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

January

31,

2026

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

98.7%

Aerospace

&

Defense

-

3.2%

General

Dynamics

Corp.

3,634

$

1,275,861

Loar

Holdings,

Inc.*(a)

7,426

509,275

Lockheed

Martin

Corp.

2,765

1,753,618

Northrop

Grumman

Corp.

1,580

1,093,771

4,632,525

Banks

-

0.3%

JPMorgan

Chase

&

Co.

1,501

459,141

Beverages

-

1.4%

Coca-Cola

Co.

(The)

10,191

762,389

PepsiCo,

Inc.

7,900

1,213,677

1,976,066

Biotechnology

-

3.9%

AbbVie,

Inc.

10,586

2,360,784

Alkermes

plc*

7,742

262,376

Gilead

Sciences,

Inc.

13,904

1,973,673

Neurocrine

Biosciences,

Inc.*

5,135

698,668

Vertex

Pharmaceuticals,

Inc.*

790

371,221

5,666,722

Broadline

Retail

-

0.2%

Dillard's,

Inc.,

Class

A(a)

426

258,821

Capital

Markets

-

0.7%

CME

Group,

Inc.

3,318

959,101

Chemicals

-

0.8%

Corteva,

Inc.

11,929

868,431

Sensient

Technologies

Corp.

2,449

231,480

1,099,911

Commercial

Services

&

Supplies

-

1.1%

Republic

Services,

Inc.,

Class

A

3,871

832,613

Waste

Connections,

Inc.

4,740

794,424

1,627,037

Consumer

Finance

-

0.4%

FirstCash

Holdings,

Inc.

3,239

552,249

Consumer

Staples

Distribution

&

Retail

-

1.9%

Costco

Wholesale

Corp.

3,002

2,822,631

Containers

&

Packaging

-

0.6%

Packaging

Corp.

of

America

3,792

843,910

Diversified

Consumer

Services

-

1.1%

H&R

Block,

Inc.

20,777

819,653

Service

Corp.

International(a)

9,243

743,414

1,563,067

Diversified

Telecommunication

Services

-

2.2%

AT&T,

Inc.

43,845

1,149,178

Investments

Shares

Value

Diversified

Telecommunication

Services

(continued)

Verizon

Communications,

Inc.

46,847

$

2,085,628

3,234,806

Electric

Utilities

-

3.0%

Alliant

Energy

Corp.(a)

9,638

635,240

American

Electric

Power

Co.,

Inc.

3,950

473,111

Duke

Energy

Corp.

10,191

1,236,678

Evergy,

Inc.

9,875

757,709

Southern

Co.

(The)

13,509

1,206,489

4,309,227

Electronic

Equipment,

Instruments

&

Components

-

0.9%

Teledyne

Technologies,

Inc.*

2,212

1,372,104

Entertainment

-

0.3%

Electronic

Arts,

Inc.

2,291

467,181

Financial

Services

-

6.1%

Berkshire

Hathaway,

Inc.,

Class

B*

5,609

2,695,293

Jack

Henry

&

Associates,

Inc.

3,792

679,564

Mastercard,

Inc.,

Class

A

4,503

2,426,171

Visa,

Inc.,

Class

A

9,480

3,050,949

8,851,977

Food

Products

-

2.0%

Cal-Maine

Foods,

Inc.(a)

11,850

989,830

General

Mills,

Inc.(a)

16,669

771,108

Hershey

Co.

(The)

6,241

1,215,435

2,976,373

Health

Care

Equipment

&

Supplies

-

0.2%

Abbott

Laboratories

3,318

362,657

Health

Care

Providers

&

Services

-

1.9%

Cencora,

Inc.

316

113,514

Chemed

Corp.

2,449

1,046,066

Encompass

Health

Corp.

5,767

545,154

Quest

Diagnostics,

Inc.

5,925

1,108,153

2,812,887

Hotels,

Restaurants

&

Leisure

-

2.6%

Darden

Restaurants,

Inc.(a)

2,528

503,957

McDonald's

Corp.

7,979

2,513,385

Restaurant

Brands

International,

Inc.

10,981

735,617

Texas

Roadhouse,

Inc.,

Class

A

243

43,706

3,796,665

Household

Products

-

2.7%

Procter

&

Gamble

Co.

(The)

26,149

3,968,634

Insurance

-

5.7%

Allstate

Corp.

(The)

3,871

770,290

American

Financial

Group,

Inc.

3,318

432,236

Assurant,

Inc.

4,740

1,128,736

Chubb

Ltd.

3,240

1,002,974

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)

Insurance

(continued)

Progressive

Corp.

(The)

3,397

$

706,576

RenaissanceRe

Holdings

Ltd.

2,844

801,155

Selective

Insurance

Group,

Inc.

948

79,708

Travelers

Cos.,

Inc.

(The)

2,923

831,623

W

R

Berkley

Corp.(a)

9,796

671,810

White

Mountains

Insurance

Group

Ltd.

381

779,118

Willis

Towers

Watson

plc

3,476

1,103,526

8,307,752

Interactive

Media

&

Services

-

4.4%

Alphabet,

Inc.,

Class

A

7,900

2,670,200

Alphabet,

Inc.,

Class

C

5,767

1,952,303

Meta

Platforms,

Inc.,

Class

A

2,528

1,811,312

6,433,815

IT

Services

-

2.6%

Amdocs

Ltd.

13,983

1,145,767

International

Business

Machines

Corp.

8,453

2,592,535

3,738,302

Life

Sciences

Tools

&

Services

-

0.6%

QIAGEN

NV(a)

15,459

829,685

Media

-

0.5%

Fox

Corp.,

Class

A

9,875

718,702

Metals

&

Mining

-

2.1%

Agnico

Eagle

Mines

Ltd.(a)

7,505

1,429,702

Newmont

Corp.

14,536

1,633,120

3,062,822

Multi-Utilities

-

3.0%

Ameren

Corp.

6,083

628,252

CMS

Energy

Corp.

10,191

728,554

Consolidated

Edison,

Inc.

11,060

1,179,328

DTE

Energy

Co.

8,216

1,104,066

WEC

Energy

Group,

Inc.

7,031

778,121

4,418,321

Oil,

Gas

&

Consumable

Fuels

-

5.0%

Cheniere

Energy,

Inc.

5,451

1,152,996

Coterra

Energy,

Inc.

28,598

825,052

DT

Midstream,

Inc.

6,320

796,447

Exxon

Mobil

Corp.

24,095

3,407,033

Marathon

Petroleum

Corp.(a)

948

167,028

Williams

Cos.,

Inc.

(The)

14,378

967,064

7,315,620

Pharmaceuticals

-

7.7%

Eli

Lilly

&

Co.

2,500

2,592,875

Jazz

Pharmaceuticals

plc*

4,108

675,725

Johnson

&

Johnson

26,860

6,103,935

Merck

&

Co.,

Inc.

15,800

1,742,266

11,114,801

Investments

Shares

Value

Professional

Services

-

1.0%

Automatic

Data

Processing,

Inc.

2,923

$

721,455

FTI

Consulting,

Inc.*

4,345

758,941

1,480,396

Retail

REITs

-

0.5%

Agree

Realty

Corp.,

REIT(a)

9,875

713,271

Semiconductors

&

Semiconductor

Equipment

-

9.6%

Analog

Devices,

Inc.

5,609

1,743,726

Broadcom,

Inc.

5,846

1,936,780

NVIDIA

Corp.

46,926

8,968,966

Texas

Instruments,

Inc.

5,688

1,226,048

13,875,520

Software

-

9.4%

Appfolio,

Inc.,

Class

A*

1,264

240,008

Check

Point

Software

Technologies

Ltd.*(a)

5,609

1,006,872

Dropbox,

Inc.,

Class

A*

3,476

88,568

Microsoft

Corp.

19,513

8,396,249

Palo

Alto

Networks,

Inc.*

3,713

657,090

Qualys,

Inc.*

7,505

989,909

Roper

Technologies,

Inc.

2,133

791,834

ServiceNow,

Inc.*

6,320

739,503

Tyler

Technologies,

Inc.*

1,896

700,382

13,610,415

Specialty

Retail

-

2.5%

AutoZone,

Inc.*

223

826,057

Home

Depot,

Inc.

(The)

1,445

541,282

Murphy

USA,

Inc.

1,975

834,457

TJX

Cos.,

Inc.

(The)

9,480

1,420,199

Tractor

Supply

Co.

869

44,215

3,666,210

Technology

Hardware,

Storage

&

Peripherals

-

5.0%

Apple,

Inc.

28,124

7,297,616

Trading

Companies

&

Distributors

-

0.8%

Applied

Industrial

Technologies,

Inc.

4,345

1,131,481

Wireless

Telecommunication

Services

-

0.8%

T-Mobile

US,

Inc.

5,925

1,168,469

Total

Common

Stocks

(Cost

$120,381,016)

143,496,890

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

-

0.5%(b)

REPURCHASE

AGREEMENTS

-

0.5%

CF

Secured

LLC

3.66%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$685,945,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.63%,

maturing

1/31/2026

-

5/15/2052;

total

market

value

$692,883  

(Cost

$685,805)

$685,805

$

685,805

SHORT-TERM

INVESTMENTS

-

0.1%(c)(d)

U.S.

TREASURY

OBLIGATIONS

-

0.1%

U.S.

Treasury

Bills

3.68%,

5/7/2026

(Cost

$113,899)

$

115,000

113,928

Total

Investments

-

99.3%

(Cost

$121,180,720)

144,296,623

Other

assets

less

liabilities

-

0.7%

976,453

NET

ASSETS

-

100.0%

$145,273,076

*

Non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

January

31,

2026.

The

total

value

of

securities

on

loan

at

January

31,

2026

was

$7,806,720,

collateralized

in

the

form

of

cash

with

a

value

of

$685,805

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$6,057,934

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

February

5,

2026

–

May

15,

2055

and

$1,434,694

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

4.50%,

and

maturity

dates

ranging

from

February

25,

2026

–

June

30,

2120;

a

total

value

of

$8,178,433.

(b)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

January

31,

2026.

The

total

value

of

securities

purchased

was

$685,805.

(c)

All

or

a

portion

of

the

security

pledged

as

collateral

for

Futures

Contracts.

(d)

The

rate

shown

was

the

current

yield

as

of

January

31,

2026.

Percentages

shown

are

based

on

Net

Assets.

Futures

Contracts

FlexShares®

US

Quality

Low

Volatility

Index

Fund

had

the

following

open

futures

contracts

as

of

January

31,

2026:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

S&P

500

E-Mini

Index

4

03/20/2026

USD

$

1,393,150

$

22,551

S&P

500

Micro

E-Mini

Index

10

03/20/2026

USD

348,288

1,444

$

23,995

Abbreviations:

USD

—

US

Dollar

Security

Type

%

of

Net

Assets

Common

Stocks

98.7

%

Securities

Lending

Reinvestments

0.5

Short-Term

Investments

0.1

Others

(1)

0.7

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

January

31,

2026

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

98

.9

%

Aerospace

&

Defense

-

1

.5

%

Kongsberg

Gruppen

ASA

12,395

$

426,830

Thales

SA

1,480

450,735

877,565

Automobile

Components

-

0

.6

%

Bridgestone

Corp.

12,600

284,656

Cie

Generale

des

Etablissements

Michelin

SCA

1,406

52,437

337,093

Automobiles

-

0

.2

%

Toyota

Motor

Corp.

4,500

102,217

Banks

-

13

.7

%

Bank

Hapoalim

BM

23,754

590,852

Bank

Leumi

Le-Israel

BM

24,642

595,876

BOC

Hong

Kong

Holdings

Ltd.

96,000

506,939

Canadian

Imperial

Bank

of

Commerce(a)

10,027

931,801

Commonwealth

Bank

of

Australia

259

27,100

Danske

Bank

A/S

5,069

259,619

DBS

Group

Holdings

Ltd.

17,300

807,061

HSBC

Holdings

plc

16,724

294,993

Japan

Post

Bank

Co.

Ltd.

40,000

710,489

Mitsubishi

UFJ

Financial

Group,

Inc.

3,300

59,995

Mizrahi

Tefahot

Bank

Ltd.

6,475

509,971

National

Bank

of

Canada

4,255

509,821

Oversea-Chinese

Banking

Corp.

Ltd.

38,700

647,440

Royal

Bank

of

Canada

8,147

1,364,020

Toronto-Dominion

Bank

(The)

4,810

452,033

8,268,010

Beverages

-

0

.3

%

Suntory

Beverage

&

Food

Ltd.

6,300

199,014

Biotechnology

-

0

.4

%

Argenx

SE*

259

216,854

Broadline

Retail

-

1

.7

%

Dollarama,

Inc.

2,997

406,122

Next

plc

925

168,377

Pan

Pacific

International

Holdings

Corp.

75,700

449,459

1,023,958

Building

Products

-

0

.8

%

Geberit

AG

(Registered)(a)

629

481,603

Capital

Markets

-

2

.4

%

Deutsche

Boerse

AG

2,109

535,164

Euronext

NV(b)

3,145

441,117

Singapore

Exchange

Ltd.

35,900

498,752

1,475,033

Investments

Shares

Value

Chemicals

-

2

.2

%

Air

Liquide

SA

4,847

$

910,719

EMS-Chemie

Holding

AG

(Registered)

24

18,731

Givaudan

SA

(Registered)

111

430,710

1,360,160

Commercial

Services

&

Supplies

-

1

.4

%

Brambles

Ltd.

17,057

267,664

Dai

Nippon

Printing

Co.

Ltd.

14,000

251,167

GFL

Environmental,

Inc.

2,072

89,496

Secom

Co.

Ltd.

6,900

253,125

861,452

Construction

&

Engineering

-

0

.6

%

ACS

Actividades

de

Construccion

y

Servicios

SA

3,145

354,128

Consumer

Staples

Distribution

&

Retail

-

1

.6

%

Alimentation

Couche-Tard,

Inc.

5,476

286,467

Koninklijke

Ahold

Delhaize

NV

9,916

388,815

Loblaw

Cos.

Ltd.

1,739

78,683

Metro,

Inc.,

Class

A(a)

3,367

224,749

978,714

Containers

&

Packaging

-

0

.5

%

CCL

Industries,

Inc.,

Class

B

4,773

289,239

Diversified

Consumer

Services

-

0

.4

%

Pearson

plc

17,057

224,094

Diversified

REITs

-

0

.8

%

CapitaLand

Integrated

Commercial

Trust,

REIT

255,300

480,825

Diversified

Telecommunication

Services

-

4

.7

%

Deutsche

Telekom

AG

(Registered)

24,494

820,854

Elisa

OYJ

4,995

220,816

HKT

Trust

&

HKT

Ltd.

148,000

221,724

Koninklijke

KPN

NV

104,303

509,737

Orange

SA

20,313

377,463

Singapore

Telecommunications

Ltd.

59,200

214,128

Telstra

Group

Ltd.

72,705

248,556

TELUS

Corp.

14,393

201,947

2,815,225

Electric

Utilities

-

5

.2

%

Chubu

Electric

Power

Co.,

Inc.

14,800

215,773

CK

Infrastructure

Holdings

Ltd.(a)

64,500

530,638

CLP

Holdings

Ltd.

28,000

265,132

Emera,

Inc.(a)

2,183

108,799

Fortis,

Inc.(a)

5,528

296,373

Hydro

One

Ltd.(b)

6,216

247,098

Iberdrola

SA

40,441

910,494

Iberdrola

SA,

Class

R*

553

12,450

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)

Electric

Utilities

(continued)

Power

Assets

Holdings

Ltd.(a)

69,500

$

539,736

3,126,493

Entertainment

-

0

.6

%

Toho

Co.

Ltd.

3,700

188,934

Universal

Music

Group

NV

7,622

187,516

376,450

Food

Products

-

3

.7

%

Chocoladefabriken

Lindt

&

Spruengli

AG

33

473,969

Danone

SA

7,030

550,636

Nestle

SA

(Registered)

10,064

959,677

WH

Group

Ltd.(b)

219,000

257,426

2,241,708

Gas

Utilities

-

1

.7

%

Hong

Kong

&

China

Gas

Co.

Ltd.(a)

247,000

233,093

Osaka

Gas

Co.

Ltd.

7,100

266,676

Snam

SpA

41,366

285,326

Tokyo

Gas

Co.

Ltd.

5,900

261,840

1,046,935

Ground

Transportation

-

1

.7

%

Canadian

National

Railway

Co.

5,809

561,918

Canadian

Pacific

Kansas

City

Ltd.(a)

1,036

77,439

MTR

Corp.

Ltd.(a)

32,000

141,690

West

Japan

Railway

Co.

11,100

227,310

1,008,357

Health

Care

Equipment

&

Supplies

-

0

.7

%

BioMerieux

1,739

202,329

Cochlear

Ltd.

925

174,379

Fisher

&

Paykel

Healthcare

Corp.

Ltd.(a)

1,443

33,960

410,668

Hotels,

Restaurants

&

Leisure

-

2

.0

%

Amadeus

IT

Group

SA

4,699

316,515

Compass

Group

plc

18,130

544,101

Oriental

Land

Co.

Ltd.(a)

10,100

177,402

Sodexo

SA(a)

3,848

197,485

1,235,503

Household

Durables

-

0

.1

%

Sony

Group

Corp.

2,300

51,499

Household

Products

-

0

.3

%

Unicharm

Corp.

28,600

174,166

Industrial

Conglomerates

-

1

.6

%

Jardine

Matheson

Holdings

Ltd.

3,500

254,695

Keppel

Ltd.

14,800

127,473

Sekisui

Chemical

Co.

Ltd.

24,500

434,063

Siemens

AG

(Registered)

444

135,379

951,610

Investments

Shares

Value

Industrial

REITs

-

0

.2

%

CapitaLand

Ascendas

REIT,

REIT

48,100

$

108,026

Insurance

-

6

.8

%

Admiral

Group

plc

5,587

210,836

Allianz

SE

(Registered)

74

32,731

Fairfax

Financial

Holdings

Ltd.

243

403,244

Great-West

Lifeco,

Inc.

5,180

243,823

Helvetia

Baloise

Holding

AG(a)

1,628

413,739

Insurance

Australia

Group

Ltd.

35,224

187,539

Intact

Financial

Corp.

2,516

460,615

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

1,332

811,956

Sampo

OYJ,

Class

A(a)

43,475

486,168

Tryg

A/S

8,880

216,582

Zurich

Insurance

Group

AG

888

633,091

4,100,324

Interactive

Media

&

Services

-

0

.6

%

Autotrader

Group

plc(b)

8,288

61,188

LY

Corp.

114,700

294,892

356,080

IT

Services

-

1

.5

%

CGI,

Inc.

2,664

229,582

Obic

Co.

Ltd.

14,100

392,763

Otsuka

Corp.

10,800

214,376

Shopify,

Inc.,

Class

A*

333

43,937

880,658

Leisure

Products

-

0

.4

%

Bandai

Namco

Holdings,

Inc.

1,900

49,391

Shimano,

Inc.

1,600

182,860

232,251

Machinery

-

1

.7

%

Kone

OYJ,

Class

B(a)

7,215

520,321

Schindler

Holding

AG

1,295

501,486

Schindler

Holding

AG

(Registered)

74

27,340

1,049,147

Marine

Transportation

-

0

.0

%

(c)

Kuehne

+

Nagel

International

AG

(Registered)(a)

74

17,173

Metals

&

Mining

-

1

.9

%

Franco-Nevada

Corp.

2,705

636,703

Nippon

Steel

Corp.(a)

62,800

262,949

Wheaton

Precious

Metals

Corp.

1,961

259,782

1,159,434

Multi-Utilities

-

1

.0

%

Engie

SA

19,499

582,244

Oil,

Gas

&

Consumable

Fuels

-

2

.1

%

Eni

SpA

18,907

387,460

Galp

Energia

SGPS

SA

1,591

31,665

Idemitsu

Kosan

Co.

Ltd.

7,400

62,674

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)

Oil,

Gas

&

Consumable

Fuels

(continued)

Pembina

Pipeline

Corp.

6,512

$

272,089

Shell

plc

13,283

509,279

1,263,167

Passenger

Airlines

-

1

.4

%

ANA

Holdings,

Inc.(a)

10,700

208,437

Cathay

Pacific

Airways

Ltd.

284,000

445,835

Japan

Airlines

Co.

Ltd.

10,100

191,479

Singapore

Airlines

Ltd.

5,400

27,021

872,772

Personal

Care

Products

-

3

.6

%

Beiersdorf

AG

1,295

154,753

Kao

Corp.

10,800

433,092

Unilever

plc

23,482

1,591,986

2,179,831

Pharmaceuticals

-

10

.7

%

Astellas

Pharma,

Inc.

7,400

102,850

AstraZeneca

plc

1,739

324,543

GSK

plc

16,502

424,931

Haleon

plc

97,273

505,767

Novartis

AG

(Registered)

15,170

2,258,016

Otsuka

Holdings

Co.

Ltd.

4,900

293,536

Roche

Holding

AG

703

320,164

Sanofi

SA

11,877

1,119,054

Shionogi

&

Co.

Ltd.

25,900

532,909

Takeda

Pharmaceutical

Co.

Ltd.

17,000

577,687

6,459,457

Professional

Services

-

2

.0

%

RELX

plc

3,959

140,110

SGS

SA

(Registered)

4,218

508,318

Thomson

Reuters

Corp.(a)

2,738

304,200

Wolters

Kluwer

NV

3,034

284,710

1,237,338

Real

Estate

Management

&

Development

-

2

.9

%

Azrieli

Group

Ltd.

74

9,997

Daiwa

House

Industry

Co.

Ltd.

7,400

252,327

Hongkong

Land

Holdings

Ltd.

33,300

282,717

Mitsui

Fudosan

Co.

Ltd.

29,000

332,280

Sino

Land

Co.

Ltd.

10,638

16,046

Sun

Hung

Kai

Properties

Ltd.(a)

19,500

313,860

Swiss

Prime

Site

AG

(Registered)

3,145

536,249

1,743,476

Retail

REITs

-

0

.6

%

Klepierre

SA,

REIT

8,917

344,127

Semiconductors

&

Semiconductor

Equipment

-

1

.5

%

ASML

Holding

NV

629

909,621

Software

-

1

.1

%

Constellation

Software,

Inc.

7

12,990

Nice

Ltd.*

1,073

114,960

Investments

Shares

Value

Software

(continued)

Oracle

Corp.

Japan

4,900

$

332,257

SAP

SE

1,147

232,734

692,941

Specialty

Retail

-

0

.8

%

Industria

de

Diseno

Textil

SA

1,702

111,363

ZOZO,

Inc.(a)

43,400

358,994

470,357

Technology

Hardware,

Storage

&

Peripherals

-

0

.4

%

Canon,

Inc.(a)

9,000

273,337

Textiles,

Apparel

&

Luxury

Goods

-

0

.2

%

LVMH

Moet

Hennessy

Louis

Vuitton

SE

148

96,292

Tobacco

-

0

.8

%

Japan

Tobacco,

Inc.

13,100

473,947

Trading

Companies

&

Distributors

-

2

.7

%

Bunzl

plc

4,995

140,378

Ferguson

Enterprises,

Inc.

2,146

541,779

Mitsubishi

Corp.

34,800

924,255

1,606,412

Transportation

Infrastructure

-

0

.9

%

Aena

SME

SA(b)

16,539

516,092

Flughafen

Zurich

AG

(Registered)

37

11,512

Getlink

SE

1,036

20,595

548,199

Wireless

Telecommunication

Services

-

1

.7

%

KDDI

Corp.

31,300

528,870

SoftBank

Corp.

377,400

511,322

1,040,192

Total

Common

Stocks

(Cost

$49,941,945)

59,665,376

Number

of

Rights

RIGHTS

-

0

.0

%

(c)

Construction

&

Engineering

-

0.0%(c)

ACS

Actividades

de

Construccion

y

Servicios

SA,

expiring

2/3/2026*(a)

(Cost

$1,656)

3,145

1,736

Number

of

Warrants

WARRANTS

-

0

.0

%

Software

-

0.0%

Constellation

Software,

Inc.,

expiring

3/31/2040

(Cost

$–)*‡

28

—

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

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

-

3

.9

%

(d)

REPURCHASE

AGREEMENTS

-

3

.9

%

CF

Secured

LLC

3.66%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$2,373,538,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.63%,

maturing

1/31/2026

-

5/15/2052;

total

market

value

$2,397,546  

(Cost

$2,373,055)

$2,373,055

$

2,373,055

Total

Investments

-

102.8%

(Cost

$52,316,656)

62,040,167

Liabilities

in

excess

of

other

assets

-

(2.8%)

(1,672,468)

NET

ASSETS

-

100.0%

$60,367,699

*

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

January

31,

2026.

The

total

value

of

securities

on

loan

at

January

31,

2026

was

$5,711,692,

collateralized

in

the

form

of

cash

with

a

value

of

$2,373,055

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$1,962,591

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

February

17,

2026

–

August

15,

2055

and

$1,796,123

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

5.50%,

and

maturity

dates

ranging

from

February

25,

2026

–

March

22,

2073;

a

total

value

of

$6,131,769.

(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

January

31,

2026.

The

total

value

of

securities

purchased

was

$2,373,055.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

OYJ

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

SCA

—

Limited

partnership

with

share

capital

Futures

Contracts

FlexShares

®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

had

the

following

open

futures

contracts

as

of

January

31,

2026:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

MSCI

EAFE

E-Mini

Index

4

03/20/2026

USD

$

607,360

$

19,539

Forward

Foreign

Currency

Contracts

FlexShares

®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

had

the

following

outstanding

contracts

as

of

January

31,

2026:

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

CAD

121,112

Bank

of

Montreal

USD

88,363

03/18/2026

$

1,233

EUR

80,000

JPMorgan

Chase

Bank

NA

USD

94,069

03/18/2026

1,297

ILS

73,522

Goldman

Sachs

&

Co.

USD

22,941

03/18/2026

858

JPY

14,000,000

Toronto-Dominion

Bank

(The)

USD

89,584

03/18/2026

1,494

SGD

16,357

Morgan

Stanley

USD

12,749

03/18/2026

179

USD

7,730

Citigroup

Global

Markets,

Inc.

HKD

60,000

03/18/2026

36

Total

unrealized

appreciation

$

5,097

USD

72,961

Bank

of

Montreal

AUD

109,288

03/18/2026

$

(

3,593

)

USD

190,961

Citigroup

Global

Markets,

Inc.

CHF

149,993

03/18/2026

(

4,728

)

USD

21,713

Citigroup

Global

Markets,

Inc.

DKK

137,190

03/18/2026

(

196

)

USD

112,596

Bank

of

Montreal

EUR

95,420

03/18/2026

(

1,151

)

USD

54,964

Bank

of

Montreal

GBP

40,939

03/18/2026

(

1,211

)

USD

97,162

JPMorgan

Chase

Bank

NA

JPY

14,950,000

03/18/2026

(

97

)

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

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

USD

13,068

Bank

of

Montreal

NOK

131,563

03/18/2026

$

(

635

)

USD

18,243

Citigroup

Global

Markets,

Inc.

SEK

167,599

03/18/2026

(

732

)

Total

unrealized

depreciation

$

(

12,343

)

Net

unrealized

depreciation

$

(

7,246

)

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

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

January

31,

2026:

Australia

1‌

.5

%

Belgium

0‌

.4

Canada

14‌

.9

Denmark

0‌

.8

Finland

2‌

.0

France

8‌

.9

Germany

4‌

.5

Hong

Kong

5‌

.7

Israel

3‌

.0

Italy

1‌

.1

Japan

20‌

.0

Netherlands

3‌

.8

New

Zealand

0‌

.1

Norway

0‌

.7

Portugal

0‌

.1

Singapore

5‌

.7

Spain

3‌

.7

Switzerland

12‌

.6

United

Kingdom

9‌

.4

Other

1

1‌

.1

100.0%

1

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

(cont.)

9

Security

Type

%

of

Net

Assets

Common

Stocks

98‌

.9

%

Rights

0‌

.0

†

Warrants

–‌

Securities

Lending

Reinvestments

3‌

.9

Others

(1)

(

2‌

.8

)

100‌

.0

%

†

Amount

represents

less

than

0.05%.

(1)

Includes

any

other

net

assets/(liabilities).

10

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares

®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

January

31,

2026

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

100

.0

%

Aerospace

&

Defense

-

0

.9

%

Aselsan

Elektronik

Sanayi

ve

Ticaret

A/S

19,895

$

138,718

Automobile

Components

-

0

.9

%

Bosch

Ltd.

15

5,957

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

H(a)

7,200

61,631

MRF

Ltd.

46

66,091

133,679

Automobiles

-

1

.7

%

Eicher

Motors

Ltd.

1,690

130,855

Hero

MotoCorp

Ltd.

645

38,804

Maruti

Suzuki

India

Ltd.

615

97,604

267,263

Banks

-

16

.4

%

Al

Rajhi

Bank

1,385

39,585

Banco

BBVA

Peru

SA

8,733

5,619

Bank

of

China

Ltd.,

Class

H

275,000

164,443

Bank

of

the

Philippine

Islands

47,450

99,928

BDO

Unibank,

Inc.

39,350

90,221

Boubyan

Bank

KSCP

33,365

73,710

Chang

Hwa

Commercial

Bank

Ltd.

125,000

81,030

China

Construction

Bank

Corp.,

Class

H

105,000

106,349

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

Class

H

130,000

97,046

Commercial

Bank

of

Dubai

PSC

1,450

3,849

Credicorp

Ltd.

275

98,128

Dubai

Islamic

Bank

PJSC

44,000

115,731

First

Financial

Holding

Co.

Ltd.

120,000

109,819

HDFC

Bank

Ltd.

28,600

288,915

Hong

Leong

Bank

Bhd.

15,500

101,446

ICICI

Bank

Ltd.

6,200

91,328

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

180,000

149,583

Itau

Unibanco

Holding

SA

(Preference)

2,575

22,378

Malayan

Banking

Bhd.

38,500

115,246

Mega

Financial

Holding

Co.

Ltd.

45,000

55,481

National

Bank

of

Kuwait

SAKP

33,440

103,622

Public

Bank

Bhd.

128,000

158,133

Qatar

International

Islamic

Bank

QSC

26,230

82,198

Qatar

National

Bank

QPSC

17,270

93,915

RHB

Bank

Bhd.

47,000

100,748

Saudi

Investment

Bank

(The)

28,595

106,735

Saudi

National

Bank

(The)

280

3,349

Sberbank

of

Russia

PJSC*‡

12,360

—

2,558,535

Beverages

-

0

.4

%

Ambev

SA

8,500

24,109

Investments

Shares

Value

Beverages

(continued)

Coca-Cola

Femsa

SAB

de

CV

4,000

$

42,147

66,256

Biotechnology

-

0

.6

%

Celltrion,

Inc.*

635

92,643

Broadline

Retail

-

4

.0

%

Alibaba

Group

Holding

Ltd.,

ADR

2,945

499,354

Falabella

SA

405

3,183

JD.com,

Inc.,

ADR

630

17,943

PDD

Holdings,

Inc.,

ADR*

745

75,282

Prosus

NV

455

26,228

Robinson

PCL‡

600

—

621,990

Building

Products

-

0

.0

%

(b)

Astral

Ltd.

200

3,210

Chemicals

-

1

.9

%

Asian

Paints

Ltd.

3,925

103,612

Fertiglobe

plc

33,615

24,804

Mesaieed

Petrochemical

Holding

Co.

190,230

57,158

PhosAgro

PJSC*‡

1,158

—

PI

Industries

Ltd.

65

2,258

Pidilite

Industries

Ltd.

7,095

110,381

298,213

Construction

&

Engineering

-

0

.3

%

Voltas

Ltd.

2,875

41,503

Construction

Materials

-

0

.8

%

LafargeHolcim

Maroc

SA

565

112,093

Shree

Cement

Ltd.

15

4,400

UltraTech

Cement

Ltd.

45

6,210

122,703

Consumer

Finance

-

0

.8

%

Bajaj

Finance

Ltd.

520

5,256

Muthoot

Finance

Ltd.

2,845

118,442

SBI

Cards

&

Payment

Services

Ltd.

605

4,956

Sundaram

Finance

Ltd.

65

3,730

132,384

Consumer

Staples

Distribution

&

Retail

-

0

.4

%

President

Chain

Store

Corp.

8,800

59,701

Containers

&

Packaging

-

0

.0

%

(b)

Klabin

SA

(Preference)

3,030

2,228

Diversified

Telecommunication

Services

-

4

.1

%

China

Tower

Corp.

Ltd.,

Class

H(a)

55,000

79,299

Chunghwa

Telecom

Co.

Ltd.

23,300

98,842

Emirates

Integrated

Telecommunications

Co.

PJSC

43,550

122,136

Emirates

Telecommunications

Group

Co.

PJSC

5,895

31,621

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)

Diversified

Telecommunication

Services

(continued)

Ooredoo

QPSC

8,815

$

34,379

Saudi

Telecom

Co.

7,780

92,098

Telefonica

Brasil

SA

12,500

89,246

Telekom

Malaysia

Bhd.

43,000

86,174

633,795

Electric

Utilities

-

1

.7

%

CPFL

Energia

SA

9,000

88,461

Korea

Electric

Power

Corp.*

1,830

74,120

Manila

Electric

Co.

10,250

102,708

265,289

Electronic

Equipment,

Instruments

&

Components

-

0

.6

%

Delta

Electronics,

Inc.

1,500

58,151

Hon

Hai

Precision

Industry

Co.

Ltd.

5,000

35,033

93,184

Entertainment

-

1

.3

%

Krafton,

Inc.*

630

111,171

NetEase,

Inc.,

ADR

685

88,249

199,420

Food

Products

-

2

.8

%

Britannia

Industries

Ltd.

1,820

115,952

Kwality

Wall's

India

Ltd.*‡

6,365

2,782

Marico

Ltd.

1,065

8,449

Nestle

India

Ltd.

6,080

88,066

Tingyi

Cayman

Islands

Holding

Corp.

74,000

112,378

Want

Want

China

Holdings

Ltd.

175,000

105,766

433,393

Gas

Utilities

-

0

.6

%

Petronas

Gas

Bhd.

20,000

93,252

Ground

Transportation

-

0

.4

%

GMexico

Transportes

SAB

de

CV(a)

1,000

1,966

Rumo

SA

23,000

64,841

66,807

Health

Care

Providers

&

Services

-

2

.1

%

Apollo

Hospitals

Enterprise

Ltd.

1,010

76,425

Bangkok

Dusit

Medical

Services

PCL,

NVDR

139,500

89,113

Bumrungrad

Hospital

PCL,

NVDR

16,500

87,836

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

980

68,352

321,726

Hotels,

Restaurants

&

Leisure

-

0

.5

%

Jubilant

Foodworks

Ltd.

575

3,107

Meituan,

Class

B*(a)

4,000

49,784

Trip.com

Group

Ltd.

400

24,677

77,568

Investments

Shares

Value

Independent

Power

and

Renewable

Electricity

Producers

-

1

.2

%

Aboitiz

Power

Corp.

165,500

$

120,864

Huaneng

Power

International,

Inc.,

Class

H

92,000

67,147

Unipro

PAO*‡

726,000

—

188,011

Industrial

Conglomerates

-

0

.5

%

Industries

Qatar

QSC

22,575

78,867

Insurance

-

2

.3

%

BB

Seguridade

Participacoes

SA

18,500

131,836

Caixa

Seguridade

Participacoes

SA

38,500

127,290

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

8,000

16,584

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

5,000

46,545

Porto

Seguro

SA

4,500

43,182

365,437

Interactive

Media

&

Services

-

4

.4

%

NAVER

Corp.

170

32,479

Tencent

Holdings

Ltd.

8,500

659,564

692,043

IT

Services

-

4

.0

%

Arabian

Internet

&

Communications

Services

Co.

935

58,433

Elm

Co.

235

48,620

HCL

Technologies

Ltd.

5,100

94,008

Infosys

Ltd.

4,000

71,358

Samsung

SDS

Co.

Ltd.

1,035

124,467

Tata

Consultancy

Services

Ltd.

6,890

233,985

630,871

Life

Sciences

Tools

&

Services

-

1

.1

%

Divi's

Laboratories

Ltd.

1,120

73,675

Samsung

Biologics

Co.

Ltd.*(a)

81

98,197

171,872

Marine

Transportation

-

0

.3

%

MISC

Bhd.

24,500

49,721

Metals

&

Mining

-

0

.4

%

APL

Apollo

Tubes

Ltd.

260

5,782

Polyus

PJSC*‡

5,460

—

Vale

SA

2,000

32,210

Zhaojin

Mining

Industry

Co.

Ltd.,

Class

H

6,000

27,812

65,804

Multi-Utilities

-

1

.4

%

Dubai

Electricity

&

Water

Authority

PJSC

148,925

122,460

Nebras

Energy

23,490

98,709

221,169

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

(cont.)

12

Investments

Shares

Value

COMMON

STOCKS

(continued)

Office

REITs

-

0

.0

%

(b)

Embassy

Office

Parks

REIT,

REIT

1,460

$

6,892

Oil,

Gas

&

Consumable

Fuels

-

4

.3

%

China

Coal

Energy

Co.

Ltd.,

Class

H(c)

78,000

114,158

China

Petroleum

&

Chemical

Corp.,

Class

H(c)

168,000

115,733

China

Shenhua

Energy

Co.

Ltd.,

Class

H(c)

26,000

143,222

Dian

Swastatika

Sentosa

Tbk.

PT*

9,500

56,032

Qatar

Fuel

QSC

27,735

118,070

Reliance

Industries

Ltd.

2,980

45,205

Surgutneftegas

PAO

(Preference)*‡

156,600

—

Turkiye

Petrol

Rafinerileri

A/S

15,495

87,215

679,635

Personal

Care

Products

-

2

.0

%

Colgate-Palmolive

India

Ltd.

4,755

109,287

Godrej

Consumer

Products

Ltd.

2,990

37,513

Hindustan

Unilever

Ltd.

6,235

160,844

307,644

Pharmaceuticals

-

2

.7

%

Cipla

Ltd.

7,270

104,639

Livzon

Pharmaceutical

Group,

Inc.,

Class

H

3,000

11,293

Lupin

Ltd.

2,505

58,625

Sun

Pharmaceutical

Industries

Ltd.

7,335

127,208

Torrent

Pharmaceuticals

Ltd.

2,740

117,979

419,744

Semiconductors

&

Semiconductor

Equipment

-

16

.2

%

MediaTek,

Inc.

1,230

68,789

SK

hynix,

Inc.

555

350,490

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

36,870

2,079,576

United

Microelectronics

Corp.

15,000

29,743

2,528,598

Specialty

Retail

-

1

.9

%

Abu

Dhabi

National

Oil

Co.

for

Distribution

PJSC

74,400

83,057

FSN

E-Commerce

Ventures

Ltd.*

11,040

28,504

Jarir

Marketing

Co.

30,430

115,775

Petronas

Dagangan

Bhd.

13,500

72,603

299,939

Technology

Hardware,

Storage

&

Peripherals

-

4

.7

%

Catcher

Technology

Co.

Ltd.

17,200

109,584

Samsung

Electronics

Co.

Ltd.

5,650

630,002

739,586

Textiles,

Apparel

&

Luxury

Goods

-

0

.0

%

(b)

Page

Industries

Ltd.

5

1,794

Investments

Shares

Value

Tobacco

-

1

.2

%

ITC

Ltd.

28,100

$

98,409

KT&G

Corp.

895

95,693

194,102

Trading

Companies

&

Distributors

-

0

.6

%

BOC

Aviation

Ltd.(a)

8,500

88,268

Transportation

Infrastructure

-

2

.1

%

China

Merchants

Port

Holdings

Co.

Ltd.

36,000

72,510

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

1,650

25,992

Salik

Co.

PJSC

71,195

123,677

Taiwan

High

Speed

Rail

Corp.

125,000

108,635

330,814

Water

Utilities

-

1

.5

%

Emirates

Central

Cooling

Systems

Corp.

254,075

121,757

Guangdong

Investment

Ltd.

118,000

111,508

233,265

Wireless

Telecommunication

Services

-

4

.0

%

Advanced

Info

Service

PCL,

NVDR

6,800

75,423

Bharti

Airtel

Ltd.

4,910

105,083

Celcomdigi

Bhd.

87,000

71,948

Far

EasTone

Telecommunications

Co.

Ltd.

40,000

112,869

Mobile

Telecommunications

Co.

KSCP

44,150

73,368

SK

Telecom

Co.

Ltd.

2,010

101,240

Taiwan

Mobile

Co.

Ltd.

24,000

80,458

620,389

Total

Common

Stocks

(Cost

$11,808,105)

15,637,925

Total

Investments

-

100.0%

(Cost

$11,808,105)

15,637,925

Other

assets

less

liabilities

-

0.0%

6,932

NET

ASSETS

-

100.0%

$15,644,857

*

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.

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

(cont.)

13

(c)

The

security

or

a

portion

of

this

security

is

on

loan

at

January

31,

2026.

The

total

value

of

securities

on

loan

at

January

31,

2026

was

$292,999,

$109,452

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

2.88%,

and

maturity

dates

ranging

from

April

15,

2028

–

February

15,

2054

and

$210,026

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

4.50%,

and

maturity

dates

ranging

from

February

25,

2026

–

May

25,

2072;

a

total

value

of

$319,478.

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

Futures

Contracts

FlexShares

®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

had

the

following

open

futures

contract

as

of

January

31,

2026:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

MSCI

Emerging

Markets

E-Mini

Index

1

03/20/2026

USD

$

76,040

$

6,867

Forward

Foreign

Currency

Contracts

FlexShares

®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

had

the

following

outstanding

contracts

as

of

January

31,

2026:

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

USD

20,664

Goldman

Sachs

&

Co.

INR

*

1,880,000

03/18/2026

$

283

Net

unrealized

appreciation

$

283

*

Non-deliverable

forward.

Abbreviations:

INR

—

Indian

Rupee

USD

—

US

Dollar

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

(cont.)

14

FlexShares®

Emerging

Markets

Quality

Low

Volatility

Index

invested,

as

a

percentage

of

net

assets,

in

companies

domiciled

in

the

following

countries

as

of

January

31,

2026:

Brazil

4‌

.0

%

Chile

0‌

.0

†

China

19‌

.9

India

18‌

.5

Indonesia

0‌

.4

Kuwait

1‌

.6

Malaysia

5‌

.4

Mexico

0‌

.5

Morocco

0‌

.7

Peru

0‌

.7

Philippines

2‌

.7

Qatar

3‌

.6

Saudi

Arabia

3‌

.4

South

Africa

0‌

.2

South

Korea

10‌

.9

Taiwan

19‌

.7

Thailand

1‌

.6

Turkey

1‌

.4

United

Arab

Emirates

4‌

.8

Other

1

0‌

.0

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

100‌

.0

%

Others

(1)

0‌

.0

†

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

†

Amount

represents

less

than

0.05%.

15

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

January

31,

2026

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

99.1%

Aerospace

&

Defense

-

2.1%

AAR

Corp.*(a)

2,213

$

234,379

AeroVironment,

Inc.*(a)

1,043

290,361

Archer

Aviation,

Inc.,

Class

A*(a)

7,450

53,565

ATI,

Inc.*

5,960

716,988

Axon

Enterprise,

Inc.*

1,490

720,534

Boeing

Co.

(The)*

19,668

4,596,805

BWX

Technologies,

Inc.(a)

2,295

471,462

Carpenter

Technology

Corp.(a)

1,270

403,644

Curtiss-Wright

Corp.

944

619,915

Ducommun,

Inc.*

474

53,728

Eve

Holding,

Inc.*(a)

12,166

47,934

Firefly

Aerospace,

Inc.*(a)

3,874

97,625

GE

Aerospace

22,350

6,856,756

General

Dynamics

Corp.

6,258

2,197,121

HEICO

Corp.

1,078

356,721

HEICO

Corp.,

Class

A

1,580

402,252

Hexcel

Corp.(a)

2,926

242,302

Howmet

Aerospace,

Inc.

8,493

1,767,223

Huntington

Ingalls

Industries,

Inc.(a)

1,639

689,216

Intuitive

Machines,

Inc.,

Class

A*

8,932

169,619

Kratos

Defense

&

Security

Solutions,

Inc.*

5,112

526,587

L3Harris

Technologies,

Inc.

3,874

1,328,201

Leonardo

DRS,

Inc.

149

6,118

Lockheed

Martin

Corp.

5,066

3,212,959

Mercury

Systems,

Inc.*

3,303

310,086

Moog,

Inc.,

Class

A

1,341

409,474

Northrop

Grumman

Corp.

3,576

2,475,522

Red

Cat

Holdings,

Inc.*(a)

3,427

46,264

Redwire

Corp.*(a)

298

3,502

Rocket

Lab

Corp.*(a)

10,093

808,147

RTX

Corp.

35,015

7,035,564

StandardAero,

Inc.*

2,384

73,642

Textron,

Inc.

5,338

470,064

TransDigm

Group,

Inc.

1,111

1,585,997

V2X,

Inc.*

1,788

123,068

VSE

Corp.(a)

308

67,320

Woodward,

Inc.

1,355

430,673

39,901,338

Air

Freight

&

Logistics

-

0.3%

CH

Robinson

Worldwide,

Inc.

2,911

567,499

Expeditors

International

of

Washington,

Inc.

3,080

494,463

FedEx

Corp.

5,811

1,872,595

GXO

Logistics,

Inc.*

6,213

351,594

Hub

Group,

Inc.,

Class

A(a)

4,172

198,504

United

Parcel

Service,

Inc.,

Class

B

18,178

1,930,867

5,415,522

Automobile

Components

-

0.5%

Adient

plc*

16,241

337,813

Investments

Shares

Value

Automobile

Components

(continued)

Aptiv

plc*(a)

4,928

$

373,296

Autoliv,

Inc.(a)

12,218

1,481,310

BorgWarner,

Inc.

39,336

1,864,920

Dana,

Inc.

8,018

231,720

Dorman

Products,

Inc.*(a)

1,570

194,994

Fox

Factory

Holding

Corp.*

2,533

46,607

Garrett

Motion,

Inc.

21,356

385,262

Gentex

Corp.(a)

42,465

977,120

Gentherm,

Inc.*(a)

5,364

171,434

Goodyear

Tire

&

Rubber

Co.

(The)*(a)

48,276

454,277

Kodiak

AI,

Inc.*(a)

5,364

48,866

LCI

Industries(a)

5,215

764,988

Lear

Corp.(a)

9,292

1,088,000

Mobileye

Global,

Inc.,

Class

A*

298

2,676

Patrick

Industries,

Inc.(a)

2,002

252,592

Phinia,

Inc.

8,932

635,691

QuantumScape

Corp.,

Class

A*

12,665

112,085

Standard

Motor

Products,

Inc.

1,788

71,395

Visteon

Corp.

3,792

344,541

XPEL,

Inc.*(a)(b)

2,625

135,214

9,974,801

Automobiles

-

1.6%

Ford

Motor

Co.(a)

100,426

1,393,913

General

Motors

Co.

25,181

2,115,204

Harley-Davidson,

Inc.

18,300

362,340

Lucid

Group,

Inc.,

Class

A*

149

1,650

Rivian

Automotive,

Inc.,

Class

A*

15,708

231,693

Tesla,

Inc.*

58,557

25,203,518

Thor

Industries,

Inc.(a)

2,986

334,044

Winnebago

Industries,

Inc.(a)

5,662

259,942

29,902,304

Banks

-

6.2%

1st

Source

Corp.(a)

2,464

165,901

Amalgamated

Financial

Corp.

5,652

219,524

Ameris

Bancorp

12,516

1,009,040

Associated

Banc-Corp.

32,780

893,583

Atlantic

Union

Bankshares

Corp.(a)

26,522

1,030,114

Axos

Financial,

Inc.*(a)

9,834

973,468

Banc

of

California,

Inc.

10,164

203,077

BancFirst

Corp.

1,418

155,909

Bancorp,

Inc.

(The)*

3,080

183,075

Bank

of

America

Corp.

174,032

9,258,502

Bank

of

Hawaii

Corp.

462

34,548

Bank

OZK(a)

20,115

956,669

BankUnited,

Inc.

14,006

664,865

Banner

Corp.

4,917

304,067

Beacon

Financial

Corp.(a)

13,108

371,612

BOK

Financial

Corp.(a)

3,925

510,014

Burke

&

Herbert

Financial

Services

Corp.(a)

1,078

70,587

Business

First

Bancshares,

Inc.(a)

2,156

60,734

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)

Banks

(continued)

Byline

Bancorp,

Inc.(a)

6,908

$

220,572

Cadence

Bank(a)

4,547

191,474

Capitol

Federal

Financial,

Inc.(a)

36,344

264,584

Cathay

General

Bancorp

13,410

686,324

Central

Pacific

Financial

Corp.(a)

2,355

76,702

Citigroup,

Inc.

46,934

5,430,733

Citizens

Financial

Group,

Inc.

12,814

807,026

City

Holding

Co.(a)

316

38,896

CNB

Financial

Corp.

2,384

66,037

Coastal

Financial

Corp.*

1,232

118,001

Columbia

Banking

System,

Inc.

52,299

1,539,683

Comerica,

Inc.(a)

2,293

203,320

Commerce

Bancshares,

Inc.(a)

3,618

190,451

Community

Financial

System,

Inc.(a)

3,388

211,750

Community

Trust

Bancorp,

Inc.(a)

1,738

107,235

ConnectOne

Bancorp,

Inc.

975

25,954

Cullen/Frost

Bankers,

Inc.

11,175

1,540,138

Customers

Bancorp,

Inc.*(a)

4,829

381,588

CVB

Financial

Corp.(a)

8,624

169,979

Dime

Community

Bancshares,

Inc.

5,236

178,129

East

West

Bancorp,

Inc.(a)

25,777

2,949,920

Eastern

Bankshares,

Inc.

35,760

732,544

Enterprise

Financial

Services

Corp.

(a)

8,316

476,923

FB

Financial

Corp.

942

54,193

Fifth

Third

Bancorp(a)

19,072

957,796

First

Bancorp/NC(a)

3,002

173,906

First

Bancorp/PR(a)

29,949

662,472

First

Busey

Corp.

6,854

168,951

First

Citizens

BancShares,

Inc.,

Class

A(a)

298

616,732

First

Commonwealth

Financial

Corp.

21,337

384,706

First

Financial

Bancorp(a)

15,805

454,236

First

Financial

Bankshares,

Inc.(a)

2,678

85,214

First

Hawaiian,

Inc.(a)

24,969

662,927

First

Horizon

Corp.

92,678

2,269,684

First

Interstate

BancSystem,

Inc.,

Class

A(a)

15,231

540,244

First

Merchants

Corp.

12,516

497,636

First

Mid

Bancshares,

Inc.

6,160

259,336

Firstsun

Capital

Bancorp*(a)

1,490

58,825

Flagstar

Bank

NA

6,006

79,399

FNB

Corp.

63,623

1,116,584

Fulton

Financial

Corp.(a)

31,290

646,138

German

American

Bancorp,

Inc.(a)

1,490

62,684

Glacier

Bancorp,

Inc.(a)

2,831

143,475

Hancock

Whitney

Corp.

14,900

1,025,120

Hanmi

Financial

Corp.(a)

2,464

65,468

Heritage

Financial

Corp.

4,928

127,192

Hilltop

Holdings,

Inc.

4,239

158,751

Home

BancShares,

Inc.

33,972

981,791

Hope

Bancorp,

Inc.(a)

13,552

162,353

Horizon

Bancorp,

Inc.

13,398

236,073

Huntington

Bancshares,

Inc.

39,783

695,407

Investments

Shares

Value

Banks

(continued)

Independent

Bank

Corp.(a)

8,493

$

686,064

International

Bancshares

Corp.(a)

10,579

736,722

JPMorgan

Chase

&

Co.

71,099

21,748,473

KeyCorp

27,795

598,148

Lakeland

Financial

Corp.

2,384

142,086

Live

Oak

Bancshares,

Inc.

2,384

95,265

M&T

Bank

Corp.

4,321

957,404

Mercantile

Bank

Corp.

2,041

106,091

Metropolitan

Bank

Holding

Corp.(a)

924

85,562

MidWestOne

Financial

Group,

Inc.

596

27,607

National

Bank

Holdings

Corp.,

Class

A

7,897

317,301

NBT

Bancorp,

Inc.(a)

11,324

503,125

Nicolet

Bankshares,

Inc.(a)

1,078

157,366

Northwest

Bancshares,

Inc.(a)

32,035

412,611

OceanFirst

Financial

Corp.(a)

12,405

232,594

OFG

Bancorp(a)

9,702

390,991

Old

National

Bancorp(a)

62,027

1,515,320

Old

Second

Bancorp,

Inc.(a)

3,925

77,872

Origin

Bancorp,

Inc.

3,297

141,210

Park

National

Corp.

316

51,489

Pathward

Financial,

Inc.

2,002

180,761

Peoples

Bancorp,

Inc.(a)

9,089

295,574

Pinnacle

Financial

Partners,

Inc.

28,420

2,702,458

PNC

Financial

Services

Group,

Inc.

(The)

10,579

2,362,291

Popular,

Inc.

12,367

1,651,365

Preferred

Bank(a)

3,080

264,172

Prosperity

Bancshares,

Inc.(a)

17,582

1,213,334

Provident

Financial

Services,

Inc.(a)

20,200

447,228

QCR

Holdings,

Inc.

1,738

156,872

Regions

Financial

Corp.

25,181

717,658

Renasant

Corp.(a)

1,694

63,881

Republic

Bancorp,

Inc.,

Class

A

314

22,800

S&T

Bancorp,

Inc.(a)

6,751

287,863

Seacoast

Banking

Corp.

of

Florida(a)

924

30,899

ServisFirst

Bancshares,

Inc.(a)

3,146

257,500

Simmons

First

National

Corp.,

Class

A(a)

30,545

620,980

Southside

Bancshares,

Inc.

7,599

244,612

SouthState

Bank

Corp.(a)

18,178

1,860,155

Stellar

Bancorp,

Inc.

5,082

188,745

Stock

Yards

Bancorp,

Inc.

1,788

121,030

Texas

Capital

Bancshares,

Inc.*

7,301

738,642

Tompkins

Financial

Corp.

3,542

283,785

Towne

Bank

10,579

370,265

TriCo

Bancshares(a)

4,239

211,187

Triumph

Financial,

Inc.*

2,041

128,767

Truist

Financial

Corp.

34,270

1,762,163

TrustCo

Bank

Corp.

NY(a)

5,544

240,610

Trustmark

Corp.(a)

12,628

536,943

UMB

Financial

Corp.(a)

12,885

1,638,199

United

Bankshares,

Inc.(a)

24,585

1,040,683

United

Community

Banks,

Inc.

18,788

646,871

Univest

Financial

Corp.

4,239

140,480

US

Bancorp

38,889

2,182,062

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)

Banks

(continued)

Valley

National

Bancorp

77,927

$

970,970

WaFd,

Inc.

16,940

552,583

Webster

Financial

Corp.

30,843

2,028,544

Wells

Fargo

&

Co.

81,969

7,417,375

WesBanco,

Inc.(a)

18,774

662,534

Westamerica

Bancorp

6,258

316,530

Western

Alliance

Bancorp(a)

20,711

1,846,386

Wintrust

Financial

Corp.(a)

11,622

1,714,129

WSFS

Financial

Corp.

2,772

179,432

Zions

Bancorp

NA

27,267

1,633,566

116,936,730

Beverages

-

0.9%

Boston

Beer

Co.,

Inc.

(The),

Class

A*(a)

745

159,147

Brown-Forman

Corp.,

Class

A(a)

4,166

115,940

Brown-Forman

Corp.,

Class

B(a)

14,304

391,501

Celsius

Holdings,

Inc.*(a)

4,172

218,947

Coca-Cola

Co.

(The)

82,947

6,205,265

Coca-Cola

Consolidated,

Inc.

1,724

262,151

Constellation

Brands,

Inc.,

Class

A(a)

4,470

700,449

Keurig

Dr

Pepper,

Inc.

33,078

907,660

Molson

Coors

Beverage

Co.,

Class

B(a)

34,061

1,636,290

Monster

Beverage

Corp.*

15,198

1,227,391

National

Beverage

Corp.*

3,725

126,948

PepsiCo,

Inc.

34,740

5,337,106

Primo

Brands

Corp.,

Class

A(a)

13,410

253,985

Vita

Coco

Co.,

Inc.

(The)*

3,278

174,881

17,717,661

Biotechnology

-

2.4%

AbbVie,

Inc.

45,892

10,234,375

ACADIA

Pharmaceuticals,

Inc.*

3,696

92,880

ADMA

Biologics,

Inc.*

4,312

74,598

Agios

Pharmaceuticals,

Inc.*

4,189

114,946

Alkermes

plc*(a)

8,932

302,705

Alnylam

Pharmaceuticals,

Inc.*

2,829

956,372

Amgen,

Inc.

13,857

4,737,431

Amicus

Therapeutics,

Inc.*

3,969

56,717

Anavex

Life

Sciences

Corp.*(a)

7,599

35,715

Apellis

Pharmaceuticals,

Inc.*(a)

6,012

135,751

Arcellx,

Inc.*(a)

745

50,891

Arcus

Biosciences,

Inc.*(a)

7,700

162,008

Arcutis

Biotherapeutics,

Inc.*

2,959

75,070

Ardelyx,

Inc.*

15,862

121,979

Arrowhead

Pharmaceuticals,

Inc.*(a)

5,390

373,689

ARS

Pharmaceuticals,

Inc.*(a)

2,464

24,615

Aurinia

Pharmaceuticals,

Inc.*

10,281

149,383

Avidity

Biosciences,

Inc.*

4,342

315,099

Beam

Therapeutics,

Inc.*(a)

5,082

140,365

BioCryst

Pharmaceuticals,

Inc.*(a)

447

2,941

Biogen,

Inc.*

3,129

562,876

Biohaven

Ltd.*(a)

5,513

65,219

BioMarin

Pharmaceutical,

Inc.*

9,089

513,892

Investments

Shares

Value

Biotechnology

(continued)

Bridgebio

Pharma,

Inc.*(a)

6,556

$

506,582

CareDx,

Inc.*

2,926

60,129

Catalyst

Pharmaceuticals,

Inc.*(a)

8,470

205,821

Celldex

Therapeutics,

Inc.*(a)

6,006

147,748

CG

oncology,

Inc.*(a)

2,512

130,750

Cogent

Biosciences,

Inc.*

5,338

191,688

CRISPR

Therapeutics

AG*(a)

4,928

246,203

Cytokinetics,

Inc.*

5,287

334,086

Day

One

Biopharmaceuticals,

Inc.*

8,046

89,793

Denali

Therapeutics,

Inc.*

26,373

573,349

Disc

Medicine,

Inc.*(a)

308

23,815

Dynavax

Technologies

Corp.*

82

1,270

Dyne

Therapeutics,

Inc.*(a)

22,052

394,510

Exact

Sciences

Corp.*

6,258

640,444

Exelixis,

Inc.*

11,878

491,274

Geron

Corp.*(a)

139,613

191,270

Gilead

Sciences,

Inc.

32,631

4,631,970

Halozyme

Therapeutics,

Inc.*(a)

6,280

450,339

Ideaya

Biosciences,

Inc.*(a)

13,410

431,668

ImmunityBio,

Inc.*(a)

596

3,725

Immunome,

Inc.*(a)

60

1,477

Immunovant,

Inc.*(a)

126

3,276

Incyte

Corp.*

3,611

361,353

Insmed,

Inc.*(a)

4,321

677,835

Intellia

Therapeutics,

Inc.*(a)

298

3,919

Ionis

Pharmaceuticals,

Inc.*(a)

5,631

465,515

Iovance

Biotherapeutics,

Inc.*(a)

68,838

175,537

Janux

Therapeutics,

Inc.*(a)

149

2,043

Kiniksa

Pharmaceuticals

International

plc,

Class

A*

1,099

48,268

Krystal

Biotech,

Inc.*(a)

1,192

332,854

Kura

Oncology,

Inc.*

11,704

95,036

Kymera

Therapeutics,

Inc.*(a)

2,826

205,422

Madrigal

Pharmaceuticals,

Inc.*

785

384,108

MannKind

Corp.*

10,010

57,858

MiMedx

Group,

Inc.*(a)

57

291

Mirum

Pharmaceuticals,

Inc.*(a)

462

47,688

Moderna,

Inc.*(a)

13,112

577,846

Myriad

Genetics,

Inc.*

8,642

48,568

Natera,

Inc.*

3,129

723,237

Neurocrine

Biosciences,

Inc.*

3,576

486,551

Novavax,

Inc.*(a)

11,920

105,432

Nurix

Therapeutics,

Inc.*(a)

8,195

135,381

Nuvalent,

Inc.,

Class

A*(a)

1,341

137,975

Praxis

Precision

Medicines,

Inc.*

1,043

327,502

Protagonist

Therapeutics,

Inc.*(a)

1,099

89,898

PTC

Therapeutics,

Inc.*

12,367

934,079

Recursion

Pharmaceuticals,

Inc.,

Class

A*(a)

894

3,746

Regeneron

Pharmaceuticals,

Inc.

2,682

1,988,569

Relay

Therapeutics,

Inc.*(a)

154

1,180

Replimune

Group,

Inc.*

4,470

31,424

Revolution

Medicines,

Inc.*

6,960

674,772

Rhythm

Pharmaceuticals,

Inc.*(a)

2,826

289,722

Roivant

Sciences

Ltd.*

10,780

233,064

Sarepta

Therapeutics,

Inc.*(a)

20,562

418,231

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)

Biotechnology

(continued)

Savara,

Inc.*(a)

17,588

$

94,975

Scholar

Rock

Holding

Corp.*(a)

1,788

79,280

Soleno

Therapeutics,

Inc.*

447

17,236

Spyre

Therapeutics,

Inc.*(a)

5,178

165,592

Summit

Therapeutics,

Inc.*(a)

4,867

70,474

Syndax

Pharmaceuticals,

Inc.*

7,450

151,309

TG

Therapeutics,

Inc.*(a)

2,831

83,316

Travere

Therapeutics,

Inc.*

1,848

57,454

Twist

Bioscience

Corp.*(a)

2,235

91,791

Ultragenyx

Pharmaceutical,

Inc.*

2,980

71,729

uniQure

NV*

1,694

38,488

United

Therapeutics

Corp.*

1,099

515,970

Vaxcyte,

Inc.*(a)

22,052

1,181,326

Vera

Therapeutics,

Inc.,

Class

A*(a)

10,815

467,857

Veracyte,

Inc.*(a)

4,917

187,239

Vericel

Corp.*(a)

2,533

91,137

Vertex

Pharmaceuticals,

Inc.*

5,364

2,520,544

Viking

Therapeutics,

Inc.*(a)

3,427

99,520

Vir

Biotechnology,

Inc.*(a)

10,010

74,474

Viridian

Therapeutics,

Inc.*(a)

12,814

422,862

Xencor,

Inc.*

2,086

25,220

Zymeworks,

Inc.*

5,066

114,137

45,737,538

Broadline

Retail

-

2.9%

Amazon.com,

Inc.*

203,385

48,670,030

Coupang,

Inc.,

Class

A*

27,118

546,699

Dillard's,

Inc.,

Class

A(a)

169

102,678

eBay,

Inc.

