95%,

10/15/2034(a)

150,000

147,436

TD

SYNNEX

Corp.

1.75%,

8/9/2026(a)

300,000

290,494

2.38%,

8/9/2028

52,000

48,592

2.65%,

8/9/2031(a)

70,000

61,079

6.10%,

4/12/2034

300,000

314,777

Teledyne

Technologies,

Inc.

2.25%,

4/1/2028(a)

257,000

243,557

2.75%,

4/1/2031

450,000

405,653

Trimble,

Inc.

4.90%,

6/15/2028(a)

350,000

353,536

6.10%,

3/15/2033(a)

600,000

635,610

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Electronic

Equipment,

Instruments

&

Components

-

2.3%

(continued)

Tyco

Electronics

Group

SA

3.13%,

8/15/2027(a)

$

350,000

$

341,839

4.63%,

2/1/2030

150,000

151,264

2.50%,

2/4/2032(a)

325,000

286,294

Vontier

Corp.

2.40%,

4/1/2028

252,000

237,021

2.95%,

4/1/2031(a)

475,000

426,962

12,730,934

Energy

Equipment

&

Services

-

0.0%(c)

Helmerich

&

Payne,

Inc.

2.90%,

9/29/2031

50,000

42,161

Entertainment

-

0.9%

Electronic

Arts,

Inc.

1.85%,

2/15/2031(a)

400,000

346,245

Netflix,

Inc.

4.38%,

11/15/2026(a)

250,000

250,607

4.88%,

4/15/2028(a)

865,000

878,661

5.88%,

11/15/2028(a)

885,000

928,066

6.38%,

5/15/2029(a)

600,000

642,635

4.90%,

8/15/2034(a)

350,000

353,758

Take-Two

Interactive

Software,

Inc.

3.70%,

4/14/2027(a)

150,000

148,187

4.95%,

3/28/2028

300,000

303,977

4.00%,

4/14/2032

50,000

47,349

5.60%,

6/12/2034

100,000

103,154

Tencent

Music

Entertainment

Group

2.00%,

9/3/2030

800,000

703,935

4,706,574

Financial

Services

-

2.3%

Apollo

Global

Management,

Inc.

6.38%,

11/15/2033(a)

25,000

27,243

6.00%,

12/15/2054(d)

250,000

245,227

Block

Financial

LLC

2.50%,

7/15/2028

450,000

423,374

3.88%,

8/15/2030

335,000

319,069

Corebridge

Financial,

Inc.

6.88%,

12/15/2052(a)(d)

525,000

539,212

Essent

Group

Ltd.

6.25%,

7/1/2029

250,000

259,034

Fidelity

National

Information

Services,

Inc.

1.65%,

3/1/2028(a)

700,000

652,578

2.25%,

3/1/2031(a)

350,000

305,651

5.10%,

7/15/2032(a)

450,000

456,477

Fiserv,

Inc.

5.45%,

3/2/2028

100,000

102,206

Global

Payments,

Inc.

3.20%,

8/15/2029

50,000

47,010

5.30%,

8/15/2029

100,000

101,384

2.90%,

5/15/2030

200,000

182,493

5.40%,

8/15/2032

150,000

151,951

Mastercard,

Inc.

3.30%,

3/26/2027(a)

253,000

249,551

2.95%,

6/1/2029(a)

551,000

527,317

3.35%,

3/26/2030(a)

1,253,000

1,203,882

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

184

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Financial

Services

-

2.3%

(continued)

Mastercard,

Inc.

(continued)

1.90%,

3/15/2031

$

50,000

$

43,872

2.00%,

11/18/2031

375,000

324,613

4.35%,

1/15/2032

550,000

544,724

4.85%,

3/9/2033(a)

250,000

253,490

4.88%,

5/9/2034

450,000

452,732

4.55%,

1/15/2035(a)

500,000

488,443

MGIC

Investment

Corp.

5.25%,

8/15/2028(a)

400,000

399,088

National

Rural

Utilities

Cooperative

Finance

Corp.

8.00%,

3/1/2032(a)

250,000

294,761

NMI

Holdings,

Inc.

6.00%,

8/15/2029

150,000

152,992

Radian

Group,

Inc.

4.88%,

3/15/2027(a)

243,000

242,872

6.20%,

5/15/2029(a)

400,000

415,382

Synchrony

Bank

5.63%,

8/23/2027

404,000

410,751

Visa,

Inc.

1.90%,

4/15/2027(a)

217,000

209,099

2.75%,

9/15/2027

310,000

301,550

2.05%,

4/15/2030(a)

275,000

249,339

1.10%,

2/15/2031(a)

50,000

42,416

Western

Union

Co.

(The)

2.75%,

3/15/2031(a)

150,000

131,125

Woodside

Finance

Ltd.

4.90%,

5/19/2028

250,000

250,933

5.40%,

5/19/2030

250,000

253,508

5.70%,

5/19/2032

250,000

254,817

5.10%,

9/12/2034(a)

450,000

436,598

6.00%,

5/19/2035

550,000

561,505

12,508,269

Food

Products

-

1.2%

Flowers

Foods,

Inc.

3.50%,

10/1/2026

400,000

394,217

2.40%,

3/15/2031

250,000

217,971

General

Mills,

Inc.

4.95%,

3/29/2033(a)

285,000

284,245

Hormel

Foods

Corp.

4.80%,

3/30/2027(a)

100,000

100,688

1.80%,

6/11/2030(a)

200,000

177,101

Ingredion,

Inc.

3.20%,

10/1/2026(a)

250,000

246,011

2.90%,

6/1/2030(a)

300,000

277,140

Kellanova

3.25%,

4/1/2026

100,000

99,263

3.40%,

11/15/2027(a)

150,000

146,825

2.10%,

6/1/2030

100,000

89,475

Series

B,

7.45%,

4/1/2031

500,000

568,926

5.25%,

3/1/2033(a)

50,000

50,956

Mondelez

International,

Inc.

2.63%,

3/17/2027(a)

302,000

293,539

4.25%,

5/6/2028

150,000

149,481

4.75%,

2/20/2029(a)

100,000

101,310

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Food

Products

-

1.2%

(continued)

Mondelez

International,

Inc.

(continued)

2.75%,

4/13/2030

$

623,000

$

575,554

1.50%,

2/4/2031(a)

100,000

85,193

3.00%,

3/17/2032

550,000

495,005

4.75%,

8/28/2034(a)

50,000

49,149

5.13%,

5/6/2035

250,000

250,610

Tyson

Foods,

Inc.

3.55%,

6/2/2027

650,000

638,591

4.35%,

3/1/2029

50,000

49,612

5.70%,

3/15/2034(a)

250,000

258,294

Unilever

Capital

Corp.

2.90%,

5/5/2027

1,000

978

3.50%,

3/22/2028(a)

102,000

100,318

2.13%,

9/6/2029(a)

175,000

160,842

5.90%,

11/15/2032

250,000

271,215

5.00%,

12/8/2033(a)

50,000

51,062

4.63%,

8/12/2034(a)

200,000

197,231

6,380,802

Gas

Utilities

-

0.3%

Atmos

Energy

Corp.

2.63%,

9/15/2029

350,000

326,695

5.45%,

10/15/2032

250,000

260,361

5.90%,

11/15/2033(a)

450,000

481,262

National

Fuel

Gas

Co.

5.50%,

10/1/2026(a)

150,000

151,039

3.95%,

9/15/2027

150,000

147,174

5.50%,

3/15/2030

50,000

51,272

2.95%,

3/1/2031

250,000

222,813

5.95%,

3/15/2035

250,000

256,028

1,896,644

Ground

Transportation

-

0.2%

Burlington

Northern

Santa

Fe

LLC

7.95%,

8/15/2030

100,000

116,068

Canadian

National

Railway

Co.

3.85%,

8/5/2032

50,000

47,363

Uber

Technologies,

Inc.

4.30%,

1/15/2030

50,000

49,566

4.80%,

9/15/2034

750,000

736,671

949,668

Health

Care

Equipment

&

Supplies

-

1.0%

Boston

Scientific

Corp.

2.65%,

6/1/2030

600,000

553,283

DH

Europe

Finance

II

Sarl

2.60%,

11/15/2029

152,000

141,560

Edwards

Lifesciences

Corp.

4.30%,

6/15/2028(a)

650,000

648,478

Medtronic

Global

Holdings

SCA

4.50%,

3/30/2033(a)

50,000

49,331

Smith

&

Nephew

plc

5.15%,

3/20/2027(a)

100,000

101,011

2.03%,

10/14/2030

250,000

218,718

STERIS

Irish

FinCo.

UnLtd

Co.

2.70%,

3/15/2031

400,000

358,242

Stryker

Corp.

4.70%,

2/10/2028(a)

650,000

655,982

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

185

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Health

Care

Equipment

&

Supplies

-

1.0%

(continued)

Stryker

Corp.

(continued)

3.65%,

3/7/2028

$

300,000

$

295,495

4.85%,

12/8/2028(a)

600,000

610,166

4.25%,

9/11/2029

50,000

49,732

4.85%,

2/10/2030

50,000

50,832

1.95%,

6/15/2030(a)

467,000

415,540

4.63%,

9/11/2034(a)

475,000

464,436

5.20%,

2/10/2035(a)

600,000

609,330

Zimmer

Biomet

Holdings,

Inc.

4.70%,

2/19/2027

50,000

50,183

3.55%,

3/20/2030

150,000

143,055

5,415,374

Health

Care

Providers

&

Services

-

2.1%

Cardinal

Health,

Inc.

3.41%,

6/15/2027(a)

754,000

740,055

5.13%,

2/15/2029(a)

700,000

714,082

5.00%,

11/15/2029(a)

400,000

406,451

5.45%,

2/15/2034(a)

475,000

486,048

5.35%,

11/15/2034(a)

400,000

404,719

Cencora,

Inc.

3.45%,

12/15/2027(a)

861,000

841,643

4.63%,

12/15/2027(a)

300,000

301,357

4.85%,

12/15/2029(a)

250,000

252,836

2.80%,

5/15/2030

270,000

249,895

2.70%,

3/15/2031

530,000

478,223

5.13%,

2/15/2034

250,000

251,131

5.15%,

2/15/2035

100,000

100,260

Centene

Corp.

4.25%,

12/15/2027(a)

530,000

513,934

2.45%,

7/15/2028

125,000

113,971

4.63%,

12/15/2029(a)

352,000

334,712

3.38%,

2/15/2030

550,000

495,192

3.00%,

10/15/2030

125,000

108,870

2.50%,

3/1/2031(a)

160,000

134,320

Cigna

Group

(The)

3.40%,

3/1/2027(a)

300,000

295,198

4.38%,

10/15/2028

300,000

298,932

2.38%,

3/15/2031

100,000

88,596

CVS

Health

Corp.

4.30%,

3/25/2028(a)

250,000

248,329

HCA,

Inc.

5.63%,

9/1/2028(a)

200,000

205,213

3.50%,

9/1/2030(a)

200,000

188,535

5.45%,

4/1/2031

150,000

154,173

5.50%,

6/1/2033

50,000

51,044

5.60%,

4/1/2034

25,000

25,477

McKesson

Corp.

1.30%,

8/15/2026(a)

452,000

437,645

4.90%,

7/15/2028

200,000

203,137

4.25%,

9/15/2029(a)

300,000

298,796

4.95%,

5/30/2032

500,000

504,031

5.10%,

7/15/2033

350,000

356,263

5.25%,

5/30/2035

250,000

252,846

OhioHealth

Corp.

2.30%,

11/15/2031(a)

50,000

43,967

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Health

Care

Providers

&

Services

-

2.1%

(continued)

Universal

Health

Services,

Inc.

1.65%,

9/1/2026

$

250,000

$

241,294

4.63%,

10/15/2029(a)

400,000

394,408

2.65%,

1/15/2032

150,000

127,054

11,342,637

Health

Care

REITs

-

0.5%

Alexandria

Real

Estate

Equities,

Inc.

REIT,

2.00%,

5/18/2032

200,000

165,484

REIT,

1.88%,

2/1/2033

100,000

80,408

REIT,

2.95%,

3/15/2034(a)

153,000

129,073

National

Health

Investors,

Inc.

REIT,

3.00%,

2/1/2031(a)

200,000

176,959

Omega

Healthcare

Investors,

Inc.

REIT,

4.50%,

4/1/2027

391,000

390,508

REIT,

4.75%,

1/15/2028(a)

141,000

141,407

REIT,

3.63%,

10/1/2029(a)

251,000

238,076

REIT,

5.20%,

7/1/2030

250,000

250,794

REIT,

3.38%,

2/1/2031

450,000

411,545

REIT,

3.25%,

4/15/2033

375,000

324,249

Sabra

Health

Care

LP

REIT,

3.90%,

10/15/2029

151,000

143,637

REIT,

3.20%,

12/1/2031(a)

500,000

445,316

2,897,456

Hotel

&

Resort

REITs

-

0.1%

Host

Hotels

&

Resorts

LP

Series

H,

REIT,

3.38%,

12/15/2029

53,000

49,699

Series

J,

REIT,

2.90%,

12/15/2031(a)

200,000

174,734

REIT,

5.70%,

6/15/2032

100,000

101,440

325,873

Hotels,

Restaurants

&

Leisure

-

2.4%

Booking

Holdings,

Inc.

4.63%,

4/13/2030

50,000

50,384

Choice

Hotels

International,

Inc.

3.70%,

12/1/2029

50,000

47,305

3.70%,

1/15/2031

425,000

394,582

5.85%,

8/1/2034

315,000

317,328

Darden

Restaurants,

Inc.

6.30%,

10/10/2033(a)

50,000

53,296

Hyatt

Hotels

Corp.

5.25%,

6/30/2029(a)

200,000

203,495

5.75%,

4/23/2030(a)(b)

150,000

154,793

5.38%,

12/15/2031(a)

250,000

253,429

5.50%,

6/30/2034(a)

50,000

50,006

Las

Vegas

Sands

Corp.

5.90%,

6/1/2027

650,000

660,847

3.90%,

8/8/2029(a)

400,000

381,688

6.00%,

8/15/2029

350,000

359,766

Marriott

International,

Inc.

5.00%,

10/15/2027(a)

388,000

392,883

Series

X,

4.00%,

4/15/2028

102,000

100,891

5.55%,

10/15/2028

600,000

619,289

Series

AA,

4.65%,

12/1/2028

100,000

100,317

4.90%,

4/15/2029(a)

400,000

404,992

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

186

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Hotels,

Restaurants

&

Leisure

-

2.4%

(continued)

Marriott

International,

Inc.

(continued)

4.88%,

5/15/2029

$

150,000

$

151,773

4.80%,

3/15/2030

50,000

50,324

Series

FF,

4.63%,

6/15/2030(a)

327,000

326,505

Series

HH,

2.85%,

4/15/2031(a)

450,000

407,930

Series

GG,

3.50%,

10/15/2032

475,000

431,534

Series

II,

2.75%,

10/15/2033

50,000

42,451

5.30%,

5/15/2034(a)

550,000

554,633

4.50%,

10/1/2034

50,000

47,735

5.35%,

3/15/2035

500,000

501,901

McDonald's

Corp.

3.50%,

3/1/2027

610,000

602,136

3.50%,

7/1/2027(a)

309,000

304,595

3.80%,

4/1/2028(a)

406,000

401,397

4.80%,

8/14/2028(a)

150,000

152,170

5.00%,

5/17/2029(a)

100,000

102,227

2.63%,

9/1/2029

1,045,000

977,809

2.13%,

3/1/2030

401,000

362,921

3.60%,

7/1/2030(a)

395,000

381,210

4.60%,

9/9/2032(a)

330,000

329,513

4.95%,

8/14/2033

450,000

456,701

4.95%,

3/3/2035(a)

750,000

747,593

Sands

China

Ltd.

5.40%,

8/8/2028(a)(b)

1,005,000

1,016,691

2.85%,

3/8/2029(a)(b)

350,000

323,881

3.25%,

8/8/2031(a)(b)

50,000

44,664

13,263,585

Household

Durables

-

0.6%

DR

Horton,

Inc.

1.30%,

10/15/2026

300,000

288,595

5.00%,

10/15/2034(a)

400,000

395,324

Lennar

Corp.

5.00%,

6/15/2027

200,000

200,886

4.75%,

11/29/2027(a)

450,000

451,070

5.20%,

7/30/2030(a)

150,000

152,812

NVR,

Inc.

3.00%,

5/15/2030(a)

477,000

445,091

PulteGroup,

Inc.

5.00%,

1/15/2027

343,000

344,499

7.88%,

6/15/2032

100,000

116,839

6.38%,

5/15/2033(a)

250,000

268,852

Toll

Brothers

Finance

Corp.

4.88%,

3/15/2027(a)

703,000

704,727

4.35%,

2/15/2028(a)

100,000

99,446

3,468,141

Household

Products

-

0.7%

Church

&

Dwight

Co.,

Inc.

3.15%,

8/1/2027(a)

350,000

342,298

2.30%,

12/15/2031

200,000

173,640

5.60%,

11/15/2032(a)

300,000

314,114

Clorox

Co.

(The)

3.10%,

10/1/2027(a)

150,000

146,182

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Household

Products

-

0.7%

(continued)

Clorox

Co.

(The)

(continued)

4.40%,

5/1/2029

$

550,000

$

549,900

1.80%,

5/15/2030(a)

250,000

220,912

4.60%,

5/1/2032(a)

250,000

249,383

Colgate-Palmolive

Co.

4.20%,

5/1/2030(a)

200,000

199,598

3.25%,

8/15/2032(a)

200,000

184,384

4.60%,

3/1/2033

200,000

200,936

Kimberly-Clark

Corp.

1.05%,

9/15/2027(a)

150,000

140,855

3.10%,

3/26/2030(a)

62,000

58,806

Procter

&

Gamble

Co.

(The)

2.45%,

11/3/2026

62,000

60,669

2.80%,

3/25/2027

116,000

113,605

2.85%,

8/11/2027

50,000

48,765

3.00%,

3/25/2030(a)

464,000

440,220

4.55%,

1/29/2034(a)

375,000

374,115

3,818,382

Industrial

Conglomerates

-

0.2%

3M

Co.

2.25%,

9/19/2026

250,000

243,824

Honeywell

International,

Inc.

2.50%,

11/1/2026(a)

150,000

146,622

4.65%,

7/30/2027(a)

100,000

100,628

Pentair

Finance

Sarl

4.50%,

7/1/2029

300,000

298,819

5.90%,

7/15/2032

200,000

208,925

998,818

Industrial

REITs

-

0.0%(c)

Prologis

LP

REIT,

5.25%,

5/15/2035

100,000

101,226

Insurance

-

5.0%

ACE

Capital

Trust

II

9.70%,

4/1/2030(a)

150,000

178,504

Aflac,

Inc.

2.88%,

10/15/2026

150,000

147,269

3.60%,

4/1/2030(a)

102,000

98,723

Alleghany

Corp.

3.63%,

5/15/2030(a)

275,000

265,674

Allstate

Corp.

(The)

5.05%,

6/24/2029(a)

150,000

152,946

5.25%,

3/30/2033

50,000

51,077

American

Financial

Group,

Inc.

5.25%,

4/2/2030

125,000

128,465

American

International

Group,

Inc.

Series

A-9,

5.75%,

4/1/2048(d)

200,000

201,413

American

National

Group,

Inc.

5.75%,

10/1/2029(a)

250,000

255,057

Aon

Corp.

8.21%,

1/1/2027(a)

130,000

136,002

2.85%,

5/28/2027(a)

263,000

256,023

4.50%,

12/15/2028

170,000

170,470

3.75%,

5/2/2029(a)

375,000

365,842

2.80%,

5/15/2030(a)

487,000

451,575

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

187

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Insurance

-

5.0%

(continued)

Aon

Corp.

(continued)

2.05%,

8/23/2031

$

150,000

$

128,977

5.00%,

9/12/2032(a)

275,000

278,500

5.35%,

2/28/2033(a)

404,000

414,678

Aon

North

America,

Inc.

5.13%,

3/1/2027(a)

300,000

302,872

5.15%,

3/1/2029(a)

500,000

510,510

5.30%,

3/1/2031(a)

650,000

669,589

5.45%,

3/1/2034

1,035,000

1,058,709

Arch

Capital

Finance

LLC

4.01%,

12/15/2026

350,000

347,281

Arch

Capital

Group

Ltd.

7.35%,

5/1/2034

150,000

172,219

Arthur

J

Gallagher

&

Co.

4.60%,

12/15/2027

1,000,000

1,003,428

4.85%,

12/15/2029(a)

300,000

302,655

2.40%,

11/9/2031

250,000

217,877

5.50%,

3/2/2033(a)

150,000

153,999

6.50%,

2/15/2034

300,000

327,305

5.45%,

7/15/2034

250,000

254,648

5.15%,

2/15/2035(a)

550,000

546,783

Assurant,

Inc.

4.90%,

3/27/2028

250,000

251,405

3.70%,

2/22/2030

51,000

48,522

2.65%,

1/15/2032

125,000

107,547

6.75%,

2/15/2034

75,000

80,712

Athene

Holding

Ltd.

4.13%,

1/12/2028

400,000

396,502

6.15%,

4/3/2030

475,000

503,132

3.50%,

1/15/2031

500,000

468,241

6.65%,

2/1/2033

450,000

484,269

5.88%,

1/15/2034

500,000

515,549

6.63%,

10/15/2054(d)

250,000

246,061

AXIS

Specialty

Finance

LLC

3.90%,

7/15/2029

100,000

97,095

4.90%,

1/15/2040(a)(d)

252,000

242,434

Berkshire

Hathaway

Finance

Corp.

1.45%,

10/15/2030

15,000

13,053

Brown

&

Brown,

Inc.

4.70%,

6/23/2028

150,000

150,456

4.50%,

3/15/2029

700,000

696,606

2.38%,

3/15/2031

502,000

440,609

4.20%,

3/17/2032

200,000

189,986

5.65%,

6/11/2034

250,000

254,531

5.55%,

6/23/2035(a)

500,000

505,446

Cincinnati

Financial

Corp.

6.92%,

5/15/2028(a)

200,000

213,598

CNA

Financial

Corp.

5.50%,

6/15/2033

200,000

204,376

Enstar

Finance

LLC

5.50%,

1/15/2042(d)

250,000

245,755

Enstar

Group

Ltd.

4.95%,

6/1/2029

252,000

252,987

3.10%,

9/1/2031

350,000

307,722

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Insurance

-

5.0%

(continued)

F&G

Annuities

&

Life,

Inc.

7.40%,

1/13/2028

$

385,000

$

402,909

6.50%,

6/4/2029

295,000

303,907

6.25%,

10/4/2034

300,000

298,433

Fairfax

Financial

Holdings

Ltd.

3.38%,

3/3/2031

150,000

138,620

5.63%,

8/16/2032

475,000

485,671

6.00%,

12/7/2033

250,000

260,176

Globe

Life,

Inc.

5.85%,

9/15/2034

250,000

259,202

Hanover

Insurance

Group,

Inc.

(The)

2.50%,

9/1/2030

250,000

222,157

Hartford

Insurance

Group,

Inc.

(The)

2.80%,

8/19/2029(a)

302,000

283,305

Horace

Mann

Educators

Corp.

7.25%,

9/15/2028

100,000

106,626

Kemper

Corp.

2.40%,

9/30/2030(a)

200,000

175,420

3.80%,

2/23/2032

150,000

136,377

Manulife

Financial

Corp.

4.06%,

2/24/2032(d)

701,000

691,362

Markel

Group,

Inc.

3.50%,

11/1/2027

50,000

48,817

Marsh

&

McLennan

Cos.,

Inc.

4.38%,

3/15/2029(a)

230,000

230,341

4.65%,

3/15/2030(a)

500,000

504,321

4.85%,

11/15/2031(a)

600,000

607,118

2.38%,

12/15/2031

150,000

131,068

5.75%,

11/1/2032

250,000

265,167

5.88%,

8/1/2033

100,000

106,155

5.40%,

9/15/2033(a)

250,000

258,310

5.15%,

3/15/2034

175,000

178,105

5.00%,

3/15/2035(a)

1,050,000

1,047,533

Old

Republic

International

Corp.

3.88%,

8/26/2026(a)

603,000

598,038

5.75%,

3/28/2034

150,000

153,696

Primerica,

Inc.

2.80%,

11/19/2031(a)

350,000

312,009

Principal

Financial

Group,

Inc.

3.10%,

11/15/2026

250,000

245,350

Progressive

Corp.

(The)

2.50%,

3/15/2027(a)

250,000

242,986

3.20%,

3/26/2030

51,000

48,522

Prudential

Financial,

Inc.

6.00%,

9/1/2052(a)(d)

70,000

71,007

RenaissanceRe

Holdings

Ltd.

5.75%,

6/5/2033

350,000

360,452

5.80%,

4/1/2035(a)

100,000

102,776

SiriusPoint

Ltd.

7.00%,

4/5/2029

200,000

209,788

Unum

Group

4.00%,

6/15/2029(a)

100,000

97,896

Willis

North

America,

Inc.

4.65%,

6/15/2027(a)

561,000

563,697

4.50%,

9/15/2028

260,000

260,377

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

188

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Insurance

-

5.0%

(continued)

Willis

North

America,

Inc.

(continued)

2.95%,

9/15/2029

$

354,000

$

331,962

5.35%,

5/15/2033(a)

405,000

413,187

27,618,507

Interactive

Media

&

Services

-

0.8%

Alphabet,

Inc.

2.00%,

8/15/2026

400,000

391,069

Meta

Platforms,

Inc.

3.50%,

8/15/2027

600,000

592,438

4.55%,

8/15/2031

100,000

100,921

3.85%,

8/15/2032

1,500,000

1,434,016

4.95%,

5/15/2033

544,000

554,158

4.75%,

8/15/2034(a)

1,150,000

1,145,574

4,218,176

IT

Services

-

0.7%

Accenture

Capital,

Inc.

3.90%,

10/4/2027

150,000

149,025

4.05%,

10/4/2029(a)

250,000

247,256

4.25%,

10/4/2031

300,000

295,425

4.50%,

10/4/2034

500,000

483,855

Amdocs

Ltd.

2.54%,

6/15/2030

350,000

315,739

Booz

Allen

Hamilton,

Inc.

5.95%,

8/4/2033

300,000

310,308

5.95%,

4/15/2035(a)

100,000

102,096

CGI,

Inc.

1.45%,

9/14/2026(a)

301,000

290,797

4.95%,

3/14/2030(e)

200,000

202,413

2.30%,

9/14/2031(a)

245,000

212,366

Genpact

Luxembourg

Sarl

6.00%,

6/4/2029

25,000

25,810

IBM

International

Capital

Pte.

Ltd.

4.90%,

2/5/2034

275,000

273,395

International

Business

Machines

Corp.

4.65%,

2/10/2028(a)

150,000

151,173

1.95%,

5/15/2030(a)

150,000

133,584

5.00%,

2/10/2032(a)

100,000

101,549

VeriSign,

Inc.

2.70%,

6/15/2031

400,000

356,196

3,650,987

Life

Sciences

Tools

&

Services

-

0.4%

Agilent

Technologies,

Inc.

3.05%,

9/22/2026

150,000

147,506

4.20%,

9/9/2027

200,000

199,122

2.75%,

9/15/2029

332,000

310,367

2.10%,

6/4/2030(a)

450,000

401,991

2.30%,

3/12/2031

751,000

663,657

4.75%,

9/9/2034(a)

250,000

244,459

Thermo

Fisher

Scientific,

Inc.

5.09%,

8/10/2033(a)

355,000

362,710

2,329,812

Machinery

-

1.3%

Dover

Corp.

2.95%,

11/4/2029(a)

150,000

140,894

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Machinery

-

1.3%

(continued)

Flowserve

Corp.

3.50%,

10/1/2030(a)

$

50,000

$

47,058

2.80%,

1/15/2032

125,000

109,204

IDEX

Corp.

3.00%,

5/1/2030

350,000

324,913

2.63%,

6/15/2031(a)

500,000

445,696

Ingersoll

Rand,

Inc.

5.20%,

6/15/2027

200,000

202,491

5.18%,

6/15/2029

300,000

307,017

5.70%,

8/14/2033(a)

125,000

130,593

Nordson

Corp.

5.60%,

9/15/2028

250,000

256,868

4.50%,

12/15/2029

250,000

248,421

nVent

Finance

Sarl

5.65%,

5/15/2033

150,000

153,297

Oshkosh

Corp.

4.60%,

5/15/2028

25,000

25,025

Otis

Worldwide

Corp.

2.29%,

4/5/2027

350,000

337,961

5.25%,

8/16/2028(a)

200,000

204,531

2.57%,

2/15/2030(a)

798,000

734,008

Parker-Hannifin

Corp.

4.25%,

9/15/2027(a)

480,000

479,457

3.25%,

6/14/2029(a)

555,000

532,350

Westinghouse

Air

Brake

Technologies

Corp.

3.45%,

11/15/2026

420,000

414,070

4.70%,

9/15/2028(b)

664,000

667,479

5.61%,

3/11/2034(a)

300,000

310,171

5.50%,

5/29/2035

250,000

254,856

Xylem,

Inc.

3.25%,

11/1/2026(a)

250,000

246,054

1.95%,

1/30/2028(a)

350,000

331,085

2.25%,

1/30/2031

150,000

132,296

7,035,795

Marine

Transportation

-

0.0%(c)

Kirby

Corp.

4.20%,

3/1/2028(a)

250,000

247,072

Media

-

0.4%

Fox

Corp.

4.71%,

1/25/2029

575,000

577,971

3.50%,

4/8/2030

300,000

286,344

6.50%,

10/13/2033(a)

750,000

809,024

Interpublic

Group

of

Cos.,

Inc.

(The)

4.65%,

10/1/2028

125,000

125,052

5.38%,

6/15/2033

75,000

75,568

Omnicom

Group,

Inc.

4.20%,

6/1/2030

100,000

97,893

2.60%,

8/1/2031

50,000

44,222

2,016,074

Metals

&

Mining

-

1.7%

AngloGold

Ashanti

Holdings

plc

3.38%,

11/1/2028

100,000

95,633

3.75%,

10/1/2030(a)

300,000

281,916

ArcelorMittal

SA

6.55%,

11/29/2027

250,000

259,872

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

189

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Metals

&

Mining

-

1.7%

(continued)

BHP

Billiton

Finance

USA

Ltd.

5.25%,

9/8/2030

$

480,000

$

496,043

5.13%,

2/21/2032(a)

300,000

307,361

5.25%,

9/8/2033(a)

800,000

819,504

5.30%,

2/21/2035(a)

400,000

408,303

Kinross

Gold

Corp.

4.50%,

7/15/2027

500,000

499,794

Reliance,

Inc.

2.15%,

8/15/2030

250,000

221,347

Rio

Tinto

Alcan,

Inc.

7.25%,

3/15/2031

300,000

342,169

6.13%,

12/15/2033

300,000

324,125

Rio

Tinto

Finance

USA

Ltd.

7.13%,

7/15/2028

432,000

465,362

Rio

Tinto

Finance

USA

plc

4.50%,

3/14/2028

50,000

50,230

4.88%,

3/14/2030

700,000

710,585

5.00%,

3/14/2032(a)

400,000

406,240

5.25%,

3/14/2035(a)

1,300,000

1,319,121

Southern

Copper

Corp.

7.50%,

7/27/2035

250,000

289,197

Steel

Dynamics,

Inc.

1.65%,

10/15/2027(a)

200,000

188,109

3.45%,

4/15/2030(a)

250,000

237,554

3.25%,

1/15/2031

150,000

139,345

5.38%,

8/15/2034(a)

250,000

253,113

Vale

Canada

Ltd.

7.20%,

9/15/2032

150,000

162,866

Vale

Overseas

Ltd.

3.75%,

7/8/2030(a)

545,000

513,536

6.13%,

6/12/2033(a)

675,000

704,838

9,496,163

Multi-Utilities

-

2.0%

Ameren

Corp.

5.38%,

3/15/2035

250,000

251,739

Berkshire

Hathaway

Energy

Co.

8.48%,

9/15/2028

125,000

139,349

3.70%,

7/15/2030(a)

583,000

563,041

1.65%,

5/15/2031

600,000

510,113

Black

Hills

Corp.

3.15%,

1/15/2027(a)

500,000

489,515

5.95%,

3/15/2028

100,000

103,141

6.15%,

5/15/2034

450,000

474,315

6.00%,

1/15/2035(a)

500,000

519,810

CenterPoint

Energy,

Inc.

Series

A,

7.00%,

2/15/2055(d)

200,000

208,686

6.70%,

5/15/2055(a)(d)

250,000

253,248

CMS

Energy

Corp.

2.95%,

2/15/2027(a)

100,000

97,474

4.75%,

6/1/2050(d)

135,000

129,949

3.75%,

12/1/2050(d)

150,000

134,843

6.50%,

6/1/2055(d)

250,000

252,078

Dominion

Energy,

Inc.

Series

A,

6.88%,

2/1/2055(a)

(d)

700,000

732,509

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Multi-Utilities

-

2.0%

(continued)

DTE

Energy

Co.

4.95%,

7/1/2027

$

450,000

$

454,066

5.20%,

4/1/2030

250,000

255,453

NiSource,

Inc.

3.49%,

5/15/2027(a)

250,000

245,599

5.25%,

3/30/2028(a)

750,000

765,170

5.40%,

6/30/2033(a)

250,000

255,196

6.95%,

11/30/2054(d)

250,000

259,057

6.38%,

3/31/2055(a)(d)

250,000

253,195

Public

Service

Enterprise

Group,

Inc.

5.85%,

11/15/2027

650,000

669,245

6.13%,

10/15/2033

100,000

106,597

5.45%,

4/1/2034

250,000

255,144

5.40%,

3/15/2035(a)

150,000

152,007

Sempra

4.13%,

4/1/2052(a)(d)

200,000

193,134

6.40%,

10/1/2054(d)

350,000

338,576

6.88%,

10/1/2054(d)

250,000

252,345

6.63%,

4/1/2055(a)(d)

250,000

245,460

Southern

Co.

Gas

Capital

Corp.

5.15%,

9/15/2032(a)

50,000

50,742

4.95%,

9/15/2034(a)

550,000

544,048

WEC

Energy

Group,

Inc.

5.60%,

9/12/2026(a)

150,000

151,555

5.15%,

10/1/2027(a)

700,000

709,609

11,016,008

Office

REITs

-

0.1%

COPT

Defense

Properties

LP

REIT,

2.00%,

1/15/2029

375,000

342,407

REIT,

2.75%,

4/15/2031

50,000

44,301

REIT,

2.90%,

12/1/2033

300,000

248,403

Kilroy

Realty

LP

REIT,

3.05%,

2/15/2030

25,000

22,599

657,710

Oil,

Gas

&

Consumable

Fuels

-

9.0%

Boardwalk

Pipelines

LP

4.45%,

7/15/2027

200,000

199,345

3.40%,

2/15/2031(a)

100,000

92,377

3.60%,

9/1/2032

220,000

199,376

5.63%,

8/1/2034(a)

200,000

202,528

Burlington

Resources

LLC

7.20%,

8/15/2031

150,000

169,603

Canadian

Natural

Resources

Ltd.

3.85%,

6/1/2027(a)

1,075,000

1,061,560

5.00%,

12/15/2029(e)

500,000

503,305

2.95%,

7/15/2030

300,000

275,411

7.20%,

1/15/2032

225,000

246,942

6.45%,

6/30/2033

200,000

212,339

5.40%,

12/15/2034(e)

400,000

398,006

Cenovus

Energy,

Inc.

2.65%,

1/15/2032(a)

350,000

302,800

Cheniere

Corpus

Christi

Holdings

LLC

3.70%,

11/15/2029(a)

475,000

456,596

Cheniere

Energy

Partners

LP

3.25%,

1/31/2032

500,000

449,468

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

190

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

9.0%

(continued)

Cheniere

Energy

Partners

LP

(continued)

5.95%,

6/30/2033(a)

$

750,000

$

782,873

5.75%,

8/15/2034

600,000

614,988

Cheniere

Energy,

Inc.

5.65%,

4/15/2034

650,000

661,184

Chevron

Corp.

2.24%,

5/11/2030

405,000

368,457

Chevron

USA,

Inc.

1.02%,

8/12/2027(a)

25,000

23,521

4.69%,

4/15/2030

750,000

760,753

4.82%,

4/15/2032(a)

250,000

253,890

ConocoPhillips

Co.

4.85%,

1/15/2032(a)

200,000

201,346

5.00%,

1/15/2035(a)

400,000

397,623

Continental

Resources,

Inc.

4.38%,

1/15/2028

300,000

295,404

Coterra

Energy,

Inc.

3.90%,

5/15/2027(a)

302,000

298,344

4.38%,

3/15/2029(a)

400,000

395,248

5.60%,

3/15/2034(a)

200,000

201,048

5.40%,

2/15/2035(a)

400,000

394,271

Devon

Energy

Corp.

7.88%,

9/30/2031(a)

200,000

229,026

7.95%,

4/15/2032(a)

200,000

230,241

5.20%,

9/15/2034

350,000

339,991

Diamondback

Energy,

Inc.

6.25%,

3/15/2033

205,000

217,938

5.40%,

4/18/2034

100,000

100,237

Eastern

Energy

Gas

Holdings

LLC

5.80%,

1/15/2035(a)

300,000

311,168

Eastern

Gas

Transmission

&

Storage,

Inc.

3.00%,

11/15/2029(a)

202,000

190,444

El

Paso

Natural

Gas

Co.

LLC

8.38%,

6/15/2032(b)

100,000

117,366

Enbridge,

Inc.

5.90%,

11/15/2026(a)

800,000

812,276

4.25%,

12/1/2026

100,000

99,649

5.25%,

4/5/2027(a)

250,000

252,879

3.70%,

7/15/2027

650,000

640,154

3.13%,

11/15/2029(a)

600,000

565,897

6.20%,

11/15/2030

850,000

905,601

5.70%,

3/8/2033(a)

575,000

595,618

2.50%,

8/1/2033(a)

500,000

416,133

5.63%,

4/5/2034

350,000

358,164

7.20%,

6/27/2054(a)(d)

450,000

463,539

7.38%,

3/15/2055(d)

225,000

234,241

Series

16-A,

6.00%,

1/15/2077(a)(d)

400,000

399,545

5.50%,

7/15/2077(a)(d)

550,000

544,535

6.25%,

3/1/2078(a)(d)

302,000

303,013

Series

20-A,

5.75%,

7/15/2080(a)(d)

435,000

430,649

7.38%,

1/15/2083(a)(d)

250,000

257,457

7.63%,

1/15/2083(a)(d)

300,000

318,432

8.25%,

1/15/2084(d)

400,000

425,295

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

9.0%

(continued)

Enbridge,

Inc.

(continued)

8.50%,

1/15/2084(d)

$

700,000

$

788,386

Energy

Transfer

LP

6.05%,

12/1/2026(a)

200,000

203,467

3.75%,

5/15/2030

50,000

47,915

6.55%,

12/1/2033

205,000

221,192

Enterprise

Products

Operating

LLC

4.60%,

1/11/2027

10,000

10,032

3.95%,

2/15/2027

50,000

49,696

4.15%,

10/16/2028

34,000

33,818

3.13%,

7/31/2029(a)

582,000

555,101

2.80%,

1/31/2030(a)

507,000

473,350

4.60%,

1/15/2031

200,000

199,835

5.35%,

1/31/2033(a)

552,000

569,824

Series

D,

6.88%,

3/1/2033

250,000

278,900

4.85%,

1/31/2034

625,000

619,340

4.95%,

2/15/2035(a)

500,000

495,583

Series

J,

5.75%,

3/1/2035

500,000

513,928

Series

E,

5.25%,

8/16/2077(d)

702,000

694,199

5.38%,

2/15/2078(d)

350,000

345,557

EOG

Resources,

Inc.

4.40%,

7/15/2028

500,000

501,421

4.38%,

4/15/2030

602,000

599,402

5.00%,

7/15/2032

250,000

251,879

EQT

Corp.

7.50%,

6/1/2027(e)

150,000

152,676

7.50%,

6/1/2030(e)

100,000

109,583

4.75%,

1/15/2031(a)(e)

50,000

49,256

Expand

Energy

Corp.

5.38%,

2/1/2029(a)

300,000

300,326

5.38%,

3/15/2030

150,000

150,158

4.75%,

2/1/2032(a)

400,000

388,519

Exxon

Mobil

Corp.

2.61%,

10/15/2030(a)

100,000

92,104

Hess

Corp.

4.30%,

4/1/2027

350,000

349,860

7.88%,

10/1/2029

250,000

283,041

7.30%,

8/15/2031(a)

325,000

371,570

7.13%,

3/15/2033(a)

200,000

229,563

Kinder

Morgan

Energy

Partners

LP

7.40%,

3/15/2031

100,000

111,956

7.75%,

3/15/2032

100,000

114,573

Kinder

Morgan,

Inc.

7.80%,

8/1/2031

202,000

232,023

5.40%,

2/1/2034(a)

375,000

378,823

MPLX

LP

5.50%,

6/1/2034(a)

125,000

125,129

Occidental

Petroleum

Corp.

8.50%,

7/15/2027

20,000

21,041

5.00%,

8/1/2027(a)

150,000

151,079

6.38%,

9/1/2028

5,000

5,178

5.20%,

8/1/2029

450,000

451,095

3.50%,

8/15/2029

100,000

93,742

8.88%,

7/15/2030(a)

412,000

469,568

6.63%,

9/1/2030

403,000

425,399

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

191

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

9.0%

(continued)

Occidental

Petroleum

Corp.

(continued)

6.13%,

1/1/2031(a)

$

300,000

$

310,243

7.50%,

5/1/2031

225,000

247,406

7.88%,

9/15/2031

100,000

111,917

5.38%,

1/1/2032

535,000

530,485

ONEOK,

Inc.

6.35%,

1/15/2031

210,000

223,780

Ovintiv,

Inc.

5.65%,

5/15/2028(a)

600,000

614,962

8.13%,

9/15/2030

175,000

199,393

7.20%,

11/1/2031(a)

50,000

54,378

7.38%,

11/1/2031(a)

150,000

165,549

6.25%,

7/15/2033

100,000

103,410

6.50%,

8/15/2034

150,000

156,987

Pioneer

Natural

Resources

Co.

1.90%,

8/15/2030

400,000

354,232

2.15%,

1/15/2031

775,000

685,805

Plains

All

American

Pipeline

LP

3.80%,

9/15/2030

365,000

347,859

5.70%,

9/15/2034(a)

450,000

456,436

5.95%,

6/15/2035

250,000

256,568

Sabine

Pass

Liquefaction

LLC

5.88%,

6/30/2026

18,000

18,086

5.00%,

3/15/2027

35,000

35,130

4.20%,

3/15/2028

400,000

396,783

4.50%,

5/15/2030(a)

500,000

497,535

Shell

Finance

US,

Inc.

2.75%,

4/6/2030(a)

550,000

512,948

Suncor

Energy,

Inc.

7.15%,

2/1/2032

250,000

276,919

5.95%,

12/1/2034

200,000

206,442

Targa

Resources

Corp.

5.20%,

7/1/2027(a)

335,000

338,892

6.15%,

3/1/2029(a)

165,000

172,735

4.20%,

2/1/2033

200,000

186,983

6.13%,

3/15/2033

175,000

184,040

6.50%,

3/30/2034(a)

225,000

241,760

Targa

Resources

Partners

LP

4.88%,

2/1/2031

300,000

296,549

4.00%,

1/15/2032

400,000

372,683

Texas

Eastern

Transmission

LP

7.00%,

7/15/2032

100,000

110,590

TransCanada

PipeLines

Ltd.

4.63%,

3/1/2034

200,000

191,075

7.00%,

6/1/2065(a)(d)

500,000

504,196

Transcanada

Trust

Series

16-A,

5.88%,

8/15/2076(a)(d)

800,000

798,335

5.30%,

3/15/2077(d)

700,000

694,526

5.50%,

9/15/2079(a)(d)

450,000

441,500

5.60%,

3/7/2082(d)

275,000

267,427

Valero

Energy

Corp.

7.50%,

4/15/2032

300,000

342,470

Viper

Energy

Partners

LLC

4.90%,

8/1/2030

300,000

298,734

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

9.0%

(continued)

Western

Midstream

Operating

LP

4.65%,

7/1/2026

$

2,000

$

1,997

4.50%,

3/1/2028

200,000

198,505

4.75%,

8/15/2028

100,000

99,659

6.35%,

1/15/2029(a)

550,000

574,281

4.05%,

2/1/2030(b)

275,000

264,124

6.15%,

4/1/2033(a)

400,000

417,218

5.45%,

11/15/2034(a)

550,000

539,240

Williams

Cos.,

Inc.