10,425

950,968

Etsy,

Inc.*(a)

2,235

118,366

Kohl's

Corp.(a)

5,236

91,473

Macy's,

Inc.

46,106

923,042

MercadoLibre,

Inc.*

1,007

2,162,824

Ollie's

Bargain

Outlet

Holdings,

Inc.*(a)

2,844

313,722

Pattern

Group,

Inc.,

Class

A*

3,129

43,243

53,923,045

Building

Products

-

0.8%

A

O

Smith

Corp.(a)

3,129

229,950

AAON,

Inc.(a)

2,980

271,359

Advanced

Drainage

Systems,

Inc.

2,926

444,869

Allegion

plc(a)

1,727

285,629

American

Woodmark

Corp.*(a)

1,937

115,038

Apogee

Enterprises,

Inc.

2,235

82,986

Armstrong

World

Industries,

Inc.

1,341

246,395

AZZ,

Inc.(a)

1,788

222,230

Builders

FirstSource,

Inc.*

21,605

2,471,612

Carlisle

Cos.,

Inc.(a)

1,078

367,479

Carrier

Global

Corp.

17,880

1,065,290

CSW

Industrials,

Inc.(a)

745

201,135

Fortune

Brands

Innovations,

Inc.

2,831

153,157

Gibraltar

Industries,

Inc.*(a)

633

32,448

Griffon

Corp.(a)

2,618

213,236

Hayward

Holdings,

Inc.*

10,835

174,877

Investments

Shares

Value

Building

Products

(continued)

Janus

International

Group,

Inc.*(a)

7,152

$

49,063

Johnson

Controls

International

plc

13,410

1,599,277

Lennox

International,

Inc.(a)

785

388,638

Masco

Corp.

6,854

452,981

Masterbrand,

Inc.*(a)

21,605

261,853

Modine

Manufacturing

Co.*(a)

2,672

493,411

Owens

Corning(a)

16,688

1,999,890

Resideo

Technologies,

Inc.*

24,178

828,338

Simpson

Manufacturing

Co.,

Inc.

1,422

251,381

Trane

Technologies

plc

4,768

2,005,325

Trex

Co.,

Inc.*

1,937

80,231

UFP

Industries,

Inc.(a)

3,234

334,008

Zurn

Elkay

Water

Solutions

Corp.(a)

4,774

220,129

15,542,215

Capital

Markets

-

3.4%

Acadian

Asset

Management,

Inc.

3,080

170,694

Affiliated

Managers

Group,

Inc.(a)

5,513

1,726,065

Ameriprise

Financial,

Inc.

1,937

1,021,167

Ares

Management

Corp.,

Class

A

3,874

579,822

Artisan

Partners

Asset

Management,

Inc.,

Class

A(a)

2,980

132,670

Bank

of

New

York

Mellon

Corp.

(The)

18,029

2,162,038

BGC

Group,

Inc.,

Class

A

23,716

216,053

BlackRock,

Inc.

3,576

4,001,329

Blackstone,

Inc.

15,198

2,164,499

Blue

Owl

Capital,

Inc.,

Class

A(a)

29,651

404,440

Carlyle

Group,

Inc.

(The)(a)

4,710

276,854

Charles

Schwab

Corp.

(The)

43,508

4,521,351

CME

Group,

Inc.

7,599

2,196,567

Cohen

&

Steers,

Inc.

149

9,575

Coinbase

Global,

Inc.,

Class

A*

4,547

885,483

DigitalBridge

Group,

Inc.

5,364

82,552

Donnelley

Financial

Solutions,

Inc.*(a)

1,099

56,873

Evercore,

Inc.,

Class

A

1,639

579,010

FactSet

Research

Systems,

Inc.

1,639

416,896

Federated

Hermes,

Inc.,

Class

B

13,818

736,223

Franklin

Resources,

Inc.(a)

51,194

1,362,784

Freedom

Holding

Corp.*(a)

149

18,431

Galaxy

Digital,

Inc.,

Class

A*(a)

5,513

155,797

Gemini

Space

Station,

Inc.,

Class

A*(a)

9,536

79,530

Goldman

Sachs

Group,

Inc.

(The)

7,723

7,224,171

Hamilton

Lane,

Inc.,

Class

A(a)

2,198

310,446

Houlihan

Lokey,

Inc.,

Class

A(a)

1,639

275,876

Interactive

Brokers

Group,

Inc.,

Class

A

10,132

758,684

Intercontinental

Exchange,

Inc.

14,304

2,485,749

Invesco

Ltd.

61,835

1,687,477

Janus

Henderson

Group

plc

23,542

1,133,076

Jefferies

Financial

Group,

Inc.

28,798

1,761,862

KKR

&

Co.,

Inc.

14,453

1,651,400

Lazard,

Inc.,

Class

A(a)

2,310

124,093

LPL

Financial

Holdings,

Inc.

1,884

686,718

MarketAxess

Holdings,

Inc.

1,043

176,507

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)

Capital

Markets

(continued)

Moelis

&

Co.,

Class

A(a)

3,002

$

215,153

Moody's

Corp.

3,278

1,690,006

Morgan

Stanley

32,184

5,883,235

Morningstar,

Inc.

596

120,446

MSCI,

Inc.,

Class

A

1,639

998,512

Nasdaq,

Inc.

7,599

736,267

Northern

Trust

Corp.(c)

5,513

823,808

P10,

Inc.,

Class

A(a)

11,175

120,466

Perella

Weinberg

Partners,

Class

A(a)

1,937

43,214

Piper

Sandler

Cos.(a)

788

272,924

PJT

Partners,

Inc.,

Class

A(a)

462

79,940

Raymond

James

Financial,

Inc.

4,710

781,201

Robinhood

Markets,

Inc.,

Class

A*

14,900

1,482,252

S&P

Global,

Inc.

6,407

3,381,551

SEI

Investments

Co.

3,454

303,434

State

Street

Corp.(a)

7,897

1,033,401

StepStone

Group,

Inc.,

Class

A(a)

2,198

155,377

Stifel

Financial

Corp.

4,619

569,523

StoneX

Group,

Inc.*(a)

8,493

953,424

T.

Rowe

Price

Group,

Inc.(a)

4,768

503,882

TPG,

Inc.,

Class

A(a)

3,850

226,803

Tradeweb

Markets,

Inc.,

Class

A

4,470

460,723

Victory

Capital

Holdings,

Inc.,

Class

A(a)

7,546

532,219

Virtu

Financial,

Inc.,

Class

A

16,632

690,394

Virtus

Investment

Partners,

Inc.(a)

1,639

267,567

WisdomTree,

Inc.(a)

158

2,560

64,561,044

Chemicals

-

1.6%

Air

Products

and

Chemicals,

Inc.(a)

4,321

1,177,472

Albemarle

Corp.(a)

5,158

880,110

Ashland,

Inc.

8,940

546,770

Avient

Corp.

13,708

495,544

Axalta

Coating

Systems

Ltd.*

36,952

1,240,848

Balchem

Corp.

1,738

295,755

Cabot

Corp.(a)

8,344

602,353

Celanese

Corp.,

Class

A(a)

21,754

966,748

CF

Industries

Holdings,

Inc.

29,353

2,736,580

Chemours

Co.

(The)(a)

20,562

308,224

Corteva,

Inc.

14,155

1,030,484

Dow,

Inc.

21,989

605,797

DuPont

de

Nemours,

Inc.

10,358

454,923

Eastman

Chemical

Co.

23,244

1,611,274

Ecolab,

Inc.

5,066

1,428,561

Ecovyst,

Inc.*

28,266

299,902

Element

Solutions,

Inc.(a)

11,858

345,068

FMC

Corp.(a)

15,347

242,483

Hawkins,

Inc.(a)

474

61,739

HB

Fuller

Co.

2,533

152,233

Huntsman

Corp.

38,740

419,167

Ingevity

Corp.*

6,160

405,266

Innospec,

Inc.

596

48,705

Investments

Shares

Value

Chemicals

(continued)

International

Flavors

&

Fragrances,

Inc.

7,897

$

551,290

Linde

plc

11,957

5,463,990

LyondellBasell

Industries

NV,

Class

A(a)

4,619

226,331

Minerals

Technologies,

Inc.

4,172

274,351

Mosaic

Co.

(The)

59,444

1,634,710

NewMarket

Corp.(a)

316

211,970

Olin

Corp.(a)

2,682

55,812

Perimeter

Solutions,

Inc.*

9,024

235,978

PPG

Industries,

Inc.

5,066

585,782

PureCycle

Technologies,

Inc.*(a)

11,396

108,946

Quaker

Chemical

Corp.(a)

1,043

160,351

RPM

International,

Inc.

2,528

270,395

Scotts

Miracle-Gro

Co.

(The)(a)

6,854

440,164

Sensient

Technologies

Corp.

894

84,501

Sherwin-Williams

Co.

(The)

4,917

1,743,765

Solstice

Advanced

Materials,

Inc.*

4,321

266,908

Stepan

Co.

2,533

145,926

Westlake

Corp.(a)

7,599

602,753

29,419,929

Commercial

Services

&

Supplies

-

0.6%

ABM

Industries,

Inc.

10,687

492,029

ACV

Auctions,

Inc.,

Class

A*

11,771

91,931

Brady

Corp.,

Class

A

948

81,974

BrightView

Holdings,

Inc.*(a)

9,387

125,410

Brink's

Co.

(The)

2,235

283,934

Casella

Waste

Systems,

Inc.,

Class

A*(a)

1,694

170,891

Cimpress

plc*(a)

1,788

141,413

Cintas

Corp.

7,152

1,368,821

Clean

Harbors,

Inc.*

1,639

425,992

Copart,

Inc.*

18,634

756,168

CoreCivic,

Inc.*

8,624

159,803

Deluxe

Corp.(a)

9,579

252,886

Enviri

Corp.*(a)

302

5,714

GEO

Group,

Inc.

(The)*(a)

8,316

132,890

Healthcare

Services

Group,

Inc.*

5,809

109,325

HNI

Corp.(a)

12,516

598,140

Interface,

Inc.,

Class

A

5,082

159,931

MillerKnoll,

Inc.(a)

7,748

155,580

MSA

Safety,

Inc.(a)

1,884

333,751

OPENLANE,

Inc.*

2,826

84,893

Pitney

Bowes,

Inc.(a)

37,189

387,881

Republic

Services,

Inc.,

Class

A

4,321

929,404

Rollins,

Inc.

5,532

350,397

Tetra

Tech,

Inc.

7,897

297,401

UniFirst

Corp.

785

168,775

Veralto

Corp.

5,852

579,231

Vestis

Corp.(a)

9,089

59,351

Waste

Management,

Inc.

9,089

2,019,939

10,723,855

Communications

Equipment

-

0.9%

ADTRAN

Holdings,

Inc.*(a)

2,464

22,718

Arista

Networks,

Inc.*

21,903

3,104,531

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)

Communications

Equipment

(continued)

Calix,

Inc.*

3,140

$

140,264

Ciena

Corp.*

3,255

819,642

Cisco

Systems,

Inc.

103,257

8,087,088

Digi

International,

Inc.*(a)

3,160

136,101

Extreme

Networks,

Inc.*

8,637

125,927

F5,

Inc.*

1,099

302,895

Harmonic,

Inc.*

1,926

18,721

Lumentum

Holdings,

Inc.*(a)

2,947

1,154,752

Motorola

Solutions,

Inc.

3,696

1,487,788

NetScout

Systems,

Inc.*

9,422

262,026

Viasat,

Inc.*(a)

21,456

969,168

Viavi

Solutions,

Inc.*

4,239

103,686

Vistance

Networks,

Inc.*

34,348

618,264

17,353,571

Construction

&

Engineering

-

0.4%

AECOM(a)

3,388

326,705

API

Group

Corp.*(a)

10,856

451,284

Arcosa,

Inc.

1,264

144,690

Argan,

Inc.

770

267,275

Centuri

Holdings,

Inc.*

1,256

34,666

Comfort

Systems

USA,

Inc.

785

896,548

Construction

Partners,

Inc.,

Class

A*(a)

1,192

130,977

Dycom

Industries,

Inc.*

1,264

460,589

EMCOR

Group,

Inc.

894

644,333

Everus

Construction

Group,

Inc.*(a)

1,386

122,647

Fluor

Corp.*

5,066

233,999

Granite

Construction,

Inc.(a)

2,384

287,844

Great

Lakes

Dredge

&

Dock

Corp.*(a)

4,620

69,208

IES

Holdings,

Inc.*(a)

476

181,018

MasTec,

Inc.*(a)

1,044

251,061

MYR

Group,

Inc.*

894

223,536

Primoris

Services

Corp.(a)

2,926

433,779

Quanta

Services,

Inc.

3,234

1,534,953

Sterling

Infrastructure,

Inc.*(a)

1,490

533,286

Terrestrial

Energy,

Inc.*(a)

4,917

44,794

Tutor

Perini

Corp.

3,205

252,842

Valmont

Industries,

Inc.

628

279,812

WillScot

Holdings

Corp.(a)

2,384

47,751

7,853,597

Construction

Materials

-

0.2%

CRH

plc

14,782

1,809,464

Eagle

Materials,

Inc.

1,580

322,020

Knife

River

Corp.*

745

50,042

Martin

Marietta

Materials,

Inc.

1,341

874,265

Vulcan

Materials

Co.(a)

2,682

806,048

3,861,839

Consumer

Finance

-

0.9%

Ally

Financial,

Inc.(a)

50,660

2,141,905

American

Express

Co.

14,006

4,932,493

Bread

Financial

Holdings,

Inc.

7,700

558,558

Investments

Shares

Value

Consumer

Finance

(continued)

Capital

One

Financial

Corp.

16,688

$

3,653,504

Credit

Acceptance

Corp.*(a)

273

136,019

Encore

Capital

Group,

Inc.*(a)

5,652

311,990

Enova

International,

Inc.*(a)

4,917

812,141

EZCORP,

Inc.,

Class

A*(a)

6,001

128,721

Figure

Technology

Solutions,

Inc.,

Class

A*(a)

745

42,376

FirstCash

Holdings,

Inc.

1,264

215,512

LendingClub

Corp.*

10,068

170,250

Navient

Corp.(a)

15,645

153,477

Nelnet,

Inc.,

Class

A

1,078

142,188

OneMain

Holdings,

Inc.(a)

21,513

1,409,962

PROG

Holdings,

Inc.

5,236

169,856

SLM

Corp.(a)

38,144

1,035,610

SoFi

Technologies,

Inc.*(a)

27,118

618,562

Synchrony

Financial

8,940

649,312

Upstart

Holdings,

Inc.*(a)

3,768

147,894

17,430,330

Consumer

Staples

Distribution

&

Retail

-

1.5%

Albertsons

Cos.,

Inc.,

Class

A(a)

66,066

1,099,999

Andersons,

Inc.

(The)(a)

2,831

175,494

BJ's

Wholesale

Club

Holdings,

Inc.*(a)

3,725

344,339

Casey's

General

Stores,

Inc.

745

451,843

Chefs'

Warehouse,

Inc.

(The)*(a)

2,772

174,359

Costco

Wholesale

Corp.

9,238

8,686,030

Dollar

General

Corp.

5,960

854,843

Dollar

Tree,

Inc.*

4,466

525,157

Grocery

Outlet

Holding

Corp.*(a)

21,903

208,736

Ingles

Markets,

Inc.,

Class

A(a)

1,256

94,024

Kroger

Co.

(The)(a)

16,986

1,067,570

Maplebear,

Inc.*(a)

6,437

239,199

Natural

Grocers

by

Vitamin

Cottage,

Inc.

1,788

48,848

Performance

Food

Group

Co.*(a)

3,454

329,684

PriceSmart,

Inc.(a)

316

44,938

Sprouts

Farmers

Market,

Inc.*

3,874

274,705

Sysco

Corp.

11,473

962,011

Target

Corp.

11,920

1,257,202

United

Natural

Foods,

Inc.*(a)

4,917

183,060

US

Foods

Holding

Corp.*(a)

6,594

551,390

Walmart,

Inc.(a)

90,592

10,793,131

Weis

Markets,

Inc.(a)

1,561

111,065

28,477,627

Containers

&

Packaging

-

0.5%

Amcor

plc(a)

13,886

614,456

AptarGroup,

Inc.(a)

1,937

242,028

Avery

Dennison

Corp.

2,682

497,538

Ball

Corp.

49,319

2,804,772

Crown

Holdings,

Inc.

5,349

559,933

Eightco

Holdings,

Inc.*(a)

33,972

49,260

Graphic

Packaging

Holding

Co.(a)

46,637

683,232

Greif,

Inc.,

Class

A(a)

5,057

357,125

International

Paper

Co.(a)

8,565

345,341

O-I

Glass,

Inc.*(a)

27,258

416,502

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)

Containers

&

Packaging

(continued)

Packaging

Corp.

of

America

2,156

$

479,818

Sealed

Air

Corp.(a)

24,734

1,035,860

Silgan

Holdings,

Inc.(a)

18,774

810,098

Smurfit

WestRock

plc(a)

11,026

459,012

Sonoco

Products

Co.(a)

16,688

801,024

TriMas

Corp.

1,107

38,490

10,194,489

Distributors

-

0.1%

Genuine

Parts

Co.(a)

3,129

434,900

LKQ

Corp.(a)

46,190

1,517,341

Pool

Corp.(a)

1,043

265,016

2,217,257

Diversified

Consumer

Services

-

0.3%

ADT,

Inc.

54,362

434,896

Adtalem

Global

Education,

Inc.*

1,937

200,576

Bright

Horizons

Family

Solutions,

Inc.*

2,829

262,050

Coursera,

Inc.*

6,109

37,021

Duolingo,

Inc.,

Class

A*(a)

1,490

199,749

Frontdoor,

Inc.*(a)

2,198

129,924

Graham

Holdings

Co.,

Class

B(a)

157

183,161

Grand

Canyon

Education,

Inc.*

894

155,413

H&R

Block,

Inc.(a)

26,224

1,034,537

KinderCare

Learning

Cos.,

Inc.*(a)

149

696

Laureate

Education,

Inc.*

7,864

269,735

Matthews

International

Corp.,

Class

A(a)

4,321

113,599

McGraw

Hill,

Inc.*(a)

3,129

46,153

Mister

Car

Wash,

Inc.*

35,760

198,468

OneSpaWorld

Holdings

Ltd.

8,060

158,379

Perdoceo

Education

Corp.

5,340

171,040

Service

Corp.

International(a)

4,470

359,522

Strategic

Education,

Inc.

5,215

443,379

Stride,

Inc.*(a)

7,599

642,875

Udemy,

Inc.*

7,450

35,835

5,077,008

Diversified

REITs

-

0.1%

Alexander

&

Baldwin,

Inc.,

REIT

2,686

55,707

American

Assets

Trust,

Inc.,

REIT

149

2,691

Broadstone

Net

Lease,

Inc.,

REIT

3,234

59,861

Essential

Properties

Realty

Trust,

Inc.,

REIT(a)

10,430

316,655

Global

Net

Lease,

Inc.,

REIT(a)

43,428

410,829

WP

Carey,

Inc.,

REIT(a)

5,513

384,532

1,230,275

Diversified

Telecommunication

Services

-

0.9%

AST

SpaceMobile,

Inc.,

Class

A*(a)

6,448

717,082

AT&T,

Inc.

180,886

4,741,022

Cogent

Communications

Holdings,

Inc.(a)

4,619

112,242

Comcast

Corp.,

Class

A

90,890

2,703,977

Investments

Shares

Value

Diversified

Telecommunication

Services

(continued)

GCI

Liberty,

Inc.,

Class

A*(a)

2,086

$

78,162

GCI

Liberty,

Inc.,

Class

C*(a)

5,066

187,391

Globalstar,

Inc.*(a)

2,763

170,256

Iridium

Communications,

Inc.(a)

9,089

181,053

Liberty

Global

Ltd.,

Class

A*(a)

27,795

308,247

Liberty

Global

Ltd.,

Class

C*(a)

33,264

368,565

Liberty

Latin

America

Ltd.,

Class

A*

7,238

55,877

Liberty

Latin

America

Ltd.,

Class

C*(a)

13,261

103,171

Lumen

Technologies,

Inc.*

180,290

1,590,158

Uniti

Group,

Inc.(a)

41,422

344,631

Verizon

Communications,

Inc.(a)

106,684

4,749,572

16,411,406

Electric

Utilities

-

1.3%

Alliant

Energy

Corp.(a)

5,966

393,219

American

Electric

Power

Co.,

Inc.

13,410

1,606,183

Constellation

Energy

Corp.

6,705

1,881,959

Duke

Energy

Corp.

19,817

2,404,793

Edison

International

8,812

548,811

Entergy

Corp.

9,834

942,982

Evergy,

Inc.

7,238

555,372

Eversource

Energy

8,172

564,930

Exelon

Corp.(a)

28,012

1,254,377

FirstEnergy

Corp.(a)

14,446

683,874

Hawaiian

Electric

Industries,

Inc.*(a)

36,207

554,691

IDACORP,

Inc.(a)

1,694

224,946

MGE

Energy,

Inc.

948

75,726

NextEra

Energy,

Inc.

52,746

4,636,373

NRG

Energy,

Inc.

3,430

523,521

OGE

Energy

Corp.(a)

6,258

273,350

Otter

Tail

Corp.(a)

7,748

690,812

PG&E

Corp.

50,722

782,133

Pinnacle

West

Capital

Corp.(a)

5,513

515,796

Portland

General

Electric

Co.

19,072

958,368

PPL

Corp.(a)

16,390

594,138

Southern

Co.

(The)

27,714

2,475,137

TXNM

Energy,

Inc.

5,082

299,432

Xcel

Energy,

Inc.

13,559

1,031,298

24,472,221

Electrical

Equipment

-

1.1%

Acuity,

Inc.

1,341

414,691

AMETEK,

Inc.

4,867

1,090,111

Array

Technologies,

Inc.*(a)

36,498

413,340

Atkore,

Inc.

7,084

491,984

Bloom

Energy

Corp.,

Class

A*

5,690

861,295

Eaton

Corp.

plc

8,195

2,879,887

Emerson

Electric

Co.

12,218

1,795,557

EnerSys

6,705

1,208,174

Enovix

Corp.*(a)

5,960

39,455

Eos

Energy

Enterprises,

Inc.*(a)

5,278

77,270

GE

Vernova,

Inc.

5,811

4,220,936

Generac

Holdings,

Inc.*

2,682

450,683

Hubbell,

Inc.,

Class

B

1,106

539,662

Nextpower,

Inc.,

Class

A*(a)

6,546

766,471

NuScale

Power

Corp.,

Class

A*

447

7,813

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)

Electrical

Equipment

(continued)

nVent

Electric

plc

4,172

$

468,349

Plug

Power,

Inc.*(a)

7,301

15,442

Powell

Industries,

Inc.(a)

154

68,313

Regal

Rexnord

Corp.

12,069

1,949,143

Rockwell

Automation,

Inc.

2,384

1,005,214

Sensata

Technologies

Holding

plc

24,734

855,549

Shoals

Technologies

Group,

Inc.,

Class

A*(a)

17,936

169,316

Sunrun,

Inc.*(a)

13,410

254,790

Thermon

Group

Holdings,

Inc.*

69

3,122

Vertiv

Holdings

Co.,

Class

A

8,344

1,553,486

Vicor

Corp.*(a)

471

74,262

21,674,315

Electronic

Equipment,

Instruments

&

Components

-

1.1%

Advanced

Energy

Industries,

Inc.(a)

1,232

314,604

Amphenol

Corp.,

Class

A

25,032

3,606,611

Arrow

Electronics,

Inc.*

8,190

1,085,093

Avnet,

Inc.(a)

16,539

1,031,868

Badger

Meter,

Inc.(a)

1,540

225,733

Bel

Fuse,

Inc.,

Class

B(a)

628

126,347

Belden,

Inc.

1,937

227,617

Benchmark

Electronics,

Inc.(a)

3,234

168,621

CDW

Corp.

2,384

301,314

Cognex

Corp.

4,917

190,485

Coherent

Corp.*

3,618

767,667

Corning,

Inc.

16,806

1,735,220

Crane

NXT

Co.(a)

149

7,528

CTS

Corp.(a)

790

40,614

ePlus,

Inc.

1,937

166,214

Fabrinet*

845

413,577

Flex

Ltd.*(a)

10,430

657,507

Insight

Enterprises,

Inc.*(a)

5,513

463,202

IPG

Photonics

Corp.*(a)

471

43,525

Itron,

Inc.*(a)

1,738

172,201

Jabil,

Inc.

2,384

565,461

Keysight

Technologies,

Inc.*

3,725

805,829

Knowles

Corp.*

2,213

53,643

Littelfuse,

Inc.

770

249,295

Mirion

Technologies,

Inc.,

Class

A*(a)

12,936

321,330

Novanta,

Inc.*

814

109,516

OSI

Systems,

Inc.*(a)

471

117,816

PC

Connection,

Inc.

158

9,292

Plexus

Corp.*(a)

628

125,179

Powerfleet,

Inc.

NJ*(a)

149

761

Ralliant

Corp.

2,682

142,066

Rogers

Corp.*

33

3,209

Sanmina

Corp.*

2,412

341,732

ScanSource,

Inc.*

3,634

156,226

TD

SYNNEX

Corp.

13,708

2,175,048

TE

Connectivity

plc

6,407

1,427,351

Teledyne

Technologies,

Inc.*

1,106

686,052

TTM

Technologies,

Inc.*(a)

4,972

488,250

Vishay

Intertechnology,

Inc.

149

3,002

Vontier

Corp.(a)

8,323

312,113

Investments

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Zebra

Technologies

Corp.,

Class

A*

942

$

221,351

20,060,070

Energy

Equipment

&

Services

-

0.6%

Archrock,

Inc.(a)

9,856

291,639

Atlas

Energy

Solutions,

Inc.,

Class

A(a)

5,698

66,496

Baker

Hughes

Co.,

Class

A

24,436

1,369,393

Bristow

Group,

Inc.,

Class

A*

1,341

58,950

Cactus,

Inc.,

Class

A

4,619

259,726

Halliburton

Co.

19,028

637,819

Helix

Energy

Solutions

Group,

Inc.*(a)

12,012

95,375

Helmerich

&

Payne,

Inc.(a)

2,384

80,770

Innovex

International,

Inc.*(a)

1,811

45,003

Liberty

Energy,

Inc.,

Class

A

11,175

275,464

Noble

Corp.

plc

20,860

743,033

NOV,

Inc.(a)

72,861

1,336,999

Oceaneering

International,

Inc.*

7,536

226,834

Patterson-UTI

Energy,

Inc.(a)

80,311

604,742

RPC,

Inc.(a)

9,463

62,929

Seadrill

Ltd.*

149

5,734

Select

Water

Solutions,

Inc.,

Class

A(a)

11,463

138,588

SLB

Ltd.

35,958

1,739,648

TechnipFMC

plc

9,834

547,950

Tidewater,

Inc.*(a)

9,422

588,781

Transocean

Ltd.*

49,896

247,983

Valaris

Ltd.*(a)

4,023

232,248

Weatherford

International

plc(a)

12,814

1,205,541

10,861,645

Entertainment

-

1.1%

AMC

Entertainment

Holdings,

Inc.,

Class

A*(a)

147,659

205,246

Atlanta

Braves

Holdings,

Inc.,

Class

C*

298

11,899

Cinemark

Holdings,

Inc.(a)

6,776

160,456

Electronic

Arts,

Inc.

5,066

1,033,059

IMAX

Corp.*

1,738

60,674

Liberty

Media

Corp.-Liberty

Formula

One,

Class

A*(a)

1,232

98,178

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C*

4,619

401,945

Lionsgate

Studios

Corp.*

37,201

351,177

Live

Nation

Entertainment,

Inc.*(a)

3,427

498,457

Madison

Square

Garden

Sports

Corp.*(a)

314

89,035

Netflix,

Inc.*

87,910

7,339,606

Playtika

Holding

Corp.(a)

40,040

144,945

ROBLOX

Corp.,

Class

A*

12,218

803,456

Roku,

Inc.,

Class

A*

5,652

538,070

Sphere

Entertainment

Co.*(a)

3,768

359,882

Take-Two

Interactive

Software,

Inc.*

3,925

864,677

TKO

Group

Holdings,

Inc.,

Class

A(a)

1,788

362,213

Walt

Disney

Co.

(The)

45,594

5,143,003

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)

Entertainment

(continued)

Warner

Bros

Discovery,

Inc.*

50,574

$

1,392,808

Warner

Music

Group

Corp.,

Class

A

2,235

67,005

19,925,791

Financial

Services

-

3.4%

Affirm

Holdings,

Inc.,

Class

A*

6,757

407,447

Apollo

Global

Management,

Inc.(a)

11,175

1,503,484

Berkshire

Hathaway,

Inc.,

Class

B*

47,646

22,895,332

Block,

Inc.,

Class

A*

10,016

605,267

Burford

Capital

Ltd.(a)

42,018

407,154

Cannae

Holdings,

Inc.(a)

14,751

212,562

Cantaloupe,

Inc.*

2,355

25,293

Corebridge

Financial,

Inc.(a)

3,696

113,948

Corpay,

Inc.*

1,568

493,340

Enact

Holdings,

Inc.(a)

3,850

153,114

Equitable

Holdings,

Inc.

9,238

428,643

Essent

Group

Ltd.

18,476

1,162,510

Euronet

Worldwide,

Inc.*(a)

8,791

636,996

EVERTEC,

Inc.

596

17,886

Federal

Agricultural

Mortgage

Corp.,

Class

C

1,639

277,483

Fidelity

National

Information

Services,

Inc.

14,900

823,225

Fiserv,

Inc.*

12,665

807,140

Flywire

Corp.*(a)

6,930

87,318

Global

Payments,

Inc.

5,215

374,124

HA

Sustainable

Infrastructure

Capital,

Inc.(a)

23,393

804,953

Jack

Henry

&

Associates,

Inc.(a)

2,533

453,939

Jackson

Financial,

Inc.,

Class

A

12,876

1,531,214

Marqeta,

Inc.,

Class

A*

596

2,461

Mastercard,

Inc.,

Class

A

17,135

9,232,167

Merchants

Bancorp

2,687

111,403

MGIC

Investment

Corp.

42,912

1,155,191

NCR

Atleos

Corp.*(a)

12,562

468,563

NMI

Holdings,

Inc.,

Class

A*

15,198

588,467

Payoneer

Global,

Inc.*

447

2,856

PayPal

Holdings,

Inc.

22,648

1,193,323

PennyMac

Financial

Services,

Inc.

4,774

477,018

Radian

Group,

Inc.

27,714

911,791

Remitly

Global,

Inc.*(a)

9,244

122,206

Rocket

Cos.,

Inc.,

Class

A

23,299

417,751

Shift4

Payments,

Inc.,

Class

A*(a)

1,192

70,376

Toast,

Inc.,

Class

A*

11,324

352,290

UWM

Holdings

Corp.,

Class

A(a)

149

732

Visa,

Inc.,

Class

A

35,760

11,508,641

Voya

Financial,

Inc.

17,582

1,347,836

Walker

&

Dunlop,

Inc.

745

46,853

Western

Union

Co.

(The)(a)

72,265

677,123

WEX,

Inc.*(a)

6,556

1,008,968

63,918,388

Food

Products

-

0.9%

Archer-Daniels-Midland

Co.

12,963

872,539

Bunge

Global

SA

4,447

506,424

Investments

Shares

Value

Food

Products

(continued)

Cal-Maine

Foods,

Inc.(a)

7,301

$

609,853

Campbell's

Co.

(The)(a)

34,866

975,551

Conagra

Brands,

Inc.(a)

96,105

1,778,904

Darling

Ingredients,

Inc.*(a)

3,129

142,870

Flowers

Foods,

Inc.(a)

30,800

352,044

Fresh

Del

Monte

Produce,

Inc.(a)

6,437

255,291

Freshpet,

Inc.*

2,533

176,550

General

Mills,

Inc.

12,069

558,312

Hershey

Co.

(The)

2,831

551,337

Hormel

Foods

Corp.(a)

59,004

1,452,088

Ingredion,

Inc.

12,012

1,418,617

J

&

J

Snack

Foods

Corp.

1,490

141,550

J

M

Smucker

Co.

(The)(a)

20,860

2,187,380

Kraft

Heinz

Co.

(The)(a)

18,923

449,232

Lamb

Weston

Holdings,

Inc.(a)

5,066

232,681

Marzetti

Co.

(The)

894

153,384

McCormick

&

Co.,

Inc.

(Non-Voting)

(a)

4,124

254,987

Mission

Produce,

Inc.*

7,700

103,642

Mondelez

International,

Inc.,

Class

A(a)

31,886

1,864,374

Pilgrim's

Pride

Corp.(a)

5,662

245,561

Post

Holdings,

Inc.*(a)

9,983

1,021,361

Seaboard

Corp.

28

142,304

Simply

Good

Foods

Co.

(The)*

21,009

394,339

Tootsie

Roll

Industries,

Inc.(a)

2,413

91,404

TreeHouse

Foods,

Inc.*

10,579

260,667

Tyson

Foods,

Inc.,

Class

A

5,667

370,225

Utz

Brands,

Inc.(a)

22,201

233,999

17,797,470

Gas

Utilities

-

0.3%

Atmos

Energy

Corp.(a)

2,926

486,711

Chesapeake

Utilities

Corp.(a)

1,570

202,028

MDU

Resources

Group,

Inc.(a)

12,218

250,591

National

Fuel

Gas

Co.(a)

16,241

1,360,184

New

Jersey

Resources

Corp.(a)

16,324

807,712

Northwest

Natural

Holding

Co.

3,611

168,128

ONE

Gas,

Inc.(a)

1,570

124,909

Southwest

Gas

Holdings,

Inc.

1,192

98,721

Spire,

Inc.(a)

11,622

981,943

UGI

Corp.(a)

38,192

1,531,881

6,012,808

Ground

Transportation

-

0.8%

ArcBest

Corp.(a)

1,721

155,269

Avis

Budget

Group,

Inc.*(a)

3,278

376,937

CSX

Corp.

40,230

1,519,085

Hertz

Global

Holdings,

Inc.*(a)

31,570

154,693

JB

Hunt

Transport

Services,

Inc.

1,588

321,919

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

4,620

254,562

Landstar

System,

Inc.

807

120,534

Lyft,

Inc.,

Class

A*

19,780

333,689

Marten

Transport

Ltd.(a)

9,834

120,958

Norfolk

Southern

Corp.

4,917

1,432,027

Old

Dominion

Freight

Line,

Inc.

4,172

722,590

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)

Ground

Transportation

(continued)

Ryder

System,

Inc.

7,748

$

1,482,037

Saia,

Inc.*(a)

1,043

349,269

Schneider

National,

Inc.,

Class

B(a)

1,766

47,399

Uber

Technologies,

Inc.*

43,210

3,458,961

U-Haul

Holding

Co.*(a)

1,937

109,537

U-Haul

Holding

Co.(a)

1,937

99,388

Union

Pacific

Corp.

15,049

3,538,020

Werner

Enterprises,

Inc.

1,788

61,239

XPO,

Inc.*(a)

2,926

433,370

15,091,483

Health

Care

Equipment

&

Supplies

-

1.9%

Abbott

Laboratories

44,253

4,836,853

Align

Technology,

Inc.*

2,831

461,538

Alphatec

Holdings,

Inc.*

8,791

130,370

Artivion,

Inc.*

616

25,114

AtriCure,

Inc.*

2,512

92,768

Baxter

International,

Inc.(a)

102,512

2,057,416

Becton

Dickinson

&

Co.

7,152

1,455,289

Boston

Scientific

Corp.*

31,290

2,926,554

CONMED

Corp.

8,046

308,886

Cooper

Cos.,

Inc.

(The)*(a)

5,215

424,397

Dentsply

Sirona,

Inc.(a)

29,445

367,179

Dexcom,

Inc.*

6,854

500,616

Edwards

Lifesciences

Corp.*

12,516

1,018,302

Embecta

Corp.

4,166

44,201

Enovis

Corp.*(a)

7,301

160,914

Envista

Holdings

Corp.*(a)

10,661

250,214

Establishment

Labs

Holdings,

Inc.*(a)

12

818

GE

HealthCare

Technologies,

Inc.

9,685

764,824

Glaukos

Corp.*

1,904

227,299

Globus

Medical,

Inc.,

Class

A*(a)

4,023

364,806

Haemonetics

Corp.*

8,195

546,279

Hologic,

Inc.*

4,466

334,637

ICU

Medical,

Inc.*

1,413

211,809

IDEXX

Laboratories,

Inc.*

1,727

1,157,884

Inspire

Medical

Systems,

Inc.*(a)

1,043

79,039

Insulet

Corp.*

1,192

304,925

Integer

Holdings

Corp.*

7,152

621,223

Integra

LifeSciences

Holdings

Corp.*(a)

5,811

64,735

Intuitive

Surgical,

Inc.*

7,301

3,681,310

IRhythm

Holdings,

Inc.*(a)

1,639

253,242

Kestra

Medical

Technologies

Ltd.*

2,002

49,389

Lantheus

Holdings,

Inc.*(a)

12,665

847,542

LeMaitre

Vascular,

Inc.(a)

149

12,661

LivaNova

plc*

9,394

617,280

Masimo

Corp.*

1,788

245,546

Medtronic

plc

33,376

3,436,393

Merit

Medical

Systems,

Inc.*(a)

1,788

144,989

Neogen

Corp.*

20,264

207,098

Novocure

Ltd.*

7,599

94,228

Omnicell,

Inc.*(a)

3,651

177,073

Penumbra,

Inc.*

1,490

533,673

PROCEPT

BioRobotics

Corp.*(a)

1,341

38,835

Investments

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

QuidelOrtho

Corp.*(a)

14,784

$

401,681

ResMed,

Inc.(a)

2,831

731,276

Solventum

Corp.*

4,321

332,587

STAAR

Surgical

Co.*

149

2,824

STERIS

plc(a)

2,235

586,911

Stryker

Corp.

7,450

2,753,222

Tandem

Diabetes

Care,

Inc.*

2,384

47,418

Teleflex,

Inc.(a)

8,195

855,312

TransMedics

Group,

Inc.*(a)

1,192

159,698

UFP

Technologies,

Inc.*(a)

616

154,702

Zimmer

Biomet

Holdings,

Inc.(a)

4,172

363,256

36,467,035

Health

Care

Providers

&

Services

-

1.8%

Acadia

Healthcare

Co.,

Inc.*(a)

11,175

150,192

AdaptHealth

Corp.,

Class

A*(a)

13,559

136,268

Addus

HomeCare

Corp.*(a)

745

77,093

Alignment

Healthcare,

Inc.*

2,482

55,920

AMN

Healthcare

Services,

Inc.*

1,788

38,084

Ardent

Health,

Inc.*

149

1,217

Astrana

Health,

Inc.*(a)

2,831

64,377

Brookdale

Senior

Living,

Inc.*

43,606

654,090

Cardinal

Health,

Inc.

6,556

1,408,753

Castle

Biosciences,

Inc.*

3,129

123,251

Cencora,

Inc.

3,874

1,391,618

Centene

Corp.*

13,410

580,921

Chemed

Corp.

596

254,576

Cigna

Group

(The)

6,940

1,902,324

Clover

Health

Investments

Corp.,

Class

A*(a)

447

1,001

Concentra

Group

Holdings

Parent,

Inc.

298

6,610

CVS

Health

Corp.

32,333

2,409,455

DaVita,

Inc.*(a)

6,109

667,958

Elevance

Health,

Inc.

5,852

2,023,271

Encompass

Health

Corp.(a)

3,129

295,784

Ensign

Group,

Inc.

(The)

2,002

343,663

GeneDx

Holdings

Corp.,

Class

A*

462

44,472

Guardant

Health,

Inc.*

4,175

476,117

HCA

Healthcare,

Inc.

4,026

1,965,775

HealthEquity,

Inc.*

3,476

297,789

Henry

Schein,

Inc.*(a)

18,923

1,428,308

Hims

&

Hers

Health,

Inc.*(a)

5,364

145,311

Humana,

Inc.

2,831

552,611

Labcorp

Holdings,

Inc.

2,464

669,025

LifeStance

Health

Group,

Inc.*(a)

28,459

201,205

McKesson

Corp.

3,278

2,724,706

Molina

Healthcare,

Inc.*

10,132

1,819,606

National

HealthCare

Corp.(a)

2,041

292,088

NeoGenomics,

Inc.*

4,172

50,314

Omada

Health,

Inc.*(a)

2,831

42,324

OPKO

Health,

Inc.*(a)

56,620

71,341

Option

Care

Health,

Inc.*(a)

8,063

274,142

PACS

Group,

Inc.*

6,258

211,270

Pediatrix

Medical

Group,

Inc.*(a)

19,472

416,311

Pennant

Group,

Inc.

(The)*

2,156

59,549

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)

Health

Care

Providers

&

Services

(continued)

Privia

Health

Group,

Inc.*(a)

7,854

$

182,370

Progyny,

Inc.*(a)

4,620

110,280

Quest

Diagnostics,

Inc.(a)

2,772

518,447

RadNet,

Inc.*(a)

1,341

94,004

Select

Medical

Holdings

Corp.

19,668

296,003

Surgery

Partners,

Inc.*(a)

2,831

42,069

Tenet

Healthcare

Corp.*

2,682

507,649

UnitedHealth

Group,

Inc.

23,140

6,639,560

Universal

Health

Services,

Inc.,

Class

B

10,281

2,069,154

US

Physical

Therapy,

Inc.(a)

447

37,490

34,825,716

Health

Care

REITs

-

0.4%

Alexandria

Real

Estate

Equities,

Inc.,

REIT

7,599

415,209

American

Healthcare

REIT,

Inc.,

REIT(a)

4,774

223,948

CareTrust

REIT,

Inc.,

REIT(a)

6,638

247,863

Healthcare

Realty

Trust,

Inc.,

Class

A,

REIT(a)

59,898

1,005,688

Healthpeak

Properties,

Inc.,

REIT(a)

32,482

559,990

LTC

Properties,

Inc.,

REIT

4,321

157,587

Medical

Properties

Trust,

Inc.,

REIT(a)

88,208

442,804

National

Health

Investors,

Inc.,

REIT

924

75,879

Omega

Healthcare

Investors,

Inc.,

REIT

10,626

466,269

Sabra

Health

Care

REIT,

Inc.,

REIT(a)

10,364

194,118

Ventas,

Inc.,

REIT

8,323

646,447

Welltower,

Inc.,

REIT

13,969

2,631,201

7,067,003

Health

Care

Technology

-

0.1%

Certara,

Inc.*(a)

298

2,619

Doximity,

Inc.,

Class

A*

5,809

217,663

Evolent

Health,

Inc.,

Class

A*(a)

4,811

15,443

HealthStream,

Inc.

3,576

79,709

Phreesia,

Inc.*

5,364

72,039

Schrodinger,

Inc.*(a)

3,874

54,120

Teladoc

Health,

Inc.*(a)

21,009

114,499

Veeva

Systems,

Inc.,

Class

A*

2,831

577,298

Waystar

Holding

Corp.*(a)

298

7,915

1,141,305

Hotel

&

Resort

REITs

-

0.2%

Apple

Hospitality

REIT,

Inc.,

REIT(a)

35,462

412,778

DiamondRock

Hospitality

Co.,

REIT

7,647

70,200

Host

Hotels

&

Resorts,

Inc.,

REIT(a)

128,736

2,385,478

Park

Hotels

&

Resorts,

Inc.,

REIT(a)

46,637

509,742

Pebblebrook

Hotel

Trust,

REIT(a)

14,602

166,755

RLJ

Lodging

Trust,

REIT(a)

17,433

129,527

Ryman

Hospitality

Properties,

Inc.,

REIT(a)

3,129

296,316

Investments

Shares

Value

Hotel

&

Resort

REITs

(continued)

Sunstone

Hotel

Investors,

Inc.,

REIT

16,986

$

148,967

Xenia

Hotels

&

Resorts,

Inc.,

REIT(a)

8,875

130,906

4,250,669

Hotels,

Restaurants

&

Leisure

-

2.0%

Accel

Entertainment,

Inc.,

Class

A*

7,748

87,630

Airbnb,

Inc.,

Class

A*

8,332

1,077,911

Aramark

9,387

361,306

BJ's

Restaurants,

Inc.*

664

27,769

Booking

Holdings,

Inc.

848

4,241,560

Boyd

Gaming

Corp.(a)

11,622

982,524

Brinker

International,

Inc.*

7,897

1,245,515

Caesars

Entertainment,

Inc.*

42,614

882,110

Carnival

Corp.*

24,734

742,515

Cava

Group,

Inc.*(a)

2,086

126,453

Cheesecake

Factory,

Inc.

(The)(a)

2,826

163,795

Chipotle

Mexican

Grill,

Inc.,

Class

A*

29,502

1,146,743

Choice

Hotels

International,

Inc.(a)

1,937

199,124

Churchill

Downs,

Inc.(a)

2,075

204,097

Darden

Restaurants,

Inc.(a)

2,682

534,657

Domino's

Pizza,

Inc.(a)

1,043

427,974

DoorDash,

Inc.,

Class

A*

7,536

1,542,016

DraftKings,

Inc.,

Class

A*(a)

11,175

307,424

Dutch

Bros,

Inc.,

Class

A*

3,725

202,603

Expedia

Group,

Inc.

3,278

868,146

First

Watch

Restaurant

Group,

Inc.*(a)

5,364

85,770

Flutter

Entertainment

plc*

3,129

516,754

Hilton

Grand

Vacations,

Inc.*(a)

4,023

181,478

Hilton

Worldwide

Holdings,

Inc.

4,768

1,423,296

Hyatt

Hotels

Corp.,

Class

A

2,198

343,701

Las

Vegas

Sands

Corp.

7,748

408,552

Life

Time

Group

Holdings,

Inc.*

5,966

174,028

Marriott

International,

Inc.,

Class

A

4,768

1,503,350

Marriott

Vacations

Worldwide

Corp.

(a)

4,432

240,702

McDonald's

Corp.

18,231

5,742,765

MGM

Resorts

International*

10,132

339,827

Norwegian

Cruise

Line

Holdings

Ltd.*

80,311

1,763,630

Papa

John's

International,

Inc.(a)

298

10,481

Penn

Entertainment,

Inc.*(a)

298

3,826

Planet

Fitness,

Inc.,

Class

A*

3,297

300,159

Pursuit

Attractions

and

Hospitality,

Inc.*(a)

2,054

71,335

Red

Rock

Resorts,

Inc.,

Class

A(a)

1,739

109,783

Royal

Caribbean

Cruises

Ltd.(a)

5,513

1,789,795

Sabre

Corp.*(a)

1,341

1,743

Serve

Robotics,

Inc.*(a)

7,897

82,366

Shake

Shack,

Inc.,

Class

A*

447

39,591

Sharplink

Gaming,

Inc.*(a)

13,410

119,081

Six

Flags

Entertainment

Corp.*(a)

23,989

432,042

Starbucks

Corp.

28,310

2,603,105

Target

Hospitality

Corp.*

60

413

Texas

Roadhouse,

Inc.,

Class

A

2,384

428,786

Travel

+

Leisure

Co.(a)

12,069

839,278

United

Parks

&

Resorts,

Inc.*(a)

2,838

106,851

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)

Hotels,

Restaurants

&

Leisure

(continued)

Vail

Resorts,

Inc.(a)

811

$

107,920

Wendy's

Co.

(The)(a)

40,379

314,552

Wingstop,

Inc.(a)

745

197,745

Wyndham

Hotels

&

Resorts,

Inc.(a)

3,874

281,988

Wynn

Resorts

Ltd.(a)

2,682

288,181

Yum!

Brands,

Inc.

6,258

973,119

37,197,865

Household

Durables

-

0.8%

Cavco

Industries,

Inc.*

314

154,494

Century

Communities,

Inc.(a)

5,698

358,860

Champion

Homes,

Inc.*

2,980

233,572

DR

Horton,

Inc.

7,402

1,101,714

Dream

Finders

Homes,

Inc.,

Class

A*(a)

149

2,740

Garmin

Ltd.

3,427

691,020

Green

Brick

Partners,

Inc.*(a)

6,908

479,346

Installed

Building

Products,

Inc.(a)

596

171,732

KB

Home(a)

12,814

737,318

La-Z-Boy,

Inc.

5,066

184,453

Leggett

&

Platt,

Inc.(a)

28,161

328,639

Lennar

Corp.,

Class

A(a)

5,960

651,726

Lennar

Corp.,

Class

B(a)

474

47,997

LGI

Homes,

Inc.*(a)

4,082

204,549

M/I

Homes,

Inc.*

5,066

677,324

Meritage

Homes

Corp.

14,006

973,557

Mohawk

Industries,

Inc.*(a)

9,893

1,171,133

Newell

Brands,

Inc.

48,425

205,806

NVR,

Inc.*

67

511,594

PulteGroup,

Inc.

5,662

708,260

Somnigroup

International,

Inc.

4,928

432,925

Sonos,

Inc.*

785

11,265

Taylor

Morrison

Home

Corp.,

Class

A*

19,519

1,189,683

Toll

Brothers,

Inc.

18,476

2,669,597

TopBuild

Corp.*(a)

1,096

512,983

Tri

Pointe

Homes,

Inc.*

17,402

580,357

Whirlpool

Corp.(a)

11,622

929,644

15,922,288

Household

Products

-

0.7%

Central

Garden

&

Pet

Co.*(a)

1,192

40,325

Central

Garden

&

Pet

Co.,

Class

A*

9,685

297,039

Church

&

Dwight

Co.,

Inc.

5,658

544,582

Clorox

Co.

(The)

1,788

201,669

Colgate-Palmolive

Co.

16,688

1,506,760

Energizer

Holdings,

Inc.(a)

7,599

165,886

Kimberly-Clark

Corp.(a)

6,109

610,839

Procter

&

Gamble

Co.

(The)

60,047

9,113,333

Reynolds

Consumer

Products,

Inc.

10,728

248,568

Spectrum

Brands

Holdings,

Inc.(a)

5,513

351,233

WD-40

Co.

149

34,453

13,114,687

Investments

Shares

Value

Independent

Power

and

Renewable

Electricity

Producers

-

0.2%

AES

Corp.

(The)(a)

136,335

$

1,997,308

Clearway

Energy,

Inc.,

Class

A(a)

157

5,302

Clearway

Energy,

Inc.,

Class

C(a)

5,811

210,068

Ormat

Technologies,

Inc.(a)

2,041

255,002

Talen

Energy

Corp.*(a)

990

344,876

Vistra

Corp.

7,003

1,108,925

3,921,481

Industrial

Conglomerates

-

0.3%

3M

Co.

14,006

2,145,159

Honeywell

International,

Inc.

16,092

3,661,252

5,806,411

Industrial

REITs

-

0.3%

Americold

Realty

Trust,

Inc.,

REIT(a)

3,985

49,454

EastGroup

Properties,

Inc.,

REIT

2,235

405,965

First

Industrial

Realty

Trust,

Inc.,

REIT

6,123

355,318

Innovative

Industrial

Properties,

Inc.,

REIT

6,705

323,986

Lineage,

Inc.,

REIT

8,791

313,927

LXP

Industrial

Trust,

REIT

719

35,626

Prologis,

Inc.,

REIT

19,966

2,606,761

Rexford

Industrial

Realty,

Inc.,

REIT(a)

7,003

283,832

STAG

Industrial,

Inc.,

REIT

9,626

361,071

Terreno

Realty

Corp.,

REIT(a)

4,321

265,914

5,001,854

Insurance

-

3.0%

Accelerant

Holdings,

Class

A*

1,490

20,353

Aflac,

Inc.

10,579

1,173,740

Allstate

Corp.

(The)

6,407

1,274,929

American

Financial

Group,

Inc.

13,112

1,708,100

American

International

Group,

Inc.

14,751

1,104,555

AMERISAFE,

Inc.

2,980

112,078

Aon

plc,

Class

A

4,619

1,614,987

Arch

Capital

Group

Ltd.*

10,430

1,001,697

Arthur

J

Gallagher

&

Co.

5,066

1,263,308

Assurant,

Inc.(a)

9,536

2,270,808

Assured

Guaranty

Ltd.

8,008

679,479

Ategrity

Specialty

Holdings

LLC*(a)

1,043

18,576

Axis

Capital

Holdings

Ltd.

13,708

1,414,391

Bowhead

Specialty

Holdings,

Inc.*

5,960

146,378

Brighthouse

Financial,

Inc.*

11,920

763,595

Brown

&

Brown,

Inc.(a)

4,917

354,516

Chubb

Ltd.

9,685

2,998,089

Cincinnati

Financial

Corp.

3,129

503,425

CNO

Financial

Group,

Inc.

19,817

833,305

Employers

Holdings,

Inc.(a)

6,258

272,974

Erie

Indemnity

Co.,

Class

A(a)

1,192

337,348

Everest

Group

Ltd.

8,344

2,764,200

F&G

Annuities

&

Life,

Inc.

2,952

87,055

Fidelity

National

Financial,

Inc.

8,008

435,555

First

American

Financial

Corp.

19,221

1,214,383

Genworth

Financial,

Inc.,

Class

A*

69,410

578,879

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)

Insurance

(continued)

Globe

Life,

Inc.

14,751

$

2,068,385

Goosehead

Insurance,

Inc.,

Class

A*

2,086

128,998

Hamilton

Insurance

Group

Ltd.,

Class

B*(a)

4,620

128,205

Hanover

Insurance

Group,

Inc.

(The)

6,109

1,063,821

Hartford

Insurance

Group,

Inc.

(The)

7,897

1,066,569

Heritage

Insurance

Holdings,

Inc.*

1,694

44,163

Horace

Mann

Educators

Corp.

5,809

260,301

Kemper

Corp.

8,046

317,093

Kinsale

Capital

Group,

Inc.(a)

636

251,780

Lemonade,

Inc.*(a)

2,174

188,551

Lincoln

National

Corp.

30,694

1,277,177

Loews

Corp.

5,215

550,548

Markel

Group,

Inc.*

308

628,517

Marsh

&

McLennan

Cos.,

Inc.

13,112

2,467,547

Mercury

General

Corp.(a)

1,848

161,866

MetLife,

Inc.

15,347

1,210,571

Old

Republic

International

Corp.(a)

43,657

1,710,045

Oscar

Health,

Inc.,

Class

A*(a)

36,952

530,261

Palomar

Holdings,

Inc.*

462

57,099

Primerica,

Inc.(a)

1,256

330,378

Principal

Financial

Group,

Inc.

6,908

654,326

Progressive

Corp.

(The)

14,751

3,068,208

Prudential

Financial,

Inc.(a)

9,536

1,059,545

Reinsurance

Group

of

America,

Inc.

12,367

2,507,409

RenaissanceRe

Holdings

Ltd.

8,046

2,266,558

RLI

Corp.(a)

2,512

146,776

Root,

Inc.,

Class

A*(a)

745

46,287

Ryan

Specialty

Holdings,

Inc.,

Class

A(a)

2,533

122,293

Safety

Insurance

Group,

Inc.(a)

1,639

128,989

Selective

Insurance

Group,

Inc.

10,497

882,588

SiriusPoint

Ltd.*(a)

13,860

282,883

Skyward

Specialty

Insurance

Group,

Inc.*

4,172

186,155

Slide

Insurance

Holdings,

Inc.*(a)

6,705

115,527

Stewart

Information

Services

Corp.

4,619

311,459

Travelers

Cos.,

Inc.

(The)

5,960

1,695,680

Trupanion,

Inc.*(a)

447

14,300

United

Fire

Group,

Inc.

1,788

64,261

Universal

Insurance

Holdings,

Inc.

1,694

51,582

Unum

Group

29,502

2,241,267

W

R

Berkley

Corp.(a)

6,109

418,955

White

Mountains

Insurance

Group

Ltd.

447

914,084

Willis

Towers

Watson

plc

1,937

614,939

57,182,649

Interactive

Media

&

Services

-

5.9%

Alphabet,

Inc.,

Class

A

121,748

41,150,824

Alphabet,

Inc.,

Class

C

106,057

35,903,476

Cargurus,

Inc.,

Class

A*

3,611

116,996

fuboTV,

Inc.,

Class

A*(a)

11,622

25,917

Getty

Images

Holdings,

Inc.*(a)

1,043

1,366

IAC,

Inc.*(a)

4,917

181,683

Investments

Shares

Value

Interactive

Media

&

Services

(continued)

Match

Group,

Inc.

10,835

$

337,510

Meta

Platforms,

Inc.,

Class

A

45,445

32,561,343

Pinterest,

Inc.,

Class

A*

8,940

197,842

QuinStreet,

Inc.*

9,536

126,734

Reddit,

Inc.,

Class

A*

2,352

423,995

Rumble,

Inc.*(a)

447

2,544

Snap,

Inc.,

Class

A*(a)

47,382

328,357

Taboola.com

Ltd.*(a)

29,260

117,040

TripAdvisor,

Inc.*(a)

21,605

287,131

Trump

Media

&

Technology

Group

Corp.*

298

3,809

Webtoon

Entertainment,

Inc.*(a)

149

1,801

Yelp,

Inc.,

Class

A*

3,129

85,672

Ziff

Davis,

Inc.*(a)

4,909

187,622

ZoomInfo

Technologies,

Inc.,

Class

A*

38,144

307,059

112,348,721

IT

Services

-

1.2%

Accenture

plc,

Class

A

15,794

4,163,930

Akamai

Technologies,

Inc.*(a)

26,820

2,605,563

Applied

Digital

Corp.*(a)

9,001

304,954

ASGN,

Inc.*(a)

6,258

325,979

BigBear.ai

Holdings,

Inc.*(a)

596

3,004

Cloudflare,

Inc.,

Class

A*

6,930

1,229,035

Cognizant

Technology

Solutions

Corp.,

Class

A

11,396

935,156

CoreWeave,

Inc.,

Class

A*(a)

4,619

430,445

DigitalOcean

Holdings,

Inc.*(a)

4,191

231,553

DXC

Technology

Co.*

36,952

533,217

EPAM

Systems,

Inc.*(a)

1,788

372,977

Fastly,

Inc.,

Class

A*

27,714

256,354

Gartner,

Inc.*(a)

1,639

343,551

GoDaddy,

Inc.,

Class

A*

3,278

329,505

Grid

Dynamics

Holdings,

Inc.*(a)

11,920

98,578

International

Business

Machines

Corp.

24,138

7,403,125

Kyndryl

Holdings,

Inc.*(a)

46,190

1,062,370

MongoDB,

Inc.,

Class

A*(a)

1,540

571,848

Okta,

Inc.,

Class

A*(a)

2,687

226,998

Snowflake,

Inc.,

Class

A*

6,556

1,263,341

Twilio,

Inc.,

Class

A*

3,696

445,220

VeriSign,

Inc.

1,848

451,337

23,588,040

Leisure

Products

-

0.2%

Acushnet

Holdings

Corp.(a)

948

91,899

Brunswick

Corp.

12,665

1,015,986

Callaway

Golf

Co.*

19,315

277,170

Hasbro,

Inc.

6,006

536,396

Mattel,

Inc.*

57,663

1,204,580

Peloton

Interactive,

Inc.,

Class

A*(a)

29,353

164,083

Polaris,

Inc.(a)

8,791

561,218

YETI

Holdings,

Inc.*(a)

860

39,311

3,890,643

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)

Life

Sciences

Tools

&

Services

-

0.8%

10X

Genomics,

Inc.,

Class

A*(a)

9,685

$

195,637

Adaptive

Biotechnologies

Corp.*(a)

8,794

162,689

Agilent

Technologies,

Inc.

5,811

777,802

Avantor,

Inc.*(a)

120,839

1,319,562

Azenta,

Inc.*(a)

2,235

86,897

BioLife

Solutions,

Inc.*(a)

5,181

112,946

Bio-Rad

Laboratories,

Inc.,

Class

A*(a)

637

187,087

Bio-Techne

Corp.(a)

7,599

487,020

Bruker

Corp.(a)

4,768

211,175

Charles

River

Laboratories

International,

Inc.*

2,075

436,746

Danaher

Corp.

13,112

2,870,086

Fortrea

Holdings,

Inc.*

9,903

166,469

Illumina,

Inc.*(a)

2,682

388,380

IQVIA

Holdings,

Inc.*

4,158

956,964

Medpace

Holdings,

Inc.*

447

260,368

Mettler-Toledo

International,

Inc.*

474

650,916

Repligen

Corp.*(a)

1,788

267,074

Revvity,

Inc.(a)

4,172

453,914

Sotera

Health

Co.*

9,265

167,882

Tempus

AI,

Inc.,

Class

A*(a)

2,086

124,784

Thermo

Fisher

Scientific,

Inc.

8,046

4,655,496

Waters

Corp.*

1,232

456,727

West

Pharmaceutical

Services,

Inc.

1,576

364,245

15,760,866

Machinery

-

2.3%

AGCO

Corp.

2,618

296,907

Alamo

Group,

Inc.

316

61,718

Albany

International

Corp.,

Class

A

2,086

115,752

Allison

Transmission

Holdings,

Inc.

4,312

468,714

Astec

Industries,

Inc.

157

7,649

Blue

Bird

Corp.*(a)

4,321

217,390

Caterpillar,

Inc.

9,955

6,544,019

Chart

Industries,

Inc.*(a)

2,058

426,706

CNH

Industrial

NV(a)

177,161

1,906,252

Crane

Co.

1,694

309,392

Cummins,

Inc.

2,980

1,724,884

Deere

&

Co.(a)

6,556

3,461,568

Donaldson

Co.,

Inc.

5,809

592,169

Douglas

Dynamics,

Inc.

1,490

56,143

Dover

Corp.

2,831

570,418

Energy

Recovery,

Inc.*

21

306

Enerpac

Tool

Group

Corp.,

Class

A(a)

3,850

155,386

Enpro,

Inc.(a)

1,106

264,091

Esab

Corp.

2,772

335,689

ESCO

Technologies,

Inc.(a)

616

140,553

Federal

Signal

Corp.

1,788

193,265

Flowserve

Corp.

6,322

494,064

Fortive

Corp.(a)

5,519

291,458

Franklin

Electric

Co.,

Inc.

1,099

109,482

Gates

Industrial

Corp.

plc*

42,504

978,442

Gorman-Rupp

Co.

(The)(a)

471

25,665

Investments

Shares

Value

Machinery

(continued)

Graco,

Inc.

4,466

$

390,016

Greenbrier

Cos.,

Inc.

(The)(a)

5,818

293,344

Helios

Technologies,

Inc.(a)

616

39,905

Hillenbrand,

Inc.

5,364

171,165

Hillman

Solutions

Corp.*(a)

17,284

161,951

IDEX

Corp.

2,306

457,856

Illinois

Tool

Works,

Inc.