(The)

3.75%,

6/15/2027

204,000

201,098

4.90%,

3/15/2029

600,000

606,682

3.50%,

11/15/2030(a)

200,000

188,437

Series

A,

7.50%,

1/15/2031

100,000

112,100

2.60%,

3/15/2031(a)

200,000

178,711

7.75%,

6/15/2031

100,000

113,316

8.75%,

3/15/2032(b)

350,000

420,317

4.65%,

8/15/2032

5,000

4,901

5.65%,

3/15/2033(a)

50,000

51,778

5.15%,

3/15/2034

500,000

498,053

49,363,346

Paper

&

Forest

Products

-

0.1%

Suzano

Austria

GmbH

6.00%,

1/15/2029

100,000

102,689

5.00%,

1/15/2030(a)

150,000

149,254

3.75%,

1/15/2031(a)

50,000

46,521

298,464

Personal

Care

Products

-

0.3%

Conopco,

Inc.

Series

E,

7.25%,

12/15/2026

150,000

155,887

6.63%,

4/15/2028

140,000

147,748

Haleon

US

Capital

LLC

3.38%,

3/24/2027(a)

600,000

589,962

3.63%,

3/24/2032

700,000

654,761

1,548,358

Pharmaceuticals

-

0.9%

Eli

Lilly

&

Co.

4.20%,

8/14/2029

5,000

4,998

4.75%,

2/12/2030(a)

50,000

50,940

4.90%,

2/12/2032

250,000

255,577

4.70%,

2/27/2033(a)

270,000

271,288

4.70%,

2/9/2034(a)

450,000

448,234

5.10%,

2/12/2035

600,000

610,035

Johnson

&

Johnson

4.80%,

6/1/2029

20,000

20,451

4.85%,

3/1/2032

200,000

204,618

5.00%,

3/1/2035(a)

300,000

305,972

Merck

&

Co.,

Inc.

1.45%,

6/24/2030

200,000

174,413

Novartis

Capital

Corp.

2.20%,

8/14/2030

52,000

47,127

4.20%,

9/18/2034(a)

475,000

455,808

Royalty

Pharma

plc

2.20%,

9/2/2030(a)

150,000

132,664

Sanofi

SA

3.63%,

6/19/2028(a)

300,000

295,707

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

192

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Pharmaceuticals

-

0.9%

(continued)

Zoetis,

Inc.

3.00%,

9/12/2027(a)

$

626,000

$

608,963

3.90%,

8/20/2028(a)

102,000

100,968

2.00%,

5/15/2030(a)

350,000

313,485

5.60%,

11/16/2032(a)

475,000

499,913

4,801,161

Professional

Services

-

0.9%

Broadridge

Financial

Solutions,

Inc.

2.90%,

12/1/2029(a)

452,000

421,510

2.60%,

5/1/2031(a)

550,000

487,436

Equifax,

Inc.

5.10%,

12/15/2027

75,000

75,876

5.10%,

6/1/2028

250,000

253,987

Jacobs

Engineering

Group,

Inc.

6.35%,

8/18/2028

300,000

314,195

5.90%,

3/1/2033(a)

300,000

313,141

Paychex,

Inc.

5.10%,

4/15/2030

400,000

408,672

5.35%,

4/15/2032

550,000

563,767

5.60%,

4/15/2035

550,000

565,217

Verisk

Analytics,

Inc.

4.13%,

3/15/2029(a)

252,000

250,014

5.75%,

4/1/2033

325,000

340,195

5.25%,

6/5/2034(a)

350,000

355,599

5.25%,

3/15/2035(a)

500,000

500,213

4,849,822

Real

Estate

Management

&

Development

-

0.1%

CBRE

Services,

Inc.

2.50%,

4/1/2031

50,000

44,423

5.95%,

8/15/2034

750,000

790,247

834,670

Residential

REITs

-

0.9%

American

Homes

4

Rent

LP

REIT,

4.25%,

2/15/2028

250,000

247,966

REIT,

4.90%,

2/15/2029

162,000

163,519

REIT,

3.63%,

4/15/2032(a)

250,000

230,619

REIT,

5.50%,

7/15/2034(a)

250,000

253,348

AvalonBay

Communities,

Inc.

REIT,

3.20%,

1/15/2028

50,000

48,697

REIT,

5.00%,

2/15/2033

25,000

25,203

Essential

Properties

LP

REIT,

2.95%,

7/15/2031(a)

250,000

222,278

Essex

Portfolio

LP

REIT,

3.63%,

5/1/2027(a)

150,000

147,822

REIT,

1.70%,

3/1/2028(a)

250,000

232,789

REIT,

4.00%,

3/1/2029

151,000

148,098

REIT,

3.00%,

1/15/2030(a)

202,000

188,618

REIT,

1.65%,

1/15/2031

150,000

126,785

REIT,

2.65%,

3/15/2032(a)

50,000

43,663

REIT,

5.50%,

4/1/2034

100,000

102,284

Invitation

Homes

Operating

Partnership

LP

REIT,

2.30%,

11/15/2028(a)

275,000

257,054

REIT,

5.45%,

8/15/2030(a)

150,000

154,375

REIT,

2.00%,

8/15/2031

200,000

169,771

REIT,

4.15%,

4/15/2032(a)

300,000

284,699

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Residential

REITs

-

0.9%

(continued)

Invitation

Homes

Operating

Partnership

LP

(continued)

REIT,

5.50%,

8/15/2033(a)

$

150,000

$

152,424

REIT,

4.88%,

2/1/2035

500,000

481,987

Mid-America

Apartments

LP

REIT,

1.10%,

9/15/2026

550,000

529,811

REIT,

5.30%,

2/15/2032

25,000

25,719

REIT,

4.95%,

3/1/2035(a)

50,000

49,495

Store

Capital

LLC

REIT,

4.50%,

3/15/2028

170,000

167,739

REIT,

4.63%,

3/15/2029

41,000

40,351

Tanger

Properties

LP

REIT,

3.13%,

9/1/2026

200,000

196,254

REIT,

3.88%,

7/15/2027

150,000

147,638

REIT,

2.75%,

9/1/2031(a)

200,000

174,849

5,013,855

Retail

REITs

-

0.6%

Agree

LP

REIT,

2.00%,

6/15/2028

52,000

48,611

REIT,

2.90%,

10/1/2030(a)

150,000

137,982

REIT,

4.80%,

10/1/2032(a)

150,000

148,327

REIT,

2.60%,

6/15/2033(a)

150,000

125,112

REIT,

5.63%,

6/15/2034(a)

300,000

306,496

Brixmor

Operating

Partnership

LP

REIT,

2.25%,

4/1/2028

150,000

141,481

REIT,

4.13%,

5/15/2029

2,000

1,964

Kimco

Realty

OP

LLC

REIT,

3.25%,

8/15/2026

500,000

492,693

Kite

Realty

Group

LP

REIT,

4.00%,

10/1/2026

250,000

247,688

NNN

REIT,

Inc.

REIT,

3.50%,

10/15/2027

176,000

172,364

REIT,

2.50%,

4/15/2030

100,000

91,054

REIT,

4.60%,

2/15/2031

500,000

494,916

REIT,

5.60%,

10/15/2033

275,000

283,824

REIT,

5.50%,

6/15/2034(a)

250,000

254,890

Realty

Income

Corp.

REIT,

3.20%,

1/15/2027

600,000

588,974

3,536,376

Semiconductors

&

Semiconductor

Equipment

-

1.7%

Advanced

Micro

Devices,

Inc.

3.92%,

6/1/2032(a)

300,000

289,213

Applied

Materials,

Inc.

3.30%,

4/1/2027(a)

50,000

49,236

4.80%,

6/15/2029

50,000

50,934

Broadcom,

Inc.

5.05%,

7/12/2027(a)

675,000

683,031

4.15%,

2/15/2028(a)

200,000

198,957

4.80%,

4/15/2028(a)

500,000

505,694

4.75%,

4/15/2029

50,000

50,447

5.05%,

7/12/2029(a)

650,000

663,422

4.60%,

7/15/2030

950,000

950,364

5.15%,

11/15/2031

150,000

153,708

4.15%,

4/15/2032(e)

350,000

336,406

2.60%,

2/15/2033(e)

50,000

42,770

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

193

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Semiconductors

&

Semiconductor

Equipment

-

1.7%

(continued)

Broadcom,

Inc.

(continued)

3.42%,

4/15/2033(e)

$

500,000

$

452,308

3.47%,

4/15/2034(e)

500,000

444,391

4.80%,

10/15/2034

250,000

245,311

Lam

Research

Corp.

4.00%,

3/15/2029

350,000

346,716

1.90%,

6/15/2030

300,000

267,269

Microchip

Technology,

Inc.

4.90%,

3/15/2028

350,000

352,904

NVIDIA

Corp.

2.85%,

4/1/2030(a)

150,000

141,704

NXP

BV

3.15%,

5/1/2027(a)

100,000

97,675

5.55%,

12/1/2028(a)

200,000

205,970

2.50%,

5/11/2031

225,000

198,640

5.00%,

1/15/2033(a)

195,000

194,418

Qorvo,

Inc.

4.38%,

10/15/2029(a)

52,000

50,434

QUALCOMM,

Inc.

1.65%,

5/20/2032

50,000

41,569

Skyworks

Solutions,

Inc.

3.00%,

6/1/2031(a)

275,000

242,284

Texas

Instruments,

Inc.

4.90%,

3/14/2033(a)

250,000

254,097

TSMC

Arizona

Corp.

1.75%,

10/25/2026(a)

650,000

628,863

3.88%,

4/22/2027

727,000

721,238

2.50%,

10/25/2031

750,000

672,103

9,532,076

Software

-

3.3%

Adobe,

Inc.

2.15%,

2/1/2027(a)

312,000

302,963

4.85%,

4/4/2027

250,000

252,858

4.80%,

4/4/2029(a)

400,000

408,381

2.30%,

2/1/2030(a)

873,000

802,029

4.95%,

4/4/2034(a)

200,000

203,012

AppLovin

Corp.

5.13%,

12/1/2029

350,000

354,230

5.38%,

12/1/2031(a)

400,000

407,606

5.50%,

12/1/2034(a)

500,000

505,739

Autodesk,

Inc.

3.50%,

6/15/2027(a)

210,000

206,837

2.85%,

1/15/2030

230,000

214,500

2.40%,

12/15/2031(a)

511,000

446,095

Cadence

Design

Systems,

Inc.

4.20%,

9/10/2027(a)

300,000

299,755

4.30%,

9/10/2029(a)

600,000

598,088

4.70%,

9/10/2034

550,000

541,602

Fortinet,

Inc.

2.20%,

3/15/2031(a)

250,000

219,826

Intuit,

Inc.

5.25%,

9/15/2026(a)

150,000

151,397

1.35%,

7/15/2027(a)

200,000

189,628

5.13%,

9/15/2028

350,000

359,234

1.65%,

7/15/2030(a)

150,000

131,851

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Software

-

3.3%

(continued)

Intuit,

Inc.

(continued)

5.20%,

9/15/2033(a)

$

700,000

$

721,726

Oracle

Corp.

2.65%,

7/15/2026(a)

550,000

540,121

Roper

Technologies,

Inc.

3.80%,

12/15/2026

400,000

396,342

1.40%,

9/15/2027(a)

500,000

470,237

4.20%,

9/15/2028(a)

426,000

422,656

2.95%,

9/15/2029

800,000

752,663

2.00%,

6/30/2030

277,000

245,427

1.75%,

2/15/2031

539,000

461,051

4.75%,

2/15/2032

250,000

248,945

4.90%,

10/15/2034

500,000

491,019

Salesforce,

Inc.

1.95%,

7/15/2031

390,000

340,764

ServiceNow,

Inc.

1.40%,

9/1/2030

810,000

699,592

Synopsys,

Inc.

4.85%,

4/1/2030(a)

1,200,000

1,213,543

5.00%,

4/1/2032

350,000

353,604

VMware

LLC

1.40%,

8/15/2026(a)

1,125,000

1,089,917

4.65%,

5/15/2027(a)

240,000

240,754

3.90%,

8/21/2027

395,000

390,441

1.80%,

8/15/2028

500,000

462,058

4.70%,

5/15/2030(a)

242,000

242,062

2.20%,

8/15/2031

200,000

173,154

Workday,

Inc.

3.50%,

4/1/2027

400,000

393,656

3.70%,

4/1/2029(a)

400,000

389,822

3.80%,

4/1/2032(a)

600,000

563,682

17,898,867

Specialized

REITs

-

1.4%

American

Tower

Corp.

REIT,

1.45%,

9/15/2026(a)

550,000

531,230

REIT,

3.38%,

10/15/2026

1,100,000

1,085,185

REIT,

3.65%,

3/15/2027(a)

100,000

98,535

REIT,

3.60%,

1/15/2028

200,000

196,069

REIT,

1.50%,

1/31/2028

200,000

186,067

REIT,

5.25%,

7/15/2028(a)

700,000

715,804

REIT,

1.88%,

10/15/2030

250,000

217,008

Crown

Castle,

Inc.

REIT,

1.05%,

7/15/2026

650,000

628,462

CubeSmart

LP

REIT,

2.25%,

12/15/2028(a)

300,000

278,847

REIT,

4.38%,

2/15/2029(a)

150,000

148,328

REIT,

3.00%,

2/15/2030(a)

150,000

139,375

REIT,

2.00%,

2/15/2031

200,000

172,627

REIT,

2.50%,

2/15/2032(a)

250,000

216,144

EPR

Properties

REIT,

4.75%,

12/15/2026

250,000

249,183

REIT,

4.50%,

6/1/2027

303,000

300,683

REIT,

4.95%,

4/15/2028(a)

153,000

153,014

REIT,

3.75%,

8/15/2029

250,000

237,452

REIT,

3.60%,

11/15/2031(a)

400,000

361,264

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

194

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Specialized

REITs

-

1.4%

(continued)

Equinix,

Inc.

REIT,

3.20%,

11/18/2029

$

150,000

$

141,603

Public

Storage

Operating

Co.

REIT,

1.50%,

11/9/2026

50,000

48,251

REIT,

1.85%,

5/1/2028

200,000

187,359

REIT,

2.25%,

11/9/2031

50,000

43,583

Weyerhaeuser

Co.

REIT,

6.95%,

10/1/2027

150,000

157,021

REIT,

4.00%,

4/15/2030(a)

479,000

466,476

REIT,

7.38%,

3/15/2032

300,000

339,439

REIT,

6.88%,

12/15/2033(a)

135,000

149,833

7,448,842

Specialty

Retail

-

3.0%

AutoZone,

Inc.

5.05%,

7/15/2026

200,000

201,064

3.75%,

6/1/2027(a)

350,000

345,828

4.50%,

2/1/2028

150,000

150,483

6.25%,

11/1/2028(a)

250,000

263,694

3.75%,

4/18/2029

150,000

145,906

5.10%,

7/15/2029(a)

550,000

562,307

4.00%,

4/15/2030

275,000

268,114

1.65%,

1/15/2031(a)

350,000

298,633

4.75%,

8/1/2032(a)

350,000

347,815

4.75%,

2/1/2033

250,000

246,578

5.20%,

8/1/2033(a)

100,000

100,900

6.55%,

11/1/2033

215,000

236,836

5.40%,

7/15/2034(a)

600,000

612,901

Home

Depot,

Inc.

(The)

2.13%,

9/15/2026

75,000

73,277

4.88%,

6/25/2027(a)

10,000

10,118

4.90%,

4/15/2029

49,000

50,073

2.95%,

6/15/2029(a)

426,000

406,370

4.75%,

6/25/2029

250,000

254,060

2.70%,

4/15/2030(a)

750,000

697,774

1.38%,

3/15/2031(a)

525,000

444,303

4.85%,

6/25/2031(a)

50,000

50,995

1.88%,

9/15/2031

450,000

386,509

3.25%,

4/15/2032(a)

378,000

348,734

4.50%,

9/15/2032(a)

150,000

149,823

4.95%,

6/25/2034

550,000

554,417

Lowe's

Cos.,

Inc.

3.35%,

4/1/2027(a)

100,000

98,299

3.10%,

5/3/2027(a)

400,000

390,921

1.30%,

4/15/2028(a)

300,000

277,042

1.70%,

9/15/2028

100,000

92,233

3.65%,

4/5/2029(a)

400,000

389,576

4.50%,

4/15/2030(a)

225,000

225,560

1.70%,

10/15/2030

450,000

389,813

2.63%,

4/1/2031

500,000

449,254

3.75%,

4/1/2032

655,000

615,161

5.00%,

4/15/2033(a)

425,000

428,126

5.15%,

7/1/2033(a)

350,000

355,209

O'Reilly

Automotive,

Inc.

5.75%,

11/20/2026

450,000

456,600

3.60%,

9/1/2027

501,000

492,561

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Specialty

Retail

-

3.0%

(continued)

O’Reilly

Automotive,

Inc.

(continued)

4.35%,

6/1/2028

$

200,000

$

199,733

3.90%,

6/1/2029(a)

700,000

684,364

4.20%,

4/1/2030

50,000

49,283

1.75%,

3/15/2031

350,000

299,154

4.70%,

6/15/2032(a)

875,000

869,007

Ross

Stores,

Inc.

1.88%,

4/15/2031

250,000

214,187

TJX

Cos.,

Inc.

(The)

2.25%,

9/15/2026(a)

740,000

724,080

1.15%,

5/15/2028

150,000

138,132

3.88%,

4/15/2030

281,000

275,221

1.60%,

5/15/2031(a)

250,000

214,725

Tractor

Supply

Co.

1.75%,

11/1/2030

550,000

475,681

5.25%,

5/15/2033(a)

300,000

304,613

16,316,047

Technology

Hardware,

Storage

&

Peripherals

-

0.7%

Apple,

Inc.

2.45%,

8/4/2026

162,000

159,172

2.05%,

9/11/2026

32,000

31,247

2.90%,

9/12/2027

82,000

80,105

1.20%,

2/8/2028(a)

414,000

386,055

3.25%,

8/8/2029(a)

282,000

272,985

2.20%,

9/11/2029

492,000

455,576

1.65%,

5/11/2030

400,000

355,614

1.25%,

8/20/2030(a)

25,000

21,672

1.65%,

2/8/2031(a)

650,000

565,832

3.35%,

8/8/2032(a)

25,000

23,489

HP,

Inc.

3.00%,

6/17/2027(a)

300,000

292,404

4.00%,

4/15/2029(a)

112,000

109,641

NetApp,

Inc.

2.38%,

6/22/2027(a)

250,000

240,149

2.70%,

6/22/2030(a)

400,000

363,173

5.50%,

3/17/2032(a)

550,000

564,980

Teledyne

FLIR

LLC

2.50%,

8/1/2030(a)

150,000

135,567

Western

Digital

Corp.

2.85%,

2/1/2029

50,000

46,463

4,104,124

Textiles,

Apparel

&

Luxury

Goods

-

0.1%

Tapestry,

Inc.

4.13%,

7/15/2027

8,000

7,940

5.10%,

3/11/2030(a)

250,000

253,446

5.50%,

3/11/2035

250,000

251,148

512,534

Tobacco

-

2.6%

Altria

Group,

Inc.

2.63%,

9/16/2026(a)

271,000

265,294

6.20%,

11/1/2028

400,000

419,354

4.80%,

2/14/2029

1,079,000

1,087,172

3.40%,

5/6/2030

628,000

594,180

2.45%,

2/4/2032(a)

1,000,000

861,142

6.88%,

11/1/2033(a)

300,000

333,702

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

195

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Tobacco

-

2.6%

(continued)

Altria

Group,

Inc.

(continued)

5.63%,

2/6/2035

$

100,000

$

101,722

Philip

Morris

International,

Inc.

4.38%,

11/1/2027(a)

250,000

250,172

5.13%,

11/17/2027(a)

323,000

327,943

4.88%,

2/15/2028(a)

550,000

556,813

4.13%,

4/28/2028(a)

300,000

298,044

5.25%,

9/7/2028

750,000

768,130

4.88%,

2/13/2029(a)

950,000

962,704

4.63%,

11/1/2029(a)

150,000

150,820

5.63%,

11/17/2029

1,125,000

1,173,972

5.13%,

2/15/2030(a)

1,337,000

1,369,005

4.38%,

4/30/2030

250,000

248,261

2.10%,

5/1/2030

300,000

269,012

5.50%,

9/7/2030(a)

300,000

312,644

5.13%,

2/13/2031

200,000

204,235

5.75%,

11/17/2032(a)

550,000

577,279

5.38%,

2/15/2033(a)

1,325,000

1,359,772

5.63%,

9/7/2033

350,000

364,024

5.25%,

2/13/2034

790,000

799,847

4.90%,

11/1/2034(a)

300,000

296,045

4.88%,

4/30/2035(a)

250,000

244,871

14,196,159

Trading

Companies

&

Distributors

-

0.2%

Air

Lease

Corp.

2.20%,

1/15/2027(a)

27,000

26,130

5.85%,

12/15/2027

25,000

25,731

5.30%,

2/1/2028(a)

300,000

305,540

4.63%,

10/1/2028

150,000

150,240

5.10%,

3/1/2029(a)

50,000

50,922

5.20%,

7/15/2031

100,000

101,867

2.88%,

1/15/2032

35,000

31,020

Ferguson

Enterprises,

Inc.

5.00%,

10/3/2034

350,000

345,548

GATX

Corp.

5.50%,

6/15/2035

50,000

50,646

WW

Grainger,

Inc.

4.45%,

9/15/2034(a)

250,000

243,074

1,330,718

Water

Utilities

-

0.0%(c)

Essential

Utilities,

Inc.

4.80%,

8/15/2027

100,000

100,713

3.57%,

5/1/2029

200,000

192,823

293,536

Wireless

Telecommunication

Services

-

0.0%(c)

T-Mobile

USA,

Inc.

3.88%,

4/15/2030(a)

68,000

65,908

Total

Corporate

Bonds

(Cost

$533,159,296)

540,104,955

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

-

21.9%(f)

CERTIFICATES

OF

DEPOSIT

-

2.0%

Bank

of

Montreal,

Chicago

(SOFR

+

0.31%),

4.63%,

5/29/2026(g)

$

2,000,000

$

1,999,616

Bank

of

Nova

Scotia,

Houston

(SOFR

+

0.34%),

4.66%,

7/1/2026(g)

1,000,000

999,985

BNP

Paribas,

New

York

(SOFR

+

0.24%),

4.56%,

12/1/2025(g)

1,000,000

1,000,072

Canadian

Imperial

Bank

of

Commerce,

New

York

(SOFR

+

0.24%),

4.56%,

12/17/2025(g)

1,000,000

999,919

Credit

Agricole

CIB,

New

York

(SOFR

+

0.21%),

4.53%,

1/8/2026(g)

2,000,000

1,999,114

National

Australia

Bank,

New

York

(SOFR

+

0.25%),

4.57%,

3/17/2026(g)

1,000,000

1,000,122

Natixis

SA,

New

York

4.47%,

12/11/2025

2,000,000

2,000,238

Oversea-Chinese

Banking

Corp.

Ltd.,

New

York

(SOFR

+

0.32%),

4.68%,

10/17/2025(g)

1,000,000

1,000,241

Total

Certificates

of

Deposit

(Cost

$11,000,000)

10,999,307

REPURCHASE

AGREEMENTS

-

19.9%

CF

Secured

LLC

4.34%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$49,415,770,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

8/15/2025

-

2/15/2054;

total

market

value

$50,199,324

49,409,813

49,409,813

TD

Prime

Services

LLC

4.43%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$60,007,383,

collateralized

by

various

Common

Stocks;

total

market

value

$65,074,506

60,000,000

60,000,000

Total

Repurchase

Agreements

(Cost

$109,409,813)

109,409,813

Total

Securities

Lending

Reinvestments

(Cost

$120,409,813)

120,409,120

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

196

Investments

Principal

Amount

Value

SHORT-TERM

INVESTMENTS

-

0.4%(h)

U.S.

GOVERNMENT

AGENCY

SECURITIES

-

0.4%

FNMA

Zero

Coupon,

8/1/2025

(Cost

$2,000,000)

$

2,000,000

$

1,999,764

Total

Investments

-

120.5%

(Cost

$655,569,109)

662,513,839

Liabilities

in

excess

of

other

assets

-

(20.5%)

(112,571,707)

NET

ASSETS

-

100.0%

$549,942,132

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2025.

The

total

value

of

securities

on

loan

at

July

31,

2025

was

$129,455,179,

collateralized

in

the

form

of

cash

with

a

value

of

$120,409,813

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments

and

$20,713,409

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

6.25%,

and

maturity

dates

ranging

from

August

31,

2025

–

February

15,

2055;

a

total

value

of

$141,123,222.

(b)

Step

bond.

Interest

rate

is

a

fixed

rate

for

an

initial

period

that

either

resets

at

a

specific

date

or

may

reset

in

the

future

at

a

contingent

upon

predetermined

trigger.

The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2025.

(c)

Represents

less

than

0.05%

of

net

assets.

(d)

Security

issued

at

a

fixed

coupon

rate,

which

converts

to

a

variable

rate

at

a

future

date.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(e)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

At

July

31,

2025,

the

value

of

these

securities

amounted

to

approximately

$4,156,795

or

0.76%

of

net

assets.

(f)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2025.

The

total

value

of

securities

purchased

was

$120,409,120.

(g)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

is

the

rate

in

effect

as

of

July

31,

2025.

(h)

The

rate

shown

was

the

current

yield

as

of

July

31,

2025.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

FNMA

—

Federal

National

Mortgage

Association

OYJ

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

SCA

—

Limited

partnership

with

share

capital

SOFR

—

Secured

Overnight

Financing

Rate

Security

Type

%

of

Net

Assets

Corporate

Bonds

98.2

%

Securities

Lending

Reinvestments

21.9

Short-Term

Investments

0.4

Others

(1)

(20.5)

100.0%

(1)

Includes

any

other

net

assets/(liabilities).

197

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

July

31,

2025

(Unaudited)

Investments

Principal

Amount

Value

CORPORATE

BONDS

-

97

.8

%

Aerospace

&

Defense

-

0

.8

%

Boeing

Co.

(The)

5.93%,

5/1/2060

$

25,000

$

23,919

General

Dynamics

Corp.

4.25%,

4/1/2040

50,000

44,707

General

Electric

Co.

4.50%,

3/11/2044

10,000

8,837

Howmet

Aerospace,

Inc.

5.95%,

2/1/2037

30,000

31,798

Lockheed

Martin

Corp.

5.90%,

11/15/2063

20,000

20,421

5.20%,

2/15/2064

25,000

22,741

Precision

Castparts

Corp.

3.90%,

1/15/2043

10,000

8,058

4.38%,

6/15/2045

50,000

42,036

RTX

Corp.

4.50%,

6/1/2042

50,000

44,156

246,673

Air

Freight

&

Logistics

-

0

.1

%

FedEx

Corp.

5.25%,

5/15/2050(a)

25,000

21,993

Automobile

Components

-

0

.2

%

Aptiv

Swiss

Holdings

Ltd.

4.15%,

5/1/2052

40,000

28,820

Lear

Corp.

5.25%,

5/15/2049

25,000

21,582

3.55%,

1/15/2052

25,000

15,958

66,360

Automobiles

-

0

.1

%

Ford

Motor

Co.

4.75%,

1/15/2043

25,000

19,376

Banks

-

7

.2

%

Bank

of

America

Corp.

7.75%,

5/14/2038

85,000

101,253

2.68%,

6/19/2041(b)

45,000

32,087

3.31%,

4/22/2042(b)

30,000

22,925

4.08%,

3/20/2051(b)

40,000

31,686

Citigroup,

Inc.

6.13%,

8/25/2036

50,000

52,145

8.13%,

7/15/2039

15,000

18,758

5.32%,

3/26/2041(b)

95,000

92,335

5.88%,

1/30/2042

85,000

87,881

6.68%,

9/13/2043

95,000

103,842

5.30%,

5/6/2044

50,000

47,034

4.75%,

5/18/2046

140,000

120,784

4.65%,

7/23/2048

40,000

34,518

5.61%,

3/4/2056(b)

35,000

34,149

6.88%,

2/15/2098

25,000

27,877

Cooperatieve

Rabobank

UA

5.25%,

5/24/2041

95,000

93,101

Fifth

Third

Bancorp

8.25%,

3/1/2038

30,000

36,334

HSBC

Holdings

plc

6.50%,

5/2/2036

35,000

37,541

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

-

7.2%

(continued)

HSBC

Holdings

plc

(continued)

6.50%,

9/15/2037

$

75,000

$

79,220

6.80%,

6/1/2038

65,000

70,194

6.33%,

3/9/2044(b)

70,000

74,740

5.25%,

3/14/2044

50,000

47,250

HSBC

USA,

Inc.

7.20%,

7/15/2097

10,000

11,893

JPMorgan

Chase

&

Co.

6.40%,

5/15/2038

20,000

22,221

3.11%,

4/22/2041(b)

10,000

7,642

3.16%,

4/22/2042(b)

45,000

33,979

4.95%,

6/1/2045

55,000

49,908

3.96%,

11/15/2048(b)

10,000

7,953

3.33%,

4/22/2052(b)

10,000

6,948

Lloyds

Banking

Group

plc

3.37%,

12/14/2046(b)

40,000

28,860

4.34%,

1/9/2048

100,000

79,945

Mitsubishi

UFJ

Financial

Group,

Inc.

3.75%,

7/18/2039

40,000

34,324

Regions

Bank

6.45%,

6/26/2037

25,000

26,440

Sumitomo

Mitsui

Financial

Group,

Inc.

5.80%,

7/8/2046(b)

50,000

49,656

Wells

Fargo

&

Co.

5.38%,

11/2/2043

60,000

56,977

5.61%,

1/15/2044

170,000

165,326

4.65%,

11/4/2044

55,000

47,164

4.90%,

11/17/2045

120,000

105,815

4.40%,

6/14/2046

100,000

82,143

4.75%,

12/7/2046

140,000

120,906

5.01%,

4/4/2051(b)

40,000

36,248

4.61%,

4/25/2053(b)

5,000

4,267

Westpac

Banking

Corp.

3.13%,

11/18/2041

75,000

54,837

2,279,106

Beverages

-

1

.6

%

Anheuser-Busch

Cos.

LLC

4.90%,

2/1/2046

85,000

77,712

Coca-Cola

Co.

(The)

2.50%,

6/1/2040

40,000

28,919

4.20%,

3/25/2050

35,000

29,135

2.60%,

6/1/2050

10,000

6,158

3.00%,

3/5/2051

40,000

26,557

2.50%,

3/15/2051

55,000

32,667

5.30%,

5/13/2054

25,000

24,210

5.20%,

1/14/2055

75,000

71,359

2.75%,

6/1/2060

15,000

8,875

5.40%,

5/13/2064

115,000

111,120

Keurig

Dr

Pepper,

Inc.

4.50%,

11/15/2045

25,000

20,945

5.09%,

5/25/2048

50,000

44,610

PepsiCo,

Inc.

3.60%,

8/13/2042

20,000

15,930

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

198

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Beverages

-

1.6%

(continued)

PepsiCo,

Inc.

(continued)

5.25%,

7/17/2054

$

15,000

$

14,429

512,626

Biotechnology

-

1

.1

%

AbbVie,

Inc.

4.40%,

11/6/2042

35,000

30,647

4.25%,

11/21/2049

10,000

8,157

5.50%,

3/15/2064

20,000

19,253

Amgen,

Inc.

5.65%,

3/2/2053

50,000

48,349

5.75%,

3/2/2063

20,000

19,188

Biogen,

Inc.

5.20%,

9/15/2045

65,000

57,994

3.15%,

5/1/2050

20,000

12,482

3.25%,

2/15/2051

15,000

9,419

6.45%,

5/15/2055

10,000

10,233

Gilead

Sciences,

Inc.

4.50%,

2/1/2045

40,000

34,682

5.50%,

11/15/2054

15,000

14,649

5.60%,

11/15/2064

50,000

48,732

Regeneron

Pharmaceuticals,

Inc.

2.80%,

9/15/2050

50,000

29,866

343,651

Broadline

Retail

-

0

.4

%

Amazon.com,

Inc.

4.25%,

8/22/2057

65,000

53,117

eBay,

Inc.

4.00%,

7/15/2042

15,000

12,135

3.65%,

5/10/2051

100,000

72,148

137,400

Building

Products

-

0

.6

%

Johnson

Controls

International

plc

4.95%,

7/2/2064(c)

50,000

42,753

Masco

Corp.

4.50%,

5/15/2047

50,000

40,344

Trane

Technologies

Financing

Ltd.

4.50%,

3/21/2049

40,000

33,831

Trane

Technologies

Global

Holding

Co.

Ltd.

5.75%,

6/15/2043

50,000

51,216

4.30%,

2/21/2048

20,000

16,512

184,656

Capital

Markets

-

2

.2

%

BlackRock

Funding,

Inc.

5.25%,

3/14/2054

15,000

14,264

Brookfield

Finance,

Inc.

5.97%,

3/4/2054

25,000

25,173

5.81%,

3/3/2055

10,000

9,863

Goldman

Sachs

Group,

Inc.

(The)

6.75%,

10/1/2037

50,000

54,913

4.02%,

10/31/2038(b)

20,000

17,479

3.21%,

4/22/2042(b)

20,000

14,930

2.91%,

7/21/2042(b)

40,000

28,577

4.75%,

10/21/2045

20,000

17,721

5.56%,

11/19/2045(b)

25,000

24,709

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Capital

Markets

-

2.2%

(continued)

Moody's

Corp.

2.75%,

8/19/2041

$

5,000

$

3,494

5.25%,

7/15/2044

25,000

23,594

4.88%,

12/17/2048

35,000

30,935

3.25%,

5/20/2050

40,000

26,553

3.75%,

2/25/2052

75,000

55,207

3.10%,

11/29/2061

55,000

33,846

Morgan

Stanley

4.30%,

1/27/2045

5,000

4,260

5.60%,

3/24/2051(b)

35,000

34,557

5.52%,

11/19/2055(b)

45,000

44,083

Nasdaq,

Inc.

6.10%,

6/28/2063

60,000

61,244

Raymond

James

Financial,

Inc.

3.75%,

4/1/2051

50,000

36,322

S&P

Global,

Inc.

6.55%,

11/15/2037

20,000

22,287

4.50%,

5/15/2048

20,000

16,656

3.25%,

12/1/2049

5,000

3,503

3.70%,

3/1/2052

30,000

22,466

2.30%,

8/15/2060

50,000

25,533

3.90%,

3/1/2062

70,000

52,446

704,615

Chemicals

-

1

.4

%

CF

Industries,

Inc.

4.95%,

6/1/2043

70,000

62,114

5.38%,

3/15/2044

25,000

23,329

Dow

Chemical

Co.

(The)

9.40%,

5/15/2039

10,000

12,889

Ecolab,

Inc.

5.50%,

12/8/2041

15,000

15,183

2.70%,

12/15/2051

50,000

30,430

2.75%,

8/18/2055

47,000

27,664

LYB

International

Finance

BV

5.25%,

7/15/2043

10,000

8,785

LYB

International

Finance

III

LLC

4.20%,

10/15/2049

30,000

21,813

3.80%,

10/1/2060

25,000

15,681

LyondellBasell

Industries

NV

4.63%,

2/26/2055

25,000

19,258

PPG

Industries,

Inc.

5.50%,

11/15/2040

25,000

24,631

RPM

International,

Inc.

5.25%,

6/1/2045

20,000

18,397

Sherwin-Williams

Co.

(The)

4.00%,

12/15/2042

25,000

20,162

4.55%,

8/1/2045

50,000

42,204

4.50%,

6/1/2047

25,000

20,894

3.80%,

8/15/2049

70,000

51,517

2.90%,

3/15/2052

65,000

39,425

454,376

Commercial

Services

&

Supplies

-

0

.2

%

Republic

Services,

Inc.

6.20%,

3/1/2040

20,000

21,605

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

199

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Commercial

Services

&

Supplies

-

0.2%

(continued)

Republic

Services,

Inc.

(continued)

5.70%,

5/15/2041

$

25,000

$

25,595

47,200

Communications

Equipment

-

1

.8

%

Cisco

Systems,

Inc.

5.90%,

2/15/2039

160,000

171,103

5.50%,

1/15/2040

95,000

97,281

5.30%,

2/26/2054

115,000

110,806

5.50%,

2/24/2055

50,000

49,512

5.35%,

2/26/2064

75,000

72,208

Motorola

Solutions,

Inc.

5.50%,

9/1/2044

30,000

29,252

Nokia

OYJ

6.63%,

5/15/2039

40,000

40,622

570,784

Construction

&

Engineering

-

0

.2

%

Valmont

Industries,

Inc.

5.00%,

10/1/2044

50,000

44,544

5.25%,

10/1/2054

10,000

8,942

53,486

Construction

Materials

-

0

.1

%

Martin

Marietta

Materials,

Inc.

5.50%,

12/1/2054

5,000

4,796

Vulcan

Materials

Co.

4.70%,

3/1/2048

10,000

8,586

5.70%,

12/1/2054

15,000

14,834

28,216

Consumer

Staples

Distribution

&

Retail

-

1

.3

%

Kroger

Co.

(The)

6.90%,

4/15/2038

50,000

55,910

5.15%,

8/1/2043

10,000

9,182

4.45%,

2/1/2047

30,000

24,731

5.65%,

9/15/2064

70,000

66,019

Sysco

Corp.

5.38%,

9/21/2035

30,000

30,215

6.60%,

4/1/2040

50,000

54,498

4.85%,

10/1/2045

15,000

13,241

3.30%,

2/15/2050

50,000

33,422

6.60%,

4/1/2050

60,000

65,078

3.15%,

12/14/2051

80,000

51,037

403,333

Containers

&

Packaging

-

0

.2

%

Packaging

Corp.

of

America

4.05%,

12/15/2049

45,000

34,454

3.05%,

10/1/2051

25,000

15,640

50,094

Diversified

REITs

-

0

.4

%

GLP

Capital

LP

REIT,

6.25%,

9/15/2054

25,000

24,629

VICI

Properties

LP

REIT,

5.63%,

5/15/2052

70,000

64,207

REIT,

6.13%,

4/1/2054

35,000

34,290

123,126

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Diversified

Telecommunication

Services

-

1

.5

%

AT&T,

Inc.

3.50%,

9/15/2053

$

65,000

$

43,790

3.55%,

9/15/2055

25,000

16,762

3.80%,

12/1/2057

50,000

34,733

3.65%,

9/15/2059

85,000

56,533

Telefonica

Emisiones

SA

7.05%,

6/20/2036

195,000

216,040

5.21%,

3/8/2047

90,000

79,662

4.90%,

3/6/2048

50,000

42,060

489,580

Electric

Utilities

-

6

.3

%

AEP

Texas,

Inc.

Series

G,

4.15%,

5/1/2049

25,000

18,954

3.45%,

5/15/2051

20,000

13,367

5.25%,

5/15/2052

50,000

44,929

AEP

Transmission

Co.

LLC

5.40%,

3/15/2053

35,000

33,623

Alabama

Power

Co.

5.50%,

3/15/2041

25,000

24,523

4.10%,

1/15/2042

25,000

20,713

3.13%,

7/15/2051

5,000

3,316

Appalachian

Power

Co.

Series

L,

5.80%,

10/1/2035

10,000

10,199

7.00%,

4/1/2038

50,000

55,597

4.45%,

6/1/2045

25,000

20,340

Series

Y,

4.50%,

3/1/2049

60,000

48,538

Duke

Energy

Corp.

4.80%,

12/15/2045

100,000

86,423

3.75%,

9/1/2046

90,000

66,604

3.95%,

8/15/2047

50,000

37,518

4.20%,

6/15/2049

30,000

23,262

5.00%,

8/15/2052

65,000

56,721

6.10%,

9/15/2053

15,000

15,256

5.80%,

6/15/2054

15,000

14,660

Duke

Energy

Florida

LLC

5.95%,

11/15/2052

50,000

51,413

Emera

US

Finance

LP

4.75%,

6/15/2046

85,000

70,188

Evergy

Kansas

Central,

Inc.

4.13%,

3/1/2042

25,000

20,717

Evergy

Metro,

Inc.

5.30%,

10/1/2041

20,000

19,359

FirstEnergy

Corp.

Series

C,

4.85%,

7/15/2047(c)

25,000

21,234

Georgia

Power

Co.

4.30%,

3/15/2043

40,000

33,923

Series

A,

3.25%,

3/15/2051

30,000

20,501

Idaho

Power

Co.

3.65%,

3/1/2045

20,000

14,500

5.80%,

4/1/2054

20,000

19,925

Indiana

Michigan

Power

Co.

3.25%,

5/1/2051

25,000

16,303

5.63%,

4/1/2053

30,000

29,425

International

Transmission

Co.

4.63%,

8/15/2043

45,000

38,429

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

200

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Electric

Utilities

-

6.3%

(continued)

Interstate

Power

and

Light

Co.

3.10%,

11/30/2051

$

25,000

$

15,762

Louisville

Gas

and

Electric

Co.

5.13%,

11/15/2040

20,000

19,069

4.38%,

10/1/2045

45,000

37,921

4.25%,

4/1/2049

45,000

36,041

MidAmerican

Energy

Co.

5.75%,

11/1/2035

25,000

26,371

Mississippi

Power

Co.

Series

12-A,

4.25%,

3/15/2042

25,000

21,393

Nevada

Power

Co.

Series

N,

6.65%,

4/1/2036

10,000

10,948

Series

R,

6.75%,

7/1/2037

25,000

27,750

5.38%,

9/15/2040

25,000

24,581

5.45%,

5/15/2041

35,000

34,287

Series

EE,

3.13%,

8/1/2050

25,000

15,952

Series

GG,

5.90%,

5/1/2053

25,000

24,874

Ohio

Power

Co.

Series

F,

5.85%,

10/1/2035

35,000

35,822

Series

R,

2.90%,

10/1/2051

25,000

15,142

Oklahoma

Gas

and

Electric

Co.

5.85%,

6/1/2040

10,000

10,327

5.25%,

5/15/2041

40,000

38,904

4.15%,

4/1/2047

40,000

32,013

Pacific

Gas

and

Electric

Co.

6.75%,

1/15/2053

20,000

20,760

PacifiCorp

6.25%,

10/15/2037

40,000

41,891

6.00%,

1/15/2039

25,000

25,755

4.13%,

1/15/2049

65,000

49,282

4.15%,

2/15/2050

25,000

18,975

3.30%,

3/15/2051

65,000

41,510

2.90%,

6/15/2052

25,000

14,733

5.35%,

12/1/2053

25,000

22,301

5.50%,

5/15/2054

15,000

13,711

Public

Service

Co.

of

Oklahoma

Series

K,

3.15%,

8/15/2051

25,000

15,619

Southwestern

Electric

Power

Co.

Series

J,

3.90%,

4/1/2045

60,000

45,106

Series

L,

3.85%,

2/1/2048

25,000

18,153

3.25%,

11/1/2051

25,000

16,154

Tampa

Electric

Co.

4.20%,

5/15/2045

50,000

39,534

Tucson

Electric

Power

Co.

3.25%,

5/1/2051

25,000

16,181

5.50%,

4/15/2053

25,000

23,449

5.90%,

4/15/2055

45,000

44,451

Wisconsin

Electric

Power

Co.

3.65%,

12/15/2042

35,000

26,833

4.25%,

6/1/2044

10,000

8,192

4.30%,

12/15/2045

10,000

8,187

5.05%,

10/1/2054

50,000

45,206

Wisconsin

Public

Service

Corp.

4.75%,

11/1/2044

25,000

22,195

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Electric

Utilities

-

6.3%

(continued)

Wisconsin

Public

Service

Corp.

(continued)

2.85%,

12/1/2051

$

50,000

$

30,914

1,986,709

Electrical

Equipment

-

0

.1

%

ABB

Finance

USA,

Inc.

4.38%,

5/8/2042

50,000

43,924

Electronic

Equipment,

Instruments

&

Components

-

0

.8

%

Amphenol

Corp.

5.38%,

11/15/2054

30,000

29,144

Corning,

Inc.

5.75%,

8/15/2040

50,000

50,650

4.75%,

3/15/2042

30,000

26,917

5.35%,

11/15/2048

50,000

46,729

5.45%,

11/15/2079

65,000

59,092

Tyco

Electronics

Group

SA

7.13%,

10/1/2037

40,000

46,269

258,801

Entertainment

-

0

.4

%

Electronic

Arts,

Inc.

2.95%,

2/15/2051

70,000

43,799

NBCUniversal

Media

LLC

4.45%,

1/15/2043

35,000

29,832

Netflix,

Inc.

5.40%,

8/15/2054

50,000

48,967

Walt

Disney

Co.

(The)

7.75%,

12/1/2045

10,000

12,542

135,140

Financial

Services

-

1

.7

%

Apollo

Global

Management,

Inc.

5.80%,

5/21/2054

65,000

64,520

Fidelity

National

Information

Services,

Inc.

3.10%,

3/1/2041

25,000

18,280

4.50%,

8/15/2046

20,000

16,303

Mastercard,

Inc.

3.95%,

2/26/2048

35,000

27,849

3.85%,

3/26/2050

135,000

105,042

2.95%,

3/15/2051

25,000

16,253

Shell

International

Finance

BV

4.38%,

5/11/2045

10,000

8,450

Visa,

Inc.

4.15%,

12/14/2035

5,000

4,729

2.70%,

4/15/2040

25,000

18,684

4.30%,

12/14/2045

225,000

193,505

3.65%,

9/15/2047

15,000

11,578

Western

Union

Co.

(The)

6.20%,

6/21/2040

20,000

19,586

Woodside

Finance

Ltd.

5.70%,

9/12/2054

50,000

45,556

550,335

Food

Products

-

0

.8

%

General

Mills,

Inc.

5.40%,

6/15/2040

50,000

48,585

Ingredion,

Inc.

6.63%,

4/15/2037

25,000

27,163

3.90%,

6/1/2050

35,000

25,321

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

201

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Food

Products

-

0.8%

(continued)

Kellanova

4.50%,

4/1/2046

$

5,000

$

4,260

5.75%,

5/16/2054

15,000

14,725

Kraft

Heinz

Foods

Co.

6.88%,

1/26/2039

25,000

26,960

5.00%,

6/4/2042

10,000

8,898

Mead

Johnson

Nutrition

Co.

4.60%,

6/1/2044

10,000

8,729

Mondelez

International,

Inc.

2.63%,

9/4/2050

25,000

14,694

Tyson

Foods,

Inc.

5.15%,

8/15/2044

50,000

45,203

5.10%,

9/28/2048

15,000

13,412

237,950

Gas

Utilities

-

1

.1

%

Atmos

Energy

Corp.

5.50%,

6/15/2041

15,000

15,001

4.30%,

10/1/2048

25,000

20,598

2.85%,

2/15/2052

90,000

55,095

5.75%,

10/15/2052

50,000

50,037

6.20%,

11/15/2053

60,000

64,335

5.00%,

12/15/2054

100,000

90,465

Piedmont

Natural

Gas

Co.,

Inc.

4.65%,

8/1/2043

25,000

21,778

3.64%,

11/1/2046

50,000

36,071

353,380

Ground

Transportation

-

3

.3

%

Burlington

Northern

Santa

Fe

LLC

6.15%,

5/1/2037

15,000

16,284

5.75%,

5/1/2040

65,000

67,390

5.40%,

6/1/2041

25,000

24,675

4.95%,

9/15/2041

35,000

32,749

4.40%,

3/15/2042

25,000

21,859

4.38%,

9/1/2042

50,000

43,284

4.45%,

3/15/2043

75,000

65,579

5.15%,

9/1/2043

50,000

47,731

4.55%,

9/1/2044

15,000

13,171

4.70%,

9/1/2045

60,000

53,585

3.90%,

8/1/2046

45,000

35,569

4.15%,

12/15/2048

45,000

36,455

3.05%,

2/15/2051

25,000

16,401

3.30%,

9/15/2051

15,000

10,252

2.88%,

6/15/2052

20,000

12,405

4.45%,

1/15/2053

70,000

58,168

5.20%,

4/15/2054

70,000

65,347

Canadian

National

Railway

Co.

4.50%,

11/7/2043

25,000

21,534

Canadian

Pacific

Railway

Co.

6.13%,

9/15/2115

50,000

50,748

Uber

Technologies,

Inc.

5.35%,

9/15/2054

65,000

60,721

Union

Pacific

Corp.

5.60%,

12/1/2054

50,000

49,466

3.95%,

8/15/2059

50,000

36,683

3.84%,

3/20/2060

105,000

75,251

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Ground

Transportation

-

3.3%

(continued)

Union

Pacific

Corp.

(continued)

5.15%,

1/20/2063

$

30,000

$

27,240

4.10%,

9/15/2067

50,000

36,887

3.75%,

2/5/2070

15,000

10,162

3.80%,

4/6/2071

25,000

16,962

3.85%,

2/14/2072

50,000

34,164

1,040,722

Health

Care

Equipment

&

Supplies

-

1

.7

%

Abbott

Laboratories

4.75%,

11/30/2036

30,000

29,541

6.15%,

11/30/2037

30,000

33,090

6.00%,

4/1/2039

20,000

21,648

5.30%,

5/27/2040

55,000

55,605

4.90%,

11/30/2046

75,000

69,972

Boston

Scientific

Corp.

6.50%,

11/15/2035(c)

30,000

33,413

7.38%,

1/15/2040

30,000

35,769

4.70%,

3/1/2049

25,000

22,288

Covidien

International

Finance

SA

6.55%,

10/15/2037

10,000

11,253

DH

Europe

Finance

II

Sarl

3.25%,

11/15/2039

40,000

31,877

STERIS

Irish

FinCo.

UnLtd

Co.

3.75%,

3/15/2051

85,000

59,755

Stryker

Corp.

4.10%,

4/1/2043

20,000

16,567

4.38%,

5/15/2044

25,000

21,430

4.63%,

3/15/2046

90,000

79,307

Zimmer

Biomet

Holdings,

Inc.

4.25%,

8/15/2035

25,000

22,804

544,319

Health

Care

Providers

&

Services

-

2

.5

%

Cardinal

Health,

Inc.

4.60%,

3/15/2043

50,000

42,837

4.50%,

11/15/2044

25,000

20,866

4.90%,

9/15/2045

30,000

26,488

4.37%,

6/15/2047

40,000

32,507

5.75%,

11/15/2054

15,000

14,675

Cencora,

Inc.

4.25%,

3/1/2045

35,000

28,429

4.30%,

12/15/2047

40,000

31,965

Cigna

Group

(The)

4.80%,

8/15/2038

15,000

13,920

3.20%,

3/15/2040

25,000

18,918

4.80%,

7/15/2046

20,000

17,280

3.88%,

10/15/2047

25,000

18,578

4.90%,

12/15/2048

40,000

34,579

5.60%,

2/15/2054

25,000

23,606

Elevance

Health,

Inc.

4.85%,

8/15/2054

25,000

20,664

HCA,

Inc.

5.50%,

6/15/2047

40,000

37,014

5.25%,

6/15/2049

65,000

57,490

3.50%,

7/15/2051

5,000

3,288

4.63%,

3/15/2052

80,000

63,939

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

202

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Health

Care

Providers

&

Services

-

2.5%

(continued)

HCA,

Inc.

(continued)

5.90%,

6/1/2053

$

40,000

$

38,362

6.00%,

4/1/2054

50,000

48,551

5.95%,

9/15/2054

40,000

38,585

6.20%,

3/1/2055

120,000

119,721

6.10%,

4/1/2064

10,000

9,690

Laboratory

Corp.

of

America

Holdings

4.70%,

2/1/2045

20,000

17,395

McKesson

Corp.

4.88%,

3/15/2044

25,000

22,299

801,646

Hotels,

Restaurants

&

Leisure

-

2

.2

%

Marriott

International,

Inc.

5.50%,

4/15/2037

80,000

79,868

McDonald's

Corp.

6.30%,

10/15/2037

50,000

54,384

6.30%,

3/1/2038

45,000

48,798

5.70%,

2/1/2039

50,000

50,901

3.63%,

5/1/2043

20,000

15,467

4.60%,

5/26/2045

40,000

34,534

4.88%,

12/9/2045

125,000

112,322

4.45%,

3/1/2047

30,000

25,136

4.45%,

9/1/2048

75,000

62,277

3.63%,

9/1/2049

90,000

65,255

4.20%,

4/1/2050

75,000

59,528

5.15%,

9/9/2052

65,000

59,469

5.45%,

8/14/2053

20,000

19,192

687,131

Household

Durables

-

0

.1

%

DR

Horton,

Inc.

5.50%,

10/15/2035

45,000

45,628

Household

Products

-

0

.7

%

Church

&

Dwight

Co.,

Inc.

3.95%,

8/1/2047

25,000

19,497

5.00%,

6/15/2052

50,000

44,759

Colgate-Palmolive

Co.

4.00%,

8/15/2045

15,000

12,341

Kimberly-Clark

Corp.

6.63%,

8/1/2037

25,000

28,671

5.30%,

3/1/2041

40,000

39,959

3.70%,

6/1/2043

25,000

19,810

3.90%,

5/4/2047

25,000

19,865

Procter

&

Gamble

Co.

(The)

5.55%,

3/5/2037

15,000

16,001

3.55%,

3/25/2040

15,000

12,681

213,584

Independent

Power

and

Renewable

Electricity

Producers

-

0

.3

%

Southern

Power

Co.

5.15%,

9/15/2041

50,000

47,131

5.25%,

7/15/2043

30,000

28,157

Series

F,

4.95%,

12/15/2046

25,000

21,768

97,056

Industrial

REITs

-

0

.0

%

(d)

Prologis

LP

REIT,

2.13%,

10/15/2050

25,000

13,183

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Insurance

-

7

.4

%

Aflac,

Inc.

6.45%,

8/15/2040

$

20,000

$

21,721

4.00%,

10/15/2046

25,000

19,513

Alleghany

Corp.

4.90%,

9/15/2044

25,000

22,602

3.25%,

8/15/2051

40,000

26,866

Allstate

Corp.

(The)

6.50%,

5/15/2057(b)

30,000

30,671

American

Financial

Group,

Inc.

4.50%,

6/15/2047

50,000

40,322

Aon

Corp.

2.90%,

8/23/2051

5,000

3,061

3.90%,

2/28/2052

25,000

18,371

Aon

Global

Ltd.

4.25%,

12/12/2042

20,000

16,235

4.45%,

5/24/2043

20,000

16,711

4.60%,

6/14/2044

50,000

43,062

4.75%,

5/15/2045

50,000

43,582

Aon

North

America,

Inc.

5.75%,

3/1/2054

125,000

121,763

Arch

Capital

Finance

LLC

5.03%,

12/15/2046

30,000

27,056

Arch

Capital

Group

Ltd.

3.64%,

6/30/2050

50,000

36,260

Arch

Capital

Group

US,

Inc.

5.14%,

11/1/2043

35,000

32,413

Arthur

J

Gallagher

&

Co.

3.50%,

5/20/2051

25,000

17,146

3.05%,

3/9/2052

15,000

9,310

5.75%,

3/2/2053

40,000

38,749

6.75%,

2/15/2054

25,000

27,294

5.75%,

7/15/2054

30,000

29,022

5.55%,

2/15/2055

100,000

94,337

Athene

Holding

Ltd.

3.95%,

5/25/2051

35,000

24,573

3.45%,

5/15/2052

40,000

25,349

6.25%,

4/1/2054

90,000

88,866

6.63%,

5/19/2055

25,000

25,710

Berkshire

Hathaway

Finance

Corp.

4.20%,

8/15/2048

40,000

33,188

4.25%,

1/15/2049

40,000

33,340

3.85%,

3/15/2052

150,000

114,414

Brown

&

Brown,

Inc.

4.95%,

3/17/2052

50,000

42,772

6.25%,

6/23/2055

60,000

61,477

Everest

Reinsurance

Holdings,

Inc.

3.13%,

10/15/2052

20,000

12,368

Fairfax

Financial

Holdings

Ltd.

6.35%,

3/22/2054

40,000

40,327

Hartford

Insurance

Group,

Inc.

(The)

5.95%,

10/15/2036

25,000

26,370

6.63%,

3/30/2040

25,000

26,887

6.10%,

10/1/2041

25,000

25,901

4.40%,

3/15/2048

35,000

29,115

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

203

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Insurance

-

7.4%

(continued)

Markel

Group,

Inc.

5.00%,

3/30/2043

$

25,000

$

22,174

5.00%,

4/5/2046

20,000

17,660

4.30%,

11/1/2047

10,000

7,994

5.00%,

5/20/2049

25,000

21,699

4.15%,

9/17/2050

10,000

7,634

3.45%,

5/7/2052

30,000

20,049

6.00%,

5/16/2054

25,000

24,893

Marsh

&

McLennan

Cos.,

Inc.

4.75%,

3/15/2039

25,000

23,555

5.35%,

11/15/2044

50,000

48,307

4.35%,

1/30/2047

25,000

20,785

4.90%,

3/15/2049

65,000

58,136

2.90%,

12/15/2051

50,000

31,071

6.25%,

11/1/2052

50,000

53,553

5.45%,

3/15/2053

50,000

48,125

5.70%,

9/15/2053

75,000

74,798

5.45%,

3/15/2054

25,000

23,922

5.40%,

3/15/2055

70,000

66,777

MetLife,

Inc.

6.40%,

12/15/2036

25,000

26,027

Old

Republic

International

Corp.

3.85%,

6/11/2051

50,000

35,267

Progressive

Corp.

(The)

4.35%,

4/25/2044

10,000

8,552

4.13%,

4/15/2047

10,000

8,181

Prudential

Financial,

Inc.

4.35%,

2/25/2050

25,000

20,521

3.70%,

3/13/2051

50,000

36,512

Transatlantic

Holdings,

Inc.

8.00%,

11/30/2039

25,000

31,049

Trinity

Acquisition

plc

6.13%,

8/15/2043

20,000

19,905

Unum

Group

5.75%,

8/15/2042

50,000

48,534

W

R

Berkley

Corp.

6.25%,

2/15/2037

25,000

26,308

4.75%,

8/1/2044

25,000

21,836

3.15%,

9/30/2061

50,000

30,272

Willis

North

America,

Inc.

5.05%,

9/15/2048

30,000

26,304

3.88%,

9/15/2049

55,000

40,026

5.90%,

3/5/2054

50,000

49,267

2,346,417

Interactive

Media

&

Services

-

2

.4

%

Alphabet,

Inc.

5.25%,

5/15/2055

50,000

49,060

5.30%,

5/15/2065

100,000

97,101

Meta

Platforms,

Inc.

4.45%,

8/15/2052

160,000

134,534

5.60%,

5/15/2053

145,000

143,819

5.40%,

8/15/2054

50,000

48,316

4.65%,

8/15/2062

130,000

109,062

5.75%,

5/15/2063

135,000

135,639

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Interactive

Media

&

Services

-

2.4%

(continued)

Meta

Platforms,

Inc.

(continued)

5.55%,

8/15/2064

$

45,000

$

43,658

761,189

IT

Services

-

1

.4

%

IBM

International

Capital

Pte.

Ltd.

5.25%,

2/5/2044

50,000

47,733

5.30%,

2/5/2054

100,000

92,797

International

Business

Machines

Corp.

4.15%,

5/15/2039

50,000

43,787

4.00%,

6/20/2042

45,000

37,061

4.70%,

2/19/2046

25,000

21,969

4.25%,

5/15/2049

150,000

120,408

5.10%,

2/6/2053

50,000

45,281

5.70%,

2/10/2055

30,000

29,569

438,605

Leisure

Products

-

0

.3

%

Brunswick

Corp.

5.10%,

4/1/2052

15,000

11,612

Hasbro,

Inc.

6.35%,

3/15/2040

50,000

51,549

Mattel,

Inc.

6.20%,

10/1/2040

25,000

24,919

88,080

Machinery

-

0

.9

%

Dover

Corp.

5.38%,

10/15/2035

25,000

25,786

6.60%,

3/15/2038

25,000

27,281

5.38%,

3/1/2041

15,000

14,559

Fortive

Corp.

4.30%,

6/15/2046

25,000

20,405

Illinois

Tool

Works,

Inc.

4.88%,

9/15/2041

50,000

46,759

3.90%,

9/1/2042

80,000

65,906

Ingersoll

Rand,

Inc.

5.70%,

6/15/2054

25,000

24,731

Otis

Worldwide

Corp.

3.11%,

2/15/2040

25,000

19,008

Snap-on,

Inc.

3.10%,

5/1/2050

50,000

33,690

Xylem,

Inc.

4.38%,

11/1/2046

25,000

20,407

298,532

Media

-

1

.3

%

Charter

Communications

Operating

LLC

6.48%,

10/23/2045

25,000

24,324

5.50%,

4/1/2063

20,000

16,369

Comcast

Corp.

5.50%,

5/15/2064

35,000

32,244

Fox

Corp.

5.48%,

1/25/2039

85,000

82,758

5.58%,

1/25/2049

100,000

93,589

Interpublic

Group

of

Cos.,

Inc.

(The)

3.38%,

3/1/2041

35,000

26,008

5.40%,

10/1/2048

20,000

18,337

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

204

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Media

-

1.3%

(continued)

Paramount

Global

6.88%,

4/30/2036

$

50,000

$

52,026

4.38%,

3/15/2043

50,000

37,844

4.95%,

5/19/2050

15,000

11,578

395,077

Metals

&

Mining

-

2

.7

%

Barrick

PD

Australia

Finance

Pty.

Ltd.

5.95%,

10/15/2039

25,000

25,632

BHP

Billiton

Finance

USA

Ltd.

5.00%,

9/30/2043

50,000

47,250

5.50%,

9/8/2053

20,000

19,769

Reliance,

Inc.

6.85%,

11/15/2036

25,000

27,386

Rio

Tinto

Finance

USA

Ltd.

5.20%,

11/2/2040

30,000

29,336

2.75%,

11/2/2051

50,000

30,214

Rio

Tinto

Finance

USA

plc

4.13%,

8/21/2042

50,000

42,133

5.13%,

3/9/2053

45,000

41,284

5.75%,

3/14/2055

125,000

125,040

5.88%,

3/14/2065

55,000

55,305

Southern

Copper

Corp.

6.75%,

4/16/2040

40,000

43,585

5.25%,

11/8/2042

110,000

102,106

5.88%,

4/23/2045

80,000

79,115

Vale

Overseas

Ltd.

6.88%,

11/21/2036

35,000

38,151

6.88%,

11/10/2039

50,000

54,289

6.40%,

6/28/2054

95,000

93,293

853,888

Multi-Utilities

-

2

.3

%

Ameren

Illinois

Co.

4.80%,

12/15/2043

10,000

8,810

4.30%,

7/1/2044

25,000

20,744

Berkshire

Hathaway

Energy

Co.

5.95%,

5/15/2037

30,000

31,729

3.80%,

7/15/2048

65,000

48,565

4.45%,

1/15/2049

25,000

20,709

4.25%,

10/15/2050

25,000

19,918

2.85%,

5/15/2051

70,000

43,031

4.60%,

5/1/2053

35,000

29,326

Consolidated

Edison

Co.

of

New

York,

Inc.

4.50%,

5/15/2058

25,000

20,155

3.60%,

6/15/2061

25,000

17,009

Consumers

Energy

Co.

4.35%,

8/31/2064

25,000

18,977

NiSource,

Inc.

5.95%,

6/15/2041

25,000

25,246

5.80%,

2/1/2042

10,000

9,808

5.25%,

2/15/2043

65,000

60,856

4.80%,

2/15/2044

30,000

26,486

5.65%,

2/1/2045

25,000

24,194

4.38%,

5/15/2047

10,000

8,203

3.95%,

3/30/2048

50,000

38,266

5.85%,

4/1/2055

70,000

69,052

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Multi-Utilities

-

2.3%

(continued)

Puget

Sound

Energy,

Inc.

5.64%,

4/15/2041

$

5,000

$

4,922

4.30%,

5/20/2045

40,000

32,830

Southern

Co.

Gas

Capital

Corp.

5.88%,

3/15/2041

50,000

50,867

4.40%,

6/1/2043

35,000

29,299

3.95%,

10/1/2046

40,000

30,746

4.40%,

5/30/2047

25,000

20,456

Series

21A,

3.15%,

9/30/2051

25,000

15,930

726,134

Oil,

Gas

&

Consumable

Fuels

-

12

.9

%

APA

Corp.

5.10%,

9/1/2040(a)

25,000

20,985

Canadian

Natural

Resources

Ltd.

6.50%,

2/15/2037

35,000

36,916

6.25%,

3/15/2038

75,000

77,457

6.75%,

2/1/2039

40,000

42,451

4.95%,

6/1/2047

50,000

42,908

Cenovus

Energy,

Inc.

5.40%,

6/15/2047

7,000

6,247

3.75%,

2/15/2052

25,000

16,927

ConocoPhillips

Co.

4.03%,

3/15/2062

85,000

61,007

Continental

Resources,

Inc.

4.90%,

6/1/2044

50,000

39,228

Coterra

Energy,

Inc.

5.90%,

2/15/2055

45,000

41,886

Devon

Energy

Corp.

5.60%,

7/15/2041

50,000

46,472

4.75%,

5/15/2042

10,000

8,399

5.00%,

6/15/2045

25,000

20,871

5.75%,

9/15/2054

30,000

26,873

Diamondback

Energy,

Inc.

6.25%,

3/15/2053

25,000

24,801

5.75%,

4/18/2054

25,000

23,220

5.90%,

4/18/2064

60,000

55,411

Eastern

Gas

Transmission

&

Storage,

Inc.

4.80%,

11/1/2043

25,000

21,743

3.90%,

11/15/2049

25,000

18,005

Enbridge

Energy

Partners

LP

5.50%,

9/15/2040

40,000

38,703

7.38%,

10/15/2045

20,000

23,070

Enbridge,

Inc.

4.50%,

6/10/2044

10,000

8,232

5.50%,

12/1/2046

55,000

52,254

4.00%,

11/15/2049

25,000

18,581

3.40%,

8/1/2051

105,000

69,333

6.70%,

11/15/2053

95,000

102,549

5.95%,

4/5/2054

55,000

54,479

Energy

Transfer

LP

6.50%,

2/1/2042

40,000

41,708

6.10%,

2/15/2042

15,000

14,894

4.95%,

1/15/2043

15,000

12,836

5.15%,

2/1/2043

25,000

21,998

5.30%,

4/1/2044

25,000

22,388

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

205

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

12.9%

(continued)

Energy

Transfer

LP

(continued)

5.00%,

5/15/2044(c)

$

30,000

$

25,827

5.35%,

5/15/2045

25,000

22,472

6.13%,

12/15/2045

30,000

29,551

5.30%,

4/15/2047

50,000

44,031

5.40%,

10/1/2047

15,000

13,350

6.25%,

4/15/2049

75,000

73,982

5.95%,

5/15/2054

70,000

66,166

6.05%,

9/1/2054

20,000

19,191

Enterprise

Products

Operating

LLC

7.55%,

4/15/2038

20,000

23,536

5.95%,

2/1/2041

40,000

41,236

5.70%,

2/15/2042

50,000

50,101

4.85%,

8/15/2042

70,000

63,550

4.45%,

2/15/2043

80,000

68,497

4.85%,

3/15/2044

15,000

13,456

5.10%,

2/15/2045

40,000

36,976

4.90%,

5/15/2046

40,000

35,706

4.25%,

2/15/2048

20,000

16,105

4.80%,

2/1/2049

15,000

12,976

4.20%,

1/31/2050

40,000

31,514

3.70%,

1/31/2051

25,000

17,917

3.20%,

2/15/2052

50,000

32,676

3.30%,

2/15/2053

10,000

6,584

4.95%,

10/15/2054

60,000

51,981

5.55%,

2/16/2055

25,000

23,927

3.95%,

1/31/2060

100,000

72,228

EOG

Resources,

Inc.

5.35%,

1/15/2036

100,000

100,746

4.95%,

4/15/2050

50,000

44,151

5.65%,

12/1/2054

40,000

38,890

5.95%,

7/15/2055

50,000

50,478

Exxon

Mobil

Corp.

3.10%,

8/16/2049

50,000

33,281

4.33%,

3/19/2050

50,000

41,242

3.45%,

4/15/2051

100,000

70,580

Kinder

Morgan

Energy

Partners

LP

6.50%,

2/1/2037

25,000

26,599

6.95%,

1/15/2038

25,000

27,518

5.63%,

9/1/2041

25,000

23,998

5.00%,

8/15/2042

25,000

22,291

5.00%,

3/1/2043

10,000

8,933

5.50%,

3/1/2044

25,000

23,441

5.40%,

9/1/2044

30,000

27,806

Kinder

Morgan,

Inc.

5.55%,

6/1/2045

50,000

46,926

5.05%,

2/15/2046

25,000

21,846

5.20%,

3/1/2048

25,000

22,256

5.95%,

8/1/2054

25,000

24,385

Occidental

Petroleum

Corp.

6.45%,

9/15/2036

50,000

50,887

7.95%,

6/15/2039

35,000

39,018

6.20%,

3/15/2040

30,000

29,374

4.63%,

6/15/2045

20,000

15,181

6.60%,

3/15/2046

20,000

19,760

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

12.9%

(continued)

Occidental

Petroleum

Corp.

(continued)

4.20%,

3/15/2048

$

10,000

$

6,906

4.40%,

8/15/2049

25,000

17,296

6.05%,

10/1/2054

30,000

27,427

ONEOK,

Inc.

4.85%,

2/1/2049

40,000

32,548

7.15%,

1/15/2051

20,000

21,688

6.63%,

9/1/2053

30,000

31,027

Ovintiv,

Inc.

6.50%,

2/1/2038

30,000

30,602

Plains

All

American

Pipeline

LP

5.15%,

6/1/2042

35,000

31,113

4.70%,

6/15/2044

100,000

82,666

Spectra

Energy

Partners

LP

5.95%,

9/25/2043

30,000

29,594

4.50%,

3/15/2045

65,000

53,814

Suncor

Energy,

Inc.

6.80%,

5/15/2038

50,000

53,728

6.50%,

6/15/2038

40,000

42,236

6.85%,

6/1/2039

50,000

54,028

4.00%,

11/15/2047

40,000

29,442

3.75%,

3/4/2051

5,000

3,481

Targa

Resources

Corp.

6.25%,

7/1/2052

15,000

14,782

TotalEnergies

Capital

SA

5.64%,

4/5/2064

25,000

23,973

5.43%,

9/10/2064

60,000

55,764

TransCanada

PipeLines

Ltd.

6.20%,

10/15/2037

50,000

52,227

7.63%,

1/15/2039

35,000

40,756

6.10%,

6/1/2040

30,000

30,565

5.00%,

10/16/2043

25,000

22,900

Transcontinental

Gas

Pipe

Line

Co.

LLC

5.40%,

8/15/2041

40,000

38,070

4.45%,

8/1/2042

25,000

21,152

Viper

Energy

Partners

LLC

5.70%,

8/1/2035

50,000

49,695

Western

Midstream

Operating

LP

5.45%,

4/1/2044

70,000

60,946

5.30%,

3/1/2048

25,000

21,014

5.50%,

8/15/2048

25,000

21,255

5.25%,

2/1/2050(c)

70,000

58,730

Williams

Cos.,

Inc.

(The)

5.80%,

11/15/2043

25,000

24,623

5.40%,

3/4/2044

25,000

23,426

5.75%,

6/24/2044

25,000

24,549

4.90%,

1/15/2045

40,000

35,130

5.80%,

11/15/2054

50,000

48,592

XTO

Energy,

Inc.

6.75%,

8/1/2037

50,000

56,586

4,088,286

Pharmaceuticals

-

3

.1

%

AstraZeneca

plc

6.45%,

9/15/2037

40,000

44,664

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

206

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Pharmaceuticals

-

3.1%

(continued)

Eli

Lilly

&

Co.

5.95%,

11/15/2037

$

30,000

$

31,977

3.95%,

3/15/2049

40,000

31,848

4.15%,

3/15/2059

45,000

35,390

4.95%,

2/27/2063

50,000

44,854

5.10%,

2/9/2064

100,000

91,820

5.20%,

8/14/2064

100,000

93,380

5.60%,

2/12/2065

50,000

50,044

Johnson

&

Johnson

5.85%,

7/15/2038

5,000

5,404

Merck

&

Co.,

Inc.

6.55%,

9/15/2037

25,000

28,232

3.60%,

9/15/2042

45,000

35,302

2.90%,

12/10/2061

30,000

17,228

5.15%,

5/17/2063

75,000

68,286

Novartis

Capital

Corp.

4.70%,

9/18/2054

15,000

13,292

Pfizer

Investment

Enterprises

Pte.

Ltd.

5.30%,

5/19/2053

40,000

37,350

5.34%,

5/19/2063

80,000

73,234

Royalty

Pharma

plc

3.30%,

9/2/2040

35,000

26,249

3.55%,

9/2/2050

50,000

33,882

5.90%,

9/2/2054

50,000

48,300

Utah

Acquisition

Sub,

Inc.

5.25%,

6/15/2046

15,000

12,114

Zoetis,

Inc.

4.70%,

2/1/2043

110,000

99,899

4.45%,

8/20/2048

35,000

29,407

3.00%,

5/15/2050

50,000

32,546

984,702

Professional

Services

-

0

.1

%

Verisk

Analytics,

Inc.

5.50%,

6/15/2045

25,000

23,952

3.63%,

5/15/2050

25,000

17,716

41,668

Retail

REITs

-

0

.1

%

Federal

Realty

OP

LP

REIT,

3.63%,

8/1/2046

25,000

17,634

Semiconductors

&

Semiconductor

Equipment

-

4

.3

%

Advanced

Micro

Devices,

Inc.

4.39%,

6/1/2052

25,000

20,967

Analog

Devices,

Inc.

5.30%,

12/15/2045

30,000

29,020

5.30%,

4/1/2054

40,000

38,435

Applied

Materials,

Inc.

5.85%,

6/15/2041

20,000

21,082

Broadcom,

Inc.

3.14%,

11/15/2035(a)

85,000

71,347

3.19%,

11/15/2036(a)

135,000

111,407

4.93%,

5/15/2037(a)

190,000

183,610

3.50%,

2/15/2041(a)

45,000

35,610

KLA

Corp.

5.00%,

3/15/2049

45,000

41,561

4.95%,

7/15/2052

100,000

90,807

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Semiconductors

&

Semiconductor

Equipment

-

4.3%

(continued)

KLA

Corp.

(continued)

5.25%,

7/15/2062

$

50,000

$

46,713

Lam

Research

Corp.

4.88%,

3/15/2049

30,000

27,282

3.13%,

6/15/2060

20,000

12,329

Micron

Technology,

Inc.

6.05%,

11/1/2035

120,000

124,893

NVIDIA

Corp.

3.70%,

4/1/2060

45,000

33,181

NXP

BV

3.25%,

5/11/2041

15,000

11,000

3.13%,

2/15/2042

35,000

25,069

QUALCOMM,

Inc.

4.80%,

5/20/2045

75,000

68,151

4.30%,

5/20/2047

75,000

62,327

4.50%,

5/20/2052

30,000

25,272

6.00%,

5/20/2053

80,000

83,923

Texas

Instruments,

Inc.

4.15%,

5/15/2048

50,000

40,803

4.10%,

8/16/2052

10,000

7,846

5.00%,

3/14/2053

50,000

45,788

5.15%,

2/8/2054

50,000

46,937

5.05%,

5/18/2063

55,000

49,803

1,355,163

Software

-

4

.3

%

AppLovin

Corp.

5.95%,

12/1/2054

35,000

34,103

Intuit,

Inc.

5.50%,

9/15/2053

95,000

94,063

Microsoft

Corp.

3.45%,

8/8/2036

50,000

44,641

4.10%,

2/6/2037

15,000

14,309

2.53%,

6/1/2050

65,000

39,985

2.92%,

3/17/2052

80,000

52,781

4.75%,

11/3/2055

50,000

45,203

2.68%,

6/1/2060

300,000

174,620

3.04%,

3/17/2062

70,000

44,360

Oracle

Corp.

3.60%,

4/1/2040

150,000

118,391

3.60%,

4/1/2050

30,000

20,600

3.95%,

3/25/2051

30,000

21,793

6.90%,

11/9/2052

110,000

120,663

5.55%,

2/6/2053

25,000

23,097

5.38%,

9/27/2054

25,000

22,518

6.00%,

8/3/2055

140,000

137,136

3.85%,

4/1/2060

15,000

10,112

5.50%,

9/27/2064

50,000

44,673

6.13%,

8/3/2065

50,000

49,123

Salesforce,

Inc.

2.70%,

7/15/2041

100,000

71,545

3.05%,

7/15/2061

75,000

45,751

Synopsys,

Inc.

5.70%,

4/1/2055

135,000

133,121

1,362,588

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

207

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Specialized

REITs

-

0

.1

%

Public

Storage

Operating

Co.

REIT,

5.35%,

8/1/2053

$

35,000

$

33,249

Specialty

Retail

-

4

.1

%

Dick's

Sporting

Goods,

Inc.

4.10%,

1/15/2052

25,000

17,838

Home

Depot,

Inc.

(The)

5.88%,

12/16/2036

125,000

133,493

3.30%,

4/15/2040

15,000

11,875

5.40%,

9/15/2040

40,000

40,169

5.95%,

4/1/2041

25,000

26,281

4.20%,

4/1/2043

20,000

16,936

4.88%,

2/15/2044

50,000

45,893

4.40%,

3/15/2045

60,000

51,407

4.25%,

4/1/2046

5,000

4,179

3.90%,

6/15/2047

45,000

35,159

4.50%,

12/6/2048

25,000

21,335

3.63%,

4/15/2052

45,000

32,637

4.95%,

9/15/2052

30,000

27,175

5.30%,

6/25/2054

60,000

57,159

3.50%,

9/15/2056

110,000

76,061

5.40%,

6/25/2064

50,000

47,717

Lowe's

Cos.,

Inc.

5.00%,

4/15/2040

10,000

9,307

2.80%,

9/15/2041

30,000

20,821

5.00%,

9/15/2043

45,000

40,608

4.38%,

9/15/2045

50,000

40,936

3.70%,

4/15/2046

55,000

40,524

4.05%,

5/3/2047

55,000

42,470

3.00%,

10/15/2050

75,000

46,490

4.25%,

4/1/2052

35,000

27,149

5.63%,

4/15/2053

110,000

105,170

5.75%,

7/1/2053

50,000

48,440

4.45%,

4/1/2062

100,000

76,699

5.80%,

9/15/2062

75,000

72,246

5.85%,

4/1/2063

40,000

38,635

TJX

Cos.,

Inc.

(The)

4.50%,

4/15/2050

30,000

25,687

1,280,496

Technology

Hardware,

Storage

&

Peripherals

-

2

.1

%

Apple,

Inc.

3.85%,

5/4/2043

40,000

33,284

3.45%,

2/9/2045

70,000

53,698

4.38%,

5/13/2045

75,000

66,026

4.65%,

2/23/2046

75,000

68,204

3.75%,

11/13/2047

60,000

47,213

2.40%,

8/20/2050

55,000

32,321

2.65%,

2/8/2051

55,000

33,945

2.70%,

8/5/2051

10,000

6,235

3.95%,

8/8/2052

70,000

55,416

2.80%,

2/8/2061

165,000

97,086

2.85%,

8/5/2061

110,000

65,360

4.10%,

8/8/2062

60,000

47,244

HP,

Inc.

6.00%,

9/15/2041

55,000

55,421

661,453

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Tobacco

-

3

.5

%

Altria

Group,

Inc.

5.80%,

2/14/2039

$

120,000

$

121,276

3.40%,

2/4/2041

15,000

11,139

4.25%,

8/9/2042

60,000

48,605

4.50%,

5/2/2043

50,000

41,499

5.38%,

1/31/2044

125,000

118,237

3.88%,

9/16/2046

60,000

44,161

5.95%,

2/14/2049

160,000

158,174

4.45%,

5/6/2050

25,000

19,516

3.70%,

2/4/2051

50,000

34,461

4.00%,

2/4/2061

40,000

27,945

BAT

Capital

Corp.

4.39%,

8/15/2037

35,000

31,257

3.73%,

9/25/2040

25,000

19,660

4.54%,

8/15/2047

40,000

32,427

4.76%,

9/6/2049

25,000

20,567

3.98%,

9/25/2050

10,000

7,163

5.65%,

3/16/2052

5,000

4,639

7.08%,

8/2/2053

40,000

44,599

Philip

Morris

International,

Inc.

6.38%,

5/16/2038

60,000

66,072

4.38%,

11/15/2041

50,000

43,293

4.50%,

3/20/2042

50,000

43,630

3.88%,

8/21/2042

15,000

12,064

4.13%,

3/4/2043

70,000

58,210

Reynolds

American,

Inc.

5.70%,

8/15/2035

5,000

5,097

7.25%,

6/15/2037

20,000

22,418

5.85%,

8/15/2045

85,000

82,359

1,118,468

Trading

Companies

&

Distributors

-

0

.4

%

WW

Grainger,

Inc.

4.60%,

6/15/2045

85,000

74,907

3.75%,

5/15/2046

30,000

23,199

4.20%,

5/15/2047

30,000

24,471

122,577

Water

Utilities

-

0

.1

%

Essential

Utilities,

Inc.

5.30%,

5/1/2052

50,000

45,153

Wireless

Telecommunication

Services

-

0

.6

%

America

Movil

SAB

de

CV

6.13%,

3/30/2040

60,000

62,433

T-Mobile

USA,

Inc.

5.65%,

1/15/2053

20,000

19,259

5.75%,

1/15/2054

25,000

24,425

5.50%,

1/15/2055

10,000

9,427

5.25%,

6/15/2055

25,000

22,722

5.88%,

11/15/2055

25,000

24,928

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

208

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Wireless

Telecommunication

Services

-

0.6%

(continued)

T-Mobile

USA,

Inc.

(continued)

5.80%,

9/15/2062

$

15,000

$

14,646

177,840

Total

Corporate

Bonds

(Cost

$31,658,511)

30,943,358

Total

Investments

-

97.8%

(Cost

$31,658,511)

30,943,358

Other

assets

less

liabilities

-

2.2%

690,467

NET

ASSETS

-

100.0%

$31,633,825

(a)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

At

July

31,

2025,

the

value

of

these

securities

amounted

to

approximately

$444,952

or

1.41%

of

net

assets.

(b)

Security

issued

at

a

fixed

coupon

rate,

which

converts

to

a

variable

rate

at

a

future

date.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(c)

Step

bond.

Interest

rate

is

a

fixed

rate

for

an

initial

period

that

either

resets

at

a

specific

date

or

may

reset

in

the

future

at

a

contingent

upon

predetermined

trigger.

The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2025.

(d)

Represents

less

than

0.05%

of

net

assets.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

OYJ

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Security

Type

%

of

Net

Assets

Corporate

Bonds

97‌

.8

%

Others

(1)

2‌

.2

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

209

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

July

31,

2025

(Unaudited)

tS

Investments

Principal

Amount

Value

CORPORATE

BONDS

-

97.5%

Aerospace

&

Defense

-

2.5%

AAR

Escrow

Issuer

LLC

6.75%,

3/15/2029(a)(b)

$

480,000

$

492,508

ATI,

Inc.

4.88%,

10/1/2029(a)

50,000

48,887

5.13%,

10/1/2031(a)

95,000

92,220

Bombardier,

Inc.

7.45%,

5/1/2034(a)(b)

250,000

270,158

BWX

Technologies,

Inc.

4.13%,

6/30/2028(a)(b)

705,000

682,287

4.13%,

4/15/2029(a)(b)

2,684,000

2,576,200

Moog,

Inc.

4.25%,

12/15/2027(a)(b)

1,395,000

1,362,926

Spirit

AeroSystems,

Inc.

4.60%,

6/15/2028(a)

500,000

491,927

9.75%,

11/15/2030(b)

985,000

1,083,306

TransDigm,

Inc.

6.75%,

8/15/2028(a)(b)

4,330,000

4,418,167

4.63%,

1/15/2029

3,580,000

3,500,217

6.38%,

3/1/2029(b)

2,915,000

2,983,360

4.88%,

5/1/2029(a)

2,746,000

2,694,584

6.88%,

12/15/2030(b)

945,000

979,371

7.13%,

12/1/2031(b)

750,000

780,935

6.63%,

3/1/2032(a)(b)

1,850,000

1,902,298

6.00%,

1/15/2033(b)

2,250,000

2,261,112

6.38%,

5/31/2033(b)

4,950,000

4,981,442

31,601,905

Air

Freight

&

Logistics

-

0.3%

Rand

Parent

LLC

8.50%,

2/15/2030(b)

2,515,000

2,528,898

Stonepeak

Nile

Parent

LLC

7.25%,

3/15/2032(a)(b)

500,000

525,171

3,054,069

Automobile

Components

-

2.1%

Adient

Global

Holdings

Ltd.

8.25%,

4/15/2031(b)

685,000

716,019

7.50%,

2/15/2033(a)(b)

1,900,000

1,937,546

Allison

Transmission,

Inc.

3.75%,

1/30/2031(a)(b)

1,423,000

1,300,536

American

Axle

&

Manufacturing,

Inc.

6.88%,

7/1/2028

340,000

338,696

5.00%,

10/1/2029

900,000

816,604

Aptiv

Swiss

Holdings

Ltd.

6.88%,

12/15/2054(a)(c)

2,000,000

2,013,184

Clarios

Global

LP

6.75%,

5/15/2028(b)

500,000

511,215

6.75%,

2/15/2030(a)(b)

2,800,000

2,886,884

Dornoch

Debt

Merger

Sub,

Inc.

6.63%,

10/15/2029(b)

850,000

670,855

Garrett

Motion

Holdings,

Inc.

7.75%,

5/31/2032(a)(b)

2,880,000

2,988,778

Icahn

Enterprises

LP

5.25%,

5/15/2027(a)

800,000

779,403

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Automobile

Components

-

2.1%

(continued)

Icahn

Enterprises

LP

(continued)

9.75%,

1/15/2029(a)

$

250,000

$

252,500

4.38%,

2/1/2029

100,000

85,750

10.00%,

11/15/2029(a)(b)

300,000

303,728

9.00%,

6/15/2030(a)

900,000

874,108

IHO

Verwaltungs

GmbH

6.37%,

5/15/2029(b)(d)

1,730,000

1,732,069

7.75%,

11/15/2030(a)(b)(d)

700,000

718,495

8.00%,

11/15/2032(a)(b)(d)

600,000

616,843

JB

Poindexter

&

Co.,

Inc.

8.75%,

12/15/2031(a)(b)

850,000

869,327

Patrick

Industries,

Inc.

4.75%,

5/1/2029(a)(b)

640,000

619,681

6.38%,

11/1/2032(a)(b)

200,000

200,134

Phinia,

Inc.

6.75%,

4/15/2029(b)

265,000

272,708

6.63%,

10/15/2032(b)

250,000

254,672

Real

Hero

Merger

Sub

2,

Inc.

6.25%,

2/1/2029(b)

1,775,000

1,219,792

ZF

North

America

Capital,

Inc.

6.88%,

4/14/2028(a)(b)

620,000

618,857

7.13%,

4/14/2030(a)(b)

1,140,000

1,105,002

6.75%,

4/23/2030(a)(b)

400,000

380,645

6.88%,

4/23/2032(a)(b)

900,000

839,811

25,923,842

Automobiles

-

0.6%

Jaguar

Land

Rover

Automotive

plc

4.50%,

10/1/2027(b)

2,040,000

2,002,001

5.88%,

1/15/2028(b)

1,476,000

1,480,499

5.50%,

7/15/2029(b)

1,157,000

1,152,645

Mclaren

Finance

plc

7.50%,

8/1/2026(b)

630,000

630,000

PM

General

Purchaser

LLC

9.50%,

10/1/2028(b)

1,405,000

1,092,388

Thor

Industries,

Inc.

4.00%,

10/15/2029(a)(b)

1,390,000

1,304,206

Winnebago

Industries,

Inc.

6.25%,

7/15/2028(b)

349,000

346,527

8,008,266

Broadline

Retail

-

1.6%

ANGI

Group

LLC

3.88%,

8/15/2028(b)

1,575,000

1,467,302

Getty

Images,

Inc.

11.25%,

2/21/2030(b)

4,250,000

4,069,375

Go

Daddy

Operating

Co.

LLC

5.25%,

12/1/2027(b)

300,000

298,883

3.50%,

3/1/2029(a)(b)

4,000,000

3,754,378

Kohl's

Corp.