6,109

1,596,037

Ingersoll

Rand,

Inc.(a)

7,450

641,371

ITT,

Inc.

3,552

647,530

JBT

Marel

Corp.

1,694

266,483

Kadant,

Inc.(a)

298

95,670

Kennametal,

Inc.

5,290

181,923

Lincoln

Electric

Holdings,

Inc.

2,156

572,095

Lindsay

Corp.

316

39,585

Middleby

Corp.

(The)*

9,089

1,337,628

Mueller

Industries,

Inc.

5,066

689,685

Mueller

Water

Products,

Inc.,

Class

A(a)

4,582

124,035

Nordson

Corp.

2,002

549,609

Oshkosh

Corp.(a)

11,473

1,650,047

Otis

Worldwide

Corp.

8,791

750,927

PACCAR,

Inc.

13,261

1,629,910

Parker-Hannifin

Corp.

2,533

2,370,483

Pentair

plc

4,023

423,904

Proto

Labs,

Inc.*(a)

942

49,596

RBC

Bearings,

Inc.*

1,232

615,593

REV

Group,

Inc.

3,542

226,334

Snap-on,

Inc.(a)

1,232

451,048

SPX

Technologies,

Inc.*

1,694

353,047

Standex

International

Corp.(a)

158

37,920

Stanley

Black

&

Decker,

Inc.(a)

28,012

2,203,424

Symbotic,

Inc.,

Class

A*(a)

1,570

85,361

Tennant

Co.(a)

1,413

107,515

Terex

Corp.(a)

17,088

974,016

Timken

Co.

(The)(a)

11,010

1,026,022

Toro

Co.

(The)

2,831

259,037

Trinity

Industries,

Inc.

2,528

72,655

Watts

Water

Technologies,

Inc.,

Class

A

924

276,562

Westinghouse

Air

Brake

Technologies

Corp.

3,874

891,562

Worthington

Enterprises,

Inc.

2,669

148,316

Xylem,

Inc.

5,513

760,077

43,367,326

Marine

Transportation

-

0.1%

Genco

Shipping

&

Trading

Ltd.

2,983

62,345

Kirby

Corp.*

9,685

1,139,537

Matson,

Inc.(a)

5,818

932,625

2,134,507

Media

-

0.5%

Cable

One,

Inc.(a)

149

12,068

Charter

Communications,

Inc.,

Class

A*(a)

2,086

429,966

DoubleVerify

Holdings,

Inc.*(a)

447

4,837

EchoStar

Corp.,

Class

A*(a)

24,756

2,802,874

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)

Media

(continued)

Fox

Corp.,

Class

A

5,024

$

365,647

Fox

Corp.,

Class

B

2,156

141,369

Ibotta,

Inc.,

Class

A*

149

3,078

Liberty

Broadband

Corp.,

Class

C*(a)

5,811

279,567

Magnite,

Inc.*(a)

149

2,156

MNTN,

Inc.,

Class

A*(a)

3,725

34,270

New

York

Times

Co.

(The),

Class

A

7,301

535,236

News

Corp.,

Class

A

8,218

222,133

News

Corp.,

Class

B(a)

2,686

83,535

Newsmax,

Inc.,

Class

B*

298

2,056

Nexstar

Media

Group,

Inc.,

Class

A(a)

5,364

1,139,206

Omnicom

Group,

Inc.

8,047

619,941

Paramount

Skydance

Corp.,

Class

B(a)

23,244

260,565

Sirius

XM

Holdings,

Inc.(a)

32,184

654,944

Stagwell,

Inc.,

Class

A*(a)

32,333

194,321

TEGNA,

Inc.

31,141

596,662

Trade

Desk,

Inc.

(The),

Class

A*

11,026

334,419

8,718,850

Metals

&

Mining

-

0.9%

Alcoa

Corp.

48,276

2,742,559

Alpha

Metallurgical

Resources,

Inc.*(a)

857

179,799

Century

Aluminum

Co.*

4,619

209,379

Cleveland-Cliffs,

Inc.*(a)

97,595

1,342,907

Coeur

Mining,

Inc.*(a)

29,459

602,142

Commercial

Metals

Co.

20,711

1,592,055

Compass

Minerals

International,

Inc.*

3,129

78,162

Constellium

SE,

Class

A*

22,176

498,295

Freeport-McMoRan,

Inc.

30,843

1,857,674

Hecla

Mining

Co.(a)

18,923

426,146

Ivanhoe

Electric,

Inc.*

7,084

121,065

Kaiser

Aluminum

Corp.

1,341

164,433

Materion

Corp.

474

65,545

MP

Materials

Corp.*(a)

3,874

227,675

Newmont

Corp.

29,204

3,281,069

Nucor

Corp.

6,258

1,112,172

Reliance,

Inc.(a)

1,572

517,974

Royal

Gold,

Inc.(a)

2,086

549,265

Ryerson

Holding

Corp.(a)

1,639

46,253

Southern

Copper

Corp.(a)

1,880

357,802

Steel

Dynamics,

Inc.

4,023

722,410

Worthington

Steel,

Inc.

2,995

120,489

16,815,270

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.5%

AGNC

Investment

Corp.(a)

189,230

2,157,222

Annaly

Capital

Management,

Inc.

126,054

2,900,503

Apollo

Commercial

Real

Estate

Finance,

Inc.(a)

14,602

157,848

Arbor

Realty

Trust,

Inc.(a)

25,330

195,041

ARMOUR

Residential

REIT,

Inc.(a)

18,476

321,482

Investments

Shares

Value

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(continued)

Blackstone

Mortgage

Trust,

Inc.,

Class

A(a)

8,940

$

172,095

Chimera

Investment

Corp.(a)

8,387

103,579

Dynex

Capital,

Inc.(a)

19,966

277,128

Ellington

Financial,

Inc.(a)

24,178

310,687

Franklin

BSP

Realty

Trust,

Inc.(a)

7,327

75,175

Ladder

Capital

Corp.,

Class

A(a)

28,580

313,523

MFA

Financial,

Inc.

24,287

234,127

Orchid

Island

Capital,

Inc.(a)

28,459

221,980

PennyMac

Mortgage

Investment

Trust(a)

15,943

188,606

Rithm

Capital

Corp.

96,254

1,053,019

Starwood

Property

Trust,

Inc.(a)

60,538

1,085,446

Two

Harbors

Investment

Corp.(a)

15,198

174,321

9,941,782

Multi-Utilities

-

0.6%

Ameren

Corp.

6,258

646,326

Avista

Corp.

14,476

597,714

Black

Hills

Corp.(a)

12,516

913,418

CenterPoint

Energy,

Inc.(a)

16,018

635,754

CMS

Energy

Corp.(a)

7,546

539,464

Consolidated

Edison,

Inc.

8,493

905,609

Dominion

Energy,

Inc.

20,562

1,237,215

DTE

Energy

Co.

5,960

800,905

NiSource,

Inc.

11,247

498,130

Northwestern

Energy

Group,

Inc.

9,685

657,224

Public

Service

Enterprise

Group,

Inc.

11,175

920,373

Sempra

14,602

1,270,520

Unitil

Corp.(a)

2,654

135,115

WEC

Energy

Group,

Inc.

5,811

643,103

10,400,870

Office

REITs

-

0.1%

BXP,

Inc.,

REIT(a)

4,321

279,439

COPT

Defense

Properties,

REIT

2,669

82,232

Cousins

Properties,

Inc.,

REIT

2,455

61,964

Douglas

Emmett,

Inc.,

REIT

894

9,441

Easterly

Government

Properties,

Inc.,

Class

A,

REIT(a)

149

3,485

Empire

State

Realty

Trust,

Inc.,

Class

A,

REIT(a)

13,410

88,908

Highwoods

Properties,

Inc.,

REIT(a)

7,450

192,582

JBG

SMITH

Properties,

REIT(a)

7,599

127,967

Kilroy

Realty

Corp.,

REIT(a)

1,937

66,788

Piedmont

Realty

Trust,

Inc.,

Class

A,

REIT(a)

12,814

107,894

SL

Green

Realty

Corp.,

REIT(a)

15,496

693,911

Vornado

Realty

Trust,

REIT(a)

32,929

1,049,777

2,764,388

Oil,

Gas

&

Consumable

Fuels

-

3.5%

Antero

Midstream

Corp.

17,402

327,506

Antero

Resources

Corp.*

47,432

1,725,102

APA

Corp.(a)

66,305

1,751,115

BKV

Corp.*(a)

2,512

74,732

California

Resources

Corp.

11,771

629,749

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)

Oil,

Gas

&

Consumable

Fuels

(continued)

Calumet,

Inc.*(a)

7,592

$

170,137

Centrus

Energy

Corp.,

Class

A*(a)

298

82,927

Cheniere

Energy,

Inc.

4,917

1,040,044

Chevron

Corp.

48,574

8,592,741

Chord

Energy

Corp.

12,367

1,239,668

CNX

Resources

Corp.*(a)

7,152

277,498

Comstock

Resources,

Inc.*(a)

4,312

104,997

ConocoPhillips

32,631

3,401,129

Core

Natural

Resources,

Inc.

8,940

852,697

Coterra

Energy,

Inc.

23,254

670,878

Crescent

Energy

Co.,

Class

A(a)

56,471

551,722

CVR

Energy,

Inc.*

3,542

80,545

Delek

US

Holdings,

Inc.(a)

5,382

158,823

Devon

Energy

Corp.

18,178

730,937

Diamondback

Energy,

Inc.

5,364

879,428

Dorian

LPG

Ltd.

6,798

200,745

DT

Midstream,

Inc.

4,470

563,309

EOG

Resources,

Inc.

13,261

1,486,956

EQT

Corp.

14,335

827,560

Expand

Energy

Corp.

5,236

588,579

Exxon

Mobil

Corp.

109,391

15,467,887

Granite

Ridge

Resources,

Inc.

745

3,740

Gulfport

Energy

Corp.*

2,682

547,584

HF

Sinclair

Corp.(a)

29,502

1,533,809

HighPeak

Energy,

Inc.(a)

23,095

105,082

International

Seaways,

Inc.(a)

8,637

515,197

Kinder

Morgan,

Inc.

43,508

1,326,559

Kosmos

Energy

Ltd.*(a)

12,814

20,246

Magnolia

Oil

&

Gas

Corp.,

Class

A(a)

29,679

757,111

Marathon

Petroleum

Corp.

7,897

1,391,372

Matador

Resources

Co.(a)

20,562

930,225

Murphy

Oil

Corp.(a)

22,648

681,478

NextDecade

Corp.*(a)

1,987

10,511

Northern

Oil

&

Gas,

Inc.

19,668

491,700

Occidental

Petroleum

Corp.(a)

14,751

669,548

ONEOK,

Inc.

15,049

1,191,730

Ovintiv,

Inc.

47,120

2,048,306

Par

Pacific

Holdings,

Inc.*(a)

7,392

278,974

PBF

Energy,

Inc.,

Class

A(a)

16,824

562,931

Peabody

Energy

Corp.(a)

8,033

283,244

Permian

Resources

Corp.,

Class

A

115,177

1,857,805

Phillips

66

10,877

1,561,502

Range

Resources

Corp.(a)

7,854

297,274

SM

Energy

Co.(a)

31,551

614,295

Talos

Energy,

Inc.*(a)

24,794

295,545

Targa

Resources

Corp.

4,917

988,219

Texas

Pacific

Land

Corp.(a)

1,422

495,368

Uranium

Energy

Corp.*(a)

13,680

235,843

Valero

Energy

Corp.

8,344

1,513,852

Venture

Global,

Inc.,

Class

A(a)

3,278

32,124

Viper

Energy,

Inc.,

Class

A(a)

4,172

176,643

Vitesse

Energy,

Inc.(a)

149

3,123

Williams

Cos.,

Inc.

(The)

26,522

1,783,870

Investments

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

World

Kinect

Corp.(a)

10,207

$

274,670

65,956,891

Paper

&

Forest

Products

-

0.0%(d)

Louisiana-Pacific

Corp.

3,611

302,385

Sylvamo

Corp.(a)

6,556

320,851

623,236

Passenger

Airlines

-

0.3%

Alaska

Air

Group,

Inc.*(a)

22,176

1,127,206

American

Airlines

Group,

Inc.*(a)

118,306

1,573,470

Delta

Air

Lines,

Inc.

15,943

1,050,484

Frontier

Group

Holdings,

Inc.*(a)

8,791

40,790

JetBlue

Airways

Corp.*(a)

73,400

357,458

Joby

Aviation,

Inc.*(a)

22,298

235,690

SkyWest,

Inc.*(a)

6,594

636,453

Southwest

Airlines

Co.(a)

7,903

375,551

United

Airlines

Holdings,

Inc.*

7,748

792,775

Wheels

Up

Experience,

Inc.*(a)

13,661

8,606

6,198,483

Personal

Care

Products

-

0.1%

BellRing

Brands,

Inc.*

26,820

667,013

Coty,

Inc.,

Class

A*(a)

43,428

137,667

Edgewell

Personal

Care

Co.

3,914

76,166

elf

Beauty,

Inc.*

1,490

126,635

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

4,218

486,251

Herbalife

Ltd.*

25,181

434,120

Interparfums,

Inc.(a)

298

29,076

Kenvue,

Inc.

47,829

832,225

Olaplex

Holdings,

Inc.*(a)

1,937

3,061

2,792,214

Pharmaceuticals

-

2.9%

Amneal

Pharmaceuticals,

Inc.*(a)

12,069

165,104

Amphastar

Pharmaceuticals,

Inc.*

9,536

252,609

ANI

Pharmaceuticals,

Inc.*(a)

1,100

90,035

Arvinas,

Inc.*

16,016

214,294

Avadel

Pharmaceuticals

plc,

ADR*

6,751

145,484

Axsome

Therapeutics,

Inc.*

1,737

320,042

Bristol-Myers

Squibb

Co.

50,861

2,799,898

Collegium

Pharmaceutical,

Inc.*

7,152

328,420

Corcept

Therapeutics,

Inc.*(a)

3,850

153,499

CorMedix,

Inc.*(a)

5,662

43,937

Crinetics

Pharmaceuticals,

Inc.*(a)

1,788

89,293

Edgewise

Therapeutics,

Inc.*(a)

5,698

160,399

Elanco

Animal

Health,

Inc.*(a)

22,383

538,983

Eli

Lilly

&

Co.

16,688

17,307,959

Enliven

Therapeutics,

Inc.*(a)

149

3,941

Harmony

Biosciences

Holdings,

Inc.*(a)

9,856

359,941

Indivior

Pharmaceuticals,

Inc.*

1,043

36,901

Innoviva,

Inc.*(a)

6,160

123,200

Jazz

Pharmaceuticals

plc*

2,729

448,893

Johnson

&

Johnson

62,282

14,153,584

LENZ

Therapeutics,

Inc.*(a)

1,341

21,215

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)

Pharmaceuticals

(continued)

Ligand

Pharmaceuticals,

Inc.*(a)

314

$

60,319

Liquidia

Corp.*(a)

2,002

84,865

Merck

&

Co.,

Inc.

63,176

6,966,418

Nuvation

Bio,

Inc.*

4,919

25,776

Ocular

Therapeutix,

Inc.*

3,542

32,374

Organon

&

Co.(a)

34,270

292,666

Pacira

BioSciences,

Inc.*(a)

9,298

190,981

Perrigo

Co.

plc(a)

17,880

254,075

Pfizer,

Inc.

142,742

3,774,098

Prestige

Consumer

Healthcare,

Inc.*(a)

2,772

178,711

Royalty

Pharma

plc,

Class

A(a)

8,009

333,815

Supernus

Pharmaceuticals,

Inc.*

3,576

172,220

Tarsus

Pharmaceuticals,

Inc.*

616

39,757

Terns

Pharmaceuticals,

Inc.*(a)

14,006

484,608

Viatris,

Inc.(a)

221,003

2,892,929

WaVe

Life

Sciences

Ltd.*(a)

7,700

99,638

Zoetis,

Inc.,

Class

A

8,642

1,078,694

54,719,575

Professional

Services

-

0.9%

Alight,

Inc.,

Class

A

36,356

55,625

Amentum

Holdings,

Inc.*(a)

23,542

842,333

Automatic

Data

Processing,

Inc.

10,132

2,500,780

Barrett

Business

Services,

Inc.

2,464

93,632

Booz

Allen

Hamilton

Holding

Corp.,

Class

A(a)

5,662

500,634

Broadridge

Financial

Solutions,

Inc.

2,235

440,541

CACI

International,

Inc.,

Class

A*

894

554,799

CBIZ,

Inc.*(a)

3,666

144,257

Clarivate

plc*(a)

40,918

108,433

Concentrix

Corp.(a)

5,513

205,911

CSG

Systems

International,

Inc.(a)

2,310

184,222

Dayforce,

Inc.*(a)

6,878

476,439

Equifax,

Inc.

2,772

558,281

ExlService

Holdings,

Inc.*

4,321

169,167

Exponent,

Inc.

3,129

224,881

First

Advantage

Corp.*(a)

16,539

223,276

FTI

Consulting,

Inc.*(a)

945

165,063

Genpact

Ltd.

26,671

1,176,191

Huron

Consulting

Group,

Inc.*

474

80,106

ICF

International,

Inc.

298

27,788

Insperity,

Inc.(a)

745

31,834

Jacobs

Solutions,

Inc.(a)

2,926

395,771

KBR,

Inc.

27,267

1,167,300

Korn

Ferry

8,008

556,316

Legalzoom.com,

Inc.*(a)

149

1,325

Leidos

Holdings,

Inc.

3,080

579,902

ManpowerGroup,

Inc.

11,473

416,814

Maximus,

Inc.

9,548

901,713

Parsons

Corp.*(a)

2,826

197,990

Paychex,

Inc.(a)

6,407

660,754

Paycom

Software,

Inc.(a)

2,384

321,244

Paylocity

Holding

Corp.*

2,355

317,878

Planet

Labs

PBC*(a)

11,777

294,072

Investments

Shares

Value

Professional

Services

(continued)

Robert

Half,

Inc.(a)

745

$

25,784

Science

Applications

International

Corp.(a)

8,940

909,734

SS&C

Technologies

Holdings,

Inc.

5,390

441,387

TIC

Solutions,

Inc.*(a)

4,917

49,662

TransUnion

3,278

259,028

TriNet

Group,

Inc.

745

45,624

UL

Solutions,

Inc.,

Class

A(a)

1,386

97,339

Upwork,

Inc.*(a)

25,911

518,997

Verisk

Analytics,

Inc.,

Class

A

3,129

680,432

Verra

Mobility

Corp.,

Class

A*

9,011

173,912

17,777,171

Real

Estate

Management

&

Development

-

0.2%

CBRE

Group,

Inc.,

Class

A*

5,811

989,788

Compass,

Inc.,

Class

A*

23,244

291,015

CoStar

Group,

Inc.*

8,493

522,319

Cushman

&

Wakefield

Ltd.*

35,919

590,508

eXp

World

Holdings,

Inc.(a)

7,748

70,042

Forestar

Group,

Inc.*

5,652

147,065

Howard

Hughes

Holdings,

Inc.*

1,884

153,847

Jones

Lang

LaSalle,

Inc.*

1,848

661,418

Kennedy-Wilson

Holdings,

Inc.(a)

4,619

45,497

Newmark

Group,

Inc.,

Class

A

11,802

210,430

Opendoor

Technologies,

Inc.*(a)

41,583

214,152

St

Joe

Co.

(The)(a)

2,980

197,246

Zillow

Group,

Inc.,

Class

A*(a)

1,848

115,020

Zillow

Group,

Inc.,

Class

C*(a)

4,620

291,199

4,499,546

Residential

REITs

-

0.3%

American

Homes

4

Rent,

Class

A,

REIT

14,602

457,335

AvalonBay

Communities,

Inc.,

REIT(a)

2,682

476,511

Camden

Property

Trust,

REIT

3,874

422,460

Centerspace,

REIT

894

57,457

Equity

LifeStyle

Properties,

Inc.,

REIT(a)

7,301

461,204

Equity

Residential,

REIT

6,006

374,294

Essex

Property

Trust,

Inc.,

REIT(a)

1,192

300,229

Independence

Realty

Trust,

Inc.,

REIT(a)

13,857

231,412

Invitation

Homes,

Inc.,

REIT

14,900

398,277

Mid-America

Apartment

Communities,

Inc.,

REIT

2,235

300,161

NexPoint

Residential

Trust,

Inc.,

REIT

3,874

117,072

Sun

Communities,

Inc.,

REIT

2,235

284,806

UDR,

Inc.,

REIT(a)

14,006

520,323

UMH

Properties,

Inc.,

REIT

9,384

146,672

Veris

Residential,

Inc.,

REIT

9,238

140,325

4,688,538

Retail

REITs

-

0.3%

Acadia

Realty

Trust,

REIT(a)

8,951

179,110

Agree

Realty

Corp.,

REIT(a)

5,338

385,564

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)

Retail

REITs

(continued)

Alexander's,

Inc.,

REIT(a)

149

$

36,490

Brixmor

Property

Group,

Inc.,

REIT

9,536

255,469

Curbline

Properties

Corp.,

REIT(a)

3,278

79,491

Federal

Realty

Investment

Trust,

REIT

2,533

256,238

Getty

Realty

Corp.,

REIT(a)

4,774

142,552

InvenTrust

Properties

Corp.,

REIT

770

22,630

Kimco

Realty

Corp.,

REIT(a)

17,710

373,327

Kite

Realty

Group

Trust,

REIT(a)

12,218

287,001

Macerich

Co.

(The),

REIT(a)

15,388

291,295

NETSTREIT

Corp.,

REIT

8,008

150,871

NNN

REIT,

Inc.,

REIT(a)

5,066

211,100

Phillips

Edison

&

Co.,

Inc.,

REIT

2,983

108,074

Realty

Income

Corp.,

REIT

17,440

1,066,630

Regency

Centers

Corp.,

REIT

6,407

466,878

Saul

Centers,

Inc.,

REIT(a)

3,388

107,501

Simon

Property

Group,

Inc.,

REIT

6,705

1,282,734

Tanger,

Inc.,

REIT(a)

7,065

231,167

Urban

Edge

Properties,

REIT(a)

4,266

82,888

6,017,010

Semiconductors

&

Semiconductor

Equipment

-

10.2%

ACM

Research,

Inc.,

Class

A*

4,521

262,761

Advanced

Micro

Devices,

Inc.*

34,270

8,112,737

Allegro

MicroSystems,

Inc.*(a)

7,854

289,891

Alpha

&

Omega

Semiconductor

Ltd.*

3,611

79,803

Ambarella,

Inc.*

447

28,626

Amkor

Technology,

Inc.

6,556

316,851

Analog

Devices,

Inc.

10,430

3,242,478

Applied

Materials,

Inc.

16,936

5,458,812

Astera

Labs,

Inc.*(a)

3,314

499,155

Axcelis

Technologies,

Inc.*(a)

1,694

149,191

Broadcom,

Inc.

96,254

31,888,950

Cirrus

Logic,

Inc.*

1,570

204,634

Cohu,

Inc.*

891

25,429

Credo

Technology

Group

Holding

Ltd.*

3,269

409,540

Diodes,

Inc.*

149

8,819

Enphase

Energy,

Inc.*(a)

2,384

88,160

Entegris,

Inc.(a)

3,454

407,814

First

Solar,

Inc.*

2,479

559,064

FormFactor,

Inc.*

4,619

325,593

Ichor

Holdings

Ltd.*

63

1,911

Impinj,

Inc.*(a)

1,264

174,558

Intel

Corp.*

90,294

4,195,962

KLA

Corp.

2,772

3,958,250

Kulicke

&

Soffa

Industries,

Inc.

942

54,005

Lam

Research

Corp.

26,719

6,237,818

Lattice

Semiconductor

Corp.*(a)

6,437

518,307

MACOM

Technology

Solutions

Holdings,

Inc.*(a)

2,156

472,293

Marvell

Technology,

Inc.

16,869

1,331,301

MaxLinear,

Inc.,

Class

A*

105

1,822

Microchip

Technology,

Inc.

9,983

757,909

Micron

Technology,

Inc.

28,608

11,868,887

Investments

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

MKS,

Inc.

2,583

$

608,064

Monolithic

Power

Systems,

Inc.

945

1,062,322

NVIDIA

Corp.

491,104

93,864,708

NXP

Semiconductors

NV

5,364

1,213,015

ON

Semiconductor

Corp.*

9,591

574,405

Onto

Innovation,

Inc.*(a)

2,509

506,943

PDF

Solutions,

Inc.*

92

2,930

Penguin

Solutions,

Inc.*(a)

9,736

187,029

Photronics,

Inc.*

13,593

469,910

Power

Integrations,

Inc.(a)

894

41,070

Qnity

Electronics,

Inc.

3,278

315,278

Qorvo,

Inc.*

4,270

333,530

QUALCOMM,

Inc.

27,565

4,178,578

Rambus,

Inc.*(a)

4,396

500,397

Rigetti

Computing,

Inc.*(a)

15,281

277,656

Semtech

Corp.*

4,867

388,143

Silicon

Laboratories,

Inc.*

1,727

246,011

SiTime

Corp.*(a)

779

282,863

Skyworks

Solutions,

Inc.(a)

4,470

249,247

SolarEdge

Technologies,

Inc.*(a)

5,066

156,793

Synaptics,

Inc.*(a)

2,011

165,928

Teradyne,

Inc.

3,278

790,162

Texas

Instruments,

Inc.

18,625

4,014,619

Ultra

Clean

Holdings,

Inc.*(a)

3,768

164,586

Universal

Display

Corp.(a)

2,086

239,515

Veeco

Instruments,

Inc.*(a)

1,264

39,475

192,804,508

Software

-

6.6%

ACI

Worldwide,

Inc.*

3,576

155,055

Adeia,

Inc.

9,757

176,504

Adobe,

Inc.*

10,579

3,102,292

Agilysys,

Inc.*(a)

308

26,719

Alarm.com

Holdings,

Inc.*(a)

785

38,292

Alkami

Technology,

Inc.*(a)

4,710

99,805

Amplitude,

Inc.,

Class

A*

9,702

88,967

Appfolio,

Inc.,

Class

A*(a)

1,256

238,489

Appian

Corp.,

Class

A*

3,576

99,770

AppLovin

Corp.,

Class

A*

4,567

2,160,693

Asana,

Inc.,

Class

A*(a)

8,009

82,092

Atlassian

Corp.,

Class

A*

3,725

440,221

Aurora

Innovation,

Inc.,

Class

A*

49,938

209,740

Autodesk,

Inc.*

4,470

1,130,329

Bentley

Systems,

Inc.,

Class

B(a)

1,639

57,562

BILL

Holdings,

Inc.*(a)

5,181

223,664

Bit

Digital,

Inc.*(a)

58,259

118,266

BitMine

Immersion

Technologies,

Inc.(a)

10,877

273,013

Blackbaud,

Inc.*

2,528

135,754

BlackLine,

Inc.*(a)

634

29,462

Blend

Labs,

Inc.,

Class

A*(a)

298

709

Box,

Inc.,

Class

A*(a)

4,582

116,154

Braze,

Inc.,

Class

A*

3,016

62,793

C3.ai,

Inc.,

Class

A*(a)

11,026

121,396

Cadence

Design

Systems,

Inc.*

5,811

1,722,148

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

33

Investments

Shares

Value

COMMON

STOCKS

(continued)

Software

(continued)

CCC

Intelligent

Solutions

Holdings,

Inc.*(a)

8,195

$

62,118

Cipher

Mining,

Inc.*(a)

9,463

151,029

Circle

Internet

Group,

Inc.,

Class

A*(a)

1,043

66,679

Cleanspark,

Inc.*(a)

56,769

672,145

Clear

Secure,

Inc.,

Class

A

2,941

95,935

Clearwater

Analytics

Holdings,

Inc.,

Class

A*

13,559

326,636

Commvault

Systems,

Inc.*

2,156

184,769

Confluent,

Inc.,

Class

A*

9,834

300,330

Core

Scientific,

Inc.*

17,431

313,584

Crowdstrike

Holdings,

Inc.,

Class

A*

4,917

2,170,388

Datadog,

Inc.,

Class

A*

6,705

867,091

Docusign,

Inc.,

Class

A*

5,390

283,191

Dolby

Laboratories,

Inc.,

Class

A

1,043

66,950

Dropbox,

Inc.,

Class

A*(a)

29,353

747,914

D-Wave

Quantum,

Inc.*(a)

10,877

230,810

Dynatrace,

Inc.*

5,811

221,341

Elastic

NV*

3,725

245,589

Fair

Isaac

Corp.*

532

778,406

Five9,

Inc.*

17,284

305,235

Fortinet,

Inc.*

14,155

1,150,235

Freshworks,

Inc.,

Class

A*(a)

1,402

15,114

Gen

Digital,

Inc.

14,006

336,004

Gitlab,

Inc.,

Class

A*(a)

2,682

93,816

Guidewire

Software,

Inc.*

2,042

287,432

HubSpot,

Inc.*

1,043

292,040

Hut

8

Corp.*

2,464

137,565

I3

Verticals,

Inc.,

Class

A*(a)

1,043

23,165

Intapp,

Inc.*

1,937

65,761

InterDigital,

Inc.(a)

770

251,359

Intuit,

Inc.

5,662

2,824,885

Jamf

Holding

Corp.*(a)

3,278

42,778

JFrog

Ltd.*

5,181

283,919

Klaviyo,

Inc.,

Class

A*(a)

2,216

49,217

Life360,

Inc.*(a)

1,490

85,362

LiveRamp

Holdings,

Inc.*

1,099

26,761

Manhattan

Associates,

Inc.*

1,937

292,506

MARA

Holdings,

Inc.*(a)

6,258

59,451

Microsoft

Corp.

155,258

66,805,965

N-able,

Inc.*(a)

14,829

90,012

nCino,

Inc.*(a)

368

7,857

NCR

Voyix

Corp.*(a)

17,582

174,413

Nutanix,

Inc.,

Class

A*

6,109

240,267

Onestream,

Inc.,

Class

A*

298

7,036

Oracle

Corp.

34,958

5,753,388

Pagaya

Technologies

Ltd.,

Class

A*(a)

3,850

74,652

PagerDuty,

Inc.*(a)

298

3,159

Palantir

Technologies,

Inc.,

Class

A*

45,147

6,618,099

Palo

Alto

Networks,

Inc.*

14,006

2,478,642

PAR

Technology

Corp.*(a)

1,639

42,958

Pegasystems,

Inc.

2,464

107,652

Investments

Shares

Value

Software

(continued)

Procore

Technologies,

Inc.*

5,544

$

313,181

Progress

Software

Corp.*(a)

3,427

140,233

PTC,

Inc.*

2,235

348,951

Q2

Holdings,

Inc.*

3,454

211,558

Qualys,

Inc.*

1,418

187,034

Rapid7,

Inc.*

8,046

95,908

RingCentral,

Inc.,

Class

A*(a)

15,049

389,468

Riot

Platforms,

Inc.*(a)

6,407

99,116

Roper

Technologies,

Inc.

2,086

774,386

Rubrik,

Inc.,

Class

A*

4,023

225,087

SailPoint,

Inc.*(a)

149

2,338

Salesforce,

Inc.

19,072

4,048,795

Samsara,

Inc.,

Class

A*(a)

11,324

317,638

SEMrush

Holdings,

Inc.,

Class

A*

9,387

111,611

SentinelOne,

Inc.,

Class

A*(a)

5,878

82,174

ServiceNow,

Inc.*

21,158

2,475,698

SoundHound

AI,

Inc.,

Class

A*(a)

19,712

166,764

Sprinklr,

Inc.,

Class

A*(a)

6,556

41,827

SPS

Commerce,

Inc.*

447

39,899

Strategy,

Inc.,

Class

A*(a)

7,301

1,093,033

Synopsys,

Inc.*

3,725

1,732,553

Tenable

Holdings,

Inc.*

964

21,266

Teradata

Corp.*

2,276

64,912

Terawulf,

Inc.*(a)

10,982

146,829

Trimble,

Inc.*

5,024

339,622

Tyler

Technologies,

Inc.*

1,043

385,284

UiPath,

Inc.,

Class

A*(a)

13,559

170,708

Unity

Software,

Inc.*

9,133

265,770

Varonis

Systems,

Inc.,

Class

B*

4,082

121,807

Vertex,

Inc.,

Class

A*(a)

7,003

129,906

Via

Transportation,

Inc.,

Class

A*

1,341

31,178

Workday,

Inc.,

Class

A*

4,470

785,066

Workiva,

Inc.,

Class

A*

1,639

126,236

Yext,

Inc.*

149

1,067

Zeta

Global

Holdings

Corp.,

Class

A*

2,086

38,758

Zoom

Communications,

Inc.,

Class

A*

5,698

524,786

Zscaler,

Inc.*

2,156

431,222

124,203,168

Specialized

REITs

-

0.6%

American

Tower

Corp.,

REIT

9,238

1,656,189

Crown

Castle,

Inc.,

REIT(a)

7,748

672,604

CubeSmart,

REIT

6,407

240,455

Digital

Realty

Trust,

Inc.,

REIT(a)

6,258

1,038,515

EPR

Properties,

REIT

4,583

248,582

Equinix,

Inc.,

REIT

2,086

1,712,460

Extra

Space

Storage,

Inc.,

REIT

4,470

616,726

Four

Corners

Property

Trust,

Inc.,

REIT

745

18,364

Gaming

and

Leisure

Properties,

Inc.,

REIT

10,281

460,075

Iron

Mountain,

Inc.,

REIT

5,811

535,367

Lamar

Advertising

Co.,

Class

A,

REIT(a)

3,850

493,993

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

34

Investments

Shares

Value

COMMON

STOCKS

(continued)

Specialized

REITs

(continued)

National

Storage

Affiliates

Trust,

REIT(a)

5,811

$

184,848

Outfront

Media,

Inc.,

REIT

6,468

157,302

PotlatchDeltic

Corp.,

REIT

5,308

221,503

Public

Storage,

REIT

2,980

823,046

Rayonier,

Inc.,

REIT

1,489

33,860

Safehold,

Inc.,

REIT

2,086

29,433

SBA

Communications

Corp.,

Class

A,

REIT

1,937

356,621

VICI

Properties,

Inc.,

Class

A,

REIT

24,022

674,538

Weyerhaeuser

Co.,

REIT

11,200

288,736

10,463,217

Specialty

Retail

-

2.2%

Abercrombie

&

Fitch

Co.,

Class

A*

8,642

843,718

Academy

Sports

&

Outdoors,

Inc.(a)

12,218

672,112

Advance

Auto

Parts,

Inc.(a)

149

7,153

American

Eagle

Outfitters,

Inc.

33,376

777,995

Asbury

Automotive

Group,

Inc.*

3,576

838,608

AutoNation,

Inc.*

5,364

1,099,513

AutoZone,

Inc.*

358

1,326,136

Bath

&

Body

Works,

Inc.

35,120

765,616

Best

Buy

Co.,

Inc.(a)

5,662

368,596

Boot

Barn

Holdings,

Inc.*

1,256

224,171

Burlington

Stores,

Inc.*

1,256

371,600

Camping

World

Holdings,

Inc.,

Class

A

298

3,931

CarMax,

Inc.*(a)

30,545

1,360,474

Carvana

Co.,

Class

A*(a)

2,983

1,196,511

Chewy,

Inc.,

Class

A*

5,811

169,158

Dick's

Sporting

Goods,

Inc.(a)

2,822

570,044

Five

Below,

Inc.*

2,156

413,176

Floor

&

Decor

Holdings,

Inc.,

Class

A*(a)

2,682

176,905

GameStop

Corp.,

Class

A*(a)

11,920

284,650

Gap,

Inc.

(The)

41,765

1,168,585

Group

1

Automotive,

Inc.

2,384

844,556

Home

Depot,

Inc.

(The)

25,479

9,544,179

Lithia

Motors,

Inc.,

Class

A(a)

4,470

1,445,777

Lowe's

Cos.,

Inc.

14,751

3,939,402

Murphy

USA,

Inc.(a)

785

331,670

National

Vision

Holdings,

Inc.*(a)

6,006

158,258

O'Reilly

Automotive,

Inc.*

18,178

1,788,897

Penske

Automotive

Group,

Inc.(a)

3,297

516,937

Petco

Health

&

Wellness

Co.,

Inc.,

Class

A*(a)

10,281

27,656

Revolve

Group,

Inc.,

Class

A*

1,540

42,581

RH*(a)

149

29,626

Ross

Stores,

Inc.

6,854

1,293,007

Sally

Beauty

Holdings,

Inc.*

11,913

181,316

Signet

Jewelers

Ltd.(a)

7,450

687,411

Sonic

Automotive,

Inc.,

Class

A(a)

3,542

212,378

TJX

Cos.,

Inc.

(The)

23,691

3,549,149

Tractor

Supply

Co.(a)

11,324

576,165

Ulta

Beauty,

Inc.*

894

578,740

Investments

Shares

Value

Specialty

Retail

(continued)

Upbound

Group,

Inc.(a)

9,422

$

178,076

Urban

Outfitters,

Inc.*

10,132

717,852

Valvoline,

Inc.*(a)

7,114

232,770

Victoria's

Secret

&

Co.*

4,303

234,556

Warby

Parker,

Inc.,

Class

A*(a)

7,222

184,233

Wayfair,

Inc.,

Class

A*(a)

4,710

487,438

Williams-Sonoma,

Inc.

2,682

548,871

40,970,153

Technology

Hardware,

Storage

&

Peripherals

-

4.7%

Apple,

Inc.

310,516

80,572,692

Corsair

Gaming,

Inc.*

298

1,520

Dell

Technologies,

Inc.,

Class

C(a)

7,301

835,526

Diebold

Nixdorf,

Inc.*(a)

2,533

174,802

Hewlett

Packard

Enterprise

Co.

36,058

775,968

HP,

Inc.

24,734

480,829

IonQ,

Inc.*(a)

9,238

369,335

NetApp,

Inc.(a)

4,774

459,975

Pure

Storage,

Inc.,

Class

A*

7,701

535,528

Sandisk

Corp.*

2,790

1,607,738

Seagate

Technology

Holdings

plc(a)

4,445

1,812,182

Super

Micro

Computer,

Inc.*(a)

11,771

342,654

Western

Digital

Corp.

7,153

1,789,895

89,758,644

Textiles,

Apparel

&

Luxury

Goods

-

0.4%

Capri

Holdings

Ltd.*

8,156

184,081

Carter's,

Inc.(a)

9,089

314,570

Columbia

Sportswear

Co.(a)

2,533

140,024

Crocs,

Inc.*(a)

10,430

875,286

Deckers

Outdoor

Corp.*

5,960

711,266

Figs,

Inc.,

Class

A*

10,877

117,580

G-III

Apparel

Group

Ltd.(a)

9,394

275,714

Kontoor

Brands,

Inc.(a)

3,303

197,288

Lululemon

Athletica,

Inc.*

2,831

494,010

NIKE,

Inc.,

Class

B

22,201

1,372,244

PVH

Corp.(a)

10,010

624,224

Ralph

Lauren

Corp.,

Class

A

1,639

579,239

Steven

Madden

Ltd.(a)

5,099

223,744

Tapestry,

Inc.

4,774

605,868

Under

Armour,

Inc.,

Class

A*(a)

447

2,758

Under

Armour,

Inc.,

Class

C*(a)

149

904

VF

Corp.(a)

8,064

157,974

6,876,774

Tobacco

-

0.5%

Altria

Group,

Inc.

44,849

2,780,190

Philip

Morris

International,

Inc.

39,634

7,111,925

Universal

Corp.

4,553

257,654

10,149,769

Trading

Companies

&

Distributors

-

0.6%

Air

Lease

Corp.,

Class

A

18,178

1,174,844

Applied

Industrial

Technologies,

Inc.

1,848

481,238

Boise

Cascade

Co.

2,801

226,349

Core

&

Main,

Inc.,

Class

A*

5,544

295,828

Custom

Truck

One

Source,

Inc.*(a)

7,084

44,771

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

35

Investments

Shares

Value

COMMON

STOCKS

(continued)

Trading

Companies

&

Distributors

(continued)

DNOW,

Inc.*(a)

13,112

$

199,171

DXP

Enterprises,

Inc.*(a)

1,043

135,642

Fastenal

Co.(a)

23,244

1,007,860

Ferguson

Enterprises,

Inc.

3,925

990,906

GATX

Corp.(a)

1,788

325,255

Global

Industrial

Co.

314

9,596

Herc

Holdings,

Inc.(a)

5,513

790,233

McGrath

RentCorp

1,727

192,889

MSC

Industrial

Direct

Co.,

Inc.,

Class

A(a)

2,669

225,103

QXO,

Inc.*(a)

18,476

409,798

Rush

Enterprises,

Inc.,

Class

A(a)

10,318

662,312

Rush

Enterprises,

Inc.,

Class

B

714

42,133

SiteOne

Landscape

Supply,

Inc.*

1,490

213,875

United

Rentals,

Inc.

1,415

1,106,615

Watsco,

Inc.(a)

596

230,324

WESCO

International,

Inc.

2,155

623,722

WW

Grainger,

Inc.(a)

948

1,023,783

Xometry,

Inc.,

Class

A*(a)

1,256

71,755

10,484,002

Water

Utilities

-

0.1%

American

States

Water

Co.

2,310

168,538

American

Water

Works

Co.,

Inc.(a)

3,427

442,528

California

Water

Service

Group

543

24,272

Essential

Utilities,

Inc.

11,920

462,377

H2O

America(a)

2,831

147,325

Middlesex

Water

Co.(a)

42

2,200

1,247,240

Wireless

Telecommunication

Services

-

0.2%

Gogo,

Inc.*(a)

298

1,368

Telephone

and

Data

Systems,

Inc.(a)

18,774

847,271

T-Mobile

US,

Inc.

12,069

2,380,127

3,228,766

Total

Common

Stocks

(Cost

$880,997,931)

1,874,766,703

Number

of

Warrants

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

100,379

Number

of

Rights

RIGHTS

-

0.0%

Biotechnology

-

0.0%

Akero

Therapeutics,

Inc.,

CVR*‡

2,876

—

Blueprint

Medicines

Corp.,

CVR*‡

2,790

—

–

Investments

Number

of

Rights

Value

Health

Care

Equipment

&

Supplies

-

0.0%

ABIOMED,

Inc.,

CVR*‡

1,110

—

Life

Sciences

Tools

&

Services

-

0.0%

OmniAb,

Inc.,

expiring

11/3/2027,

price

1.00*‡

562

—

–

Paper

&

Forest

Products

-

0.0%

Resolute

Forest

Products,

Inc.,

CVR*‡

6,734

—

Total

Rights

(Cost

$1,132)

—

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

10.4%(e)

CERTIFICATES

OF

DEPOSIT

-

1.8%

Bank

of

Montreal,

Chicago

(SOFR

+

0.31%),

3.96%,

5/29/2026(f)

$

2,000,000

$

2,000,872

(SOFR

+

0.35%),

4.00%,

11/18/2026(f)

1,000,000

1,000,541

Bank

of

Nova

Scotia,

Houston

(SOFR

+

0.34%),

3.99%,

7/1/2026(f)

4,000,000

3,999,957

(SOFR

+

0.30%),

3.95%,

1/21/2027(f)

1,000,000

999,996

Barclays

Bank

plc,

New

York

(SOFR

+

0.25%),

3.89%,

4/29/2026(f)

1,000,000

1,000,072

Credit

Agricole

CIB,

New

York

(SOFR

+

0.27%),

3.92%,

6/5/2026(f)

2,000,000

2,000,436

Mizuho

Bank

Ltd.,

New

York

(SOFR

+

0.24%),

3.88%,

5/11/2026(f)

1,000,000

1,000,222

(SOFR

+

0.25%),

3.89%,

5/27/2026(f)

1,000,000

1,000,294

MUFG

Bank

Ltd.,

New

York

Branch

(SOFR

+

0.22%),

3.86%,

3/12/2026(f)

2,000,000

2,000,000

Royal

Bank

of

Canada,

New

York

(SOFR

+

0.35%),

4.00%,

11/12/2026(f)

2,000,000

2,001,068

(SOFR

+

0.30%),

3.95%,

1/22/2027(f)

1,000,000

999,993

Sumitomo

Mitsui

Banking

Corp.,

New

York

(SOFR

+

0.23%),

3.77%,

2/10/2026(f)

2,000,000

2,000,048

(SOFR

+

0.21%),

3.86%,

3/10/2026(f)

1,000,000

1,000,000

(SOFR

+

0.22%),

3.87%,

4/9/2026(f)

3,000,000

3,000,579

(SOFR

+

0.21%),

3.86%,

7/23/2026(f)

2,000,000

2,000,286

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

36

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

CERTIFICATES

OF

DEPOSIT

(continued)

Sumitomo

Mitsui

Trust

Bank

Ltd.,

London

4.00%,

3/4/2026

$

1,000,000

$

1,000,000

4.00%,

3/11/2026

2,000,000

2,000,000

Sumitomo

Mitsui

Trust

Bank

Ltd.,

New

York

4.40%,

2/3/2026

2,000,000

2,000,000

Toronto-Dominion

Bank,

New

York

(SOFR

+

0.20%),

3.84%,

4/6/2026(f)

1,000,000

1,000,127

(SOFR

+

0.36%),

4.00%,

5/8/2026(f)

3,000,000

3,001,809

Total

Certificates

of

Deposit

(Cost

$35,000,048)

35,006,300

REPURCHASE

AGREEMENTS

-

8.6%

BofA

Securities,

Inc.

4.08%,

dated

1/31/2026,

due

5/4/2026,

repurchase

price

$6,063,240,

collateralized

by

various

Common

Stocks,

U.S.

Treasury

Securities,

1.88%,

7/15/2035;

;

total

market

value

$6,465,663

6,000,000

6,000,000

CF

Secured

LLC

3.66%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$4,817,464,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.63%,

maturing

1/31/2026

-

5/15/2052;

total

market

value

$4,866,193

4,816,485

4,816,485

MetLife,

Inc.

3.66%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$40,008,133,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

1.13%

-

1.88%,

maturing

2/15/2031

-

2/15/2051;

total

market

value

$40,065,070

40,000,000

40,000,000

National

Bank

of

Canada

Financial

Inc.

3.80%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$55,011,611,

collateralized

by

various

Common

Stocks;

total

market

value

$60,443,547

55,000,000

55,000,000

TD

Securities

(USA)

LLC

3.93%,

dated

1/31/2026,

due

3/6/2026,

repurchase

price

$10,037,117,

collateralized

by

various

Common

Stocks;

total

market

value

$11,012,444

10,000,000

10,000,000

Investments

Principal

Amount

Value

REPURCHASE

AGREEMENTS

(continued)

TD

Securities

(USA)

LLC

3.73%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$1,000,207,

collateralized

by

various

Common

Stocks;

total

market

value

$1,101,244

$

1,000,000

$

1,000,000

The

Bank

of

Nova

Scotia,

Toronto

3.79%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$45,009,475,

collateralized

by

various

Common

Stocks;

total

market

value

$49,750,207

45,000,000

45,000,000

Total

Repurchase

Agreements

(Cost

$161,816,485)

161,816,485

Total

Securities

Lending

Reinvestments

(Cost

$196,816,533)

196,822,785

Total

Investments

-

109.5%

(Cost

$1,077,836,713)

2,071,689,867

Liabilities

in

excess

of

other

assets

-

(9.5%)

(179,585,836)

NET

ASSETS

-

100.0%

$1,892,104,031

*

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

January

31,

2026.

The

total

value

of

securities

on

loan

at

January

31,

2026

was

$245,305,507,

collateralized

in

the

form

of

cash

with

a

value

of

$196,817,078

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$28,844,985

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

February

5,

2026

–

May

15,

2055

and

$31,113,168

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

5.50%,

and

maturity

dates

ranging

from

February

25,

2026

–

June

30,

2120;

a

total

value

of

$256,775,231.

(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

January

31,

2026.

The

total

value

of

securities

purchased

was

$196,822,785.

(f)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

is

the

rate

in

effect

as

of

January

31,

2026.

Percentages

shown

are

based

on

Net

Assets.

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

37

Abbreviations

ADR

—

American

Depositary

Receipt

CVR

—

Contingent

Value

Rights

REIT

—

Real

Estate

Investment

Trust

SOFR

—

Secured

Overnight

Financing

Rate

Investment

in

a

company

which

was

affiliated

for

the

period

ended

January

31,

2026,

was

as

follows:

Security

Value

October

31,

2025

Purchases

at

Cost

Sales

Proceeds

Shares

January

31,

2026

Value

January

31,

2026

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Realized

Gain

Northern

Trust

Corp.

$

714,118

$

25,489

$

30,699

5,513

$

823,808

$

112,069

$

4,410

$

2,831

Futures

Contracts

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

had

the

following

open

futures

contracts

as

of

January

31,

2026:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

Russell

2000

E-Mini

Index

15

03/20/2026

USD

$

1,968,450

$

45,800

S&P

500

E-Mini

Index

28

03/20/2026

USD

9,752,050

92,161

S&P

Midcap

400

E-Mini

Index

14

03/20/2026

USD

4,826,500

55,013

$

192,974

Abbreviations:

USD

—

US

Dollar

Security

Type

%

of

Net

Assets

Common

Stocks

99.1

%

Warrants

0.0

†

Rights

–‌

Securities

Lending

Reinvestments

10.4

Others

(1)

(9.5)

100.0%

†

Amount

represents

less

than

0.05%.

(1)

Includes

any

other

net

assets/(liabilities).

38

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

January

31,

2026

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

98.3%

Aerospace

&

Defense

-

1.6%

Airbus

SE

7,136

$

1,641,839

Austal

Ltd.*

2,573

12,582

Babcock

International

Group

plc

8,092

159,346

BAE

Systems

plc

35,872

971,708

Bet

Shemesh

Engines

Holdings

1997

Ltd.*(a)

352

89,298

Bombardier,

Inc.,

Class

B*(a)

1,184

203,382

CAE,

Inc.*(a)

4,476

144,247

Chemring

Group

plc

6,231

42,624

Cirrus

Aircraft

Ltd.

3,100

24,114

Dassault

Aviation

SA

320

121,744

Elbit

Systems

Ltd.

288

204,836

Exosens

SAS

279

17,890

Hensoldt

AG

825

82,099

INVISIO

AB(a)

32

942

Kongsberg

Gruppen

ASA

5,558

191,394

Leonardo

SpA

4,832

323,634

LISI

SA

880

56,009

MDA

Space

Ltd.*(a)

3,038

86,217

Melrose

Industries

plc

18,185

156,214

Montana

Aerospace

AG*(b)

1,326

57,428

MTU

Aero

Engines

AG

672

299,392

QinetiQ

Group

plc

6,805

46,831

Rheinmetall

AG

512

1,085,113

Rolls-Royce

Holdings

plc

97,600

1,621,912

Saab

AB,

Class

B

3,776

295,733

Safran

SA

4,160

1,489,632

Singapore

Technologies

Engineering

Ltd.

18,400

142,096

Thales

SA

1,184

360,588

TKMS

AG

&

Co.

KGaA*

800

94,077

10,022,921

Air

Freight

&

Logistics

-

0.5%

AZ-COM

MARUWA

Holdings,

Inc.(a)

3,100

19,935

Deutsche

Post

AG

20,416

1,149,303

DSV

A/S

2,240

631,262

Freightways

Group

Ltd.(a)

7,410

65,436

Hamakyorex

Co.

Ltd.(a)

19,200

227,896

ID

Logistics

Group

SACA*

81

39,508

InPost

SA*(a)

3,608

56,658

KLN

Logistics

Group

Ltd.

30,000

27,120

Konoike

Transport

Co.

Ltd.(a)

9,600

206,612

Logista

Integral

SA(a)

2,344

85,943

Mainfreight

Ltd.(a)

1,312

53,288

Nippon

Express

Holdings,

Inc.

4,800

109,125

Oesterreichische

Post

AG

136

5,331

Sankyu,

Inc.

1,333

79,474

SBS

Holdings,

Inc.(a)

6,400

159,938

Senko

Group

Holdings

Co.

Ltd.(a)

3,100

38,655

SG

Holdings

Co.

Ltd.(a)

12,800

123,635

Investments

Shares

Value

Air

Freight

&

Logistics

(continued)

Yamato

Holdings

Co.

Ltd.

600

$

7,859

3,086,978

Automobile

Components

-

1.9%

Aisan

Industry

Co.

Ltd.(a)

12,800

182,134

Aisin

Corp.

12,800

229,306

ARB

Corp.

Ltd.(a)

4,248

76,809

Brembo

NV(a)

55,904

674,373

Bridgestone

Corp.

25,600

578,348

CIE

Automotive

SA(a)

14,912

510,914

Cie

Generale

des

Etablissements

Michelin

SCA

12,672

472,609

Continental

AG

1,408

111,624

Denso

Corp.

35,200

489,003

Dometic

Group

AB(a)(c)

111,040

481,678

Dowlais

Group

plc

504,288

644,261

Eagle

Industry

Co.

Ltd.(a)

1,600

32,102

Exedy

Corp.

9,600

354,726

FCC

Co.

Ltd.

12,800

311,993

Forvia

SE*

56,832

933,359

Gestamp

Automocion

SA(b)

34,176

123,273

GS

Yuasa

Corp.(a)

3,100

72,084

Hella

GmbH

&

Co.

KGaA

328

31,841

Johnson

Electric

Holdings

Ltd.

16,000

55,275

Koito

Manufacturing

Co.

Ltd.(a)

3,100

48,542

KYB

Corp.(a)

12,800

364,268

Linamar

Corp.(a)

14,688

936,283

Magna

International,

Inc.(a)

4,288

220,424

Musashi

Seimitsu

Industry

Co.

Ltd.

3,200

56,320

NHK

Spring

Co.

Ltd.(a)

6,200

112,778

Nifco,

Inc.

2,400

74,741

Nishikawa

Rubber

Co.

Ltd.

3,200

76,546

Niterra

Co.

Ltd.

3,200

140,044

NOK

Corp.

4,100

79,815

Opmobility

18,048

347,183

Pirelli

&

C

SpA(a)(b)

3,854

29,096

Schaeffler

AG

9,942

117,979

Seiren

Co.

Ltd.(a)

19,200

393,310

Stanley

Electric

Co.

Ltd.(a)

3,400

67,114

Sumitomo

Electric

Industries

Ltd.

9,600

418,452

Sumitomo

Rubber

Industries

Ltd.

3,800

61,338

Tokai

Rika

Co.

Ltd.(a)

16,000

324,647

Topre

Corp.

16,000

260,651

Toyo

Tire

Corp.

4,500

121,266

Toyoda

Gosei

Co.

Ltd.

2,000

54,337

Toyota

Boshoku

Corp.(a)

2,700

45,368

TS

Tech

Co.

Ltd.

6,400

78,766

Valeo

SE

75,744

1,065,087

Yokohama

Rubber

Co.

Ltd.

(The)

3,800

150,019

12,010,086

Automobiles

-

1.8%

Bayerische

Motoren

Werke

AG

5,280

549,116

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)

Automobiles

(continued)

Bayerische

Motoren

Werke

AG

(Preference)

1,760

$

182,997

Dr

Ing

hc

F

Porsche

AG

(Preference)

(b)

49

2,402

Ferrari

NV

1,312

438,278

Honda

Motor

Co.

Ltd.(a)

73,600

741,916

Isuzu

Motors

Ltd.

12,800

206,197

Mazda

Motor

Corp.(a)

19,200

147,678

Mercedes-Benz

Group

AG

13,568

932,798

Nissan

Motor

Co.

Ltd.*(a)

28,800

70,441

Nissan

Shatai

Co.

Ltd.(a)

3,000

19,312

Porsche

Automobil

Holding

SE

(Preference)

4,576

197,285

Renault

SA

2,976

112,868

Stellantis

NV

36,416

358,969

Subaru

Corp.

9,600

207,048

Suzuki

Motor

Corp.

38,400

524,372

Toyota

Motor

Corp.

236,800

5,378,888

Trigano

SA

2,784

557,076

Volkswagen

AG

(Preference)

4,736

578,349

Volvo

Car

AB,

Class

B*(a)

26,868

90,326

Yamaha

Motor

Co.

Ltd.(a)

16,000

120,679

11,416,995

Banks

-

14.5%

77

Bank

Ltd.

(The)

1,500

82,225

ABN

AMRO

Bank

NV,

CVA(b)

9,984

368,914

AIB

Group

plc

46,688

524,876

Aichi

Financial

Group,

Inc.(a)

3,200

113,471

Aktia

Bank

OYJ(a)

17,728

259,408

AL

Sydbank

1,792

163,150

Alandsbanken

Abp,

Class

B(a)

1,491

83,899

Alior

Bank

SA

2,640

86,672

AMCO

-

Asset

Management

Co.

SpA*‡(a)

239

216

ANZ

Group

Holdings

Ltd.

33,440

859,749

Aozora

Bank

Ltd.(a)

3,100

50,280

Awa

Bank

Ltd.

(The)

12,800

430,650

Banca

Monte

dei

Paschi

di

Siena

SpA

46,530

483,466

Banca

Popolare

di

Sondrio

SpA

11,040

226,097

Banco

Bilbao

Vizcaya

Argentaria

SA

119,616

3,052,360

Banco

BPM

SpA

25,143

377,482

Banco

Comercial

Portugues

SA,

Class

R

189,546

206,191

Banco

de

Sabadell

SA

98,336

386,637

Banco

Santander

SA

307,936

3,949,103

Bank

Hapoalim

BM

26,656

663,036

Bank

Leumi

Le-Israel

BM

32,896

795,469

Bank

Millennium

SA*

17,360

84,435

Bank

of

East

Asia

Ltd.

(The)

25,413

48,550

Bank

of

Ireland

Group

plc

18,112

369,422

Bank

of

Montreal(a)

14,848

2,032,547

Bank

of

Nagoya

Ltd.

(The)(a)

17,700

561,085

Bank

of

Nova

Scotia

(The)

26,496

1,991,872

Investments

Shares

Value

Banks

(continued)

Bank

of

Queensland

Ltd.(a)

29,440

$

140,038

Bank

Polska

Kasa

Opieki

SA

3,872

237,377

Bankinter

SA

12,060

206,886

Banque

Cantonale

de

Geneve

5,440

196,392

Banque

Cantonale

Vaudoise

(Registered)(a)

410

55,693

Barclays

plc

297,408

1,984,270

BAWAG

Group

AG(b)

1,775

290,138

Bendigo

&

Adelaide

Bank

Ltd.

7,372

56,654

BNP

Paribas

SA

21,504

2,333,100

BNPP

Bank

Polska

SA

496

20,548

BPER

Banca

SpA

23,721

334,544

CaixaBank

SA

70,528

935,945

Canadian

Imperial

Bank

of

Commerce

11,840

1,100,281

Chiba

Bank

Ltd.

(The)(a)

14,200

191,837

Chugin

Financial

Group,

Inc.

2,600

46,999

Commerzbank

AG

17,632

727,654

Commonwealth

Bank

of

Australia(a)

19,296

2,019,021

Credit

Agricole

SA

25,280

549,458

Credito

Emiliano

SpA

31

572

Dah

Sing

Banking

Group

Ltd.

140,800

200,842

Dah

Sing

Financial

Holdings

Ltd.

64,000

309,769

Daishi

Hokuetsu

Financial

Group,

Inc.

9,300

110,749

Danske

Bank

A/S

14,336

734,248

DBS

Group

Holdings

Ltd.

25,661

1,197,109

DNB

Bank

ASA

15,872

457,523

EQB,

Inc.(a)

11,072

868,246

Erste

Group

Bank

AG

5,760

750,336

FIBI

Holdings

Ltd.

533

47,636

FinecoBank

Banca

Fineco

SpA

7,168

190,588

First

International

Bank

of

Israel

Ltd.

(The)

1,144

97,801

Fukuoka

Financial

Group,

Inc.

2,800

101,665

Graubuendner

Kantonalbank

7

18,362

Gunma

Bank

Ltd.

(The)(a)

8,400

105,613

Hachijuni

Nagano

Bank

Ltd.

10,200

127,285

Hirogin

Holdings,

Inc.

9,200

104,190

Hokuhoku

Financial

Group,

Inc.(a)

3,100

106,509

HSBC

Holdings

plc

358,272

6,319,525

Hyakugo

Bank

Ltd.

(The)(a)

12,400

112,778

Hyakujushi

Bank

Ltd.

(The)

9,600

519,642

ING

Bank

Slaski

SA

532

58,370

ING

Groep

NV

62,368

1,841,547

Intesa

Sanpaolo

SpA

312,416

2,217,358

Israel

Discount

Bank

Ltd.,

Class

A

23,314

276,488

Iyogin

Holdings,

Inc.(a)

6,200

115,391

Japan

Post

Bank

Co.

Ltd.

35,200

625,230

Judo

Capital

Holdings

Ltd.*

32,064

40,769

Juroku

Financial

Group,

Inc.

12,800

680,410

Jyske

Bank

A/S

(Registered)

1,155

168,819

KBC

Ancora

803

74,130

KBC

Group

NV

4,896

692,536

Keiyo

Bank

Ltd.

(The)(a)

35,200

422,829

Kiyo

Bank

Ltd.

(The)(a)

22,400

547,439

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)

Banks

(continued)

Kyoto

Financial

Group,

Inc.

3,100

$

74,898

Kyushu

Financial

Group,

Inc.

16,000

119,850

Liechtensteinische

Landesbank

AG

192

24,036

Lion

Finance

Group

plc

1,218

168,644

Lloyds

Banking

Group

plc

1,186,240

1,773,508

Luzerner

Kantonalbank

AG

(Registered)

304

38,846

mBank

SA*

93

27,298

Mebuki

Financial

Group,

Inc.(a)

26,410

199,196

Mitsubishi

UFJ

Financial

Group,

Inc.

137,600

2,501,616

Mizrahi

Tefahot

Bank

Ltd.

2,545

200,444

Mizuho

Financial

Group,

Inc.

51,200

2,251,326

Musashino

Bank

Ltd.

(The)

12,800

456,372

Nanto

Bank

Ltd.

(The)

11,100

479,230

National

Australia

Bank

Ltd.

35,104

1,066,560

National

Bank

of

Canada

4,495

538,577

NatWest

Group

plc

151,360

1,381,645

Nishi-Nippon

Financial

Holdings,

Inc.

3,800

91,884

Nordea

Bank

Abp

62,944

1,222,296

Norion

Bank

AB*

11,242

86,103

North

Pacific

Bank

Ltd.

118,400

706,900

Oberbank

AG

775

71,177

Ogaki

Kyoritsu

Bank

Ltd.

(The)(a)

12,800

467,159

Oversea-Chinese

Banking

Corp.

Ltd.

67,200

1,124,236

Permanent

TSB

Group

Holdings

plc*

21,545

79,456

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

17,056

446,518

Raiffeisen

Bank

International

AG

3,451

175,222

Rakuten

Bank

Ltd.*(a)

400

19,095

Resona

Holdings,

Inc.