10.00%,

6/1/2030(b)

900,000

934,759

5.55%,

7/17/2045

400,000

224,952

Macy's

Retail

Holdings

LLC

5.88%,

3/15/2030(b)

60,000

59,239

6.13%,

3/15/2032(b)

2,500,000

2,393,679

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

210

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Broadline

Retail

-

1.6%

(continued)

Macy’s

Retail

Holdings

LLC

(continued)

6.70%,

7/15/2034(b)

$

2,000,000

$

1,726,827

4.50%,

12/15/2034

2,800,000

2,266,654

5.13%,

1/15/2042

950,000

666,069

Match

Group

Holdings

II

LLC

3.63%,

10/1/2031(a)(b)

200,000

178,958

Nordstrom,

Inc.

4.00%,

3/15/2027

350,000

342,402

4.38%,

4/1/2030(a)

350,000

317,351

5.00%,

1/15/2044

1,750,000

1,176,875

Wayfair

LLC

7.75%,

9/15/2030(a)(b)

200,000

204,979

20,082,682

Building

Products

-

1.0%

AmeriTex

HoldCo

Intermediate

LLC

10.25%,

10/15/2028(b)

1,050,000

1,114,285

EMRLD

Borrower

LP

6.63%,

12/15/2030(b)

2,230,000

2,273,728

Griffon

Corp.

5.75%,

3/1/2028(a)

960,000

955,794

Miter

Brands

Acquisition

Holdco,

Inc.

6.75%,

4/1/2032(a)(b)

975,000

995,460

MIWD

Holdco

II

LLC

5.50%,

2/1/2030(a)(b)

590,000

561,587

Oscar

Acquisition

Co.

LLC

9.50%,

4/15/2030(b)

820,000

622,452

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/1/2028(b)

1,162,000

1,158,163

8.88%,

11/15/2031(a)(b)

1,195,000

1,257,603

Standard

Industries,

Inc.

5.00%,

2/15/2027(b)

385,000

384,805

4.38%,

7/15/2030(a)(b)

1,350,000

1,278,098

3.38%,

1/15/2031(b)

380,000

339,465

Wilsonart

LLC

11.00%,

8/15/2032(a)(b)

900,000

828,214

11,769,654

Capital

Markets

-

0.8%

Acadian

Asset

Management,

Inc.

4.80%,

7/27/2026

200,000

197,863

AG

Issuer

LLC

6.25%,

3/1/2028(a)(b)

425,000

424,552

Aretec

Group,

Inc.

7.50%,

4/1/2029(b)

350,000

350,012

10.00%,

8/15/2030(a)(b)

1,040,000

1,134,036

Coinbase

Global,

Inc.

3.38%,

10/1/2028(b)

800,000

752,701

3.63%,

10/1/2031(b)

400,000

357,999

Compass

Group

Diversified

Holdings

LLC

5.25%,

4/15/2029(b)

2,685,000

2,494,296

Dresdner

Funding

Trust

I

8.15%,

6/30/2031(b)

1,675,000

1,845,483

Hightower

Holding

LLC

6.75%,

4/15/2029(a)(b)

450,000

447,750

Jane

Street

Group

4.50%,

11/15/2029(a)(b)

385,000

368,748

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Capital

Markets

-

0.8%

(continued)

Prospect

Capital

Corp.

3.36%,

11/15/2026

$

900,000

$

862,823

StoneX

Group,

Inc.

7.88%,

3/1/2031(a)(b)

200,000

210,109

9,446,372

Chemicals

-

3.2%

Ashland,

Inc.

3.38%,

9/1/2031(a)(b)

807,000

710,567

6.88%,

5/15/2043

515,000

531,332

ASP

Unifrax

Holdings,

Inc.

5.85%,

9/30/2029(b)(d)

3,018,778

1,558,863

Avient

Corp.

7.13%,

8/1/2030(a)(b)

450,000

462,227

Axalta

Coating

Systems

Dutch

Holding

B

BV

7.25%,

2/15/2031(a)(b)

1,155,000

1,201,126

Axalta

Coating

Systems

LLC

4.75%,

6/15/2027(b)

150,000

148,678

3.38%,

2/15/2029(a)(b)

350,000

328,096

Cerdia

Finanz

GmbH

9.38%,

10/3/2031(b)

1,550,000

1,622,135

Consolidated

Energy

Finance

SA

5.63%,

10/15/2028(a)(b)

1,290,000

1,080,222

12.00%,

2/15/2031(b)

1,720,000

1,616,226

CVR

Partners

LP

6.13%,

6/15/2028(b)

3,930,000

3,901,106

Element

Solutions,

Inc.

3.88%,

9/1/2028(a)(b)

1,120,000

1,078,950

FMC

Corp.

8.45%,

11/1/2055(a)(c)

4,450,000

4,600,552

GPD

Cos.,

Inc.

12.50%,

12/31/2029(a)(b)

359,085

312,404

HB

Fuller

Co.

4.00%,

2/15/2027

285,000

279,690

4.25%,

10/15/2028

2,110,000

2,034,960

Herens

Holdco

Sarl

4.75%,

5/15/2028(b)

315,000

274,617

INEOS

Finance

plc

6.75%,

5/15/2028(a)(b)

960,000

945,428

7.50%,

4/15/2029(b)

1,535,000

1,523,684

INEOS

Quattro

Finance

2

plc

9.63%,

3/15/2029(b)

1,100,000

1,120,042

Ingevity

Corp.

3.88%,

11/1/2028(a)(b)

505,000

480,557

Innophos

Holdings,

Inc.

11.50%,

6/15/2029(b)

400,000

404,912

Methanex

Corp.

5.13%,

10/15/2027

290,000

288,544

5.65%,

12/1/2044

15,000

11,688

Methanex

US

Operations,

Inc.

6.25%,

3/15/2032(a)(b)

300,000

297,373

Minerals

Technologies,

Inc.

5.00%,

7/1/2028(a)(b)

380,000

374,083

NOVA

Chemicals

Corp.

5.25%,

6/1/2027(a)(b)

1,860,000

1,852,772

8.50%,

11/15/2028(b)

575,000

603,844

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

211

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Chemicals

-

3.2%

(continued)

NOVA

Chemicals

Corp.

(continued)

9.00%,

2/15/2030(b)

$

50,000

$

53,727

Nufarm

Australia

Ltd.

5.00%,

1/27/2030(a)(b)

1,350,000

1,252,398

Olympus

Water

US

Holding

Corp.

4.25%,

10/1/2028(a)(b)

600,000

571,314

9.75%,

11/15/2028(b)

250,000

262,081

Rain

Carbon,

Inc.

12.25%,

9/1/2029(a)(b)

2,000,000

2,153,346

SCIH

Salt

Holdings,

Inc.

4.88%,

5/1/2028(a)(b)

1,478,000

1,435,092

SCIL

IV

LLC

5.38%,

11/1/2026(a)(b)

505,000

502,205

SK

Invictus

Intermediate

II

Sarl

5.00%,

10/30/2029(b)

380,000

369,408

SNF

Group

SACA

3.13%,

3/15/2027(b)

600,000

579,466

Vibrantz

Technologies,

Inc.

9.00%,

2/15/2030(b)

2,050,000

1,312,000

WR

Grace

Holdings

LLC

4.88%,

6/15/2027(b)

450,000

447,464

5.63%,

8/15/2029(a)(b)

1,250,000

1,152,405

7.38%,

3/1/2031(a)(b)

85,000

87,490

39,823,074

Commercial

Services

&

Supplies

-

2.3%

ADT

Security

Corp.

(The)

4.13%,

8/1/2029(a)(b)

635,000

607,460

4.88%,

7/15/2032(a)(b)

471,000

447,599

Allied

Universal

Holdco

LLC

4.63%,

6/1/2028(a)(b)

975,000

947,553

6.00%,

6/1/2029(b)

475,000

462,302

7.88%,

2/15/2031(a)(b)

790,000

828,423

APi

Group

DE,

Inc.

4.13%,

7/15/2029(a)(b)

600,000

570,014

4.75%,

10/15/2029(b)

275,000

264,890

Aramark

Services,

Inc.

5.00%,

2/1/2028(b)

835,000

826,765

Brink's

Co.

(The)

4.63%,

10/15/2027(a)(b)

335,000

330,063

Cimpress

plc

7.38%,

9/15/2032(a)(b)

2,050,000

2,003,835

Clean

Harbors,

Inc.

4.88%,

7/15/2027(b)

1,020,000

1,011,624

5.13%,

7/15/2029(a)(b)

50,000

49,174

CoreCivic,

Inc.

4.75%,

10/15/2027

220,000

215,113

8.25%,

4/15/2029(a)

450,000

475,829

Deluxe

Corp.

8.00%,

6/1/2029(a)(b)

3,040,000

2,916,680

8.13%,

9/15/2029(a)(b)

1,350,000

1,389,806

Garda

World

Security

Corp.

4.63%,

2/15/2027(b)

445,000

441,044

7.75%,

2/15/2028(b)

320,000

329,546

GEO

Group,

Inc.

(The)

8.63%,

4/15/2029

590,000

626,418

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Commercial

Services

&

Supplies

-

2.3%

(continued)

GEO

Group,

Inc.

(The)

(continued)

10.25%,

4/15/2031

$

615,000

$

676,147

GFL

Environmental,

Inc.

4.00%,

8/1/2028(b)

1,455,000

1,410,184

4.75%,

6/15/2029(a)(b)

460,000

449,756

4.38%,

8/15/2029(a)(b)

285,000

275,907

Interface,

Inc.

5.50%,

12/1/2028(a)(b)

280,000

275,973

Pitney

Bowes,

Inc.

6.88%,

3/15/2027(b)

830,000

828,669

Prime

Security

Services

Borrower

LLC

3.38%,

8/31/2027(b)

1,715,000

1,653,337

6.25%,

1/15/2028(a)(b)

750,000

749,946

Reworld

Holding

Corp.

4.88%,

12/1/2029(a)(b)

440,000

420,205

RR

Donnelley

&

Sons

Co.

9.50%,

8/1/2029(a)(b)

1,650,000

1,685,920

10.88%,

8/1/2029(a)(b)

800,000

779,335

Steelcase,

Inc.

5.13%,

1/18/2029

150,000

147,748

Veritiv

Operating

Co.

10.50%,

11/30/2030(a)(b)

1,995,000

2,162,335

VM

Consolidated,

Inc.

5.50%,

4/15/2029(b)

334,000

327,874

West

Technology

Group

LLC

8.50%,

4/10/2027(b)

3,225,000

866,719

Williams

Scotsman,

Inc.

6.63%,

6/15/2029(a)(b)

250,000

256,203

Wrangler

Holdco

Corp.

6.63%,

4/1/2032(b)

250,000

258,291

27,968,687

Communications

Equipment

-

0.1%

Ciena

Corp.

4.00%,

1/31/2030(a)(b)

150,000

141,733

CommScope

LLC

9.50%,

12/15/2031(b)

250,000

263,266

CommScope

Technologies

LLC

5.00%,

3/15/2027(a)(b)

360,000

352,526

Viavi

Solutions,

Inc.

3.75%,

10/1/2029(a)(b)

750,000

693,596

1,451,121

Construction

&

Engineering

-

0.9%

Arcosa,

Inc.

4.38%,

4/15/2029(a)(b)

710,000

684,898

6.88%,

8/15/2032(a)(b)

350,000

361,568

Artera

Services

LLC

8.50%,

2/15/2031(a)(b)

1,650,000

1,366,435

Brand

Industrial

Services,

Inc.

10.38%,

8/1/2030(a)(b)

2,665,000

2,418,895

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.

7.50%,

2/1/2032(a)(b)

2,700,000

2,687,609

Global

Infrastructure

Solutions,

Inc.

5.63%,

6/1/2029(a)(b)

183,000

182,051

7.50%,

4/15/2032(b)

416,000

427,356

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

212

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Construction

&

Engineering

-

0.9%

(continued)

Great

Lakes

Dredge

&

Dock

Corp.

5.25%,

6/1/2029(a)(b)

$

280,000

$

265,216

Railworks

Holdings

LP

8.25%,

11/15/2028(b)

275,000

280,172

Tutor

Perini

Corp.

11.88%,

4/30/2029(b)

1,650,000

1,855,237

Weekley

Homes

LLC

4.88%,

9/15/2028(a)(b)

745,000

716,874

11,246,311

Construction

Materials

-

0.0%(e)

Knife

River

Corp.

7.75%,

5/1/2031(b)

270,000

283,301

Consumer

Finance

-

3.1%

Ally

Financial,

Inc.

6.70%,

2/14/2033

250,000

259,617

6.65%,

1/17/2040(c)

2,000,000

1,985,277

Azorra

Finance

Ltd.

7.75%,

4/15/2030(b)

750,000

781,138

Bread

Financial

Holdings,

Inc.

8.38%,

6/15/2035(b)(c)

2,250,000

2,324,110

Cobra

Acquisition

Co.

LLC

6.38%,

11/1/2029(b)

515,000

449,166

Credit

Acceptance

Corp.

9.25%,

12/15/2028(a)(b)

1,075,000

1,136,903

6.63%,

3/15/2030(a)(b)

1,800,000

1,822,806

Enova

International,

Inc.

11.25%,

12/15/2028(a)(b)

1,715,000

1,825,482

9.13%,

8/1/2029(a)(b)

3,135,000

3,282,444

EZCORP,

Inc.

7.38%,

4/1/2032(a)(b)

800,000

833,168

FirstCash,

Inc.

4.63%,

9/1/2028(a)(b)

1,200,000

1,173,240

5.63%,

1/1/2030(a)(b)

1,000,000

989,648

6.88%,

3/1/2032(a)(b)

645,000

661,193

GGAM

Finance

Ltd.

8.00%,

2/15/2027(b)

160,000

164,759

8.00%,

6/15/2028(b)

685,000

724,591

5.88%,

3/15/2030(a)(b)

50,000

49,940

goeasy

Ltd.

9.25%,

12/1/2028(b)

890,000

942,037

7.63%,

7/1/2029(a)(b)

1,600,000

1,647,598

6.88%,

5/15/2030(b)

1,500,000

1,502,890

7.38%,

10/1/2030(b)

3,000,000

3,058,842

OneMain

Finance

Corp.

3.88%,

9/15/2028

200,000

190,741

7.88%,

3/15/2030

720,000

757,917

7.50%,

5/15/2031

350,000

364,759

7.13%,

11/15/2031(a)

675,000

696,819

Phoenix

Aviation

Capital

Ltd.

9.25%,

7/15/2030(b)

750,000

785,855

PRA

Group,

Inc.

5.00%,

10/1/2029(b)

100,000

92,390

PROG

Holdings,

Inc.

6.00%,

11/15/2029(a)(b)

3,795,000

3,662,175

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Consumer

Finance

-

3.1%

(continued)

Rfna

LP

7.88%,

2/15/2030(a)(b)

$

750,000

$

761,803

SLM

Corp.

3.13%,

11/2/2026(a)

250,000

244,249

Synchrony

Financial

7.25%,

2/2/2033(a)

5,315,000

5,585,417

World

Acceptance

Corp.

7.00%,

11/1/2026(b)

155,000

157,536

38,914,510

Consumer

Staples

Distribution

&

Retail

-

2.0%

Albertsons

Cos.,

Inc.

4.63%,

1/15/2027(b)

2,690,000

2,668,200

6.50%,

2/15/2028(b)

400,000

406,206

3.50%,

3/15/2029(a)(b)

2,435,000

2,296,347

4.88%,

2/15/2030(b)

770,000

750,535

C&S

Group

Enterprises

LLC

5.00%,

12/15/2028(b)

335,000

299,581

Ingles

Markets,

Inc.

4.00%,

6/15/2031(a)(b)

715,000

664,024

KeHE

Distributors

LLC

9.00%,

2/15/2029(b)

1,780,000

1,857,626

Performance

Food

Group,

Inc.

5.50%,

10/15/2027(a)(b)

1,890,000

1,887,093

4.25%,

8/1/2029(a)(b)

3,590,000

3,451,551

6.13%,

9/15/2032(a)(b)

700,000

710,841

US

Foods,

Inc.

6.88%,

9/15/2028(a)(b)

500,000

514,938

4.75%,

2/15/2029(b)

4,580,000

4,485,368

4.63%,

6/1/2030(a)(b)

1,540,000

1,483,474

5.75%,

4/15/2033(a)(b)

3,400,000

3,368,731

Walgreens

Boots

Alliance,

Inc.

4.50%,

11/18/2034

300,000

296,848

25,141,363

Containers

&

Packaging

-

1.8%

Ardagh

Metal

Packaging

Finance

USA

LLC

6.00%,

6/15/2027(b)

470,000

470,414

3.25%,

9/1/2028(b)

395,000

372,434

Ball

Corp.

2.88%,

8/15/2030(a)

550,000

494,060

Cascades,

Inc.

5.38%,

1/15/2028(b)

1,750,000

1,711,164

6.75%,

7/15/2030(a)(b)

2,800,000

2,793,448

Clydesdale

Acquisition

Holdings,

Inc.

6.63%,

4/15/2029(a)(b)

665,000

672,884

6.88%,

1/15/2030(a)(b)

750,000

766,972

8.75%,

4/15/2030(a)(b)

1,769,000

1,805,402

Crown

Americas

LLC

4.25%,

9/30/2026

1,650,000

1,633,129

Crown

Cork

&

Seal

Co.,

Inc.

7.38%,

12/15/2026(a)

450,000

464,195

Graham

Packaging

Co.,

Inc.

7.13%,

8/15/2028(a)(b)

475,000

474,262

Graphic

Packaging

International

LLC

4.75%,

7/15/2027(b)

50,000

49,042

3.75%,

2/1/2030(a)(b)

135,000

126,172

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

213

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Containers

&

Packaging

-

1.8%

(continued)

Iris

Holding,

Inc.

10.00%,

12/15/2028(b)

$

895,000

$

831,931

LABL,

Inc.

10.50%,

7/15/2027(a)(b)

665,000

626,882

5.88%,

11/1/2028(a)(b)

492,000

436,463

9.50%,

11/1/2028(a)(b)

185,000

172,631

8.25%,

11/1/2029(b)

855,000

675,518

8.63%,

10/1/2031(a)(b)

900,000

747,545

Mauser

Packaging

Solutions

Holding

Co.

7.88%,

4/15/2027(a)(b)

550,000

554,799

9.25%,

4/15/2027(a)(b)

1,527,000

1,511,342

Sealed

Air

Corp.

6.50%,

7/15/2032(b)

150,000

154,491

6.88%,

7/15/2033(a)(b)

950,000

1,015,521

Silgan

Holdings,

Inc.

4.13%,

2/1/2028

275,000

267,112

Toucan

FinCo.

Ltd.

9.50%,

5/15/2030(b)

1,750,000

1,791,834

TriMas

Corp.

4.13%,

4/15/2029(b)

1,800,000

1,726,919

22,346,566

Distributors

-

0.5%

American

Builders

&

Contractors

Supply

Co.,

Inc.

4.00%,

1/15/2028(b)

635,000

618,097

Gates

Corp.

6.88%,

7/1/2029(b)

1,400,000

1,440,712

RB

Global

Holdings,

Inc.

6.75%,

3/15/2028(a)(b)

900,000

921,277

7.75%,

3/15/2031(b)

500,000

523,996

Resideo

Funding,

Inc.

4.00%,

9/1/2029(b)

85,000

79,498

Velocity

Vehicle

Group

LLC

8.00%,

6/1/2029(a)(b)

900,000

910,635

Windsor

Holdings

III

LLC

8.50%,

6/15/2030(a)(b)

1,120,000

1,187,146

5,681,361

Diversified

Consumer

Services

-

0.9%

Adtalem

Global

Education,

Inc.

5.50%,

3/1/2028(b)

745,000

736,046

Belron

UK

Finance

plc

5.75%,

10/15/2029(a)(b)

5,860,000

5,914,996

Carriage

Services,

Inc.

4.25%,

5/15/2029(a)(b)

100,000

93,591

Champions

Financing,

Inc.

8.75%,

2/15/2029(a)(b)

1,635,000

1,513,869

Grand

Canyon

University

5.13%,

10/1/2028

2,335,000

2,253,561

Matthews

International

Corp.

8.63%,

10/1/2027(b)

280,000

291,157

StoneMor,

Inc.

8.50%,

5/15/2029(b)

350,000

330,154

11,133,374

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Diversified

REITs

-

1.1%

Global

Net

Lease,

Inc.

REIT,

3.75%,

12/15/2027(a)

(b)

$

1,950,000

$

1,858,550

REIT,

4.50%,

9/30/2028(a)(b)

890,000

856,064

Iron

Mountain

Information

Management

Services,

Inc.

REIT,

5.00%,

7/15/2032(b)

1,280,000

1,221,504

Uniti

Group

LP

REIT,

10.50%,

2/15/2028(a)

(b)

1,264,000

1,335,895

REIT,

4.75%,

4/15/2028(b)

65,000

62,993

REIT,

6.50%,

2/15/2029(b)

3,900,000

3,793,988

REIT,

6.00%,

1/15/2030(b)

1,700,000

1,608,711

REIT,

8.63%,

6/15/2032(b)

3,000,000

3,042,825

13,780,530

Diversified

Telecommunication

Services

-

3.9%

Altice

Financing

SA

9.63%,

7/15/2027(b)

200,000

182,989

5.00%,

1/15/2028(b)

1,055,000

845,540

5.75%,

8/15/2029(b)

1,730,000

1,324,974

Altice

France

SA

8.13%,

2/1/2027(b)

950,000

880,387

5.13%,

7/15/2029(b)

300,000

259,500

Bell

Canada

7.00%,

9/15/2055(a)(c)

1,200,000

1,217,868

CCO

Holdings

LLC

5.13%,

5/1/2027(a)(b)

1,731,000

1,716,829

5.00%,

2/1/2028(b)

1,365,000

1,339,449

5.38%,

6/1/2029(b)

1,190,000

1,168,795

6.38%,

9/1/2029(a)(b)

1,250,000

1,261,489

4.75%,

3/1/2030(a)(b)

2,995,000

2,845,830

4.50%,

8/15/2030(a)(b)

2,405,000

2,250,166

4.25%,

2/1/2031(a)(b)

2,840,000

2,594,064

7.38%,

3/1/2031(b)

460,000

472,903

4.75%,

2/1/2032(a)(b)

1,370,000

1,266,376

4.50%,

5/1/2032

2,217,000

2,011,627

4.50%,

6/1/2033(a)(b)

2,705,000

2,401,328

4.25%,

1/15/2034(b)

1,270,000

1,094,298

Fibercop

SpA

Series

2033,

6.38%,

11/15/2033(b)

650,000

629,649

6.00%,

9/30/2034(b)

300,000

283,364

7.20%,

7/18/2036(b)

1,100,000

1,089,220

Series

2038,

7.72%,

6/4/2038(b)

1,690,000

1,681,609

Frontier

Communications

Holdings

LLC

6.75%,

5/1/2029(b)

900,000

908,607

GCI

LLC

4.75%,

10/15/2028(a)(b)

1,290,000

1,245,128

Iliad

Holding

SASU

7.00%,

10/15/2028(b)

725,000

735,871

Level

3

Financing,

Inc.

4.25%,

7/1/2028(b)

50,000

45,437

11.00%,

11/15/2029(a)(b)

1,441,093

1,633,875

10.75%,

12/15/2030(b)

595,000

670,119

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

214

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Diversified

Telecommunication

Services

-

3.9%

(continued)

Level

3

Financing,

Inc.

(continued)

10.00%,

10/15/2032(b)

$

300,000

$

301,347

TELUS

Corp.

6.63%,

10/15/2055(c)

5,000,000

5,063,317

7.00%,

10/15/2055(c)

5,000,000

5,062,085

Virgin

Media

Finance

plc

5.00%,

7/15/2030(a)(b)

375,000

338,038

Virgin

Media

Secured

Finance

plc

5.50%,

5/15/2029(b)

500,000

488,774

4.50%,

8/15/2030(a)(b)

440,000

409,138

Zayo

Group

Holdings,

Inc.

4.00%,

3/1/2027(a)(b)

2,010,000

1,909,247

6.13%,

3/1/2028(b)

1,510,000

1,364,505

48,993,742

Electric

Utilities

-

2.0%

California

Buyer

Ltd.

6.38%,

2/15/2032(b)

1,000,000

1,010,114

ContourGlobal

Power

Holdings

SA

6.75%,

2/28/2030(b)

200,000

205,000

Edison

International

8.13%,

6/15/2053(c)

2,850,000

2,794,640

7.88%,

6/15/2054(c)

2,840,000

2,722,151

EUSHI

Finance,

Inc.

7.63%,

12/15/2054(a)(c)

2,750,000

2,873,274

Leeward

Renewable

Energy

Operations

LLC

4.25%,

7/1/2029(a)(b)

370,000

346,700

Long

Ridge

Energy

LLC

8.75%,

2/15/2032(a)(b)

1,050,000

1,088,870

NRG

Energy,

Inc.

5.25%,

6/15/2029(b)

350,000

346,113

3.63%,

2/15/2031(b)

660,000

604,170

PG&E

Corp.

5.00%,

7/1/2028(a)

665,000

648,823

5.25%,

7/1/2030(a)

740,000

709,813

7.38%,

3/15/2055(a)(c)

9,000,000

8,684,842

Vistra

Operations

Co.

LLC

5.00%,

7/31/2027(b)

765,000

760,901

XPLR

Infrastructure

Operating

Partners

LP

3.88%,

10/15/2026(a)(b)

980,000

956,489

8.38%,

1/15/2031(b)

100,000

104,890

8.63%,

3/15/2033(b)

400,000

423,670

24,280,460

Electrical

Equipment

-

0.1%

Atkore,

Inc.

4.25%,

6/1/2031(a)(b)

100,000

92,292

EnerSys

4.38%,

12/15/2027(a)(b)

860,000

844,770

937,062

Electronic

Equipment,

Instruments

&

Components

-

0.2%

Crane

NXT

Co.

6.55%,

11/15/2036

950,000

995,577

4.20%,

3/15/2048

670,000

391,720

Insight

Enterprises,

Inc.

6.63%,

5/15/2032(b)

250,000

255,657

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Electronic

Equipment,

Instruments

&

Components

-

0.2%

(continued)

Sensata

Technologies,

Inc.

4.38%,

2/15/2030(b)

$

720,000

$

688,970

Zebra

Technologies

Corp.

6.50%,

6/1/2032(b)

250,000

256,244

2,588,168

Energy

Equipment

&

Services

-

3.4%

Archrock

Partners

LP

6.25%,

4/1/2028(b)

750,000

749,957

Borr

IHC

Ltd.

10.00%,

11/15/2028(a)(b)

1,290,854

1,234,241

Bristow

Group,

Inc.

6.88%,

3/1/2028(b)

435,000

436,030

Diamond

Foreign

Asset

Co.

8.50%,

10/1/2030(a)(b)

2,450,000

2,553,495

Helix

Energy

Solutions

Group,

Inc.

9.75%,

3/1/2029(b)

1,885,000

1,968,376

Kodiak

Gas

Services

LLC

7.25%,

2/15/2029(a)(b)

1,490,000

1,525,970

Noble

Finance

II

LLC

8.00%,

4/15/2030(b)

5,965,000

6,084,103

Oceaneering

International,

Inc.

6.00%,

2/1/2028

745,000

749,327

Precision

Drilling

Corp.

6.88%,

1/15/2029(b)

355,000

354,773

Seadrill

Finance

Ltd.

8.38%,

8/1/2030(a)(b)

3,685,000

3,764,239

Star

Holding

LLC

8.75%,

8/1/2031(a)(b)

950,000

930,928

TGS

ASA

8.50%,

1/15/2030(a)(b)

1,500,000

1,528,261

Tidewater,

Inc.

9.13%,

7/15/2030(b)

4,000,000

4,195,179

Transocean,

Inc.

6.80%,

3/15/2038

1,400,000

1,050,441

USA

Compression

Partners

LP

6.88%,

9/1/2027

3,500,000

3,499,157

7.13%,

3/15/2029(a)(b)

2,890,000

2,954,312

Valaris

Ltd.

8.38%,

4/30/2030(a)(b)

4,780,000

4,937,216

Vallourec

SACA

7.50%,

4/15/2032(b)

450,000

476,407

Viridien

10.00%,

10/15/2030(a)(b)

1,100,000

1,083,167

Weatherford

International

Ltd.

8.63%,

4/30/2030(a)(b)

2,450,000

2,516,914

42,592,493

Entertainment

-

0.9%

Allen

Media

LLC

10.50%,

2/15/2028(b)

1,830,000

704,550

Banijay

Entertainment

SAS

8.13%,

5/1/2029(a)(b)

1,450,000

1,503,676

Cinemark

USA,

Inc.

5.25%,

7/15/2028(a)(b)

1,475,000

1,464,570

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

215

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Entertainment

-

0.9%

(continued)

Live

Nation

Entertainment,

Inc.

6.50%,

5/15/2027(a)(b)

$

1,800,000

$

1,820,538

4.75%,

10/15/2027(a)(b)

2,665,000

2,623,804

3.75%,

1/15/2028(a)(b)

750,000

728,947

ROBLOX

Corp.

3.88%,

5/1/2030(b)

770,000

724,770

Warnermedia

Holdings,

Inc.

4.28%,

3/15/2032

1,000,000

839,740

5.05%,

3/15/2042

2,000,000

1,336,900

11,747,495

Financial

Services

-

4.2%

Armor

Holdco,

Inc.

8.50%,

11/15/2029(b)

360,000

345,920

Block,

Inc.

3.50%,

6/1/2031(a)

650,000

595,698

Boost

Newco

Borrower

LLC

7.50%,

1/15/2031(b)

1,400,000

1,480,235

Burford

Capital

Global

Finance

LLC

6.25%,

4/15/2028(b)

250,000

249,317

6.88%,

4/15/2030(b)

640,000

638,462

9.25%,

7/1/2031(a)(b)

4,750,000

5,022,979

7.50%,

7/15/2033(a)(b)

3,585,000

3,608,302

CPI

CG,

Inc.

10.00%,

7/15/2029(b)

1,894,000

1,968,250

Freedom

Mortgage

Corp.

6.63%,

1/15/2027(b)

160,000

160,091

12.00%,

10/1/2028(b)

135,000

144,385

12.25%,

10/1/2030(b)

275,000

304,190

Freedom

Mortgage

Holdings

LLC

9.25%,

2/1/2029(a)(b)

550,000

573,258

9.13%,

5/15/2031(b)

320,000

332,645

8.38%,

4/1/2032(a)(b)

950,000

971,636

Jefferies

Finance

LLC

5.00%,

8/15/2028(b)

1,735,000

1,673,140

6.63%,

10/15/2031(a)(b)

500,000

497,459

Jefferson

Capital

Holdings

LLC

6.00%,

8/15/2026(b)

391,000

389,920

9.50%,

2/15/2029(b)

800,000

844,211

8.25%,

5/15/2030(a)(b)

1,000,000

1,043,343

Midcap

Financial

Issuer

Trust

6.50%,

5/1/2028(b)

6,665,000

6,607,539

5.63%,

1/15/2030(a)(b)

2,780,000

2,604,527

Mobius

Merger

Sub,

Inc.

9.00%,

6/1/2030(b)

2,015,000

1,849,074

Nationstar

Mortgage

Holdings,

Inc.

6.00%,

1/15/2027(a)(b)

325,000

325,337

5.50%,

8/15/2028(b)

1,651,000

1,648,777

6.50%,

8/1/2029(b)

440,000

450,036

7.13%,

2/1/2032(a)(b)

540,000

563,893

NCR

Atleos

Corp.

9.50%,

4/1/2029(a)(b)

1,085,000

1,175,440

Oxford

Finance

LLC

6.38%,

2/1/2027(a)(b)

365,000

364,110

PennyMac

Financial

Services,

Inc.

4.25%,

2/15/2029(b)

75,000

71,832

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Financial

Services

-

4.2%

(continued)

PennyMac

Financial

Services,

Inc.

(continued)

5.75%,

9/15/2031(a)(b)

$

235,000

$

229,942

6.88%,

5/15/2032(b)

500,000

509,422

PHH

Escrow

Issuer

LLC

9.88%,

11/1/2029(a)(b)

2,750,000

2,755,057

Planet

Financial

Group

LLC

10.50%,

12/15/2029(b)

1,600,000

1,632,629

Provident

Funding

Associates

LP

9.75%,

9/15/2029(b)

1,200,000

1,255,782

Rocket

Mortgage

LLC

2.88%,

10/15/2026(a)(b)

730,000

711,801

3.63%,

3/1/2029(a)(b)

439,000

414,695

3.88%,

3/1/2031(a)(b)

847,000

781,287

Shift4

Payments

LLC

6.75%,

8/15/2032(a)(b)

800,000

826,396

Stena

International

SA

7.25%,

1/15/2031(b)

1,250,000

1,270,219

7.63%,

2/15/2031(b)

475,000

488,196

United

Wholesale

Mortgage

LLC

5.75%,

6/15/2027(b)

1,370,000

1,369,848

5.50%,

4/15/2029(a)(b)

1,415,000

1,384,069

UWM

Holdings

LLC

6.63%,

2/1/2030(a)(b)

1,500,000

1,500,660

WEX,

Inc.

6.50%,

3/15/2033(a)(b)

250,000

253,207

51,887,216

Food

Products

-

1.8%

Lamb

Weston

Holdings,

Inc.

4.88%,

5/15/2028(a)(b)

450,000

445,223

4.38%,

1/31/2032(a)(b)

513,000

479,327

Post

Holdings,

Inc.

5.50%,

12/15/2029(b)

930,000

921,938

4.63%,

4/15/2030(b)

1,084,000

1,035,440

4.50%,

9/15/2031(b)

6,690,000

6,183,665

6.25%,

2/15/2032(a)(b)

1,200,000

1,222,414

6.38%,

3/1/2033(a)(b)

5,300,000

5,296,004

6.25%,

10/15/2034(b)

2,750,000

2,753,446

Simmons

Foods,

Inc.

4.63%,

3/1/2029(a)(b)

1,275,000

1,206,555

TreeHouse

Foods,

Inc.

4.00%,

9/1/2028

210,000

194,208

Viking

Baked

Goods

Acquisition

Corp.

8.63%,

11/1/2031(a)(b)

2,475,000

2,426,783

22,165,003

Gas

Utilities

-

1.5%

AltaGas

Ltd.

7.20%,

10/15/2054(b)(c)

5,750,000

5,794,062

AmeriGas

Partners

LP

5.75%,

5/20/2027(a)

3,550,000

3,529,668

9.38%,

6/1/2028(a)(b)

2,800,000

2,883,967

9.50%,

6/1/2030(a)(b)

3,450,000

3,622,072

Suburban

Propane

Partners

LP

5.00%,

6/1/2031(a)(b)

3,065,000

2,878,558

18,708,327

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

216

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Ground

Transportation

-

0.9%

Albion

Financing

1

Sarl

7.00%,

5/21/2030(b)

$

1,000,000

$

1,029,286

Brightline

East

LLC

11.00%,

1/31/2030(a)(b)

2,850,000

1,852,500

Carriage

Purchaser,

Inc.

7.88%,

10/15/2029(b)

395,000

366,274

Dcli

Bidco

LLC

7.75%,

11/15/2029(a)(b)

1,050,000

1,071,770

EquipmentShare.com,

Inc.

9.00%,

5/15/2028(a)(b)

1,090,000

1,148,779

8.63%,

5/15/2032(b)

395,000

420,428

First

Student

Bidco,

Inc.

4.00%,

7/31/2029(a)(b)

1,190,000

1,122,273

Hertz

Corp.

(The)

4.63%,

12/1/2026(b)

505,000

456,768

12.63%,

7/15/2029(b)

850,000

888,022

5.00%,

12/1/2029(b)

969,000

680,694

NESCO

Holdings

II,

Inc.

5.50%,

4/15/2029(a)(b)

1,150,000

1,121,260

Star

Leasing

Co.

LLC

7.63%,

2/15/2030(a)(b)

1,250,000

1,232,945

11,390,999

Health

Care

Equipment

&

Supplies

-

1.3%

Avantor

Funding,

Inc.

4.63%,

7/15/2028(a)(b)

485,000

474,132

Dentsply

Sirona,

Inc.

8.38%,

9/12/2055(c)

3,500,000

3,528,707

Embecta

Corp.

5.00%,

2/15/2030(a)(b)

395,000

358,244

6.75%,

2/15/2030(b)

900,000

860,078

Hologic,

Inc.

3.25%,

2/15/2029(b)

1,750,000

1,657,181

Insulet

Corp.

6.50%,

4/1/2033(a)(b)

3,200,000

3,289,357

Medline

Borrower

LP

5.25%,

10/1/2029(a)(b)

2,390,000

2,343,304

Sotera

Health

Holdings

LLC

7.38%,

6/1/2031(b)

1,400,000

1,448,261

Teleflex,

Inc.

4.63%,

11/15/2027(a)

890,000

875,413

4.25%,

6/1/2028(a)(b)

1,630,000

1,578,543

16,413,220

Health

Care

Providers

&

Services

-

3.0%

180

Medical,

Inc.

3.88%,

10/15/2029(a)(b)

400,000

378,701

Acadia

Healthcare

Co.,

Inc.

5.50%,

7/1/2028(a)(b)

80,000

78,979

5.00%,

4/15/2029(a)(b)

605,000

584,606

AdaptHealth

LLC

6.13%,

8/1/2028(a)(b)

325,000

322,987

CVS

Health

Corp.

6.75%,

12/10/2054(c)

1,000,000

1,000,828

7.00%,

3/10/2055(a)(c)

250,000

257,210

DaVita,

Inc.

4.63%,

6/1/2030(a)(b)

2,308,000

2,200,925

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Health

Care

Providers

&

Services

-

3.0%

(continued)

DaVita,

Inc.

(continued)

3.75%,

2/15/2031(a)(b)

$

1,323,000

$

1,199,775

Encompass

Health

Corp.

4.50%,

2/1/2028(a)

1,535,000

1,509,256

4.63%,

4/1/2031(a)

1,225,000

1,169,983

Global

Medical

Response,

Inc.

8.75%,

10/31/2028(b)(d)

1,756,562

1,746,976

HAH

Group

Holding

Co.

LLC

9.75%,

10/1/2031(a)(b)

1,850,000

1,792,500

HealthEquity,

Inc.

4.50%,

10/1/2029(b)

2,555,000

2,459,572

Kedrion

SpA

6.50%,

9/1/2029(b)

1,365,000

1,315,332

LifePoint

Health,

Inc.

5.38%,

1/15/2029(b)

295,000

277,300

9.88%,

8/15/2030(a)(b)

755,000

813,729

11.00%,

10/15/2030(a)(b)

560,000

615,493

8.38%,

2/15/2032(a)(b)

500,000

531,947

10.00%,

6/1/2032(b)

250,000

259,534

Molina

Healthcare,

Inc.

4.38%,

6/15/2028(b)

1,460,000

1,397,331

3.88%,

11/15/2030(a)(b)

1,170,000

1,056,479

3.88%,

5/15/2032(a)(b)

1,520,000

1,326,940

Option

Care

Health,

Inc.

4.38%,

10/31/2029(b)

890,000

850,099

Owens

&

Minor,

Inc.

4.50%,

3/31/2029(a)(b)

1,675,000

1,448,556

6.63%,

4/1/2030(a)(b)

1,020,000

918,508

Pediatrix

Medical

Group,

Inc.

5.38%,

2/15/2030(b)

350,000

342,754

Prime

Healthcare

Services,

Inc.

9.38%,

9/1/2029(a)(b)

2,450,000

2,434,687

Radiology

Partners,

Inc.

9.78%,

2/15/2030(b)(d)

977,466

917,179

Star

Parent,

Inc.

9.00%,

10/1/2030(a)(b)

1,830,000

1,924,426

Tenet

Healthcare

Corp.

6.25%,

2/1/2027

250,000

250,111

5.13%,

11/1/2027

990,000

985,994

6.13%,

10/1/2028

350,000

350,021

6.13%,

6/15/2030(a)

885,000

892,991

6.75%,

5/15/2031

250,000

257,237

Toledo

Hospital

(The)

Series

B,

5.33%,

11/15/2028

275,000

275,121

6.02%,

11/15/2048

210,000

192,675

US

Acute

Care

Solutions

LLC

9.75%,

5/15/2029(a)(b)

2,400,000

2,452,130

36,788,872

Health

Care

REITs

-

0.6%

MPT

Operating

Partnership

LP

REIT,

4.63%,

8/1/2029

7,925,000

6,024,029

REIT,

3.50%,

3/15/2031

2,000,000

1,360,884

REIT,

8.50%,

2/15/2032(b)

100,000

103,941

7,488,854

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

217

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Hotel

&

Resort

REITs

-

0.4%

RHP

Hotel

Properties

LP

REIT,

4.75%,

10/15/2027(a)

$

350,000

$

346,231

REIT,

4.50%,

2/15/2029(a)(b)

490,000

476,545

REIT,

6.50%,

4/1/2032(b)

1,750,000

1,787,021

RLJ

Lodging

Trust

LP

REIT,

3.75%,

7/1/2026(a)(b)

615,000

605,833

REIT,

4.00%,

9/15/2029(a)(b)

750,000

699,938

Service

Properties

Trust

REIT,

4.75%,

10/1/2026

245,000

240,411

REIT,

4.95%,

2/15/2027(a)

85,000

82,942

XHR

LP

REIT,

4.88%,

6/1/2029(a)(b)

210,000

202,687

REIT,

6.63%,

5/15/2030(a)(b)

105,000

106,720

4,548,328

Hotels,

Restaurants

&

Leisure

-

6.1%

1011778

BC

ULC

3.88%,

1/15/2028(a)(b)

250,000

241,136

4.38%,

1/15/2028(a)(b)

520,000

508,138

4.00%,

10/15/2030(a)(b)

2,345,000

2,172,671

Acushnet

Co.

7.38%,

10/15/2028(b)

120,000

125,015

Affinity

Interactive

6.88%,

12/15/2027(a)(b)

1,680,000

925,714

Boyd

Gaming

Corp.

4.75%,

12/1/2027

360,000

356,698

4.75%,

6/15/2031(a)(b)

1,995,000

1,900,231

Boyne

USA,

Inc.

4.75%,

5/15/2029(a)(b)

450,000

436,076

Brinker

International,

Inc.

8.25%,

7/15/2030(a)(b)

1,288,000

1,366,274

Carnival

Corp.

5.75%,

3/1/2027(a)(b)

131,000

132,307

Churchill

Downs,

Inc.

4.75%,

1/15/2028(a)(b)

1,315,000

1,296,958

5.75%,

4/1/2030(a)(b)

3,090,000

3,082,369

6.75%,

5/1/2031(a)(b)

975,000

995,501

Fertitta

Entertainment

LLC

4.63%,

1/15/2029(a)(b)

1,070,000

1,017,248

6.75%,

1/15/2030(a)(b)

1,645,000

1,547,663

Genting

New

York

LLC

7.25%,

10/1/2029(a)(b)

1,950,000

2,007,660

GPS

Hospitality

Holding

Co.

LLC

7.00%,

8/15/2028(b)

1,290,000

749,813

Hilton

Domestic

Operating

Co.,

Inc.

5.88%,

4/1/2029(b)

1,100,000

1,117,821

3.75%,

5/1/2029(a)(b)

1,460,000

1,390,815

4.00%,

5/1/2031(a)(b)

3,310,000

3,088,497

3.63%,

2/15/2032(a)(b)

8,200,000

7,393,333

5.88%,

3/15/2033(b)

750,000

755,628

5.75%,

9/15/2033(a)(b)

1,085,000

1,086,031

Hilton

Grand

Vacations

Borrower

LLC

5.00%,

6/1/2029(a)(b)

575,000

550,320

4.88%,

7/1/2031(b)

2,350,000

2,160,714

Jacobs

Entertainment,

Inc.

6.75%,

2/15/2029(b)

860,000

838,500

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Hotels,

Restaurants

&

Leisure

-

6.1%

(continued)

Light

&

Wonder

International,

Inc.

7.00%,

5/15/2028(b)

$

400,000

$

400,422

Lindblad

Expeditions

LLC

6.75%,

2/15/2027(a)(b)

350,000

350,211

MajorDrive

Holdings

IV

LLC

6.38%,

6/1/2029(a)(b)

920,000

758,873

Marriott

Ownership

Resorts,

Inc.

4.75%,

1/15/2028(a)

626,000

610,808

4.50%,

6/15/2029(b)

450,000

430,511

Merlin

Entertainments

Group

US

Holdings,

Inc.