28,800

334,096

Ringkjoebing

Landbobank

A/S(a)

492

124,622

Royal

Bank

of

Canada

16,761

2,806,228

San-In

Godo

Bank

Ltd.

(The)(a)

57,600

589,218

Santander

Bank

Polska

SA

864

136,624

Senshu

Ikeda

Holdings,

Inc.(a)

83,200

440,109

Seven

Bank

Ltd.

6,200

11,949

Shizuoka

Financial

Group,

Inc.(a)

11,600

189,348

Skandinaviska

Enskilda

Banken

AB,

Class

A

28,032

605,939

Skandinaviska

Enskilda

Banken

AB,

Class

C

684

15,176

Societe

Generale

SA

13,568

1,191,218

SpareBank

1

Nord

Norge

36,448

557,558

Sparebank

1

Oestlandet

1,329

27,120

SpareBank

1

SMN

3,103

62,596

SpareBank

1

Sor-Norge

ASA

4,950

100,351

Sparebanken

Norge

6,464

129,293

St

Galler

Kantonalbank

AG

(Registered)

41

31,627

Standard

Chartered

plc

39,232

1,002,428

Sumitomo

Mitsui

Financial

Group,

Inc.

80,000

2,837,806

Sumitomo

Mitsui

Trust

Group,

Inc.

16,000

530,844

Suruga

Bank

Ltd.(a)

6,200

77,932

Investments

Shares

Value

Banks

(continued)

Svenska

Handelsbanken

AB,

Class

A(a)

32,896

$

522,486

Svenska

Handelsbanken

AB,

Class

B(a)

31

819

Swedbank

AB,

Class

A

18,656

730,666

TBC

Bank

Group

plc

18,432

1,074,966

Tokyo

Kiraboshi

Financial

Group,

Inc.(a)

9,600

626,682

TOMONY

Holdings,

Inc.

60,800

344,084

Toronto-Dominion

Bank

(The)

35,360

3,323,054

Unicaja

Banco

SA(b)

38,528

132,279

UniCredit

SpA

31,936

2,790,561

United

Overseas

Bank

Ltd.

28,800

868,539

Valiant

Holding

AG

(Registered)

5,536

1,115,755

Walliser

Kantonalbank

(Registered)

186

33,454

Westpac

Banking

Corp.

38,272

1,040,821

Yamaguchi

Financial

Group,

Inc.

4,100

65,277

Yokohama

Financial

Group,

Inc.

19,200

174,749

90,358,767

Beverages

-

0.5%

Anheuser-Busch

InBev

SA/NV

10,592

757,054

Asahi

Group

Holdings

Ltd.(a)

25,600

267,600

Budweiser

Brewing

Co.

APAC

Ltd.

(a)(b)

1,400

1,380

Carlsberg

A/S,

Class

B(a)

1,088

147,847

Coca-Cola

Europacific

Partners

plc

2,539

232,826

Coca-Cola

HBC

AG

3,127

169,496

Davide

Campari-Milano

NV(a)

434

3,090

Diageo

plc

23,456

539,302

Fevertree

Drinks

plc

2,201

26,307

Heineken

Holding

NV

1,760

130,443

Heineken

NV

2,528

208,536

Ito

En

Ltd.

800

14,765

Kirin

Holdings

Co.

Ltd.

12,800

198,480

Pernod

Ricard

SA(a)

1,600

142,910

Remy

Cointreau

SA(a)

2,208

105,280

Royal

Unibrew

A/S

1,952

183,781

Sapporo

Holdings

Ltd.(a)

4,000

42,500

Suntory

Beverage

&

Food

Ltd.

1,800

56,861

Takara

Holdings,

Inc.(a)

6,400

66,153

Treasury

Wine

Estates

Ltd.(a)

35,584

133,616

3,428,227

Biotechnology

-

0.4%

Argenx

SE*(a)

736

616,235

Bavarian

Nordic

A/S*

2,688

82,218

BioArctic

AB,

Class

B*(a)(b)

2,108

75,964

BioGaia

AB,

Class

B

3,846

47,618

BioNTech

SE,

ADR*

448

50,960

BoneSupport

Holding

AB*(b)

3,520

73,563

CSL

Ltd.

5,184

658,854

Galapagos

NV*(a)

1,023

34,612

Genmab

A/S*

672

216,463

Genus

plc

1,891

82,000

GNI

Group

Ltd.*(a)

3,200

52,856

Grifols

SA(a)

5,301

68,045

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)

Biotechnology

(continued)

Grifols

SA

(Preference),

Class

B

5,301

$

49,126

Kuros

Biosciences

AG

(Registered)*

640

21,293

Mesoblast

Ltd.*(a)

22,320

39,560

PeptiDream,

Inc.*

8,900

90,235

Pharma

Mar

SA

217

20,381

Swedish

Orphan

Biovitrum

AB*

2,455

93,460

Takara

Bio,

Inc.

13,200

69,483

Telix

Pharmaceuticals

Ltd.*(a)

4,018

29,696

Vitrolife

AB(a)

880

11,551

Zealand

Pharma

A/S,

Class

A*(a)

896

59,965

2,544,138

Broadline

Retail

-

0.7%

Aeon

Kyushu

Co.

Ltd.(a)

3,200

60,407

Allegro.eu

SA*(b)

3,224

26,639

ASKUL

Corp.(a)

3,100

27,431

B&M

European

Value

Retail

SA(a)

356,288

862,204

Canadian

Tire

Corp.

Ltd.,

Class

A(a)

800

98,967

Dollarama,

Inc.

3,232

437,966

Europris

ASA(b)

7,750

71,452

Harvey

Norman

Holdings

Ltd.

5,586

25,358

Isetan

Mitsukoshi

Holdings

Ltd.(a)

5,000

80,238

Izumi

Co.

Ltd.

16,000

317,386

J

Front

Retailing

Co.

Ltd.(a)

4,100

59,895

Next

plc

1,600

291,246

Pan

Pacific

International

Holdings

Corp.

32,000

189,996

Prosus

NV

14,752

850,371

Puuilo

OYJ

2,622

38,398

Rakuten

Group,

Inc.*

16,000

95,942

Ryohin

Keikaku

Co.

Ltd.(a)

6,400

127,826

Seria

Co.

Ltd.

1,000

23,921

Takashimaya

Co.

Ltd.(a)

8,600

107,598

Wesfarmers

Ltd.

12,736

743,755

4,536,996

Building

Products

-

0.7%

AGC,

Inc.

4,100

151,471

Assa

Abloy

AB,

Class

B

12,544

509,993

Belimo

Holding

AG

(Registered)(a)

126

138,264

Bunka

Shutter

Co.

Ltd.(a)

16,000

209,620

Carel

Industries

SpA(b)

961

24,008

Cie

de

Saint-Gobain

SA

9,952

985,275

Daikin

Industries

Ltd.

3,500

421,674

dormakaba

Holding

AG

620

46,779

Fletcher

Building

Ltd.*

651

1,473

Geberit

AG

(Registered)(a)

384

294,015

Genuit

Group

plc

10,695

48,798

Inrom

Construction

Industries

Ltd.(a)

5,859

38,297

Inwido

AB

19,552

339,699

Kingspan

Group

plc

1,664

145,499

Lindab

International

AB(a)

3,472

73,423

Munters

Group

AB(b)

2,720

53,925

Nibe

Industrier

AB,

Class

B(a)

16,399

63,171

Reliance

Worldwide

Corp.

Ltd.(a)

13,860

36,508

Investments

Shares

Value

Building

Products

(continued)

ROCKWOOL

A/S,

Class

A

880

$

29,994

ROCKWOOL

A/S,

Class

B

1,796

61,100

Sanwa

Holdings

Corp.

3,400

77,143

Systemair

AB

4,018

39,307

Takara

Standard

Co.

Ltd.

16,000

305,562

TOTO

Ltd.(a)

3,000

94,535

Volution

Group

plc

3,838

33,812

4,223,345

Capital

Markets

-

3.2%

3i

Group

plc

18,432

847,579

Aberdeen

Group

plc

62,592

186,729

AJ

Bell

plc

2,263

14,372

Allfunds

Group

plc

31

301

Amundi

SA(b)

1,273

113,506

Anima

Holding

SpA(b)

14,400

112,379

Antin

Infrastructure

Partners

SA

31

384

Ashmore

Group

plc

31

101

ASX

Ltd.

338

13,563

Avanza

Bank

Holding

AB

2,464

96,726

Azimut

Holding

SpA

2,537

107,204

Banca

Generali

SpA

1,209

81,623

Brederode

SA

285

35,668

Bridgepoint

Group

plc(b)

18,662

69,707

Brookfield

Asset

Management

Ltd.,

Class

A

4,352

217,415

Brookfield

Corp.,

Class

A

22,416

1,027,479

Bure

Equity

AB

968

24,035

Cie

Financiere

Tradition

SA

31

11,836

CVC

Capital

Partners

plc(a)(b)

5,184

92,075

Daiwa

Securities

Group,

Inc.

32,000

311,889

Deutsche

Bank

AG

(Registered)

37,952

1,503,482

Deutsche

Boerse

AG

2,304

584,645

EFG

International

AG

1,680

42,935

EQT

AB

8,160

311,568

Euronext

NV(b)

1,178

165,226

Fairfax

India

Holdings

Corp.*(b)

3,689

63,008

flatexDEGIRO

SE

2,128

104,200

Gimv

NV(a)

8,352

452,583

HMC

Capital

Ltd.

89,120

262,219

Hong

Kong

Exchanges

&

Clearing

Ltd.

14,558

805,661

HUB24

Ltd.

1,023

72,734

ICG

plc

4,032

100,422

iFAST

Corp.

Ltd.

10,000

83,057

IG

Group

Holdings

plc

6,732

124,898

IGM

Financial,

Inc.(a)

2,200

106,998

Insignia

Financial

Ltd.*

37,920

123,527

IntegraFin

Holdings

plc(b)

9,734

46,952

Integral

Corp.(a)

3,100

71,240

Investec

plc

14,014

116,923

JAFCO

Group

Co.

Ltd.(a)

16,000

253,235

Japan

Exchange

Group,

Inc.

12,800

139,982

JTC

plc(b)

5,294

94,005

Julius

Baer

Group

Ltd.

3,648

306,128

London

Stock

Exchange

Group

plc

5,056

563,512

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)

Capital

Markets

(continued)

Macquarie

Group

Ltd.

3,840

$

570,788

Magellan

Financial

Group

Ltd.(a)

15,872

97,070

Man

Group

plc

441,344

1,591,607

Monex

Group,

Inc.(a)

12,300

56,612

Nihon

M&A

Center

Holdings,

Inc.

2,900

13,331

Nomura

Holdings,

Inc.

60,800

556,919

Nordnet

AB

publ(a)

2,420

78,842

Okasan

Securities

Group,

Inc.(a)

70,400

403,433

Onex

Corp.(a)

684

58,603

Partners

Group

Holding

AG(a)

224

305,435

Perpetual

Ltd.(a)

35,200

446,581

Pinnacle

Investment

Management

Group

Ltd.(a)

736

8,755

Plus500

Ltd.

2,816

162,067

Quilter

plc(b)

52,096

138,903

Rathbones

Group

plc

23,296

704,893

Ratos

AB,

Class

B

67,744

291,110

SBI

Holdings,

Inc.

12,800

289,091

Schroders

plc

4,582

28,395

Singapore

Exchange

Ltd.

12,300

170,882

St

James's

Place

plc

8,800

183,552

Swissquote

Group

Holding

SA

(Registered)

160

91,049

Tamburi

Investment

Partners

SpA(a)

2,546

28,956

Tel

Aviv

Stock

Exchange

Ltd.(a)

3,136

121,466

TMX

Group

Ltd.

3,520

130,673

Tokai

Tokyo

Financial

Holdings,

Inc.

89,600

429,820

TP

ICAP

Group

plc

261,920

916,520

UBS

Group

AG

(Registered)

37,280

1,761,729

UOB-Kay

Hian

Holdings

Ltd.

74,867

185,840

Van

Lanschot

Kempen

NV,

CVA

832

50,578

Vontobel

Holding

AG

(Registered)

339

29,319

VZ

Holding

AG

285

55,960

XTB

SA(b)

2,360

56,592

Yangzijiang

Financial

Holding

Ltd.

256,000

71,615

19,950,697

Chemicals

-

3.2%

ADEKA

Corp.(a)

2,300

68,362

Aica

Kogyo

Co.

Ltd.(a)

1,500

34,131

Air

Liquide

SA

6,496

1,220,555

Air

Water,

Inc.

900

13,678

Akzo

Nobel

NV(a)

2,368

167,053

Arkema

SA

77

4,658

Artience

Co.

Ltd.(a)

12,800

307,014

Asahi

Kasei

Corp.

22,400

217,741

BASF

SE

17,056

932,559

Borregaard

ASA

1,692

34,161

C

Uyemura

&

Co.

Ltd.

600

69,467

Chugoku

Marine

Paints

Ltd.(a)

3,200

90,341

Clariant

AG

(Registered)(a)

84,384

782,967

Croda

International

plc

3,328

124,584

Daicel

Corp.

8,900

83,975

Denka

Co.

Ltd.(a)

28,800

554,399

DIC

Corp.

2,899

71,037

Investments

Shares

Value

Chemicals

(continued)

DSM-Firmenich

AG

2,080

$

163,810

Dyno

Nobel

Ltd.

14,043

34,531

Elkem

ASA(b)

25,451

75,936

EMS-Chemie

Holding

AG

(Registered)(a)

130

101,461

Evonik

Industries

AG

267

4,161

FUCHS

SE

711

25,206

FUCHS

SE

(Preference)

1,182

51,409

Fujimi,

Inc.(a)

3,100

54,862

Fuso

Chemical

Co.

Ltd.(a)

1,100

53,053

Givaudan

SA

(Registered)

96

372,506

Hexpol

AB

5,784

47,502

ICL

Group

Ltd.

3,776

20,625

Israel

Corp.

Ltd.(a)

104

31,243

Johnson

Matthey

plc

5,728

185,502

K+S

AG

(Registered)

5,280

86,808

Kaneka

Corp.(a)

19,200

582,622

Kansai

Paint

Co.

Ltd.

3,800

60,759

Kemira

OYJ(a)

2,992

70,584

Keppel

Infrastructure

Trust

153,600

62,941

Kuraray

Co.

Ltd.

8,000

86,374

LANXESS

AG

930

19,317

Lintec

Corp.

16,000

494,230

Methanex

Corp.(a)

25,888

1,242,066

Mitsubishi

Chemical

Group

Corp.

22,400

148,114

Mitsubishi

Gas

Chemical

Co.,

Inc.(a)

6,400

127,079

Mitsui

Chemicals,

Inc.

9,200

134,547

Nihon

Parkerizing

Co.

Ltd.(a)

48,000

457,721

Nippon

Kayaku

Co.

Ltd.

60,800

708,466

Nippon

Paint

Holdings

Co.

Ltd.(a)

19,200

127,515

Nippon

Sanso

Holdings

Corp.(a)

2,800

85,093

Nippon

Shokubai

Co.

Ltd.

51,200

738,493

Nippon

Soda

Co.

Ltd.

19,278

460,517

Nissan

Chemical

Corp.(a)

2,900

100,069

Nitto

Denko

Corp.

9,000

199,883

NOF

Corp.

3,600

69,580

Novonesis

Novozymes

B,

Class

B(a)

4,353

267,468

Nutrien

Ltd.(a)

9,056

626,962

Orica

Ltd.

4,446

80,109

Osaka

Soda

Co.

Ltd.(a)

3,100

45,095

Palram

Industries

1990

Ltd.(a)

1,147

21,059

Resonac

Holdings

Corp.(a)

3,700

214,670

Sakata

INX

Corp.(a)

12,800

196,406

Shin-Etsu

Chemical

Co.

Ltd.

22,400

744,779

Shin-Etsu

Polymer

Co.

Ltd.

800

10,460

Sika

AG

(Registered)

1,600

308,136

SK

Kaken

Co.

Ltd.

3,200

221,341

SOL

SpA

1,085

58,601

Solvay

SA(a)

28,992

855,360

Sumitomo

Chemical

Co.

Ltd.(a)

41,600

126,747

Syensqo

SA(a)

611

51,623

Symrise

AG,

Class

A

672

56,809

T

Hasegawa

Co.

Ltd.

900

16,575

Takasago

International

Corp.(a)

35,200

344,333

Teijin

Ltd.

76,800

744,053

Toagosei

Co.

Ltd.

35,200

400,695

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)

Chemicals

(continued)

Tokai

Carbon

Co.

Ltd.(a)

73,600

$

509,083

Tokuyama

Corp.(a)

25,600

670,121

Tokyo

Ohka

Kogyo

Co.

Ltd.

2,100

99,065

Toray

Industries,

Inc.

38,400

283,407

Tosoh

Corp.

7,000

114,398

UBE

Corp.(a)

35,200

609,485

Umicore

SA

7,040

168,340

Wacker

Chemie

AG

1,056

86,243

Yara

International

ASA

1,600

73,874

Zeon

Corp.(a)

3,600

44,026

20,110,590

Commercial

Services

&

Supplies

-

1.0%

ALSOK

Co.

Ltd.

6,200

48,130

Befesa

SA(a)(b)

14,624

538,973

Bilfinger

SE

928

130,823

Boyd

Group,

Inc.(a)

544

89,654

Brambles

Ltd.

18,656

292,756

Bravida

Holding

AB(b)

60,544

601,524

Cleanaway

Waste

Management

Ltd.

35,432

61,310

Dai

Nippon

Printing

Co.

Ltd.

9,600

172,229

Daiseki

Co.

Ltd.(a)

1,499

33,719

DO

&

CO

AG

369

86,567

Downer

EDI

Ltd.

3,616

20,392

Element

Fleet

Management

Corp.

6,016

153,271

Elis

SA

4,152

121,016

GFL

Environmental,

Inc.

2,080

89,842

ISS

A/S

2,508

95,490

Loomis

AB,

Class

B

984

41,084

Matsuda

Sangyo

Co.

Ltd.(a)

6,400

256,398

Mitie

Group

plc

53,600

123,274

Mitsubishi

Pencil

Co.

Ltd.(a)

1,800

26,721

Okamura

Corp.

25,600

393,642

Pilot

Corp.(a)

16,000

503,669

Prosegur

Cia

de

Seguridad

SA

30,620

102,542

RB

Global,

Inc.(a)

2,208

252,017

Rentokil

Initial

plc

19,488

120,528

Secom

Co.

Ltd.

5,400

198,098

Securitas

AB,

Class

B

9,499

157,847

Serco

Group

plc

47,294

194,698

Societe

BIC

SA(a)

9,088

588,148

SPIE

SA

2,368

130,150

TOPPAN

Holdings,

Inc.(a)

3,800

117,355

Veridis

Environment

Ltd.*

31

359

Waste

Connections,

Inc.

2,688

452,185

6,194,411

Communications

Equipment

-

0.2%

Nokia

OYJ

53,568

345,656

Telefonaktiebolaget

LM

Ericsson,

Class

A

306

3,343

Telefonaktiebolaget

LM

Ericsson,

Class

B

51,456

561,862

VTech

Holdings

Ltd.(a)

12,800

99,896

1,010,757

Investments

Shares

Value

Construction

&

Engineering

-

2.4%

Ackermans

&

van

Haaren

NV

384

$

114,115

ACS

Actividades

de

Construccion

y

Servicios

SA

3,091

348,048

AF

Gruppen

ASA

837

16,096

Ashtrom

Group

Ltd.(a)

238

5,300

AtkinsRealis

Group,

Inc.(a)

2,068

145,935

Balfour

Beatty

plc

12,745

124,874

Bouygues

SA

3,488

189,259

Budimex

SA

93

18,114

Burkhalter

Holding

AG

31

5,652

Cadeler

A/S*

89,568

536,062

Chiyoda

Corp.*(a)

54,400

452,099

Chudenko

Corp.

11,100

316,968

COMSYS

Holdings

Corp.

3,100

96,862

Deme

Group

NV

272

54,427

Eiffage

SA

1,280

190,268

Elco

Ltd.(a)

4,032

212,664

Elecnor

SA

2,201

70,435

Electra

Ltd.(a)

1,520

52,923

EXEO

Group,

Inc.

3,100

51,858

Ferrovial

SE

5,800

393,436

Gold

Finance

Holdings

Ltd.*‡

89,827

—

Hazama

Ando

Corp.

54,400

704,245

HOCHTIEF

AG

320

135,068

INFRONEER

Holdings,

Inc.(a)

4,100

61,556

JGC

Holdings

Corp.

6,800

95,326

Kajima

Corp.

6,400

261,377

Keller

Group

plc

25,120

610,825

Kinden

Corp.

2,300

101,954

Koninklijke

BAM

Groep

NV

95,296

1,002,181

Koninklijke

Heijmans

N.V,

CVA

8,416

687,831

Kraftia

Corp.

2,000

104,512

Kumagai

Gumi

Co.

Ltd.(a)

9,600

107,911

Kvutzat

Acro

Ltd.(a)

2,108

29,501

Maire

SpA

1,395

24,396

MIRAIT

ONE

Corp.(a)

32,000

769,195

Monadelphous

Group

Ltd.

6,045

131,872

Morgan

Sindall

Group

plc

1,387

93,833

Mota-Engil

SGPS

SA(a)

26,112

138,422

NCC

AB,

Class

B

4,704

121,370

Nippon

Densetsu

Kogyo

Co.

Ltd.

16,000

361,468

Nishimatsu

Construction

Co.

Ltd.(a)

12,800

477,283

NRW

Holdings

Ltd.

33,280

121,468

Obayashi

Corp.

9,900

223,786

Peab

AB,

Class

B

8,060

81,035

Penta-Ocean

Construction

Co.

Ltd.

(a)

12,000

126,099

Per

Aarsleff

Holding

A/S

992

142,071

Raito

Kogyo

Co.

Ltd.

3,100

70,235

Sacyr

SA

9,265

43,714

Shapir

Engineering

and

Industry

Ltd.

(a)

2,525

24,430

Shikun

&

Binui

Ltd.*(a)

7,872

46,156

Shimizu

Corp.

7,600

134,919

Shinnihon

Corp.

10,800

139,673

SHO-BOND

Holdings

Co.

Ltd.

4,800

43,205

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)

Construction

&

Engineering

(continued)

Skanska

AB,

Class

B

5,024

$

153,746

Stantec,

Inc.

1,443

143,794

Sweco

AB,

Class

B

3,524

58,718

Taihei

Dengyo

Kaisha

Ltd.(a)

19,200

278,304

Taikisha

Ltd.

3,200

71,567

Taisei

Corp.

1,600

159,627

Takamatsu

Construction

Group

Co.

Ltd.(a)

6,400

158,486

TOA

Corp.(a)

22,400

455,957

Toda

Corp.

5,200

45,491

Toenec

Corp.

16,500

218,738

Tokyu

Construction

Co.

Ltd.

28,800

238,413

Veidekke

ASA

3,088

57,198

Ventia

Services

Group

Pty.

Ltd.

2,356

9,540

Vinci

SA

9,856

1,420,507

Webuild

SpA(a)

18,445

76,581

Worley

Ltd.

12,352

116,039

WSP

Global,

Inc.(a)

1,376

267,477

Yokogawa

Bridge

Holdings

Corp.(a)

12,100

243,945

Yurtec

Corp.

9,600

169,086

14,955,526

Construction

Materials

-

0.7%

Amrize

Ltd.*

6,944

365,663

Breedon

Group

plc

88,384

408,003

Buzzi

SpA

2,310

131,689

Cementir

Holding

NV

3,596

81,282

Heidelberg

Materials

AG

1,760

484,292

Holcim

AG

5,696

588,351

Imerys

SA(a)

10,592

330,644

Inmocemento

SA*(a)

15,159

67,537

James

Hardie

Industries

plc,

CHDI*(a)

8,288

192,358

RHI

Magnesita

NV(a)

4,960

188,536

SigmaRoc

plc*

51,739

101,528

Sumitomo

Osaka

Cement

Co.

Ltd.(a)

9,600

259,448

Taiheiyo

Cement

Corp.

3,400

93,431

Titan

SA

2,037

138,129

Vicat

SACA

6,816

634,097

Wienerberger

AG

2,601

86,330

4,151,318

Consumer

Finance

-

0.5%

Acom

Co.

Ltd.

20,500

67,948

AEON

Financial

Service

Co.

Ltd.

3,100

33,892

Aiful

Corp.

105,600

375,823

Cembra

Money

Bank

AG

558

71,557

Credit

Saison

Co.

Ltd.

2,100

56,509

goeasy

Ltd.(a)

4,160

384,373

Hoist

Finance

AB(b)

16,864

238,322

Hong

Leong

Finance

Ltd.

54,400

117,888

Isracard

Ltd.

64,960

309,834

Jaccs

Co.

Ltd.(a)

9,600

263,555

KRUK

SA

6,080

840,559

Marui

Group

Co.

Ltd.

3,200

62,772

Investments

Shares

Value

Consumer

Finance

(continued)

Orient

Corp.(a)

12,400

$

88,342

Zip

Co.

Ltd.*(a)

33,914

62,960

2,974,334

Consumer

Staples

Distribution

&

Retail

-

1.3%

Aeon

Co.

Ltd.(a)

34,018

466,408

Ain

Holdings,

Inc.

800

33,476

Alimentation

Couche-Tard,

Inc.

9,088

475,423

Arcs

Co.

Ltd.(a)

3,200

72,086

Axfood

AB(a)

1,496

51,561

Belc

Co.

Ltd.

4,000

198,626

Carrefour

SA

15,936

262,382

Coles

Group

Ltd.

18,208

271,440

Cosmos

Pharmaceutical

Corp.

400

18,009

Create

SD

Holdings

Co.

Ltd.

500

10,518

Dino

Polska

SA*(b)

6,480

68,843

Empire

Co.

Ltd.,

Class

A(a)

2,314

76,008

Endeavour

Group

Ltd.(a)

57,504

149,052

George

Weston

Ltd.

2,496

175,051

H2O

Retailing

Corp.(a)

35,200

481,929

Heiwado

Co.

Ltd.(a)

12,800

244,450

HelloFresh

SE*

11,226

74,227

Itochu-Shokuhin

Co.

Ltd.(a)

3,200

228,809

J

Sainsbury

plc

24,864

109,319

Jeronimo

Martins

SGPS

SA

4,280

101,376

Kato

Sangyo

Co.

Ltd.(a)

9,600

405,134

Kesko

OYJ,

Class

A

2,248

56,428

Kesko

OYJ,

Class

B(a)

4,573

116,095

Kobe

Bussan

Co.

Ltd.(a)

1,900

46,866

Koninklijke

Ahold

Delhaize

NV

19,040

746,575

Kusuri

no

Aoki

Holdings

Co.

Ltd.

1,800

47,270

Life

Corp.

16,000

264,903

Loblaw

Cos.

Ltd.

7,680

347,490

Marks

&

Spencer

Group

plc

24,160

121,375

MatsukiyoCocokara

&

Co.(a)

6,600

106,021

Maxvalu

Tokai

Co.

Ltd.

3,200

77,791

Metcash

Ltd.

17,504

40,711

Metro,

Inc.,

Class

A(a)

2,816

187,969

North

West

Co.,

Inc.

(The)(a)

2,077

74,558

Ocado

Group

plc*(a)

22,785

68,224

Olam

Group

Ltd.

55,800

39,135

Seven

&

i

Holdings

Co.

Ltd.

25,600

366,923

Sheng

Siong

Group

Ltd.

17,900

38,367

Shufersal

Ltd.

4,983

64,561

Sugi

Holdings

Co.

Ltd.

2,400

55,371

Sundrug

Co.

Ltd.

1,600

42,733

Tesco

plc

87,008

507,675

Tsuruha

Holdings,

Inc.(a)

7,145

114,220

United

Super

Markets

Holdings,

Inc.

(a)

2,000

12,097

Valor

Holdings

Co.

Ltd.

12,800

290,419

Woolworths

Group

Ltd.

11,040

239,292

8,047,196

Containers

&

Packaging

-

0.6%

Billerud

Aktiebolag

3,437

27,994

CCL

Industries,

Inc.,

Class

B(a)

2,156

130,651

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)

Containers

&

Packaging

(continued)

FP

Corp.

1,200

$

20,513

Fuji

Seal

International,

Inc.

12,800

265,111

Huhtamaki

OYJ

3,776

133,056

Mayr

Melnhof

Karton

AG

3,808

433,086

Metsa

Board

OYJ,

Class

B

1,152

3,588

Orora

Ltd.(a)

406,848

584,286

Rengo

Co.

Ltd.(a)

96,000

823,337

SIG

Group

AG(a)

1,271

19,707

Toyo

Seikan

Group

Holdings

Ltd.

3,100

77,872

Transcontinental,

Inc.,

Class

A(a)

25,440

433,973

Verallia

SA(a)(b)

27,328

718,488

Vidrala

SA

561

58,931

Winpak

Ltd.(a)

1,716

54,503

3,785,096

Distributors

-

0.2%

Arata

Corp.

9,700

193,673

D'ieteren

Group(a)

23

5,278

Inchcape

plc

9,622

107,809

Inter

Cars

SA

3,616

648,280

PALTAC

Corp.

9,600

300,832

1,255,872

Diversified

Consumer

Services

-

0.1%

AcadeMedia

AB(b)

20,832

221,681

IDP

Education

Ltd.(a)

31

137

Pearson

plc

10,496

137,896

359,714

Diversified

REITs

-

0.4%

Argosy

Property

Ltd.,

REIT(a)

4,465

3,160

British

Land

Co.

plc

(The),

REIT

16,000

91,074

CapitaLand

Integrated

Commercial

Trust,

REIT

42,116

79,320

Centuria

Capital

Group,

REIT(a)

9,083

12,313

Charter

Hall

Group,

REIT

4,836

77,955

Charter

Hall

Long

Wale

REIT,

REIT

17,531

47,897

Covivio

SA,

REIT

1,344

85,940

Daiwa

House

REIT

Investment

Corp.,

REIT

64

55,926

GPT

Group

(The),

REIT

41,824

154,996

H&R

REIT,

REIT

56,864

451,418

Heiwa

Real

Estate

REIT,

Inc.,

REIT

31

30,667

ICADE,

REIT(a)

8,896

219,494

KDX

Realty

Investment

Corp.,

REIT

68

73,748

Land

Securities

Group

plc,

REIT

6,592

58,843

Mapletree

Pan

Asia

Commercial

Trust,

REIT

65,100

74,898

Merlin

Properties

Socimi

SA,

REIT

4,522

67,299

Mirvac

Group,

REIT

3,922

5,495

NIPPON

REIT

Investment

Corp.,

REIT

31

19,312

Nomura

Real

Estate

Master

Fund,

Inc.,

REIT

6

6,500

Investments

Shares

Value

Diversified

REITs

(continued)

NTT

UD

REIT

Investment

Corp.,

REIT

32

$

29,581

OUE

REIT,

REIT

151,900

44,888

Reit

1

Ltd.,

REIT

12,431

109,652

Sekisui

House

REIT,

Inc.,

REIT

96

56,507

Sella

Capital

Real

Estate

Ltd.,

REIT

25,248

90,767

Shaftesbury

Capital

plc,

REIT

1,773

3,491

Star

Asia

Investment

Corp.,

REIT

29

11,280

Stockland,

REIT

37,104

140,103

Stoneweg

Europe

Stapled

Trust,

REIT

150,400

284,488

2,387,012

Diversified

Telecommunication

Services

-

1.3%

BCE,

Inc.

8,273

215,050

Bezeq

The

Israeli

Telecommunication

Corp.

Ltd.

38,130

98,496

BT

Group

plc

99,456

261,152

Cellnex

Telecom

SA(b)

4,544

140,658

Chorus

Ltd.(a)

31

178

Cogeco

Communications,

Inc.(a)

5,184

251,247

Cyfrowy

Polsat

SA*

76,224

288,291

Deutsche

Telekom

AG

(Registered)

66,272

2,220,937

Elisa

OYJ

1,054

46,595

Gamma

Communications

plc

952

11,875

Helios

Towers

plc*

47,020

111,625

HKT

Trust

&

HKT

Ltd.

53,400

80,001

Infrastrutture

Wireless

Italiane

SpA(a)(b)

5,179

45,839

Koninklijke

KPN

NV

61,248

299,324

NOS

SGPS

SA

83,904

437,695

NTT,

Inc.

592,000

594,456

Orange

Polska

SA

26,182

85,253

Orange

SA

34,592

642,800

PCCW

Ltd.

77,035

57,507

Proximus

SADP(a)

40,800

373,012

Quebecor,

Inc.,

Class

B

4,019

147,416

RAI

Way

SpA(b)

8,120

55,158

Singapore

Telecommunications

Ltd.

105,600

381,958

Spark

New

Zealand

Ltd.

1,486

2,031

Sunrise

Communications

AG,

Class

A*(a)

3,264

185,654

Swisscom

AG

(Registered)(a)

352

289,581

Telecom

Italia

SpA*(a)

50,716

34,391

Telecom

Italia

SpA*

151,280

120,364

Telefonica

SA(a)

75,776

307,852

Telekom

Austria

AG,

Class

A

4,091

43,656

Telenor

ASA

2,604

43,947

Telia

Co.

AB(a)

23,296

106,713

Telstra

Group

Ltd.

60,864

208,075

TELUS

Corp.

628

8,811

United

Internet

AG

(Registered)

1,720

56,270

Zegona

Communications

plc

1,023

22,110

8,275,978

Electric

Utilities

-

1.6%

Acciona

SA(a)

544

117,397

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)

Electric

Utilities

(continued)

BKW

AG

384

$

72,756

Chubu

Electric

Power

Co.,

Inc.

16,000

233,268

Chugoku

Electric

Power

Co.,

Inc.

(The)(a)

9,600

61,467

CK

Infrastructure

Holdings

Ltd.(a)

11,000

90,496

CLP

Holdings

Ltd.(a)

37,000

350,353

Contact

Energy

Ltd.

15,565

88,025

EDP

SA

52,576

270,015

Elia

Group

SA/NV

465

67,655

Emera,

Inc.(a)

3,168

157,891

Endesa

SA

5,056

187,002

Enea

SA

18,176

113,075

Enel

SpA

154,048

1,705,814

EVN

AG

1,705

57,707

Fortis,

Inc.(a)

5,951

319,051

Fortum

OYJ(a)

2,883

68,304

Genesis

Energy

Ltd.(a)

1,960

2,881

HK

Electric

Investments

&

HK

Electric

Investments

Ltd.(b)

15,500

13,258

Hokkaido

Electric

Power

Co.,

Inc.(a)

76,800

522,256

Hokuriku

Electric

Power

Co.(a)

64,000

405,425

Hydro

One

Ltd.(b)

3,616

143,743

Iberdrola

SA

72,544

1,633,265

Iberdrola

SA,

Class

R*

993

22,356

Kansai

Electric

Power

Co.,

Inc.

(The)

22,400

358,377

Kyushu

Electric

Power

Co.,

Inc.(a)

12,800

142,927

Mercury

NZ

Ltd.

12,033

46,071

Naturenergie

Holding

AG

2,592

110,069

Origin

Energy

Ltd.

25,920

214,267

PGE

Polska

Grupa

Energetyczna

SA*

25,070

71,176

Power

Assets

Holdings

Ltd.(a)

19,500

151,437

Redeia

Corp.

SA(a)

1,436

24,925

Romande

Energie

Holding

SA

(Registered)

186

10,338

Shikoku

Electric

Power

Co.,

Inc.

74,800

759,347

SSE

plc

22,623

751,896

Tauron

Polska

Energia

SA*

42,112

130,872

Terna

-

Rete

Elettrica

Nazionale(a)

16,718

181,503

Tohoku

Electric

Power

Co.,

Inc.(a)

18,400

133,115

Tokyo

Electric

Power

Co.

Holdings,

Inc.*(a)

44,800

168,704

Verbund

AG

1,792

132,068

10,090,552

Electrical

Equipment

-

1.7%

ABB

Ltd.

(Registered)

18,208

1,576,190

Accelleron

Industries

AG

1,294

124,014

Daihen

Corp.

1,200

90,393

Fagerhult

Group

AB

6,336

26,805

Fuji

Electric

Co.

Ltd.(a)

1,500

106,865

Fujikura

Ltd.

3,200

405,964

Furukawa

Electric

Co.

Ltd.

1,300

114,022

Hammond

Power

Solutions,

Inc.,

Class

A

160

21,216

Investments

Shares

Value

Electrical

Equipment

(continued)

Huber

+

Suhner

AG

(Registered)

713

$

144,628

Kempower

OYJ*

1,457

28,010

Legrand

SA

3,328

534,486

Mabuchi

Motor

Co.

Ltd.

6,400

60,117

Mitsubishi

Electric

Corp.

25,600

801,556

Nexans

SA

737

116,523

Nidec

Corp.

22,432

320,790

Nitto

Kogyo

Corp.(a)

9,600

257,021

NKT

A/S*

448

58,951

Nordex

SE*

800

32,168

Prysmian

SpA

3,072

367,105

Rosebank

Industries

plc*

20,512

98,235

Schneider

Electric

SE

6,240

1,798,694

Siemens

Energy

AG*

7,616

1,309,677

Signify

NV(a)(b)

47,360

1,009,082

Time

Interconnect

Technology

Ltd.(a)

30,000

59,541

TKH

Group

NV,

CVA

12,864

566,847

Vestas

Wind

Systems

A/S

12,544

382,982

10,411,882

Electronic

Equipment,

Instruments

&

Components

-

1.4%

Ai

Holdings

Corp.

3,100

53,536

Alps

Alpine

Co.

Ltd.

3,100

40,483

ALSO

Holding

AG

(Registered)

31

8,003

Amano

Corp.

800

20,298

Anritsu

Corp.(a)

6,400

88,889

Azbil

Corp.

8,400

73,349

Canon

Marketing

Japan,

Inc.(a)

1,500

65,539

Celestica,

Inc.*(a)

1,216

343,594

Citizen

Watch

Co.

Ltd.

86,400

763,407

Codan

Ltd.

4,960

132,179

Comet

Holding

AG

(Registered)(a)

192

74,651

Daiwabo

Holdings

Co.

Ltd.(a)

32,000

629,794

FIH

Mobile

Ltd.*(a)

96,000

245,848

FIT

Hon

Teng

Ltd.*(a)(b)

96,000

60,356

Halma

plc

5,088

247,442

Hamamatsu

Photonics

KK

5,400

59,930

Hexagon

AB,

Class

B(a)

20,800

236,378

Hirose

Electric

Co.

Ltd.

582

62,573

Horiba

Ltd.(a)

800

94,983

Hosiden

Corp.

16,000

266,044

Ibiden

Co.

Ltd.(a)

2,400

128,028

Inficon

Holding

AG

(Registered)(a)

722

114,387

Japan

Aviation

Electronics

Industry

Ltd.(a)

19,200

298,716

Jenoptik

AG

21,120

669,843

Jeol

Ltd.

3,200

128,780

Kaga

Electronics

Co.

Ltd.

13,000

325,716

Keyence

Corp.

2,300

841,514

Kitron

ASA

9,471

81,350

Kyocera

Corp.

12,800

191,510

Lagercrantz

Group

AB,

Class

B

2,640

58,334

Landis+Gyr

Group

AG

1,073

75,663

Macnica

Holdings,

Inc.(a)

4,800

82,396

Murata

Manufacturing

Co.

Ltd.

19,200

390,323

Mycronic

AB

1,848

42,963

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)

Electronic

Equipment,

Instruments

&

Components

(continued)

NCAB

Group

AB*

284

$

1,475

Nohmi

Bosai

Ltd.

2,500

61,503

Oki

Electric

Industry

Co.

Ltd.

28,800

380,677

Omron

Corp.(a)

2,800

71,098

Oxford

Instruments

plc

1,403

48,421

Renishaw

plc

1,333

69,510

Rigaku

Holdings

Corp.(a)

3,100

24,236

Riken

Keiki

Co.

Ltd.(a)

2,400

51,186

Ryoyo

Ryosan

Holdings,

Inc.(a)

12,800

258,058

Shimadzu

Corp.

4,100

110,673

Softwareone

Holding

AG(a)

11,296

116,400

Taiyo

Yuden

Co.

Ltd.(a)

2,500

52,525

TDK

Corp.

22,400

287,660

Vaisala

OYJ,

Class

A

31

1,549

Venture

Corp.

Ltd.

3,100

39,941

VSTECS

Holdings

Ltd.(a)

192,000

190,778

Vusion

246

38,367

Yokogawa

Electric

Corp.

3,200

106,376

8,907,232

Energy

Equipment

&

Services

-

0.5%

Aker

Solutions

ASA

73,984

270,531

CES

Energy

Solutions

Corp.

64,096

672,129

DOF

Group

ASA

8,672

101,906

Lapidoth

Capital

Ltd.(a)

986

31,005

Odfjell

Drilling

Ltd.

10,176

101,452

Paratus

Energy

Services

Ltd.

36,064

175,303

Saipem

SpA(a)

17,440

64,504

SBM

Offshore

NV

4,863

174,831

Subsea

7

SA

3,608

92,314

Technip

Energies

NV

3,656

143,703

Tecnicas

Reunidas

SA*

3,296

125,004

Tenaris

SA(a)

7,648

170,687

TerraVest

Industries,

Inc.(a)

540

56,251

TGS

ASA

64,928

683,164

Vallourec

SACA

5,275

112,079

2,974,863

Entertainment

-

0.4%

Capcom

Co.

Ltd.(a)

4,000

102,061

CD

Projekt

SA

745

54,732

Cover

Corp.*(a)

3,100

32,596

CTS

Eventim

AG

&

Co.

KGaA

502

42,372

Daiichikosho

Co.

Ltd.

32,000

346,739

DeNA

Co.

Ltd.(a)

1,100

18,048

Embracer

Group

AB,

Class

B*

31

170

EVT

Ltd.(a)

6,232

54,791

Koei

Tecmo

Holdings

Co.

Ltd.

2,492

27,762

Konami

Group

Corp.

1,000

145,663

Modern

Times

Group

MTG

AB,

Class

B*

33,280

391,363

Nexon

Co.

Ltd.

3,100

74,013

Nintendo

Co.

Ltd.

14,300

932,105

Paradox

Interactive

AB

952

13,927

Investments

Shares

Value

Entertainment

(continued)

Square

Enix

Holdings

Co.

Ltd.(a)

4,500

$

78,005

Toei

Animation

Co.

Ltd.

1,000

16,628

Toho

Co.

Ltd.

1,200

61,276

Ubisoft

Entertainment

SA*(a)

31

161

Universal

Music

Group

NV

8,608

211,774

Vivendi

SE

6,262

17,536

2,621,722

Financial

Services

-

1.6%

Adyen

NV*(b)

320

477,154

AMP

Ltd.

65,142

77,352

Banca

IFIS

SpA(a)

9,888

322,784

Banca

Mediolanum

SpA

4,444

104,467

BFF

Bank

SpA*(b)

61,216

588,067

Challenger

Ltd.

2,852

18,401

Edenred

SE(a)

7,360

154,715

EXOR

NV

224

18,414

Financial

Partners

Group

Co.

Ltd.

25,600

336,554

Fuyo

General

Lease

Co.

Ltd.

3,000

84,461

Groupe

Bruxelles

Lambert

NV

510

48,477

HAL

Trust

588

108,844

Helia

Group

Ltd.

93,408

382,152

Industrivarden

AB,

Class

A

2,496

125,473

Industrivarden

AB,

Class

C

744

37,468

Infratil

Ltd.(a)

11,706

78,451

Investor

AB,

Class

A

13,696

527,278

Investor

AB,

Class

B(a)

37,696

1,461,467

Japan

Investment

Adviser

Co.

Ltd.(a)

9,600

138,219

Japan

Securities

Finance

Co.

Ltd.

33,500

461,695

Kinnevik

AB,

Class

B*

31

256

L

E

Lundbergforetagen

AB,

Class

B

1,178

70,529

M&G

plc

46,144

195,915

Mitsubishi

HC

Capital,

Inc.

13,200

115,434

Nexi

SpA(a)(b)

24,800

106,359

ORIX

Corp.

23,900

727,257

OSB

Group

plc

131,232

1,099,407

Paragon

Banking

Group

plc

68,224

831,349

Peugeot

Invest

SA

896

77,706

Pluxee

NV

22

292

Poste

Italiane

SpA(b)

8,923

235,658

Ricoh

Leasing

Co.

Ltd.(a)

4,500

174,737

Sofina

SA(a)

326

95,405

Sony

Financial

Group,

Inc.*(a)

176,000

177,415

Tokyo

Century

Corp.

2,400

33,458

Washington

H

Soul

Pattinson

&

Co.

Ltd.(a)

4,031

108,975

Wendel

SE

651

62,964

Wise

plc,

Class

A*

8,348

108,026

Zenkoku

Hosho

Co.

Ltd.(a)

1,200

23,905

9,796,940

Food

Products

-

2.1%

a2

Milk

Co.

Ltd.

(The)

7,139

42,619

AAK

AB

2,771

77,631

Ajinomoto

Co.,

Inc.

12,800

292,078

Ariake

Japan

Co.

Ltd.(a)

800

29,042

Aryzta

AG*(a)

1,728

122,635

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)

Food

Products

(continued)

Associated

British

Foods

plc

6,880

$

179,853

Austevoll

Seafood

ASA

3,432

33,144

Bakkafrost

P/F

820

39,654

Barry

Callebaut

AG

(Registered)(a)

62

108,855

Bell

Food

Group

AG

(Registered)

544

156,831

Bumitama

Agri

Ltd.

58,200

66,043

Calbee,

Inc.(a)

600

11,731

Chocoladefabriken

Lindt

&

Spruengli

AG

22

315,979

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

2

296,085

Cranswick

plc

155

11,188

Danone

SA

8,032

629,119

Ebro

Foods

SA

3,286

71,773

Elders

Ltd.(a)

59,204

305,673

Emmi

AG

(Registered)

41

41,636

First

Pacific

Co.

Ltd.

62,000

48,427

First

Resources

Ltd.

179,200

302,197

Fraser

and

Neave

Ltd.

24,800

29,901

Fuji

Oil

Co.

Ltd.(a)

20,400

531,886

Glanbia

plc

5,084

98,162

Golden

Agri-Resources

Ltd.

213,400

48,768

GrainCorp

Ltd.,

Class

A(a)

3,348

16,887

Greencore

Group

plc

7,347

29,187

Grieg

Seafood

ASA*

32

248

House

Foods

Group,

Inc.

2,400

46,589

Itoham

Yonekyu

Holdings,

Inc.

1,240

48,311

JDE

Peet's

NV

3,168

119,170

Kagome

Co.

Ltd.(a)

900

15,939

Kerry

Group

plc,

Class

A

2,496

222,109

Kikkoman

Corp.(a)

11,800

106,365

Kotobuki

Spirits

Co.

Ltd.

2,500

28,977

KWS

Saat

SE

&

Co.

KGaA

186

16,573

Leroy

Seafood

Group

ASA

5,456

26,987

Lotus

Bakeries

NV(a)

6

70,665

Maple

Leaf

Foods,

Inc.

3,893

72,533

Maruha

Nichiro

Corp.

48,000

432,050

Megmilk

Snow

Brand

Co.

Ltd.

16,000

347,984

MEIJI

Holdings

Co.

Ltd.

3,400

79,853

Morinaga

&

Co.

Ltd.

2,200

38,449

Morinaga

Milk

Industry

Co.

Ltd.(a)

31,200

804,979

Mowi

ASA

6,912

159,424

Nestle

SA

(Registered)

29,920

2,853,095

Neto

Malinda

Trading

Ltd.(a)

2,400

139,089

Nichirei

Corp.

3,200

39,663

Nippn

Corp.(a)

28,800

491,949

Nisshin

Oillio

Group

Ltd.

(The)(a)

9,600

350,370

Nisshin

Seifun

Group,

Inc.(a)

2,690

34,248

Nissin

Foods

Holdings

Co.

Ltd.(a)

4,100

83,191

Nissui

Corp.

8,200

68,838

Orkla

ASA

8,856

105,360

Premier

Foods

plc

3,720

9,638

Premium

Brands

Holdings

Corp.,

Class

A(a)

1,824

126,076

Investments

Shares

Value

Food

Products

(continued)

Prima

Meat

Packers

Ltd.

3,100

$

55,505

Sakata

Seed

Corp.(a)

1,400

36,802

Salmar

ASA

1,856

110,791

Saputo,

Inc.

899

27,272

Schouw

&

Co.

A/S

3,808

403,416

Societe

LDC

SADIR

2,176

244,630

Strauss

Group

Ltd.

952

36,073

Suedzucker

AG

22,592

259,762

Tate

&

Lyle

plc

149,376

771,959

Toyo

Suisan

Kaisha

Ltd.

1,800

128,705

Viscofan

SA

72

4,831

WH

Group

Ltd.(b)

144,000

169,266

Wilmar

International

Ltd.

21,700

57,969

Yakult

Honsha

Co.

Ltd.(a)

100

1,615

Yamazaki

Baking

Co.

Ltd.

2,900

61,361

13,245,663

Gas

Utilities

-

0.5%

AltaGas

Ltd.

4,736

143,638

APA

Group

4,391

27,254

Brookfield

Infrastructure

Corp.,

Class

A(a)

1,395

67,084

Enagas

SA

3,782

62,472

Hong

Kong

&

China

Gas

Co.

Ltd.(a)

64,000

60,397

Italgas

SpA

8,669

104,265

Naturgy

Energy

Group

SA

2,234

70,375

Nippon

Gas

Co.

Ltd.

1,900

36,101

Osaka

Gas

Co.

Ltd.

7,900

296,724

Rubis

SCA

29,728

1,209,514

Snam

SpA

31,360

216,309

Superior

Plus

Corp.(a)

92,448

498,372

Tokyo

Gas

Co.

Ltd.

6,400

284,030

3,076,535

Ground

Transportation

-

1.0%

Aurizon

Holdings

Ltd.(a)

15,097

39,026

Ayvens

SA(b)

6,498

94,697

Canadian

National

Railway

Co.

5,792

560,273

Canadian

Pacific

Kansas

City

Ltd.(a)

10,048

751,068

Central

Japan

Railway

Co.

19,200

536,071

ComfortDelGro

Corp.

Ltd.

12,400

14,364

East

Japan

Railway

Co.

12,800

323,029

Firstgroup

plc

202,688

518,450

Fukuyama

Transporting

Co.

Ltd.

12,800

380,863

Hankyu

Hanshin

Holdings,

Inc.(a)

300

8,394

Jungfraubahn

Holding

AG

(Registered)

191

75,527

Keikyu

Corp.

3,100

30,546

Keio

Corp.

3,100

77,510

Keisei

Electric

Railway

Co.

Ltd.(a)

8,700

68,862

Kintetsu

Group

Holdings

Co.

Ltd.(a)

3,200

66,527

Kyushu

Railway

Co.

3,200

81,857

Maruzen

Showa

Unyu

Co.

Ltd.(a)

6,400

348,502

MTR

Corp.

Ltd.(a)

32,264

142,859

Nagoya

Railroad

Co.

Ltd.(a)

3,100

34,716

Nankai

Electric

Railway

Co.

Ltd.(a)

3,000

55,630

Nishi-Nippon

Railroad

Co.

Ltd.

25,600

472,304

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)

Ground

Transportation

(continued)

Odakyu

Electric

Railway

Co.

Ltd.

1,400

$

15,038

Seibu

Holdings,

Inc.(a)

3,900

103,530

Seino

Holdings

Co.

Ltd.(a)

3,100

48,391

Sixt

SE

308

24,275

Sixt

SE

(Preference)

1,450

92,115

Sotetsu

Holdings,

Inc.

38,400

695,885

Stef

SA(a)

1,088

162,051

TFI

International,

Inc.

1,152

124,486

Tobu

Railway

Co.

Ltd.

500

8,839

Tokyo

Metro

Co.

Ltd.

3,100

33,208

Tokyu

Corp.(a)

17,100

193,492

West

Japan

Railway

Co.(a)

6,400

131,062

6,313,447

Health

Care

Equipment

&

Supplies

-

0.9%

Alcon

AG

4,992

404,650

Ambu

A/S,

Class

B(a)

3,468

47,016

Ansell

Ltd.(a)

2,720

62,195

Arjo

AB,

Class

B

96,512

291,316

Asahi

Intecc

Co.

Ltd.

3,200

53,313

BioMerieux

800

93,078

Carl

Zeiss

Meditec

AG

715

23,817

Cochlear

Ltd.

774

145,913

Coloplast

A/S,

Class

B

928

79,240

Convatec

Group

plc(b)

26,387

83,282

Demant

A/S*(a)

1,879

65,974

DiaSorin

SpA

293

25,160

Draegerwerk

AG

&

Co.

KGaA

(Preference)

3,616

382,428

Eckert

&

Ziegler

SE

465

8,281

Elekta

AB,

Class

B(a)

15,968

103,179

EssilorLuxottica

SA

3,872

1,187,971

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

6,304

148,363

Fukuda

Denshi

Co.

Ltd.

7,400

406,794

Getinge

AB,

Class

B

2,980

65,779

Hogy

Medical

Co.

Ltd.(a)

1,200

52,042

Hoya

Corp.

3,800

637,275

Koninklijke

Philips

NV

6,848

196,580

Medacta

Group

SA(b)

336

72,083

Nakanishi,

Inc.

6,400

89,698

Nanosonics

Ltd.*(a)

4,960

13,482

Nihon

Kohden

Corp.

4,600

51,081

Nipro

Corp.

4,100

37,741

Olympus

Corp.

16,000

190,950

PHC

Holdings

Corp.(a)

16,000

112,433

Revenio

Group

OYJ

28

668

Siemens

Healthineers

AG(b)

1,920

96,322

Smith

&

Nephew

plc

10,560

179,978

Sonova

Holding

AG

(Registered)

384

105,468

Straumann

Holding

AG

(Registered)

(a)

1,280

154,754

Sysmex

Corp.

3,200

30,432

Terumo

Corp.

16,000

209,257

Vimian

Group

AB*(a)

10,168

30,668

Investments

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Ypsomed

Holding

AG

(Registered)(a)

59

$

23,407

5,962,068

Health

Care

Providers

&

Services

-

0.4%

Alfresa

Holdings

Corp.

7,900

127,467

Amplifon

SpA(a)

7,104

114,853

As

One

Corp.(a)

1,600

24,079

Asker

Healthcare

Group

AB*

3,776

32,022

Chartwell

Retirement

Residences

5,347

79,841

Clariane

SE*(a)

41,216

186,814

EBOS

Group

Ltd.

2,217

34,476

Fagron

3,264

86,009

Fresenius

Medical

Care

AG

2,880

129,887

Fresenius

SE

&

Co.

KGaA

4,992

280,367

Galenica

AG(b)

817

102,490

Medicover

AB,

Class

B

2,077

47,512

Medipal

Holdings

Corp.

3,400

61,692

Mediterranean

Towers

Ltd.

14,944

74,662

Neuca

SA

352

78,834

NMC

Health

plc*‡

2,074

—

Raffles

Medical

Group

Ltd.

6,200

4,861

Ramsay

Health

Care

Ltd.(a)

4,928

125,526

Ryman

Healthcare

Ltd.*(a)

66,528

111,866

Ship

Healthcare

Holdings,

Inc.

1,900

31,365

Sigma

Healthcare

Ltd.

33,504

72,526

Sonic

Healthcare

Ltd.

1,053

16,930

Spire

Healthcare

Group

plc(b)

25,983

72,736

Summerset

Group

Holdings

Ltd.

2,619

18,328

Suzuken

Co.

Ltd.

1,880

75,902

Terveystalo

OYJ(a)(b)

34,144

411,881

2,402,926

Health

Care

REITs

-

0.0%(d)

Aedifica

SA,

REIT

832

73,393

Cofinimmo

SA,

REIT

1,472

153,402

Parkway

Life

REIT,

REIT

19,000

61,088

Primary

Health

Properties

plc,

REIT

16,142

22,948

Vital

Healthcare

Property

Trust,

REIT(a)

17,208

20,556

331,387

Health

Care

Technology

-

0.0%(d)

M3,

Inc.(a)

3,100

38,393

Pro

Medicus

Ltd.

288

37,148

Sectra

AB,

Class

B

2,624

65,272

140,813

Hotel

&

Resort

REITs

-

0.0%(d)

CapitaLand

Ascott

Trust,

REIT

3,100

2,394

Far

East

Hospitality

Trust,

REIT

3,100

1,490

Hoshino

Resorts

REIT,

Inc.,

REIT

24

39,938

Invincible

Investment

Corp.,

REIT

62

26,285

Japan

Hotel

REIT

Investment

Corp.,

REIT

31

16,700

86,807

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)

Hotels,

Restaurants

&

Leisure

-

1.3%

Accor

SA

2,688

$

146,650

Amadeus

IT

Group

SA

5,280

355,650

AmRest

Holdings

SE

3,904

14,992

Aristocrat

Leisure

Ltd.

8,288

310,978

Basic-Fit

NV*(a)(b)

1,209

46,284

Betsson

AB,

Class

B

4,544

53,693

Carnival

plc*(a)

6,336

187,629

Cirsa

Enterprises

SA*

12,896

222,762

Colowide

Co.

Ltd.(a)

3,500

40,103

Compass

Group

plc

18,176

545,482

Create

Restaurants

Holdings,

Inc.(a)

8,800

42,271

Domino's

Pizza

Enterprises

Ltd.(a)

691

11,061

Entain

plc

7,424

61,635

Evolution

AB(a)(b)

4,384

286,547

FDJ

UNITED

29

771

Flight

Centre

Travel

Group

Ltd.(a)

9,376

106,407

Food

&

Life

Cos.

Ltd.

2,200

120,810

Fuji

Kyuko

Co.

Ltd.

1,000

13,289

Galaxy

Entertainment

Group

Ltd.

34,000

173,272

Genda,

Inc.*(a)

3,100

13,464

Genting

Singapore

Ltd.

3,100

1,796

Greggs

plc(a)

41,152

907,486

Guzman

y

Gomez

Ltd.(a)

6,307

97,999

HBX

Group

International

plc*(a)

30,144

280,432

Heiwa

Corp.(a)

18,450

242,197

Hongkong

&

Shanghai

Hotels

Ltd.

(The)*

224,000

179,838

Ichibanya

Co.

Ltd.(a)

5,000

29,074

InterContinental

Hotels

Group

plc

1,664

224,307

KOMEDA

Holdings

Co.

Ltd.(a)

1,200

22,061

Kyoritsu

Maintenance

Co.

Ltd.(a)

2,200

40,111

Lottery

Corp.

Ltd.

(The)

27,165

98,007

Lottomatica

Group

Spa

3,584

88,344

McDonald's

Holdings

Co.

Japan

Ltd.

(a)

1,100

47,848

Melia

Hotels

International

SA

34,816

311,884

MGM

China

Holdings

Ltd.

37,200

59,541

Mitchells

&

Butlers

plc*

76,512

276,658

Monogatari

Corp.

(The)

1,500

40,403

MOS

Food

Services,

Inc.(a)

2,100

57,380

Ohsho

Food

Service

Corp.

2,112

43,127

Oriental

Land

Co.

Ltd.(a)

11,200

196,722

Restaurant

Brands

International,

Inc.

3,776

254,392

Round

One

Corp.

6,400

45,098

Royal

Holdings

Co.

Ltd.(a)

3,200

27,507

Sands

China

Ltd.

38,400

83,736

Scandic

Hotels

Group

AB(b)

1,824

18,318

Shangri-La

Asia

Ltd.(a)

640,000

399,093

SJM

Holdings

Ltd.*(a)

186,000

57,160

SkiStar

AB

2,828

53,638

Skylark

Holdings

Co.

Ltd.(a)

3,700

75,530

Sodexo

SA(a)

448

22,992

SSP

Group

plc

296,928

746,058

Tabcorp

Holdings

Ltd.

65,100

40,361

Investments

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Toridoll

Holdings

Corp.(a)

1,100

$

29,793

Trainline

plc*(b)

1

3

TUI

AG*

3,534

37,905

Whitbread

plc

4,032

150,717

Wynn

Macau

Ltd.

61,200

45,373

Yoshinoya

Holdings

Co.

Ltd.(a)

3,400

67,356

Zensho

Holdings

Co.

Ltd.

1,800

97,748

8,251,743

Household

Durables

-

1.4%

Azorim-Investment

Development

&

Construction

Co.

Ltd.(a)

5,535

35,552

Barratt

Redrow

plc

12,320

65,630

Bellway

plc

2,272

84,678

Berkeley

Group

Holdings

plc

1,856

104,932

Breville

Group

Ltd.(a)

2,420

54,590

Cairn

Homes

plc

240,064

595,606

De'

Longhi

SpA

1,012

44,786

Dom

Development

SA

2,304

175,259

Electrolux

AB,

Class

B*(a)

67,200

544,903

Glenveagh

Properties

plc*(b)

122,528

285,409

GN

Store

Nord

A/S*(a)

6,336

112,090

Haseko

Corp.

3,500

71,811

Iida

Group

Holdings

Co.

Ltd.

3,400

56,182

JM

AB

3,876

59,811

JVCKenwood

Corp.(a)

48,000

389,265

Man

Wah

Holdings

Ltd.(a)

614,400

380,770

Nikon

Corp.(a)

3,100

38,996

Open

House

Group

Co.

Ltd.

1,800

106,114

Panasonic

Holdings

Corp.

41,600

570,901

Persimmon

plc

2,666

51,437

Rinnai

Corp.

1,800

47,363

Sangetsu

Corp.(a)

24,656

504,276

SEB

SA(a)

9,696

549,520

Sekisui

House

Ltd.(a)

12,800

285,274

Sharp

Corp.*(a)

9,300

42,304

Sony

Group

Corp.

70,400

1,576,310

Sumitomo

Forestry

Co.

Ltd.(a)

9,600

104,208

Tamron

Co.

Ltd.

12,800

85,300

Taylor

Wimpey

plc

122,720

179,770

Token

Corp.

2,400

231,039

Vistry

Group

plc*

115,840

1,057,411

YIT

OYJ*(a)

23,264

85,408

Zojirushi

Corp.

3,100

31,068

8,607,973

Household

Products

-

0.2%

Earth

Corp.(a)

600

19,020

Essity

AB,

Class

A

1,020

30,247

Essity

AB,

Class

B

4,736

140,813

Henkel

AG

&

Co.

KGaA

2,848

235,983

Henkel

AG

&

Co.

KGaA

(Preference)

2,528

223,031

Pigeon

Corp.

3,100

32,354

Reckitt

Benckiser

Group

plc

7,200

601,902

Unicharm

Corp.

2,900

17,660

1,301,010

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)

Independent

Power

and

Renewable

Electricity

Producers

-

0.5%

Boralex,

Inc.,

Class

A(a)

1,023

$

19,075

Brookfield

Renewable

Corp.

1,209

50,631

Capital

Power

Corp.

1,280

56,478

Corp.

ACCIONA

Energias

Renovables

SA

1,612

41,001

Drax

Group

plc

128,064

1,583,380

EDP

Renovaveis

SA(a)

62

944

Electric

Power

Development

Co.