7.38%,

2/15/2031(b)

750,000

654,758

Midwest

Gaming

Borrower

LLC

4.88%,

5/1/2029(a)(b)

2,215,000

2,134,010

Mohegan

Tribal

Gaming

Authority

8.25%,

4/15/2030(b)

750,000

777,553

11.88%,

4/15/2031(b)

1,250,000

1,302,091

NCL

Corp.

Ltd.

6.75%,

2/1/2032(a)(b)

200,000

205,424

Penn

Entertainment,

Inc.

5.63%,

1/15/2027(a)(b)

240,000

238,580

Premier

Entertainment

Sub

LLC

5.63%,

9/1/2029(a)(b)

1,000,000

600,000

5.88%,

9/1/2031(b)

1,300,000

799,500

Raising

Cane's

Restaurants

LLC

9.38%,

5/1/2029(a)(b)

200,000

211,023

Resorts

World

Las

Vegas

LLC

4.63%,

4/16/2029(a)(b)

7,500,000

6,670,817

8.45%,

7/27/2030(b)

1,475,000

1,468,471

4.63%,

4/6/2031(a)(b)

1,880,000

1,557,504

Sabre

GLBL,

Inc.

11.13%,

7/15/2030(a)(b)

1,100,000

1,159,675

Scientific

Games

Holdings

LP

6.63%,

3/1/2030(b)

750,000

722,514

SeaWorld

Parks

&

Entertainment,

Inc.

5.25%,

8/15/2029(a)(b)

1,260,000

1,226,423

Six

Flags

Entertainment

Corp.

5.50%,

4/15/2027(b)

345,000

344,092

7.25%,

5/15/2031(a)(b)

15,000

15,288

Speedway

Motorsports

LLC

4.88%,

11/1/2027(a)(b)

100,000

98,891

Station

Casinos

LLC

4.63%,

12/1/2031(a)(b)

200,000

187,166

TKC

Holdings,

Inc.

6.88%,

5/15/2028(b)

770,000

769,356

Travel

+

Leisure

Co.

6.63%,

7/31/2026(b)

625,000

629,603

6.00%,

4/1/2027(a)(f)

775,000

780,919

4.50%,

12/1/2029(a)(b)

320,000

307,262

4.63%,

3/1/2030(b)

85,000

81,459

Viking

Cruises

Ltd.

9.13%,

7/15/2031(a)(b)

150,000

161,388

VOC

Escrow

Ltd.

5.00%,

2/15/2028(b)

385,000

381,503

Voyager

Parent

LLC

9.25%,

7/1/2032(a)(b)

1,950,000

2,062,796

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

218

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Hotels,

Restaurants

&

Leisure

-

6.1%

(continued)

Wyndham

Hotels

&

Resorts,

Inc.

4.38%,

8/15/2028(a)(b)

$

1,375,000

$

1,334,321

Wynn

Las

Vegas

LLC

5.25%,

5/15/2027(b)

1,560,000

1,557,135

Wynn

Resorts

Finance

LLC

5.13%,

10/1/2029(a)(b)

480,000

476,299

7.13%,

2/15/2031(b)

1,680,000

1,786,862

Yum!

Brands,

Inc.

4.75%,

1/15/2030(a)(b)

325,000

320,326

3.63%,

3/15/2031(a)

3,315,000

3,055,505

4.63%,

1/31/2032

100,000

95,729

6.88%,

11/15/2037(a)

2,265,000

2,434,920

76,403,119

Household

Durables

-

2.2%

Adams

Homes,

Inc.

9.25%,

10/15/2028(b)

1,000,000

1,036,117

Ashton

Woods

USA

LLC

4.63%,

8/1/2029(a)(b)

450,000

425,172

4.63%,

4/1/2030(b)

885,000

829,912

Beazer

Homes

USA,

Inc.

7.25%,

10/15/2029

200,000

201,283

Brookfield

Residential

Properties,

Inc.

6.25%,

9/15/2027(b)

790,000

788,442

5.00%,

6/15/2029(b)

1,465,000

1,364,226

4.88%,

2/15/2030(a)(b)

1,060,000

963,879

CD&R

Smokey

Buyer,

Inc.

9.50%,

10/15/2029(b)

2,290,000

1,900,700

Century

Communities,

Inc.

6.75%,

6/1/2027

200,000

200,126

3.88%,

8/15/2029(a)(b)

200,000

184,369

Empire

Communities

Corp.

9.75%,

5/1/2029(b)

1,300,000

1,325,777

FXI

Holdings,

Inc.

12.25%,

11/15/2026(a)(b)

2,801,000

2,508,227

Installed

Building

Products,

Inc.

5.75%,

2/1/2028(a)(b)

330,000

329,085

K.

Hovnanian

Enterprises,

Inc.

11.75%,

9/30/2029(a)(b)

2,700,000

2,923,533

LGI

Homes,

Inc.

8.75%,

12/15/2028(a)(b)

845,000

886,256

4.00%,

7/15/2029(a)(b)

515,000

469,495

7.00%,

11/15/2032(a)(b)

1,050,000

1,010,625

M/I

Homes,

Inc.

4.95%,

2/1/2028

150,000

148,515

3.95%,

2/15/2030

5,000

4,633

Mattamy

Group

Corp.

5.25%,

12/15/2027(a)(b)

790,000

784,323

4.63%,

3/1/2030(a)(b)

800,000

767,487

New

Home

Co.,

Inc.

(The)

9.25%,

10/1/2029(b)

400,000

414,661

Shea

Homes

LP

4.75%,

2/15/2028(a)

700,000

683,242

4.75%,

4/1/2029(a)

394,000

381,295

Somnigroup

International,

Inc.

4.00%,

4/15/2029(a)(b)

1,520,000

1,443,563

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Household

Durables

-

2.2%

(continued)

Somnigroup

International,

Inc.

(continued)

3.88%,

10/15/2031(b)

$

2,710,000

$

2,446,545

STL

Holding

Co.

LLC

8.75%,

2/15/2029(b)

750,000

778,675

Taylor

Morrison

Communities,

Inc.

5.88%,

6/15/2027(a)(b)

255,000

256,812

5.75%,

1/15/2028(b)

865,000

872,187

TopBuild

Corp.

3.63%,

3/15/2029(b)

120,000

113,072

4.13%,

2/15/2032(b)

195,000

179,716

Tri

Pointe

Homes,

Inc.

5.25%,

6/1/2027(a)

300,000

297,398

5.70%,

6/15/2028(a)

530,000

535,457

27,454,805

Household

Products

-

0.4%

Central

Garden

&

Pet

Co.

5.13%,

2/1/2028

50,000

49,785

4.13%,

10/15/2030(a)

215,000

202,046

4.13%,

4/30/2031(a)(b)

750,000

694,639

Energizer

Holdings,

Inc.

6.50%,

12/31/2027(a)(b)

320,000

324,667

4.75%,

6/15/2028(a)(b)

1,155,000

1,122,043

4.38%,

3/31/2029(a)(b)

455,000

431,364

Kronos

Acquisition

Holdings,

Inc.

8.25%,

6/30/2031(b)

1,475,000

1,279,487

10.75%,

6/30/2032(b)

1,250,000

839,037

4,943,068

Independent

Power

and

Renewable

Electricity

Producers

-

0.0%(e)

TransAlta

Corp.

7.75%,

11/15/2029

200,000

208,390

Insurance

-

1.0%

Acrisure

LLC

4.25%,

2/15/2029(a)(b)

395,000

377,112

Alliant

Holdings

Intermediate

LLC

4.25%,

10/15/2027(b)

250,000

244,753

7.00%,

1/15/2031(a)(b)

500,000

514,136

AmWINS

Group,

Inc.

4.88%,

6/30/2029(b)

290,000

281,673

APH

Somerset

Investor

2

LLC

7.88%,

11/1/2029(a)(b)

2,050,000

2,112,033

Ardonagh

Finco

Ltd.

7.75%,

2/15/2031(b)

900,000

938,396

Ardonagh

Group

Finance

Ltd.

8.88%,

2/15/2032(a)(b)

1,400,000

1,472,296

Assurant,

Inc.

7.00%,

3/27/2048(c)

190,000

194,069

Global

Atlantic

Fin

Co.

4.70%,

10/15/2051(a)(b)(c)

2,420,000

2,368,869

7.95%,

10/15/2054(a)(b)(c)

1,055,000

1,102,480

HUB

International

Ltd.

7.25%,

6/15/2030(a)(b)

1,505,000

1,568,866

Liberty

Mutual

Group,

Inc.

7.80%,

3/15/2037(a)(b)

325,000

379,637

4.13%,

12/15/2051(a)(b)(c)

815,000

793,088

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

219

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Insurance

-

1.0%

(continued)

Liberty

Mutual

Group,

Inc.

(continued)

4.30%,

2/1/2061(b)

$

1,000,000

$

613,864

12,961,272

Interactive

Media

&

Services

-

0.1%

Cars.com,

Inc.

6.38%,

11/1/2028(a)(b)

366,000

365,241

Snap,

Inc.

6.88%,

3/1/2033(a)(b)

200,000

205,070

Ziff

Davis,

Inc.

4.63%,

10/15/2030(a)(b)

965,000

897,817

1,468,128

IT

Services

-

1.6%

Acuris

Finance

US,

Inc.

5.00%,

5/1/2028(a)(b)

559,000

536,413

9.00%,

8/1/2029(b)

1,350,000

1,373,486

Arches

Buyer,

Inc.

4.25%,

6/1/2028(a)(b)

720,000

693,468

6.13%,

12/1/2028(b)

440,000

419,926

ASGN,

Inc.

4.63%,

5/15/2028(a)(b)

2,955,000

2,876,920

Cogent

Communications

Group

LLC

7.00%,

6/15/2027(a)(b)

2,375,000

2,377,984

Conduent

Business

Services

LLC

6.00%,

11/1/2029(a)(b)

2,930,000

2,784,478

ION

Trading

Technologies

Sarl

5.75%,

5/15/2028(a)(b)

790,000

763,996

9.50%,

5/30/2029(a)(b)

1,300,000

1,347,104

Millennium

Escrow

Corp.

6.63%,

8/1/2026(b)

2,180,000

2,051,260

Newfold

Digital

Holdings

Group,

Inc.

11.75%,

10/15/2028(a)(b)

3,420,000

2,479,500

6.00%,

2/15/2029(b)

1,596,000

961,909

Twilio,

Inc.

3.63%,

3/15/2029(a)

225,000

213,095

3.88%,

3/15/2031(a)

1,040,000

966,374

Virtusa

Corp.

7.13%,

12/15/2028(b)

305,000

291,394

20,137,307

Life

Sciences

Tools

&

Services

-

0.0%(e)

Charles

River

Laboratories

International,

Inc.

4.25%,

5/1/2028(a)(b)

200,000

193,871

4.00%,

3/15/2031(a)(b)

200,000

183,530

377,401

Machinery

-

1.5%

Amsted

Industries,

Inc.

4.63%,

5/15/2030(b)

125,000

119,712

Calderys

Financing

II

LLC

11.75%,

6/1/2028(a)(b)(d)

450,000

463,692

Calderys

Financing

LLC

11.25%,

6/1/2028(b)

500,000

528,263

Chart

Industries,

Inc.

7.50%,

1/1/2030(b)

310,000

324,735

Esab

Corp.

6.25%,

4/15/2029(a)(b)

1,250,000

1,277,198

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Machinery

-

1.5%

(continued)

Hillenbrand,

Inc.

6.25%,

2/15/2029

$

520,000

$

526,656

3.75%,

3/1/2031

50,000

44,843

Husky

Injection

Molding

Systems

Ltd.

9.00%,

2/15/2029(a)(b)

3,100,000

3,199,002

Manitowoc

Co.,

Inc.

(The)

9.25%,

10/1/2031(a)(b)

1,750,000

1,859,375

Maxim

Crane

Works

Holdings

Capital

LLC

11.50%,

9/1/2028(a)(b)

1,735,000

1,838,317

Mueller

Water

Products,

Inc.

4.00%,

6/15/2029(b)

15,000

14,327

New

Flyer

Holdings,

Inc.

9.25%,

7/1/2030(a)(b)

1,150,000

1,223,872

OT

Merger

Corp.

7.88%,

10/15/2029(b)

985,000

352,138

Roller

Bearing

Co.

of

America,

Inc.

4.38%,

10/15/2029(a)(b)

1,750,000

1,682,864

Terex

Corp.

5.00%,

5/15/2029(b)

675,000

658,849

TK

Elevator

US

Newco,

Inc.

5.25%,

7/15/2027(a)(b)

1,450,000

1,443,514

Trinity

Industries,

Inc.

7.75%,

7/15/2028(b)

560,000

583,025

Wabash

National

Corp.

4.50%,

10/15/2028(a)(b)

2,635,000

2,358,491

18,498,873

Media

-

5.7%

Advantage

Sales

&

Marketing,

Inc.

6.50%,

11/15/2028(a)(b)

1,630,000

1,222,500

AMC

Networks,

Inc.

10.25%,

1/15/2029(a)(b)

1,675,000

1,718,926

4.25%,

2/15/2029

480,000

384,250

Belo

Corp.

7.75%,

6/1/2027

300,000

310,281

7.25%,

9/15/2027

1,245,000

1,283,137

Cable

One,

Inc.

4.00%,

11/15/2030(a)(b)

1,102,573

849,024

Clear

Channel

Outdoor

Holdings,

Inc.

7.75%,

4/15/2028(b)

6,080,000

5,741,308

7.50%,

6/1/2029(a)(b)

6,700,000

6,103,842

CMG

Media

Corp.

8.88%,

6/18/2029(a)(b)

750,000

727,651

CSC

Holdings

LLC

5.50%,

4/15/2027(b)

2,350,000

2,274,607

5.38%,

2/1/2028(a)(b)

200,000

183,902

7.50%,

4/1/2028(b)

200,000

161,567

11.75%,

1/31/2029(b)

1,000,000

935,389

6.50%,

2/1/2029(b)

950,000

750,573

3.38%,

2/15/2031(b)

950,000

621,384

Directv

Financing

LLC

5.88%,

8/15/2027(a)(b)

2,020,000

2,008,897

10.00%,

2/15/2031(b)

1,250,000

1,205,470

Dotdash

Meredith,

Inc.

7.63%,

6/15/2032(b)

2,500,000

2,436,875

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

220

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Media

-

5.7%

(continued)

Gray

Media,

Inc.

10.50%,

7/15/2029(b)

$

950,000

$

1,028,089

4.75%,

10/15/2030(b)

582,000

434,318

5.38%,

11/15/2031(a)(b)

749,000

552,716

iHeartCommunications,

Inc.

9.13%,

5/1/2029(a)(b)

950,000

792,427

10.88%,

5/1/2030(b)

1,000,000

495,310

7.75%,

8/15/2030(b)

800,000

622,878

Lamar

Media

Corp.

4.88%,

1/15/2029(a)

150,000

147,309

3.63%,

1/15/2031(a)

1,560,000

1,435,107

Neptune

Bidco

US,

Inc.

9.29%,

4/15/2029(a)(b)

2,520,000

2,438,806

Nexstar

Media,

Inc.

5.63%,

7/15/2027(b)

1,590,000

1,586,914

4.75%,

11/1/2028(a)(b)

660,000

641,483

Paramount

Global

6.25%,

2/28/2057(a)(c)

2,000,000

1,927,500

6.38%,

3/30/2062(a)(c)

5,810,000

5,722,836

Radiate

Holdco

LLC

4.75%,

9/25/2029(b)(d)

1,685,600

1,517,070

Scripps

Escrow

II,

Inc.

3.88%,

1/15/2029(a)(b)

75,000

66,583

5.38%,

1/15/2031(b)

480,000

351,086

Scripps

Escrow,

Inc.

5.88%,

7/15/2027(a)(b)

367,000

366,553

Sinclair

Television

Group,

Inc.

5.50%,

3/1/2030(b)

3,125,000

2,581,031

4.38%,

12/31/2032(b)

1,725,000

1,279,450

8.13%,

2/15/2033(a)(b)

2,100,000

2,142,020

9.75%,

2/15/2033(b)

600,000

652,500

Sirius

XM

Radio

LLC

3.13%,

9/1/2026(a)(b)

930,000

909,107

5.00%,

8/1/2027(a)(b)

1,655,000

1,636,997

4.00%,

7/15/2028(a)(b)

1,805,000

1,717,976

5.50%,

7/1/2029(a)(b)

1,132,000

1,117,930

4.13%,

7/1/2030(a)(b)

1,395,000

1,272,566

TEGNA,

Inc.

4.63%,

3/15/2028(a)

1,627,000

1,579,356

5.00%,

9/15/2029(a)

1,575,000

1,513,946

Univision

Communications,

Inc.

8.00%,

8/15/2028(b)

515,000

529,068

4.50%,

5/1/2029(a)(b)

430,000

397,869

7.38%,

6/30/2030(b)

330,000

328,188

8.50%,

7/31/2031(a)(b)

805,000

817,534

9.38%,

8/1/2032(a)(b)

410,000

425,416

Urban

One,

Inc.

7.38%,

2/1/2028(b)

461,000

268,443

Virgin

Media

Vendor

Financing

Notes

IV

DAC

5.00%,

7/15/2028(b)

100,000

96,979

VZ

Secured

Financing

BV

5.00%,

1/15/2032(b)

1,360,000

1,196,043

Ziggo

Bond

Co.

BV

5.13%,

2/28/2030(a)(b)

698,000

608,946

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Media

-

5.7%

(continued)

Ziggo

BV

4.88%,

1/15/2030(a)(b)

$

820,000

$

757,492

70,875,425

Metals

&

Mining

-

3.4%

Arsenal

AIC

Parent

LLC

8.00%,

10/1/2030(a)(b)

935,000

991,108

11.50%,

10/1/2031(b)

1,200,000

1,334,546

Century

Aluminum

Co.

7.50%,

4/1/2028(a)(b)

275,000

280,083

Champion

Iron

Canada,

Inc.

7.88%,

7/15/2032(b)

2,750,000

2,808,716

Commercial

Metals

Co.

4.38%,

3/15/2032(a)

30,000

27,783

Compass

Minerals

International,

Inc.

8.00%,

7/1/2030(b)

250,000

259,008

Eldorado

Gold

Corp.

6.25%,

9/1/2029(a)(b)

1,860,000

1,858,626

Fortescue

Treasury

Pty.

Ltd.

4.50%,

9/15/2027(a)(b)

715,000

704,717

5.88%,

4/15/2030(a)(b)

1,725,000

1,746,613

4.38%,

4/1/2031(a)(b)

6,095,000

5,710,410

6.13%,

4/15/2032(a)(b)

2,970,000

3,028,494

Hecla

Mining

Co.

7.25%,

2/15/2028(a)

250,000

252,790

IAMGOLD

Corp.

5.75%,

10/15/2028(b)

425,000

420,316

Infrabuild

Australia

Pty.

Ltd.

14.50%,

11/15/2028(b)

970,000

1,055,321

JW

Aluminum

Continuous

Cast

Co.

10.25%,

4/1/2030(b)

750,000

771,001

Kaiser

Aluminum

Corp.

4.63%,

3/1/2028(a)(b)

460,000

449,648

Mineral

Resources

Ltd.

8.13%,

5/1/2027(b)

500,000

501,472

Novelis

Corp.

3.25%,

11/15/2026(b)

550,000

541,082

4.75%,

1/30/2030(a)(b)

6,850,000

6,561,655

6.88%,

1/30/2030(a)(b)

3,750,000

3,864,172

3.88%,

8/15/2031(a)(b)

3,925,000

3,520,642

Perenti

Finance

Pty.

Ltd.

7.50%,

4/26/2029(b)

1,100,000

1,136,652

SunCoke

Energy,

Inc.

4.88%,

6/30/2029(a)(b)

3,180,000

2,907,999

TMS

International

Corp.

6.25%,

4/15/2029(b)

1,285,000

1,223,399

Warrior

Met

Coal,

Inc.

7.88%,

12/1/2028(b)

56,000

56,711

42,012,964

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

1.6%

Apollo

Commercial

Real

Estate

Finance,

Inc.

4.63%,

6/15/2029(a)(b)

530,000

503,403

Arbor

Realty

SR,

Inc.

7.88%,

7/15/2030(b)

2,250,000

2,297,689

Blackstone

Mortgage

Trust,

Inc.

3.75%,

1/15/2027(b)

235,000

228,118

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

221

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

1.6%

(continued)

Blackstone

Mortgage

Trust,

Inc.

(continued)

7.75%,

12/1/2029(a)(b)

$

800,000

$

845,669

Ladder

Capital

Finance

Holdings

LLLP

4.25%,

2/1/2027(a)(b)

1,260,000

1,236,723

4.75%,

6/15/2029(a)(b)

1,240,000

1,203,813

Rithm

Capital

Corp.

8.00%,

4/1/2029(a)(b)

5,285,000

5,398,696

8.00%,

7/15/2030(b)

2,000,000

2,036,060

Starwood

Property

Trust,

Inc.

3.63%,

7/15/2026(b)

540,000

529,467

4.38%,

1/15/2027(a)(b)

765,000

751,928

7.25%,

4/1/2029(a)(b)

2,140,000

2,238,097

6.00%,

4/15/2030(b)

450,000

454,418

6.50%,

7/1/2030(a)(b)

1,300,000

1,337,153

6.50%,

10/15/2030(a)(b)

650,000

669,053

19,730,287

Office

REITs

-

0.0%(e)

Hudson

Pacific

Properties

LP

REIT,

3.95%,

11/1/2027(a)

350,000

330,769

Oil,

Gas

&

Consumable

Fuels

-

9.5%

Alliance

Resource

Operating

Partners

LP

8.63%,

6/15/2029(b)

2,235,000

2,361,839

Antero

Midstream

Partners

LP

5.75%,

1/15/2028(b)

1,540,000

1,537,627

5.38%,

6/15/2029(b)

1,370,000

1,358,482

Ascent

Resources

Utica

Holdings

LLC

5.88%,

6/30/2029(a)(b)

250,000

249,106

Baytex

Energy

Corp.

8.50%,

4/30/2030(a)(b)

2,521,000

2,565,479

7.38%,

3/15/2032(a)(b)

50,000

48,353

Blue

Racer

Midstream

LLC

6.63%,

7/15/2026(b)

50,000

49,970

7.00%,

7/15/2029(b)

2,050,000

2,125,850

7.25%,

7/15/2032(a)(b)

1,300,000

1,370,591

Buckeye

Partners

LP

3.95%,

12/1/2026

345,000

339,196

4.13%,

12/1/2027

355,000

346,254

4.50%,

3/1/2028(b)

155,000

151,303

6.88%,

7/1/2029(a)(b)

460,000

473,521

5.85%,

11/15/2043

120,000

106,686

California

Resources

Corp.

8.25%,

6/15/2029(a)(b)

5,925,000

6,086,368

Calumet

Specialty

Products

Partners

LP

8.13%,

1/15/2027(b)

250,000

247,100

Chord

Energy

Corp.

6.75%,

3/15/2033(a)(b)

4,800,000

4,896,108

CITGO

Petroleum

Corp.

8.38%,

1/15/2029(b)

1,495,000

1,550,325

Civitas

Resources,

Inc.

5.00%,

10/15/2026(b)

945,000

934,599

8.38%,

7/1/2028(b)

2,325,000

2,390,858

8.75%,

7/1/2031(a)(b)

3,285,000

3,325,533

CNX

Midstream

Partners

LP

4.75%,

4/15/2030(a)(b)

1,005,000

949,382

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

9.5%

(continued)

CNX

Resources

Corp.

6.00%,

1/15/2029(a)(b)

$

1,045,000

$

1,044,436

7.38%,

1/15/2031(a)(b)

1,015,000

1,046,098

7.25%,

3/1/2032(b)

135,000

139,186

Comstock

Resources,

Inc.

6.75%,

3/1/2029(b)

850,000

840,394

Coronado

Finance

Pty.

Ltd.

9.25%,

10/1/2029(a)(b)

1,100,000

840,384

CQP

Holdco

LP

5.50%,

6/15/2031(b)

2,190,000

2,139,448

7.50%,

12/15/2033(b)

950,000

1,011,716

CVR

Energy,

Inc.

5.75%,

2/15/2028(a)(b)

720,000

690,396

8.50%,

1/15/2029(b)

1,465,000

1,439,343

Encino

Acquisition

Partners

Holdings

LLC

8.50%,

5/1/2028(b)

850,000

868,063

Energean

plc

6.50%,

4/30/2027(b)

400,000

393,000

Energy

Transfer

LP

8.00%,

5/15/2054(a)(c)

1,750,000

1,864,249

7.13%,

10/1/2054(c)

675,000

692,155

EnQuest

plc

11.63%,

11/1/2027(b)

1,440,000

1,480,120

Genesis

Energy

LP

8.25%,

1/15/2029(a)

400,000

417,200

Global

Partners

LP

6.88%,

1/15/2029(a)

485,000

489,973

8.25%,

1/15/2032(a)(b)

660,000

692,017

Gulfport

Energy

Operating

Corp.

6.75%,

9/1/2029(b)

4,000,000

4,065,034

Harvest

Midstream

I

LP

7.50%,

9/1/2028(b)

1,365,000

1,381,613

7.50%,

5/15/2032(a)(b)

500,000

519,717

Hess

Midstream

Operations

LP

5.13%,

6/15/2028(b)

210,000

208,918

6.50%,

6/1/2029(b)

255,000

262,676

Hilcorp

Energy

I

LP

6.25%,

11/1/2028(a)(b)

325,000

326,255

5.75%,

2/1/2029(a)(b)

315,000

309,420

6.00%,

4/15/2030(b)

250,000

245,836

6.00%,

2/1/2031(b)

210,000

202,287

6.25%,

4/15/2032(b)

215,000

206,396

8.38%,

11/1/2033(a)(b)

450,000

469,585

6.88%,

5/15/2034(a)(b)

305,000

293,682

7.25%,

2/15/2035(a)(b)

500,000

487,283

Ithaca

Energy

North

Sea

plc

8.13%,

10/15/2029(a)(b)

3,550,000

3,659,734

ITT

Holdings

LLC

6.50%,

8/1/2029(a)(b)

2,172,000

2,068,849

Karoon

USA

Finance,

Inc.

10.50%,

5/14/2029(b)

2,200,000

2,265,611

Kimmeridge

Texas

Gas

LLC

8.50%,

2/15/2030(a)(b)

1,050,000

1,078,835

Kraken

Oil

&

Gas

Partners

LLC

7.63%,

8/15/2029(a)(b)

900,000

882,381

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

222

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

9.5%

(continued)

Magnolia

Oil

&

Gas

Operating

LLC

6.88%,

12/1/2032(a)(b)

$

2,535,000

$

2,561,405

Martin

Midstream

Partners

LP

11.50%,

2/15/2028(b)

361,000

382,580

Matador

Resources

Co.

6.88%,

4/15/2028(a)(b)

600,000

609,825

6.25%,

4/15/2033(a)(b)

800,000

792,550

MEG

Energy

Corp.

5.88%,

2/1/2029(a)(b)

1,100,000

1,100,142

Moss

Creek

Resources

Holdings,

Inc.

8.25%,

9/1/2031(a)(b)

4,750,000

4,636,669

Murphy

Oil

Corp.

6.00%,

10/1/2032(a)

300,000

287,890

5.87%,

12/1/2042(a)(f)

935,000

763,920

NGL

Energy

Operating

LLC

8.13%,

2/15/2029(a)(b)

455,000

450,258

8.38%,

2/15/2032(b)

1,691,000

1,654,139

Northern

Oil

&

Gas,

Inc.

8.13%,

3/1/2028(a)(b)

720,000

727,009

8.75%,

6/15/2031(b)

2,665,000

2,737,976

NuStar

Logistics

LP

6.38%,

10/1/2030(a)

395,000

406,927

Parkland

Corp.

4.50%,

10/1/2029(b)

1,425,000

1,372,918

4.63%,

5/1/2030(a)(b)

490,000

469,898

4.63%,

5/1/2030‡

440,000

220

6.63%,

8/15/2032(a)(b)

225,000

229,980

6.63%,

8/15/2032‡

175,000

87

PBF

Holding

Co.

LLC

9.88%,

3/15/2030(a)(b)

700,000

693,845

Prairie

Acquiror

LP

9.00%,

8/1/2029(a)(b)

250,000

258,947

Rockies

Express

Pipeline

LLC

4.95%,

7/15/2029(b)

595,000

583,376

4.80%,

5/15/2030(a)(b)

70,000

67,339

7.50%,

7/15/2038(b)

300,000

308,637

6.88%,

4/15/2040(a)(b)

560,000

563,694

Saturn

Oil

&

Gas,

Inc.

9.63%,

6/15/2029(a)(b)

4,100,000

4,059,702

Sitio

Royalties

Operating

Partnership

LP

7.88%,

11/1/2028(b)

150,000

156,498

SM

Energy

Co.

6.63%,

1/15/2027

460,000

458,979

6.50%,

7/15/2028

725,000

729,500

6.75%,

8/1/2029(a)(b)

450,000

450,355

7.00%,

8/1/2032(a)(b)

700,000

693,155

South

Bow

Canadian

Infrastructure

Holdings

Ltd.

7.63%,

3/1/2055(a)(b)(c)

800,000

826,229

Strathcona

Resources

Ltd.

6.88%,

8/1/2026(a)(b)

800,000

801,002

Sunoco

LP

7.00%,

9/15/2028(b)

280,000

288,397

7.00%,

5/1/2029(b)

925,000

957,438

4.50%,

5/15/2029(a)

695,000

673,660

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

9.5%

(continued)

Sunoco

LP

(continued)

4.50%,

4/30/2030(a)

$

750,000

$

719,117

7.25%,

5/1/2032(a)(b)

475,000

497,798

Tallgrass

Energy

Partners

LP

6.00%,

3/1/2027(a)(b)

251,000

250,174

5.50%,

1/15/2028(a)(b)

995,000

986,065

7.38%,

2/15/2029(b)

235,000

241,115

6.00%,

12/31/2030(a)(b)

235,000

230,242

6.00%,

9/1/2031(b)

240,000

235,180

Talos

Production,

Inc.

9.38%,

2/1/2031(a)(b)

3,150,000

3,212,099

Teine

Energy

Ltd.

6.88%,

4/15/2029(a)(b)

375,000

368,765

TGNR

Intermediate

Holdings

LLC

5.50%,

10/15/2029(a)(b)

1,055,000

1,027,694

Topaz

Solar

Farms

LLC

5.75%,

9/30/2039(a)(b)

1,674,456

1,645,069

TransMontaigne

Partners

LLC

8.50%,

6/15/2030(a)(b)

500,000

522,669

Venture

Global

Calcasieu

Pass

LLC

3.88%,

8/15/2029(a)(b)

745,000

703,226

6.25%,

1/15/2030(a)(b)

645,000

662,421

4.13%,

8/15/2031(b)

600,000

554,212

Venture

Global

LNG,

Inc.

8.13%,

6/1/2028(a)(b)

330,000

341,653

9.50%,

2/1/2029(b)

40,000

43,623

7.00%,

1/15/2030(b)

100,000

101,402

8.38%,

6/1/2031(a)(b)

1,125,000

1,163,653

9.88%,

2/1/2032(a)(b)

885,000

954,865

Vermilion

Energy,

Inc.

6.88%,

5/1/2030(a)(b)

730,000

708,132

7.25%,

2/15/2033(a)(b)

2,250,000

2,127,111

Wildfire

Intermediate

Holdings

LLC

7.50%,

10/15/2029(a)(b)

1,100,000

1,094,545

118,632,796

Paper

&

Forest

Products

-

0.1%

Domtar

Corp.

6.75%,

10/1/2028(a)(b)

1,755,000

1,528,827

Mercer

International,

Inc.

5.13%,

2/1/2029(a)

235,000

189,302

1,718,129

Passenger

Airlines

-

0.2%

Air

Canada

3.88%,

8/15/2026(b)

690,000

682,596

American

Airlines,

Inc.

7.25%,

2/15/2028(b)

300,000

306,124

OneSky

Flight

LLC

8.88%,

12/15/2029(a)(b)

900,000

948,192

1,936,912

Personal

Care

Products

-

0.7%

BellRing

Brands,

Inc.

7.00%,

3/15/2030(a)(b)

5,750,000

5,965,136

Edgewell

Personal

Care

Co.

4.13%,

4/1/2029(a)(b)

95,000

89,845

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

223

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Personal

Care

Products

-

0.7%

(continued)

Oriflame

Investment

Holding

plc

5.13%,

5/4/2026(b)

$

1,530,000

$

122,400

Prestige

Brands,

Inc.

5.13%,

1/15/2028(b)

725,000

718,956

3.75%,

4/1/2031(a)(b)

2,295,000

2,100,168

8,996,505

Pharmaceuticals

-

1.4%

HLF

Financing

Sarl

LLC

12.25%,

4/15/2029(a)(b)

3,175,000

3,440,754

4.88%,

6/1/2029(a)(b)

3,525,000

2,937,624

Jazz

Securities

DAC

4.38%,

1/15/2029(a)(b)

285,000

275,702

Organon

&

Co.

4.13%,

4/30/2028(b)

575,000

544,243

5.13%,

4/30/2031(a)(b)

6,157,000

5,326,517

6.75%,

5/15/2034(a)(b)

1,250,000

1,178,722

7.88%,

5/15/2034(a)(b)

3,000,000

2,685,961

P&L

Development

LLC

9.00%,

5/15/2029(a)(b)(d)

421,754

430,154

16,819,677

Professional

Services

-

0.5%

AMN

Healthcare,

Inc.

4.63%,

10/1/2027(a)(b)

535,000

523,109

4.00%,

4/15/2029(b)

90,000

82,661

CoreLogic,

Inc.

4.50%,

5/1/2028(b)

1,425,000

1,343,064

KBR,

Inc.

4.75%,

9/30/2028(a)(b)

217,000

209,134

Korn

Ferry

4.63%,

12/15/2027(a)(b)

360,000

354,046

Science

Applications

International

Corp.

4.88%,

4/1/2028(a)(b)

293,000

288,218

TriNet

Group,

Inc.

3.50%,

3/1/2029(b)

1,026,000

954,289

7.13%,

8/15/2031(a)(b)

1,550,000

1,595,021

VT

Topco,

Inc.

8.50%,

8/15/2030(b)

300,000

319,421

5,668,963

Real

Estate

Management

&

Development

-

1.0%

Anywhere

Real

Estate

Group

LLC

5.75%,

1/15/2029(b)

500,000

445,105

7.00%,

4/15/2030(b)

750,000

718,258

Five

Point

Operating

Co.

LP

10.50%,

1/15/2028(b)(f)

940,000

950,506

Forestar

Group,

Inc.

5.00%,

3/1/2028(a)(b)

705,000

699,656

6.50%,

3/15/2033(a)(b)

3,550,000

3,563,816

Greystar

Real

Estate

Partners

LLC

7.75%,

9/1/2030(a)(b)

550,000

581,457

Howard

Hughes

Corp.

(The)

5.38%,

8/1/2028(b)

922,000

916,344

4.13%,

2/1/2029(a)(b)

330,000

314,575

4.38%,

2/1/2031(a)(b)

1,520,000

1,398,906

Hunt

Cos.,

Inc.

5.25%,

4/15/2029(b)

855,000

834,616

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Real

Estate

Management

&

Development

-

1.0%

(continued)

Kennedy-Wilson,

Inc.

4.75%,

3/1/2029(a)

$

855,000

$

804,084

4.75%,

2/1/2030(a)

400,000

368,564

5.00%,

3/1/2031

520,000

473,917

WeWork

Cos.

LLC

12.00%,

8/15/2027‡(h)

3,213,750

—

12,069,804

Software

-

1.9%

Alteryx,

Inc.

8.75%,

3/15/2028(b)

450,000

451,823

Central

Parent

LLC

8.00%,

6/15/2029(b)

1,640,000

1,391,229

Central

Parent,

Inc.

7.25%,

6/15/2029(a)(b)

1,320,000

1,084,614

Cloud

Software

Group,

Inc.

6.50%,

3/31/2029(a)(b)

1,875,000

1,893,535

9.00%,

9/30/2029(a)(b)

2,300,000

2,380,180

Consensus

Cloud

Solutions,

Inc.

6.00%,

10/15/2026(b)

305,000

302,731

6.50%,

10/15/2028(b)

465,000

462,434

Dye

&

Durham

Ltd.

8.63%,

4/15/2029(a)(b)

250,000

260,499

Elastic

NV

4.13%,

7/15/2029(b)

295,000

280,567

Fair

Isaac

Corp.

4.00%,

6/15/2028(a)(b)

2,470,000

2,385,535

6.00%,

5/15/2033(b)

2,200,000

2,210,330

Gen

Digital,

Inc.

6.75%,

9/30/2027(b)

750,000

762,322

7.13%,

9/30/2030(a)(b)

430,000

444,389

GoTo

Group,

Inc.

5.50%,

5/1/2028(b)

2,591,000

2,010,269

Helios

Software

Holdings,

Inc.

4.63%,

5/1/2028(b)

1,051,000

993,549

8.75%,

5/1/2029(a)(b)

1,050,000

1,070,637

McAfee

Corp.

7.38%,

2/15/2030(a)(b)

1,810,000

1,678,212

Open

Text

Corp.

3.88%,

12/1/2029(a)(b)

480,000

449,301

Open

Text

Holdings,

Inc.

4.13%,

2/15/2030(a)(b)

646,000

605,500

4.13%,

12/1/2031(a)(b)

400,000

364,021

PTC,

Inc.

4.00%,

2/15/2028(a)(b)

465,000

453,091

Rackspace

Finance

LLC

3.50%,

5/15/2028(b)

1,000,000

472,500

SS&C

Technologies,

Inc.

5.50%,

9/30/2027(b)

1,185,000

1,185,258

6.50%,

6/1/2032(b)

450,000

462,707

24,055,233

Specialized

REITs

-

0.7%

Iron

Mountain,

Inc.

REIT,

4.88%,

9/15/2027(b)

300,000

297,723

REIT,

5.25%,

3/15/2028(a)(b)

1,500,000

1,492,366

REIT,

5.00%,

7/15/2028(b)

100,000

98,974

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

224

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Specialized

REITs

-

0.7%

(continued)

Iron

Mountain,

Inc.

(continued)

REIT,

7.00%,

2/15/2029(b)

$

760,000

$

780,730

REIT,

4.88%,

9/15/2029(a)(b)

375,000

366,663

REIT,

5.25%,

7/15/2030(b)

1,965,000

1,931,068

REIT,

4.50%,

2/15/2031(a)(b)

2,780,000

2,629,077

REIT,

5.63%,

7/15/2032(b)

144,000

142,122

SBA

Communications

Corp.

REIT,

3.88%,

2/15/2027(a)

745,000

732,130

REIT,

3.13%,

2/1/2029(a)

95,000

88,543

8,559,396

Specialty

Retail

-

5.0%

Academy

Ltd.

6.00%,

11/15/2027(b)

125,000

124,736

Arko

Corp.

5.13%,

11/15/2029(b)

390,000

319,729

Asbury

Automotive

Group,

Inc.

5.00%,

2/15/2032(a)(b)

325,000

307,418

Bath

&

Body

Works,

Inc.

6.95%,

3/1/2033

505,000

519,172

6.88%,

11/1/2035(a)

680,000

699,708

6.75%,

7/1/2036(a)

385,000

389,638

7.60%,

7/15/2037

725,000

737,121

BCPE

Ulysses

Intermediate,

Inc.

7.75%,

4/1/2027(b)(d)

380,000

379,940

Carvana

Co.

9.00%,

12/1/2028(b)(d)

85,950

87,922

11.00%,

6/1/2030(b)(d)

2,150,000

2,248,832

9.00%,

6/1/2031(b)(d)

11,515,368

12,945,876

eG

Global

Finance

plc

12.00%,

11/30/2028(b)

2,050,000

2,265,061

Evergreen

Acqco

1

LP

9.75%,

4/26/2028(b)

1,452,000

1,511,695

Foot

Locker,

Inc.

4.00%,

10/1/2029(b)

1,370,000

1,290,107

Gap,

Inc.

(The)

3.63%,

10/1/2029(a)(b)

790,000

729,014

3.88%,

10/1/2031(a)(b)

1,298,000

1,153,487

Global

Auto

Holdings

Ltd.

8.38%,

1/15/2029(a)(b)

900,000

837,446

11.50%,

8/15/2029(b)

1,000,000

992,587

8.75%,

1/15/2032(a)(b)

950,000

841,206

Group

1

Automotive,

Inc.

4.00%,

8/15/2028(b)

500,000

482,085

GYP

Holdings

III

Corp.

4.63%,

5/1/2029(b)

750,000

757,148

Ken

Garff

Automotive

LLC

4.88%,

9/15/2028(a)(b)

115,000

111,980

LBM

Acquisition

LLC

6.25%,

1/15/2029(a)(b)

1,050,000

921,375

LCM

Investments

Holdings

II

LLC

4.88%,

5/1/2029(a)(b)

723,000

702,627

8.25%,

8/1/2031(a)(b)

580,000

613,245

Michaels

Cos.,

Inc.

(The)

5.25%,

5/1/2028(b)

2,420,000

1,918,994

7.88%,

5/1/2029(b)

1,555,000

1,031,390

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Specialty

Retail

-

5.0%

(continued)

Murphy

Oil

USA,

Inc.

5.63%,

5/1/2027

$

950,000

$

948,801

4.75%,

9/15/2029(a)

1,955,000

1,911,518

3.75%,

2/15/2031(b)

4,130,000

3,793,188

Park

River

Holdings,

Inc.

5.63%,

2/1/2029(b)

470,000

405,566

6.75%,

8/1/2029(b)

480,000

419,012

Penske

Automotive

Group,

Inc.

3.75%,

6/15/2029(a)

170,000

160,919

PetSmart,

Inc.

4.75%,

2/15/2028(b)

2,165,000

2,124,577

7.75%,

2/15/2029(a)(b)

1,110,000

1,086,227

Saks

Global

Enterprises

LLC

11.00%,

12/15/2029(b)

5,925,000

1,333,125

Sonic

Automotive,

Inc.

4.63%,

11/15/2029(b)

375,000

360,643

4.88%,

11/15/2031(a)(b)

900,000

848,240

Specialty

Building

Products

Holdings

LLC

7.75%,

10/15/2029(a)(b)

925,000

906,488

Staples,

Inc.

10.75%,

9/1/2029(b)

2,100,000

1,969,089

12.75%,

1/15/2030(a)(b)

2,070,000

1,447,891

Upbound

Group,

Inc.

6.38%,

2/15/2029(b)

2,905,000

2,832,834

Valvoline,

Inc.

3.63%,

6/15/2031(a)(b)

2,195,000

1,975,922

Victoria's

Secret

&

Co.

4.63%,

7/15/2029(a)(b)

1,105,000

1,028,325

Victra

Holdings

LLC

8.75%,

9/15/2029(a)(b)

3,150,000

3,301,307

White

Cap

Buyer

LLC

6.88%,

10/15/2028(b)

600,000

598,377

62,371,588

Technology

Hardware,

Storage

&

Peripherals

-

0.2%

Diebold

Nixdorf,

Inc.

7.75%,

3/31/2030(a)(b)

1,750,000

1,856,725

Xerox

Corp.

10.25%,

10/15/2030(a)(b)

100,000

102,817

4.80%,

3/1/2035

247,000

128,440

2,087,982

Textiles,

Apparel

&

Luxury

Goods

-

0.7%

Crocs,

Inc.

4.25%,

3/15/2029(a)(b)

650,000

618,320

4.13%,

8/15/2031(a)(b)

1,265,000

1,143,474

Hanesbrands,

Inc.

9.00%,

2/15/2031(b)

360,000

378,904

Kontoor

Brands,

Inc.

4.13%,

11/15/2029(a)(b)

2,575,000

2,391,767

S&S

Holdings

LLC

8.38%,

10/1/2031(b)

1,175,000

1,125,765

William

Carter

Co.

(The)

5.63%,

3/15/2027(b)

250,000

247,909

Wolverine

World

Wide,

Inc.

4.00%,

8/15/2029(a)(b)

2,655,000

2,392,768

8,298,907

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

225

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Tobacco

-

0.2%

Turning

Point

Brands,

Inc.

7.63%,

3/15/2032(b)

$

1,900,000

$

1,990,313

Trading

Companies

&

Distributors

-

1.5%

BlueLinx

Holdings,

Inc.

6.00%,

11/15/2029(a)(b)

765,000

744,627

Boise

Cascade

Co.