Ltd.

3,100

65,995

Energix-Renewable

Energies

Ltd.

8,525

54,536

Enlight

Renewable

Energy

Ltd.*

1,428

81,372

ERG

SpA

1,209

32,246

Grenergy

Renovables

SA*

155

17,720

Meridian

Energy

Ltd.

22,344

76,359

Orsted

A/S*(b)

2,434

54,906

OY

Nofar

Energy

Ltd.*(a)

1,496

75,178

RWE

AG

14,560

927,036

Scatec

ASA*(b)

7,254

87,132

Solaria

Energia

y

Medio

Ambiente

SA*

31

686

TransAlta

Corp.(a)

6,634

85,243

3,309,918

Industrial

Conglomerates

-

1.4%

Aker

ASA,

Class

A

264

24,422

Bonheur

ASA

10,144

267,363

Brookfield

Business

Corp.,

Class

A(a)

8,704

310,584

CK

Hutchison

Holdings

Ltd.

48,356

391,631

CTF

Services

Ltd.

43,636

51,069

DCC

plc(a)

1,376

87,538

Hikari

Tsushin,

Inc.

100

27,557

Hitachi

Ltd.

54,400

1,890,564

Investment

AB

Latour,

Class

B

2,024

50,782

Italmobiliare

SpA

1,024

33,927

Jardine

Matheson

Holdings

Ltd.

3,200

232,864

Keppel

Ltd.

18,500

159,342

Lifco

AB,

Class

B(a)

3,616

125,078

Metlen

Energy

&

Metals

plc*(a)

2,944

161,107

Nisshinbo

Holdings,

Inc.(a)

60,800

563,817

Nolato

AB,

Class

B

11,029

72,511

Sekisui

Chemical

Co.

Ltd.(a)

9,600

170,082

Siemens

AG

(Registered)

8,576

2,614,885

Smiths

Group

plc

2,752

94,788

Storskogen

Group

AB,

Class

B(a)

569,664

695,650

Swire

Pacific

Ltd.,

Class

A(a)

10,500

101,374

Tokai

Holdings

Corp.

51,200

381,029

8,507,964

Industrial

REITs

-

0.3%

ARGAN

SA,

REIT

31

2,434

CapitaLand

Ascendas

REIT,

REIT

34,100

76,584

Centuria

Industrial

REIT,

REIT(a)

31

71

Dream

Industrial

REIT,

REIT

31

294

Frasers

Logistics

&

Commercial

Trust,

REIT(b)

3,100

2,467

Investments

Shares

Value

Industrial

REITs

(continued)

GLP

J-REIT,

REIT

38

$

35,029

Goodman

Group,

REIT

22,208

478,092

Goodman

Property

Trust,

REIT

19,085

22,337

Granite

REIT,

REIT

1,302

84,467

Industrial

&

Infrastructure

Fund

Investment

Corp.,

REIT(a)

68

66,034

Japan

Logistics

Fund,

Inc.,

REIT(a)

160

104,862

LaSalle

Logiport

REIT,

REIT(a)

96

97,705

LondonMetric

Property

plc,

REIT

4,674

12,821

Mapletree

Industrial

Trust,

REIT

46,589

77,465

Mapletree

Logistics

Trust,

REIT

43,400

46,170

Mitsui

Fudosan

Logistics

Park,

Inc.,

REIT(a)

79

59,099

Montea

NV,

REIT

1,088

92,416

Nippon

Prologis

REIT,

Inc.,

REIT

21

12,293

Property

for

Industry

Ltd.,

REIT

26,697

36,817

Segro

plc,

REIT

16,640

173,220

Tritax

Big

Box

REIT

plc,

REIT

48,896

110,912

Warehouses

De

Pauw

CVA,

REIT

2,883

81,971

1,673,560

Insurance

-

4.8%

Admiral

Group

plc

3,104

117,135

Aegon

Ltd.

28,417

222,378

Ageas

SA/NV

2,880

205,400

AIA

Group

Ltd.

128,000

1,480,825

Allianz

SE

(Registered)

7,968

3,524,341

Alm

Brand

A/S

27,040

75,169

ASR

Nederland

NV

2,636

191,855

AUB

Group

Ltd.(a)

2,926

61,925

Aviva

plc

54,656

476,861

AXA

SA

34,624

1,582,949

Beazley

plc

12,018

186,851

Brookfield

Wealth

Solutions

Ltd.(a)

14,272

654,816

CBL

Corp.

Ltd.*‡(e)

102,937

—

Clal

Insurance

Enterprises

Holdings

Ltd.

899

65,947

Coface

SA

38,272

702,077

Dai-ichi

Life

Holdings,

Inc.

76,800

673,357

Definity

Financial

Corp.

1,025

50,442

Fairfax

Financial

Holdings

Ltd.(a)

416

690,327

Generali(a)

19,072

780,275

Gjensidige

Forsikring

ASA

3,232

92,188

Great-West

Lifeco,

Inc.

6,976

328,361

Hannover

Rueck

SE

800

227,271

Harel

Insurance

Investments

&

Financial

Services

Ltd.

3,616

166,970

Helvetia

Baloise

Holding

AG(a)

932

236,858

Hiscox

Ltd.

6,752

137,314

iA

Financial

Corp.,

Inc.

1,632

201,639

IDI

Insurance

Co.

Ltd.

2,048

161,632

Insurance

Australia

Group

Ltd.

33,056

175,996

Intact

Financial

Corp.

2,176

398,370

Japan

Post

Holdings

Co.

Ltd.

28,800

346,231

Japan

Post

Insurance

Co.

Ltd.(a)

4,400

136,199

Just

Group

plc

374,784

1,110,882

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)

Insurance

(continued)

Lancashire

Holdings

Ltd.

94,752

$

800,944

Legal

&

General

Group

plc

95,296

346,671

Lifenet

Insurance

Co.*

3,800

49,292

Mandatum

OYJ(a)

10,146

83,043

Manulife

Financial

Corp.

34,880

1,336,060

Mapfre

SA(a)

23,163

106,311

Medibank

Pvt

Ltd.

38,171

123,542

Menora

Mivtachim

Holdings

Ltd.

492

63,601

Migdal

Insurance

&

Financial

Holdings

Ltd.*(a)

18,592

100,468

MS&AD

Insurance

Group

Holdings,

Inc.

28,800

734,096

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

2,752

1,677,555

nib

holdings

Ltd.

6,172

29,099

NN

Group

NV

5,010

398,019

Phoenix

Financial

Ltd.

5,085

248,458

Phoenix

Group

Holdings

plc

17,984

182,498

Power

Corp.

of

Canada(a)

10,432

529,015

Powszechny

Zaklad

Ubezpieczen

SA

9,712

192,463

Protector

Forsikring

ASA

1,519

82,762

Prudential

plc

29,664

490,309

QBE

Insurance

Group

Ltd.

25,760

356,231

Sampo

OYJ,

Class

A

29,120

325,641

SCOR

SE

2,204

72,105

Sompo

Holdings,

Inc.

19,200

661,657

Steadfast

Group

Ltd.(a)

18,258

66,895

Storebrand

ASA

10,327

181,278

Sun

Life

Financial,

Inc.

11,168

707,613

Suncorp

Group

Ltd.

11,104

132,241

Swiss

Life

Holding

AG

(Registered)

320

351,728

Swiss

Re

AG

6,272

1,005,491

T&D

Holdings,

Inc.

9,600

236,671

Talanx

AG

968

122,643

Tokio

Marine

Holdings,

Inc.

38,400

1,425,624

Trisura

Group

Ltd.*

874

26,804

Tryg

A/S

4,112

100,291

Unipol

Assicurazioni

SpA

6,080

135,801

Wuestenrot

&

Wuerttembergische

AG

11,424

204,130

Zurich

Insurance

Group

AG

1,664

1,186,333

30,336,224

Interactive

Media

&

Services

-

0.1%

Autotrader

Group

plc(b)

11,584

85,521

Baltic

Classifieds

Group

plc

5

14

CAR

Group

Ltd.(a)

5,345

103,347

Hemnet

Group

AB

925

14,828

Kakaku.com,

Inc.

1,600

21,885

LY

Corp.

12,800

32,909

MONY

Group

plc

29

74

REA

Group

Ltd.(a)

848

112,724

Rightmove

plc

12,138

82,349

Scout24

SE(b)

1,160

115,988

SEEK

Ltd.

4,807

70,617

Investments

Shares

Value

Interactive

Media

&

Services

(continued)

Vend

Marketplaces

ASA,

Class

B

4,160

$

115,365

755,621

IT

Services

-

1.3%

Addnode

Group

AB,

Class

B

5,472

52,975

Alten

SA

11,808

1,160,314

Atea

ASA

2,420

38,825

Bechtle

AG

1,364

71,138

BIPROGY,

Inc.(a)

1,100

36,560

Bouvet

ASA

5,054

30,643

Capgemini

SE

3,872

604,350

CGI,

Inc.

2,528

217,862

Computacenter

plc

1,092

49,870

Data#3

Ltd.(a)

8,952

61,334

Digital

Garage,

Inc.

1,300

21,220

DTS

Corp.(a)

8,400

68,502

Formula

Systems

1985

Ltd.

155

24,802

Fujitsu

Ltd.

22,400

621,932

GMO

internet

group,

Inc.

1,200

29,957

Indra

Sistemas

SA(a)

1,984

128,870

Kainos

Group

plc

3,744

46,239

Kontron

AG

2,573

71,749

Macquarie

Technology

Group

Ltd.*(a)

372

18,248

Megaport

Ltd.*

6,954

56,462

NEC

Corp.

16,000

540,386

Netcompany

Group

A/S*(a)(b)

434

22,996

NEXTDC

Ltd.*(a)

10,016

93,463

Nomura

Research

Institute

Ltd.

5,545

168,981

NS

Solutions

Corp.(a)

1,600

42,349

Obic

Co.

Ltd.

4,000

111,422

Otsuka

Corp.

3,100

61,534

OVH

Groupe

SA*(a)

6

71

Reply

SpA

484

63,567

Sakura

Internet,

Inc.

3,200

55,138

Shopify,

Inc.,

Class

A*

14,240

1,878,862

Simplex

Holdings,

Inc.(a)

64,000

397,874

Softcat

plc

1,338

26,256

Sopra

Steria

Group(a)

5,504

1,009,676

TietoEVRY

OYJ(a)

3,348

72,968

TIS,

Inc.

1,400

40,822

Wavestone(a)

532

38,163

8,036,380

Leisure

Products

-

0.2%

Asmodee

Group

AB,

Class

B*

961

11,594

Bandai

Namco

Holdings,

Inc.

6,400

166,368

BRP,

Inc.(a)

1,178

89,402

Games

Workshop

Group

plc

310

72,530

MIPS

AB(b)

12

375

Mizuno

Corp.(a)

3,000

62,135

Noritsu

Koki

Co.

Ltd.

19,200

273,575

Sankyo

Co.

Ltd.

3,300

51,674

Sanlorenzo

SpA(a)

31

1,189

Sega

Sammy

Holdings,

Inc.(a)

2,600

40,797

Shimano,

Inc.

1,100

125,716

Technogym

SpA(b)

4,905

102,583

Thule

Group

AB(b)

2,024

48,655

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)

Leisure

Products

(continued)

Tsuburaya

Fields

Holdings,

Inc.

3,100

$

36,836

Yamaha

Corp.(a)

6,200

44,955

Yonex

Co.

Ltd.

2,400

50,642

1,179,026

Life

Sciences

Tools

&

Services

-

0.3%

AddLife

AB,

Class

B

336

5,181

Bachem

Holding

AG(a)

31

2,818

Eurofins

Scientific

SE

1,408

114,136

Gerresheimer

AG

13,664

409,961

Lonza

Group

AG

(Registered)

832

567,236

Oxford

Nanopore

Technologies

plc*(a)

15,624

33,232

QIAGEN

NV

1,428

75,801

Sartorius

AG

(Preference)

330

92,572

Sartorius

Stedim

Biotech

310

69,444

Schott

Pharma

AG

&

Co.

KGaA

4,338

74,108

Siegfried

Holding

AG

(Registered)*(a)

1,216

149,858

SKAN

Group

AG(a)

3

226

Tecan

Group

AG

(Registered)

224

39,561

Wuxi

Biologics

Cayman,

Inc.*(b)

32,000

151,606

1,785,740

Machinery

-

3.7%

Aalberts

NV(a)

4,096

158,171

Alfa

Laval

AB

3,840

224,442

Alstom

SA*(a)

8,896

285,956

Amada

Co.

Ltd.

7,200

92,392

ANDRITZ

AG

1,395

121,148

Atlas

Copco

AB,

Class

A

31,296

649,625

Atlas

Copco

AB,

Class

B

17,952

324,778

ATS

Corp.*(a)

4,000

114,315

AutoStore

Holdings

Ltd.*(b)

19,262

22,555

Beijer

Alma

AB

2,304

68,842

Bodycote

plc

12,288

125,708

Bucher

Industries

AG

(Registered)

82

38,122

Burckhardt

Compression

Holding

AG

31

21,497

CKD

Corp.(a)

4,100

109,238

Construcciones

y

Auxiliar

de

Ferrocarriles

SA

6,592

441,514

Daetwyler

Holding

AG

465

95,289

Daifuku

Co.

Ltd.

3,200

114,881

Daimler

Truck

Holding

AG

9,856

480,264

Danieli

&

C

Officine

Meccaniche

SpA(a)

3,360

248,627

Danieli

&

C

Officine

Meccaniche

SpA

(Retirement

Savings

Plan)

12,640

653,816

DMG

Mori

Co.

Ltd.(a)

2,100

37,028

Duerr

AG

15,392

412,000

Ebara

Corp.(a)

5,500

166,005

Electrolux

Professional

AB,

Class

B

5,882

40,865

Epiroc

AB,

Class

A

7,424

209,413

Epiroc

AB,

Class

B

4,393

110,269

FANUC

Corp.

9,600

390,136

FLSmidth

&

Co.

A/S

1,312

113,179

Investments

Shares

Value

Machinery

(continued)

Fluidra

SA

912

$

26,603

Fuji

Corp.(a)

1,000

24,686

GEA

Group

AG

2,208

158,656

Georg

Fischer

AG

(Registered)(a)

1,280

85,522

Glory

Ltd.

19,200

500,475

Harmonic

Drive

Systems,

Inc.(a)

1,500

33,061

Hiab

OYJ,

Class

B

684

40,767

Hino

Motors

Ltd.*(a)

128,000

345,183

Hitachi

Construction

Machinery

Co.

Ltd.

2,800

91,682

Hoshizaki

Corp.

2,400

79,207

IHI

Corp.

13,300

307,626

IMI

plc

1,824

69,132

Indutrade

AB

4,126

97,414

Interpump

Group

SpA

1,535

89,260

Iveco

Group

NV

6,144

137,925

Japan

Steel

Works

Ltd.

(The)(a)

900

49,796

Jungheinrich

AG

(Preference)

18,464

799,551

Kanadevia

Corp.

54,400

360,410

Kardex

Holding

AG

(Registered)

62

21,819

Kawasaki

Heavy

Industries

Ltd.(a)

2,000

166,926

KION

Group

AG

1,344

95,454

Kitz

Corp.

22,400

292,016

Knorr-Bremse

AG

947

110,914

Komatsu

Ltd.

19,200

737,954

Kone

OYJ,

Class

B

4,192

302,313

Konecranes

OYJ

1,352

159,795

Krones

AG

246

39,742

KSB

SE

&

Co.

KGaA

(Preference)

224

286,468

Kubota

Corp.

25,600

393,227

Kurita

Water

Industries

Ltd.

2,500

125,000

Makita

Corp.

3,700

128,346

Metso

OYJ

9,888

194,270

MINEBEA

MITSUMI,

Inc.(a)

6,400

130,066

MISUMI

Group,

Inc.

900

14,889

Mitsubishi

Heavy

Industries

Ltd.

40,300

1,180,576

Mitsubishi

Logisnext

Co.

Ltd.(a)

6,400

64,680

Mitsuboshi

Belting

Ltd.(a)

1,300

33,962

Mitsui

E&S

Co.

Ltd.(a)

3,100

138,059

Miura

Co.

Ltd.

2,100

43,236

Namura

Shipbuilding

Co.

Ltd.(a)

3,200

87,126

NFI

Group,

Inc.*(a)

4,826

58,946

NGK

Insulators

Ltd.

6,200

148,268

Nitta

Corp.(a)

6,400

169,065

Nomura

Micro

Science

Co.

Ltd.(a)

3,100

70,135

Noritake

Co.

Ltd.(a)

9,600

382,108

NSK

Ltd.

3,100

21,583

NTN

Corp.(a)

41,600

99,618

OC

Oerlikon

Corp.

AG

Pfaeffikon

(Registered)(a)

76,320

350,851

OKUMA

Corp.(a)

1,400

34,760

OSG

Corp.(a)

25,600

433,720

Palfinger

AG

3,296

141,943

Pfeiffer

Vacuum

Technology

AG

220

42,923

Rational

AG

160

129,053

RENK

Group

AG

8

514

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)

Machinery

(continued)

Rotork

plc

13,640

$

66,185

Sandvik

AB

12,320

489,474

Schindler

Holding

AG

514

199,045

Schindler

Holding

AG

(Registered)

359

132,635

Seatrium

Ltd.

12,400

20,618

SFS

Group

AG

220

32,398

Shinmaywa

Industries

Ltd.(a)

16,000

226,734

SKF

AB,

Class

A

1,408

37,378

SKF

AB,

Class

B

5,568

146,304

SMC

Corp.

700

272,948

Spirax

Group

plc

744

74,172

Stadler

Rail

AG(a)

3,295

84,766

Sulzer

AG

(Registered)

280

60,432

Sumitomo

Heavy

Industries

Ltd.

3,300

103,026

Tadano

Ltd.

38,400

283,532

Takeuchi

Manufacturing

Co.

Ltd.(a)

1,500

62,135

Techtronic

Industries

Co.

Ltd.

16,000

218,190

Tocalo

Co.

Ltd.

3,800

63,580

TOMRA

Systems

ASA

3,872

51,672

Toyota

Industries

Corp.(a)

2,400

307,351

Trelleborg

AB,

Class

B

1,209

49,167

Tsubakimoto

Chain

Co.

32,000

491,015

Tsugami

Corp.

16,000

332,944

Valmet

OYJ(a)

2,784

95,816

VAT

Group

AG(a)(b)

352

229,105

Vesuvius

plc

83,776

528,364

Volvo

AB,

Class

A

4,640

169,828

Volvo

AB,

Class

B

29,952

1,096,269

Wacker

Neuson

SE

9,344

214,985

Wartsila

OYJ

Abp

5,384

219,054

Weir

Group

plc

(The)

3,392

150,160

YAMABIKO

Corp.

12,800

266,356

Yaskawa

Electric

Corp.(a)

3,100

98,772

22,871,766

Marine

Transportation

-

0.4%

AP

Moller

-

Maersk

A/S,

Class

A

31

76,399

AP

Moller

-

Maersk

A/S,

Class

B(a)

64

159,358

Hoegh

Autoliners

ASA

1,824

20,465

Iino

Kaiun

Kaisha

Ltd.(a)

35,200

357,796

Kawasaki

Kisen

Kaisha

Ltd.(a)

9,600

138,716

Kuehne

+

Nagel

International

AG

(Registered)(a)

576

133,668

Mitsui

OSK

Lines

Ltd.(a)

7,500

235,268

MPC

Container

Ships

ASA

100,096

194,424

Nippon

Yusen

KK(a)

9,600

315,644

NS

United

Kaiun

Kaisha

Ltd.(a)

3,300

147,394

Odfjell

SE,

Class

A

8,672

123,227

Pacific

Basin

Shipping

Ltd.(a)

352,000

138,372

SITC

International

Holdings

Co.

Ltd.

24,000

89,550

Stolt-Nielsen

Ltd.

2,592

81,683

TS

Lines

Ltd.(a)

64,000

73,427

Wallenius

Wilhelmsen

ASA

2,952

34,351

2,319,742

Investments

Shares

Value

Media

-

1.0%

4imprint

Group

plc

1,023

$

57,276

Atresmedia

Corp.

de

Medios

de

Comunicacion

SA(a)

40,000

249,826

Canal+

SA*

239,552

1,042,059

CyberAgent,

Inc.

6,300

57,197

Dentsu

Group,

Inc.*(a)

3,200

62,077

Eutelsat

Communications

SACA*

10,848

29,489

Hakuhodo

DY

Holdings,

Inc.(a)

12,700

95,089

Havas

NV*

5,590

116,032

Informa

plc

15,360

185,484

IPSOS

SA

11,616

495,272

ITV

plc

1,263,744

1,409,015

Lagardere

SA(a)

4,224

94,773

Metropole

Television

SA(a)

24,256

348,582

MFE-MediaForEurope

NV,

Class

A(a)

118,880

444,925

MFE-MediaForEurope

NV,

Class

B

9,383

45,208

ProSiebenSat.1

Media

SE

8,224

49,457

Publicis

Groupe

SA

4,032

403,880

RTL

Group

SA(a)

434

19,026

Sanoma

OYJ

3,895

44,715

SES

SA,

Class

A,

ADR

16,160

133,035

SKY

Perfect

JSAT

Holdings,

Inc.

3,100

44,834

Stroeer

SE

&

Co.

KGaA

13,216

530,631

Television

Francaise

1

SA

25,376

246,188

TX

Group

AG(a)

205

44,298

WPP

plc

6,752

27,963

6,276,331

Metals

&

Mining

-

6.2%

Acerinox

SA(a)

63,200

940,575

Agnico

Eagle

Mines

Ltd.

6,291

1,202,498

Aichi

Steel

Corp.

3,200

63,892

Alamos

Gold,

Inc.,

Class

A

4,047

150,804

Alkane

Resources

Ltd.*

290,880

333,174

Alleima

AB(a)

9,472

83,300

Allied

Gold

Corp.*

28,736

911,853

Anglo

American

plc

13,386

626,013

Antofagasta

plc

4,525

226,520

Aperam

SA(a)

16,192

703,863

ArcelorMittal

SA

7,776

425,348

ARE

Holdings,

Inc.(a)

25,600

602,412

Aris

Mining

Corp.*

69,408

1,207,586

Aurubis

AG

738

140,825

AVZ

Minerals

Ltd.*‡(a)

111,012

3,111

B2Gold

Corp.(a)

26,232

128,433

Barrick

Mining

Corp.

21,632

994,259

Bekaert

SA

11,360

560,849

BHP

Group

Ltd.

55,616

1,970,298

BlueScope

Steel

Ltd.

7,968

168,799

Boliden

AB*

5,088

360,150

Capricorn

Metals

Ltd.*

10,385

107,600

Capstone

Copper

Corp.*

11,016

122,757

Catalyst

Metals

Ltd.*(a)

71,008

428,799

Centerra

Gold,

Inc.

73,344

1,235,444

Champion

Iron

Ltd.(a)

27,424

112,966

Daido

Steel

Co.

Ltd.(a)

64,000

823,545

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)

Metals

&

Mining

(continued)

Deterra

Royalties

Ltd.(a)

26,412

$

78,267

Discovery

Silver

Corp.*

8,060

57,021

Dowa

Holdings

Co.

Ltd.

1,100

65,703

DPM

Metals,

Inc.

4,832

169,529

Eldorado

Gold

Corp.*(a)

2,222

95,860

Emerald

Resources

NL*

21,402

111,699

Endeavour

Mining

plc

3,876

224,561

Endeavour

Silver

Corp.*(a)

6,448

70,758

Equinox

Gold

Corp.*

20,001

287,723

Eramet

SA(a)

3,328

292,186

ERO

Copper

Corp.*

4,268

143,974

Evolution

Mining

Ltd.

28,481

293,499

Falcon

Metals

Ltd.*

1

1

First

Majestic

Silver

Corp.(a)

9,376

196,293

First

Quantum

Minerals

Ltd.*(a)

10,144

288,330

Fortescue

Ltd.(a)

34,496

507,490

Fortuna

Mining

Corp.*(a)

106,624

1,048,799

Franco-Nevada

Corp.

2,326

547,494

Fresnillo

plc

1,023

51,969

G

Mining

Ventures

Corp.*

1,550

49,414

Genesis

Minerals

Ltd.*(a)

24,769

131,701

Glencore

plc

189,312

1,296,969

Granges

AB

7,616

128,536

Grupa

Kety

SA

248

71,531

Hill

&

Smith

plc

3,178

97,251

Hochschild

Mining

plc

117,568

1,090,609

Hudbay

Minerals,

Inc.(a)

6,045

143,966

IAMGOLD

Corp.*(a)

14,176

258,678

IGO

Ltd.*

10,323

60,168

Iluka

Resources

Ltd.(a)

26,815

100,689

Ivanhoe

Mines

Ltd.,

Class

A*(a)

11,392

144,866

Jastrzebska

Spolka

Weglowa

SA*

29,120

243,329

JFE

Holdings,

Inc.

9,600

129,817

JX

Advanced

Metals

Corp.

6,200

101,947

K92

Mining,

Inc.*

5,700

107,589

KGHM

Polska

Miedz

SA*

2,139

200,874

Kinross

Gold

Corp.

16,384

518,810

Kobe

Steel

Ltd.

9,700

140,004

Labrador

Iron

Ore

Royalty

Corp.

512

11,161

Lundin

Gold,

Inc.

1,287

97,018

Lundin

Mining

Corp.(a)

11,134

282,430

Lynas

Rare

Earths

Ltd.*(a)

14,347

149,757

Maruichi

Steel

Tube

Ltd.

6,000

59,627

Mineral

Resources

Ltd.*(a)

1,267

50,726

Mitsui

Kinzoku

Co.

Ltd.

700

92,435

Nanshan

Aluminium

International

Holdings

Ltd.

12,800

106,043

New

Gold,

Inc.*

17,376

175,537

NGEx

Minerals

Ltd.*

5,511

114,603

Nickel

Industries

Ltd.(a)

736,544

472,127

Nippon

Light

Metal

Holdings

Co.

Ltd.

19,200

340,039

Nippon

Steel

Corp.(a)

121,675

509,464

Norsk

Hydro

ASA

25,216

226,756

Northern

Star

Resources

Ltd.

14,656

297,135

Investments

Shares

Value

Metals

&

Mining

(continued)

Novagold

Resources,

Inc.*

7,843

$

68,749

OceanaGold

Corp.

7,239

235,856

OR

Royalties,

Inc.(a)

651

25,811

Orla

Mining

Ltd.

8,000

121,346

Outokumpu

OYJ(a)

7,392

41,877

Pan

African

Resources

plc(a)

755,520

1,370,600

Pan

American

Silver

Corp.(a)

6,400

350,638

Perenti

Ltd.

295,232

581,178

Perseus

Mining

Ltd.

32,288

133,454

PLS

Group

Ltd.*

34,752

104,442

Ramelius

Resources

Ltd.(a)

48,832

161,468

Regis

Resources

Ltd.

19,344

109,225

Resolute

Mining

Ltd.*

730,816

696,284

Rio

Tinto

Ltd.(a)

7,360

781,399

Rio

Tinto

plc

22,208

2,053,401

Salzgitter

AG

8,544

461,462

Sandfire

Resources

Ltd.*(a)

10,528

146,402

Seabridge

Gold,

Inc.*(a)

3,604

102,466

Sims

Ltd.

3,162

44,923

Skeena

Resources

Ltd.*

1,023

29,349

South32

Ltd.(a)

96,352

311,847

SSAB

AB,

Class

A

6,150

51,452

SSAB

AB,

Class

B

12,333

102,568

SSR

Mining,

Inc.*

6,771

155,206

Stanmore

Resources

Ltd.(a)

24,928

52,565

Sumitomo

Metal

Mining

Co.

Ltd.

5,000

303,384

Teck

Resources

Ltd.,

Class

B

6,496

350,572

thyssenkrupp

AG

14,272

191,689

Tokyo

Steel

Manufacturing

Co.

Ltd.

(a)

16,000

156,619

Torex

Gold

Resources,

Inc.(a)

3,456

167,268

UACJ

Corp.

5,200

82,352

Vault

Minerals

Ltd.*

31,145

128,294

voestalpine

AG

1,393

66,287

Vulcan

Energy

Resources

Ltd.*

9,472

26,675

Wesdome

Gold

Mines

Ltd.*(a)

3,534

58,171

Westgold

Resources

Ltd.

35,639

183,756

Wheaton

Precious

Metals

Corp.

4,928

652,833

Yamato

Kogyo

Co.

Ltd.

1,300

94,049

Yodoko

Ltd.(a)

59,400

539,475

Zijin

Gold

International

Co.

Ltd.*

6,400

179,141

38,642,968

Multi-Utilities

-

0.7%

A2A

SpA

30,429

91,984

ACEA

SpA

2,387

66,733

AGL

Energy

Ltd.(a)

16,800

106,512

Algonquin

Power

&

Utilities

Corp.

1,333

8,800

Atco

Ltd.,

Class

I

1,953

85,265

Canadian

Utilities

Ltd.,

Class

A

2,278

74,136

Centrica

plc

103,840

272,093

E.ON

SE

44,128

937,857

Engie

SA

37,568

1,121,788

Hera

SpA

19,893

98,591

Iren

SpA

24,118

77,411

National

Grid

plc

63,659

1,078,411

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)

Multi-Utilities

(continued)

REN

-

Redes

Energeticas

Nacionais

SGPS

SA

6,188

$

25,324

Sembcorp

Industries

Ltd.

16,800

79,830

Telecom

Plus

plc

448

8,189

Veolia

Environnement

SA

13,664

514,157

4,647,081

Office

REITs

-

0.1%

Champion

REIT,

REIT(a)

186,000

60,256

Colonial

SFL

Socimi

SA,

REIT(a)

1,488

9,223

Dexus,

REIT(a)

15,904

74,871

Gecina

SA,

REIT

207

19,073

Global

One

Real

Estate

Investment

Corp.,

REIT

48

42,474

Great

Portland

Estates

plc,

REIT

7,534

38,666

Ichigo

Office

REIT

Investment

Corp.,

REIT

41

25,808

Japan

Prime

Realty

Investment

Corp.,

REIT

20

13,600

Japan

Real

Estate

Investment

Corp.,

REIT(a)

30

24,271

Keppel

REIT,

REIT

46,500

36,093

Nippon

Building

Fund,

Inc.,

REIT

30

27,907

Orix

JREIT,

Inc.,

REIT

62

41,639

Precinct

Properties

Group,

REIT

31

22

413,903

Oil,

Gas

&

Consumable

Fuels

-

5.3%

Advantage

Energy

Ltd.*

12,896

104,852

Aker

BP

ASA

3,424

100,376

Ampol

Ltd.

2,356

47,600

ARC

Resources

Ltd.(a)

11,744

219,157

Athabasca

Oil

Corp.*(a)

28,416

167,665

Baytex

Energy

Corp.(a)

41,696

144,719

Beach

Energy

Ltd.(a)

504,384

434,616

Birchcliff

Energy

Ltd.(a)

92,704

501,121

Bluenord

ASA

7,360

343,884

Bollore

SE

12,457

71,341

BP

plc

303,072

1,928,900

BRIGHTOIL*‡

50,147

—

BW

Energy

Ltd.*

16,694

80,348

Cameco

Corp.

5,280

656,652

Canadian

Natural

Resources

Ltd.

39,872

1,490,765

Cenovus

Energy,

Inc.(a)

25,248

500,989

China

Aviation

Oil

Singapore

Corp.

Ltd.

76,800

105,910

CMB

Tech

NV(a)

44,256

575,982

Cosmo

Energy

Holdings

Co.

Ltd.(a)

3,200

95,714

Deep

Yellow

Ltd.*(a)

25,823

51,376

Denison

Mines

Corp.*(a)

27,187

108,013

DNO

ASA

323,616

545,482

Enbridge,

Inc.

24,960

1,225,190

ENEOS

Holdings,

Inc.

48,000

404,045

Energean

plc(a)

50,496

587,259

Energy

Fuels,

Inc.*(a)

2,144

48,211

Investments

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Eni

SpA(a)

39,552

$

810,536

Equinor

ASA

14,624

391,535

Equital

Ltd.*(a)

1,728

81,356

Freehold

Royalties

Ltd.(a)

5,060

61,206

Galp

Energia

SGPS

SA

5,696

113,367

Gaztransport

Et

Technigaz

SA

423

91,335

Gibson

Energy,

Inc.(a)

4,640

91,865

Harbour

Energy

plc

164,960

526,528

Idemitsu

Kosan

Co.

Ltd.

22,400

189,716

Imperial

Oil

Ltd.(a)

2,304

234,067

Inpex

Corp.

18,000

401,750

International

Petroleum

Corp.*(a)

4,092

85,820

Ithaca

Energy

plc

35,872

90,378

Itochu

Enex

Co.

Ltd.

16,100

199,554

Iwatani

Corp.(a)

5,588

66,273

Japan

Petroleum

Exploration

Co.

Ltd.(a)

8,500

104,363

Keyera

Corp.(a)

3,108

105,830

Koninklijke

Vopak

NV

2,720

136,100

Mitsuuroko

Group

Holdings

Co.

Ltd.

(a)

12,800

180,143

Neste

OYJ

4,544

116,548

New

Hope

Corp.

Ltd.(a)

10,930

34,533

NexGen

Energy

Ltd.*(a)

14,848

187,498

North

Atlantic

Energies(a)

279

15,600

NuVista

Energy

Ltd.*(a)

59,872

824,144

Oil

Refineries

Ltd.

642,624

212,101

Okeanis

Eco

Tankers

Corp.(a)(b)

4,640

187,310

OMV

AG

3,392

201,966

ORLEN

SA

12,864

392,721

Paladin

Energy

Ltd.*(a)

5,712

55,381

Paramount

Resources

Ltd.,

Class

A(a)

28,832

546,768

Paz

Retail

And

Energy

Ltd.

459

112,515

Pembina

Pipeline

Corp.

7,616

318,217

Peyto

Exploration

&

Development

Corp.(a)

71,648

1,298,410

PrairieSky

Royalty

Ltd.(a)

3,853

84,335

Repsol

SA

25,760

507,334

San-Ai

Obbli

Co.

Ltd.(a)

6,400

90,984

Santos

Ltd.

46,368

227,706

Secure

Waste

Infrastructure

Corp.(a)

5,504

71,414

Shell

plc

116,288

4,458,559

South

Bow

Corp.(a)

1,888

53,929

Strathcona

Resources

Ltd.

837

16,071

Suncor

Energy,

Inc.

25,056

1,331,670

Tamar

Petroleum

Ltd.(a)(b)

5,115

56,539

Tamarack

Valley

Energy

Ltd.(a)

25,723

174,950

TC

Energy

Corp.

12,256

722,608

Topaz

Energy

Corp.(a)

3,731

80,453

TORM

plc,

Class

A(a)

20,000

492,895

TotalEnergies

SE

41,824

3,042,575

Tourmaline

Oil

Corp.(a)

6,368

303,034

United

Energy

Group

Ltd.(a)

2,496,000

204,546

Var

Energi

ASA

11

40

Viva

Energy

Group

Ltd.(a)(b)

363,808

458,758

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)

Oil,

Gas

&

Consumable

Fuels

(continued)

Whitecap

Resources,

Inc.(a)

29,920

$

274,420

Whitehaven

Coal

Ltd.

20,367

125,987

Woodside

Energy

Group

Ltd.(a)

18,304

325,316

Yellow

Cake

plc*(b)

83,360

781,289

32,891,013

Paper

&

Forest

Products

-

0.3%

Daio

Paper

Corp.(a)

51,200

322,614

Hokuetsu

Corp.(a)

41,600

243,786

Holmen

AB,

Class

B(a)

1,116

42,082

Mondi

plc(a)

3,200

37,501

Navigator

Co.

SA

(The)(a)

5,269

20,021

Nippon

Paper

Industries

Co.

Ltd.

35,200

269,260

Oji

Holdings

Corp.

11,400

67,634

Semapa-Sociedade

de

Investimento

e

Gestao(a)

5,030

134,040

Stella-Jones,

Inc.(a)

1,224

82,525

Stora

Enso

OYJ,

Class

R(a)

5,168

59,870

Svenska

Cellulosa

AB

SCA,

Class

A

2,068

26,024

Svenska

Cellulosa

AB

SCA,

Class

B(a)

2,883

36,330

UPM-Kymmene

OYJ

9,248

257,114

West

Fraser

Timber

Co.

Ltd.(a)

1,105

75,881

1,674,682

Passenger

Airlines

-

0.5%

Air

Canada*(a)

5,030

70,018

Air

France-KLM*(a)

42,848

551,030

ANA

Holdings,

Inc.(a)

3,200

62,336

Cathay

Pacific

Airways

Ltd.

38,000

59,654

Deutsche

Lufthansa

AG

(Registered)

14,272

147,715

easyJet

plc

6,806

44,624

El

Al

Israel

Airlines(a)

15,717

89,255

Exchange

Income

Corp.

1,581

110,915

International

Consolidated

Airlines

Group

SA

69,536

399,050

Japan

Airlines

Co.

Ltd.

3,100

58,771

JET2

plc

37,056

629,016

Norwegian

Air

Shuttle

ASA

188,288

319,337

Qantas

Airways

Ltd.

20,064

141,542

Singapore

Airlines

Ltd.

16,099

80,558

Virgin

Australia

Holdings

Ltd.*(a)

107,296

235,270

Wizz

Air

Holdings

plc*(a)(b)

3,584

69,739

3,068,830

Personal

Care

Products

-

0.6%

Beiersdorf

AG

1,088

130,017

Intercos

SpA

31

468

Interparfums

SA

10

305

Kao

Corp.

4,600

184,465

Kobayashi

Pharmaceutical

Co.

Ltd.

(a)

900

31,546

Kose

Holdings

Corp.(a)

700

24,999

L'Oreal

SA

2,848

1,311,204

Noevir

Holdings

Co.

Ltd.

1,000

30,241

Investments

Shares

Value

Personal

Care

Products

(continued)

Pola

Orbis

Holdings,

Inc.

2,000

$

17,522

Puig

Brands

SA,

Class

B(a)

96

1,920

Rohto

Pharmaceutical

Co.

Ltd.

3,900

64,671

Shiseido

Co.

Ltd.

3,100

52,832

Unilever

plc

25,543

1,731,714

3,581,904

Pharmaceuticals

-

4.4%

ALK-Abello

A/S,

Class

B*

2,158

71,370

Almirall

SA

4,747

71,269

Astellas

Pharma,

Inc.

19,200

266,853

AstraZeneca

plc

18,336

3,421,974

Bausch

Health

Cos.,

Inc.*(a)

95,424

550,354

Bayer

AG

(Registered)

17,216

912,634

Camurus

AB*(a)

702

52,934

Chugai

Pharmaceutical

Co.

Ltd.

8,500

484,951

Daiichi

Sankyo

Co.

Ltd.

19,200

352,983

Eisai

Co.

Ltd.

3,600

100,607

Faes

Farma

SA

15,680

97,559

Financiere

de

Tubize

SA(a)

403

102,838

Galderma

Group

AG

1,280

239,195

GSK

plc

80,672

2,077,326

H

Lundbeck

A/S,

Class

A

5,650

33,168

Haleon

plc

91,936

478,017

Haw

Par

Corp.

Ltd.

6,200

80,028

Hikma

Pharmaceuticals

plc

2,890

60,637

Hisamitsu

Pharmaceutical

Co.,

Inc.

3,200

131,975

Hutchmed

China

Ltd.*

230

694

Ipsen

SA

732

119,825

Kaken

Pharmaceutical

Co.

Ltd.

1,500

39,527

Kissei

Pharmaceutical

Co.

Ltd.

1,400

41,748

Kyowa

Kirin

Co.

Ltd.

4,300

69,813

Laboratorios

Farmaceuticos

Rovi

SA

424

36,267

Merck

KGaA

1,056

157,725

Mochida

Pharmaceutical

Co.

Ltd.

900

21,120

Nippon

Shinyaku

Co.

Ltd.

23,800

795,802

Novartis

AG

(Registered)

22,432

3,338,947

Novo

Nordisk

A/S,

Class

B

36,416

2,143,875

Ono

Pharmaceutical

Co.

Ltd.

9,600

143,291

Orion

OYJ,

Class

A

352

28,978

Orion

OYJ,

Class

B

1,248

103,408

Otsuka

Holdings

Co.

Ltd.

6,500

389,385

Recordati

Industria

Chimica

e

Farmaceutica

SpA

1,628

89,749

Roche

Holding

AG

448

207,114

Roche

Holding

AG

-

BR

8,064

3,672,547

Sandoz

Group

AG

4,128

327,967

Sanofi

SA

23,904

2,252,242

Santen

Pharmaceutical

Co.

Ltd.

1,100

12,393

Sawai

Group

Holdings

Co.

Ltd.(a)

44,800

688,292

Shionogi

&

Co.

Ltd.

10,500

216,044

Sumitomo

Pharma

Co.

Ltd.*(a)

3,200

47,649

Takeda

Pharmaceutical

Co.

Ltd.

19,200

652,447

Teva

Pharmaceutical

Industries

Ltd.*(a)

21,696

709,065

Towa

Pharmaceutical

Co.

Ltd.(a)

9,600

223,726

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)

Pharmaceuticals

(continued)

Tsumura

&

Co.(a)

29,700

$

786,109

UCB

SA

1,344

408,356

Virbac

SACA

132

55,197

27,365,974

Professional

Services

-

0.6%

Adecco

Group

AG

(Registered)(a)

933

27,407

AFRY

AB

3,300

52,675

ALS

Ltd.(a)

8,712

150,383

Arcadis

NV(a)

1,152

51,831

BayCurrent,

Inc.(a)

1,400

49,380

Benefit

Systems

SA*

31

33,662

Bureau

Veritas

SA

3,936

126,895

Computershare

Ltd.

6,944

159,122

dip

Corp.(a)

1,400

18,614

Experian

plc

9,504

359,695

Funai

Soken

Holdings,

Inc.

5,400

39,206

Hays

plc

23

15

Hilan

Ltd.

646

51,757

Intertek

Group

plc

2,240

137,216

JAC

Recruitment

Co.

Ltd.

5,200

33,338

MEITEC

Group

Holdings,

Inc.

2,400

53,800

Persol

Holdings

Co.

Ltd.(a)

37,200

65,207

Randstad

NV(a)

409

14,650

Recruit

Holdings

Co.

Ltd.

16,600

871,645

RELX

plc

20,096

711,204

SGS

SA

(Registered)

1,870

225,357

SMS

Co.

Ltd.

2,000

21,185

Teleperformance

SE

76

4,937

Thomson

Reuters

Corp.(a)

1,664

184,875

Timee,

Inc.*

3,200

28,088

Transcosmos,

Inc.

9,600

234,617

Wolters

Kluwer

NV

2,368

222,212

3,928,973

Real

Estate

Management

&

Development

-

1.9%

AFI

Properties

Ltd.*(a)

578

44,289

Africa

Israel

Residences

Ltd.(a)

510

47,940

Airport

City

Ltd.*

1,928

36,128

Allreal

Holding

AG

(Registered)

512

150,266

Altus

Group

Ltd.(a)

1,160

39,576

Amot

Investments

Ltd.

5,448

42,468

Aroundtown

SA*

17,984

57,295

Atrium

Ljungberg

AB,

Class

B

3,960

15,100

Aura

Investments

Ltd.(a)

6,930

49,109

Azrieli

Group

Ltd.(a)

532

71,871

Big

Shopping

Centers

Ltd.

287

69,447

Blue

Square

Real

Estate

Ltd.

1,504

220,266

CA

Immobilien

Anlagen

AG

586

17,512

Capitaland

India

Trust

6,200

6,058

CapitaLand

Investment

Ltd.

15,100

36,649

Castellum

AB(a)

5,643

70,185

Catena

AB(a)

924

48,265

Cibus

Nordic

Real

Estate

AB

publ(a)

3,503

61,059

City

Developments

Ltd.

15,500

113,349

Investments

Shares

Value

Real

Estate

Management

&

Development

(continued)

CK

Asset

Holdings

Ltd.

32,000

$

187,828

Colliers

International

Group,

Inc.

726

99,752

CPI

Europe

AG*

8,864

163,976

CTP

NV(b)

1,543

33,629

Daito

Trust

Construction

Co.

Ltd.

5,500

111,776

Daiwa

House

Industry

Co.

Ltd.

12,600

429,638

Deutsche

EuroShop

AG

1,583

36,271

Deutsche

Wohnen

SE

3,904

97,300

Develia

SA

143,616

379,716

Dios

Fastigheter

AB

7,480

54,544

Electra

Real

Estate

Ltd.*(a)

1,476

27,185

Fabege

AB(a)

5,412

50,285

Fastighets

AB

Balder,

Class

B*

6,944

52,588

FastPartner

AB,

Class

A

31

160

FirstService

Corp.(a)

590

91,915

G

City

Ltd.

31

96

Grainger

plc,

REIT

47,392

126,165

Grand

City

Properties

SA*

18,816

211,533

Great

Eagle

Holdings

Ltd.

64,000

132,348

Hang

Lung

Group

Ltd.(a)

32,000

68,960

Hang

Lung

Properties

Ltd.

73,983

89,427

Heiwa

Real

Estate

Co.

Ltd.

2,600

38,075

Henderson

Land

Development

Co.

Ltd.(a)

32,239

128,466

Ho

Bee

Land

Ltd.

36,600

70,374

Hufvudstaden

AB,

Class

A

304

4,224

Hulic

Co.

Ltd.

9,600

114,446

Hysan

Development

Co.

Ltd.

192,000

527,098

Ichigo,

Inc.(a)

97,800

258,036

International

Workplace

Group

plc

29,497

100,060

Intershop

Holding

AG

350

76,086

Israel

Canada

T.R

Ltd.(a)

12,240

69,391

Isras

Holdings

Ltd.*(a)

1,188

169,604

Isras

Investment

Co.

Ltd.(a)

477

151,941

Kojamo

OYJ*(a)

1,085

12,301

LEG

Immobilien

SE

2,464

178,223

Lendlease

Corp.

Ltd.

7

24

Leopalace21

Corp.(a)

57,600

257,643

Mainstreet

Equity

Corp.

266

34,301

Mega

Or

Holdings

Ltd.,

REIT(a)

1,504

164,591

Melisron

Ltd.

460

60,730

Mitsubishi

Estate

Co.

Ltd.

12,800

326,929

Mitsui

Fudosan

Co.

Ltd.

32,000

366,654

Mivne

Real

Estate

KD

Ltd.

14,248

66,943

Mobimo

Holding

AG

(Registered)

228

115,177

New

World

Development

Co.

Ltd.*

512,000

746,067

Nomura

Real

Estate

Holdings,

Inc.

7,000

46,558

NP3

Fastigheter

AB(a)

1,462

43,601

Nyfosa

AB

1,798

14,370

Pandox

AB,

Class

B

620

13,447

PEXA

Group

Ltd.*(a)

32

308

Prashkovsky

Investments

and

Construction

Ltd.*(a)

1,312

66,568

Property

&

Building

Corp.

Ltd.(a)

608

76,689

PSP

Swiss

Property

AG

(Registered)

696

140,095

Relo

Group,

Inc.(a)

2,270

25,781

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)

Real

Estate

Management

&

Development

(continued)

Sagax

AB,

Class

B(a)

2,914

$

64,684

Savills

plc

53,728

794,791

Sino

Land

Co.

Ltd.

10,757

16,226

Sirius

Real

Estate

Ltd.,

REIT(a)

58,680

79,114

Starts

Corp.,

Inc.(a)

12,800

406,171

StorageVault

Canada,

Inc.

31

114

Sumitomo

Realty

&

Development

Co.

Ltd.

12,800

356,385

Sun

Frontier

Fudousan

Co.

Ltd.

9,600

152,283

Sun

Hung

Kai

Properties

Ltd.

37,000

595,529

Swire

Properties

Ltd.

13,600

41,307

Swiss

Prime

Site

AG

(Registered)

987

168,292

TAG

Immobilien

AG

2,432

41,344

Tokyo

Tatemono

Co.

Ltd.(a)

5,200

122,331

Tokyu

Fudosan

Holdings

Corp.

11,200

103,571

Tosei

Corp.

25,600

260,713

UOL

Group

Ltd.

3,100

26,481

VGP

NV(a)

465

57,200

Villar

International

Ltd.(a)

512

30,584

Vonovia

SE

7,360

215,481

Wallenstam

AB,

Class

B(a)

4,248

19,464

Wharf

Holdings

Ltd.

(The)(a)

17,000

54,942

Wharf

Real

Estate

Investment

Co.

Ltd.(a)

25,000

87,007

Wihlborgs

Fastigheter

AB

6,293

65,473

Yanlord

Land

Group

Ltd.*

233,600

133,459

YH

Dimri

Construction

&

Development

Ltd.(a)

452

57,919

12,057,590

Residential

REITs

-

0.1%

Advance

Residence

Investment

Corp.,

REIT(a)

64

69,700

Altarea

SCA,

REIT(a)

2,464

340,617

Boardwalk

REIT,

REIT

552

28,066

Canadian

Apartment

Properties

REIT,

REIT(a)

3,520

100,233

Comforia

Residential

REIT,

Inc.,

REIT

57

41,311

Daiwa

Securities

Living

Investments

Corp.,

REIT

26

19,349

Ingenia

Communities

Group,

REIT

8,284

27,450

InterRent

REIT,

REIT(a)

13

128

Killam

Apartment

REIT,

REIT(a)

1,488

19,274

Mitsui

Fudosan

Accommodations

Fund,

Inc.,

REIT

40

35,861

UNITE

Group

plc

(The),

REIT(a)

17,248

133,964

Xior

Student

Housing

NV,

REIT(b)

651

21,724

837,677

Retail

REITs

-

0.4%

AEON

REIT

Investment

Corp.,

REIT(a)

127

110,156

BWP

Property

Group

Ltd.,

REIT(a)

14,098

36,938

CapitaLand

China

Trust,

REIT

102,300

63,283

Investments

Shares

Value

Retail

REITs

(continued)

Carmila

SA,

REIT

23,616

$

459,631

Choice

Properties

REIT,

REIT(a)

3,957

44,533

Eurocommercial

Properties

NV,

REIT(a)

15,245

450,685

First

Capital

REIT,

REIT(a)

2,774

40,540

Fortune

REIT,

REIT

62,000

40,329

Frasers

Centrepoint

Trust,

REIT

12,749

22,504

Frontier

Real

Estate

Investment

Corp.,

REIT

31

18,307

Hammerson

plc,

REIT(a)

20,709

100,770

HomeCo

Daily

Needs

REIT,

REIT(a)

(b)

94,816

85,686

Japan

Metropolitan

Fund

Invest,

REIT

31

24,457

Kiwi

Property

Group

Ltd.,

REIT

120,079

73,356

Klepierre

SA,

REIT

3,168

122,260

Lendlease

Global

Commercial

REIT,

REIT

3,194

1,611

Link

REIT,

REIT

16,000

73,591

Primaris

REIT,

REIT

21,440

262,033

Region

Group,

REIT

76,160

123,247

RioCan

REIT,

REIT(a)

3,472

50,023

Scentre

Group,

REIT

65,280

186,586

Unibail-Rodamco-Westfield,

REIT

2,528

279,691

Vicinity

Ltd.,

REIT(a)

65,213

112,385

Waypoint

REIT

Ltd.,

REIT

33,326

57,199

2,839,801

Semiconductors

&

Semiconductor

Equipment

-

2.3%

Advantest

Corp.

8,200

1,355,770

AIXTRON

SE

3,627

83,557

ASM

International

NV

480

405,319

ASML

Holding

NV

4,672

6,756,359

ASMPT

Ltd.

3,100

41,242

BE

Semiconductor

Industries

NV

960

187,870

Camtek

Ltd.*(a)

510

78,916

Disco

Corp.

1,200

514,897

Elmos

Semiconductor

SE

410

56,287

Ferrotec

Corp.(a)

16,000

615,066

Infineon

Technologies

AG

14,112

698,563

Japan

Material

Co.

Ltd.

2,500

28,912

Kioxia

Holdings

Corp.*

1,200

166,161

Kokusai

Electric

Corp.

3,100

128,614

Lasertec

Corp.(a)

1,100

259,491

Melexis

NV

495

37,541

Mitsui

High-Tec,

Inc.(a)

9,300

44,854

Nordic

Semiconductor

ASA*

2,324

31,377

Nova

Ltd.*

352

175,408

Renesas

Electronics

Corp.*

18,400

307,263

Rohm

Co.

Ltd.(a)

6,200

108,277

Rorze

Corp.

3,100

66,075

SCREEN

Holdings

Co.

Ltd.(a)

1,300

165,681

Siltronic

AG

4,000

250,302

Socionext,

Inc.(a)

3,000

40,091

SOITEC*

31

972

STMicroelectronics

NV

7,584

215,047

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)

Semiconductors

&

Semiconductor

Equipment

(continued)

SUMCO

Corp.(a)

3,100

$

32,435

Tokyo

Electron

Ltd.

5,400

1,446,091

Tower

Semiconductor

Ltd.*

1,608

219,263

Ulvac,

Inc.

1,000

53,805

14,571,506

Software

-

0.8%

Asseco

Poland

SA

1,271

77,848

Atoss

Software

SE

352

40,829

Bitfarms

Ltd.*(a)

9,856

23,000

BlackBerry

Ltd.*(a)

13,206

47,298

Bytes

Technology

Group

plc(a)

10,594

48,875

Constellation

Software,

Inc.

256

475,071

Dassault

Systemes

SE

5,440

150,273

Descartes

Systems

Group,

Inc.

(The)*

1,159

87,035

Freee

KK*(a)

3,200

56,238

IRESS

Ltd.(a)

2,263

12,936

Kinaxis,

Inc.*

520

52,801

Lightspeed

Commerce,

Inc.*

3,419

37,115

Nemetschek

SE

884

77,770

Nice

Ltd.*

288

30,856

Open

Text

Corp.(a)

3,936

101,092

Oracle

Corp.

Japan

800

54,246

QT

Group

OYJ*(a)

217

6,857

Sage

Group

plc

(The)

13,728

180,357

Sansan,

Inc.*

3,400

32,951

SAP

SE

11,968

2,428,387

Sinch

AB*(b)

31

94

SiteMinder

Ltd.*(a)

17,179

61,137

Systena

Corp.

11,400

37,542

TeamViewer

SE*(b)

58,464

393,663

Technology

One

Ltd.

4,736

83,576

Temenos

AG

(Registered)

779

69,144

Trend

Micro,

Inc.*

1,200

47,063

Truecaller

AB,

Class

B

32

56

Vitec

Software

Group

AB,

Class

B

1

28

Vobile

Group

Ltd.*(a)(b)

31,000

19,212

WiseTech

Global

Ltd.(a)

2,528

102,717

4,836,067

Specialized

REITs

-

0.1%

Abacus

Storage

King,

REIT(a)

51,832

56,282

Arena

REIT,

REIT

40,704

101,229

Big

Yellow

Group

plc,

REIT

1,952

27,590

Keppel

DC

REIT,

REIT

24,747

44,462

National

Storage

REIT,

REIT

10,247

19,813

Safestore

Holdings

plc,

REIT(a)

10,560

119,840

369,216

Specialty

Retail

-

1.4%

ABC-Mart,

Inc.(a)

2,100

33,713

and

ST

HD

Co.

Ltd.(a)

9,600

173,069

AOKI

Holdings,

Inc.(a)

9,600

114,819

Aoyama

Trading

Co.

Ltd.(a)

19,200

326,472

Investments

Shares

Value

Specialty

Retail

(continued)

ARCLANDS

Corp.(a)

19,218

$

238,450

Aritzia,

Inc.*

1,728

136,961

Autobacs

Seven

Co.

Ltd.

2,100

22,408

Avolta

AG

1,920

117,935

Bic

Camera,

Inc.

4,200

46,762

Bilia

AB,

Class

A

18,912

269,401

Carasso

Motors

Ltd.*(a)

7,744

93,367

CCC

SA*

952

31,712

CECONOMY

AG*

43,776

232,268

Currys

plc

354,112

709,458

DCM

Holdings

Co.

Ltd.(a)

35,200

372,172

Delek

Automotive

Systems

Ltd.

31

233

Douglas

AG*

8,160

102,900

Dunelm

Group

plc

5,632

71,411

Eagers

Automotive

Ltd.(a)

5,709

107,305

Fast

Retailing

Co.

Ltd.

2,300

876,702

Fielmann

Group

AG

152

7,486

Fox

Wizel

Ltd.

864

87,507

H

&

M

Hennes

&

Mauritz

AB,

Class

B(a)

2,821

56,836

Hornbach

Holding

AG

&

Co.

KGaA

3,072

294,927

Hour

Glass

Ltd.

(The)

19,200

33,891

IDOM,

Inc.(a)

19,200

189,436

Industria

de

Diseno

Textil

SA

13,440

879,389

JB

Hi-Fi

Ltd.

1,722

97,895

JD

Sports

Fashion

plc

40,083

44,982

Joyful

Honda

Co.

Ltd.

2,000

27,577

Kingfisher

plc

23,840

110,411

Kohnan

Shoji

Co.

Ltd.(a)

7,900

199,216

Komeri

Co.

Ltd.

9,600

205,367

K's

Holdings

Corp.

9,600

100,101

Leon's

Furniture

Ltd.

6,784

137,869

Lovisa

Holdings

Ltd.(a)

1,530

33,216

Luk

Fook

Holdings

International

Ltd.

128,672

529,536

Nextage

Co.

Ltd.

3,100

65,814

Nitori

Holdings

Co.

Ltd.(a)

5,500

94,662

Nojima

Corp.

9,300

65,051

Pets

at

Home

Group

plc(a)

174,976

491,267

Premier

Investments

Ltd.(a)

491

4,606

Sanrio

Co.

Ltd.(a)

2,600

80,144

Shimamura

Co.

Ltd.

1,000

67,257

Super

Retail

Group

Ltd.(a)

5,324

54,827

Temple

&

Webster

Group

Ltd.*(a)

1,302

10,991

USS

Co.

Ltd.

3,600

39,837

Watches

of

Switzerland

Group

plc*(c)

73,280

521,396

Yamada

Holdings

Co.

Ltd.

21,700

76,258

Yellow

Hat

Ltd.

3,100

33,902

Zalando

SE*(b)

401

11,611

ZOZO,

Inc.(a)

8,400

69,483

8,800,266

Technology

Hardware,

Storage

&

Peripherals

-

0.4%

Brother

Industries

Ltd.

4,000

81,473

Canon,

Inc.(a)

19,200

583,119

Elecom

Co.

Ltd.

1,600

17,072

FUJIFILM

Holdings

Corp.

12,800

256,149

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

Shares

Value

COMMON

STOCKS

(continued)

Technology

Hardware,

Storage

&

Peripherals

(continued)

Konica

Minolta,

Inc.(a)

172,800

$

751,981

Logitech

International

SA

(Registered)

2,048

177,234

MCJ

Co.

Ltd.

28,800

293,676

Ricoh

Co.

Ltd.

9,600

84,761

Seiko

Epson

Corp.

3,100

39,740

Sun

Corp.(a)

3,200

171,969

Toshiba

TEC

Corp.

1,100

18,512

2,475,686

Textiles,

Apparel

&

Luxury

Goods

-

1.4%

adidas

AG

1,792

317,966

Asics

Corp.

9,400

226,377

Brunello

Cucinelli

SpA(a)

660

63,285

Burberry

Group

plc*

4,681

70,594

Cie

Financiere

Richemont

SA

(Registered)

6,240

1,211,859

Coats

Group

plc

42,191

49,270

Crystal

International

Group

Ltd.(b)

75,500

71,056

Delta

Galil

Ltd.(a)

272

14,857

Gildan

Activewear,

Inc.(a)

2,545

166,271

Goldwin,

Inc.

3,000

50,117

Gunze

Ltd.(a)

3,200

93,141

Hermes

International

SCA

384

926,899

HUGO

BOSS

AG

15,424

642,221

Japan

Wool

Textile

Co.

Ltd.

(The)

25,600

308,840

Kering

SA

832

261,453

Kurabo

Industries

Ltd.(a)

6,400

376,300

LPP

SA

19

105,575

LVMH

Moet

Hennessy

Louis

Vuitton

SE

3,104

2,019,523

Moncler

SpA

1,856

108,214

New

Wave

Group

AB,

Class

B

3,468

41,801

Pandora

A/S

960

77,844

Puma

SE

39,168

1,008,342

Salvatore

Ferragamo

SpA*(a)

8,153

64,160

Samsonite

Group

SA(b)

48,000

121,572

Stella

International

Holdings

Ltd.(a)

208,000

384,588

Swatch

Group

AG

(The)(a)

93

22,101

Swatch

Group

AG

(The)

(Registered)

1,767

84,214

Wacoal

Holdings

Corp.

700

19,771

Yue

Yuen

Industrial

Holdings

Ltd.(a)

16,000

35,607

8,943,818

Tobacco

-

0.6%

British

American

Tobacco

plc

41,472

2,490,380

Imperial

Brands

plc

15,776

663,747

Japan

Tobacco,

Inc.

12,800

463,093

3,617,220

Trading

Companies

&

Distributors

-

2.5%

AddTech

AB,

Class

B

2,432

79,892

Ashtead

Group

plc

4,128

265,502

Azelis

Group

NV(a)

88,160

876,793

Beijer

Ref

AB,

Class

B

3,876

55,542

Investments

Shares

Value

Trading

Companies

&

Distributors

(continued)

Bossard

Holding

AG

(Registered),

Class

A(a)

38

$

7,501

Brenntag

SE

1,344

82,183

Bufab

AB

4,840

54,063

Bunzl

plc

1,425

40,048

Diploma

plc

1,863

136,006

DKSH

Holding

AG

660

48,597

Finning

International,

Inc.(a)

2,644

166,725

Grafton

Group

plc

3,744

48,048

Hanwa

Co.

Ltd.

15,600

794,866

Howden

Joinery

Group

plc

9,212

105,807

IMCD

NV(a)

768

71,977

Inaba

Denki

Sangyo

Co.

Ltd.

43,400

723,896

Inabata

&

Co.

Ltd.(a)

16,000

405,549

ITOCHU

Corp.

144,000

1,839,907

Kanamoto

Co.

Ltd.

12,800

308,674

Kanematsu

Corp.

57,600

757,620

Marubeni

Corp.(a)

35,200

1,167,172

Mitani

Corp.

12,800

197,485

Mitsubishi

Corp.

44,400

1,179,222

Mitsui

&

Co.

Ltd.

54,400

1,775,600

MonotaRO

Co.

Ltd.(a)

2,400

32,540

Nagase

&

Co.

Ltd.

2,200

57,203

Nishio

Holdings

Co.

Ltd.

6,700

208,479

Redox

Ltd.(a)

10,323

22,780

Reece

Ltd.(a)

3,087

32,006

Rexel

SA

4,864

205,651

Richelieu

Hardware

Ltd.(a)

899

27,033

RS

GROUP

plc

16,480

151,518

Russel

Metals,

Inc.(a)

19,712

702,362

SGH

Ltd.