4.88%,

7/1/2030(b)

150,000

145,517

Foundation

Building

Materials,

Inc.

6.00%,

3/1/2029(b)

1,150,000

1,078,569

FTAI

Aviation

Investors

LLC

5.50%,

5/1/2028(a)(b)

700,000

698,310

7.88%,

12/1/2030(b)

260,000

275,670

7.00%,

5/1/2031(a)(b)

500,000

518,773

5.88%,

4/15/2033(a)(b)

200,000

198,208

Imola

Merger

Corp.

4.75%,

5/15/2029(b)

2,280,000

2,212,123

QXO

Building

Products,

Inc.

6.75%,

4/30/2032(a)(b)

12,900,000

13,284,085

19,155,882

Wireless

Telecommunication

Services

-

1.3%

Millicom

International

Cellular

SA

5.13%,

1/15/2028(b)

675,000

669,445

6.25%,

3/25/2029(b)

360,000

360,267

4.50%,

4/27/2031(b)

2,800,000

2,579,945

7.38%,

4/2/2032(b)

175,000

179,772

Rogers

Communications,

Inc.

7.00%,

4/15/2055(c)

400,000

408,949

7.13%,

4/15/2055(a)(c)

6,400,000

6,549,140

5.25%,

3/15/2082(b)(c)

2,030,000

2,001,208

Sunrise

HoldCo

IV

BV

5.50%,

1/15/2028(a)(b)

834,000

828,870

Vmed

O2

UK

Financing

I

plc

4.25%,

1/31/2031(a)(b)

265,000

241,450

4.75%,

7/15/2031(b)

420,000

388,571

7.75%,

4/15/2032(a)(b)

150,000

156,256

Vodafone

Group

plc

7.00%,

4/4/2079(a)(c)

720,000

752,395

Zegona

Finance

plc

8.63%,

7/15/2029(b)

1,260,000

1,341,270

16,457,538

Total

Corporate

Bonds

(Cost

$1,214,560,103)

1,212,408,660

SECURITIES

LENDING

REINVESTMENTS

-

21.9%(i)

CERTIFICATES

OF

DEPOSIT

-

3.3%

Bank

of

Montreal,

Chicago

(SOFR

+

0.31%),

4.63%,

5/29/2026(g)

$

2,000,000

1,999,616

Bank

of

Nova

Scotia,

Houston

(SOFR

+

0.34%),

4.66%,

7/1/2026(g)

3,000,000

2,999,955

Investments

Principal

Amount

Value

CERTIFICATES

OF

DEPOSIT

(continued)

Barclays

Bank

plc,

New

York

(SOFR

+

0.35%),

4.71%,

10/15/2025(g)

$

3,000,000

$

3,000,432

BNP

Paribas,

New

York

(SOFR

+

0.24%),

4.56%,

12/1/2025(g)

3,000,000

3,000,216

Canadian

Imperial

Bank

of

Commerce,

New

York

(SOFR

+

0.24%),

4.56%,

12/17/2025(g)

2,000,000

1,999,838

Credit

Agricole

CIB,

New

York

(SOFR

+

0.31%),

4.63%,

10/31/2025(g)

5,000,000

5,000,380

(SOFR

+

0.21%),

4.53%,

1/8/2026(g)

2,000,000

1,999,114

Credit

Industriel

et

Commercial,

New

York

(SOFR

+

0.28%),

4.60%,

10/28/2025(g)

1,000,000

1,000,072

Mizuho

Bank

Ltd.,

New

York

(SOFR

+

0.20%),

4.66%,

8/19/2025(g)

2,000,000

1,999,899

National

Australia

Bank,

New

York

(SOFR

+

0.25%),

4.57%,

3/17/2026(g)

2,000,000

2,000,244

Natixis

SA,

New

York

4.47%,

12/11/2025

3,000,000

3,000,357

Oversea-Chinese

Banking

Corp.

Ltd.,

New

York

(SOFR

+

0.32%),

4.68%,

10/17/2025(g)

4,000,000

4,000,964

Sumitomo

Mitsui

Banking

Corp.,

New

York

(SOFR

+

0.23%),

4.59%,

10/1/2025(g)

2,000,000

2,000,172

Sumitomo

Mitsui

Trust

Bank

Ltd.,

London

4.50%,

10/6/2025

2,000,000

2,000,500

Sumitomo

Mitsui

Trust

Bank

Ltd.,

New

York

(SOFR

+

0.29%),

4.61%,

11/7/2025(g)

1,000,000

1,000,214

Toronto-Dominion

Bank,

New

York

(SOFR

+

0.36%),

4.72%,

5/8/2026(g)

4,000,000

4,001,792

Total

Certificates

of

Deposit

(Cost

$40,999,899)

41,003,765

COMMERCIAL

PAPER

-

0.3%

Skandanaviska

Enskilda

Banken

(SOFR

+

0.27%),

4.63%,

10/28/2025(b)(g)

(Cost

$4,000,000)

$

4,000,000

4,000,964

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

226

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

REPURCHASE

AGREEMENTS

-

18.3%

CF

Secured

LLC

4.34%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$119,325,382,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

8/15/2025

-

2/15/2054;

total

market

value

$121,217,450

$

119,310,999

$

119,310,999

TD

Prime

Services

LLC

4.43%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$108,013,290,

collateralized

by

various

Common

Stocks;

total

market

value

$117,156,107

108,000,000

108,000,000

Total

Repurchase

Agreements

(Cost

$227,310,999)

227,310,999

Total

Securities

Lending

Reinvestments

(Cost

$272,310,898)

272,315,728

SHORT-TERM

INVESTMENTS

-

1.1%(j)

U.S.

GOVERNMENT

AGENCY

SECURITIES

-

1.1%

FNMA

Zero

Coupon,

8/1/2025

(Cost

$14,000,000)

14,000,000

13,998,351

Total

Investments

-

120.5%

(Cost

$1,500,871,001)

1,498,722,739

Liabilities

in

excess

of

other

assets

-

(20.5%)

(255,413,323)

NET

ASSETS

-

100.0%

$1,243,309,416

‡

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2025.

The

total

value

of

securities

on

loan

at

July

31,

2025

was

$303,949,644,

collateralized

in

the

form

of

cash

with

a

value

of

$272,310,836

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments

and

$60,699,351

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

6.25%,

and

maturity

dates

ranging

from

August

31,

2025

–

February

15,

2055;

a

total

value

of

$333,010,187.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

At

July

31,

2025,

the

value

of

these

securities

amounted

to

approximately

$1,056,192,915

or

84.95%

of

net

assets.

(c)

Security

issued

at

a

fixed

coupon

rate,

which

converts

to

a

variable

rate

at

a

future

date.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(d)

Payment

in-kind

security.

(e)

Represents

less

than

0.05%

of

net

assets.

(f)

Step

bond.

Interest

rate

is

a

fixed

rate

for

an

initial

period

that

either

resets

at

a

specific

date

or

may

reset

in

the

future

at

a

contingent

upon

predetermined

trigger.

The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2025.

(g)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

is

the

rate

in

effect

as

of

July

31,

2025.

(h)

Issuer

has

defaulted

on

terms

of

debt

obligation.

Income

is

not

being

accrued.

(i)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2025.

The

total

value

of

securities

purchased

was

$272,315,728.

(j)

The

rate

shown

was

the

current

yield

as

of

July

31,

2025.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

FNMA

—

Federal

National

Mortgage

Association

REIT

—

Real

Estate

Investment

Trust

SOFR

—

Secured

Overnight

Financing

Rate

Security

Type

%

of

Net

Assets

Corporate

Bonds

97.5

%

Securities

Lending

Reinvestments

21.9

Short-Term

Investments

1.1

Others

(1)

(20.5)

100.0%

(1)

Includes

any

other

net

assets/(liabilities).

227

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

July

31,

2025

(Unaudited)

Investments

Principal

Amount

Value

CORPORATE

BONDS

-

95.9%

Air

Freight

&

Logistics

-

0.3%

CH

Robinson

Worldwide,

Inc.

4.20%,

4/15/2028

$

10,000

$

9,946

FedEx

Corp.

4.10%,

2/1/2045(a)

30,000

22,806

4.75%,

11/15/2045(a)

90,000

74,210

GXO

Logistics,

Inc.

6.50%,

5/6/2034

25,000

26,236

133,198

Automobile

Components

-

0.2%

Aptiv

Swiss

Holdings

Ltd.

5.40%,

3/15/2049

45,000

38,646

3.10%,

12/1/2051

30,000

18,014

BorgWarner,

Inc.

5.40%,

8/15/2034

30,000

30,334

Lear

Corp.

5.25%,

5/15/2049

20,000

17,266

104,260

Automobiles

-

0.5%

Ford

Motor

Co.

4.35%,

12/8/2026

230,000

228,457

Banks

-

13.1%

Banco

Santander

SA

5.55%,

3/14/2028(b)

220,000

223,110

Bank

of

America

Corp.

3.42%,

12/20/2028(b)

133,000

129,874

2.09%,

6/14/2029(b)

127,000

118,901

4.27%,

7/23/2029(b)

70,000

69,737

4.57%,

4/27/2033(b)

67,000

65,962

4.33%,

3/15/2050(b)

15,000

12,423

Bank

of

Montreal

3.09%,

1/10/2037(b)

120,000

104,492

Bank

of

Nova

Scotia

(The)

4.93%,

2/14/2029(b)

180,000

181,733

Barclays

plc

6.49%,

9/13/2029(b)

220,000

231,777

3.81%,

3/10/2042(b)

200,000

156,493

Canadian

Imperial

Bank

of

Commerce

4.86%,

3/30/2029(b)

150,000

151,204

Citigroup,

Inc.

3.20%,

10/21/2026

97,000

95,513

4.45%,

9/29/2027

417,000

415,829

3.98%,

3/20/2030(b)

187,000

183,020

2.67%,

1/29/2031(b)

107,000

98,010

4.41%,

3/31/2031(b)

100,000

98,822

2.57%,

6/3/2031(b)

73,000

66,197

3.06%,

1/25/2033(b)

102,000

91,365

5.83%,

2/13/2035(b)

150,000

152,535

8.13%,

7/15/2039

55,000

68,779

6.68%,

9/13/2043

92,000

100,563

4.65%,

7/23/2048

15,000

12,944

HSBC

Holdings

plc

7.39%,

11/3/2028(b)

210,000

222,164

5.55%,

3/4/2030(b)

260,000

267,438

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

-

13.1%

(continued)

HSBC

Holdings

plc

(continued)

6.50%,

9/15/2037

$

50,000

$

53,408

ING

Groep

NV

5.55%,

3/19/2035(b)

70,000

71,480

JPMorgan

Chase

&

Co.

3.78%,

2/1/2028(b)

100,000

98,925

6.09%,

10/23/2029(b)

130,000

136,177

4.45%,

12/5/2029(b)

100,000

99,904

5.58%,

4/22/2030(b)

455,000

471,667

4.57%,

6/14/2030(b)

100,000

100,335

5.00%,

7/22/2030(b)

105,000

106,782

2.58%,

4/22/2032(b)

14,000

12,497

5.34%,

1/23/2035(b)

160,000

163,583

5.53%,

11/29/2045(b)

130,000

130,043

Mitsubishi

UFJ

Financial

Group,

Inc.

2.05%,

7/17/2030

200,000

177,205

5.61%,

4/24/2036(b)

200,000

206,587

Royal

Bank

of

Canada

4.71%,

3/27/2028(b)

110,000

110,421

5.00%,

2/1/2033

70,000

71,153

5.00%,

5/2/2033

30,000

30,423

5.15%,

2/1/2034

165,000

168,836

Sumitomo

Mitsui

Financial

Group,

Inc.

5.84%,

7/9/2044

90,000

90,922

5,619,233

Beverages

-

2.1%

Anheuser-Busch

InBev

Finance,

Inc.

4.70%,

2/1/2036

10,000

9,697

Anheuser-Busch

InBev

Worldwide,

Inc.

5.00%,

6/15/2034

70,000

70,989

5.45%,

1/23/2039

62,000

62,783

4.35%,

6/1/2040

60,000

53,232

5.55%,

1/23/2049

60,000

58,985

5.80%,

1/23/2059

42,000

42,588

Diageo

Capital

plc

5.30%,

10/24/2027

280,000

285,764

Pepsico

Singapore

Financing

I

Pte.

Ltd.

4.70%,

2/16/2034

20,000

19,756

PepsiCo,

Inc.

4.45%,

5/15/2028

67,000

67,633

2.63%,

7/29/2029

30,000

28,240

1.95%,

10/21/2031

30,000

25,939

3.50%,

3/19/2040

133,000

109,010

2.63%,

10/21/2041

30,000

21,136

4.65%,

2/15/2053

40,000

35,148

5.25%,

7/17/2054

10,000

9,620

3.88%,

3/19/2060

5,000

3,729

904,249

Biotechnology

-

0.9%

Amgen,

Inc.

5.15%,

3/2/2028

100,000

101,834

4.05%,

8/18/2029

26,000

25,625

5.60%,

3/2/2043

120,000

118,538

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

228

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Biotechnology

-

0.9%

(continued)

Amgen,

Inc.

(continued)

4.40%,

5/1/2045

$

20,000

$

16,909

5.75%,

3/2/2063

5,000

4,797

Biogen,

Inc.

2.25%,

5/1/2030

10,000

8,971

3.15%,

5/1/2050

43,000

26,838

3.25%,

2/15/2051

20,000

12,558

Regeneron

Pharmaceuticals,

Inc.

1.75%,

9/15/2030

54,000

46,888

2.80%,

9/15/2050

20,000

11,946

374,904

Broadline

Retail

-

0.5%

Alibaba

Group

Holding

Ltd.

2.70%,

2/9/2041

200,000

142,353

eBay,

Inc.

2.70%,

3/11/2030

50,000

46,247

2.60%,

5/10/2031

30,000

26,825

3.65%,

5/10/2051

20,000

14,430

229,855

Building

Products

-

0.9%

Carrier

Global

Corp.

6.20%,

3/15/2054

50,000

53,431

CRH

SMW

Finance

DAC

5.13%,

1/9/2030

200,000

204,063

Fortune

Brands

Innovations,

Inc.

5.88%,

6/1/2033

25,000

26,128

4.50%,

3/25/2052

10,000

7,972

Johnson

Controls

International

plc

5.50%,

4/19/2029

20,000

20,706

4.63%,

7/2/2044(c)

33,000

28,485

Owens

Corning

4.30%,

7/15/2047

26,000

20,933

5.95%,

6/15/2054

15,000

15,111

Trane

Technologies

Financing

Ltd.

5.25%,

3/3/2033

10,000

10,272

Trane

Technologies

Global

Holding

Co.

Ltd.

4.30%,

2/21/2048

17,000

14,035

401,136

Capital

Markets

-

9.1%

Ares

Capital

Corp.

5.95%,

7/15/2029

30,000

30,730

3.20%,

11/15/2031

70,000

61,211

Bain

Capital

Specialty

Finance,

Inc.

2.55%,

10/13/2026

7,000

6,790

Bank

of

New

York

Mellon

Corp.

(The)

3.40%,

1/29/2028

67,000

65,702

3.99%,

6/13/2028(b)

77,000

76,491

4.60%,

7/26/2030(b)

33,000

33,209

4.29%,

6/13/2033(b)

20,000

19,396

5.19%,

3/14/2035(b)

105,000

106,351

Barings

BDC,

Inc.

3.30%,

11/23/2026

7,000

6,829

7.00%,

2/15/2029

10,000

10,371

Brookfield

Finance,

Inc.

2.72%,

4/15/2031

130,000

117,166

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Capital

Markets

-

9.1%

(continued)

FactSet

Research

Systems,

Inc.

3.45%,

3/1/2032

$

10,000

$

9,117

Goldman

Sachs

Group,

Inc.

(The)

4.48%,

8/23/2028(b)

731,000

730,954

5.73%,

4/25/2030(b)

200,000

207,662

2.38%,

7/21/2032(b)

17,000

14,850

3.10%,

2/24/2033(b)

70,000

62,935

6.75%,

10/1/2037

112,000

123,005

4.41%,

4/23/2039(b)

100,000

90,130

3.44%,

2/24/2043(b)

135,000

102,884

5.56%,

11/19/2045(b)

50,000

49,419

Hercules

Capital,

Inc.

3.38%,

1/20/2027

14,000

13,605

Legg

Mason,

Inc.

5.63%,

1/15/2044

10,000

9,835

Moody's

Corp.

2.00%,

8/19/2031

20,000

17,278

2.75%,

8/19/2041

43,000

30,050

3.75%,

2/25/2052

15,000

11,041

Morgan

Stanley

2.48%,

1/21/2028(b)

80,000

77,648

3.77%,

1/24/2029(b)

200,000

196,670

5.12%,

2/1/2029(b)

133,000

134,955

2.70%,

1/22/2031(b)

133,000

122,569

2.24%,

7/21/2032(b)

30,000

25,996

5.25%,

4/21/2034(b)

185,000

187,990

5.42%,

7/21/2034(b)

89,000

91,146

5.83%,

4/19/2035(b)

50,000

52,413

5.30%,

4/20/2037(b)

33,000

33,004

5.94%,

2/7/2039(b)

30,000

30,977

5.60%,

3/24/2051(b)

218,000

215,242

Nasdaq,

Inc.

5.55%,

2/15/2034

35,000

36,313

3.95%,

3/7/2052

4,000

2,979

6.10%,

6/28/2063

50,000

51,036

Oaktree

Specialty

Lending

Corp.

7.10%,

2/15/2029

10,000

10,290

S&P

Global,

Inc.

1.25%,

8/15/2030

50,000

43,026

2.90%,

3/1/2032

50,000

45,186

4.50%,

5/15/2048

24,000

19,987

Sixth

Street

Specialty

Lending,

Inc.

6.13%,

3/1/2029

20,000

20,475

State

Street

Corp.

5.82%,

11/4/2028(b)

50,000

51,556

2.40%,

1/24/2030

88,000

81,574

4.16%,

8/4/2033(b)

110,000

105,545

6.12%,

11/21/2034(b)

50,000

53,276

UBS

AG

5.65%,

9/11/2028

200,000

207,644

3,904,508

Chemicals

-

1.4%

Albemarle

Corp.

5.05%,

6/1/2032

20,000

19,277

5.45%,

12/1/2044

10,000

8,433

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

229

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Chemicals

-

1.4%

(continued)

Dow

Chemical

Co.

(The)

5.15%,

2/15/2034

$

50,000

$

49,237

5.55%,

11/30/2048

35,000

31,174

6.90%,

5/15/2053

54,000

56,522

Ecolab,

Inc.

1.30%,

1/30/2031

63,000

53,381

3.95%,

12/1/2047

20,000

15,851

2.70%,

12/15/2051

20,000

12,172

FMC

Corp.

3.45%,

10/1/2029

40,000

37,219

5.65%,

5/18/2033

5,000

4,926

6.38%,

5/18/2053

5,000

4,799

International

Flavors

&

Fragrances,

Inc.

5.00%,

9/26/2048

11,000

9,392

Linde,

Inc.

1.10%,

8/10/2030

50,000

42,934

LYB

International

Finance

III

LLC

5.50%,

3/1/2034

70,000

69,271

3.63%,

4/1/2051

50,000

32,816

Nutrien

Ltd.

5.40%,

6/21/2034

20,000

20,244

5.88%,

12/1/2036

20,000

20,612

6.13%,

1/15/2041

25,000

25,720

5.25%,

1/15/2045

57,000

52,720

PPG

Industries,

Inc.

3.75%,

3/15/2028

30,000

29,556

596,256

Commercial

Services

&

Supplies

-

0.3%

RELX

Capital,

Inc.

3.00%,

5/22/2030

33,000

31,003

5.25%,

3/27/2035

20,000

20,369

Waste

Management,

Inc.

3.90%,

3/1/2035

10,000

9,154

5.35%,

10/15/2054

60,000

58,000

118,526

Construction

&

Engineering

-

0.1%

MasTec

,

Inc.

5.90%,

6/15/2029

20,000

20,666

Quanta

Services,

Inc.

3.05%,

10/1/2041

35,000

25,003

45,669

Consumer

Finance

-

4.8%

Ally

Financial,

Inc.

6.99%,

6/13/2029(b)

80,000

84,120

6.85%,

1/3/2030(b)

40,000

42,171

American

Express

Co.

3.30%,

5/3/2027

50,000

49,148

5.28%,

7/27/2029(b)

100,000

102,494

4.42%,

8/3/2033(b)

65,000

63,361

5.63%,

7/28/2034(b)

60,000

61,521

5.92%,

4/25/2035(b)

90,000

93,577

4.05%,

12/3/2042

14,000

11,735

Capital

One

Financial

Corp.

5.47%,

2/1/2029(b)

250,000

255,318

6.38%,

6/8/2034(b)

40,000

42,696

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Consumer

Finance

-

4.8%

(continued)

Ford

Motor

Credit

Co.

LLC

7.20%,

6/10/2030

$

400,000

$

420,834

General

Motors

Financial

Co.,

Inc.

6.00%,

1/9/2028

33,000

33,988

5.85%,

4/6/2030

63,000

65,107

6.40%,

1/9/2033

145,000

152,629

6.10%,

1/7/2034

35,000

36,113

John

Deere

Capital

Corp.

5.15%,

9/8/2026

90,000

90,835

4.90%,

6/11/2027

50,000

50,648

4.85%,

6/11/2029

40,000

40,786

4.70%,

6/10/2030

50,000

50,651

4.40%,

9/8/2031

130,000

129,262

4.35%,

9/15/2032

87,000

85,771

Series

I,

5.15%,

9/8/2033

40,000

41,202

5.10%,

4/11/2034

20,000

20,334

Synchrony

Financial

2.88%,

10/28/2031

44,000

38,340

2,062,641

Consumer

Staples

Distribution

&

Retail

-

0.5%

Kroger

Co.

(The)

5.00%,

4/15/2042

20,000

18,243

5.40%,

1/15/2049

28,000

26,103

3.95%,

1/15/2050

20,000

14,933

5.65%,

9/15/2064

70,000

66,019

Target

Corp.

2.65%,

9/15/2030

60,000

55,399

3.90%,

11/15/2047

10,000

7,778

4.80%,

1/15/2053

47,000

41,576

230,051

Containers

&

Packaging

-

0.1%

AptarGroup,

Inc.

3.60%,

3/15/2032

13,000

11,953

Avery

Dennison

Corp.

4.88%,

12/6/2028

10,000

10,100

2.65%,

4/30/2030

10,000

9,173

5.75%,

3/15/2033

14,000

14,633

45,859

Diversified

REITs

-

0.4%

Digital

Realty

Trust

LP

REIT,

5.55%,

1/15/2028

10,000

10,232

REIT,

4.45%,

7/15/2028

33,000

33,015

REIT,

3.60%,

7/1/2029

10,000

9,644

Equinix

Europe

2

Financing

Corp.

LLC

REIT,

5.50%,

6/15/2034

20,000

20,386

Simon

Property

Group

LP

REIT,

2.65%,

7/15/2030

80,000

73,555

REIT,

6.75%,

2/1/2040

17,000

19,150

REIT,

5.85%,

3/8/2053

17,000

17,032

183,014

Diversified

Telecommunication

Services

-

2.7%

Telefonica

Emisiones

SA

4.90%,

3/6/2048

150,000

126,181

Verizon

Communications,

Inc.

2.55%,

3/21/2031

437,000

391,394

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

230

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Diversified

Telecommunication

Services

-

2.7%

(continued)

Verizon

Communications,

Inc.

(continued)

2.36%,

3/15/2032

$

237,000

$

203,752

5.05%,

5/9/2033

55,000

55,499

3.40%,

3/22/2041

210,000

161,911

4.86%,

8/21/2046

50,000

44,384

5.01%,

4/15/2049

30,000

26,962

3.88%,

3/1/2052

154,000

114,364

2.99%,

10/30/2056

39,000

23,388

1,147,835

Electric

Utilities

-

4.2%

Avangrid,

Inc.

3.80%,

6/1/2029

14,000

13,644

Connecticut

Light

and

Power

Co.

(The)

4.65%,

1/1/2029

25,000

25,165

Series

A,

2.05%,

7/1/2031

117,000

101,772

4.00%,

4/1/2048

57,000

44,495

5.25%,

1/15/2053

10,000

9,331

Enel

Americas

SA

4.00%,

10/25/2026

7,000

6,947

Enel

Chile

SA

4.88%,

6/12/2028

20,000

20,127

Eversource

Energy

4.60%,

7/1/2027

167,000

167,090

Series

R,

1.65%,

8/15/2030

17,000

14,737

Exelon

Corp.

5.30%,

3/15/2033

10,000

10,258

5.45%,

3/15/2034

20,000

20,493

4.95%,

6/15/2035

70,000

67,766

4.45%,

4/15/2046

53,000

43,803

NextEra

Energy

Capital

Holdings,

Inc.

6.75%,

6/15/2054(b)

120,000

125,205

6.70%,

9/1/2054(b)

70,000

72,199

Oklahoma

Gas

and

Electric

Co.

5.60%,

4/1/2053

50,000

48,504

Pacific

Gas

and

Electric

Co.

6.10%,

1/15/2029

130,000

134,450

5.70%,

3/1/2035

110,000

110,370

4.20%,

6/1/2041

168,000

130,921

3.95%,

12/1/2047

100,000

71,837

6.70%,

4/1/2053

10,000

10,247

Public

Service

Co.

of

New

Hampshire

3.60%,

7/1/2049

10,000

7,328

Public

Service

Electric

and

Gas

Co.

4.65%,

3/15/2033

15,000

14,859

5.20%,

3/1/2034

20,000

20,364

3.60%,

12/1/2047

77,000

57,328

4.05%,

5/1/2048

60,000

47,640

5.45%,

3/1/2054

20,000

19,562

Southern

California

Edison

Co.

5.65%,

10/1/2028

40,000

40,942

5.95%,

11/1/2032

7,000

7,249

5.20%,

6/1/2034

100,000

98,067

5.45%,

3/1/2035

140,000

139,450

Series

C,

4.13%,

3/1/2048

33,000

24,670

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Electric

Utilities

-

4.2%

(continued)

Southern

California

Edison

Co.

(continued)

Series

E,

5.45%,

6/1/2052

$

75,000

$

65,317

1,792,137

Electrical

Equipment

-

0.2%

ABB

Finance

USA,

Inc.

3.80%,

4/3/2028

50,000

49,883

Hubbell,

Inc.

3.50%,

2/15/2028

20,000

19,569

69,452

Energy

Equipment

&

Services

-

0.3%

Baker

Hughes

Holdings

LLC

4.08%,

12/15/2047

55,000

42,803

Halliburton

Co.

6.70%,

9/15/2038

10,000

10,867

5.00%,

11/15/2045

60,000

52,632

106,302

Entertainment

-

0.1%

Walt

Disney

Co.

(The)

7.75%,

12/1/2045

30,000

37,624

Financial

Services

-

2.0%

Equitable

Holdings,

Inc.

5.59%,

1/11/2033

44,000

45,388

5.00%,

4/20/2048

4,000

3,513

Mastercard,

Inc.

3.30%,

3/26/2027

100,000

98,637

2.95%,

6/1/2029

96,000

91,874

2.00%,

11/18/2031

33,000

28,566

4.85%,

3/9/2033

60,000

60,838

3.95%,

2/26/2048

15,000

11,935

2.95%,

3/15/2051

30,000

19,503

PayPal

Holdings,

Inc.

4.40%,

6/1/2032

98,000

96,534

5.05%,

6/1/2052

30,000

27,423

Shell

International

Finance

BV

3.88%,

11/13/2028

70,000

69,353

6.38%,

12/15/2038

60,000

66,236

3.00%,

11/26/2051

70,000

44,904

Visa,

Inc.

2.05%,

4/15/2030

100,000

90,669

2.70%,

4/15/2040

90,000

67,262

Voya

Financial,

Inc.

5.00%,

9/20/2034

10,000

9,767

4.70%,

1/23/2048(b)

30,000

28,672

861,074

Food

Products

-

0.8%

Archer-Daniels-Midland

Co.

4.50%,

3/15/2049

10,000

8,461

Campbell's

Co.

(The)

4.15%,

3/15/2028

50,000

49,661

2.38%,

4/24/2030

17,000

15,316

4.80%,

3/15/2048

20,000

17,274

General

Mills,

Inc.

4.55%,

4/17/2038

20,000

18,002

4.70%,

4/17/2048

40,000

34,255

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

231

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Food

Products

-

0.8%

(continued)

Hershey

Co.

(The)

4.25%,

5/4/2028

$

20,000

$

20,069

1.70%,

6/1/2030

32,000

28,215

3.13%,

11/15/2049

10,000

6,732

2.65%,

6/1/2050

10,000

6,007

Hormel

Foods

Corp.

3.05%,

6/3/2051

40,000

26,007

Ingredion,

Inc.

2.90%,

6/1/2030

33,000

30,485

3.90%,

6/1/2050

10,000

7,235

Mondelez

International,

Inc.

3.00%,

3/17/2032

50,000

45,000

2.63%,

9/4/2050

50,000

29,388

342,107

Gas

Utilities

-

0.0%(d)

Washington

Gas

Light

Co.

3.65%,

9/15/2049

20,000

14,224

Ground

Transportation

-

1.7%

Canadian

National

Railway

Co.

3.65%,

2/3/2048

14,000

10,588

4.45%,

1/20/2049

92,000

78,815

4.40%,

8/5/2052

7,000

5,881

CSX

Corp.

2.40%,

2/15/2030

63,000

57,940

5.20%,

11/15/2033

60,000

61,744

5.05%,

6/15/2035

10,000

9,993

6.22%,

4/30/2040

70,000

75,375

3.80%,

4/15/2050

33,000

24,790

4.65%,

3/1/2068

3,000

2,432

JB

Hunt

Transport

Services,

Inc.

4.90%,

3/15/2030

30,000

30,415

Norfolk

Southern

Corp.

5.95%,

3/15/2064

50,000

50,897

Ryder

System,

Inc.

6.60%,

12/1/2033

50,000

54,992

Union

Pacific

Corp.

4.50%,

1/20/2033

80,000

79,078

2.89%,

4/6/2036

40,000

32,859

4.50%,

9/10/2048

55,000

46,483

4.30%,

3/1/2049

20,000

16,391

5.60%,

12/1/2054

110,000

108,826

747,499

Health

Care

Equipment

&

Supplies

-

2.0%

Abbott

Laboratories

1.40%,

6/30/2030

98,000

85,888

4.90%,

11/30/2046

98,000

91,431

Baxter

International,

Inc.

1.73%,

4/1/2031

50,000

42,597

3.13%,

12/1/2051

58,000

36,563

Becton

Dickinson

&

Co.

2.82%,

5/20/2030

50,000

46,202

1.96%,

2/11/2031

50,000

43,360

3.79%,

5/20/2050

50,000

37,088

Boston

Scientific

Corp.

2.65%,

6/1/2030

100,000

92,214

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Health

Care

Equipment

&

Supplies

-

2.0%

(continued)

GE

HealthCare

Technologies,

Inc.

5.86%,

3/15/2030

$

120,000

$

126,230

Medtronic

Global

Holdings

SCA

4.25%,

3/30/2028

60,000

59,978

4.50%,

3/30/2033

5,000

4,933

Medtronic,

Inc.

4.38%,

3/15/2035

80,000

77,103

Stryker

Corp.

4.63%,

9/11/2034

90,000

87,998

Zimmer

Biomet

Holdings,

Inc.

3.55%,

3/20/2030

30,000

28,611

860,196

Health

Care

Providers

&

Services

-

5.8%

Aetna,

Inc.

3.88%,

8/15/2047

40,000

29,045

Cardinal

Health,

Inc.

4.90%,

9/15/2045

33,000

29,137

Cencora

,

Inc.

2.70%,

3/15/2031

50,000

45,115

5.13%,

2/15/2034

30,000

30,136

Centene

Corp.

2.45%,

7/15/2028

20,000

18,235

2.63%,

8/1/2031

80,000

66,805

Cigna

Group

(The)

4.38%,

10/15/2028

30,000

29,893

5.25%,

2/15/2034

20,000

20,202

4.80%,

8/15/2038

90,000

83,521

6.13%,

11/15/2041

33,000

34,133

4.80%,

7/15/2046

30,000

25,919

3.88%,

10/15/2047

20,000

14,863

3.40%,

3/15/2051

79,000

52,614

CVS

Health

Corp.

3.63%,

4/1/2027

33,000

32,529

4.30%,

3/25/2028

100,000

99,332

5.25%,

2/21/2033

80,000

80,221

4.78%,

3/25/2038

130,000

118,792

5.05%,

3/25/2048

174,000

149,716

6.05%,

6/1/2054

30,000

29,322

Elevance

Health,

Inc.

2.25%,

5/15/2030

50,000

44,978

4.10%,

5/15/2032

164,000

156,646

4.75%,

2/15/2033

20,000

19,708

5.20%,

2/15/2035

50,000

49,962

4.55%,

3/1/2048

32,000

26,139

3.70%,

9/15/2049

30,000

21,263

6.10%,

10/15/2052

14,000

14,093

5.13%,

2/15/2053

20,000

17,640

5.65%,

6/15/2054

40,000

37,874

5.85%,

11/1/2064

30,000

28,727

HCA,

Inc.

3.13%,

3/15/2027

130,000

127,090

5.45%,

4/1/2031

20,000

20,556

3.63%,

3/15/2032

30,000

27,611

7.50%,

11/6/2033

77,000

87,321

5.60%,

4/1/2034

80,000

81,529

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

232

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Health

Care

Providers

&

Services

-

5.8%

(continued)

HCA,

Inc.

(continued)

5.13%,

6/15/2039

$

20,000

$

18,751

4.38%,

3/15/2042

55,000

45,827

5.25%,

6/15/2049

20,000

17,689

4.63%,

3/15/2052

87,000

69,534

6.00%,

4/1/2054

15,000

14,565

Laboratory

Corp.

of

America

Holdings

4.35%,

4/1/2030

10,000

9,896

2.70%,

6/1/2031

50,000

44,824

4.80%,

10/1/2034

25,000

24,318

NYU

Langone

Hospitals

Series

2020,

3.38%,

7/1/2055

60,000

39,986

Orlando

Health

Obligated

Group

5.48%,

10/1/2035

70,000

71,824

Quest

Diagnostics,

Inc.

4.20%,

6/30/2029

43,000

42,672

2.95%,

6/30/2030

50,000

46,462

2.80%,

6/30/2031

10,000

9,031

6.40%,

11/30/2033

10,000

10,939

UnitedHealth

Group,

Inc.

5.00%,

4/15/2034

50,000

49,616

6.05%,

2/15/2063

20,000

19,939

5.75%,

7/15/2064

70,000

66,616

Universal

Health

Services,

Inc.

2.65%,

1/15/2032

120,000

101,643

Willis-Knighton

Medical

Center

Series

2018,

4.81%,

9/1/2048

40,000

34,216

2,489,015

Health

Care

REITs

-

0.8%

Alexandria

Real

Estate

Equities,

Inc.

REIT,

5.25%,

5/15/2036

160,000

157,131

Healthcare

Realty

Holdings

LP

REIT,

3.63%,

1/15/2028

30,000

29,124

REIT,

2.40%,

3/15/2030

20,000

17,854

REIT,

2.05%,

3/15/2031

7,000

5,891

Healthpeak

OP

LLC

REIT,

3.50%,

7/15/2029

20,000

19,227

Ventas

Realty

LP

REIT,

4.00%,

3/1/2028

23,000

22,718

REIT,

3.00%,

1/15/2030

48,000

44,894

REIT,

4.75%,

11/15/2030

30,000

29,961

REIT,

5.00%,

1/15/2035

20,000

19,592

346,392

Hotel

&

Resort

REITs

-

0.1%

Host

Hotels

&

Resorts

LP

Series

I,

REIT,

3.50%,

9/15/2030

10,000

9,275

Series

J,

REIT,

2.90%,

12/15/2031

10,000

8,737

REIT,

5.50%,

4/15/2035

20,000

19,735

37,747

Hotels,

Restaurants

&

Leisure

-

0.8%

Las

Vegas

Sands

Corp.

3.90%,

8/8/2029

70,000

66,795

6.20%,

8/15/2034

10,000

10,254

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Hotels,

Restaurants

&

Leisure

-

0.8%

(continued)

Marriott

International,

Inc.

5.00%,

10/15/2027

$

20,000

$

20,252

4.90%,

4/15/2029

30,000

30,374

Series

HH,

2.85%,

4/15/2031

63,000

57,110

5.30%,

5/15/2034

20,000

20,169

Starbucks

Corp.

3.55%,

8/15/2029

70,000

68,037

4.45%,

8/15/2049

80,000

65,668

338,659

Household

Durables

-

0.2%

Mohawk

Industries,

Inc.

5.85%,

9/18/2028

12,000

12,435

3.63%,

5/15/2030

7,000

6,691

NVR,

Inc.

3.00%,

5/15/2030

14,000

13,063

PulteGroup,

Inc.

5.00%,

1/15/2027

26,000

26,114

Toll

Brothers

Finance

Corp.

3.80%,

11/1/2029

20,000

19,427

77,730

Household

Products

-

0.1%

Clorox

Co.

(The)

1.80%,

5/15/2030

10,000

8,836

4.60%,

5/1/2032

20,000

19,951

28,787

Independent

Power

and

Renewable

Electricity

Producers

-

0.2%

Constellation

Energy

Generation

LLC

5.80%,

3/1/2033

20,000

21,118

6.13%,

1/15/2034

40,000

43,024

64,142

Industrial

REITs

-

0.5%

Americold

Realty

Operating

Partnership

LP

REIT,

5.41%,

9/12/2034

10,000

9,724

Prologis

LP

REIT,

4.88%,

6/15/2028

60,000

60,932

REIT,

4.63%,

1/15/2033

47,000

46,567

REIT,

5.13%,

1/15/2034

44,000

44,477

REIT,

5.00%,

1/31/2035

30,000

29,911

REIT,

4.38%,

9/15/2048

7,000

5,767

REIT,

3.00%,

4/15/2050

23,000

14,666

212,044

Insurance

-

3.2%

Aflac,

Inc.

3.60%,

4/1/2030

53,000

51,297

4.75%,

1/15/2049

10,000

8,628

Allstate

Corp.

(The)

1.45%,

12/15/2030

10,000

8,466

5.25%,

3/30/2033

40,000

40,861

American

International

Group,

Inc.

5.13%,

3/27/2033

15,000

15,184

4.38%,

6/30/2050

40,000

33,062

Arch

Capital

Finance

LLC

5.03%,

12/15/2046

10,000

9,019

Arch

Capital

Group

Ltd.

3.64%,

6/30/2050

20,000

14,504

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

233

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Insurance

-

3.2%

(continued)

Arthur

J

Gallagher

&

Co.

5.15%,

2/15/2035

$

110,000

$

109,357

Athene

Holding

Ltd.

6.25%,

4/1/2054

20,000

19,748

AXIS

Specialty

Finance

LLC

4.90%,

1/15/2040(b)

27,000

25,975

Brighthouse

Financial,

Inc.

4.70%,

6/22/2047

20,000

14,823

3.85%,

12/22/2051

5,000

3,068

CNO

Financial

Group,

Inc.

6.45%,

6/15/2034

15,000

15,627

Everest

Reinsurance

Holdings,

Inc.

3.13%,

10/15/2052

30,000

18,552

Fidelity

National

Financial,

Inc.

4.50%,

8/15/2028

20,000

19,893

3.20%,

9/17/2051

14,000

8,592

Hartford

Insurance

Group,

Inc.

(The)

4.40%,

3/15/2048

5,000

4,160

3.60%,

8/19/2049

43,000

31,303

2.90%,

9/15/2051

14,000

8,791

Lincoln

National

Corp.

3.05%,

1/15/2030

17,000

15,899

Manulife

Financial

Corp.

3.70%,

3/16/2032

37,000

34,946

MetLife,

Inc.

4.55%,

3/23/2030

90,000

90,713

5.38%,

7/15/2033

15,000

15,584

5.30%,

12/15/2034

10,000

10,227

10.75%,

8/1/2039

33,000

43,823

4.60%,

5/13/2046

30,000

26,456

5.00%,

7/15/2052

33,000

29,678

5.25%,

1/15/2054

24,000

22,502

Primerica,

Inc.

2.80%,

11/19/2031

10,000

8,914

Principal

Financial

Group,

Inc.

3.70%,

5/15/2029

33,000

32,077

2.13%,

6/15/2030

58,000

51,837

5.38%,

3/15/2033

10,000

10,248

5.50%,

3/15/2053

8,000

7,693

Progressive

Corp.

(The)

4.20%,

3/15/2048

70,000

57,489

Prudential

Financial,

Inc.

3.00%,

3/10/2040

23,000

17,349

4.50%,

9/15/2047(b)

50,000

49,210

3.91%,

12/7/2047

25,000

19,366

4.35%,

2/25/2050

33,000

27,087

5.13%,

3/1/2052(b)

30,000

29,062

6.00%,

9/1/2052(b)

47,000

47,676

Prudential

Funding

Asia

plc

3.13%,

4/14/2030

15,000

14,161

3.63%,

3/24/2032

10,000

9,296

Reinsurance

Group

of

America,

Inc.

5.75%,

9/15/2034

20,000

20,515

RenaissanceRe

Holdings

Ltd.

5.75%,

6/5/2033

22,000

22,657

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Insurance

-

3.2%

(continued)

Travelers

Cos.,

Inc.

(The)

4.00%,

5/30/2047

$

50,000

$

39,901

4.05%,

3/7/2048

8,000

6,414

4.10%,

3/4/2049

5,000

3,994

5.45%,

5/25/2053

37,000

35,938

Unum

Group

4.00%,

6/15/2029

40,000

39,158

4.13%,

6/15/2051

24,000

17,720

W

R

Berkley

Corp.

3.55%,

3/30/2052

5,000

3,426

3.15%,

9/30/2061

30,000

18,163

Willis

North

America,

Inc.

5.35%,

5/15/2033

30,000

30,606

5.90%,

3/5/2054

20,000

19,707

1,390,402

Interactive

Media

&

Services

-

1.2%

Alphabet,

Inc.

0.80%,

8/15/2027

170,000

159,511

1.10%,

8/15/2030

10,000

8,622

1.90%,

8/15/2040

7,000

4,655

2.05%,

8/15/2050

60,000

33,122

2.25%,

8/15/2060

130,000

68,317

Meta

Platforms,

Inc.

4.60%,

5/15/2028

90,000

91,139

5.60%,

5/15/2053

40,000

39,674

5.40%,

8/15/2054

40,000

38,653

5.75%,

5/15/2063

83,000

83,393

5.55%,

8/15/2064

10,000

9,702

536,788

IT

Services

-

0.9%

Genpact

Luxembourg

Sarl

6.00%,

6/4/2029

10,000

10,324

IBM

International

Capital

Pte.

Ltd.

5.25%,

2/5/2044

100,000

95,465

International

Business

Machines

Corp.

4.50%,

2/6/2028

160,000

160,755

4.15%,

5/15/2039

100,000

87,574

2.85%,

5/15/2040

72,000

52,730

406,848

Leisure

Products

-

0.2%

Brunswick

Corp.

4.40%,

9/15/2032

25,000

23,348

5.10%,

4/1/2052

20,000

15,483

Hasbro,

Inc.

3.90%,

11/19/2029

33,000

31,814

6.35%,

3/15/2040

10,000

10,310

80,955

Machinery

-

1.1%

AGCO

Corp.

5.80%,

3/21/2034

10,000

10,192

Caterpillar,

Inc.

3.25%,

9/19/2049

110,000

76,716

CNH

Industrial

NV

3.85%,

11/15/2027

10,000

9,883

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

234

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Machinery

-

1.1%

(continued)

Cummins,

Inc.

4.90%,

2/20/2029

$

120,000

$

122,437

5.15%,

2/20/2034

30,000

30,502

Deere

&

Co.

7.13%,

3/3/2031

20,000

22,682

Ingersoll

Rand,

Inc.

5.40%,

8/14/2028

38,000

38,973

5.31%,

6/15/2031

80,000

82,576

Stanley

Black

&

Decker,

Inc.

6.00%,

3/6/2028

20,000

20,702

4.85%,

11/15/2048

10,000

8,498

2.75%,

11/15/2050

22,000

12,565

Westinghouse

Air

Brake

Technologies

Corp.

5.61%,

3/11/2034

10,000

10,339

Xylem,

Inc.