3,320

107,965

Sojitz

Corp.

3,899

142,251

Sumitomo

Corp.

25,600

1,037,044

Toromont

Industries

Ltd.(a)

1,038

132,955

Toyota

Tsusho

Corp.

16,000

581,460

Travis

Perkins

plc(a)

86,048

738,586

Trusco

Nakayama

Corp.(a)

12,800

202,546

Yamazen

Corp.(a)

3,200

29,561

Yuasa

Trading

Co.

Ltd.

6,400

234,824

15,835,439

Transportation

Infrastructure

-

0.3%

Aena

SME

SA(b)

8,000

249,636

Aeroports

de

Paris

SA(a)

704

93,383

Atlas

Arteria

Ltd.

19

66

Auckland

International

Airport

Ltd.

18,015

90,004

Dalrymple

Bay

Infrastructure

Ltd.

15,200

51,751

Enav

SpA(b)

12,657

73,330

Flughafen

Zurich

AG

(Registered)

320

99,568

Fraport

AG

Frankfurt

Airport

Services

Worldwide*

890

82,691

Getlink

SE

5,376

106,870

Hutchison

Port

Holdings

Trust,

Class

U

268,800

61,824

Japan

Airport

Terminal

Co.

Ltd.(a)

3,200

100,236

Mitsubishi

Logistics

Corp.

8,500

72,707

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

Investments

Shares

Value

COMMON

STOCKS

(continued)

Transportation

Infrastructure

(continued)

Port

of

Tauranga

Ltd.

5,225

$

25,314

Qube

Holdings

Ltd.

31,840

106,397

SATS

Ltd.

8,200

24,490

Transurban

Group(a)

43,904

429,059

1,667,326

Water

Utilities

-

0.1%

Pennon

Group

plc

15,488

116,150

Severn

Trent

plc

3,008

120,860

United

Utilities

Group

plc

8,160

139,633

376,643

Wireless

Telecommunication

Services

-

0.6%

1&1

AG

2,635

84,324

Airtel

Africa

plc(b)

17,896

78,388

Cellcom

Israel

Ltd.

4,930

59,025

Freenet

AG

2,356

85,150

KDDI

Corp.

35,200

594,767

Partner

Communications

Co.

Ltd.

775

9,472

Rogers

Communications,

Inc.,

Class

B

6,304

239,283

SoftBank

Corp.

384,000

520,264

SoftBank

Group

Corp.

44,000

1,213,095

StarHub

Ltd.

49,600

44,558

Tele2

AB,

Class

B

8,052

148,219

Vodafone

Group

plc

470,752

693,793

3,770,338

Total

Common

Stocks

(Cost

$382,644,460)

613,876,710

CLOSED

END

FUNDS

-

0.1%

Independent

Power

and

Renewable

Electricity

Producers

-

0.1%

Renewables

Infrastructure

Group

Ltd.

(The)  

(Cost

$963,482)

830,592

779,610

Number

of

Rights

RIGHTS

-

0.0%(d)

Construction

&

Engineering

-

0.0%(d)

ACS

Actividades

de

Construccion

y

Servicios

SA,

expiring

2/3/2026*(a)

(Cost

$1,628)

3,091

1,706

Number

of

Warrants

WARRANTS

-

0.0%

Construction

&

Engineering

-

0.0%

Webuild

SpA,

expiring

8/31/2030*‡(a)

10,785

—

Investments

Number

of

Warrants

Value

Software

-

0.0%

Constellation

Software,

Inc.,

expiring

3/31/2040*‡

280

—

Total

Warrants

(Cost

$–)

—

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

2.8%(f)

REPURCHASE

AGREEMENTS

-

2.8%

CF

Secured

LLC

3.66%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$5,554,185,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.63%,

maturing

1/31/2026

-

5/15/2052;

total

market

value

$5,610,366

$

5,553,056

$

5,553,056

Citigroup

Global

Markets,

Inc.

3.66%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$2,000,407,

collateralized

by

various

U.S.

Treasury

Securities,

4.25%,

2/15/2028;

;

total

market

value

$2,002,369

2,000,000

2,000,000

MetLife,

Inc.

3.66%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$6,001,220,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

1.13%

-

1.88%,

maturing

2/15/2031

-

2/15/2051;

total

market

value

$6,009,761

6,000,000

6,000,000

National

Bank

of

Canada

Financial

Inc.

3.80%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$2,000,422,

collateralized

by

various

Common

Stocks;

total

market

value

$2,197,947

2,000,000

2,000,000

The

Bank

of

Nova

Scotia,

Toronto

3.79%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$2,000,421,

collateralized

by

various

Common

Stocks;

total

market

value

$2,211,120

2,000,000

2,000,000

17,553,056

Total

Securities

Lending

Reinvestments

(Cost

$17,553,056)

17,553,056

Total

Investments

-

101.2%

(Cost

$401,162,626)

632,211,082

Liabilities

in

excess

of

other

assets

-

(1.2%)

(7,350,037)

NET

ASSETS

-

100.0%

$624,861,045

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

*

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

January

31,

2026.

The

total

value

of

securities

on

loan

at

January

31,

2026

was

$100,010,838,

collateralized

in

the

form

of

cash

with

a

value

of

$17,553,056

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$53,953,603

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.50%,

and

maturity

dates

ranging

from

February

17,

2026

–

November

15,

2055

and

$37,240,952

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

February

25,

2026

–

June

30,

2120;

a

total

value

of

$108,747,611.

(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

January

31,

2026,

the

value

of

these

securities

amounted

to

approximately

$1,003,074

or

0.16%

of

net

assets.

(d)

Represents

less

than

0.05%

of

net

assets.

(e)

Security

fair

valued

as

of

January

31,

2026

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Total

value

of

all

such

securities

at

January

31,

2026

amounted

to

$0,

which

represents

approximately

0.00%

of

net

assets

of

the

Fund.

(f)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

January

31,

2026.

The

total

value

of

securities

purchased

was

$17,553,056.

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.)

64

Futures

Contracts

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

had

the

following

open

futures

contracts

as

of

January

31,

2026:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

/

(

Depreciation

)

Long

Contracts

MSCI

EAFE

E-Mini

Index

63

03/20/2026

USD

$

9,565,920

$

484,681

S&P/TSX

60

Index

3

03/19/2026

CAD

820,899

(892)

$

483,789

Forward

Foreign

Currency

Contracts

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

had

the

following

outstanding

contracts

as

of

January

31,

2026:

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

GBP

203,203

Citibank

NA

USD

272,843

03/18/2026

$

5,989

JPY

30,000,000

JPMorgan

Chase

Bank

NA

USD

194,958

03/18/2026

211

Total

unrealized

appreciation

$

6,200

USD

189,672

Toronto-Dominion

Bank

(The)

CAD

260,000

03/18/2026

$

(2,669)

USD

629,342

Morgan

Stanley

CHF

500,000

03/18/2026

(22,986)

USD

158,273

Citibank

NA

DKK

1,000,000

03/18/2026

(1,431)

USD

2,351,716

JPMorgan

Chase

Bank

NA

EUR

2,000,000

03/18/2026

(

32,421)

Total

unrealized

depreciation

$

(59,507)

Net

unrealized

depreciation

$

(53,307)

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

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

65

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

January

31,

2026:

Australia

5.1

%

Austria

0.5

Belgium

1.2

Brazil

0.1

Burkina

Faso

0.0

†

Canada

9.7

Chile

0.1

Colombia

0.2

Democratic

Republic

of

the

Congo

0.0

†

Denmark

1.3

Faroe

Islands

0.0

†

Finland

0.8

France

7.3

Gabon

0.0

†

Georgia

0.2

Germany

6.6

Greece

0.0

†

Guernsey

0.1

Hong

Kong

2.0

India

0.0

†

Indonesia

0.2

Ireland

0.4

Israel

1.5

Italy

2.8

Ivory

Coast

0.0

†

Japan

26.3

Jersey

0.1

Liechtenstein

0.0

†

Luxembourg

0.3

Macao

0‌

.1

Mexico

0.0

†

Netherlands

2.8

New

Zealand

0.2

Nigeria

0.0

†

Norway

1.1

Peru

0.2

Poland

0.9

Portugal

0.2

Singapore

1.1

South

Africa

0.3

Spain

2.8

Sweden

3.1

Switzerland

2.9

Taiwan

0.0

†

Tanzania

0.0

†

Turkey

0.0

†

United

Kingdom

10.7

United

States

5.1

Zambia

0.1

Other

1

1.6

100.0%

†

Amount

represents

less

than

0.05%.

1

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

66

Security

Type

%

of

Net

Assets

Common

Stocks

98.3

%

Closed

End

Funds

0.1

Rights

0.0

†

Warrants

–‌

Securities

Lending

Reinvestments

2.8

Others

(1)

(1.2)

100.0%

†

Amount

represents

less

than

0.05%.

(1)

Includes

any

other

net

assets/(liabilities).

67

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

January

31,

2026

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

99

.3

%

Aerospace

&

Defense

-

0

.5

%

AECC

Aero-Engine

Control

Co.

Ltd.,

Class

A

4,600

$

16,173

AECC

Aviation

Power

Co.

Ltd.,

Class

A

4,700

31,338

Aselsan

Elektronik

Sanayi

ve

Ticaret

A/S

16,470

114,837

AviChina

Industry

&

Technology

Co.

Ltd.,

Class

H(a)

52,000

27,632

Baimtec

Material

Co.

Ltd.,

Class

A

1,935

18,544

Bharat

Dynamics

Ltd.(b)

1,410

23,578

Bharat

Electronics

Ltd.

46,980

229,314

Colt

CZ

Group

SE

460

18,732

Data

Patterns

India

Ltd.

920

26,722

Embraer

SA

9,000

166,659

Garden

Reach

Shipbuilders

&

Engineers

Ltd.

276

8,294

Hanwha

Aerospace

Co.

Ltd.*

471

425,385

Hanwha

Systems

Co.

Ltd.*

945

61,844

Hindustan

Aeronautics

Ltd.(b)

2,655

133,328

Korea

Aerospace

Industries

Ltd.

1,080

126,278

Kuang-Chi

Technologies

Co.

Ltd.,

Class

A*

3,200

21,861

LIG

Nex1

Co.

Ltd.*

153

51,181

Mazagon

Dock

Shipbuilders

Ltd.

1,034

28,921

SNT

Dynamics

Co.

Ltd.

2,070

71,258

United

Aircraft

Corp.

PAO*‡

25,155,036

—

Zen

Technologies

Ltd.

1,440

22,160

1,624,039

Air

Freight

&

Logistics

-

0

.4

%

Abu

Dhabi

Aviation

Co.

94,905

136,440

Agility

Global

plc

161,325

59,300

Agility

Public

Warehousing

Co.

KSCC

14,265

6,275

Blue

Dart

Express

Ltd.

360

21,493

CJ

Logistics

Corp.

2,810

202,639

Delhivery

Ltd.*

7,452

34,264

Hyundai

Glovis

Co.

Ltd.

765

128,616

J&T

Global

Express

Ltd.*(a)

81,000

105,480

JD

Logistics,

Inc.*(b)

50,900

72,931

Kerry

TJ

Logistics

Co.

Ltd.

4,000

4,144

SF

Holding

Co.

Ltd.,

Class

A

9,000

48,572

Sinotrans

Ltd.,

Class

A

4,700

4,045

Sinotrans

Ltd.,

Class

H

47,000

31,174

Xiamen

Xiangyu

Co.

Ltd.,

Class

A

13,800

16,881

YTO

Express

Group

Co.

Ltd.,

Class

A

4,700

11,418

YUNDA

Holding

Group

Co.

Ltd.,

Class

A

13,800

13,624

ZTO

Express

Cayman,

Inc.(a)

9,000

200,059

1,097,355

Automobile

Components

-

1

.4

%

Apollo

Tyres

Ltd.

4,921

26,328

Investments

Shares

Value

Automobile

Components

(continued)

Asahi

India

Glass

Ltd.

2,401

$

26,148

Autel

Intelligent

Technology

Corp.

Ltd.,

Class

A

3,060

15,405

Balkrishna

Industries

Ltd.

585

14,664

Banco

Products

India

Ltd.

1,935

12,487

Belrise

Industries

Ltd.

8,460

15,713

Bharat

Forge

Ltd.

3,870

60,641

Bosch

Ltd.

141

55,994

CALB

Group

Co.

Ltd.,

Class

H*(a)(b)

4,500

14,198

Ceat

Ltd.

799

32,675

Cheng

Shin

Rubber

Industry

Co.

Ltd.

35,000

34,032

CIE

Automotive

India

Ltd.

1,715

7,797

Depo

Auto

Parts

Ind

Co.

Ltd.

49,200

236,073

DN

Automotive

Corp.

7,335

128,161

Endurance

Technologies

Ltd.(b)

350

9,234

Exide

Industries

Ltd.

8,016

28,025

Fras-Le

SA

4,700

21,814

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

A

600

5,331

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

H(b)

9,200

78,751

Gabriel

India

Ltd.

1,485

15,068

Hankook

&

Co.

Co

Ltd.

8,280

155,027

Hankook

Tire

&

Technology

Co.

Ltd.

1,350

59,556

Hanon

Systems*

6,289

14,309

Hesai

Group,

ADR*(a)

1,104

26,353

HL

Mando

Co.

Ltd.

10,620

470,721

Hota

Industrial

Manufacturing

Co.

Ltd.

5,517

10,834

Hu

Lane

Associate,

Inc.

23,751

87,547

Huayu

Automotive

Systems

Co.

Ltd.,

Class

A

4,700

13,007

Hyundai

Mobis

Co.

Ltd.

1,395

435,150

Hyundai

Wia

Corp.

5,670

337,584

JBM

Auto

Ltd.

2,385

14,624

JK

Tyre

&

Industries

Ltd.

47,340

267,456

Kenda

Rubber

Industrial

Co.

Ltd.

14,500

9,123

Kumho

Tire

Co.,

Inc.*

47,790

199,872

Minda

Corp.

Ltd.

3,724

22,786

Minieye

Technology

Co.

Ltd.,

Class

H*

3,800

6,812

Minth

Group

Ltd.

12,000

56,514

Motherson

Sumi

Wiring

India

Ltd.

45,189

21,203

MRF

Ltd.

47

67,528

Nan

Kang

Rubber

Tire

Co.

Ltd.

147,321

166,421

Nexteer

Automotive

Group

Ltd.

17,000

14,497

Ningbo

Tuopu

Group

Co.

Ltd.,

Class

A

2,465

25,606

Samhyun

Co.

Ltd.

450

20,946

Samvardhana

Motherson

International

Ltd.

57,173

70,171

Schaeffler

India

Ltd.

574

22,602

Sebang

Global

Battery

Co.

Ltd.*

1,665

73,800

Sensteed

Hi-tech

Group,

Class

A*

36,800

24,680

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)

Automobile

Components

(continued)

Shandong

Linglong

Tyre

Co.

Ltd.,

Class

A

9,000

$

19,519

Shanghai

Daimay

Automotive

Interior

Co.

Ltd.,

Class

A

13,800

20,238

Shenzhen

VMAX

New

Energy

Group

Co.

Ltd.,

Class

A

3,420

15,243

Shriram

Pistons

&

Rings

Ltd.

368

10,999

SKF

India

Ltd.

385

7,073

SL

Corp.*

4,545

174,613

SNT

Holdings

Co.

Ltd.*

1,440

54,323

SNT

Motiv

Co.

Ltd.

4,230

103,002

Sona

Blw

Precision

Forgings

Ltd.(b)

6,030

32,498

Sundram

Fasteners

Ltd.

322

3,334

Tianneng

Power

International

Ltd.

242,000

226,206

Tong

Yang

Industry

Co.

Ltd.

9,072

31,566

Tube

Investments

of

India

Ltd.

1,575

39,981

TVS

Holdings

Ltd.

150

24,555

TYC

Brother

Industrial

Co.

Ltd.

60,795

95,240

UNO

Minda

Ltd.

4,036

51,874

WeRide,

Inc.,

ADR*

3,510

28,115

ZF

Commercial

Vehicle

Control

Systems

India

Ltd.

92

14,991

4,486,638

Automobiles

-

1

.8

%

BAIC

BluePark

New

Energy

Technology

Co.

Ltd.,

Class

A*

5,000

5,793

BAIC

Foton

Motor

Co.

Ltd.,

Class

A*

40,500

17,194

Bajaj

Auto

Ltd.

855

89,206

Brilliance

China

Automotive

Holdings

Ltd.

90,000

46,557

BYD

Co.

Ltd.,

Class

A

6,800

88,948

BYD

Co.

Ltd.,

Class

H

46,300

579,513

China

Automotive

Engineering

Research

Institute

Co.

Ltd.,

Class

A

4,700

12,818

China

Motor

Corp.

90,000

158,723

Chongqing

Changan

Automobile

Co.

Ltd.,

Class

A

7,908

12,656

Chongqing

Changan

Automobile

Co.

Ltd.,

Class

B

18,990

9,824

DongFeng

Automobile

Co.

Ltd.,

Class

A

13,800

13,763

Dongfeng

Motor

Group

Co.

Ltd.,

Class

H*

14,000

16,205

DRB-Hicom

Bhd.

252,000

69,041

Eicher

Motors

Ltd.

2,070

160,278

Ford

Otomotiv

Sanayi

A/S

12,282

32,108

Geely

Automobile

Holdings

Ltd.

135,000

278,135

Great

Wall

Motor

Co.

Ltd.,

Class

A

4,700

13,995

Great

Wall

Motor

Co.

Ltd.,

Class

H

40,000

67,864

Guangzhou

Automobile

Group

Co.

Ltd.,

Class

A

4,100

4,673

Guangzhou

Automobile

Group

Co.

Ltd.,

Class

H(a)

14,000

6,579

Investments

Shares

Value

Automobiles

(continued)

Hero

MotoCorp

Ltd.

1,755

$

105,581

Hyundai

Motor

Co.

3,285

1,141,100

Hyundai

Motor

Co.

(2nd

Preference)

855

160,973

Hyundai

Motor

Co.

(3rd

Preference)

104

18,713

Hyundai

Motor

Co.

(Preference)

450

82,847

Hyundai

Motor

India

Ltd.

1,426

34,046

Kia

Corp.

5,625

596,342

Li

Auto,

Inc.,

Class

A*(a)

13,500

114,002

Mahindra

&

Mahindra

Ltd.

12,960

483,502

Maruti

Suzuki

India

Ltd.

1,710

271,388

NIO,

Inc.,

Class

A*(a)

21,600

106,815

Ola

Electric

Mobility

Ltd.*

18,584

6,532

SAIC

Motor

Corp.

Ltd.,

Class

A

11,800

24,013

Sanyang

Motor

Co.

Ltd.

21,700

41,235

Seres

Group

Co.

Ltd.,

Class

A

2,200

32,956

Tata

Motors

Passenger

Vehicles

Ltd.

43,740

166,449

Tofas

Turk

Otomobil

Fabrikasi

A/S

2,655

19,901

TVS

Motor

Co.

Ltd.

3,330

133,124

XPeng,

Inc.,

Class

A*(a)

18,000

165,141

Yadea

Group

Holdings

Ltd.(a)(b)

12,000

16,964

Yulon

Motor

Co.

Ltd.

225,000

221,997

Zhejiang

Leapmotor

Technology

Co.

Ltd.,

Class

H*(a)(b)

9,200

49,972

5,677,466

Banks

-

12

.7

%

Absa

Group

Ltd.

18,675

296,599

Abu

Dhabi

Commercial

Bank

PJSC

71,730

297,260

Abu

Dhabi

Islamic

Bank*

144,675

120,845

Abu

Dhabi

Islamic

Bank

PJSC

19,575

129,731

AFFIN

Bank

Bhd.*

7,554

5,136

Agricultural

Bank

of

China

Ltd.,

Class

A

270,000

261,121

Agricultural

Bank

of

China

Ltd.,

Class

H

630,000

441,259

Ahli

Bank

QSC

29,516

31,105

Ajman

Bank

PJSC

326,115

131,417

Akbank

TAS

66,870

142,912

Al

Ahli

Bank

of

Kuwait

KSCP

13,993

13,450

Al

Rajhi

Bank

25,785

736,970

Al

Rayan

Bank

81,180

50,679

Alinma

Bank

25,200

191,350

Alliance

Bank

Malaysia

Bhd.

30,847

40,926

Alpha

Bank

SA

48,150

231,991

AMMB

Holdings

Bhd.

58,500

95,719

Arab

National

Bank

20,835

126,653

AU

Small

Finance

Bank

Ltd.(b)

6,746

72,042

Axis

Bank

Ltd.

30,375

452,517

Banco

BBVA

Peru

SA

123,118

79,216

Banco

Bradesco

SA

33,000

115,472

Banco

Bradesco

SA

(Preference)

121,500

494,535

Banco

de

Bogota

SA

1,363

15,935

Banco

de

Chile

1,039,635

231,957

Banco

de

Credito

e

Inversiones

SA

2,070

155,850

Banco

del

Bajio

SA(b)

13,800

40,842

Banco

do

Brasil

SA

40,500

195,091

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)

Banks

(continued)

Banco

do

Estado

do

Rio

Grande

do

Sul

SA

(Preference),

Class

B

63,000

$

216,717

Banco

Itau

Chile

SA

1,943

53,570

Banco

Santander

Brasil

SA

9,000

62,435

Banco

Santander

Chile

1,477,350

131,590

Bandhan

Bank

Ltd.(b)

11,877

19,968

Bangkok

Bank

PCL,

NVDR

13,500

67,790

Bank

AlBilad

11,610

82,276

Bank

Al-Jazira*

8,970

29,966

Bank

Central

Asia

Tbk.

PT

688,500

303,539

Bank

Islam

Malaysia

Bhd.

44,100

27,632

Bank

Jago

Tbk.

PT*

133,400

13,511

Bank

Mandiri

Persero

Tbk.

PT

783,080

224,870

Bank

Negara

Indonesia

Persero

Tbk.

PT

315,000

84,263

Bank

OCBC

Nisp

Tbk.

PT

1,255,500

107,710

Bank

of

Baroda

27,539

89,634

Bank

of

Beijing

Co.

Ltd.,

Class

A

50,900

38,824

Bank

of

Changsha

Co.

Ltd.,

Class

A

9,400

13,203

Bank

of

Chengdu

Co.

Ltd.,

Class

A

10,600

24,591

Bank

of

China

Ltd.,

Class

H

1,800,000

1,076,354

Bank

of

Chongqing

Co.

Ltd.,

Class

A

10,000

15,097

Bank

of

Communications

Co.

Ltd.,

Class

A

44,600

42,492

Bank

of

Communications

Co.

Ltd.,

Class

H

186,000

160,047

Bank

of

Hangzhou

Co.

Ltd.,

Class

A

14,100

32,792

Bank

of

India

21,338

38,066

Bank

of

Jiangsu

Co.

Ltd.,

Class

A

40,180

58,577

Bank

of

Lanzhou

Co.

Ltd.,

Class

A

32,200

10,797

Bank

of

Maharashtra

28,294

20,076

Bank

of

Nanjing

Co.

Ltd.,

Class

A

26,000

39,401

Bank

of

Ningbo

Co.

Ltd.,

Class

A

11,950

53,228

Bank

of

Shanghai

Co.

Ltd.,

Class

A

16,800

22,340

Bank

of

the

Philippine

Islands

53,550

112,774

Bank

of

Xi'an

Co.

Ltd.,

Class

A

4,900

2,644

Bank

Pan

Indonesia

Tbk.

PT

1,228,500

78,680

Bank

Rakyat

Indonesia

Persero

Tbk.

PT

1,395,000

316,649

Banque

Saudi

Fransi

25,695

123,656

BDO

Unibank,

Inc.

53,474

122,604

BNK

Financial

Group,

Inc.

7,695

88,797

BOC

Hong

Kong

Holdings

Ltd.

84,000

443,571

Boubyan

Bank

KSCP

16,463

36,370

Burgan

Bank

SAK

34,732

22,521

Canara

Bank

44,720

71,669

Capitec

Bank

Holdings

Ltd.

1,260

341,857

Central

Bank

of

India

Ltd.

22,724

9,246

Chang

Hwa

Commercial

Bank

Ltd.

166,705

108,064

China

Banking

Corp.

27,990

30,424

China

CITIC

Bank

Corp.

Ltd.,

Class

A

23,700

24,524

China

CITIC

Bank

Corp.

Ltd.,

Class

H

180,000

167,791

China

Construction

Bank

Corp.,

Class

A

37,000

46,433

Investments

Shares

Value

Banks

(continued)

China

Construction

Bank

Corp.,

Class

H

2,205,000

$

2,233,319

China

Everbright

Bank

Co.

Ltd.,

Class

A

64,400

30,770

China

Everbright

Bank

Co.

Ltd.,

Class

H(a)

53,000

22,124

China

Merchants

Bank

Co.

Ltd.,

Class

A

36,000

200,348

China

Merchants

Bank

Co.

Ltd.,

Class

H

87,500

536,224

China

Minsheng

Banking

Corp.

Ltd.,

Class

A

47,400

25,581

China

Minsheng

Banking

Corp.

Ltd.,

Class

H(a)

157,500

78,451

China

Zheshang

Bank

Co.

Ltd.,

Class

A

14,100

5,905

China

Zheshang

Bank

Co.

Ltd.,

Class

H

60,900

19,495

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

Class

A

18,800

17,532

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

Class

H

46,000

34,339

CIMB

Group

Holdings

Bhd.

193,540

421,251

City

Union

Bank

Ltd.

14,904

48,890

CNPC

Capital

Co.

Ltd.,

Class

A

14,700

19,019

Commercial

Bank

PSQC

(The)

70,290

91,699

Commercial

International

Bank

-

Egypt

(CIB)

59,991

171,293

Commercial

International

Bank

-

Egypt

(CIB)

(Registered),

GDR(b)

440

1,120

Credicorp

Ltd.

1,440

513,835

Credit

Bank

of

Moscow

PJSC*‡

229,590

—

CTBC

Financial

Holding

Co.

Ltd.

437,271

707,248

Doha

Bank

QPSC

814,590

617,487

Dubai

Islamic

Bank

PJSC

67,860

178,489

Dukhan

Bank

57,555

56,338

E.Sun

Financial

Holding

Co.

Ltd.

213,092

226,161

Emirates

NBD

Bank

PJSC

56,970

482,422

Eurobank

SA

57,825

284,453

Far

Eastern

International

Bank

121,884

48,413

Federal

Bank

Ltd.

24,795

77,562

First

Abu

Dhabi

Bank

PJSC

102,193

517,553

First

Financial

Holding

Co.

Ltd.

135,000

123,546

Grupo

Aval

Acciones

y

Valores

SA

(Preference)

106,455

25,964

Grupo

Bolivar

SA

1,035

27,698

Grupo

Cibest

SA

5,400

122,876

Grupo

Cibest

SA

(Preference)

9,585

197,209

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

63,000

717,525

Grupo

Financiero

Inbursa

SAB

de

CV,

Class

O

49,500

124,756

Gulf

Bank

KSCP

36,765

41,329

Haci

Omer

Sabanci

Holding

A/S

28,035

70,583

Hana

Financial

Group,

Inc.

6,480

450,638

HDFC

Bank

Ltd.

147,150

1,486,497

Hong

Leong

Bank

Bhd.

18,000

117,808

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)

Banks

(continued)

Hong

Leong

Financial

Group

Bhd.

4,900

$

27,769

Housing

&

Development

Bank

46,080

94,615

Hua

Nan

Financial

Holdings

Co.

Ltd.

141,918

149,269

Huaxia

Bank

Co.

Ltd.,

Class

A

36,000

32,847

Huishang

Bank

Corp.

Ltd.,

Class

H

315,000

139,154

ICICI

Bank

Ltd.

68,850

1,014,179

IDFC

First

Bank

Ltd.

78,615

71,430

iM

Financial

Group

Co.

Ltd.

52,425

564,532

Indian

Bank

6,963

69,011

IndusInd

Bank

Ltd.*

5,895

57,426

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

A

193,500

201,896

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

1,710,000

1,421,041

Industrial

Bank

Co.

Ltd.,

Class

A

36,000

96,884

Industrial

Bank

of

Korea

5,670

87,252

Intercorp

Financial

Services,

Inc.(b)

1,018

47,846

Itau

Unibanco

Holding

SA

(Preference)

125,165

1,087,757

Itausa

SA

22,326

58,805

Itausa

SA

(Preference)

142,526

371,863

Jammu

&

Kashmir

Bank

Ltd.

(The)

137,385

156,386

JB

Financial

Group

Co.

Ltd.

3,228

56,401

Jiangsu

Changshu

Rural

Commercial

Bank

Co.

Ltd.,

Class

A

8,107

8,517

KakaoBank

Corp.

3,510

55,842

Karur

Vysya

Bank

Ltd.

(The)

15,066

49,364

Kasikornbank

PCL,

NVDR

27,000

161,322

KB

Financial

Group,

Inc.

8,415

790,404

Kiatnakin

Phatra

Bank

PCL,

NVDR

5,100

11,670

Komercni

Banka

A/S

1,665

101,338

Kotak

Mahindra

Bank

Ltd.

67,500

299,389

Krung

Thai

Bank

PCL,

NVDR

76,500

68,683

Kuwait

Finance

House

KSCP

177,120

466,318

Kuwait

International

Bank

KSCP

13,005

11,526

Malayan

Banking

Bhd.

175,500

525,343

Mashreqbank

PSC

552

39,830

MBSB

Bhd.

119,900

22,204

Mega

Financial

Holding

Co.

Ltd.

168,964

208,319

Metropolitan

Bank

&

Trust

Co.

33,750

41,843

Moneta

Money

Bank

A/S(b)

9,000

90,635

National

Bank

of

Greece

SA

18,585

329,765

National

Bank

of

Kuwait

SAKP

116,235

360,181

National

Bank

of

Ras

Al-Khaimah

PSC

(The)

12,282

31,235

Nedbank

Group

Ltd.

9,990

165,284

O-Bank

Co.

Ltd.

585,000

169,719

Optima

bank

SA(a)

4,320

44,506

OTP

Bank

Nyrt.

4,905

621,260

Philippine

National

Bank

184,500

200,542

Ping

An

Bank

Co.

Ltd.,

Class

A

30,000

46,758

Piraeus

Bank

SA*

16,245

164,463

Postal

Savings

Bank

of

China

Co.

Ltd.,

Class

H(a)(b)

180,000

117,546

Investments

Shares

Value

Banks

(continued)

Public

Bank

Bhd.

346,500

$

428,071

Punjab

National

Bank

45,360

61,733

Qatar

International

Islamic

Bank

QSC

15,075

47,241

Qatar

Islamic

Bank

QPSC

41,940

287,970

Qatar

National

Bank

QPSC

101,475

551,828

RBL

Bank

Ltd.(b)

20,250

65,766

Regional

SAB

de

CV

1,197

10,763

RHB

Bank

Bhd.

85,551

183,386

Riyad

Bank

30,960

231,950

Saudi

Awwal

Bank

21,960

208,903

Saudi

Investment

Bank

(The)

11,880

44,344

Saudi

National

Bank

(The)

65,025

777,727

Sberbank

of

Russia

PJSC*‡

369,050

—

Sberbank

of

Russia

PJSC

(Preference)*‡

39,708

—

SCB

X

PCL,

NVDR

18,000

77,515

Shanghai

Commercial

&

Savings

Bank

Ltd.

(The)

90,000

112,965

Shanghai

Pudong

Development

Bank

Co.

Ltd.,

Class

A

45,000

65,021

Shanghai

Rural

Commercial

Bank

Co.

Ltd.,

Class

A

20,000

24,725

Sharjah

Islamic

Bank

430,155

418,132

Shinhan

Financial

Group

Co.

Ltd.

10,260

600,888

SinoPac

Financial

Holdings

Co.

Ltd.

311,323

282,931

South

Indian

Bank

Ltd.

(The)

398,340

162,735

Standard

Bank

Group

Ltd.

30,330

564,956

State

Bank

of

India

42,570

498,484

Taichung

Commercial

Bank

Co.

Ltd.

62,132

39,487

Taiwan

Business

Bank

180,000

88,084

Taiwan

Cooperative

Financial

Holding

Co.

Ltd.

151,738

113,550

Thanachart

Capital

PCL,

NVDR

19,300

36,189

Tisco

Financial

Group

PCL,

NVDR

9,400

33,609

TMBThanachart

Bank

PCL,

NVDR

1,093,600

70,207

TS

Financial

Holding

Co.

Ltd.

540,000

389,514

Turkiye

Garanti

Bankasi

A/S

12,465

46,229

Turkiye

Is

Bankasi

A/S,

Class

B

1

10,577

Turkiye

Is

Bankasi

A/S,

Class

C

171,405

65,658

Turkiye

Vakiflar

Bankasi

TAO,

Class

D*

26,299

22,071

Ujjivan

Small

Finance

Bank

Ltd.*(b)

168,210

119,537

Union

Bank

of

India

Ltd.

40,950

80,469

Union

Bank

of

Taiwan

60,107

35,717

VTB

Bank

PJSC*‡

27,302

—

Warba

Bank

KSCP*

39,690

36,599

Woori

Financial

Group,

Inc.

14,760

310,192

Yapi

ve

Kredi

Bankasi

A/S*

72,958

68,911

Yes

Bank

Ltd.*

237,825

55,354

40,022,117

Beverages

-

0

.8

%

Allied

Blenders

&

Distillers

Ltd.

2,024

10,697

Ambev

SA

99,000

280,801

Anadolu

Efes

Biracilik

ve

Malt

Sanayii

A/S,

Class

B

53,500

23,630

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)

Beverages

(continued)

Anhui

Gujing

Distillery

Co.

Ltd.,

Class

A

600

$

11,408

Anhui

Gujing

Distillery

Co.

Ltd.,

Class

B

1,100

11,465

Arca

Continental

SAB

de

CV

9,882

112,190

Becle

SAB

de

CV

9,200

9,748

Carabao

Group

PCL,

NVDR

18,100

24,879

China

Foods

Ltd.

270,000

149,698

China

Resources

Beer

Holdings

Co.

Ltd.

30,607

102,759

Chongqing

Brewery

Co.

Ltd.,

Class

A

1,800

13,499

Cia

Cervecerias

Unidas

SA

2,295

17,058

Coca-Cola

Femsa

SAB

de

CV

12,700

133,816

Coca-Cola

Icecek

A/S

11,914

19,696

Eastroc

Beverage

Group

Co.

Ltd.,

Class

A

780

28,079

Embotelladora

Andina

SA

(Preference),

Class

B

5,400

28,712

Emperador,

Inc.

26,200

6,879

Fomento

Economico

Mexicano

SAB

de

CV

26,916

283,016

Ginebra

San

Miguel,

Inc.

20,700

102,304

Guangzhou

Zhujiang

Brewery

Co.

Ltd.,

Class

A

1,700

2,317

Hebei

Hengshui

Laobaigan

Liquor

Co.

Ltd.,

Class

A

2,300

5,339

Heineken

Malaysia

Bhd.

500

3,037

Hey

Song

Corp.

15,000

17,683

Hite

Jinro

Co.

Ltd.*

9,540

116,649

Jiangsu

Yanghe

Distillery

Co.

Ltd.,

Class

A

600

4,777

JiuGui

Liquor

Co.

Ltd.,

Class

A

500

4,089

Kweichow

Moutai

Co.

Ltd.,

Class

A

1,200

241,951

Lotte

Chilsung

Beverage

Co.

Ltd.

1,305

121,035

Luzhou

Laojiao

Co.

Ltd.,

Class

A

1,000

17,399

Nongfu

Spring

Co.

Ltd.,

Class

H(a)(b)

25,600

157,146

Osotspa

PCL,

NVDR

31,100

17,495

Radico

Khaitan

Ltd.

1,315

40,429

Shanxi

Xinghuacun

Fen

Wine

Factory

Co.

Ltd.,

Class

A

960

23,627

Tilaknagar

Industries

Ltd.

3,060

14,369

Tsingtao

Brewery

Co.

Ltd.,

Class

H

10,000

63,357

United

Breweries

Ltd.

1,379

22,015

United

Spirits

Ltd.

4,860

71,991

Varun

Beverages

Ltd.

18,205

93,264

Wuliangye

Yibin

Co.

Ltd.,

Class

A

3,600

54,400

ZJLD

Group,

Inc.(a)(b)

7,000

8,067

2,470,770

Biotechnology

-

0

.7

%

3SBio,

Inc.(b)

22,500

67,128

Abbisko

Cayman

Ltd.*

7,000

11,204

ABLBio,

Inc.*

450

61,807

Akeso,

Inc.*(a)(b)

7,000

98,954

Alteogen,

Inc.*

495

142,028

Investments

Shares

Value

Biotechnology

(continued)

Ascentage

Pharma

Group

International*(b)

4,500

$

27,715

BeOne

Medicines

Ltd.,

Class

A*

405

16,160

BeOne

Medicines

Ltd.,

Class

H*

10,700

283,061

Biocon

Ltd.

7,785

31,043

CanSino

Biologics,

Inc.,

Class

H*(a)

(b)

800

3,620

CARsgen

Therapeutics

Holdings

Ltd.*(b)

9,000

17,862

Celltrion,

Inc.*

2,070

302,001

CStone

Pharmaceuticals*(b)

22,500

15,471

D&D

PharmaTech,

Inc.*

585

38,407

Dizal

Jiangsu

Pharmaceutical

Co.

Ltd.,

Class

A*

1,201

9,852

Duality

Biotherapeutics,

Inc.*

400

16,892

Everest

Medicines

Ltd.*(a)(b)

5,500

27,438

GI

Innovation,

Inc.*

2,119

23,275

Green

Cross

Corp.*

138

15,809

Guangzhou

Innogen

Pharmaceutical

Group

Co.

Ltd.,

Class

H*

9,000

34,342

Hugel,

Inc.*

102

19,594

InnoCare

Pharma

Ltd.,

Class

H*(b)

20,000

30,014

Innovent

Biologics,

Inc.*(b)

19,500

202,498

Intocell

Co.

Ltd.*

360

12,530

Keymed

Biosciences,

Inc.*(b)

4,000

28,503

L&C

Bio

Co.

Ltd.

360

23,060

Lepu

Biopharma

Co.

Ltd.,

Class

H*(b)

45,000

26,851

Mabwell

Shanghai

Bioscience

Co.

Ltd.,

Class

A*

2,790

14,459

Medytox,

Inc.

184

17,168

Naturecell

Co.

Ltd.*

1,980

34,733

OliX

Pharmaceuticals,

Inc.*

585

56,045

Orum

Therapeutics,

Inc.*

315

24,729

Pacific

Shuanglin

Bio-pharmacy

Co.

Ltd.,

Class

A

1,510

2,975

PharmaEssentia

Corp.

5,326

130,315

PharmaResearch

Co.

Ltd.*

96

31,580

Pharmicell

Co.

Ltd.*

1,395

13,655

Remegen

Co.

Ltd.,

Class

A*

450

6,622

Remegen

Co.

Ltd.,

Class

H*(a)(b)

3,000

32,344

Seegene,

Inc.

1,624

32,268

Shanghai

Junshi

Biosciences

Co.

Ltd.,

Class

A*

1,629

8,412

Shanghai

RAAS

Blood

Products

Co.

Ltd.,

Class

A

13,800

12,512

Sichuan

Kelun-Biotech

Biopharmaceutical

Co.

Ltd.,

Class

H*(a)

300

15,957

SK

Bioscience

Co.

Ltd.*

368

12,962

SunMax

Biotechnology

Co.

Ltd.

1,000

12,313

TaiMed

Biologics,

Inc.*

5,600

10,072

Voronoi,

Inc.*

135

21,009

Zai

Lab

Ltd.*(a)

4,900

8,238

2,085,487

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)

Broadline

Retail

-

3

.3

%

Alibaba

Group

Holding

Ltd.

234,000

$

5,069,695

Bukalapak.com

Tbk.

PT*

1,530,000

13,217

CCOOP

Group

Co.

Ltd.,

Class

A*

45,000

15,737

Central

Retail

Corp.

PCL,

NVDR

60,275

37,738

Daya

Intiguna

Yasa

Tbk.

PT*

105,800

5,232

Easyhome

New

Retail

Group

Co.

Ltd.,

Class

A*

14,400

6,445

El

Puerto

de

Liverpool

SAB

de

CV,

Class

C1

5,200

31,412

Falabella

SA

16,335

128,374

Far

Eastern

Department

Stores

Ltd.

360,000

252,240

GoTo

Gojek

Tokopedia

Tbk.

PT,

Class

A*

12,357,000

47,116

Hyundai

Department

Store

Co.

Ltd.

4,410

287,076

JD.com,

Inc.,

Class

A

57,200

823,243

Lotte

Shopping

Co.

Ltd.

3,645

212,714

Magazine

Luiza

SA

127,590

238,582

MINISO

Group

Holding

Ltd.

7,968

37,546

Mitra

Adiperkasa

Tbk.

PT

2,512,288

177,364

momo.com,

Inc.

1,891

11,327

Naspers

Ltd.,

Class

N

10,305

637,095

PDD

Holdings,

Inc.,

ADR*

16,965

1,714,313

Poya

International

Co.

Ltd.

1,028

12,936

Shinsegae,

Inc.

2,070

459,473

Vipshop

Holdings

Ltd.,

ADR

7,335

125,502

Vishal

Mega

Mart

Ltd.*

7,958

10,896

Woolworths

Holdings

Ltd.

7,110

24,011

10,379,284

Building

Products

-

0

.2

%

Astral

Ltd.

1,227

19,696

Beijing

New

Building

Materials

plc,

Class

A

4,500

18,069

Blue

Star

Ltd.

2,337

46,159

China

Lesso

Group

Holdings

Ltd.

315,000

242,007

Kajaria

Ceramics

Ltd.

2,760

27,076

Kyung

Dong

Navien

Co.

Ltd.*

1,755

70,473

Sung

Kwang

Bend

Co.

Ltd.*

414

9,391

Supreme

Industries

Ltd.

1,018

38,883

Taiwan

Glass

Industry

Corp.*

38,314

58,743

Xinyi

Glass

Holdings

Ltd.(a)

49,642

64,963

Zhuzhou

Kibing

Group

Co.

Ltd.,

Class

A

18,000

18,159

613,619

Capital

Markets

-

1

.9

%

360

ONE

WAM

Ltd.

4,412

54,405

Administradora

de

Fondos

de

Pensiones

Habitat

SA

63,675

109,937

Anand

Rathi

Wealth

Ltd.

945

29,642

Angel

One

Ltd.

552

15,247

Authum

Investment

&

Infrastucture

Ltd.

2,530

13,895

B3

SA

-

Brasil

Bolsa

Balcao

72,000

222,097

Banco

BTG

Pactual

SA

18,000

206,110

Investments

Shares

Value

Capital

Markets

(continued)

Beltone

Holding*

1,369,125

$

87,521

Bolsa

Mexicana

de

Valores

SAB

de

CV

13,500

27,277

Boursa

Kuwait

Securities

Co.

KPSC

1,296

13,302

Bursa

Malaysia

Bhd.

4,900

11,237

Caitong

Securities

Co.

Ltd.,

Class

A

2,820

3,778

Capital

Securities

Co.

Ltd.,

Class

A

9,000

23,159

Capital

Securities

Corp.

48,000

45,300

China

Bills

Finance

Corp.

21,312

11,005

China

Cinda

Asset

Management

Co.

Ltd.,

Class

H(a)

270,000

45,981

China

CITIC

Financial

Asset

Management

Co.

Ltd.,

Class

H*(a)

(b)

405,000

45,636

China

Everbright

Ltd.(a)

28,000

35,064

China

Galaxy

Securities

Co.

Ltd.,

Class

A

5,200

11,240

China

Galaxy

Securities

Co.

Ltd.,

Class

H

42,000

56,576

China

International

Capital

Corp.

Ltd.,

Class

H(b)

18,800

51,082

China

Merchants

Securities

Co.

Ltd.,

Class

A

11,820

29,106

China

Merchants

Securities

Co.

Ltd.,

Class

H(b)

7,200

13,479

Choice

International

Ltd.*

799

6,650

CITIC

Securities

Co.

Ltd.,

Class

A

13,500

54,556

CITIC

Securities

Co.

Ltd.,

Class

H(a)

22,500

84,241

Coronation

Fund

Managers

Ltd.

117,765

371,708

CRISIL

Ltd.

384

19,470

CSC

Financial

Co.

Ltd.,

Class

A

4,900

16,960

CSC

Financial

Co.

Ltd.,

Class

H(b)

22,500

36,330

Daishin

Securities

Co.

Ltd.

9,810

213,320

Daishin

Securities

Co.

Ltd.

(Preference)

7,515

120,081

Daou

Technology,

Inc.

8,190

302,701

Derayah

Financial

Co.(b)

3,910

28,230

Dubai

Financial

Market

PJSC

26,726

12,080

EFG

Holding

S.A.E.*

402,435

246,795

Everbright

Securities

Co.

Ltd.,

Class

A

4,700

11,337

Founder

Securities

Co.

Ltd.,

Class

A

3,000

3,394

GF

Securities

Co.

Ltd.,

Class

A

14,100

45,637

GF

Securities

Co.

Ltd.,

Class

H

18,000

42,040

Guangzhou

Yuexiu

Capital

Holdings

Group

Co.

Ltd.,

Class

A

13,800

20,337

Guolian

Minsheng

Securities

Co.

Ltd.,

Class

A

9,200

12,856

Guosen

Securities

Co.

Ltd.,

Class

A

14,600

26,349

Guotai

Haitong

Securities

Co.

Ltd.,

Class

A

22,514

64,252

Guotai

Haitong

Securities

Co.

Ltd.,

Class

H(b)

54,151

115,240

Hanwha

Investment

&

Securities

Co.

Ltd.*

3,285

14,675

HDFC

Asset

Management

Co.

Ltd.(b)

2,880

78,763

Huatai

Securities

Co.

Ltd.,

Class

A

9,500

31,391

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)

Capital

Markets

(continued)

Huatai

Securities

Co.

Ltd.,

Class

H(a)(b)

27,000

$

64,443

IBF

Financial

Holdings

Co.

Ltd.

59,424

31,534

Indian

Energy

Exchange

Ltd.(b)

15,730

21,681

Industrial

Securities

Co.

Ltd.,

Class

A

12,250

12,129

International

Financial

Advisors

KSC*

12,645

16,769

Investec

Ltd.

4,653

38,138

Is

Yatirim

Menkul

Degerler

A/S

14,639

16,176

JM

Financial

Ltd.

12,972

18,184

JSE

Ltd.

29,070

268,939

J-Yuan

Trust

Co.

Ltd.,

Class

A*

40,500

16,728

Kfin

Technologies

Ltd.

3,015

33,235

KIWOOM

Securities

Co.

Ltd.

292

89,969

Korea

Investment

Holdings

Co.

Ltd.

990

148,218

Maharashtra

Scooters

Ltd.

92

13,441

Mirae

Asset

Securities

Co.

Ltd.

3,510

104,247

Mirae

Asset

Securities

Co.

Ltd.

(Preference)

1,702

18,919

Moscow

Exchange

MICEX-RTS

PJSC*‡

29,911

—

Motilal

Oswal

Financial

Services

Ltd.

2,350

19,251

Multi

Commodity

Exchange

of

India

Ltd.

1,575

43,284

NH

Investment

&

Securities

Co.

Ltd.

3,870

72,727

Nippon

Life

India

Asset

Management

Ltd.(b)

2,736

26,118

Noor

Financial

Investment

Co.

KSC

73,980

98,110

Norte

Grande

SA*

13,343,091

211,917

Nuvama

Wealth

Management

Ltd.

690

10,092

Orient

Securities

Co.

Ltd.,

Class

A

12,032

17,714

Orient

Securities

Co.

Ltd.,

Class

H(b)

20,400

17,736

Pihsiang

Machinery

Manufacturing

Co.

Ltd.*‡

5,000

—

Polaris

Bay

Group

Co.

Ltd.,

Class

A*

13,800

13,485

President

Securities

Corp.

360,000

336,320

Prudent

Corporate

Advisory

Services

Ltd.

322

8,390

PSG

Financial

Services

Ltd.

15,750

26,948

Reinet

Investments

SCA

3,330

115,297

Samsung

Securities

Co.

Ltd.

1,620

101,968

Saudi

Tadawul

Group

Holding

Co.

368

15,767

Shenwan

Hongyuan

Group

Co.

Ltd.,

Class

A

19,700

14,374

Shenwan

Hongyuan

Group

Co.

Ltd.,

Class

H(b)

40,800

16,352

Shinyoung

Securities

Co.

Ltd.

1,665

204,279

Sociedad

de

Inversiones

Oro

Blanco

SA*

15,610,680

184,456

SPIC

Industry-Finance

Holdings

Co.

Ltd.,

Class

A

10,000

9,383

Tata

Investment

Corp.

Ltd.

2,400

16,252

Tera

Yatirim

Menkul

Degerler

A/S*

4,140

19,657

Tianfeng

Securities

Co.

Ltd.,

Class

A*

27,000

16,048

UTI

Asset

Management

Co.

Ltd.

1,840

19,457

Valmore

Holding

163,423

114,233

Investments

Shares

Value

Capital

Markets

(continued)

Xiangcai

Co.

Ltd.,

Class

A*

4,900

$

7,750

Yuanta

Futures

Co.

Ltd.

30,100

89,812

Zhejiang

Orient

Holdings

Group

Co.

Ltd.,

Class

A

13,800

12,850

5,914,246

Chemicals

-

2

.7

%

Aarti

Industries

Ltd.

10,350

41,850

Abou

Kir

Fertilizers

&

Chemical

Industries

16,514

22,577

ADAMA

Ltd.,

Class

A*

14,100

12,642

Akzo

Nobel

India

Ltd.

398

12,115

Alkyl

Amines

Chemicals

1,080

18,440

Allied

Supreme

Corp.

3,217

24,943

Asian

Paints

Ltd.

9,045

238,771

Atul

Ltd.

495

33,431

Avia

Avian

Tbk.

PT

579,600

14,917

Barito

Pacific

Tbk.

PT*

413,599

53,225

BASF

India

Ltd.

540

21,406

Bayer

CropScience

Ltd.

47

2,282

Berger

Paints

India

Ltd.

4,632

23,309

Boubyan

Petrochemicals

Co.

KSCP

133,785

246,733

Braskem

SA

(Preference),

Class

A*

49,500

87,171

Carborundum

Universal

Ltd.

4,455

38,175

Castrol

India

Ltd.

9,900

19,819

Cathay

Biotech,

Inc.,

Class

A

1,518

12,704

Chambal

Fertilisers

and

Chemicals

Ltd.

4,968

23,833

Chandra

Asri

Pacific

Tbk.

PT

85,500

32,855

China

Hainan

Rubber

Industry

Group

Co.

Ltd.,

Class

A

9,600

10,141

China

Lumena

New

Materials

Corp.*‡

22,200

—

China

Petrochemical

Development

Corp.*

92,000

23,387

China

Risun

Group

Ltd.(b)

315,000

110,920

China

Steel

Chemical

Corp.

9,434

22,214

China

XLX

Fertiliser

Ltd.

184,000

264,348

Clean

Science

&

Technology

Ltd.

2,205

20,639

Coromandel

International

Ltd.

1,818

45,112

Daxin

Materials

Corp.

1,221

12,784

DCM

Shriram

Ltd.

1,125

14,404

Deepak

Fertilisers

&

Petrochemicals

Corp.

Ltd.

2,295

26,341

Deepak

Nitrite

Ltd.

1,440

25,712

DL

Holdings

Co.

Ltd.*

3,150

90,819

Dongjin

Semichem

Co.

Ltd.

10,710

416,674

Dongsung

Finetec

Co.

Ltd.*

506

9,966

Dongyue

Group

Ltd.(a)

33,000

51,763

EID

Parry

India

Ltd.*

5,130

51,480

Enchem

Co.

Ltd.*

720

48,070

Eternal

Materials

Co.

Ltd.

24,850

48,721

Fine

Organic

Industries

Ltd.

343

15,822

Finolex

Industries

Ltd.

16,245

31,158

Formosa

Chemicals

&

Fibre

Corp.

50,209

67,568

Formosa

Plastics

Corp.

55,985

84,147

Fufeng

Group

Ltd.(a)

45,000

48,747

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)

Chemicals

(continued)

Ganfeng

Lithium

Group

Co.

Ltd.,

Class

H(b)

2,600

$

20,142

Grandit

Co.

Ltd.,

Class

A

11,745

17,258

Guangzhou

Guanggang

Gases

&

Energy

Co.

Ltd.,

Class

A

8,010

23,205

Gubre

Fabrikalari

TAS*

1,794

19,820

Gujarat

Fluorochemicals

Ltd.

135

4,481

Han

Kuk

Carbon

Co.

Ltd.*

720

16,932

Hangjin

Technology

Co.

Ltd.,

Class

A*

4,700

14,915

Hansol

Chemical

Co.

Ltd.

180

35,327

Hanwha

Solutions

Corp.*

1,935

37,170

Hektas

Ticaret

TAS*

494,929

38,236

Hengli

Petrochemical

Co.

Ltd.,

Class

A

14,100

52,963

Hengyi

Petrochemical

Co.

Ltd.,

Class

A

13,800

23,991

Hextar

Global

Bhd.

69,000

14,703

Himadri

Speciality

Chemical

Ltd.

5,505

27,574

HS

Hyosung

Advanced

Materials

Corp.*

855

140,777

Huabao

International

Holdings

Ltd.

17,000

11,102

Hyosung

TNC

Corp.*

675

177,027

Indorama

Ventures

PCL,

NVDR

47,500

30,796

Inner

Mongolia

Berun

Chemical

Co.

Ltd.,

Class

A

18,400

22,376

ISU

Specialty

Chemical*

799

59,062

Jiangsu

Eastern

Shenghong

Co.

Ltd.,

Class

A*

6,300

11,986

Jinan

Acetate

Chemical

Co.

Ltd.

16,090

25,181

Jubilant

Ingrevia

Ltd.

2,701

18,653

KCC

Corp.

59

20,044

Kolon

Industries,

Inc.

6,525

249,323

KuibyshevAzot

PJSC*‡

9,900

—

Kumho

Petrochemical

Co.

Ltd.*

423

42,347

Lake

Materials

Co.

Ltd.*

1,440

26,761

LB

Group

Co.

Ltd.,

Class

A

4,600

14,670

LG

Chem

Ltd.

630

135,900

LG

Chem

Ltd.

(Preference)

90

9,948

Linde

India

Ltd.

282

18,415

Lotte

Chemical

Corp.

517

29,955

LOTTE

Fine

Chemical

Co.

Ltd.

4,365

143,893

Luxi

Chemical

Group

Co.

Ltd.,

Class

A

1,800

5,064

Meihua

Holdings

Group

Co.

Ltd.,

Class

A

10,900

17,271

Mesaieed

Petrochemical

Holding

Co.

22,050

6,625

Misr

Fertilizers

Production

Co.

SAE

19,988

14,225

Nan

Pao

Resins

Chemical

Co.

Ltd.

2,000

19,733

Nan

Ya

Plastics

Corp.

65,056

156,903

National

Industrialization

Co.*

12,834

31,891

Navin

Fluorine

International

Ltd.

450

29,836

Ningbo

Shanshan

Co.

Ltd.,

Class

A*

4,500

8,335

Ningxia

Baofeng

Energy

Group

Co.

Ltd.,

Class

A

13,500

46,162

Investments

Shares

Value

Chemicals

(continued)

Nizhnekamskneftekhim

PJSC*‡

28,600

$

—

Nizhnekamskneftekhim

PJSC

(Preference)*‡

26,400

—

OCI

Holdings

Co.

Ltd.*

5,040

404,068

Omnia

Holdings

Ltd.

55,935

294,821

Orbia

Advance

Corp.

SAB

de

CV*(a)

288,000

307,308

Organichesky

Sintez

PJSC*‡

11,550

—

Paradeep

Phosphates

Ltd.(b)

9,108

13,762

PCBL

Chemical

Ltd.

6,996

20,230

Peric

Special

Gases

Co.

Ltd.,

Class

A

2,655

17,275

Petkim

Petrokimya

Holding

A/S*

383,940

162,784

Petronas

Chemicals

Group

Bhd.

22,500

18,436

PhosAgro

PJSC*‡

1,540

—

PI

Industries

Ltd.

1,139

39,566

Pidilite

Industries

Ltd.

5,895

91,712

Privi

Speciality

Chemicals

Ltd.

450

13,760

PTT

Global

Chemical

PCL,

NVDR

21,700

17,035

Qinghai

Salt

Lake

Industry

Co.

Ltd.,

Class

A*

6,500

30,664

Rongsheng

Petrochemical

Co.

Ltd.,

Class

A

14,600

30,992

SABIC

Agri-Nutrients

Co.

3,105

103,481

Sahara

International

Petrochemical

Co.

8,010

32,717

Sasa

Polyester

Sanayi

A/S*

73,575

4,314

Sasol

Ltd.*

10,620

75,669

Satellite

Chemical

Co.

Ltd.,

Class

A

4,662

16,344

Saudi

Aramco

Base

Oil

Co.

1,305

36,429

Saudi

Basic

Industries

Corp.

10,620

160,969

Saudi

Kayan

Petrochemical

Co.*

7,875

10,288

Scientex

Bhd.

24,900

24,382

Shandong

Hualu

Hengsheng

Chemical

Co.

Ltd.,

Class

A

6,110

32,984

Shanghai

Chlor-Alkali

Chemical

Co.

Ltd.,

Class

B

10,000

7,250

Shanghai

Pret

Composites

Co.

Ltd.,

Class

A

9,000

23,379

Shanghai

Putailai

New

Energy

Technology

Group

Co.

Ltd.,

Class

A

4,060

16,191

Shinkong

Synthetic

Fibers

Corp.

536,300

254,772

Shiny

Chemical

Industrial

Co.

Ltd.

2,322

10,551

Sichuan

Hebang

Biotechnology

Co.

Ltd.,

Class

A*

41,400

15,074

Sichuan

Yahua

Industrial

Group

Co.

Ltd.,

Class

A

3,600

12,797

Sinofert

Holdings

Ltd.

1,080,000

235,092

Sinon

Corp.

20,590

29,704

SK

Chemicals

Co.

Ltd.

3,150

147,061

SKC

Co.

Ltd.*

200

16,271

Sociedad

Quimica

y

Minera

de

Chile

SA

(Preference),

Class

B*

1,980

155,283

Solar

Applied

Materials

Technology

Corp.

12,078

24,524

Solar

Industries

India

Ltd.

365

53,488

Soulbrain

Co.

Ltd.

1,485

503,976

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)

Chemicals

(continued)

SRF

Ltd.

1,440

$

44,087

Sudarshan

Chemical

Industries

Ltd.

2,160

21,197

Sumitomo

Chemical

India

Ltd.

2,585

11,512

Supreme

Petrochem

Ltd.

2,115

13,106

Taiwan

Fertilizer

Co.

Ltd.

16,360

24,122

Taiwan

Speciality

Chemicals

Corp.

2,000

20,305

Tata

Chemicals

Ltd.

2,679

21,716

Tianqi

Lithium

Corp.,

Class

A*

800

6,281

Tinergy

Chemical

Co.

Ltd.,

Class

A

7,975

6,003

TOA

Paint

Thailand

PCL,

NVDR

185,900

85,668

Tongkun

Group

Co.

Ltd.,

Class

A

9,200

28,956

Transfar

Zhilian

Co.

Ltd.,

Class

A

18,800

18,046

Unipar

Carbocloro

SA

(Preference),

Class

B

3,300

39,627

UPL

Ltd.

6,930

53,033

Vinati

Organics

Ltd.

855

14,189

Wanhua

Chemical

Group

Co.

Ltd.,

Class

A

4,900

62,035

Yanbu

National

Petrochemical

Co.

4,275

30,774

Zhejiang

Longsheng

Group

Co.

Ltd.,

Class

A

9,600

21,028

Zhejiang

NHU

Co.

Ltd.,

Class

A

4,800

19,246

Zibo

Qixiang

Tengda

Chemical

Co.

Ltd.,

Class

A

22,500

19,105

8,418,552

Commercial

Services

&

Supplies

-

0

.3

%

Catrion

Catering

Holding

Co.

624

13,484

China

Everbright

Environment

Group

Ltd.(a)

94,000

60,543

China

Southern

Power

Grid

Energy

Efficiency

&

Clean

Energy

Co.

Ltd.,

Class

A

23,500

21,036

Cleanaway

Co.

Ltd.

325,000

380,045

Doms

Industries

Ltd.

368

9,529

Dynagreen

Environmental

Protection

Group

Co.

Ltd.,

Class

H(b)

18,000

12,262

Frontken

Corp.

Bhd.

28,200

27,470

GPS

Participacoes

e

Empreendimentos

SA(c)

4,530

16,215

Indian

Railway

Catering

&

Tourism

Corp.

Ltd.

4,635

31,394

KEPCO

Plant

Service

&

Engineering

Co.

Ltd.*

7,020

273,114

L&K

Engineering

Co.

Ltd.

3,508

64,096

Parkin

Co.

PJSC

14,922

25,109

S-1

Corp.

347

19,189

Taiwan

Secom

Co.

Ltd.

3,165

10,711

Taiwan

Shin

Kong

Security

Co.

Ltd.

5,520

7,148

Tuhu

Car,

Inc.,

Class

A*(b)

14,500

28,908

1,000,253

Communications

Equipment

-

0

.3

%

Accton

Technology

Corp.

6,934

245,675

Arcadyan

Technology

Corp.

2,832

16,153

Investments

Shares

Value

Communications

Equipment

(continued)

Astra

Microwave

Products

Ltd.

966

$

10,319

Browave

Corp.

1,000

14,490

BYD

Electronic

International

Co.

Ltd.

(a)

21,500

91,950

Comba

Telecom

Systems

Holdings

Ltd.

90,000

26,275

EZconn

Corp.

1,000

56,721

Fiberhome

Telecommunication

Technologies

Co.

Ltd.,

Class

A

4,600

26,216

FOCI

Fiber

Optic

Communications,

Inc.*

2,000

26,470

Glarun

Technology

Co.

Ltd.,

Class

A

1,800

7,520

Hengtong

Optic-electric

Co.

Ltd.,

Class

A

4,700

23,681

LuxNet

Corp.

3,840

38,558

Seojin

System

Co.

Ltd.*

1,890

50,093

Sercomm

Corp.

90,000

245,662

Tejas

Networks

Ltd.(b)

28,125

104,199

WNC

Corp.

9,572

56,270

ZTE

Corp.,

Class

A

3,100

17,172

ZTE

Corp.,

Class

H(a)

10,400

37,740

1,095,164

Construction

&

Engineering

-

1

.5

%

Acter

Group

Corp.

Ltd.

1,810

36,235

Afcons

Infrastructure

Ltd.

1,978

7,130

Aktor

Holding

Co.