1.95%,

1/30/2028

20,000

18,919

2.25%,

1/30/2031

17,000

14,994

479,978

Marine

Transportation

-

0.0%(d)

Kirby

Corp.

4.20%,

3/1/2028

20,000

19,766

Media

-

2.5%

Comcast

Corp.

4.55%,

1/15/2029

90,000

90,622

2.65%,

2/1/2030

247,000

228,644

5.50%,

11/15/2032

90,000

93,911

4.65%,

2/15/2033

67,000

66,271

4.60%,

10/15/2038

20,000

18,398

4.00%,

3/1/2048

64,000

49,029

4.00%,

11/1/2049

40,000

30,186

2.89%,

11/1/2051

250,000

150,199

5.35%,

5/15/2053

10,000

9,178

2.99%,

11/1/2063

170,000

94,760

5.50%,

5/15/2064

3,000

2,764

Fox

Corp.

4.71%,

1/25/2029

50,000

50,258

5.58%,

1/25/2049

55,000

51,474

Interpublic

Group

of

Cos.,

Inc.

(The)

3.38%,

3/1/2041

30,000

22,293

Paramount

Global

4.95%,

1/15/2031

25,000

24,379

4.38%,

3/15/2043

30,000

22,706

5.25%,

4/1/2044

30,000

24,234

4.95%,

5/19/2050

80,000

61,752

1,091,058

Metals

&

Mining

-

0.9%

BHP

Billiton

Finance

USA

Ltd.

5.25%,

9/8/2033

30,000

30,731

5.30%,

2/21/2035

100,000

102,076

Newmont

Corp.

3.25%,

5/13/2030

60,000

56,801

2.60%,

7/15/2032

10,000

8,858

5.88%,

4/1/2035

57,000

60,504

5.75%,

11/15/2041

10,000

10,064

4.20%,

5/13/2050

25,000

20,354

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Metals

&

Mining

-

0.9%

(continued)

Nucor

Corp.

5.10%,

6/1/2035

$

80,000

$

80,212

369,600

Multi-Utilities

-

1.4%

Ameren

Corp.

5.38%,

3/15/2035

40,000

40,278

Consolidated

Edison

Co.

of

New

York,

Inc.

Series

20A,

3.35%,

4/1/2030

80,000

76,718

2.40%,

6/15/2031

50,000

44,644

5.20%,

3/1/2033

10,000

10,287

5.50%,

3/15/2034

50,000

51,927

Series

E,

4.65%,

12/1/2048

22,000

18,977

6.15%,

11/15/2052

7,000

7,323

5.90%,

11/15/2053

10,000

10,175

5.70%,

5/15/2054

30,000

29,795

4.50%,

5/15/2058

55,000

44,340

National

Grid

plc

5.60%,

6/12/2028

15,000

15,426

5.81%,

6/12/2033

25,000

26,144

NiSource,

Inc.

6.95%,

11/30/2054(b)

35,000

36,268

Public

Service

Enterprise

Group,

Inc.

5.85%,

11/15/2027

3,000

3,089

1.60%,

8/15/2030

10,000

8,619

San

Diego

Gas

&

Electric

Co.

Series

VVV,

1.70%,

10/1/2030

20,000

17,359

2.95%,

8/15/2051

87,000

54,853

5.55%,

4/15/2054

10,000

9,591

Sempra

3.70%,

4/1/2029

10,000

9,700

5.50%,

8/1/2033

20,000

20,443

3.80%,

2/1/2038

66,000

54,545

4.00%,

2/1/2048

33,000

24,480

614,981

Office

REITs

-

0.6%

Boston

Properties

LP

REIT,

3.25%,

1/30/2031

80,000

73,364

REIT,

2.45%,

10/1/2033

33,000

26,468

REIT,

5.75%,

1/15/2035

20,000

20,118

COPT

Defense

Properties

LP

REIT,

2.00%,

1/15/2029

10,000

9,131

REIT,

2.75%,

4/15/2031

20,000

17,720

Cousins

Properties

LP

REIT,

5.88%,

10/1/2034

10,000

10,289

Highwoods

Realty

LP

REIT,

3.05%,

2/15/2030

30,000

27,313

REIT,

7.65%,

2/1/2034

10,000

11,273

Kilroy

Realty

LP

REIT,

4.75%,

12/15/2028

30,000

29,684

REIT,

6.25%,

1/15/2036

17,000

17,070

Piedmont

Operating

Partnership

LP

REIT,

3.15%,

8/15/2030

10,000

8,898

REIT,

2.75%,

4/1/2032

7,000

5,856

257,184

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

235

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

7.6%

Boardwalk

Pipelines

LP

3.40%,

2/15/2031

$

40,000

$

36,951

BP

Capital

Markets

America,

Inc.

3.02%,

1/16/2027

100,000

98,251

3.00%,

3/17/2052

60,000

37,724

3.38%,

2/8/2061

100,000

64,157

BP

Capital

Markets

plc

3.72%,

11/28/2028

80,000

78,450

Cheniere

Corpus

Christi

Holdings

LLC

2.74%,

12/31/2039

30,000

24,675

Cheniere

Energy,

Inc.

4.63%,

10/15/2028

29,000

28,845

Columbia

Pipeline

Group,

Inc.

5.80%,

6/1/2045

10,000

9,695

ConocoPhillips

Co.

4.85%,

1/15/2032

60,000

60,404

5.00%,

1/15/2035

200,000

198,811

DCP

Midstream

Operating

LP

3.25%,

2/15/2032

20,000

17,829

Enbridge,

Inc.

6.20%,

11/15/2030

10,000

10,654

2.50%,

8/1/2033

30,000

24,968

5.63%,

4/5/2034

80,000

81,866

6.70%,

11/15/2053

75,000

80,959

5.95%,

4/5/2054

5,000

4,953

5.50%,

7/15/2077(b)

50,000

49,503

Enterprise

Products

Operating

LLC

5.55%,

2/16/2055

130,000

124,421

5.38%,

2/15/2078(b)

20,000

19,746

Hess

Corp.

6.00%,

1/15/2040

57,000

61,002

Kinder

Morgan,

Inc.

2.00%,

2/15/2031

14,000

12,201

5.40%,

2/1/2034

110,000

111,121

5.30%,

12/1/2034

30,000

29,946

5.55%,

6/1/2045

33,000

30,971

5.20%,

3/1/2048

27,000

24,037

3.60%,

2/15/2051

10,000

6,839

5.45%,

8/1/2052

35,000

31,916

Marathon

Petroleum

Corp.

3.80%,

4/1/2028

30,000

29,478

4.50%,

4/1/2048

58,000

45,011

Occidental

Petroleum

Corp.

5.00%,

8/1/2027

50,000

50,360

6.13%,

1/1/2031

40,000

41,366

6.45%,

9/15/2036

65,000

66,153

Zero

Coupon,

10/10/2036

50,000

28,755

6.60%,

3/15/2046

30,000

29,640

6.05%,

10/1/2054

5,000

4,571

ONEOK,

Inc.

5.55%,

11/1/2026

200,000

202,099

6.10%,

11/15/2032

25,000

26,432

5.20%,

7/15/2048

20,000

17,291

4.85%,

2/1/2049

30,000

24,411

4.50%,

3/15/2050

60,000

45,912

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

7.6%

(continued)

ONEOK,

Inc.

(continued)

5.70%,

11/1/2054

$

30,000

$

27,550

5.85%,

11/1/2064

70,000

64,553

Pioneer

Natural

Resources

Co.

2.15%,

1/15/2031

30,000

26,547

Plains

All

American

Pipeline

LP

4.50%,

12/15/2026

100,000

99,915

3.80%,

9/15/2030

75,000

71,478

Sabine

Pass

Liquefaction

LLC

5.90%,

9/15/2037

40,000

41,904

Shell

Finance

US,

Inc.

4.55%,

8/12/2043

100,000

87,651

4.38%,

5/11/2045

60,000

50,537

South

Bow

USA

Infrastructure

Holdings

LLC

4.91%,

9/1/2027(a)

50,000

50,169

6.18%,

10/1/2054(a)

10,000

9,487

Targa

Resources

Corp.

6.50%,

3/30/2034

100,000

107,449

TotalEnergies

Capital

International

SA

2.83%,

1/10/2030

50,000

47,235

3.46%,

7/12/2049

50,000

35,260

3.13%,

5/29/2050

60,000

39,618

TotalEnergies

Capital

SA

4.72%,

9/10/2034

10,000

9,911

5.49%,

4/5/2054

70,000

67,062

Transcanada

Trust

5.60%,

3/7/2082(b)

30,000

29,174

Valero

Energy

Corp.

4.00%,

4/1/2029

30,000

29,429

2.80%,

12/1/2031

60,000

53,373

4.00%,

6/1/2052

30,000

21,274

Williams

Cos.,

Inc.

(The)

3.75%,

6/15/2027

50,000

49,289

4.80%,

11/15/2029

50,000

50,391

5.65%,

3/15/2033

73,000

75,596

5.15%,

3/15/2034

5,000

4,980

5.60%,

3/15/2035

30,000

30,664

5.75%,

6/24/2044

33,000

32,405

5.10%,

9/15/2045

37,000

33,350

4.85%,

3/1/2048

39,000

33,419

5.30%,

8/15/2052

14,000

12,711

3,264,755

Paper

&

Forest

Products

-

0.1%

Suzano

Austria

GmbH

3.75%,

1/15/2031

20,000

18,608

Series

DM3N,

3.13%,

1/15/2032

50,000

43,954

62,562

Passenger

Airlines

-

0.1%

Southwest

Airlines

Co.

2.63%,

2/10/2030

30,000

27,288

Personal

Care

Products

-

0.3%

Estee

Lauder

Cos.,

Inc.

(The)

4.38%,

5/15/2028

20,000

19,996

2.60%,

4/15/2030

30,000

27,554

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

236

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Personal

Care

Products

-

0.3%

(continued)

Estee

Lauder

Cos.,

Inc.

(The)

(continued)

1.95%,

3/15/2031

$

83,000

$

72,198

4.15%,

3/15/2047

10,000

7,835

5.15%,

5/15/2053

5,000

4,820

132,403

Pharmaceuticals

-

5.4%

AstraZeneca

Finance

LLC

4.88%,

3/3/2033

53,000

53,636

5.00%,

2/26/2034

60,000

60,808

AstraZeneca

plc

4.00%,

9/18/2042

55,000

46,344

4.38%,

11/16/2045

30,000

26,129

Bristol-Myers

Squibb

Co.

1.13%,

11/13/2027

160,000

149,681

6.40%,

11/15/2063

20,000

21,429

5.65%,

2/22/2064

190,000

183,526

GlaxoSmithKline

Capital

plc

3.38%,

6/1/2029

33,000

31,955

GlaxoSmithKline

Capital,

Inc.

6.38%,

5/15/2038

72,000

79,496

Johnson

&

Johnson

6.95%,

9/1/2029

50,000

55,471

3.63%,

3/3/2037

80,000

70,860

2.10%,

9/1/2040

100,000

68,497

2.25%,

9/1/2050

20,000

11,608

5.25%,

6/1/2054

60,000

59,151

2.45%,

9/1/2060

17,000

9,354

Merck

&

Co.,

Inc.

4.05%,

5/17/2028

100,000

99,877

4.50%,

5/17/2033

30,000

29,761

3.90%,

3/7/2039

20,000

17,419

2.35%,

6/24/2040

93,000

64,809

4.90%,

5/17/2044

55,000

50,909

2.75%,

12/10/2051

15,000

9,110

Novartis

Capital

Corp.

2.00%,

2/14/2027

50,000

48,454

2.20%,

8/14/2030

85,000

77,034

4.20%,

9/18/2034

60,000

57,576

2.75%,

8/14/2050

75,000

47,123

Pfizer

Investment

Enterprises

Pte.

Ltd.

5.11%,

5/19/2043

30,000

28,401

5.34%,

5/19/2063

142,000

129,989

Pfizer,

Inc.

1.75%,

8/18/2031

33,000

28,375

4.10%,

9/15/2038

275,000

244,328

3.90%,

3/15/2039

40,000

34,596

7.20%,

3/15/2039

57,000

67,141

2.55%,

5/28/2040

63,000

44,803

2.70%,

5/28/2050

20,000

12,224

Sanofi

SA

3.63%,

6/19/2028

15,000

14,785

Takeda

Pharmaceutical

Co.

Ltd.

2.05%,

3/31/2030

320,000

285,960

2,320,619

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Professional

Services

-

0.3%

Automatic

Data

Processing,

Inc.

4.45%,

9/9/2034

$

10,000

$

9,757

Equifax,

Inc.

4.80%,

9/15/2029

55,000

55,356

3.10%,

5/15/2030

37,000

34,485

Verisk

Analytics,

Inc.

3.63%,

5/15/2050

30,000

21,258

120,856

Real

Estate

Management

&

Development

-

0.1%

CBRE

Services,

Inc.

2.50%,

4/1/2031

20,000

17,769

5.95%,

8/15/2034

18,000

18,966

Jones

Lang

LaSalle,

Inc.

6.88%,

12/1/2028

10,000

10,683

47,418

Residential

REITs

-

0.8%

AvalonBay

Communities,

Inc.

REIT,

1.90%,

12/1/2028

40,000

37,046

REIT,

5.00%,

2/15/2033

14,000

14,113

REIT,

4.35%,

4/15/2048

20,000

16,669

Camden

Property

Trust

REIT,

2.80%,

5/15/2030

50,000

46,423

ERP

Operating

LP

REIT,

3.00%,

7/1/2029

67,000

63,546

REIT,

1.85%,

8/1/2031

18,000

15,491

Essex

Portfolio

LP

REIT,

1.70%,

3/1/2028

30,000

27,934

REIT,

1.65%,

1/15/2031

50,000

42,262

Mid-America

Apartments

LP

REIT,

1.70%,

2/15/2031

60,000

51,350

Store

Capital

LLC

REIT,

2.70%,

12/1/2031

20,000

17,026

UDR,

Inc.

REIT,

5.13%,

9/1/2034

10,000

9,944

341,804

Retail

REITs

-

0.5%

Brixmor

Operating

Partnership

LP

REIT,

2.25%,

4/1/2028

30,000

28,296

REIT,

2.50%,

8/16/2031

7,000

6,115

REIT,

5.50%,

2/15/2034

7,000

7,081

Federal

Realty

OP

LP

REIT,

5.38%,

5/1/2028

30,000

30,614

REIT,

3.50%,

6/1/2030

10,000

9,489

REIT,

3.63%,

8/1/2046

10,000

7,054

Kimco

Realty

OP

LLC

REIT,

4.85%,

3/1/2035

70,000

68,418

Regency

Centers

LP

REIT,

4.13%,

3/15/2028

5,000

4,970

REIT,

3.70%,

6/15/2030

26,000

25,073

REIT,

4.65%,

3/15/2049

10,000

8,570

195,680

Semiconductors

&

Semiconductor

Equipment

-

2.3%

Applied

Materials,

Inc.

4.35%,

4/1/2047

50,000

42,589

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

237

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Semiconductors

&

Semiconductor

Equipment

-

2.3%

(continued)

Intel

Corp.

3.75%,

3/25/2027

$

100,000

$

98,656

2.00%,

8/12/2031

47,000

39,988

5.15%,

2/21/2034

30,000

29,674

5.63%,

2/10/2043

54,000

50,347

3.73%,

12/8/2047

87,000

59,539

4.75%,

3/25/2050

120,000

95,076

4.95%,

3/25/2060

48,000

37,778

Micron

Technology,

Inc.

5.30%,

1/15/2031

30,000

30,618

5.88%,

9/15/2033

30,000

31,287

3.37%,

11/1/2041

30,000

22,234

QUALCOMM,

Inc.

2.15%,

5/20/2030

80,000

72,504

5.40%,

5/20/2033

80,000

83,746

6.00%,

5/20/2053

35,000

36,716

TSMC

Arizona

Corp.

3.88%,

4/22/2027

280,000

277,781

1,008,533

Software

-

3.1%

Adobe,

Inc.

4.80%,

4/4/2029

40,000

40,838

2.30%,

2/1/2030

33,000

30,317

5.30%,

1/17/2035

20,000

20,819

Autodesk,

Inc.

2.85%,

1/15/2030

20,000

18,652

2.40%,

12/15/2031

10,000

8,730

Cadence

Design

Systems,

Inc.

4.30%,

9/10/2029

50,000

49,841

Microsoft

Corp.

2.40%,

8/8/2026

20,000

19,640

1.35%,

9/15/2030

100,000

87,545

3.45%,

8/8/2036

33,000

29,463

4.50%,

6/15/2047

65,000

58,480

2.53%,

6/1/2050

125,000

76,895

2.92%,

3/17/2052

40,000

26,390

2.68%,

6/1/2060

113,000

65,774

3.04%,

3/17/2062

55,000

34,854

Oracle

Corp.

6.25%,

11/9/2032

170,000

182,996

4.70%,

9/27/2034

130,000

124,904

3.65%,

3/25/2041

100,000

78,182

5.55%,

2/6/2053

310,000

286,402

4.10%,

3/25/2061

115,000

81,341

ServiceNow,

Inc.

1.40%,

9/1/2030

17,000

14,683

1,336,746

Specialized

REITs

-

0.4%

Equinix,

Inc.

REIT,

3.20%,

11/18/2029

70,000

66,082

REIT,

3.90%,

4/15/2032

60,000

56,579

Weyerhaeuser

Co.

REIT,

4.00%,

4/15/2030

30,000

29,216

REIT,

3.38%,

3/9/2033

30,000

26,783

178,660

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Specialty

Retail

-

2.0%

Home

Depot,

Inc.

(The)

3.90%,

12/6/2028

$

240,000

$

238,386

4.25%,

4/1/2046

50,000

41,788

4.50%,

12/6/2048

75,000

64,006

4.95%,

9/15/2052

170,000

153,993

5.40%,

6/25/2064

55,000

52,488

Lowe's

Cos.,

Inc.

3.65%,

4/5/2029

50,000

48,697

2.63%,

4/1/2031

70,000

62,895

5.50%,

10/15/2035

33,000

33,792

2.80%,

9/15/2041

138,000

95,778

4.55%,

4/5/2049

40,000

32,478

4.45%,

4/1/2062

26,000

19,942

5.85%,

4/1/2063

14,000

13,522

Tiffany

&

Co.

4.90%,

10/1/2044

10,000

9,266

867,031

Technology

Hardware,

Storage

&

Peripherals

-

2.7%

Apple,

Inc.

1.20%,

2/8/2028

160,000

149,200

4.30%,

5/10/2033

70,000

69,898

4.45%,

5/6/2044

114,000

103,876

4.65%,

2/23/2046

190,000

172,784

4.85%,

5/10/2053

75,000

70,966

4.10%,

8/8/2062

47,000

37,007

Dell

International

LLC

5.50%,

4/1/2035

80,000

80,877

8.10%,

7/15/2036

110,000

132,326

Hewlett

Packard

Enterprise

Co.

5.25%,

7/1/2028

150,000

153,660

5.00%,

10/15/2034

110,000

106,711

HP,

Inc.

5.50%,

1/15/2033

10,000

10,190

6.00%,

9/15/2041

53,000

53,406

1,140,901

Textiles,

Apparel

&

Luxury

Goods

-

0.0%(d)

Ralph

Lauren

Corp.

2.95%,

6/15/2030

14,000

13,055

Water

Utilities

-

0.2%

American

Water

Capital

Corp.

4.20%,

9/1/2048

80,000

64,497

Essential

Utilities,

Inc.

5.38%,

1/15/2034

10,000

10,122

4.28%,

5/1/2049

10,000

7,803

5.30%,

5/1/2052

10,000

9,031

91,453

Wireless

Telecommunication

Services

-

0.3%

Vodafone

Group

plc

5.00%,

5/30/2038

48,000

45,943

5.63%,

2/10/2053

70,000

66,157

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

238

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Wireless

Telecommunication

Services

-

0.3%

(continued)

Vodafone

Group

plc

(continued)

5.88%,

6/28/2064

$

20,000

$

19,250

131,350

Total

Corporate

Bonds

(Cost

$42,187,981)

41,283,456

Total

Investments

-

95.9%

(Cost

$42,187,981)

41,283,456

Other

assets

less

liabilities

-

4.1%

1,784,784

NET

ASSETS

-

100.0%

$43,068,240

(a)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

At

July

31,

2025,

the

value

of

these

securities

amounted

to

approximately

$156,672

or

0.36%

of

net

assets.

(b)

Security

issued

at

a

fixed

coupon

rate,

which

converts

to

a

variable

rate

at

a

future

date.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(c)

Step

bond.

Interest

rate

is

a

fixed

rate

for

an

initial

period

that

either

resets

at

a

specific

date

or

may

reset

in

the

future

at

a

contingent

upon

predetermined

trigger.

The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2025.

(d)

Represents

less

than

0.05%

of

net

assets.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

REIT

—

Real

Estate

Investment

Trust

SCA

—

Limited

partnership

with

share

capital

Security

Type

%

of

Net

Assets

Corporate

Bonds

95.9

%

Others

(1)

4.1

100.0%

(1)

Includes

any

other

net

assets/(liabilities).

239

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

Ultra-Short

Income

Fund

July

31,

2025

(Unaudited)

Investments

Principal

Amount

Value

CORPORATE

BONDS

-

86.5%

Aerospace

&

Defense

-

0.2%

RTX

Corp.

3.95%,

8/16/2025

$

2,000,000

$

1,999,176

Agricultural

&

Farm

Machinery

-

0.8%

AGCO

Corp.

5.45%,

3/21/2027

1,250,000

1,259,748

CNH

Industrial

Capital

LLC

1.45%,

7/15/2026

7,402,000

7,187,515

4.50%,

10/8/2027

2,500,000

2,496,343

10,943,606

Agricultural

Products

&

Services

-

0.3%

Bunge

Ltd.

Finance

Corp.

1.63%,

8/17/2025

4,400,000

4,393,174

Apparel

Retail

-

0.6%

Ross

Stores,

Inc.

0.88%,

4/15/2026

7,600,000

7,401,761

Apparel,

Accessories

&

Luxury

Goods

-

0.7%

Ralph

Lauren

Corp.

3.75%,

9/15/2025

9,675,000

9,659,591

Application

Software

-

1.0%

Intuit,

Inc.

5.25%,

9/15/2026

4,950,000

4,996,112

Synopsys,

Inc.

4.55%,

4/1/2027

7,800,000

7,812,223

12,808,335

Asset

Management

&

Custody

Banks

-

3.1%

BlackRock

Funding,

Inc.

4.60%,

7/26/2027

12,180,000

12,274,662

Blackstone

Private

Credit

Fund

7.05%,

9/29/2025

2,500,000

2,508,001

4.95%,

9/26/2027

1,290,000

1,285,146

Citadel

Finance

LLC

3.38%,

3/9/2026(a)

6,000,000

5,929,706

State

Street

Bank

&

Trust

Co.

(SOFR

+

0.46%),

4.85%,

11/25/2026(b)

2,610,000

2,611,707

State

Street

Corp.

(SOFR

+

0.85%),

5.28%,

8/3/2026(b)

10,000,000

10,044,223

4.33%,

10/22/2027

7,040,000

7,054,626

41,708,071

Automobile

Manufacturers

-

1.6%

BMW

US

Capital

LLC

(United

States

SOFR

Compounded

Index

+

0.78%),

5.16%,

3/19/2027(a)(b)

8,300,000

8,305,813

Hyundai

Capital

America

5.45%,

6/24/2026(a)

1,000,000

1,007,097

(SOFR

+

1.50%),

5.87%,

1/8/2027(a)(b)

1,500,000

1,514,464

(SOFR

+

1.04%),

5.42%,

3/19/2027(a)(b)

1,000,000

1,002,232

(SOFR

+

1.04%),

5.42%,

6/24/2027(a)(b)

5,000,000

5,009,828

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Automobile

Manufacturers

-

1.6%

(continued)

Mercedes-Benz

Finance

North

America

LLC

(SOFR

+

0.63%),

4.93%,

7/31/2026(a)(b)

$

4,100,000

$

4,111,125

20,950,559

Broadline

Retail

-

0.6%

eBay,

Inc.

5.90%,

11/22/2025

5,000,000

5,014,072

1.40%,

5/10/2026

3,500,000

3,418,347

8,432,419

Cable

&

Satellite

-

0.3%

Comcast

Corp.

3.95%,

10/15/2025

3,394,000

3,388,209

Cargo

Ground

Transportation

-

0.7%

JB

Hunt

Transport

Services,

Inc.

3.88%,

3/1/2026

5,000,000

4,977,534

Penske

Truck

Leasing

Co.

LP

1.20%,

11/15/2025(a)

5,000,000

4,948,438

9,925,972

Communications

Equipment

-

0.5%

Juniper

Networks,

Inc.

1.20%,

12/10/2025

7,200,000

7,105,807

Construction

Machinery

&

Heavy

Transportation

Equipment

-

0.6%

Daimler

Truck

Finance

North

America

LLC

(SOFR

+

0.96%),

5.26%,

9/25/2027(a)(b)

3,570,000

3,579,822

(SOFR

+

0.84%),

5.21%,

1/13/2028(a)(b)

4,100,000

4,103,883

7,683,705

Consumer

Finance

-

7.7%

AerCap

Ireland

Capital

DAC

4.45%,

10/1/2025

10,000,000

9,994,581

American

Express

Co.

(United

States

SOFR

Compounded

Index

+

1.35%),

5.71%,

10/30/2026(b)

3,500,000

3,513,109

6.34%,

10/30/2026(c)

700,000

702,764

(SOFR

+

0.75%),

5.11%,

4/23/2027(b)

3,000,000

3,008,143

(United

States

SOFR

Compounded

Index

+

0.97%),

5.33%,

7/28/2027(b)

4,000,000

4,015,420

American

Honda

Finance

Corp.

(United

States

SOFR

Compounded

Index

+

0.79%),

5.16%,

10/3/2025(b)

2,100,000

2,102,289

(SOFR

+

0.55%),

4.95%,

5/21/2026(b)

300,000

300,363

(SOFR

+

0.77%),

5.16%,

3/12/2027(b)

5,000,000

5,006,571

(SOFR

+

0.72%),

5.08%,

10/22/2027(b)

11,000,000

10,982,054

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Ultra-Short

Income

Fund

(cont.)

240

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Consumer

Finance

-

7.7%

(continued)

Avolon

Holdings

Funding

Ltd.

4.95%,

1/15/2028(a)

$

3,200,000

$

3,214,394

Caterpillar

Financial

Services

Corp.

(SOFR

+

0.46%),

4.85%,

2/27/2026(b)

7,000,000

7,007,752

General

Motors

Financial

Co.,

Inc.

(United

States

SOFR

Compounded

Index

+

1.35%),

5.75%,

5/8/2027(b)

2,169,000

2,177,099

(SOFR

+

1.29%),

5.66%,

1/7/2030(b)

8,800,000

8,694,251

John

Deere

Capital

Corp.

(SOFR

+

0.44%),

4.77%,

3/6/2026(b)

10,000,000

10,011,592

(SOFR

+

0.79%),

5.12%,

6/8/2026(b)

1,300,000

1,304,289

(SOFR

+

0.40%),

4.69%,

1/5/2027(b)

10,000,000

10,008,967

(SOFR

+

0.60%),

4.93%,

6/11/2027(b)

2,000,000

2,007,926

Toyota

Motor

Credit

Corp.

(SOFR

+

0.65%),

5.04%,

9/11/2025(b)

5,000,000

5,002,900

(SOFR

+

0.47%),

4.84%,

1/8/2027(b)

14,000,000

13,997,068

103,051,532

Consumer

Staples

Merchandise

Retail

-

0.7%

Walmart,

Inc.

(United

States

SOFR

Compounded

Index

+

0.43%),

4.79%,

4/28/2027(b)

9,500,000

9,538,690

Data

Processing

&

Outsourced

Services

-

0.1%

Broadridge

Financial

Solutions,

Inc.

3.40%,

6/27/2026

1,000,000

990,146

Diversified

Banks

-

21.0%

Bank

of

America

Corp.

(SOFR

+

1.11%),

5.51%,

5/9/2029(b)

24,000,000

24,181,342

Bank

of

Montreal

(United

States

SOFR

Compounded

Index

+

0.62%),

5.00%,

9/15/2026(b)

3,300,000

3,309,075

(SOFR

+

0.86%),

5.22%,

1/27/2029(b)

8,000,000

8,008,960

Bank

of

New

Zealand

(SOFR

+

0.81%),

5.17%,

1/27/2027(a)(b)

4,000,000

4,013,382

Bank

of

Nova

Scotia

(The)

(United

States

SOFR

Compounded

Index

+

0.55%),

4.94%,

3/2/2026(b)

4,000,000

4,003,961

(SOFR

+

0.61%),

4.99%,

9/15/2026(b)

1,780,000

1,782,563

Banque

Federative

du

Credit

Mutuel

SA

(SOFR

+

1.13%),

5.49%,

1/23/2027(a)(b)

2,940,000

2,960,446

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Diversified

Banks

-

21.0%

(continued)

Banque

Federative

du

Credit

Mutuel

SA

(continued)

(United

States

SOFR

Compounded

Index

+

1.07%),

5.47%,

2/16/2028(a)(b)

$

10,000,000

$

10,089,011

(United

States

SOFR

Compounded

Index

+

1.23%),

5.59%,

1/22/2030(a)(b)

2,900,000

2,916,521

Barclays

plc

(SOFR

+

1.49%),

5.88%,

3/12/2028(b)

9,000,000

9,074,526

Canadian

Imperial

Bank

of

Commerce

5.62%,

7/17/2026

4,150,000

4,196,516

(SOFR

+

0.72%),

5.09%,

1/13/2028(b)

10,000,000

10,014,454

Citibank

NA

4.93%,

8/6/2026

4,000,000

4,018,888

(United

States

SOFR

Compounded

Index

+

1.06%),

5.45%,

12/4/2026(b)

3,000,000

3,023,714

Citigroup,

Inc.

(SOFR

+

0.77%),

5.15%,

6/9/2027(b)

3,500,000

3,503,385

(SOFR

+

0.87%),

5.29%,

3/4/2029(b)

10,286,000

10,304,155

Commonwealth

Bank

of

Australia

4.42%,

3/14/2028

3,200,000

3,218,404

Credit

Agricole

SA

(SOFR

+

0.87%),

5.26%,

3/11/2027(a)(b)

6,670,000

6,688,289

4.63%,

9/11/2028(a)(c)

5,210,000

5,207,602

Fifth

Third

Bank

NA

(SOFR

+

0.81%),

5.17%,

1/28/2028(b)

4,900,000

4,901,320

HSBC

Holdings

plc

3.90%,

5/25/2026

3,000,000

2,986,888

(SOFR

+

1.04%),

5.44%,

11/19/2028(b)

1,800,000

1,800,374

(SOFR

+

1.03%),

5.42%,

3/3/2029(b)

5,600,000

5,610,252

HSBC

USA,

Inc.

(SOFR

+

0.97%),

5.36%,

6/3/2028(b)

4,500,000

4,533,642

ING

Groep

NV

(United

States

SOFR

Compounded

Index

+

1.01%),

5.33%,

4/1/2027(b)

5,582,000

5,599,740

JPMorgan

Chase

&

Co.

(SOFR

+

0.77%),

5.15%,

9/22/2027(b)

2,500,000

2,508,848

(SOFR

+

0.80%),

5.16%,

1/24/2029(b)

9,100,000

9,114,312

JPMorgan

Chase

Bank

NA

(SOFR

+

1.00%),

5.39%,

12/8/2026(b)

2,000,000

2,014,922

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Ultra-Short

Income

Fund

(cont.)

241

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Diversified

Banks

-

21.0%

(continued)

Lloyds

Banking

Group

plc

4.72%,

8/11/2026(c)

$

2,300,000

$

2,299,632

(United

States

SOFR

Compounded

Index

+

1.06%),

5.37%,

11/26/2028(b)

9,000,000

9,048,291

Mitsubishi

UFJ

Financial

Group,

Inc.

3.85%,

3/1/2026

3,200,000

3,187,122

Morgan

Stanley

Bank

NA

(SOFR

+

0.87%),

5.29%,

5/26/2028(b)

8,740,000

8,777,495

National

Australia

Bank

Ltd.

(SOFR

+

0.50%),

4.89%,

3/6/2028(a)(b)

3,000,000

3,001,550

National

Bank

of

Canada

(United

States

SOFR

Compounded

Index

+

1.03%),

5.41%,

7/2/2027(b)

6,260,000

6,284,482

NatWest

Markets

plc

(SOFR

+

0.90%),

5.30%,

5/17/2027(a)(b)

10,250,000

10,311,951

Nordea

Bank

Abp

(SOFR

+

0.70%),

5.08%,

3/17/2028(a)(b)

7,700,000

7,724,913

Royal

Bank

of

Canada

(United

States

SOFR

Compounded

Index

+

0.53%),

4.89%,

1/20/2026(b)

2,750,000

2,752,868

(United

States

SOFR

Compounded

Index

+

0.57%),

4.93%,

4/27/2026(b)

2,000,000

2,003,609

(United

States

SOFR

Compounded

Index

+

0.46%),

4.87%,

8/3/2026(b)

5,000,000

5,007,462

(United

States

SOFR

Compounded

Index

+

0.59%),

5.00%,

11/2/2026(b)

7,200,000

7,214,845

(United

States

SOFR

Compounded

Index

+

0.83%),

5.19%,

1/24/2029(b)

5,000,000

5,007,250

Skandinaviska

Enskilda

Banken

AB

(SOFR

+

0.89%),

5.28%,

3/5/2027(a)(b)

3,000,000

3,019,975

Societe

Generale

SA

(SOFR

+

1.41%),

5.78%,

4/13/2029(a)(b)

1,900,000

1,906,756

Standard

Chartered

plc

6.17%,

1/9/2027(a)(c)

2,100,000

2,112,311

Sumitomo

Mitsui

Financial

Group,

Inc.

(SOFR

+

0.88%),

5.19%,

1/14/2027(b)

1,480,000

1,488,444

(SOFR

+

1.17%),

5.46%,

7/9/2029(b)

1,500,000

1,514,700

Swedbank

AB

5.47%,

6/15/2026(a)

10,500,000

10,589,941

(SOFR

+

1.03%),

5.43%,

11/20/2029(a)(b)

2,800,000

2,842,564

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Diversified

Banks

-

21.0%

(continued)

Toronto-Dominion

Bank

(The)

(SOFR

+

1.08%),

5.45%,

7/17/2026(b)

$

4,010,000

$

4,037,530

(SOFR

+

0.59%),

4.98%,

9/10/2026(b)

2,000,000

2,002,850

Wells

Fargo

&

Co.

(SOFR

+

0.78%),

5.14%,

1/24/2028(b)

8,000,000

8,011,904

Westpac

Banking

Corp.

(SOFR

+

0.42%),

4.79%,

4/16/2026(b)

3,710,000

3,713,472

(SOFR

+

0.52%),

4.91%,

6/3/2026(b)

500,000

500,830

(SOFR

+

0.46%),

4.83%,

10/20/2026(b)

8,000,000

8,011,453

(SOFR

+

0.82%),

5.20%,

7/1/2030(b)

930,000

936,147

282,895,839

Diversified

Capital

Markets

-

1.6%

Deutsche

Bank

AG

(SOFR

+

1.21%),

5.58%,

1/10/2029(b)

7,000,000

7,025,725

Macquarie

Bank

Ltd.

5.27%,

7/2/2027(a)

1,290,000

1,312,208

(SOFR

+

0.74%),

5.13%,

6/12/2028(a)(b)

13,000,000

13,034,970

21,372,903

Diversified

Chemicals

-

0.2%

LYB

International

Finance

III

LLC

1.25%,

10/1/2025

2,497,000

2,481,380

Diversified

Metals

&

Mining

-

1.8%

BHP

Billiton

Finance

USA

Ltd.

4.88%,

2/27/2026

5,000,000

5,008,398

Glencore

Funding

LLC

(United

States

SOFR

Compounded

Index

+

0.75%),

5.13%,

10/1/2026(a)(b)

10,000,000

10,010,443

Rio

Tinto

Finance

USA

plc

(United

States

SOFR

Compounded

Index

+

0.84%),

5.22%,

3/14/2028(b)

9,400,000

9,470,179

24,489,020

Diversified

REITs

-

0.9%

Simon

Property

Group

LP

REIT,

3.50%,

9/1/2025

11,426,000

11,414,709

Diversified

Support

Services

-

0.2%

Element

Fleet

Management

Corp.

6.27%,

6/26/2026(a)

2,820,000

2,855,916

Electric

Utilities

-

0.8%

NextEra

Energy

Capital

Holdings,

Inc.

(United

States

SOFR

Compounded

Index

+

0.76%),

5.12%,

1/29/2026(b)

4,000,000

4,009,301

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Ultra-Short

Income

Fund

(cont.)

242

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Electric

Utilities

-

0.8%

(continued)

NextEra

Energy

Capital

Holdings,

Inc.

(continued)

(United

States

SOFR

Compounded

Index

+

0.80%),

5.21%,

2/4/2028(b)

$

6,700,000

$

6,755,480

10,764,781

Electrical

Components

&

Equipment

-

0.3%

Hubbell,

Inc.

3.35%,

3/1/2026

4,679,000

4,642,442

Fertilizers

&

Agricultural

Chemicals

-

0.3%

Nutrien

Ltd.

5.95%,

11/7/2025

1,020,000

1,022,305

4.50%,

3/12/2027

3,300,000

3,296,131

4,318,436

Food

Distributors

-

0.8%

Sysco

Corp.

3.75%,

10/1/2025

2,500,000

2,495,702

3.30%,

7/15/2026

3,000,000

2,965,749

3.25%,

7/15/2027

5,370,000

5,255,315

10,716,766

Health

Care

Distributors

-

0.7%

Cencora

,

Inc.

4.63%,

12/15/2027

2,090,000

2,099,453

McKesson

Corp.

0.90%,

12/3/2025

7,439,000

7,343,890

9,443,343

Health

Care

Equipment

-

1.3%

GE

HealthCare

Technologies,

Inc.

5.60%,

11/15/2025

7,200,000

7,212,730

Stryker

Corp.

4.55%,

2/10/2027

6,300,000

6,319,425

Zimmer

Biomet

Holdings,

Inc.

4.70%,

2/19/2027

3,906,000

3,920,320

17,452,475

Health

Care

Facilities

-

0.1%

HCA,

Inc.

5.00%,

3/1/2028

1,660,000

1,678,169

Home

Improvement

Retail

-

2.0%

Home

Depot,

Inc.

(The)

(SOFR

+

0.33%),

4.63%,

12/24/2025(b)

8,040,000

8,045,907

5.15%,

6/25/2026

5,018,000

5,053,277

Lowe's

Cos.,

Inc.

4.80%,

4/1/2026

7,600,000

7,607,701

2.50%,

4/15/2026

5,800,000

5,713,480

26,420,365

Homebuilding

-

1.6%

DR

Horton,

Inc.

2.60%,

10/15/2025

15,000,000

14,935,253

Lennar

Corp.

5.25%,

6/1/2026

6,300,000

6,302,427

21,237,680

Hotels,

Resorts

&

Cruise

Lines

-

0.7%

Marriott

International,

Inc.

3.75%,

10/1/2025

5,600,000

5,589,308

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Hotels,

Resorts

&

Cruise

Lines

-

0.7%

(continued)

Royal

Caribbean

Cruises

Ltd.

7.50%,

10/15/2027

$

3,000,000

$

3,157,500

8,746,808

Industrial

Machinery

&

Supplies

&

Components

-

0.2%

Stanley

Black

&

Decker,

Inc.

6.27%,

3/6/2026

2,020,000

2,019,856

Insurance

Brokers

-

1.2%

Arthur

J

Gallagher

&

Co.

4.60%,

12/15/2027

10,230,000

10,265,073

Marsh

&

McLennan

Cos.,

Inc.

(United

States

SOFR

Compounded

Index

+

0.70%),

5.10%,

11/8/2027(b)

5,870,000

5,899,345

16,164,418

Integrated

Oil

&

Gas

-

0.7%

BP

Capital

Markets

America,

Inc.

3.41%,

2/11/2026

10,000,000

9,937,407

Integrated

Telecommunication

Services

-

0.4%

AT&T,

Inc.

1.70%,

3/25/2026

5,000,000

4,909,266

Interactive

Home

Entertainment

-

0.7%

Take-Two

Interactive

Software,

Inc.

5.00%,

3/28/2026

10,000,000

10,020,971

Investment

Banking

&

Brokerage

-

2.4%

Charles

Schwab

Corp.

(The)

(United

States

SOFR

Compounded

Index

+

0.52%),

4.92%,

5/13/2026(b)

1,000,000

1,000,456

(United

States

SOFR

Compounded

Index

+

1.05%),

5.44%,

3/3/2027(b)

6,500,000

6,557,616

Goldman

Sachs

Group,

Inc.

(The)

3.75%,

2/25/2026

5,000,000

4,976,830

(SOFR

+

1.07%),

5.47%,

8/10/2026(b)

9,598,000

9,604,274

LPL

Holdings,

Inc.

4.90%,

4/3/2028

2,500,000

2,513,903

Mizuho

Markets

Cayman

LP

(SOFR

+

0.53%,

0.10%

Floor),

4.95%,

1/9/2026(a)(b)

2,900,000

2,902,177

Morgan

Stanley

(SOFR

+

1.02%),

5.39%,

4/13/2028(b)

4,456,000

4,478,700

32,033,956

IT

Consulting

&

Other

Services

-

1.0%

Accenture

Capital,

Inc.

3.90%,

10/4/2027

4,500,000

4,470,760

International

Business

Machines

Corp.

3.45%,

2/19/2026

3,100,000

3,082,481

3.30%,

5/15/2026

6,500,000

6,442,569

13,995,810

Life

Sciences

Tools

&

Services

-

0.3%

Agilent

Technologies,

Inc.

4.20%,

9/9/2027

4,520,000

4,500,160

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Ultra-Short

Income

Fund

(cont.)

243

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Managed

Health

Care

-

1.0%

Elevance

Health,

Inc.

4.50%,

10/30/2026

$

1,490,000

$

1,490,926

UnitedHealth

Group,

Inc.

(SOFR

+

0.50%),

4.87%,

7/15/2026(b)

9,387,000

9,408,427

4.40%,

6/15/2028

3,000,000

3,001,764

13,901,117

Metal,

Glass

&

Plastic

Containers

-

0.5%

Berry

Global,

Inc.

1.57%,

1/15/2026

7,300,000

7,189,436

Multi-Utilities

-

0.9%

Consolidated

Edison

Co.

of

New

York,

Inc.

(United

States

SOFR

Compounded

Index

+

0.52%),

4.92%,

11/18/2027(b)

5,200,000

5,208,289

Dominion

Energy,

Inc.

3.90%,

10/1/2025

3,300,000

3,295,754

DTE

Energy

Co.

2.85%,

10/1/2026

3,100,000

3,042,201

11,546,244

Oil

&

Gas

Equipment

&

Services

-

0.2%

Halliburton

Co.

3.80%,

11/15/2025

1,957,000

1,950,540

Schlumberger

Holdings

Corp.

5.00%,

5/29/2027(a)

641,000

647,641

2,598,181

Oil

&

Gas

Exploration

&

Production

-

0.4%

Pioneer

Natural

Resources

Co.

5.10%,

3/29/2026

6,000,000

6,022,368

Oil

&

Gas

Refining

&

Marketing

-

0.3%

Phillips

66

1.30%,

2/15/2026

4,000,000

3,927,607

Oil

&

Gas

Storage

&

Transportation

-

1.1%

Enterprise

Products

Operating

LLC

5.05%,

1/10/2026

720,000

721,296

Williams

Cos.,

Inc.

(The)

5.40%,

3/2/2026

14,000,000

14,064,319

14,785,615

Packaged

Foods

&

Meats

-

2.5%

Campbell's

Co.

(The)

5.30%,

3/20/2026

960,000

963,835

Conagra

Brands,

Inc.

4.60%,

11/1/2025

6,000,000

5,992,922

Kellanova

3.25%,

4/1/2026

12,092,000

12,002,834

Kraft

Heinz

Foods

Co.

3.00%,

6/1/2026

8,400,000

8,289,827

McCormick

&

Co.,

Inc.

0.90%,

2/15/2026

620,000

607,232

Mead

Johnson

Nutrition

Co.

4.13%,

11/15/2025

3,698,000

3,692,581

Mondelez

International,

Inc.

4.13%,

5/7/2028

2,000,000

1,990,614

33,539,845

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Pharmaceuticals

-

1.7%

Bristol-Myers

Squibb

Co.

(SOFR

+

0.49%),

4.89%,

2/20/2026(b)

$

3,182,000

$

3,186,137

GlaxoSmithKline

Capital

plc

(SOFR

+

0.50%),

4.89%,

3/12/2027(b)

8,300,000

8,330,009

Pfizer

Investment

Enterprises

Pte.

Ltd.

4.45%,

5/19/2026

11,400,000

11,405,957

22,922,103

Rail

Transportation

-

0.2%

CSX

Corp.

3.35%,

11/1/2025

2,250,000

2,242,608

Regional

Banks

-

4.8%

Citizens

Financial

Group,

Inc.

2.85%,

7/27/2026

6,500,000

6,389,832

Huntington

National

Bank

(The)

4.87%,

4/12/2028(c)

4,100,000

4,120,915

Manufacturers

&

Traders

Trust

Co.

5.40%,

11/21/2025

4,000,000

4,006,156

4.65%,

1/27/2026

6,654,000

6,653,229

PNC

Bank

NA

(SOFR

+

0.50%),

4.87%,

1/15/2027(b)

2,000,000

2,001,448

4.54%,

5/13/2027(c)

7,500,000

7,490,791

(SOFR

+

0.73%),

5.10%,

7/21/2028(b)

7,750,000

7,769,584

Santander

Holdings

USA,

Inc.

6.12%,

5/31/2027(c)

3,250,000

3,283,194

(SOFR

+

1.61%),

5.99%,

3/20/2029(b)

7,000,000

7,076,996

Truist

Bank

(SOFR

+

0.77%),

5.13%,

7/24/2028(b)

12,000,000

12,020,496

Truist

Financial

Corp.

6.05%,

6/8/2027(c)

3,000,000

3,031,283

63,843,924

Restaurants

-

0.2%

Starbucks

Corp.

4.50%,

5/15/2028

3,170,000

3,181,527

Self-Storage

REITs

-

0.3%

Public

Storage

Operating

Co.

REIT,

(United

States

SOFR

Compounded

Index

+

0.70%),

5.07%,

4/16/2027(b)

4,180,000

4,187,846

Semiconductors

-

1.5%

Advanced

Micro

Devices,

Inc.

4.21%,

9/24/2026

6,100,000

6,099,887

Intel

Corp.

4.88%,

2/10/2026

10,200,000

10,205,646

Microchip

Technology,

Inc.

4.25%,

9/1/2025

3,846,000

3,843,335

20,148,868

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Ultra-Short

Income

Fund

(cont.)

244

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Soft

Drinks

&

Non-alcoholic

Beverages

-

1.8%

Keurig

Dr

Pepper,

Inc.

(SOFR

+

0.58%),

4.99%,

11/15/2026(b)

$

10,010,000

$

10,033,694

(United

States

SOFR

Compounded

Index

+

0.88%),

5.26%,

3/15/2027(b)

2,500,000

2,514,637

Pepsico

Singapore

Financing

I

Pte.

Ltd.

(United

States

SOFR

Compounded

Index

+

0.56%),

4.96%,

2/16/2027(b)

12,200,000

12,235,738

24,784,069

Specialized

Finance

-

0.6%

NTT

Finance

Corp.

(SOFR

+

1.08%),

5.41%,

7/16/2028(a)(b)

8,000,000

8,075,656

Specialty

Chemicals

-

1.0%

DuPont

de

Nemours,

Inc.

4.49%,

11/15/2025

11,750,000

11,736,789

Sherwin-Williams

Co.

(The)

4.25%,

8/8/2025

1,500,000

1,499,850

13,236,639

Systems

Software

-

2.4%

Fortinet,

Inc.

1.00%,

3/15/2026

5,000,000

4,888,961

Oracle

Corp.

1.65%,

3/25/2026

11,170,000

10,950,995

(SOFR

+

0.76%),

5.17%,

8/3/2028(b)

9,400,000

9,458,957

VMware

LLC

1.40%,

8/15/2026

7,200,000

6,975,465

32,274,378

Technology

Hardware,

Storage

&

Peripherals

-

1.3%

Dell

International

LLC

6.02%,

6/15/2026

5,000,000

5,043,278

4.75%,

4/1/2028

2,750,000

2,771,968

Hewlett

Packard

Enterprise

Co.

4.90%,

10/15/2025(d)

8,600,000

8,599,955

4.45%,

9/25/2026

1,470,000

1,468,460

17,883,661

Trading

Companies

&

Distributors

-

0.5%

Air

Lease

Corp.

1.88%,

8/15/2026

3,625,000

3,524,159

Aviation

Capital

Group

LLC

4.88%,

10/1/2025(a)

3,000,000

2,995,124

6,519,283

Transaction

&

Payment

Processing

Services

-

1.9%

Fiserv,

Inc.

3.20%,

7/1/2026

5,700,000

5,631,412

Mastercard,

Inc.

(United

States

SOFR

Compounded

Index

+

0.44%),

4.82%,

3/15/2028(b)

11,900,000

11,921,457

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Transaction

&

Payment

Processing

Services

-

1.9%

(continued)

PayPal

Holdings,

Inc.

(SOFR

+

0.67%),

5.06%,

3/6/2028(b)

$

8,200,000

$

8,235,424

25,788,293

Wireless

Telecommunication

Services

-

0.7%

T-Mobile

USA,

Inc.

1.50%,

2/15/2026

947,000

931,590

2.25%,

2/15/2026

1,000,000

985,668

2.63%,

4/15/2026

7,700,000

7,590,919

9,508,177

Total

Corporate

Bonds

(Cost

$1,160,497,317)

1,162,601,074

ASSET-BACKED

SECURITIES

-

6.9%

American

Credit

Acceptance

Receivables

Trust

Series

2025-3,

Class

B,

4.75%,

9/12/2029(a)

6,435,000

6,432,952

Americredit

Automobile

Receivables

Trust

Series

2022-1,

Class

D,

3.23%,

2/18/2028

7,570,000

7,446,915

BA

Credit

Card

Trust

Series

2022-A2,

Class

A2,

5.00%,

4/15/2028

5,000,000

5,007,042

Capital

One

Multi-Asset

Execution

Trust

Series

2022-A3,

Class

A,

4.95%,

10/15/2027

4,882,000

4,886,202

Series

2024-A1,

Class

A,

3.92%,

9/15/2029

9,000,000

8,942,038

CarMax

Auto

Owner

Trust

Series

2023-1,

Class

D,

6.27%,

11/15/2029

2,600,000

2,652,416

Carvana

Auto

Receivables

Trust

Series

2025-P2,

Class

A2,

4.56%,

8/10/2028

4,900,000

4,900,352

Chase

Issuance

Trust

Series

2023-A1,

Class

A,

5.16%,

9/15/2028

1,900,000

1,917,353

Dell

Equipment

Finance

Trust

Series

2023-1,

Class

A3,

5.65%,

9/22/2028(a)

742,790

743,933

Drive

Auto

Receivables

Trust

Series

2024-2,

Class

A2,

4.94%,

12/15/2027

930,136

930,680

Exeter

Automobile

Receivables

Trust

Series

2024-5A,

Class

A2,

4.79%,

4/15/2027

1,009,421

1,009,438

Ford

Credit

Auto

Owner

Trust

Series

2024-B,

Class

A2A,

5.40%,

4/15/2027

850,189

852,165

GM

Financial

Automobile

Leasing

Trust

Series

2024-1,

Class

A3,

5.09%,

3/22/2027

1,018,000

1,020,316

GM

Financial

Consumer

Automobile

Receivables

Trust

Series

2022-3,

Class

A3,

3.64%,

4/16/2027

71,776

71,638

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Ultra-Short

Income

Fund

(cont.)

245

Investments

Principal

Amount

Value

ASSET-BACKED

SECURITIES

(continued)

Series

2024-4,

Class

A2A,

4.53%,

10/18/2027

$

482,440

$

482,380

Harley-Davidson

Motorcycle

Trust

Series

2024-A,

Class

A2,

5.65%,

2/16/2027

181,525

181,708

Honda

Auto

Receivables

Owner

Trust

Series

2023-4,

Class

A2,

5.87%,

6/22/2026

3,486

3,486

Series

2024-1,

Class

A2,

5.36%,

9/15/2026

283,721

283,878

Series

2024-2,

Class

A2,

5.48%,

11/18/2026

612,984

613,817

Series

2024-4,

Class

A2,

4.56%,

3/15/2027

3,692,228

3,692,696

Series

2023-3,

Class

A3,

5.41%,

2/18/2028

4,031,467

4,055,330

Hyundai

Auto

Receivables

Trust

Series

2023-C,

Class

A2A,

5.80%,

1/15/2027

160,477

160,577

Series

2024-C,

Class

A2A,

4.53%,

9/15/2027

696,234

696,147

Series

2023-B,

Class

A3,

5.48%,

4/17/2028

4,032,574

4,057,262

John

Deere

Owner

Trust

Series

2024-C,

Class

A2A,

4.36%,

8/16/2027

2,222,222

2,219,361

Kubota

Credit

Owner

Trust

Series

2025-1A,

Class

A2,

4.61%,

12/15/2027(a)

1,320,000

1,321,183

Mercedes-Benz

Auto

Receivables

Trust

Series

2023-2,

Class

A3,

5.95%,

11/15/2028

2,549,467

2,578,112

Santander

Drive

Auto

Receivables

Trust

Series

2022-2,

Class

B,

3.44%,

9/15/2027

94,368

94,306

Series

2025-2,

Class

A2,

4.71%,

6/15/2028

11,681,809

11,682,076

Tesla

Auto

Lease

Trust

Series

2023-B,

Class

A3,

6.13%,

9/21/2026(a)

532,572

533,809

Series

2024-B,

Class

A2B,

4.94%,

1/20/2027(a)(e)

2,188,086

2,189,046

Toyota

Auto

Receivables

Owner

Trust

Series

2023-C,

Class

A3,

5.16%,

4/17/2028

4,562,127

4,583,166

Verizon

Master

Trust

Series

2023-4,

Class

A1A,

5.16%,

6/20/2029

3,410,000

3,432,655

Series

2024-4,

Class

B,

5.40%,

6/20/2029

3,000,000

3,018,946

World

Omni

Auto

Receivables

Trust

Series

2023-D,

Class

A2A,

5.91%,

2/16/2027

95,015

95,054

Total

Asset-Backed

Securities

(Cost

$92,840,093)

92,788,435

Investments

Principal

Amount

Value

U.S.

TREASURY

OBLIGATIONS

-

1.5%

U.S.

Treasury

Notes

4.38%,

7/31/2026

$

8,000,000

$

8,014,250

3.75%,

8/15/2027

4,250,000

4,234,063

3.88%,

10/15/2027

8,000,000

7,991,875

Total

U.S.

Treasury

Obligations

(Cost

$20,269,016)

20,240,188

COLLATERALIZED

MORTGAGE

OBLIGATIONS

-

1.4%

Bravo

Residential

Funding

Trust

Series

2025-NQM1,

Class

A1,

5.60%,

12/25/2064(a)(d)

7,170,110

7,182,759

Chase

Home

Lending

Mortgage

Trust

Series

2024-2,

Class

A4A,

6.00%,

2/25/2055(a)(e)

1,688,109

1,697,188

J.P.

Morgan

Mortgage

Trust

Series

2024-2,

Class

A6A,

6.00%,

8/25/2054(a)(e)

455,439

454,083

Series

2025-NQM1,

Class

A1,

5.59%,

6/25/2065(a)(d)

3,754,292

3,756,680

OBX

Trust

Series

2024-NQM11,

Class

A1,

5.87%,

6/25/2064(a)(d)

3,905,205

3,915,569

Series

2024-NQM16,

Class

A1,

5.53%,

10/25/2064(a)(d)

2,151,822

2,147,651

Total

Collateralized

Mortgage

Obligations

(Cost

$19,167,482)

19,153,930

COMMERCIAL

MORTGAGE-BACKED

SECURITIES

-

0.5%

BX

Commercial

Mortgage

Trust

Series

2019-IMC,

Class

A,

5.39%,

4/15/2034(a)(e)

2,354,897

2,337,235

FRESB

Mortgage

Trust

Series

2022-SB94,

Class

A5F,

1.64%,

11/25/2026(e)

4,431,999

4,264,619

Total

Commercial

Mortgage-Backed

Securities

(Cost

$6,613,820)

6,601,854

MUNICIPAL

BONDS

-

0.2%

New

Jersey

Transportation

Trust

Fund

Authority

Program

Bonds

Series

2024

BB,

4.61%,

6/15/2026

(Cost

$2,878,031)

2,882,626

SHORT-TERM

INVESTMENTS

-

2.9%

CERTIFICATES

OF

DEPOSIT

-

0.8%

Mitsubishi

UFJ

Trust

&

Banking

Corp.

(SOFR

+

0.32%),

4.64%,

3/17/2026(b)

(Cost

$10,000,000)

10,000,000

10,002,637

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Ultra-Short

Income

Fund

(cont.)

246

Investments

Principal

Amount

Value

U.S.

GOVERNMENT

AGENCY

SECURITIES

-

1.6%

FNMA

Zero

Coupon,

8/1/2025

(Cost

$21,000,000)

$

21,000,000

$

20,997,527

U.S.

TREASURY

OBLIGATIONS

-

0.5%

(f)

U.S.

Treasury

Bills

4.44%,

8/7/2025

(Cost

$7,234,783)

7,240,000

7,234,849

Total

Short-Term

Investments

(Cost

$38,234,783)

38,235,013

Total

Investments

-

99.9%

(Cost

$1,340,500,542)

1,342,503,120

Other

assets

less

liabilities

-

0.1%

1,840,376

NET

ASSETS

-

100.0%

$1,344,343,496

(a)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

At

July

31,

2025,

the

value

of

these

securities

amounted

to

approximately

$190,658,237

or

14.18%

of

net

assets.

(b)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

is

the

rate

in

effect

as

of

July

31,

2025.

(c)

Security

issued

at

a

fixed

coupon

rate,

which

converts

to

a

variable

rate

at

a

future

date.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(d)

Step

bond.

Interest

rate

is

a

fixed

rate

for

an

initial

period

that

either

resets

at

a

specific

date

or

may

reset

in

the

future

at

a

contingent

upon

predetermined

trigger.

The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2025.

(e)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.

The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2025.

(f)

The

rate

shown

was

the

current

yield

as

of

July

31,

2025.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

FNMA

—

Federal

National

Mortgage

Association

REIT

—

Real

Estate

Investment

Trust

SOFR

—

Secured

Overnight

Financing

Rate

FlexShares

®

Ultra-Short

Income

invested,

as

a

percentage

of

net

assets,

in

companies

domiciled

in

the

following

countries

as

of

July

31,

2025:

Australia

4.4

%

Canada

5.4

Finland

0.6

France

2.2

Germany

2.0

Ireland

1.0

Japan

2.0

Netherlands

0.4

New

Zealand

0.3

Sweden

1.2

United

Kingdom

4.1

United

States

76.3

Other

1

0.1

100.0%

1

Includes

any

non-fixed-income

securities

and

net

other

assets

(liabilities).

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Ultra-Short

Income

Fund

(cont.)

247

Security

Type

%

of

Net

Assets

Corporate

Bonds

86.5

%

Asset-Backed

Securities

6.9

U.S.

Treasury

Obligations

1.5

Collateralized

Mortgage

Obligations

1.4

Commercial

Mortgage-Backed

Securities

0.5

Municipal

Bonds

0.2

Short-Term

Investments

2.9

Others

(1)

0.1

100.0%

(1)

Includes

any

other

net

assets/(liabilities).

248

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares

®

Core

Select

Bond

Fund

July

31,

2025

(Unaudited)

Investments

Shares

Value

EXCHANGE

TRADED

FUNDS

-

98.1%

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund(a)

268,757

$

13,085,779

FlexShares®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund(a)

15,699

661,426

FlexShares®

Disciplined

Duration

MBS

Index

Fund(a)

836,907

17,213,503

FlexShares®

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund(a)

117,495

2,842,204

FlexShares®

Ultra-Short

Income

Fund(a)(b)

236,060

17,828,431

iShares

10+

Year

Investment

Grade

Corporate

Bond

ETF

766

38,231

iShares

1-3

Year

Treasury

Bond

ETF(b)

8,316

686,236

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF(b)

13,166

692,926

iShares

20+

Year

Treasury

Bond

ETF

191,028

16,604,154

iShares

3-7

Year

Treasury

Bond

ETF

58,771

6,953,197

iShares

5-10

Year

Investment

Grade

Corporate

Bond

ETF(b)

446,680

23,741,042

iShares

7-10

Year

Treasury

Bond

ETF(b)

7,304

693,150

iShares

MBS

ETF

359,523

33,460,806

Total

Exchange

Traded

Funds

(Cost

$138,852,260)

134,501,085

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

13.0%(c)

REPURCHASE

AGREEMENTS

-

13.0%

CF

Secured

LLC

4.34%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$16,384,450,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

5.00%,

maturing

8/15/2025

-

2/15/2054;

total

market

value

$16,644,248

$

16,382,475

16,382,475

TD

Prime

Services

LLC

4.43%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$3,000,

collateralized

by

various

Common

Stocks;

total

market

value

$3,260

3,000

3,000

Investments

Principal

Amount

Value

REPURCHASE

AGREEMENTS

(continued)

The

Bank

of

Nova

Scotia,

Toronto

4.46%,

dated

7/31/2025,

due

8/1/2025,

repurchase

price

$1,500,186,

collateralized

by

various

Common

Stocks;

total

market

value

$1,655,135

$

1,500,000

$

1,500,000

17,885,475

Total

Securities

Lending

Reinvestments

(Cost

$17,885,475)

17,885,475

SHORT-TERM

INVESTMENTS

-

0.3%

(d)

U.S.

TREASURY

OBLIGATIONS

-

0.3%

U.S.

Treasury

Bills

4.20%,

9/11/2025

220,000

218,926

4.22%,

11/28/2025(e)

214,000

211,020

TOTAL

U.S.

TREASURY

OBLIGATIONS

(Cost

$430,043)

429,946

Total

Investments

-

111.4%

(Cost

$157,167,778)

152,816,506

Liabilities

in

excess

of

other

assets

-

(11.4%)

(15,664,535)

NET

ASSETS

-

100.0%

$137,151,971

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Core

Select

Bond

Fund

(cont.)

249

For

the

period

ended

July

31,

2025,

the

FlexShares®

Core

Select

Bond

Fund

was

invested

in

securities

of

affiliated

FlexShares®

Funds.

The

Schedules

of

Investments

of

the

affiliated

FlexShares®

Funds

are

located

elsewhere

in

this

Report.

(a)

Investment

in

affiliated

Fund.

Northern

Trust

Investments,

Inc.

is

the

Investment

Adviser

to

both

the

Fund

and

the

affiliated

Funds.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2025.

The

total

value

of

securities

on

loan

at

July

31,

2025

was

$18,152,440,

collateralized

in

the

form

of

cash

with

a

value

of

$17,885,475

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments

and

$645,890

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.88%,

and

maturity

dates

ranging

from

August

12,

2025

–

November

15,

2054;

a

total

value

of

$18,531,365.

(c)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2025.

The

total

value

of

securities

purchased

was

$17,885,475.

(d)

The

rate

shown

was

the

current

yield

as

of

July

31,

2025.

(e)

All

or

a

portion

of

the

security

pledged

as

collateral

for

Futures

Contracts.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

ETF

—

Exchange

Traded

Fund

TIPS

—

Treasury

inflation

protected

securities

("TIPS")

are

debt

securities

issued

by

the

US

Treasury

whose

principal

and/or

interest

payments

are

adjusted

for

inflation,

unlike

debt

securities

that

make

fixed

principal

and

interest

payments.

The

interest

rate

paid

by

the

TIPS

is

fixed,

while

the

principal

value

rises

or

falls

based

on

changes

in

a

published

Consumer

Price

Index

(“CPI”).

Thus,

if

inflation

occurs,

the

principal

and

interest

payments

on

the

TIPS

are

adjusted

accordingly

to

protect

investors

from

inflationary

loss.  During

a

deflationary

period,

the

principal

and

interest

payments

decrease,

although

the

TIPS

principal

amounts

will

not

drop

below

their

face

amounts

at

maturity.

In

exchange

for

the

inflation

protection,

the

TIPS

generally

pay

lower

interest

rates

than

typical

US

Treasury

securities.

Only

if

inflation

occurs

will

TIPS

offer

a

higher

real

yield

than

a

conventional

Treasury

security

of

the

same

maturity.

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Core

Select

Bond

Fund

(cont.)

250

Investment

in

a

company

which

was

affiliated

for

the

period

ended

July

31,

2025,

was

as

follows:

Security

Value

October

31,

2024

Purchases

at

Cost

Sales

Proceeds

Shares

July

31,

2025

Value

July

31,

2025

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Realized

Gain

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund

$

15,715,700

$

1,097,648

$

3,855,330

268,757

$

13,085,779

$

60,847

$

509,027

$

66,914

FlexShares®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

826,332

55,456

198,070

15,699

661,426

(13,114)

30,367

(9,178)

FlexShares®

Disciplined

Duration

MBS

Index

Fund

20,827,898

1,453,429

5,112,508

836,907

17,213,503

(205,113)

573,248

249,797

FlexShares®

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund

3,392,003

240,011

840,875

117,495

2,842,204

48,370

89,409

2,695

FlexShares®

Ultra-

Short

Income

Fund

7,843,422

13,666,460

3,718,282

236,060

17,828,431

(16,501)

463,829

53,332

$48,605,355

$16,513,004

$13,725,065

1,474,918

$51,631,343

$(125,511)

$1,665,880

$363,560

Futures

Contracts

FlexShares®

Core

Select

Bond

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2025:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

/

(

Depreciation

)

Long

Contracts

U.S.

Treasury

2

Year

Note

85

09/30/2025

USD

$

17,593,672

$

(29,601)

U.S.

Treasury

5

Year

Note

68

09/30/2025

USD

7,355,688

9,316

U.S.

Treasury

Long

Bond

15

09/19/2025

USD

1,712,812

45,201

$

24,916

Short

Contracts

U.S.

Treasury

10

Year

Ultra

Note

(46)

09/19/2025

USD

$

(5,201,594)

$

(56,664)

$(31,748)

Abbreviations:

USD

—

US

Dollar

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Core

Select

Bond

Fund

(cont.)

251

Security

Type

%

of

Net

Assets

Exchange

Traded

Funds

98.1

%

Securities

Lending

Reinvestments

13.0

Short-Term

Investments

0.3

Others

(1)

(11.4)

100.0%

(1)

Includes

any

other

net

assets/(liabilities).

Notes

to

the

Financial

Statements

July

31,

2025

252

Investment

Valuation 

Various

inputs

are

used

in

determining

the

value

of

each

Fund’s

investments.

These

inputs

are

summarized

in

three

levels

listed

below:

Level

1—Quoted

prices

in

active

markets

for

identical

assets

on

the

measurement

date.

Level

2—Other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Level

3—Significant

unobservable

inputs

(including

the

Funds’

own

assumptions

in

determining

the

fair

value

of

investments).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

For

example,

short-term

debt

securities

may

be

valued

at

amortized

cost,

as

long

as

amortized

cost

approximates

the

current

fair

value

of

a

security,

but

since

the

valuation

is

not

obtained

from

a

quoted

price

in

an

active

market,

such

securities

are

reflected

as

Level

2. 

The

following

is

a

summary

of

the

valuations

as

of July

31,

2025 for

each

Fund

based

upon

the

three

levels

defined

above.

Please

refer

to

the

Schedules

of

Investments

to

view

equity

and

debt

securities

segregated

by

industry

type

where

applicable. 

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

US

Quality

Low

Volatility

Index

Fund

Investments

Common

Stocks*

$

140‌,689,049

$

—‌

$

—‌

$

140‌,689,049

Securities

Lending

Reinvestments

Repurchase

Agreements

—‌

7‌,209,520

—‌

7‌,209,520

Short-Term

Investments

—‌

114‌,384

—‌

114‌,384

Total

Investments

$

140‌,689,049

$

7‌,323,904

$

—‌

$

148‌,012,953

Other

Financial

Instruments

Assets

Futures

Contracts

$

63‌,580

$

—‌

$

—‌

$

63‌,580

Total

Other

Financial

Instruments

$

63‌,580

$

—‌

$

—‌

$

63‌,580

253

Notes

to

the

Financial

Statements

(cont.)

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

Investments

Common

Stocks*

$

56‌,655,546

$

—‌

$

—‌

$

56‌,655,546

Warrants

—‌

—‌

—‌

—‌

Securities

Lending

Reinvestments

Repurchase

Agreements

—‌

1‌,032,855

—‌

1‌,032,855

Total

Investments

$

56‌,655,546

$

1‌,032,855

$

—‌

$

57‌,688,401

Other

Financial

Instruments

Assets

Forward

Foreign

Currency

Contracts

$

—‌

$

13‌,016

$

—‌

$

13‌,016

Liabilities

Futures

Contracts

$

(

2‌,303

)

$

—‌

$

—‌

$

(

2‌,303

)

Forward

Foreign

Currency

Contracts

—‌

(

2‌,781

)

—‌

(

2‌,781

)

Total

Other

Financial

Instruments

$

(

2‌,303

)

$

10‌,235

$

—‌

$

7‌,932

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

Investments

Common

Stocks*

$

13‌,805,723

$

—‌

$

—‌

$

13‌,805,723

Total

Investments

$

13‌,805,723

$

—‌

$

—‌

$

13‌,805,723

Other

Financial

Instruments

Assets

Futures

Contracts

$

3‌,899

$

—‌

$

—‌

$

3‌,899

  Forward

Foreign

Currency

Contracts

—‌

631‌

—‌

631‌

Total

Other

Financial

Instruments

$

3‌,899

$

631‌

$

—‌

$

4‌,530

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

Investments

Common

Stocks*

$

1‌,711,551,376

$

—‌

$

—‌

$

1‌,711,551,376

Rights

—‌

—‌

—‌

—‌

Warrants

94‌,492

—‌

—‌

94‌,492

Securities

Lending

Reinvestments

Certificates

of

Deposit

—‌

44‌,503,745

—‌

44‌,503,745

Repurchase

Agreements

—‌

105‌,907,784

—‌

105‌,907,784

Total

Investments

$

1‌,711,645,868

$

150‌,411,529

$

—‌

$

1‌,862,057,397

Other

Financial

Instruments

Assets

Futures

Contracts

$

474‌,269

$

—‌

$

—‌

$

474‌,269

Total

Other

Financial

Instruments

$

474‌,269

$

—‌

$

—‌

$

474‌,269

254

Notes

to

the

Financial

Statements

(cont.)

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

Investments

Closed

End

Funds

$

973‌,200

$

—‌

$

—‌

$

973‌,200

Common

Stocks

Banks

72‌,834,040

—‌

219‌

72‌,834,259

Energy

Equipment

&

Services

3‌,663,274

—‌

9‌,211

3‌,672,485

Metals

&

Mining

26‌,278,854

—‌

12‌,495

26‌,291,349

Other*

418‌,078,181

—‌

—‌

418‌,078,181

Warrants

—‌

—‌

—‌

—‌

Securities

Lending

Reinvestments

Repurchase

Agreements

—‌

14‌,167,826

—‌

14‌,167,826

Total

Investments

$

521‌,827,549

$

14‌,167,826

$

21‌,925

$

536‌,017,300

Other

Financial

Instruments

Assets

Futures

Contracts

$

204‌,625

$

—‌

$

—‌

$

204‌,625

  Forward

Foreign

Currency

Contracts

—‌

11‌,352

—‌

11‌,352

Liabilities

Forward

Foreign

Currency

Contracts

$

—‌

$

(

20‌,736

)

$

—‌

$

(

20‌,736

)

Total

Other

Financial

Instruments

$

204‌,625

$

(

9‌,384

)

$

—‌

$

195‌,241

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

Investments

Common

Stocks

Construction

Materials

$

3‌,040,466

$

—‌

$

120‌

$

3‌,040,586

Consumer

Finance

2‌,226,338

—‌

21‌,624

2‌,247,962

Consumer

Staples

Distribution

&

Retail

3‌,250,946

294‌

—‌

3‌,251,240

Diversified

Telecommunication

Services

2‌,488,377

236‌,009

—‌

2‌,724,386

Food

Products

5‌,649,486

13‌,215

—‌

5‌,662,701

Health

Care

Providers

&

Services

2‌,946,813

—‌

932‌

2‌,947,745

Hotels,

Restaurants

&

Leisure

5‌,199,673

1‌,395

27‌,866

5‌,228,934

Industrial

REITs

998‌,359

357‌,069

—‌

1‌,355,428

Marine

Transportation

1‌,084,712

9‌,415

—‌

1‌,094,127

Metals

&

Mining

10‌,675,020

—‌

23‌,163

10‌,698,183

Oil,

Gas

&

Consumable

Fuels

11‌,317,519

1‌,808

—‌

11‌,319,327

Real

Estate

Management

&

Development

9‌,124,483

—‌

38‌,410

9‌,162,893

Retail

REITs

1‌,378,815

155‌,581

—‌

1‌,534,396

Transportation

Infrastructure

1‌,979,001

67‌,748

—‌

2‌,046,749

Other*

208‌,001,678

—‌

—‌

208‌,001,678

Rights

—‌

6‌,972

—‌

6‌,972

Warrants

1‌,788

—‌

—‌

1‌,788

Securities

Lending

Reinvestments

Repurchase

Agreements

—‌

3‌,179,902

—‌

3‌,179,902

Total

Investments

$

269‌,363,474

$

4‌,029,408

$

112‌,115

$

273‌,504,997

Other

Financial

Instruments

Assets

Futures

Contracts

$

179‌,268

$

—‌

$

—‌

$

179‌,268

  Forward

Foreign

Currency

Contracts

—‌

21‌,724

—‌

21‌,724

Liabilities

Forward

Foreign

Currency

Contracts

$

—‌

$

(

354‌

)

$

—‌

$

(

354‌

)

Total

Other

Financial

Instruments

$

179‌,268

$

21‌,370

$

—‌

$

200‌,638

255

Notes

to

the

Financial

Statements

(cont.)

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

US

Quality

Large

Cap

Index

Fund

Investments

Common

Stocks*

$

541‌,540,831

$

—‌

$

—‌

$

541‌,540,831

Securities

Lending

Reinvestments

Repurchase

Agreements

—‌

29‌,623,636

—‌

29‌,623,636

Total

Investments

$

541‌,540,831

$

29‌,623,636

$

—‌

$

571‌,164,467

Other

Financial

Instruments

Assets

Futures

Contracts

$

131‌,315

$

—‌

$

—‌

$

131‌,315

Total

Other

Financial

Instruments

$

131‌,315

$

—‌

$

—‌

$

131‌,315

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

STOXX®

US

ESG

Select

Index

Fund

Investments

Common

Stocks*

$

121‌,338,306

$

—‌

$

—‌

$

121‌,338,306

Securities

Lending

Reinvestments

Repurchase

Agreements

—‌

4‌,144,133

—‌

4‌,144,133

Total

Investments

$

121‌,338,306

$

4‌,144,133

$

—‌

$

125‌,482,439

Other

Financial

Instruments

Assets

Futures

Contracts

$

36‌,603

$

—‌

$

—‌

$

36‌,603

Total

Other

Financial

Instruments

$

36‌,603

$

—‌

$

—‌

$

36‌,603

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

STOXX®

Global

ESG

Select

Index

Fund

Investments

Common

Stocks*

$

93‌,688,704

$

—‌

$

—‌

$

93‌,688,704

Securities

Lending

Reinvestments

Repurchase

Agreements

—‌

3‌,352,440

—‌

3‌,352,440

Total

Investments

$

93‌,688,704

$

3‌,352,440

$

—‌

$

97‌,041,144

Other

Financial

Instruments

Assets

Futures

Contracts

$

26‌,542

$

—‌

$

—‌

$

26‌,542

  Forward

Foreign

Currency

Contracts

—‌

4‌,858

—‌

4‌,858

Liabilities

Futures

Contracts

$

(

2‌,921

)

$

—‌

$

—‌

$

(

2‌,921

)

Forward

Foreign

Currency

Contracts

—‌

(

3‌,489

)

—‌

(

3‌,489

)

Total

Other

Financial

Instruments

$

23‌,621

$

1‌,369

$

—‌

$

24‌,990

256

Notes

to

the

Financial

Statements

(cont.)

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

ESG &

Climate

US

Large

Cap

Core

Index

Fund

Investments

Common

Stocks*

$

68‌,644,334

$

—‌

$

—‌

$

68‌,644,334

Short-Term

Investments

—‌

46‌,345

—‌

46‌,345

Total

Investments

$

68‌,644,334

$

46‌,345

$

—‌

$

68‌,690,679

Other

Financial

Instruments

Assets

Futures

Contracts

$

19‌,594

$

—‌

$

—‌

$

19‌,594

Total

Other

Financial

Instruments

$

19‌,594

$

—‌

$

—‌

$

19‌,594

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

Investments

Common

Stocks*

$

56‌,225,778

$

—‌

$

—‌

$

56‌,225,778

Securities

Lending

Reinvestments

Repurchase

Agreements

—‌

120‌,554

—‌

120‌,554

Total

Investments

$

56‌,225,778

$

120‌,554

$

—‌

$

56‌,346,332

Other

Financial

Instruments

Assets

Forward

Foreign

Currency

Contracts

$

—‌

$

12‌,772

$

—‌

$

12‌,772

Liabilities

Futures

Contracts

$

(

3‌,656

)

$

—‌

$

—‌

$

(

3‌,656

)

Forward

Foreign

Currency

Contracts

—‌

(

2‌,843

)

—‌

(

2‌,843

)

Total

Other

Financial

Instruments

$

(

3‌,656

)

$

9‌,929

$

—‌

$

6‌,273

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

Investments

Common

Stocks*

$

4‌,746,264,587

$

—‌

$

—‌

$

4‌,746,264,587

Securities

Lending

Reinvestments

Certificates

of

Deposit

—‌

38‌,503,687

—‌

38‌,503,687

Repurchase

Agreements

—‌

148‌,062,881

—‌

148‌,062,881

Total

Investments

$

4‌,746,264,587

$

186‌,566,568

$

—‌

$

4‌,932,831,155

Other

Financial

Instruments

Assets

Futures

Contracts

$

494‌,559

$

—‌

$

—‌

$

494‌,559

  Forward

Foreign

Currency

Contracts

—‌

114‌,896

—‌

114‌,896

Liabilities

Futures

Contracts

$

(

59‌,833

)

$

—‌

$

—‌

$

(

59‌,833

)

Forward

Foreign

Currency

Contracts

—‌

(

126‌,654

)

—‌

(

126‌,654

)

Total

Other

Financial

Instruments

$

434‌,726

$

(

11‌,758

)

$

—‌

$

422‌,968

257

Notes

to

the

Financial

Statements

(cont.)

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

Fund

Investments

Common

Stocks*

$

2‌,755,981,671

$

—‌

$

—‌

$

2‌,755,981,671

Securities

Lending

Reinvestments

Certificates

of

Deposit

—‌

2‌,999,798

—‌

2‌,999,798

Repurchase

Agreements

—‌

134‌,331,109

—‌

134‌,331,109

Total

Investments

$

2‌,755,981,671

$

137‌,330,907

$

—‌

$

2‌,893,312,578

Other

Financial

Instruments

Assets

Futures

Contracts

$

753‌,960

$

—‌

$

—‌

$

753‌,960

  Forward

Foreign

Currency

Contracts

—‌

137‌,804

—‌

137‌,804

Liabilities

Forward

Foreign

Currency

Contracts

$

—‌

$

(

85‌,746

)

$

—‌

$

(

85‌,746

)

Total

Other

Financial

Instruments

$

753‌,960

$

52‌,058

$

—‌

$

806‌,018

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

Global

Quality

Real

Estate

Index

Fund

Investments

Common

Stocks*

$

366‌,804,434

$

—‌

$

—‌

$

366‌,804,434

Securities

Lending

Reinvestments

Repurchase

Agreements

—‌

31‌,633,533

—‌

31‌,633,533

Total

Investments

$

366‌,804,434

$

31‌,633,533

$

—‌

$

398‌,437,967

Other

Financial

Instruments

Assets

Futures

Contracts

$

165‌,936

$

—‌

$

—‌

$

165‌,936

  Forward

Foreign

Currency

Contracts

—‌

18‌,109

—‌

18‌,109

Liabilities

Forward

Foreign

Currency

Contracts

$

—‌

$

(

33‌,754

)

$

—‌

$

(

33‌,754

)

Total

Other

Financial

Instruments

$

165‌,936

$

(

15‌,645

)

$

—‌

$

150‌,291

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

Real

Assets

Allocation

Index

Fund

Investments

Exchange

Traded

Funds

$

7‌,240,507

$

—‌

$

—‌

$

7‌,240,507

Total

Investments

$

7‌,240,507

$

—‌

$

—‌

$

7‌,240,507

258

Notes

to

the

Financial

Statements

(cont.)

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

Quality

Dividend

Index

Fund

Investments

Common

Stocks*

$

1‌,858,608,165

$

—‌

$

—‌

$

1‌,858,608,165

Securities

Lending

Reinvestments

Certificates

of

Deposit

—‌

15‌,001,810

—‌

15‌,001,810

Repurchase

Agreements

—‌

106‌,539,320

—‌

106‌,539,320

Total

Investments

$

1‌,858,608,165

$

121‌,541,130

$

—‌

$

1‌,980,149,295

Other

Financial

Instruments

Assets

Futures

Contracts

$

491‌,999

$

—‌

$

—‌

$

491‌,999

Total

Other

Financial

Instruments

$

491‌,999

$

—‌

$

—‌

$

491‌,999

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

Quality

Dividend

Defensive

Index

Fund

Investments

Common

Stocks*

$

444‌,490,998

$

—‌

$

—‌

$

444‌,490,998

Securities

Lending

Reinvestments

Repurchase

Agreements

—‌

28‌,156,143

—‌

28‌,156,143

Total

Investments

$

444‌,490,998

$

28‌,156,143

$

—‌

$

472‌,647,141

Other

Financial

Instruments

Assets

Futures

Contracts

$

223‌,489

$

—‌

$

—‌

$

223‌,489

Total

Other

Financial

Instruments

$

223‌,489

$

—‌

$

—‌

$

223‌,489

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

International

Quality

Dividend

Index

Fund

Investments

Common

Stocks*

$

742‌,956,876

$

—‌

$

—‌

$

742‌,956,876

Securities

Lending

Reinvestments

Repurchase

Agreements

—‌

23‌,144,715

—‌

23‌,144,715

Total

Investments

$

742‌,956,876

$

23‌,144,715

$

—‌

$

766‌,101,591

Other

Financial

Instruments

Assets

Futures

Contracts

$

126‌,394

$

—‌

$

—‌

$

126‌,394

  Forward

Foreign

Currency

Contracts

—‌

122‌,784

—‌

122‌,784

Liabilities

Futures

Contracts

$

(

81‌,367

)

$

—‌

$

—‌

$

(

81‌,367

)

Forward

Foreign

Currency

Contracts

—‌

(

16‌,963

)

—‌

(

16‌,963

)

Total

Other

Financial

Instruments

$

45‌,027

$

105‌,821

$

—‌

$

150‌,848

259

Notes

to

the

Financial

Statements

(cont.)

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

International

Quality

Dividend

Dynamic

Index

Fund

Investments

Common

Stocks*

$

73‌,062,585

$

—‌

$

—‌

$

73‌,062,585

Securities

Lending

Reinvestments

Repurchase

Agreements

—‌

3‌,019,316

—‌

3‌,019,316

Total

Investments

$

73‌,062,585

$

3‌,019,316

$

—‌

$

76‌,081,901

Other

Financial

Instruments

Assets

Futures

Contracts

$

14‌,743

$

—‌

$

—‌

$

14‌,743

  Forward

Foreign

Currency

Contracts

—‌

10‌,632

—‌

10‌,632

Liabilities

Futures

Contracts

$

(

5‌,566

)

$

—‌

$

—‌

$

(

5‌,566

)

Forward

Foreign

Currency

Contracts

—‌

(

5‌,369

)

—‌

(

5‌,369

)

Total

Other

Financial

Instruments

$

9‌,177

$

5‌,263

$

—‌

$

14‌,440

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund

Investments

U.S.

Treasury

Obligations

$

—‌

$

2‌,669,234,894

$

—‌

$

2‌,669,234,894

Total

Investments

$

—‌

$

2‌,669,234,894

$

—‌

$

2‌,669,234,894

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund

Investments

U.S.

Treasury

Obligations

$

—‌

$

855‌,287,851

$

—‌

$

855‌,287,851

Total

Investments

$

—‌

$

855‌,287,851

$

—‌

$

855‌,287,851

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

Disciplined

Duration

MBS

Index

Fund

Investments

Mortgage-Backed

Securities

$

—‌

$

82‌,723,414

$

—‌

$

82‌,723,414

Total

Investments

$

—‌

$

82‌,723,414

$

—‌

$

82‌,723,414

260

Notes

to

the

Financial

Statements

(cont.)

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund

Investments

Corporate

Bonds*

$

—‌

$

540‌,104,955

$

—‌

$

540‌,104,955

Securities

Lending

Reinvestments

Certificates

of

Deposit

—‌

10‌,999,307

—‌

10‌,999,307

Repurchase

Agreements

—‌

109‌,409,813

—‌

109‌,409,813

Short-Term

Investments

—‌

1‌,999,764

—‌

1‌,999,764

Total

Investments

$

—‌

$

662‌,513,839

$

—‌

$

662‌,513,839

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

Investments

Corporate

Bonds*

$

—‌

$

30‌,943,358

$

—‌

$

30‌,943,358

Total

Investments

$

—‌

$

30‌,943,358

$

—‌

$

30‌,943,358

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

High

Yield

Value-Scored

Bond

Index

Fund

Investments

Corporate

Bonds*

$

—‌

$

1‌,212,408,353

$

307‌

$

1‌,212,408,660

Securities

Lending

Reinvestments

Certificates

of

Deposit

—‌

41‌,003,765

—‌

41‌,003,765

Commercial

Paper

—‌

4‌,000,964

—‌

4‌,000,964

Repurchase

Agreements

—‌

227‌,310,999

—‌

227‌,310,999

Short-Term

Investments

—‌

13‌,998,351

—‌

13‌,998,351

Total

Investments

$

—‌

$

1‌,498,722,432

$

307‌

$

1‌,498,722,739

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

Investments

Corporate

Bonds*

$

—‌

$

41‌,283,456

$

—‌

$

41‌,283,456

Total

Investments

$

—‌

$

41‌,283,456

$

—‌

$

41‌,283,456

261

Notes

to

the

Financial

Statements

(cont.)

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

Ultra-Short

Income

Fund

Investments

Asset-Backed

Securities

$

—‌

$

92‌,788,435

$

—‌

$

92‌,788,435

Collateralized

Mortgage

Obligations

—‌

19‌,153,930

—‌

19‌,153,930

Commercial

Mortgage-Backed

Securities

—‌

6‌,601,854

—‌

6‌,601,854

Corporate

Bonds*

—‌

1‌,162,601,074

—‌

1‌,162,601,074

Municipal

Bonds

—‌

2‌,882,626

—‌

2‌,882,626

U.S.

Treasury

Obligations

—‌

20‌,240,188

—‌

20‌,240,188

Short-Term

Investments

—‌

38‌,235,013

—‌

38‌,235,013

Total

Investments

$

—‌

$

1‌,342,503,120

$

—‌

$

1‌,342,503,120

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

Core

Select

Bond

Fund

Investments

Exchange

Traded

Funds

$

134‌,501,085

$

—‌

$

—‌

$

134‌,501,085

Securities

Lending

Reinvestments

Repurchase

Agreements

—‌

17‌,885,475

—‌

17‌,885,475

Short-Term

Investments

—‌

429‌,946

—‌

429‌,946

Total

Investments

$

134‌,501,085

$

18‌,315,421

$

—‌

$

152‌,816,506

Other

Financial

Instruments

Assets

Futures

Contracts

$

54‌,517

$

—‌

$

—‌

$

54‌,517

Liabilities

Futures

Contracts

$

(

86‌,265

)

$

—‌

$

—‌

$

(

86‌,265

)

Total

Other

Financial

Instruments

$

(

31‌,748

)

$

—‌

$

—‌

$

(

31‌,748

)

*

See

Schedules

of

Investments

for

segregation

by

industry

type.