Technical

and

Energy

Projects

SA*(a)

1,395

18,056

ALEC

Holdings

PJSC*

314,550

134,465

BES

Engineering

Corp.*

53,035

23,088

CCCC

Design

&

Consulting

Group

Co.

Ltd.,

Class

A

9,400

10,024

Cemindia

Projects

Ltd.

2,070

14,390

Central

New

Energy

Holding

Group

Ltd.*(a)

15,000

15,481

CH

Karnchang

PCL,

NVDR

142,900

56,769

China

Communications

Services

Corp.

Ltd.,

Class

H

810,000

493,694

China

Conch

Venture

Holdings

Ltd.

45,000

61,539

China

Energy

Engineering

Corp.

Ltd.,

Class

A

23,600

8,253

China

Energy

Engineering

Corp.

Ltd.,

Class

H(a)

104,000

15,314

China

Railway

Group

Ltd.,

Class

A

44,300

36,340

China

Railway

Group

Ltd.,

Class

H(a)

74,000

42,734

China

Southern

Power

Grid

Technology

Co.

Ltd.,

Class

A

2,430

18,171

Continental

Holdings

Corp.

137,137

98,484

CTCI

Corp.

225,000

221,640

DA

CIN

Construction

Co.

Ltd.

76,597

167,701

Daewoo

Engineering

&

Construction

Co.

Ltd.*

56,970

196,708

DL

E&C

Co.

Ltd.*

9,337

288,011

Engineers

India

Ltd.

9,696

18,179

Enka

Insaat

ve

Sanayi

A/S

17,350

39,034

Estithmar

Holding

QPSC*

29,093

32,201

Gamuda

Bhd.

78,500

88,019

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)

Construction

&

Engineering

(continued)

GEK

Terna

SA

1,470

$

58,130

GS

Engineering

&

Construction

Corp.

22,320

291,056

Guangdong

Construction

Engineering

Group

Co.

Ltd.,

Class

A

27,900

15,298

HDC

Holdings

Co.

Ltd.

7,695

101,627

HDC

Hyundai

Development

Co-

Engineering

&

Construction,

Class

E

12,510

179,037

Hyundai

Engineering

&

Construction

Co.

Ltd.

1,736

123,742

IJM

Corp.

Bhd.

67,500

45,890

Inox

Green

Energy

Services

Ltd.*

6,795

12,554

IRB

Infrastructure

Developers

Ltd.

39,439

17,814

IRCON

International

Ltd.(b)

7,912

14,106

Kalpataru

Projects

International

Ltd.

2,050

25,495

KEC

International

Ltd.

2,064

14,969

Kelington

Group

Bhd.

13,800

18,484

KEPCO

Engineering

&

Construction

Co.,

Inc.*

235

21,453

Kerjaya

Prospek

Group

Bhd.

130,500

89,715

Kontrolmatik

Enerji

ve

Muhendislik

A/S

48,735

10,959

Kuo

Toong

International

Co.

Ltd.

12,255

20,055

Larsen

&

Toubro

Ltd.

8,730

373,192

Metallurgical

Corp.

of

China

Ltd.,

Class

A

42,300

19,054

Metallurgical

Corp.

of

China

Ltd.,

Class

H

106,000

25,110

NBCC

India

Ltd.

21,225

22,811

NCC

Ltd.

14,850

23,639

NMDC

Group

PJSC

3,404

19,056

Power

Construction

Corp.

of

China

Ltd.,

Class

A

35,600

28,999

Rail

Vikas

Nigam

Ltd.(b)

8,864

33,090

Ral

Yatirim

Holding

A/S*

3,588

15,485

Ruentex

Engineering

&

Construction

Co.

3,108

16,542

Run

Long

Construction

Co.

Ltd.

225,000

224,142

Samsung

E&A

Co.

Ltd.

4,230

90,513

Shaanxi

Construction

Engineering

Group

Corp.

Ltd.,

Class

A

4,900

2,553

Shanghai

Tunnel

Engineering

Co.

Ltd.,

Class

A

14,100

13,778

Sichuan

Road

and

Bridge

Group

Co.

Ltd.,

Class

A

9,200

12,856

Sinoma

International

Engineering

Co.,

Class

A

9,200

15,120

Sinopec

Engineering

Group

Co.

Ltd.,

Class

H

495,000

471,567

Sunway

Construction

Group

Bhd.

9,200

13,816

Techno

Electric

&

Engineering

Co.

Ltd.

1,479

15,668

Tekfen

Holding

A/S

6,026

10,634

United

Integrated

Services

Co.

Ltd.

2,550

73,575

Investments

Shares

Value

Construction

&

Engineering

(continued)

Voltas

Ltd.

2,790

$

40,276

Waaree

Renewable

Technologies

Ltd.*

1,242

12,225

Waskita

Karya

Persero

Tbk.

PT*‡

173,900

—

Yankey

Engineering

Co.

Ltd.

2,277

42,906

4,818,651

Construction

Materials

-

1

.1

%

ACC

Ltd.

1,141

20,304

Ambuja

Cements

Ltd.

11,115

61,642

Anhui

Conch

Cement

Co.

Ltd.,

Class

A

5,100

17,997

Anhui

Conch

Cement

Co.

Ltd.,

Class

H(a)

27,500

87,398

Apex

Investment

Co.

PSC*

10,350

9,497

Asia

Cement

Corp.

45,000

50,262

Baticim

Bati

Anadolu

Cimento

Sanayii

A/S*

161,092

17,890

BatiSoke

Soke

Cimento

Sanayii

TAS*

39,240

24,649

BBMG

Corp.,

Class

A

50,600

14,127

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.

Ltd.,

Class

A

9,200

22,879

Berkah

Beton

Sadaya

Tbk.

PT*‡

425,000

93

Birla

Corp.

Ltd.

327

3,753

Cementos

Argos

SA

9,936

37,420

Cemex

SAB

de

CV

326,688

408,289

China

National

Building

Material

Co.

Ltd.,

Class

H(a)

92,462

66,537

China

Resources

Building

Materials

Technology

Holdings

Ltd.

720,000

157,650

Cimsa

Cimento

Sanayi

ve

Ticaret

A/S

19,504

23,073

CSG

Holding

Co.

Ltd.,

Class

B

103,500

22,530

Dalmia

Bharat

Ltd.

1,564

35,118

EMSTEEL

Building

Materials

PJSC*

28,060

8,863

GCC

SAB

de

CV

2,953

32,192

Goldsun

Building

Materials

Co.

Ltd.

335,000

375,238

Grasim

Industries

Ltd.

5,355

164,106

Grupo

Argos

SA

4,950

25,279

Grupo

Argos

SA

(Preference)

4,140

16,449

Hanil

Cement

Co.

Ltd.

8,055

95,861

Huaxin

Building

Materials

Group

Co.

Ltd.,

Class

A

3,700

13,312

India

Cements

Ltd.

(The)*

2,773

13,798

Indocement

Tunggal

Prakarsa

Tbk.

PT

382,500

151,542

JK

Cement

Ltd.

530

31,824

JK

Lakshmi

Cement

Ltd.

720

6,075

Kuwait

Cement

Co.

KSC

10,845

14,594

Malayan

Cement

Bhd.

9,200

18,671

Nuh

Cimento

Sanayi

A/S

2,068

11,426

Nuvoco

Vistas

Corp.

Ltd.*

830

3,138

Oyak

Cimento

Fabrikalari

A/S

17,222

10,929

Qassim

Cement

Co.

(The)

18,990

216,699

Ramco

Cements

Ltd.

(The)

2,289

27,895

Rhi

Magnesita

India

Ltd.

393

1,902

Saudi

Cement

Co.

1,150

11,050

Semen

Indonesia

Persero

Tbk.

PT

1,021,500

149,102

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)

Construction

Materials

(continued)

Shree

Cement

Ltd.

225

$

66,005

Siam

Cement

PCL

(The),

NVDR

9,000

58,923

Star

Cement

Ltd.

7,008

16,759

TCC

Group

Holdings

Co.

Ltd.

137,530

115,373

TianShan

Material

Co.

Ltd.,

Class

A*

18,400

14,988

UltraTech

Cement

Ltd.

1,620

223,555

Universal

Cement

Corp.

171,776

161,842

West

China

Cement

Ltd.(a)

80,000

38,414

Yamama

Cement

Co.

34,650

248,325

3,425,237

Consumer

Finance

-

0

.6

%

AEON

Credit

Service

M

Bhd.

67,500

100,514

Arzan

Financial

Group

for

Financing

&

Investment

KPSC

17,235

18,869

Bajaj

Finance

Ltd.

36,450

368,453

Bangkok

Commercial

Asset

Management

PCL,

NVDR

544,500

138,440

Capri

Global

Capital

Ltd.

7,470

14,271

Cholamandalam

Financial

Holdings

Ltd.

1,738

31,256

Cholamandalam

Investment

and

Finance

Co.

Ltd.

5,895

104,561

CreditAccess

Grameen

Ltd.*

855

12,329

Five-Star

Business

Finance

Ltd.

1,974

9,784

Gentera

SAB

de

CV

39,588

111,254

HDB

Financial

Services

Ltd.

1,845

14,188

Hotai

Finance

Co.

Ltd.

58,846

112,942

Katilimevim

Tasarruf

Finansman

A/S

265,905

233,548

Krungthai

Card

PCL,

NVDR

18,900

17,269

L&T

Finance

Ltd.

11,562

35,992

Lufax

Holding

Ltd.*‡

18,800

19,904

Mahindra

&

Mahindra

Financial

Services

Ltd.

9,024

36,842

Manappuram

Finance

Ltd.

12,240

37,876

Muangthai

Capital

PCL,

NVDR

200

214

Muthoot

Finance

Ltd.

1,404

58,451

Poonawalla

Fincorp

Ltd.*

5,720

24,811

Qfin

Holdings,

Inc.,

Class

A

4,500

35,984

Samsung

Card

Co.

Ltd.

539

21,269

SBFC

Finance

Ltd.*

8,004

7,433

SBI

Cards

&

Payment

Services

Ltd.

2,990

24,494

Shriram

Finance

Ltd.

16,875

187,118

Srisawad

Corp.

PCL,

NVDR

4,280

3,401

Sundaram

Finance

Ltd.

1,485

85,205

Taiwan

Acceptance

Corp.

4,905

12,142

United

International

Holding

Co.*

368

15,021

Yixin

Group

Ltd.(a)(b)

46,000

16,787

1,910,622

Consumer

Staples

Distribution

&

Retail

-

1

.0

%

99

Speed

Mart

Retail

Holdings

Bhd.

18,000

18,265

Abdullah

Al

Othaim

Markets

Co.

24,390

43,309

Al-Dawaa

Medical

Services

Co.

1,935

26,440

Investments

Shares

Value

Consumer

Staples

Distribution

&

Retail

(continued)

Alibaba

Health

Information

Technology

Ltd.*(a)

52,000

$

43,413

Avenue

Supermarts

Ltd.*(b)

1,980

79,415

Berli

Jucker

PCL

500

230

Berli

Jucker

PCL,

NVDR

600

276

BGF

retail

Co.

Ltd.

2,970

250,492

Bid

Corp.

Ltd.

4,455

112,309

BIM

Birlesik

Magazalar

A/S

10,080

153,892

Boxer

Retail

Ltd.(a)

4,094

18,783

Cencosud

SA

31,860

107,955

Clicks

Group

Ltd.(a)

3,600

73,062

Corporativo

Fragua

SAB

de

CV

2,300

70,273

CP

ALL

PCL,

NVDR

102,500

141,705

CP

Axtra

PCL,

NVDR

792

372

DaShenLin

Pharmaceutical

Group

Co.

Ltd.,

Class

A

4,320

12,434

Dis-Chem

Pharmacies

Ltd.(a)(b)

11,250

25,429

Dongsuh

Cos.,

Inc.

859

15,516

E-MART,

Inc.

6,120

386,911

Ghitha

Holding

PJSC*

10,260

47,100

Grainturk

Tarim

A/S*

1,058

5,391

Great

Tree

Pharmacy

Co.

Ltd.

2,039

6,201

Grupo

Comercial

Chedraui

SA

de

CV(a)

4,623

31,972

GS

Retail

Co.

Ltd.

11,565

177,966

Guoquan

Food

Shanghai

Co.

Ltd.,

Class

H

36,000

19,637

InRetail

Peru

Corp.(b)

368

10,672

JD

Health

International,

Inc.*(b)

11,250

91,113

Lulu

Retail

Holdings

plc

25,154

7,465

Magnit

PJSC*‡

2,296

—

Medplus

Health

Services

Ltd.*

1,880

16,329

Migros

Ticaret

A/S

1,380

20,212

Philippine

Seven

Corp.

193,500

113,378

Pick

n

Pay

Stores

Ltd.*

7,176

10,770

Ping

An

Healthcare

and

Technology

Co.

Ltd.*(a)(b)

13,500

24,944

President

Chain

Store

Corp.

8,000

54,274

Puregold

Price

Club,

Inc.

40,500

24,624

Raia

Drogasil

SA

18,425

86,221

Sendas

Distribuidora

SA

22,500

36,830

Shanghai

Bailian

Group

Co.

Ltd.,

Class

A

9,200

12,102

Shoprite

Holdings

Ltd.

5,715

94,939

Sok

Marketler

Ticaret

A/S*

102,060

152,178

SPAR

Group

Ltd.

(The)*

62,145

343,556

Spinneys

1961

Holding

plc

38,655

16,419

Sumber

Alfaria

Trijaya

Tbk.

PT

289,600

30,107

Wal-Mart

de

Mexico

SAB

de

CV(a)

67,200

214,845

Yonghui

Superstores

Co.

Ltd.,

Class

A*

14,100

8,929

3,238,655

Containers

&

Packaging

-

0

.2

%

Cheng

Loong

Corp.

26,600

14,961

Klabin

SA

18,025

65,964

SCG

Packaging

PCL,

NVDR

36,800

23,391

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)

Containers

&

Packaging

(continued)

Taiwan

Hon

Chuan

Enterprise

Co.

Ltd.

90,000

$

343,184

Time

Technoplast

Ltd.

8,372

16,379

Ton

Yi

Industrial

Corp.

251,100

142,825

606,704

Distributors

-

0

.0

%

(d)

China

Tobacco

International

HK

Co.

Ltd.(b)

6,000

29,640

Silicon2

Co.

Ltd.*

276

10,163

Wuchan

Zhongda

Group

Co.

Ltd.,

Class

A

13,800

11,618

Zhejiang

China

Commodities

City

Group

Co.

Ltd.,

Class

A

7,800

18,062

69,483

Diversified

Consumer

Services

-

0

.4

%

Advtech

Ltd.

17,112

41,880

China

East

Education

Holdings

Ltd.*(b)

23,000

16,757

Cogna

Educacao

SA

653,400

567,843

Humansoft

Holding

Co.

KSC

35,100

302,622

Lung

Yen

Life

Service

Corp.*

8,448

13,476

National

Co.

for

Learning

&

Education

736

25,274

New

Oriental

Education

&

Technology

Group,

Inc.

18,000

111,968

Offcn

Education

Technology

Co.

Ltd.,

Class

A*

4,700

1,908

Taaleem

Holdings

PJSC

20,565

23,462

TAL

Education

Group,

ADR*

6,705

85,154

1,190,344

Diversified

REITs

-

0

.1

%

Axis

REIT,

REIT

69,644

35,688

Concentradora

Fibra

Danhos

SA

de

CV,

REIT(a)

27,000

42,383

Fibra

Uno

Administracion

SA

de

CV,

REIT

58,500

91,660

Growthpoint

Properties

Ltd.,

REIT

62,910

69,431

KLCCP

Stapled

Group,

REIT

9,600

22,575

Redefine

Properties

Ltd.,

REIT

158,175

61,544

SK

REITs

Co.

Ltd.,

REIT

4,738

18,302

Ziraat

Gayrimenkul

Yatirim

Ortakligi

A/S,

REIT

16,698

9,145

350,728

Diversified

Telecommunication

Services

-

1

.1

%

Chief

Telecom,

Inc.

1,104

11,243

China

Tower

Corp.

Ltd.,

Class

H(b)

99,400

143,315

Chunghwa

Telecom

Co.

Ltd.

49,609

210,448

CITIC

Telecom

International

Holdings

Ltd.

495,000

162,894

Investments

Shares

Value

Diversified

Telecommunication

Services

(continued)

Converge

Information

and

Communications

Technology

Solutions,

Inc.

47,000

$

12,372

Dayamitra

Telekomunikasi

PT

414,000

13,689

Emirates

Integrated

Telecommunications

Co.

PJSC

13,771

38,621

Emirates

Telecommunications

Group

Co.

PJSC

75,375

404,310

Etihad

GO

Telecom

Co.

900

22,340

Grupo

Televisa

SAB,

Series

CPO

733,500

484,151

Hellenic

Telecommunications

Organization

SA

4,590

86,112

HFCL

Ltd.

41,400

30,879

Indus

Towers

Ltd.*

15,390

74,334

LG

Uplus

Corp.

3,683

40,939

Magyar

Telekom

Telecommunications

plc

9,240

57,679

Ooredoo

QPSC

29,340

114,427

Operadora

De

Sites

Mexicanos

SAB

de

CV,

Class

1,

Series

A-1

13,800

12,927

PT

Tower

Bersama

Infrastructure

Tbk.

120,520

12,817

Railtel

Corp.

of

India

Ltd.

3,796

14,584

Rostelecom

PJSC*‡

33,770

—

Rostelecom

PJSC

(Preference)*‡

15,392

—

Sarana

Menara

Nusantara

Tbk.

PT

7,155,084

223,796

Saudi

Telecom

Co.

24,615

291,387

Space42

plc*

44,482

18,167

Tata

Communications

Ltd.

1,610

27,487

Tata

Teleservices

Maharashtra

Ltd.*

36,900

18,316

Telecom

Egypt

Co.

14,030

23,468

Telefonica

Brasil

SA

17,260

123,230

Telekom

Malaysia

Bhd.

27,000

54,110

Telkom

Indonesia

Persero

Tbk.

PT

999,000

214,263

Telkom

SA

SOC

Ltd.(a)

98,505

363,002

TIME

dotCom

Bhd.

15,400

23,323

Turk

Telekomunikasyon

A/S*

19,746

30,192

3,358,822

Electric

Utilities

-

1

.0

%

Adani

Energy

Solutions

Ltd.*

4,500

43,773

Axia

Energia

22,500

233,658

Axia

Energia

(Preference),

Class

B

4,500

49,688

Celsia

SA

168,750

241,890

CESC

Ltd.

10,345

16,887

CEZ

A/S(a)

2,160

124,707

Chongqing

Three

Gorges

Water

Conservancy

&

Electric

Power

Co.

Ltd.,

Class

A

9,400

9,267

Cia

Energetica

de

Minas

Gerais

6,110

17,610

Cia

Energetica

de

Minas

Gerais

(Preference)

42,512

93,216

Cia

Paranaense

de

Energia

-

Copel

14,100

35,496

CPFL

Energia

SA

4,700

46,196

Enel

Americas

SA

316,204

30,224

Enel

Chile

SA

590,868

50,754

Energisa

SA

5,280

51,443

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)

Electric

Utilities

(continued)

Enerjisa

Enerji

A/S(b)

7,676

$

18,479

Engie

Energia

Chile

SA

151,200

271,420

Equatorial

SA

29,413

229,886

Federal

Grid

Co.

-

Rosseti

PJSC

(Registered),

Class

D*‡

22,532,366

—

Inter

RAO

UES

PJSC*‡

1,596,292

—

Interconexion

Electrica

SA

ESP

10,485

86,576

Isa

Energia

Brasil

SA

(Preference)

9,100

48,424

Korea

Electric

Power

Corp.*

5,850

236,943

Manila

Electric

Co.

6,300

63,128

Mosenergo

PJSC*‡

4,455,000

—

Neoenergia

SA

13,500

83,544

Power

Grid

Corp.

of

India

Ltd.

60,435

168,518

Public

Power

Corp.

SA

4,410

104,717

Reliance

Infrastructure

Ltd.*

74,430

108,456

RusHydro

PJSC*‡

2,361,000

—

Saudi

Electricity

Co.

16,065

61,678

SJVN

Ltd.

13,152

10,366

Synergy

Grid

&

Development

Phils,

Inc.

441,000

143,803

Tata

Power

Co.

Ltd.

(The)

25,515

101,602

Tenaga

Nasional

Bhd.

108,000

381,918

Torrent

Power

Ltd.

1,932

29,144

Transmissora

Alianca

de

Energia

Eletrica

SA

5,000

39,757

3,233,168

Electrical

Equipment

-

1

.6

%

ABB

India

Ltd.

825

50,031

AcBel

Polytech,

Inc.

35,683

56,467

Allis

Electric

Co.

Ltd.

6,606

25,924

Amara

Raja

Energy

&

Mobility

Ltd.

3,735

34,082

Astor

Transformator

Enerji

Turizm

Insaat

ve

Petrol

Sanayi

Ticaret

A/S,

Class

B

5,760

21,163

Bharat

Heavy

Electricals

Ltd.

17,010

48,578

Bizlink

Holding,

Inc.

2,893

119,507

Cenergy

Holdings

SA(a)

966

22,295

CG

Power

&

Industrial

Solutions

Ltd.

10,170

64,572

Chicony

Power

Technology

Co.

Ltd.

45,000

115,682

China

XD

Electric

Co.

Ltd.,

Class

A

5,000

10,434

Chung-Hsin

Electric

&

Machinery

Manufacturing

Corp.

7,728

41,378

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

H(a)

1,400

88,019

CS

Wind

Corp.*

7,785

219,856

CyberPower

Systems,

Inc.

22,585

130,974

Dongfang

Electric

Corp.

Ltd.,

Class

A

5,000

17,882

Dongfang

Electric

Corp.

Ltd.,

Class

H(a)

9,200

29,992

Doosan

Enerbility

Co.

Ltd.*

5,940

373,881

Doosan

Fuel

Cell

Co.

Ltd.*

690

16,274

Ecopro

BM

Co.

Ltd.*

675

108,795

Ecopro

Co.

Ltd.

1,396

157,600

Ecopro

Materials

Co.

Ltd.*

506

23,729

Investments

Shares

Value

Electrical

Equipment

(continued)

Elecon

Engineering

Co.

Ltd.

3,552

$

15,758

Electrical

Industries

Co.

10,935

39,883

Fangda

Carbon

New

Material

Co.

Ltd.,

Class

A

5,300

4,386

Farasis

Energy

Gan

Zhou

Co.

Ltd.,

Class

A*

784

1,641

Finolex

Cables

Ltd.

2,760

21,670

Fortune

Electric

Co.

Ltd.

3,543

109,206

GE

Vernova

T&D

India

Ltd.

1,350

47,408

GEM

Co.

Ltd.,

Class

A

7,300

9,413

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

A

9,000

33,819

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

H(a)

18,000

33,581

Graphite

India

Ltd.

2,629

17,642

Gulf

Cables

&

Electrical

Industries

Group

Co.

KSCP

3,008

19,701

Harbin

Electric

Co.

Ltd.,

Class

H

220,000

558,613

Havells

India

Ltd.

3,330

46,518

HBL

Engineering

Ltd.

2,565

21,850

HD

Hyundai

Electric

Co.

Ltd.

315

194,550

HEG

Ltd.

2,565

15,113

Hitachi

Energy

India

Ltd.

199

40,805

Hyosung

Heavy

Industries

Corp.*

46

83,186

Iljin

Electric

Co.

Ltd.*

611

28,440

Inox

Wind

Ltd.*

4,500

5,280

Jiangsu

Zhongtian

Technology

Co.

Ltd.,

Class

A

4,500

14,468

KEI

Industries

Ltd.

947

41,397

L&F

Co.

Ltd.*

270

23,691

LG

Energy

Solution

Ltd.*

585

161,755

LS

Corp.

630

100,229

LS

Eco

Energy

Ltd.*

585

16,765

LS

Electric

Co.

Ltd.*

180

70,780

LS

Materials

Ltd.*

2,438

29,353

Ming

Yang

Smart

Energy

Group

Ltd.,

Class

A

4,500

15,025

Minmetals

New

Energy

Materials

Hunan

Co.

Ltd.,

Class

A*

15,480

22,211

NARI

Technology

Co.

Ltd.,

Class

A

9,700

35,179

Ningbo

Deye

Technology

Co.

Ltd.,

Class

A

1,764

21,317

Ningbo

Ronbay

New

Energy

Technology

Co.

Ltd.,

Class

A

3,496

15,421

Ningbo

Sanxing

Medical

Electric

Co.

Ltd.,

Class

A

4,500

15,303

Polycab

India

Ltd.

945

72,051

POSCO

Future

M

Co.

Ltd.*

503

78,102

REPT

BATTERO

Energy

Co.

Ltd.,

Class

H*

9,200

13,594

Riyadh

Cables

Group

Co.

720

25,090

RR

Kabel

Ltd.

1,380

20,608

Sanil

Electric

Co.

Ltd.*

276

28,283

Schneider

Electric

Infrastructure

Ltd.*

1,400

10,544

Shanghai

Electric

Group

Co.

Ltd.,

Class

A*

24,000

30,084

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)

Electrical

Equipment

(continued)

Shihlin

Electric

&

Engineering

Corp.

5,136

$

37,374

Shinsung

Delta

Tech

Co.

Ltd.*

368

20,376

Sichuan

Huafeng

Technology

Co.

Ltd.,

Class

A*

1,755

23,742

Siemens

Energy

India

Ltd.

720

19,468

SK

IE

Technology

Co.

Ltd.*(b)

644

12,237

State

Grid

Yingda

Co.

Ltd.,

Class

A

18,400

17,715

Suzhou

Veichi

Electric

Co.

Ltd.,

Class

A

1,305

17,782

Suzlon

Energy

Ltd.*

171,360

88,803

Ta

Ya

Electric

Wire

&

Cable

16,625

21,950

Taihan

Cable

&

Solution

Co.

Ltd.*

1,021

20,854

Tatung

Co.

Ltd.

29,275

36,187

TBEA

Co.

Ltd.,

Class

A

4,550

17,811

TD

Power

Systems

Ltd.

1,980

15,702

Teco

Electric

and

Machinery

Co.

Ltd.

22,000

57,185

Transformers

&

Rectifiers

India

Ltd.

7,065

18,137

Triveni

Turbine

Ltd.

2,700

14,748

V-Guard

Industries

Ltd.

4,754

18,189

Voltronic

Power

Technology

Corp.

1,000

27,105

Walsin

Lihwa

Corp.

58,163

80,397

WEG

SA

22,300

220,293

Xi'An

Shaangu

Power

Co.

Ltd.,

Class

A

9,200

14,114

XTC

New

Energy

Materials

Xiamen

Co.

Ltd.,

Class

A

1,021

12,681

Zhejiang

Chint

Electrics

Co.

Ltd.,

Class

A

4,500

18,930

Zhejiang

Huayou

Cobalt

Co.

Ltd.,

Class

A

4,840

50,152

Zhuhai

CosMX

Battery

Co.

Ltd.,

Class

A

5,106

14,212

4,882,972

Electronic

Equipment,

Instruments

&

Components

-

3

.8

%

AAC

Technologies

Holdings,

Inc.

13,000

61,590

All

Ring

Tech

Co.

Ltd.

2,000

24,150

Anhui

XDLK

Microsystem

Corp.

Ltd.,

Class

A

1,665

16,141

Asia

Optical

Co.,

Inc.

7,296

37,906

AUO

Corp.

135,000

58,985

Avary

Holding

Shenzhen

Co.

Ltd.,

Class

A

4,100

33,674

BOE

Technology

Group

Co.

Ltd.,

Class

A

56,400

35,471

Cal-Comp

Electronics

Thailand

PCL,

NVDR

131,600

19,992

Chang

Wah

Electromaterials,

Inc.

10,200

14,974

Channel

Well

Technology

Co.

Ltd.

74,289

147,775

Cheng

Uei

Precision

Industry

Co.

Ltd.

115,290

142,327

China

Railway

Signal

&

Communication

Corp.

Ltd.,

Class

A

21,630

17,121

Investments

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

China

Railway

Signal

&

Communication

Corp.

Ltd.,

Class

H(a)(b)

52,000

$

24,370

Chroma

ATE,

Inc.

5,583

173,859

Chunghwa

Precision

Test

Tech

Co.

Ltd.

720

75,615

Compeq

Manufacturing

Co.

Ltd.

33,000

177,216

Coretronic

Corp.

9,168

25,607

Daeduck

Electronics

Co.

Ltd.

1,668

73,353

Daejoo

Electronic

Materials

Co.

Ltd.

460

24,224

DataTec

Ltd.

69,108

330,857

Delta

Electronics

Thailand

PCL,

NVDR

58,600

381,789

Delta

Electronics,

Inc.

25,287

980,303

Delton

Technology

Guangzhou,

Inc.,

Class

A

1,200

18,132

Dynapack

International

Technology

Corp.

2,935

31,570

E

Ink

Holdings,

Inc.

14,429

80,237

Elite

Material

Co.

Ltd.

4,163

230,837

Everdisplay

Optronics

Shanghai

Co.

Ltd.,

Class

A*

47,586

18,148

First

Hi-Tec

Enterprise

Co.

Ltd.

2,000

18,939

FLEXium

Interconnect,

Inc.*

8,432

15,969

Fositek

Corp.

1,000

45,281

Foxconn

Industrial

Internet

Co.

Ltd.,

Class

A

9,000

74,736

Foxconn

Technology

Co.

Ltd.

22,261

40,603

Fulltech

Fiber

Glass

Corp.*

9,823

28,654

General

Interface

Solution

GIS

Holding

Ltd.*

11,191

13,940

Genius

Electronic

Optical

Co.

Ltd.

2,150

31,017

Genus

Power

Infrastructures

Ltd.

5,088

15,637

Global

Brands

Manufacture

Ltd.

10,211

35,205

GoerTek,

Inc.,

Class

A

3,800

14,219

Gold

Circuit

Electronics

Ltd.

5,240

116,722

Hannstar

Board

Corp.

90,000

280,839

HannStar

Display

Corp.*

23,288

6,172

Hanwha

Vision

Co.

Ltd.*

460

19,750

Holy

Stone

Enterprise

Co.

Ltd.

3,250

10,792

Hon

Hai

Precision

Industry

Co.

Ltd.

270,000

1,891,802

I-Chiun

Precision

Industry

Co.

Ltd.

3,054

12,422

Innolux

Corp.

94,000

65,116

IRICO

Display

Devices

Co.

Ltd.,

Class

A*

13,800

13,346

IsuPetasys

Co.

Ltd.

810

66,121

ITEQ

Corp.

6,096

20,630

ITMAX

SYSTEM

Bhd.

13,800

17,819

JNTC

Co.

Ltd.*

799

13,516

Kaynes

Technology

India

Ltd.*

535

20,213

KCE

Electronics

PCL,

NVDR

40,100

23,959

Kingboard

Holdings

Ltd.

18,000

72,925

Kingboard

Laminates

Holdings

Ltd.

9,000

17,044

Largan

Precision

Co.

Ltd.

2,400

183,794

Lelon

Electronics

Corp.

36,108

123,917

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)

Electronic

Equipment,

Instruments

&

Components

(continued)

LG

Display

Co.

Ltd.*

5,626

$

45,613

LG

Innotek

Co.

Ltd.

322

54,808

Lingyi

iTech

Guangdong

Co.,

Class

A

6,500

13,695

Lotes

Co.

Ltd.

1,500

68,160

Lotte

Energy

Materials

Corp.*

675

18,218

Luxshare

Precision

Industry

Co.

Ltd.,

Class

A

8,300

61,744

MH

Development

Ltd.*‡

22,000

—

Mloptic

Corp.,

Class

A

315

17,720

Nan

Ya

Printed

Circuit

Board

Corp.

1,664

20,542

Nationgate

Holdings

Bhd.

275,700

69,589

Nichidenbo

Corp.

10,677

31,383

Pan-International

Industrial

Corp.

20,845

34,179

Park

Systems

Corp.*

138

29,097

PG

Electroplast

Ltd.

4,320

25,722

Primax

Electronics

Ltd.

149,600

374,119

Quest

Holdings

SA(a)

8,235

68,969

Raytron

Technology

Co.

Ltd.,

Class

A

343

5,574

Redington

Ltd.

194,940

575,257

RoboSense

Technology

Co.

Ltd.*(a)

4,900

21,395

Robostar

Co.

Ltd.*

270

16,676

Robotis

Co.

Ltd.*

90

21,165

Samsung

Electro-Mechanics

Co.

Ltd.

765

148,280

Samsung

SDI

Co.

Ltd.*

765

207,274

Scientech

Corp.

1,000

10,391

Shanghai

BOCHU

Electronic

Technology

Corp.

Ltd.,

Class

A

736

16,034

Shengyi

Technology

Co.

Ltd.,

Class

A

4,100

40,684

Shenzhen

SEICHI

Technologies

Co.

Ltd.,

Class

A

540

22,221

Simplo

Technology

Co.

Ltd.

4,656

51,117

Sinbon

Electronics

Co.

Ltd.

4,561

33,842

Solomon

Technology

Corp.

3,078

12,911

Sunny

Optical

Technology

Group

Co.

Ltd.(a)

10,400

83,363

SUPCON

Technology

Co.

Ltd.,

Class

A

1,702

20,534

Supreme

Electronics

Co.

Ltd.

175,442

471,636

Suzhou

Dongshan

Precision

Manufacturing

Co.

Ltd.,

Class

A

1,000

11,133

Synnex

Technology

International

Corp.

36,401

75,763

Syrma

SGS

Technology

Ltd.

1,656

13,700

Taiwan

Surface

Mounting

Technology

Corp.

90,000

263,680

Taiwan

Union

Technology

Corp.

4,128

65,980

TCL

Technology

Group

Corp.,

Class

A

36,260

25,309

Test

Research,

Inc.

4,350

24,881

Thinking

Electronic

Industrial

Co.

Ltd.

2,688

14,264

Tong

Hsing

Electronic

Industries

Ltd.

2,783

12,425

TPK

Holding

Co.

Ltd.

9,050

11,172

Tripod

Technology

Corp.

7,930

94,369

TXC

Corp.

4,608

12,651

Investments

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Unimicron

Technology

Corp.

19,902

$

239,368

Unisplendour

Corp.

Ltd.,

Class

A

4,600

16,564

Unitech

Printed

Circuit

Board

Corp.

234,446

385,901

Universal

Microwave

Technology,

Inc.

1,000

34,795

Wah

Lee

Industrial

Corp.

68,810

272,223

Walsin

Technology

Corp.

5,952

25,817

Wasion

Holdings

Ltd.

160,000

491,696

Wintek

Corp.*‡

64,000

—

WPG

Holdings

Ltd.

32,200

65,792

WT

Microelectronics

Co.

Ltd.

19,672

97,516

Wuhan

Guide

Infrared

Co.

Ltd.,

Class

A*

4,500

10,744

Yageo

Corp.

26,597

234,530

Zero

One

Technology

Co.

Ltd.

2,000

7,086

Zhejiang

Dahua

Technology

Co.

Ltd.,

Class

A

5,200

14,189

Zhen

Ding

Technology

Holding

Ltd.

17,150

106,540

11,887,322

Energy

Equipment

&

Services

-

0

.2

%

Ades

Holding

Co.

3,195

16,381

ADNOC

Drilling

Co.

PJSC

31,940

46,353

Arabian

Drilling

Co.

598

16,757

China

Oilfield

Services

Ltd.,

Class

A

5,000

11,909

China

Oilfield

Services

Ltd.,

Class

H

18,000

19,752

China

Petroleum

Engineering

Corp.,

Class

A

27,800

16,724

COFCO

Capital

Holdings

Co.

Ltd.,

Class

A

4,900

7,997

Dialog

Group

Bhd.

79,100

32,908

Gulf

International

Services

QSC

475,425

364,828

NMDC

Energy

40,365

27,477

Offshore

Oil

Engineering

Co.

Ltd.,

Class

A

23,500

22,558

Yinson

Holdings

Bhd.

39,688

23,760

607,404

Entertainment

-

0

.5

%

China

Ruyi

Holdings

Ltd.*(a)

132,000

36,509

CJ

CGV

Co.

Ltd.*

23,895

100,434

CJ

ENM

Co.

Ltd.*

506

26,295

Damai

Entertainment

Holdings

Ltd.*

130,000

16,480

HYBE

Co.

Ltd.

270

70,154

International

Games

System

Co.

Ltd.

3,640

82,817

iQIYI,

Inc.,

ADR*(a)

9,405

19,562

JYP

Entertainment

Corp.*

480

24,610

Kakao

Games

Corp.*

828

10,216

Kingsoft

Corp.

Ltd.(a)

16,400

63,251

Krafton,

Inc.*

450

79,408

MD

Entertainment

Tbk.

PT*‡

35,755

30,829

MNC

Digital

Entertainment

Tbk.

PT*

598,500

13,550

Nazara

Technologies

Ltd.*

4,784

14,791

NCSoft

Corp.

92

14,988

NetEase

Cloud

Music,

Inc.*(a)(b)

950

21,957

NetEase,

Inc.

22,500

590,612

Netmarble

Corp.*(b)

276

10,124

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)

Entertainment

(continued)

NHN

Corp.

3,870

$

86,842

Pearl

Abyss

Corp.*

990

39,341

Perfect

World

Co.

Ltd.,

Class

A

4,100

11,117

Prime

Focus

Ltd.*

6,435

15,784

PVR

Inox

Ltd.*

2,385

25,274

Saregama

India

Ltd.

5,535

20,290

SHIFT

UP

Corp.*

900

21,759

SM

Entertainment

Co.

Ltd.*

144

11,605

SMI

Holdings

Group

Ltd.*‡

72,000

—

Studio

Dragon

Corp.*

460

15,755

Tencent

Music

Entertainment

Group,

Class

A

14,254

119,548

Wemade

Co.

Ltd.*

1,305

29,601

XD,

Inc.(b)

6,000

66,033

XPEC

Entertainment,

Inc.*‡

14,800

—

YG

Entertainment,

Inc.*

423

21,952

1,711,488

Financial

Services

-

1

.3

%

Aavas

Financiers

Ltd.*

1,853

29,436

Aditya

Birla

Capital

Ltd.*

13,647

50,412

Aptus

Value

Housing

Finance

India

Ltd.

6,532

19,556

Bajaj

Finserv

Ltd.

5,400

114,625

Bajaj

Holdings

&

Investment

Ltd.

440

51,659

Bajaj

Housing

Finance

Ltd.*

21,375

21,106

Borusan

Yatirim

ve

Pazarlama

A/S

230

12,174

Can

Fin

Homes

Ltd.

2,250

22,808

Chailease

Holding

Co.

Ltd.

38,828

128,316

Corp.

Financiera

Colombiana

SA*

34,920

192,227

CSSC

Hong

Kong

Shipping

Co.

Ltd.

(a)(b)

540,000

147,970

Destek

Finans

Faktoring

A/S*

1,288

23,691

E-Finance

for

Digital

&

Financial

Investments

67,298

31,046

Far

East

Horizon

Ltd.

50,000

50,002

Fawry

for

Banking

&

Payment

Technology

Services

SAE*

44,933

16,411

FirstRand

Ltd.

128,835

743,407

Global

Yatirim

Holding

A/S

373,455

126,138

Grupo

de

Inversiones

Suramericana

SA

2,205

37,556

Grupo

de

Inversiones

Suramericana

SA

(Preference)

3,690

52,390

Home

First

Finance

Co.

India

Ltd.(b)

1,932

24,756

Housing

&

Urban

Development

Corp.

Ltd.

7,450

15,522

IIFL

Finance

Ltd.

5,760

33,106

India

Shelter

Finance

Corp.

Ltd.

1,012

8,829

Indian

Railway

Finance

Corp.

Ltd.(b)

25,619

33,448

Indian

Renewable

Energy

Development

Agency

Ltd.*

12,600

18,092

Inversiones

la

Construccion

SA

10,350

261,365

Jio

Financial

Services

Ltd.

41,220

114,042

JSW

Holdings

Ltd.*

94

18,154

Investments

Shares

Value

Financial

Services

(continued)

Kakaopay

Corp.*

495

$

21,803

LIC

Housing

Finance

Ltd.

8,595

49,176

Meritz

Financial

Group,

Inc.

1,800

145,811

National

Investments

Co.

KSCP

143,460

126,679

One

97

Communications

Ltd.*

3,735

46,186

PNB

Housing

Finance

Ltd.(b)

1,056

9,441

Power

Finance

Corp.

Ltd.

32,805

135,285

REC

Ltd.

29,385

116,310

Remgro

Ltd.

11,025

126,120

Sammaan

Capital

Ltd.*

252,450

413,608

SY

Holdings

Group

Ltd.(b)

12,000

17,793

Turkiye

Sinai

Kalkinma

Bankasi

A/S*

448,515

144,994

Yuanta

Financial

Holding

Co.

Ltd.

175,630

240,256

3,991,706

Food

Products

-

2

.2

%

Alicorp

SAA

97,605

334,063

Almarai

Co.

JSC

5,715

67,196

Anjoy

Foods

Group

Co.

Ltd.,

Class

A

500

6,427

AVI

Ltd.

5,424

36,357

AWL

Agri

Business

Ltd.*

3,312

7,704

Balrampur

Chini

Mills

Ltd.

3,850

17,593

Beijing

Dabeinong

Technology

Group

Co.

Ltd.,

Class

A

27,000

17,835

Betagro

PCL

224,400

121,240

Bikaji

Foods

International

Ltd.

1,845

13,194

Bombay

Burmah

Trading

Co.

6,390

119,433

Britannia

Industries

Ltd.

1,800

114,677

CCL

Products

India

Ltd.

2,597

27,399

Century

Pacific

Food,

Inc.

17,700

11,438

Charoen

Pokphand

Enterprise

4,272

20,159

Charoen

Pokphand

Foods

PCL,

NVDR

77,400

50,919

Charoen

Pokphand

Indonesia

Tbk.

PT

45,080

11,898

Cherkizovo

Group

PJSC*‡

2,594

—

China

Feihe

Ltd.(a)(b)

90,000

44,714

China

Huiyuan

Juice

Group

Ltd.*‡

24,000

—

China

Mengniu

Dairy

Co.

Ltd.

78,000

162,798

China

Modern

Dairy

Holdings

Ltd.(a)

90,000

17,862

China

Youran

Dairy

Group

Ltd.*(a)(b)

405,000

230,771

Chongqing

Fuling

Zhacai

Group

Co.

Ltd.,

Class

A

3,120

5,954

Cisarua

Mountain

Dairy

PT

Tbk.

36,800

11,181

CJ

CheilJedang

Corp.

141

20,914

Dekon

Food

and

Agriculture

Group,

Class

H(b)

27,000

243,390

Dharma

Satya

Nusantara

Tbk.

PT

1,206,000

98,794

Dongwon

Industries

Co.

Ltd.

2,970

85,733

Farm

Fresh

Bhd.

23,000

16,687

Foshan

Haitian

Flavouring

&

Food

Co.

Ltd.,

Class

A

5,280

26,824

Genting

Plantations

Bhd.

13,800

18,064

Godrej

Agrovet

Ltd.(b)

414

2,401

Great

Wall

Enterprise

Co.

Ltd.

249,650

403,787

Gruma

SAB

de

CV,

Class

B

3,600

65,307

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)

Food

Products

(continued)

Grupo

Bimbo

SAB

de

CV,

Class

A,

Series

A(a)

20,668

$

72,321

Grupo

Herdez

SAB

de

CV

31,500

134,157

Guan

Chong

Bhd.

261,033

45,691

Guangdong

Haid

Group

Co.

Ltd.,

Class

A

1,900

14,085

Heilongjiang

Agriculture

Co.

Ltd.,

Class

A

5,500

13,852

Henan

Shuanghui

Investment

&

Development

Co.

Ltd.,

Class

A

2,700

9,979

Huishan

Dairy*‡

158,000

—

Indofood

CBP

Sukses

Makmur

Tbk.

PT

42,400

20,082

Indofood

Sukses

Makmur

Tbk.

PT

81,000

32,815

Inner

Mongolia

Yili

Industrial

Group

Co.

Ltd.,

Class

A

5,700

21,607

IOI

Corp.

Bhd.

32,900

33,301

Japfa

Comfeed

Indonesia

Tbk.

PT

1,813,500

299,279

Jiangxi

Zhengbang

Technology

Co.

Ltd.,

Class

A*

31,500

14,960

Johor

Plantations

Group

Bhd.

328,500

126,667

Jonjee

Hi-Tech

Industrial

and

Commercial

Holding

Co.

Ltd.,

Class

A

4,600

11,817

Juhayna

Food

Industries

143,100

84,616

Kim

Loong

Resources

Bhd.

23,000

14,003

Kuala

Lumpur

Kepong

Bhd.

4,692

23,210

Kwality

Wall's

India

Ltd.*‡

11,970

5,231

Leong

Hup

International

Bhd.(b)

598,500

119,943

Lian

HWA

Food

Corp.

2,214

6,620

Lien

Hwa

Industrial

Holdings

Corp.

19,619

28,646

Lotte

Wellfood

Co.

Ltd.

855

69,082

LT

Foods

Ltd.

3,911

15,850

M

Dias

Branco

SA

36,000

170,733

Marico

Ltd.

9,225

73,188

Mayora

Indah

Tbk.

PT

121,500

16,721

MBRF

Global

Foods

Co.

SA

13,500

48,141

Mezzan

Holding

Co.

KSCC

3,330

11,035

Minerva

SA

139,500

164,931

Monde

Nissin

Corp.(b)

270,000

26,138

Muyuan

Foods

Co.

Ltd.,

Class

A

9,120

60,376

National

Agriculture

Development

Co.

(The)*

2,340

12,340

Nestle

India

Ltd.

10,260

148,612

Nestle

Malaysia

Bhd.

700

19,888

New

Hope

Liuhe

Co.

Ltd.,

Class

A

4,300

5,594

NongShim

Co.

Ltd.*

53

15,004

Orion

Corp.

315

25,714

Orion

Holdings

Corp.

7,695

111,731

Otoki

Corp.

495

132,743

Patanjali

Foods

Ltd.

3,036

16,515

PPB

Group

Bhd.

18,280

52,401

QL

Resources

Bhd.

33,392

34,053

Samyang

Foods

Co.

Ltd.

52

42,629

Sarawak

Oil

Palms

Bhd.

76,500

74,326

Investments

Shares

Value

Food

Products

(continued)

Saudia

Dairy

&

Foodstuff

Co.

294

$

18,954

Savola

Group

(The)*

4,680

29,734

SD

Guthrie

Bhd.

28,203

41,782

Shiyue

Daotian

Group

Co.

Ltd.,

Class

H

108,000

123,769

Sigma

Foods

SAB

de

CV,

Class

A(a)

85,500

85,120

SLC

Agricola

SA

70,875

217,273

Standard

Foods

Corp.

135,000

124,404

Tata

Consumer

Products

Ltd.

9,168

113,011

Thai

Union

Group

PCL,

NVDR

45,000

16,876

Thai

Vegetable

Oil

PCL,

NVDR

166,400

123,749

Thaifoods

Group

PCL,

NVDR

972,000

147,043

Tiger

Brands

Ltd.(a)

3,735

78,601

Tingyi

Cayman

Islands

Holding

Corp.

36,000

54,670

Tres

Tentos

Agroindustrial

SA

45,000

143,022

Triputra

Agro

Persada

PT

234,000

20,842

Ulker

Biskuvi

Sanayi

A/S

59,220

184,363

Uni-President

China

Holdings

Ltd.

28,000

28,288

Uni-President

Enterprises

Corp.

69,053

157,328

United

Plantations

Bhd.

3,200

24,548

Universal

Robina

Corp.

13,770

16,604

Want

Want

China

Holdings

Ltd.

47,000

28,406

Yihai

International

Holding

Ltd.(a)

15,000

28,234

Zad

Holding

Co.

4,815

19,189

Zydus

Wellness

Ltd.

4,410

21,492

6,760,642

Gas

Utilities

-

0

.5

%

Adani

Total

Gas

Ltd.

2,567

14,705

Aygaz

A/S

19,485

107,433

Beijing

Enterprises

Holdings

Ltd.

8,500

38,529

China

Gas

Holdings

Ltd.

54,000

53,518

China

Resources

Gas

Group

Ltd.(a)

18,000

49,554

ENN

Energy

Holdings

Ltd.

15,100

130,221

ENN

Natural

Gas

Co.

Ltd.,

Class

A

9,000

25,270

GAIL

India

Ltd.

63,180

114,900

Great

Taipei

Gas

Co.

Ltd.

25,547

24,273

Grupo

Energia

Bogota

SA

ESP

63,540

56,708

Gujarat

Gas

Ltd.

2,679

12,388

Gujarat

State

Petronet

Ltd.

6,462

21,398

Indraprastha

Gas

Ltd.

4,710

9,108

Korea

Gas

Corp.*

999

27,866

Kunlun

Energy

Co.

Ltd.

90,000

92,193

Mahanagar

Gas

Ltd.(b)

17,955

205,496

National

Gas

&

Industrialization

Co.

1,155

27,407

Perusahaan

Gas

Negara

Tbk.

PT

154,790

19,550

Petronas

Gas

Bhd.

13,500

62,945

Promigas

SA

124,965

234,296

Towngas

Smart

Energy

Co.

Ltd.(a)

315,290

148,164

1,475,922

Ground

Transportation

-

0

.3

%

ANE

Cayman,

Inc.

202,500

315,819

BTS

Group

Holdings

PCL,

NVDR*

275,448

19,084

China

Railway

Special

Cargo

Logistics

Co.

Ltd.,

Class

A

18,400

11,148

Container

Corp.

of

India

Ltd.

1,854

10,123

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)

Ground

Transportation

(continued)

Daqin

Railway

Co.

Ltd.,

Class

A

37,400

$

27,020

Dubai

Taxi

Co.

PJSC

21,690

16,772

Full

Truck

Alliance

Co.

Ltd.,

ADR

9,630

95,337

GMexico

Transportes

SAB

de

CV(a)

(b)

9,000

17,692

Guangshen

Railway

Co.

Ltd.,

Class

A

27,600

12,433

GUR-Sel

Turizm

Tasimacilik

ve

Servis

Ticaret

A/S

8,100

70,818

LDR

Turizm

A/S

8,510

14,088

Localiza

Rent

a

Car

SA

23,106

213,559

Lotte

Rental

Co.

Ltd.

3,600

77,157

Rumo

SA

18,000

50,745

United

International

Transportation

Co.

1,012

16,337

968,132

Health

Care

Equipment

&

Supplies

-

0

.1

%

Angelalign

Technology,

Inc.(a)(b)

2,000

17,568

Classys,

Inc.*

144

7,433

Hartalega

Holdings

Bhd.*

85,500

19,954

HLB,

Inc.*

1,845

71,139

Kossan

Rubber

Industries

Bhd.

35,000

8,968

Microport

Scientific

Corp.*(a)

13,598

20,494

Seers

Technology

Co.

Ltd.*

225

25,651

Shandong

Weigao

Group

Medical

Polymer

Co.

Ltd.,

Class

H

54,000

34,572

Shanghai

Conant

Optical

Co.

Ltd.,

Class

H(a)

3,500

28,033

Shanghai

MicroPort

MedBot

Group

Co.

Ltd.,

Class

H*

8,500

30,714

Shanghai

United

Imaging

Healthcare

Co.

Ltd.,

Class

A

890

16,562

Top

Glove

Corp.

Bhd.

41,400

6,406

287,494

Health

Care

Providers

&

Services

-

1

.0

%

160

Health

International

Ltd.*

2,500

26,986

Al

Hammadi

Holding

1,840

13,648

Almoosa

Health

Co.

460

19,819

Apollo

Hospitals

Enterprise

Ltd.

1,395

105,557

Aster

DM

Healthcare

Ltd.(b)

1,518

9,112

Bangkok

Chain

Hospital

PCL,

NVDR

20,800

6,677

Bangkok

Dusit

Medical

Services

PCL,

NVDR

39,400

25,169

Bumrungrad

Hospital

PCL,

NVDR

4,900

26,084

Burjeel

Holdings

plc

55,935

19,190

Chabiotech

Co.

Ltd.*

2,025

30,739

Dallah

Healthcare

Co.

585

19,340

Dr

Lal

PathLabs

Ltd.(b)

1,644

25,191

Dr

Soliman

Abdel

Kader

Fakeeh

Hospital

Co.

2,205

20,847

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

1,395

97,297

Fleury

SA

72,000

228,560

Fortis

Healthcare

Ltd.

7,130

66,000

Investments

Shares

Value

Health

Care

Providers

&

Services

(continued)

Genertec

Universal

Medical

Group

Co.

Ltd.(b)

270,000

$

212,274

Global

Health

Ltd.

1,978

22,660

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co.

Ltd.,

Class

A

4,600

16,716

Hanmi

Science

Co.

Ltd.*

552

16,298

Hapvida

Participacoes

e

Investimentos

SA*(b)

7,633

18,953

HealthCare

Global

Enterprises

Ltd.*

1,890

12,164

Hygeia

Healthcare

Holdings

Co.

Ltd.*(a)(b)

10,200

16,744

IHH

Healthcare

Bhd.

27,000

61,370

Jointown

Pharmaceutical

Group

Co.

Ltd.,

Class

A

18,400

14,088

KPJ

Healthcare

Bhd.

49,024

34,449

Krishna

Institute

of

Medical

Sciences

Ltd.*(b)

4,320

28,354

Life

Healthcare

Group

Holdings

Ltd.

(a)

439,830

304,967

Max

Healthcare

Institute

Ltd.

9,360

97,357

Medikaloka

Hermina

Tbk.

PT(b)

360,094

28,533

Metropolis

Healthcare

Ltd.(b)

1,104

22,479

Middle

East

Healthcare

Co.

2,700

25,584

Mitra

Keluarga

Karyasehat

Tbk.

PT(b)

100,200

14,208

MLP

Saglik

Hizmetleri

A/S,

Class

B*(b)

20,700

224,646

Mouwasat

Medical

Services

Co.

1,080

20,041

Narayana

Hrudayalaya

Ltd.(b)

1,200

23,063

National

Medical

Care

Co.

782

33,046

Netcare

Ltd.(a)

422,910

408,736

New

Horizon

Health

Ltd.,

Class

D*‡

4,000

574

Odontoprev

SA

81,090

174,089

Pure

Health

Holding

PJSC

71,685

53,286

Rainbow

Children's

Medicare

Ltd.

1,794

22,196

Ramkhamhaeng

Hospital

PCL,

NVDR

600

345

Ramkhamhaeng

Hospital

PCL,

Class

F

27,000

15,531

Rede

D'Or

Sao

Luiz

SA(b)

18,000

145,738

Saudi

Chemical

Co.

Holding

13,754

28,090

Sejahteraraya

Anugrahjaya

Tbk.

PT*

46,000

43,986

Selcuk

Ecza

Deposu

Ticaret

ve

Sanayi

A/S

7,003

12,938

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.,

Class

H

14,600

22,247

Sinopharm

Group

Co.

Ltd.,

Class

H

24,800

66,305

Specialized

Medical

Co.(b)

3,240

18,011

Topchoice

Medical

Corp.,

Class

A

700

4,634

Vijaya

Diagnostic

Centre

Ltd.

1,564

16,300

3,021,216

Health

Care

Technology

-

0

.0

%

(d)

Inventurus

Knowledge

Solutions

Ltd.*

506

8,537

Lunit,

Inc.*

945

26,392

34,929

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)

Hotels,

Restaurants

&

Leisure

-

1

.5

%

Abu

Dhabi

National

Hotels

2,708,730

$

322,305

Alsea

SAB

de

CV(a)

166,500

512,256

Ambassador

Hotel

(The)

71,288

98,313

Asset

World

Corp.

PCL,

NVDR

126,000

8,730

Atour

Lifestyle

Holdings

Ltd.,

ADR(a)

942

33,667

Ballys

Intralot

SA*(a)

7,896

9,638

Central

Plaza

Hotel

PCL

1,600

1,792

Central

Plaza

Hotel

PCL,

NVDR

15,100

16,916

Chagee

Holdings

Ltd.,

ADR

368

4,313

Chalet

Hotels

Ltd.

2,045

19,368

Devyani

International

Ltd.*

5,106

6,449

DigiPlus

Interactive

Corp.

45,920

10,232

DoubleUGames

Co.

Ltd.

3,240

120,425

DPC

Dash

Ltd.*

2,200

18,719

EIH

Ltd.

4,500

15,388

Eternal

Ltd.*

61,200

182,028

Genting

Bhd.

31,500

22,854

Genting

Malaysia

Bhd.

36,000

18,082

Grand

Korea

Leisure

Co.

Ltd.

2,116

18,890

Guming

Holdings

Ltd.

6,800

25,042

H

World

Group

Ltd.

22,500

110,286

Haichang

Ocean

Park

Holdings

Ltd.*(a)(b)

270,000

17,978

Haidilao

International

Holding

Ltd.

(a)(b)

12,164

24,890

Hanjin

Kal

Corp.*

450

35,296

Indian

Hotels

Co.

Ltd.

(The),

Class

A

11,925

87,395

ITC

Hotels

Ltd.*

10,350

20,338

Jabal

Omar

Development

Co.*

3,960

17,431

Jahez

International

Co.*

6,930

25,886

Jollibee

Foods

Corp.

8,100

28,201

Jubilant

Foodworks

Ltd.

6,672

36,052

Kangwon

Land,

Inc.

1,822

22,076

Le

Travenues

Technology

Ltd.*(b)

5,445

12,253

Leejam

Sports

Co.

JSC

1,350

36,497

Lemon

Tree

Hotels

Ltd.*(b)

19,505

27,372

Lion

Travel

Service

Co.

Ltd.

26,608

142,890

Lotte

Tour

Development

Co.

Ltd.*

966

16,879

Meituan,

Class

B*(b)

69,300

862,512

Minor

International

PCL,

NVDR

44,400

32,314

Mixue

Group,

Class

H*

400

20,364

OPAP

SA

2,470

49,953

Paradise

Co.

Ltd.*

2,835

34,940

Petrokent

Turizm

A/S*

2,070

6,992

Sapphire

Foods

India

Ltd.*

9,855

20,307

Seera

Group

Holding*

6,030

43,086

Shanghai

Jinjiang

International

Hotels

Co.

Ltd.,

Class

A

4,600

18,027

Smartfit

Escola

de

Ginastica

e

Danca

SA

5,049

21,351

Southern

Sun

Ltd.

267,255

169,143

Swiggy

Ltd.*

2,944

9,913

TAB

Gida

Sanayi

ve

Ticaret

A/S

2,346

14,483

Tbo

Tek

Ltd.*

828

12,532

Investments

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Tongcheng

Travel

Holdings

Ltd.(b)

18,400

$

54,755

Travellers

International

Hotel

Group,

Inc.*‡

209,900

—

TravelSky

Technology

Ltd.,

Class

H

315,000

428,755

Trip.com

Group

Ltd.

7,650

471,948

Wowprime

Corp.

22,940

155,266

Yum

China

Holdings,

Inc.

4,770

235,733

4,789,501

Household

Durables

-

0

.8

%

Ability

Enterprise

Co.

Ltd.

6,718

18,188

Amber

Enterprises

India

Ltd.*

239

14,851

Arcelik

A/S*

2,915

7,641

Beijing

Roborock

Technology

Co.

Ltd.,

Class

A

515

10,570

Coway

Co.

Ltd.*

1,215

70,398

Crompton

Greaves

Consumer

Electricals

Ltd.

17,280

41,600

Cuckoo

Holdings

Co.

Ltd.*

3,015

56,869

Cury

Construtora

e

Incorporadora

SA

45,000

296,960

Cyrela

Brazil

Realty

SA

Empreendimentos

e

Participacoes

85,500

488,287

Direcional

Engenharia

SA

126,000

335,724

Dixon

Technologies

India

Ltd.(b)

489

55,530

Eureka

Forbes

Ltd.*

1,960

11,598

Gree

Electric

Appliances,

Inc.

of

Zhuhai,

Class

A

9,000

50,126

Haier

Smart

Home

Co.

Ltd.,

Class

A

9,000

32,524

Haier

Smart

Home

Co.

Ltd.,

Class

H

54,000

178,394

Hisense

Home

Appliances

Group

Co.

Ltd.,

Class

H(a)

10,000

29,323

Hisense

Visual

Technology

Co.

Ltd.,

Class

A

4,700

16,815

Jason

Furniture

Hangzhou

Co.

Ltd.,

Class

A

4,600

23,435

LG

Electronics

India

Ltd.*

900

14,310

LG

Electronics,

Inc.

2,520

173,497

LG

Electronics,

Inc.

(Preference)

584

20,266

Merry

Electronics

Co.

Ltd.

73,281

232,394

Midea

Group

Co.

Ltd.,

Class

A

13,500

150,747

Midea

Group

Co.

Ltd.,

Class

H

9,000

98,704

Nien

Made

Enterprise

Co.

Ltd.

3,000

40,705

PIK-Spetsializirovannyy

Zastroyshchik

PAO*‡

4,646

—

Shenzhen

MTC

Co.

Ltd.,

Class

A

9,600

13,388

Sichuan

Changhong

Electric

Co.

Ltd.,

Class

A

9,200

12,922

Taiwan

Sakura

Corp.

5,000

13,219

TCL

Electronics

Holdings

Ltd.

30,000

46,135

Whirlpool

of

India

Ltd.

3,465

29,296

2,584,416

Household

Products

-

0

.0

%

(d)

Blue

Moon

Group

Holdings

Ltd.(a)(b)

25,000

8,995

Jyothy

Labs

Ltd.

5,039

13,624

Kimberly-Clark

de

Mexico

SAB

de

CV,

Class

A

24,018

53,596

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)

Household

Products

(continued)

Unilever

Indonesia

Tbk.

PT

115,000

$

13,189

89,404

Independent

Power

and

Renewable

Electricity

Producers

-

1

.2

%

Aboitiz

Power

Corp.

29,900

21,836

ACEN

Corp.

368,000

16,562

ACWA

Power

Co.*

2,025

101,123

Adani

Green

Energy

Ltd.*

3,960

36,691

Adani

Power

Ltd.*

73,575

108,282

Aksa

Enerji

Uretim

A/S,

Class

B*

3,760

6,371

Auren

Energia

SA

117,000

251,630

B

Grimm

Power

PCL,

NVDR

33,700

13,709

Barito

Renewables

Energy

Tbk.

PT*

184,500

93,706

BCPG

PCL,

NVDR

345,300

77,916

CECEP

Solar

Energy

Co.

Ltd.,

Class

A

23,000

17,775

CGN

New

Energy

Holdings

Co.

Ltd.

(a)

360,000

121,234

CGN

Power

Co.

Ltd.,

Class

A

34,600

19,171

CGN

Power

Co.

Ltd.,

Class

H(b)

225,000

93,922

China

Longyuan

Power

Group

Corp.

Ltd.,

Class

H

60,000

54,548

China

National

Nuclear

Power

Co.

Ltd.,

Class

A

29,900

37,050

China

Power

International

Development

Ltd.(a)

90,000

37,569

China

Resources

Power

Holdings

Co.

Ltd.(a)

50,000

113,961

China

Three

Gorges

Renewables

Group

Co.

Ltd.,

Class

A

40,500

23,956

China

Yangtze

Power

Co.

Ltd.,

Class

A

27,000

102,428

Colbun

SA

169,138

28,371

Datang

International

Power

Generation

Co.

Ltd.,

Class

A

18,000

9,792

Datang

International

Power

Generation

Co.

Ltd.,

Class

H(a)

36,000

10,833

Electricity

Generating

PCL,

NVDR

4,900

18,298

Eneva

SA*

18,000

72,611

Engie

Brasil

Energia

SA

7,840

49,072

Fujian

Funeng

Co.

Ltd.,

Class

A

3,340

4,384

GD

Power

Development

Co.

Ltd.,

Class

A

42,500

28,319

Global

Power

Synergy

PCL,

NVDR

4,600

5,190

Guangdong

Electric

Power

Development

Co.

Ltd.,

Class

A

4,900

3,448

Guangdong

Electric

Power

Development

Co.

Ltd.,

Class

B

14,400

3,632

Gulf

Development

PCL,

NVDR*

91,071

135,311

HD

Renewable

Energy

Co.

Ltd.

36,161

135,015

Huadian

Power

International

Corp.

Ltd.,

Class

A

26,500

18,687

Huadian

Power

International

Corp.

Ltd.,

Class

H

38,000

20,095

Investments

Shares

Value

Independent

Power

and

Renewable

Electricity

Producers

(continued)

Huaneng

Power

International,

Inc.,

Class

A

23,700

$

24,080

Huaneng

Power

International,

Inc.,

Class

H

92,000

67,147

Hubei

Energy

Group

Co.

Ltd.,

Class

A

8,700

5,772

Inner

Mongolia

MengDian

HuaNeng

Thermal

Power

Corp.

Ltd.,

Class

A

9,800

6,869

J&V

Energy

Technology

Co.

Ltd.

1,892

6,493

Jaiprakash

Power

Ventures

Ltd.*

1,564,380

258,328

Jilin

Electric

Power

Co.

Ltd.,

Class

A

19,400

18,930

JSW

Energy

Ltd.

8,325

41,613

KPI

Green

Energy

Ltd.(b)

2,714

11,676

Lydia

Yesil

Enerji

Kaynaklari

Anonimsirketi*

46

14,863

Malakoff

Corp.

Bhd.

126,000

24,931

Margun

Enerji

Uretim

Sanayi

ve

Ticaret

A/S*

11,070

10,512

Mega

First

Corp.

Bhd.

184,500

152,112

NHPC

Ltd.

52,155

44,338

NLC

India

Ltd.

8,784

24,742

NTPC

Green

Energy

Ltd.*

8,050

7,541

NTPC

Ltd.

102,600

397,071

OGK-2

PJSC*‡

11,431,280

—

Pertamina

Geothermal

Energy

PT(b)

166,704

11,074

Ratch

Group

PCL,

NVDR

24,000

23,645

Reliance

Power

Ltd.*

952,605

292,552

SDIC

Power

Holdings

Co.

Ltd.,

Class

A

8,600

15,780

Shaanxi

Energy

Investment

Co.

Ltd.,

Class

A

13,500

19,487

Shandong

Hi-Speed

Holdings

Group

Ltd.*

19,500

3,945

Shenergy

Co.

Ltd.,

Class

A

4,900

5,874

Shenzhen

Energy

Group

Co.

Ltd.,

Class

A

10,600

10,373

Shinfox

Energy

Co.

Ltd.

45,000

67,993

Sichuan

Chuantou

Energy

Co.

Ltd.,

Class

A

9,400

18,831

Sichuan

New

Energy

Power

Co.

Ltd.,

Class

A

9,200

16,458

SP

New

Energy

Corp.*

3,645,000

79,857

Taiwan

Cogeneration

Corp.

7,729

10,598

Unipro

PAO*‡

5,337,000

—

Xinyi

Energy

Holdings

Ltd.(a)

810,031

125,503

Zhejiang

Provincial

New

Energy

Investment

Group

Co.

Ltd.,

Class

A

13,800

15,650

Zhejiang

Zheneng

Electric

Power

Co.

Ltd.,

Class

A

28,800

20,517

3,747,653

Industrial

Conglomerates

-

1

.8

%

3M

India

Ltd.

53

19,814

Aamal

Co.

65,745

15,475

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)

Industrial

Conglomerates

(continued)

Aboitiz

Equity

Ventures,

Inc.

18,190

$

9,824

AG

Anadolu

Grubu

Holding

A/S

34,780

27,989

Alarko

Holding

A/S

5,336

13,250

Alliance

Global

Group,

Inc.

945,000

119,408

Alpha

Dhabi

Holding

PJSC*

30,555

74,211

AntarChile

SA

920

9,194

Apar

Industries

Ltd.

240

20,857

Astra

Industrial

Group

Co.

693

27,715

Astra

International

Tbk.

PT

378,000

143,003

Ayala

Corp.

4,050

34,804

Bidvest

Group

Ltd.

6,210

90,826

China

Baoan

Group

Co.

Ltd.,

Class

A

9,200

12,724

CITIC

Ltd.

119,000

190,621

CJ

Corp.

322

48,656

DMCI

Holdings,

Inc.

121,000

22,194

Doosan

Co.

Ltd.

90

53,210

Doosan

Co.

Ltd.

(Preference)

46

15,068

Dubai

Investments

PJSC

33,435

36,415

Far

Eastern

New

Century

Corp.

90,000

79,504

Fosun

International

Ltd.(a)

67,500

35,955

Godrej

Industries

Ltd.*

1,296

13,724

Grupo

Carso

SAB

de

CV,

Series

A1

9,000

61,724

GS

Holdings

Corp.

1,395

66,581

GT

Capital

Holdings,

Inc.

2,700

30,723

Hanwha

Corp.*

765

60,853

HAP

Seng

Consolidated

Bhd.

9,000

6,826

Hong

Leong

Industries

Bhd.

27,000

115,890

Hyosung

Corp.*

2,605

276,535

Industries

Qatar

QSC

36,675

128,126

International

Holding

Co.

PJSC*

9,360

1,018,153

JG

Summit

Holdings,

Inc.

54,011

25,501

Kiler

Holding

A/S*

2,790

37,848

KOC

Holding

A/S

13,905

66,404

LG

Corp.

2,519

160,478

Lotte

Corp.

9,416

205,407

LT

Group,

Inc.

98,000

26,564

LX

Holdings

Corp.

15,840

95,960

Modon

Holding

PSC*

80,910

74,463

National

Industries

Group

Holding

SAK

39,530

34,004

Nava

Ltd.

7,155

43,861

Quinenco

SA

4,414

23,138

Samsung

C&T

Corp.

1,845

386,458

San

Miguel

Corp.

4,500

6,122

Shanghai

Industrial

Holdings

Ltd.

145,000

278,128

Siemens

Ltd.*

1,350

45,514

Sigdo

Koppers

SA

107,415

211,524

Sime

Darby

Bhd.

36,600

20,055

SK

Square

Co.

Ltd.*

1,890

748,437

SK,

Inc.

765

177,246

SM

Investments

Corp.

9,900

117,696

Sunway

Bhd.

31,500

46,027

Tanco

Holdings

Bhd.*

33,840

11,675

Turkiye

Sise

ve

Cam

Fabrikalari

A/S

14,214

14,870

Investments

Shares

Value

Industrial

Conglomerates

(continued)

Two

Point

Zero

Group

PJSC*

52,302

$

32,185

5,769,417

Industrial

REITs

-

0

.5

%

Equites

Property

Fund

Ltd.,

REIT

289,755

324,670

ESR

Kendall

Square

REIT

Co.

Ltd.,

REIT

3,919

12,034

FIBRA

Macquarie

Mexico,

REIT(a)(b)

261,000

546,765

Frasers

Property

Thailand

Industrial

Freehold

&

Leasehold

REIT,

REIT

616,400

231,162

Prologis

Property

Mexico

SA

de

CV,

REIT

15,018

69,519

Reysas

Gayrimenkul

Yatirim

Ortakligi

A/S,

REIT*

268,020

174,028

WHA

Premium

Growth

Freehold

&

Leasehold

Real

Estate

InvestmentTrust,

Class

F,

REIT

621,200

211,246

1,569,424

Insurance

-

3

.4

%

Abu

Dhabi

National

Insurance

Co.

PSC

101,430

220,665

Agesa

Hayat

ve

Emeklilik

A/S

9,180

53,032

Al

Rajhi

Co.

for

Co-operative

Insurance*

322

7,134

Allianz

Malaysia

Bhd.

22,500

131,279

Anadolu

Anonim

Turk

Sigorta

Sirketi

26,496

17,411

Anadolu

Hayat

Emeklilik

A/S

16,155

45,985

BB

Seguridade

Participacoes

SA

13,800

98,343

BKI

Holdings

PCL,

NVDR

18,000

172,191

Bupa

Arabia

for

Cooperative

Insurance

Co.

782

34,402

Caixa

Seguridade

Participacoes

SA

10,300

34,054

Capital

Financial

Indonesia

Tbk.

PT*

252,022

23,198

Cathay

Financial

Holding

Co.

Ltd.

216,942

519,778

Central

Reinsurance

Co.

Ltd.

158,794

134,221

China

Life

Insurance

Co.

Ltd.,

Class

H

163,000

727,997

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

A

13,500

88,498

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

H

60,800

306,736

China

Reinsurance

Group

Corp.,

Class

H

2,205,000

496,920

China

Taiping

Insurance

Holdings

Co.

Ltd.

30,600

100,384

Co.

for

Cooperative

Insurance

(The)

990

36,161

DB

Insurance

Co.

Ltd.

1,080

106,995

Discovery

Ltd.

10,665

156,416

Fubon

Financial

Holding

Co.

Ltd.

210,448

607,872

Hanwha

Life

Insurance

Co.

Ltd.*

85,230

206,354

HDFC

Life

Insurance

Co.

Ltd.(b)

11,295

89,758

Hyundai

Marine

&

Fire

Insurance

Co.

Ltd.*

19,080

373,143

ICICI

Lombard

General

Insurance

Co.

Ltd.(b)

3,645

71,884

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)

Insurance

(continued)

ICICI

Prudential

Life

Insurance

Co.

Ltd.(b)

5,220

$

36,139

KGI

Financial

Holding

Co.

Ltd.

378,584

217,141

Korean

Reinsurance

Co.

50,220

410,650

LPI

Capital

Bhd.

4,900

18,795

Max

Financial

Services

Ltd.*

4,185

73,411

Mercuries

&

Associates

Holding

Ltd.

197,550

94,161

Mercuries

Life

Insurance

Co.

Ltd.*

104,278

25,945

Momentum

Group

Ltd.

29,115

68,387

New

China

Life

Insurance

Co.

Ltd.,

Class

A

4,700

56,277

New

China

Life

Insurance

Co.

Ltd.,

Class

H

22,500

183,090

Old

Mutual

Ltd.

87,345

84,962

OUTsurance

Group

Ltd.

10,041

44,709

PB

Fintech

Ltd.*

4,635

83,366

People's

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

H

209,000

181,979

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

156,000

323,398

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

A

18,100

173,876

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H(a)

141,500

1,317,214

Porto

Seguro

SA

4,900

47,020

Qatar

Insurance

Co.

SAQ

1,013,130

609,659

Qualitas

Controladora

SAB

de

CV(a)

4,800

45,103

Rasan

Information

Technology

Co.*

1,012

37,774

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

630

219,279

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

(Preference)

47

12,261

Samsung

Life

Insurance

Co.

Ltd.

2,340

306,115

Sanlam

Ltd.

39,780

250,524

Santam

Ltd.

723

19,399

Saudi

Reinsurance

Co.*

2,126

15,814

SBI

Life

Insurance

Co.

Ltd.(b)

5,805

126,118

Shinkong

Insurance

Co.

Ltd.

69,026

246,756

Star

Health

&

Allied

Insurance

Co.

Ltd.*

1,187

6,055

Sunshine

Insurance

Group

Co.

Ltd.,

Class

H

652,500

354,252

Syarikat

Takaful

Malaysia

Keluarga

Bhd.

184,500

162,409

Thai

Life

Insurance

PCL,

NVDR

30,700

11,611

Tongyang

Life

Insurance

Co.

Ltd.*

8,370

40,065

Turkiye

Sigorta

A/S

49,680

13,936

ZhongAn

Online

P&C

Insurance

Co.

Ltd.,

Class

H*(b)

5,900

12,571

10,791,032

Interactive

Media

&

Services

-

2

.7

%

Baidu,

Inc.,

Class

A*

28,350

554,679

Bilibili,

Inc.,

Class

Z*

2,700

94,383

Dear

U

Co.

Ltd.

423

11,064

Investments

Shares

Value

Interactive

Media

&

Services

(continued)

Info

Edge

India

Ltd.

6,075

$

82,512

JOYY,

Inc.,

ADR

810

52,124

Kakao

Corp.

4,248

181,205

Kuaishou

Technology(b)

63,000

646,561

Meitu,

Inc.(b)

46,000

45,472

NAVER

Corp.

1,845

352,491

Newborn

Town,

Inc.*(b)

20,000

29,451

Tencent

Holdings

Ltd.

79,000

6,130,069

Weibo

Corp.,

Class

A

32,400

348,905

8,528,916

IT

Services

-

1

.0

%

Al

Moammar

Information

Systems

Co.

505

24,222

Arabian

Internet

&

Communications

Services

Co.

180

11,249

Cafe24

Corp.*

1,035

27,360

Chinasoft

International

Ltd.(a)

52,000

33,558

Clobot

Co.

Ltd.*

405

20,849

Coforge

Ltd.

4,950

88,994

Cyient

Ltd.

2,475

30,621

Elm

Co.

360

74,482

GDS

Holdings

Ltd.,

Class

A*

13,400

77,589

HCL

Technologies

Ltd.

13,950

257,139

Hexaware

Technologies

Ltd.

1,150

8,721

Hyundai

Autoever

Corp.

94

30,138

Infosys

Ltd.

51,975

927,202

Kingsoft

Cloud

Holdings

Ltd.*(a)

26,000

23,804

LG

CNS

Co.

Ltd.

765

37,044

LTIMindtree

Ltd.(b)

1,395

90,604

Mphasis

Ltd.

1,170

35,092

Persistent

Systems

Ltd.

1,554

101,953

Posco

DX

Co.

Ltd.

769

20,649

Presight

AI

Holding

plc*

17,894

16,419

Samsung

SDS

Co.

Ltd.

855

102,821

Sonata

Software

Ltd.

6,164

21,262

Systex

Corp.

68,432

252,244

Tata

Consultancy

Services

Ltd.

12,510

424,840

Tata

Technologies

Ltd.

1,472

10,337

Tech

Mahindra

Ltd.

8,415

159,458

Vnet

Group,

Inc.,

ADR*(a)

2,520

26,536

WellCell

Holdings

Co.

Ltd.*

5,600

8,533

Wipro

Ltd.

42,750

110,096

Zensar

Technologies

Ltd.

2,950

20,852

3,074,668

Leisure

Products

-

0

.3

%

Alexander

Marine

Co.

Ltd.

18,589

108,982

Bloks

Group

Ltd.*

900

8,332

Fusheng

Precision

Co.

Ltd.

38,633

329,614

Giant

Manufacturing

Co.

Ltd.

115,596

328,018

Johnson

Health

Tech

Co.

Ltd.

2,000

9,406

Merida

Industry

Co.

Ltd.

76,233

204,451

Topkey

Corp.

20,940

105,132

1,093,935

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)

Life

Sciences

Tools

&

Services

-

0

.2

%

Curiox

Biosystems

Co.

Ltd.*

270

$

22,115

Divi's

Laboratories

Ltd.

1,890

124,326

EirGenix,

Inc.*

6,144

12,144

Genscript

Biotech

Corp.*(a)

14,000

23,035

Indegene

Ltd.

1,564

8,202

LigaChem

Biosciences,

Inc.*

360

50,771

MGI

Tech

Co.

Ltd.,

Class

A*

1,665

15,606

Onesource

Specialty

Pharma

Ltd.*

552

7,168

Peptron,

Inc.*

270

57,305

SAI

Life

Sciences

Ltd.*(b)

1,530

13,891

Samsung

Biologics

Co.

Ltd.*(b)

165

200,031

Syngene

International

Ltd.(b)

1,426

7,340

WuXi

AppTec

Co.

Ltd.,

Class

A

2,860

39,184

WuXi

AppTec

Co.

Ltd.,

Class

H(b)

5,318

75,721

XtalPi

Holdings

Ltd.*

41,000

63,419

720,258

Machinery

-

1

.7

%

Action

Construction

Equipment

Ltd.

1,488

13,742

AIA

Engineering

Ltd.

600

26,019

Airtac

International

Group

1,913

69,298

Anhui

Heli

Co.

Ltd.,

Class

A

4,600

14,445

Ashok

Leyland

Ltd.

44,190

94,488

Azad

Engineering

Ltd.*

828

13,267

BEML

Ltd.

1,380

26,927

BHI

Co.

Ltd.*

460

22,946

C

Sun

Manufacturing

Ltd.

2,828

21,387

China

CSSC

Holdings

Ltd.,

Class

A

5,000

24,135

China

International

Marine

Containers

Group

Co.

Ltd.,

Class

A

9,600

13,346

China

International

Marine

Containers

Group

Co.

Ltd.,

Class

H

9,400

10,676

China

Railway

Construction

Heavy

Industry

Corp.

Ltd.,

Class

A

21,060

15,912

China

Yuchai

International

Ltd.

450

20,421

Cochin

Shipyard

Ltd.(b)

1,450

26,165

Craftsman

Automation

Ltd.

343

27,283

CSBC

Corp.

Taiwan*

29,992

21,014

Cummins

India

Ltd.

1,755

78,461

Doosan

Bobcat,

Inc.

950

38,808

Doosan

Robotics,

Inc.*

322

25,525

Elgi

Equipments

Ltd.

8,100

37,970

Escorts

Kubota

Ltd.

564

20,729

Farsoon

Technologies

Co.

Ltd.,

Class

A

2,070

25,113

Force

Motors

Ltd.

135

28,170

G

Shank

Enterprise

Co.

Ltd.

4,472

11,908

Grindwell

Norton

Ltd.

1,755

29,446

Haitian

International

Holdings

Ltd.

22,000

68,115

Hangcha

Group

Co.

Ltd.,

Class

A

4,600

18,371

Hanwha

Engine*

966

36,509

Hanwha

Ocean

Co.

Ltd.*

1,575

151,548

HD

Construction

Equipment

Co.

Ltd.

10,125

761,098

Investments

Shares

Value

Machinery

(continued)

HD

Hyundai

Heavy

Industries

Co.

Ltd.

405

$

161,786

HD

Hyundai

Marine

Solution

Co.

Ltd.

138

17,583

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

1,080

310,254

HD-Hyundai

Marine

Engine*

360

22,134

Hefei

Meiya

Optoelectronic

Technology,

Inc.,

Class

A

4,600

13,532

Hiwin

Technologies

Corp.

5,535

43,970

HJ

Shipbuilding

&

Construction

Co.

Ltd.*

1,840

32,213

Hyundai

Elevator

Co.

Ltd.

662

43,416

Hyundai

Rotem

Co.

Ltd.

945

151,329

Impro

Precision

Industries

Ltd.(b)

180,000

147,739

Ingersoll

Rand

India

Ltd.

141

5,125

INOX

India

Ltd.

736

8,928

Jiangsu

Hengli

Hydraulic

Co.

Ltd.,

Class

A

2,000

31,201

Jyoti

CNC

Automation

Ltd.*(b)

1,440

12,623

Kaori

Heat

Treatment

Co.

Ltd.

2,214

52,553

Keda

Industrial

Group

Co.

Ltd.,

Class

A

4,900

12,475

Kenmec

Mechanical

Engineering

Co.

Ltd.

8,075

17,782

Kinik

Co.

2,800

36,168

Kirloskar

Brothers

Ltd.

700

11,919

Kirloskar

Oil

Engines

Ltd.

3,024

38,594

KSB

Ltd.

564

4,342

LMW

Ltd.

180

29,195

Lonking

Holdings

Ltd.

630,000

258,141

Marcopolo

SA

84,150

96,437

Marcopolo

SA

(Preference)

247,500

304,911

Morimatsu

International

Holdings

Co.

Ltd.(b)

137,000

188,404

Ningbo

PIA

Automation

Holding

Corp.,

Class

A*

9,945

15,100

North

Industries

Group

Red

Arrow

Co.

Ltd.,

Class

A*

4,600

12,486

Olectra

Greentech

Ltd.

1,485

17,509

Otokar

Otomotiv

ve

Savunma

Sanayi

A/S*

1,440

14,303

People

&

Technology,

Inc.

6,030

221,611

Precision

Tsugami

China

Corp.

Ltd.

(b)

9,000

48,401

Rainbow

Robotics*

94

47,542

Sam

Engineering

&

Equipment

M

Bhd.

5,100

4,528

Samsung

Heavy

Industries

Co.

Ltd.*

8,640

176,774

San

Shing

Fastech

Corp.

5,000

9,565

Sany

Heavy

Equipment

International

Holdings

Co.

Ltd.

12,000

18,485

Sany

Heavy

Industry

Co.

Ltd.,

Class

A

4,700

14,827

Shaily

Engineering

Plastics

Ltd.

585

12,170

Shakti

Pumps

India

Ltd.

1,058

7,147

Shanghai

Zhenhua

Heavy

Industries

Co.

Ltd.,

Class

A

18,400

13,558

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)

Machinery

(continued)

Shanghai

Zhenhua

Heavy

Industries

Co.

Ltd.,

Class

B

4,800

$

1,306

Shin

Zu

Shing

Co.

Ltd.

3,324

22,181

Sinotruk

Hong

Kong

Ltd.

18,500

85,089

SK

oceanplant

Co.

Ltd.*

828

10,815

SNT

Energy

Co.

Ltd.

322

9,429

STX

Engine

Co.

Ltd.*

552

13,000

Sunonwealth

Electric

Machine

Industry

Co.

Ltd.

5,022

22,820

Tega

Industries

Ltd.

598

11,068

Thermax

Ltd.

576

18,021

Tian

Di

Science

&

Technology

Co.

Ltd.,

Class

A

18,700

16,228

Timken

India

Ltd.

329

10,521

Titagarh

Rail

System

Ltd.

3,150

28,114

Turk

Traktor

ve

Ziraat

Makineleri

A/S

788

10,735

UBTech

Robotics

Corp.

Ltd.,

Class

H*

2,350

42,097

UWC

Bhd.*

27,600

28,636

Weichai

Power

Co.

Ltd.,

Class

A

14,100

48,174

Weichai

Power

Co.

Ltd.,

Class

H

45,000

153,386

XCMG

Construction

Machinery

Co.

Ltd.,

Class

A

28,800

44,515

Yangzijiang

Shipbuilding

Holdings

Ltd.

58,500

153,972

Yantai

Eddie

Precision

Machinery

Co.

Ltd.,

Class

A

4,700

14,989

Yuil

Robotics

Co.

Ltd.*

225

21,618

Yutong

Bus

Co.

Ltd.,

Class

A

4,500

20,012

ZCZL

Industrial

Technology

Group

Co.

Ltd.,

Class

A

4,600

16,365

Zhejiang

Sanhua

Intelligent

Controls

Co.

Ltd.,

Class

A

4,500

32,990

Zhejiang

Sanhua

Intelligent

Controls

Co.

Ltd.,

Class

H

4,500

20,282

Zhuzhou

CRRC

Times

Electric

Co.

Ltd.,

Class

H

4,500

24,592

Zoomlion

Heavy

Industry

Science

and

Technology

Co.

Ltd.,

Class

A

17,400

21,961

Zoomlion

Heavy

Industry

Science

and

Technology

Co.

Ltd.,

Class

H(a)

29,200

32,791

5,415,709

Marine

Transportation

-

0

.4

%

Cia

Sud

Americana

de

Vapores

SA

402,367

22,397

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

A

18,300

37,898

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H(a)

67,500

118,411

COSCO

SHIPPING

Specialized

Carriers

Co.

Ltd.,

Class

A

13,800

15,531

Evergreen

Marine

Corp.

Taiwan

Ltd.

26,814

158,481

Far-Eastern

Shipping

Co.

plc*‡

302,500

—

Gulf

Navigation

Holding

PJSC*

5,764

3,531

Investments

Shares

Value

Marine

Transportation

(continued)

Hainan

Strait

Shipping

Co.

Ltd.,

Class

A

4,500

$

6,871

HMM

Co.

Ltd.

6,235

86,633

MISC

Bhd.

49,500

100,457

Ningbo

Ocean

Shipping

Co.

Ltd.,

Class

A

13,500

19,370

Orient

Overseas

International

Ltd.(a)

3,500

57,320

Pan

Ocean

Co.

Ltd.*

76,185

248,763

Qatar

Navigation

QSC

26,550

82,399

Shanghai

Zhonggu

Logistics

Co.

Ltd.,

Class

A

2,552

3,757

Shipping

Corp.

of

India

Ltd.

1,175

2,879

U-Ming

Marine

Transport

Corp.

14,000

27,671

Wan

Hai

Lines

Ltd.

34,121

79,692

Wisdom

Marine

Lines

Co.

Ltd.

11,898

26,730

Yang

Ming

Marine

Transport

Corp.

38,380

65,125

1,163,916

Media

-

0

.3

%

Affle

3i

Ltd.*

1,168

19,645

Arabian

Contracting

Services

Co.*

828

27,308

Cheil

Worldwide,

Inc.

22,230

338,994

China

Literature

Ltd.*(a)(b)

4,200

19,253

China

South

Publishing

&

Media

Group

Co.

Ltd.,

Class

A

4,900

7,785

Chinese

Universe

Publishing

and

Media

Group

Co.

Ltd.,

Class

A

9,200

12,433

Elang

Mahkota

Teknologi

Tbk.

PT

211,506

12,286

Focus

Media

Information

Technology

Co.

Ltd.,

Class

A

14,900

15,439

Jiangsu

Broadcasting

Cable

Information

Network

Corp.

Ltd.,

Class

A

23,000

14,432

Leo

Group

Co.

Ltd.,

Class

A

22,500

30,179

Megacable

Holdings

SAB

de

CV

22,500

79,328

Mobvista,

Inc.*(b)

19,000

36,128

Saudi

Research

&

Media

Group*

605

19,324

Shandong

Publishing

&

Media

Co.

Ltd.,

Class

A

13,500

17,855

Sun

TV

Network

Ltd.

1,380

8,338

Wasu

Media

Holding

Co.

Ltd.,

Class

A

9,200

11,532

Zee

Entertainment

Enterprises

Ltd.

297,180

272,603

942,862

Metals

&

Mining

-

4

.7

%

African

Rainbow

Minerals

Ltd.(a)

2,990

44,730

Al

Masane

Al

Kobra

Mining

Co.

1,403

43,691

Alamtri

Minerals

Indonesia

Tbk.

PT

193,200

22,848

Alrosa

PJSC*‡

85,800

—

Aluminum

Corp.

of

China

Ltd.,

Class

A

19,600

39,857

Aluminum

Corp.

of

China

Ltd.,

Class

H

90,000

159,609

Amman

Mineral

Internasional

PT*

63,000

28,525

Aneka

Tambang

Tbk.

197,100

49,436

Angang

Steel

Co.

Ltd.,

Class

H*

38,000

9,829

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)

Metals

&

Mining

(continued)

APL

Apollo

Tubes

Ltd.

3,089

$

68,696

Baoshan

Iron

&

Steel

Co.

Ltd.,

Class

A

45,000

47,276

Beijing

Shougang

Co.

Ltd.,

Class

A

10,600

8,634

Borusan

Birlesik

Boru

Fabrikalari

Sanayi

ve

Ticaret

A/S*

720

10,661

Bradespar

SA

(Preference)

85,500

388,833

Bumi

Resources

Minerals

Tbk.

PT*

1,235,000

79,464

Century

Iron

&

Steel

Industrial

Co.

Ltd.

2,544

10,994

Chifeng

Jilong

Gold

Mining

Co.

Ltd.,

Class

A

4,600

28,599

China

Gold

International

Resources

Corp.

Ltd.

3,800

99,845

China

Hongqiao

Group

Ltd.

66,000

305,251

China

Metal

Recycling

Holdings

Ltd.*‡

51,000

—

China

Nonferrous

Mining

Corp.

Ltd.

(a)

37,000

74,382

China

Northern

Rare

Earth

Group

High-Tech

Co.

Ltd.,

Class

A

4,600

34,153

China

Steel

Corp.

169,050

111,464

China

Zhongwang

Holdings

Ltd.*‡

699,600

—

Chung

Hung

Steel

Corp.*

23,000

14,434

Cia

Siderurgica

Nacional

SA*

15,300

29,428

CMOC

Group

Ltd.,

Class

A

34,200

119,750

CMOC

Group

Ltd.,

Class

H(a)

66,000

188,627

CSN

Mineracao

SA

9,600

10,800

Dazhong

Mining

Co.

Ltd.,

Class

A

4,700

19,298

DRDGOLD

Ltd.

10,054

33,226

East

Pipes

Integrated

Co.

for

Industry

5,175

209,997

ElvalHalcor

SA(a)

15,570

85,761

Eregli

Demir

ve

Celik

Fabrikalari

TAS

17,955

11,634

EVERGREEN

Steel

Corp.

6,672

21,837

Feng

Hsin

Steel

Co.

Ltd.

158,825

326,028

Gerdau

SA

(Preference)

25,264

108,187

Gloria

Material

Technology

Corp.

180,000

195,043

GMK

Norilskiy

Nickel

PAO*‡

209,000

—

Godawari

Power

and

Ispat

Ltd.

15,651

42,280

Gold

Fields

Ltd.

20,070

1,063,363

Gravita

India

Ltd.

552

9,628

Grupo

Mexico

SAB

de

CV,

Series

B

40,500

453,048

Hangzhou

Iron

&

Steel

Co.,

Class

A*

9,400

12,108

Harmony

Gold

Mining

Co.

Ltd.

12,780

289,842

Hindalco

Industries

Ltd.

33,975

355,530

Hindustan

Copper

Ltd.

6,750

50,331

Hindustan

Zinc

Ltd.

3,285

22,445

Hunan

Valin

Steel

Co.

Ltd.,

Class

A

23,500

21,205

Hyundai

Steel

Co.

1,426

30,959

Impala

Platinum

Holdings

Ltd.

10,395

204,821

Industrias

Penoles

SAB

de

CV*

2,475

144,502

Inner

Mongolia

BaoTou

Steel

Union

Co.

Ltd.,

Class

A

70,500

25,467

Inner

Mongolia

ERDOS

Resources

Co.

Ltd.,

Class

B

10,388

11,957

Investments

Shares

Value

Metals

&

Mining

(continued)

Jai

Balaji

Industries

Ltd.*

28,125

$

20,739

Jiangxi

Copper

Co.

Ltd.,

Class

A

4,700

42,898

Jiangxi

Copper

Co.

Ltd.,

Class

H

27,000

164,081

Jinchuan

Group

International

Resources

Co.

Ltd.*‡(a)

235,000

4,282

Jindal

Saw

Ltd.

93,960

179,539

Jindal

Stainless

Ltd.

5,490

49,091

Jindal

Steel

Ltd.

5,040

62,022

JSW

Steel

Ltd.

16,650

219,810

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

A/S,

Class

A*

8,280

5,369

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

A/S,

Class

D*

34,110

22,791

Kocaer

Celik

Sanayi

ve

Ticaret

A/S

195,120

51,727

Korea

Zinc

Co.

Ltd.

135

176,699

Kumba

Iron

Ore

Ltd.(a)

1,215

27,274

Lingbao

Gold

Group

Co.

Ltd.,

Class

H(a)

14,000

41,625

Lloyds

Metals

&

Energy

Ltd.

2,064

24,767

Lygend

Resources

&

Technology

Co.

Ltd.,

Class

H(b)

72,000

232,326

Maanshan

Iron

&

Steel

Co.

Ltd.,

Class

H*

22,000

7,634

Magnitogorsk

Iron

&

Steel

Works

PJSC*‡

45,174

—

Merdeka

Battery

Materials

Tbk.

PT*

391,000

16,306

Merdeka

Copper

Gold

Tbk.

PT*

183,462

35,086

Metalurgica

Gerdau

SA

44,998

81,736

Metalurgica

Gerdau

SA

(Preference)

293,992

554,230

Minsur

SA

313,560

609,915

MMG

Ltd.*(a)

64,000

84,326

Nanjing

Iron

&

Steel

Co.

Ltd.,

Class

A

18,400

15,438

National

Aluminium

Co.

Ltd.

16,815

70,459

NMDC

Ltd.

69,120

61,022

NMDC

Steel

Ltd.*

38,640

17,836

Northam

Platinum

Holdings

Ltd.

5,355

132,493

Novolipetsk

Steel

PJSC*‡

51,150

—

OceanaGold

Philippines,

Inc.

126,000

78,642

Pangang

Group

Vanadium

Titanium

&

Resources

Co.

Ltd.,

Class

A*

36,800

20,284

Petrosea

Tbk.

PT

54,012

22,686

PMB

Technology

Bhd.*

41,500

14,633

Polyus

PJSC*‡

11,550

—

Poongsan

Corp.

500

45,575

POSCO

Holdings,

Inc.

1,575

380,237

Press

Metal

Aluminium

Holdings

Bhd.

58,500

112,192

PTC

Industries

Ltd.*

100

19,631

Qatar

Aluminum

Manufacturing

Co.

953,910

494,115

Ramkrishna

Forgings

Ltd.

1,656

9,201

Raspadskaya

PAO*‡

4,240

—

Sarda

Energy

&

Minerals

Ltd.

3,700

19,701

Saudi

Arabian

Mining

Co.*

16,605

342,221

SeAH

Besteel

Holdings

Corp.

4,680

236,699

Severstal

PAO*‡

5,995

—

Shandong

Gold

Mining

Co.

Ltd.,

Class

A

5,200

40,823

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)

Metals

&

Mining

(continued)

Shandong

Gold

Mining

Co.

Ltd.,

Class

H(b)

12,000

$

68,008

Shandong

Nanshan

Aluminum

Co.

Ltd.,

Class

A

18,800

19,859

Shanxi

Meijin

Energy

Co.

Ltd.,

Class

A*

23,000

16,749

Shanxi

Taigang

Stainless

Steel

Co.

Ltd.,

Class

A*

15,900

11,968

Shougang

Fushan

Resources

Group

Ltd.

90,000

38,030

Shyam

Metalics

&

Energy

Ltd.

1,950

18,151

Sibanye

Stillwater

Ltd.*(a)

64,980

298,938

Steel

Authority

of

India

Ltd.

26,906

44,205

TA

Chen

Stainless

Pipe

47,920

59,843

Tata

Steel

Ltd.

111,600

234,307

Tianshan

Aluminum

Group

Co.

Ltd.,

Class

A

6,100

16,548

Timah

Tbk.

PT

810,000

156,354

Tongguan

Gold

Group

Ltd.

90,000

39,182

Tongling

Nonferrous

Metals

Group

Co.

Ltd.,

Class

A

22,500

26,779

TR

Anadolu

Metal

Madencilik

Isletmeleri

A/S*

11,454

37,792

Trimegah

Bangun

Persada

Tbk.

PT

230,000

18,841

Tung

Ho

Steel

Enterprise

Corp.

17,050

37,600

Turk

Altin

Isletmeleri

A/S*

14,797

18,576

United

Co.

RUSAL

International

PJSC*‡

75,100

—

Usha

Martin

Ltd.

6,762

30,084

Usinas

Siderurgicas

de

Minas

Gerais

SA

Usiminas

(Preference),

Class

A*

148,500

178,692

Vale

Indonesia

Tbk.

PT

64,400

24,747

Vale

SA

81,000

1,304,528

Valterra

Platinum

Ltd.

2,475

234,575

Vedanta

Ltd.

37,440

277,399

VSMPO-AVISMA

Corp.

PJSC*‡

53

—

Welspun

Corp.

Ltd.

3,165

25,091

Western

Mining

Co.

Ltd.,

Class

A

4,800

24,592

Xiamen

Tungsten

Co.

Ltd.,

Class

A

3,900

31,740

Yieh

Phui

Enterprise

Co.

Ltd.*

450,000

222,355

Yunnan

Aluminium

Co.

Ltd.,

Class

A

6,300

30,500

Yunnan

Copper

Co.

Ltd.,

Class

A

4,800

18,320

Yunnan

Tin

Co.

Ltd.,

Class

A

4,900

28,081

Zhaojin

Mining

Industry

Co.

Ltd.,

Class

H

23,500

108,929

Zhejiang

JIULI

Hi-tech

Metals

Co.

Ltd.,

Class

A

4,700

22,747

Zhongjin

Gold

Corp.

Ltd.,

Class

A

1,900

10,090

Zijin

Mining

Group

Co.

Ltd.,

Class

A

22,500

129,978

Zijin

Mining

Group

Co.

Ltd.,

Class

H(a)

76,000

407,749

14,898,401

Investments

Shares

Value

Multi-Utilities

-

0

.1

%

Dubai

Electricity

&

Water

Authority

PJSC

127,980

$

105,237

Nebras

Energy

9,810

41,223

YTL

Corp.

Bhd.

117,920

62,221

YTL

Power

International

Bhd.

77,537

63,532

272,213

Office

REITs

-

0

.0

%

(d)

AREIT,

Inc.,

REIT

18,400

13,547

Brookfield

India

Real

Estate

Trust,

REIT(b)

2,806

10,765

Embassy

Office

Parks

REIT,

REIT

5,719

26,999

RL

Commercial

REIT,

Inc.,

REIT

189,000

23,175

74,486

Oil,

Gas

&

Consumable

Fuels

-

3

.9

%

Adaro

Andalan

Indonesia

PT

33,000

14,942

ADNOC

Logistics

&

Services

34,200

52,241

Aegis

Logistics

Ltd.

2,650

21,044

AKR

Corporindo

Tbk.

PT

2,447,180

183,703

Alamtri

Resources

Indonesia

Tbk.

PT

342,092

45,042

Bangchak

Corp.

PCL,

NVDR

114,000

109,598

Banpu

PCL,

NVDR

110,300

18,754

Bashneft

PJSC*‡

1,305

—

Bashneft

PJSC

(Preference)*‡

1,163

—

Bharat

Petroleum

Corp.

Ltd.

43,633

172,896

Brava

Energia*

153,050

552,501

Bukit

Asam

Tbk.

PT

1,282,582

189,503

Bumi

Resources

Tbk.

PT*

2,222,398

34,160

CGN

Mining

Co.

Ltd.(a)

75,000

48,786

Chennai

Petroleum

Corp.

Ltd.

17,235

162,265

China

Coal

Energy

Co.

Ltd.,

Class

A

11,400

22,444

China

Coal

Energy

Co.

Ltd.,

Class

H(a)

46,000

67,324

China

Coal

Xinji

Energy

Co.

Ltd.,

Class

A

13,800

14,538

China

Merchants

Energy

Shipping

Co.

Ltd.,

Class

A

14,100

23,052

China

Petroleum

&

Chemical

Corp.,

Class

A

63,000

59,024

China

Petroleum

&

Chemical

Corp.,

Class

H(a)

540,000

371,999

China

Shenhua

Energy

Co.

Ltd.,

Class

A

13,500

81,464

China

Shenhua

Energy

Co.

Ltd.,

Class

H(a)

79,000

435,174

China

Suntien

Green

Energy

Corp.

Ltd.,

Class

H(a)

50,000

25,673

Coal

India

Ltd.

54,450

260,892

COSCO

SHIPPING

Energy

Transportation

Co.

Ltd.,

Class

A

8,600

19,555

COSCO

SHIPPING

Energy

Transportation

Co.

Ltd.,

Class

H(a)

32,000

57,610

Dana

Gas

PJSC

1,819,980

462,843

Dian

Swastatika

Sentosa

Tbk.

PT*

22,500

132,708

Ecopetrol

SA

134,505

84,305

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)

Oil,

Gas

&

Consumable

Fuels

(continued)

Energi

Mega

Persada

Tbk.

PT*

8,275,500

$

640,938

Exxaro

Resources

Ltd.

4,050

46,565

Formosa

Petrochemical

Corp.

20,736

35,186

Gansu

Energy

Chemical

Co.

Ltd.,

Class

A

28,200

10,065

Gazprom

PJSC*‡

412,500

—

Golden

Energy

Mines

Tbk.

PT

18,400

8,660

Great

Eastern

Shipping

Co.

Ltd.

(The)

35,685

466,451

Guanghui

Energy

Co.

Ltd.,

Class

A

13,800

11,142

Guangzhou

Development

Group,

Inc.,

Class

A

16,600

17,105

Gujarat

Mineral

Development

Corp.

Ltd.

2,208

13,868

HD

Hyundai

Co.

Ltd.

1,035

168,258

HELLENiQ

ENERGY

Holdings

SA(a)

1,316

14,200

Hindustan

Petroleum

Corp.

Ltd.

22,185

102,981

Indian

Oil

Corp.

Ltd.

88,020

156,199

Indo

Tambangraya

Megah

Tbk.

PT

121,500

158,887

Inner

Mongolia

Dian

Tou

Energy

Corp.

Ltd.,

Class

A

5,500

22,891

Inner

Mongolia

Yitai

Coal

Co.

Ltd.,

Class

B

20,116

40,232

Jiangsu

Xukuang

Energy

Co.

Ltd.,

Class

A

36,000

24,610

Jinneng

Holding

Shanxi

Coal

Industry

Co.

Ltd.,

Class

A

4,900

10,761

Jizhong

Energy

Resources

Co.

Ltd.,

Class

A

4,800

3,869

Kinetic

Development

Group

Ltd.

810,000

181,505

LUKOIL

PJSC*‡

12,265

—

Mangalore

Refinery

&

Petrochemicals

Ltd.*

5,520

10,594

Medco

Energi

Internasional

Tbk.

PT

1,975,518

178,897

MOL

Hungarian

Oil

&

Gas

plc

7,470

91,720

Motor

Oil

Hellas

Corinth

Refineries

SA(a)

1,412

57,046

Novatek

PJSC*‡

20,020

—

Oil

&

Natural

Gas

Corp.

Ltd.

94,545

276,438

Oil

India

Ltd.

16,505

91,517

Oriental

Energy

Co.

Ltd.,

Class

A*

13,500

16,786

Petrindo

Jaya

Kreasi

Tbk.

PT

189,980

20,373

PetroChina

Co.

Ltd.,

Class

H

490,000

582,250

Petroleo

Brasileiro

SA

-

Petrobras

85,500

659,595

Petroleo

Brasileiro

SA

-

Petrobras

(Preference)

103,500

746,466

Petronet

LNG

Ltd.

12,015

37,846

Pingdingshan

Tianan

Coal

Mining

Co.

Ltd.,

Class

A

13,500

16,689

PRIO

SA*

18,200

177,253

PTT

Exploration

&

Production

PCL

469

1,826

PTT

Exploration

&

Production

PCL,

NVDR

31,031

120,810

PTT

PCL,

NVDR

193,500

209,089

Qatar

Fuel

QSC

17,955

76,436

Investments

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Qatar

Gas

Transport

Co.

Ltd.

52,965

$

69,825

Rabigh

Refining

&

Petrochemical

Co.*

8,460

16,082

Raharja

Energi

Cepu

PT

27,000

9,209

Reliance

Industries

Ltd.

94,410

1,432,148

Rosneft

Oil

Co.

PJSC*‡

74,042

—

Rukun

Raharja

Tbk.

PT

45,000

11,582

Saudi

Arabian

Oil

Co.(b)

72,540

498,982

Semirara

Mining

&

Power

Corp.,

Class

A

9,400

5,077

Shaanxi

Coal

Industry

Co.

Ltd.,

Class

A

18,000

57,716

Shan

Xi

Hua

Yang

Group

New

Energy

Co.

Ltd.,

Class

A

7,050

9,598

Shanxi

Coking

Coal

Energy

Group

Co.

Ltd.,

Class

A

13,800

14,518

Shanxi

Lu'an

Environmental

Energy

Development

Co.

Ltd.,

Class

A

4,500

8,827

Sinopec

Kantons

Holdings

Ltd.

288,000

159,678

SK

Discovery

Co.

Ltd.

598

24,055

SK

Gas

Ltd.

48

7,770

SK

Innovation

Co.

Ltd.

1,305

101,542

S-Oil

Corp.*

744

54,738

Surgutneftegas

PAO*‡

319,000

—

Surgutneftegas

PAO

(Preference)*‡

225,500

—

Tatneft

PJSC*‡

26,900

—

Tatneft

PJSC

(Preference)*‡

3,870

—

Thai

Oil

PCL,

NVDR

14,402

19,567

Transneft

PJSC

(Preference)*‡

5,500

—

Turkiye

Petrol

Rafinerileri

A/S

18,360

103,340

United

Tractors

Tbk.

PT

27,000

41,904

Vista

Energy

SAB

de

CV,

ADR*

1,980

119,770

Yancoal

Australia

Ltd.(a)(b)

4,800

19,238

Yankuang

Energy

Group

Co.

Ltd.,

Class

A

10,335

21,775

Yankuang

Energy

Group

Co.

Ltd.,

Class

H(a)

83,699

122,285

12,159,270

Paper

&

Forest

Products

-

0

.3

%

Empresas

CMPC

SA

19,872

30,134

Indah

Kiat

Pulp

&

Paper

Tbk.

PT

81,020

43,925

Lee

&

Man

Paper

Manufacturing

Ltd.

855,000

390,841

Nine

Dragons

Paper

Holdings

Ltd.*

9,000

9,450

Pabrik

Kertas

Tjiwi

Kimia

Tbk.

PT

445,500

193,753

Sappi

Ltd.*(a)

191,205

213,887

Shandong

Sun

Paper

Industry

JSC

Ltd.,

Class

A

9,200

22,270

Suzano

SA

15,000

141,332

YFY,

Inc.

22,472

17,852

1,063,444

Passenger

Airlines

-

0

.4

%

Aegean

Airlines

SA(a)

13,185

234,656

Aeroflot

PJSC*‡

74,029

—

Air

Arabia

PJSC

59,670

80,911

Asiana

Airlines,

Inc.*

2,576

13,655

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)

Passenger

Airlines

(continued)

Bangkok

Airways

PCL,

NVDR

239,700

$

116,555

China

Airlines

Ltd.

61,000

43,031

China

Eastern

Airlines

Corp.

Ltd.,

Class

A*

14,300

11,195

China

Eastern

Airlines

Corp.

Ltd.,

Class

H*(a)

46,000

31,924

China

Southern

Airlines

Co.

Ltd.,

Class

A*

14,100

14,631

China

Southern

Airlines

Co.

Ltd.,

Class

H*

24,000

17,885

Eva

Airways

Corp.

77,300

91,866

flynas

Co.

SJSC*

2,205

35,861

InterGlobe

Aviation

Ltd.(b)

2,475

123,673

Korean

Air

Lines

Co.

Ltd.*

3,690

59,731

Latam

Airlines

Group

SA

4,936,140

162,111

Pegasus

Hava

Tasimaciligi

A/S*

5,171

24,195

Turk

Hava

Yollari

AO

15,300

106,943

1,168,823

Personal

Care

Products

-

0

.4

%

Amorepacific

Corp.

225

21,696

Amorepacific

Holdings

Corp.

10,080

200,984

APR

Corp.

368

69,029

Bloomage

Biotechnology

Corp.

Ltd.,

Class

A

2,475

15,968

Colgate-Palmolive

India

Ltd.

1,845

42,405

Cosmax,

Inc.*

144

20,258

Dabur

India

Ltd.

7,695

42,378

D'Alba

Global

Co.

Ltd.*

180

20,133

Emami

Ltd.

2,162

11,371

Giant

Biogene

Holding

Co.

Ltd.(a)(b)

7,800

33,199

Gillette

India

Ltd.

192

18,367

Godrej

Consumer

Products

Ltd.

5,580

70,008

Grape

King

Bio

Ltd.

2,637

10,139

Hengan

International

Group

Co.

Ltd.

12,000

43,484

Hindustan

Unilever

Ltd.

10,980

283,251

Industri

Jamu

Dan

Farmasi

Sido

Muncul

Tbk.

PT

454,500

14,216

Kolmar

Korea

Co.

Ltd.

240

11,655

LG

H&H

Co.

Ltd.

97

17,690

LG

H&H

Co.

Ltd.

(Preference)

43

3,301

Mao

Geping

Cosmetics

Co.

Ltd.,

Class

H(a)

1,400

15,506

Natura

Cosmeticos

SA*

23,558

39,462

Procter

&

Gamble

Hygiene

&

Health

Care

Ltd.

92

11,768

Sarantis

SA(a)

1,316

21,229

Shanghai

Chicmax

Cosmetic

Co.

Ltd.,

Class

H(a)

1,900

16,446

VT

Co.

Ltd.*

7,200

103,043

1,156,986

Pharmaceuticals

-

1

.3

%

Acutaas

Chemicals

Ltd.

1,440

29,939

Ajanta

Pharma

Ltd.

576

17,419

Investments

Shares

Value

Pharmaceuticals

(continued)

Alembic

Pharmaceuticals

Ltd.

2,000

$

17,028

Alivus

Life

Sciences

Ltd.

874

9,131

Alkem

Laboratories

Ltd.

765

47,216

Aspen

Pharmacare

Holdings

Ltd.

6,705

44,952

Asymchem

Laboratories

Tianjin

Co.

Ltd.,

Class

A

700

9,986

Aurobindo

Pharma

Ltd.

5,040

66,170

Blue

Jet

Healthcare

Ltd.

966

4,387

Bora

Pharmaceuticals

Co.

Ltd.

1,209

23,166

BrightGene

Bio-Medical

Technology

Co.

Ltd.,

Class

A

1,334

8,983

Caliway

Biopharmaceuticals

Co.

Ltd.*

18,802

98,879

Caplin

Point

Laboratories

Ltd.

912

17,587

Caregen

Co.

Ltd.

225

19,618

Celltrion

Pharm,

Inc.

328

16,680

Center

Laboratories,

Inc.

12,026

15,400

Changchun

High-Tech

Industry

Group

Co.

Ltd.,

Class

A

600

8,281

China

Medical

System

Holdings

Ltd.

21,000

37,726

China

Resources

Jiangzhong

Pharmaceutical

Co.

Ltd.,

Class

A

4,700

16,815

China

Resources

Pharmaceutical

Group

Ltd.(b)

28,000

16,313

China

Traditional

Chinese

Medicine

Holdings

Co.

Ltd.

900,000

237,397

Cipla

Ltd.

8,100

116,585

Cohance

Lifesciences

Ltd.*

2,303

9,546

Concord

Biotech

Ltd.

1,288

16,455

Consun

Pharmaceutical

Group

Ltd.

165,000

381,775

CSPC

Pharmaceutical

Group

Ltd.

122,080

150,066

Daewoong

Co.

Ltd.*

7,470

124,552

Daewoong

Pharmaceutical

Co.

Ltd.*

49

5,750

Dr

Reddy's

Laboratories

Ltd.

7,740

102,493

Emcure

Pharmaceuticals

Ltd.

690

10,980

Eris

Lifesciences

Ltd.(b)

1,069

15,985

Gland

Pharma

Ltd.(b)

920

18,469

GlaxoSmithKline

Pharmaceuticals

Ltd.

376

9,817

Glenmark

Pharmaceuticals

Ltd.

2,160

47,336

Grand

Pharmaceutical

Group

Ltd.

28,500

28,538

Granules

India

Ltd.

5,580

34,613

Hanall

Biopharma

Co.

Ltd.*

1,150

41,146

Hanmi

Pharm

Co.

Ltd.*

103

34,634

Hansoh

Pharmaceutical

Group

Co.

Ltd.(a)(b)

14,000

69,196

HK

inno

N

Corp.

192

7,510

Hua

Han

Health

Industry

Holdings

Ltd.*‡

3,780,000

—

Hypera

SA*

9,200

44,299

Ipca

Laboratories

Ltd.

2,610

41,732

Jamjoom

Pharmaceuticals

Factory

Co.

480

17,942

JB

Chemicals

&

Pharmaceuticals

Ltd.

1,152

23,413

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.,

Class

A

5,000

41,851

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)

Pharmaceuticals

(continued)

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.,

Class

H*(a)

1,400

$

12,271

Jilin

Aodong

Pharmaceutical

Group

Co.

Ltd.,

Class

A

4,600

13,532

Jubilant

Pharmova

Ltd.,

Class

A

1,518

16,204

Kalbe

Farma

Tbk.

PT

252,494

17,224

Kangmei

Pharmaceutical

Co.

Ltd.,

Class

A*

58,500

15,996

Laurus

Labs

Ltd.(b)

4,136

43,389

Livzon

Pharmaceutical

Group,

Inc.,

Class

H

3,930

14,795

Lotus

Pharmaceutical

Co.

Ltd.

2,000

22,942

Lumosa

Therapeutics

Co.

Ltd.*

2,188

12,202

Lupin

Ltd.

3,150

73,720

Luye

Pharma

Group

Ltd.*(b)

90,000

32,037

Mankind

Pharma

Ltd.

1,125

25,976

Mega

Lifesciences

PCL,

NVDR

130,000

148,737

Mezzion

Pharma

Co.

Ltd.*

630

75,456

Nanjing

King-Friend

Biochemical

Pharmaceutical

Co.

Ltd.,

Class

A

9,200

12,539

Natco

Pharma

Ltd.

2,250

20,446

Neuland

Laboratories

Ltd.

230

33,132

Oneness

Biotech

Co.

Ltd.*

4,406

9,212

Oscotec,

Inc.*

855

33,026

Pfizer

Ltd.

341

16,917

Pharmally

International

Holding

Co.

Ltd.*‡

2,564

—

Piramal

Pharma

Ltd.

13,309

22,380

Richter

Gedeon

Nyrt.

3,504

117,905

Sam

Chun

Dang

Pharm

Co.

Ltd.*

240

80,117

Sanofi

India

Ltd.

144

6,289

Shandong

Buchang

Pharmaceuticals

Co.

Ltd.,

Class

A

4,600

11,261

Shanghai

Fosun

Pharmaceutical

Group

Co.

Ltd.,

Class

A

2,200

8,444

Shanghai

Fosun

Pharmaceutical

Group

Co.

Ltd.,

Class

H

11,500

30,069

Shanghai

Shyndec

Pharmaceutical

Co.

Ltd.,

Class

A

1,900

2,907

Sichuan

Biokin

Pharmaceutical

Co.

Ltd.,

Class

A*

851

34,017

Sihuan

Pharmaceutical

Holdings

Group

Ltd.

135,000

27,312

Sino

Biopharmaceutical

Ltd.

118,999

101,176

SK

Biopharmaceuticals

Co.

Ltd.*

460

37,710

SSY

Group

Ltd.(a)

360,000

136,446

ST

Pharm

Co.

Ltd.*

315

34,927

Sun

Pharmaceutical

Industries

Ltd.

15,075

261,439

Synmosa

Biopharma

Corp.

9,514

9,795

Tianjin

Pharmaceutical

Da

Re

Tang

Group

Corp.

Ltd.,

Class

S

4,900

14,749

Tonghua

Dongbao

Pharmaceutical

Co.

Ltd.,

Class

A

9,200

11,982

Torrent

Pharmaceuticals

Ltd.

1,620

69,754

TTY

Biopharm

Co.

Ltd.

2,575

6,980

Investments

Shares

Value

Pharmaceuticals

(continued)

United

Laboratories

International

Holdings

Ltd.

(The)

24,000

$

36,570

Wockhardt

Ltd.*

1,879

28,234

Yuhan

Corp.*

810

60,775

YungShin

Global

Holding

Corp.

70,351

124,517

Yunnan

Baiyao

Group

Co.

Ltd.,

Class

A

2,600

20,808

Zhangzhou

Pientzehuang

Pharmaceutical

Co.

Ltd.,

Class

A

600

13,850

Zhejiang

Jiuzhou

Pharmaceutical

Co.

Ltd.,

Class

A

4,700

12,338

Zydus

Lifesciences

Ltd.

4,193

40,354

4,170,614

Professional

Services

-

0

.1

%

BLS

International

Services

Ltd.

7,965

22,292

Computer

Age

Management

Services

Ltd.

3,560

26,899

eClerx

Services

Ltd.

360

18,203

Firstsource

Solutions

Ltd.

6,900

23,992

International

Gemmological

Institute

India

Ltd.

2,346

7,929

Kanzhun

Ltd.

9,000

84,184

L&T

Technology

Services

Ltd.(b)

138

5,585

NICE

Information

Service

Co.

Ltd.

11,925

143,574

RITES

Ltd.

4,200

10,429

Sagility

Ltd.(b)

21,022

11,411

Sporton

International,

Inc.

1,595

8,869

Zetrix

Ai

Bhd.

93,407

19,075

382,442

Real

Estate

Management

&

Development

-

3

.0

%

Aditya

Birla

Real

Estate

Ltd.

1,050

14,455

Aldar

Properties

PJSC

86,895

226,900

Allos

SA

144,000

849,882

Anant

Raj

Ltd.

3,135

17,187

AP

Thailand

PCL,

NVDR

292,500

84,129

Arabian

Centres

Co.(b)

2,475

12,868

Arriyadh

Development

Co.

3,496

20,161

Ayala

Land,

Inc.

130,500

47,098

Barwa

Real

Estate

Co.

27,900

20,973

Brigade

Enterprises

Ltd.

1,551

12,684

Bumi

Serpong

Damai

Tbk.

PT*

1,809,000

96,997

C&D

International

Investment

Group

Ltd.

14,196

29,211

Cathay

Real

Estate

Development

Co.

Ltd.

315,000

221,211

Cencosud

Shopping

SA

6,030

19,558

Central

Pattana

PCL,

NVDR

33,000

60,567

China

Dili

Group,

Class

D*‡

50,001

—

China

Enterprise

Co.

Ltd.,

Class

A*

28,200

11,972

China

Jinmao

Holdings

Group

Ltd.(a)

188,000

41,646

China

Merchants

Shekou

Industrial

Zone

Holdings

Co.

Ltd.,

Class

A

4,500

6,845

China

Overseas

Land

&

Investment

Ltd.

90,000

161,799

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)

Real

Estate

Management

&

Development

(continued)

China

Overseas

Property

Holdings

Ltd.

15,000

$

8,355

China

Resources

Land

Ltd.

67,500

265,170

China

Resources

Mixc

Lifestyle

Services

Ltd.(b)

9,400

55,752

China

Vanke

Co.

Ltd.,

Class

H*(a)

18,000

8,758

Chong

Hong

Construction

Co.

Ltd.

68,360

168,348

Ciputra

Development

Tbk.

PT

2,632,546

130,177

Commercial

Real

Estate

Co.

KSC

26,280

17,726

Corp.

Inmobiliaria

Vesta

SAB

de

CV(a)

10,300

32,087

Country

Garden

Holdings

Co.

Ltd.*

270,000

10,199

Country

Garden

Services

Holdings

Co.

Ltd.

50,000

41,359

Da-Li

Development

Co.

Ltd.

150,077

224,138

DAP

Gayrimenkul

Gelistirme

A/S,

Class

C*

43,562

10,857

Dar

Al

Arkan

Real

Estate

Development

Co.*

7,331

36,394

Delpha

Construction

Co.

Ltd.

180,000

149,857

Deyaar

Development

PJSC

369,810

102,707

DLF

Ltd.

10,575

73,087

Eco

World

Development

Group

Bhd.

42,300

23,929

Emaar

Development

PJSC

22,313

104,498

Emaar

Economic

City*

14,085

36,990

Emaar

Properties

PJSC

143,460

585,926

Embassy

Developments

Ltd.*

39,105

28,155

Evergrande

Property

Services

Group

Ltd.*(b)

270,000

41,833

Farglory

Land

Development

Co.

Ltd.

90,000

189,323

Fortress

Real

Estate

Investments

Ltd.,

Class

B

37,305

55,245

Gemdale

Corp.,

Class

A*

23,000

10,758

Godrej

Properties

Ltd.*

1,890

32,397

Greenland

Holdings

Corp.

Ltd.,

Class

A*

46,000

10,857

Greentown

China

Holdings

Ltd.(a)

24,500

35,104

Greentown

Service

Group

Co.

Ltd.(b)

450,000

262,174

Hainan

Airport

Infrastructure

Co.

Ltd.,

Class

A

23,000

14,829

Hangzhou

Binjiang

Real

Estate

Group

Co.

Ltd.,

Class

A

4,300

7,185

Hanson

International

Tbk.

PT*‡

2,409,275

—

Highwealth

Construction

Corp.

32,559

38,487

Hopson

Development

Holdings

Ltd.*

32,200

14,348

Huaku

Development

Co.

Ltd.

90,000

304,576

Huang

Hsiang

Construction

Corp.

50,690

59,758

Iguatemi

SA

76,500

416,432

IOI

Properties

Group

Bhd.

38,700

31,317

Jaya

Sukses

Makmur

Sentosa

Tbk.

PT*

39,960

11,963

KE

Holdings,

Inc.,

Class

A(a)

27,011

173,797

Kindom

Development

Co.

Ltd.

146,831

144,405

KSL

Holdings

Bhd.

117,000

90,822

Kuwait

Real

Estate

Co.

KSC*

13,349

15,224

Investments

Shares

Value

Real

Estate

Management

&

Development

(continued)

LAMDA

Development

SA*(a)

24,795

$

208,841

Land

&

Houses

PCL,

NVDR

81,000

10,040

Lodha

Developers

Ltd.(b)

4,050

42,773

Longfor

Group

Holdings

Ltd.(a)(b)

47,488

62,631

LSR

Group

PJSC,

Class

A*‡

21,295

—

Lydia

Holding

A/S*

3,780

15,531

Mabanee

Co.

KPSC

10,312

33,769

Mah

Sing

Group

Bhd.

517,500

150,970

Makkah

Construction

&

Development

Co.

675

16,269

Matrix

Concepts

Holdings

Bhd.

418,550

151,833

MBK

PCL,

NVDR

186,944

106,944

Megaworld

Corp.

2,835,000

105,926

Multiplan

Empreendimentos

Imobiliarios

SA*

5,000

31,458

Nanjing

Gaoke

Co.

Ltd.,

Class

A

14,100

18,324

Oberoi

Realty

Ltd.

1,935

31,362

Onewo,

Inc.,

Class

H

5,000

12,542

OSK

Holdings

Bhd.

504,000

214,795

Pakuwon

Jati

Tbk.

PT

4,387,500

94,102

Pantai

Indah

Kapuk

Dua

Tbk.

PT

25,721

14,251

Parque

Arauco

SA

10,845

46,672

Phoenix

Mills

Ltd.

(The)

3,002

54,523

Plaza

SA

10,212

44,954

PNB

Holdings

Corp.*‡

46,815

44,863

Poly

Developments

and

Holdings

Group

Co.

Ltd.,

Class

A

17,100

16,759

Poly

Property

Services

Co.

Ltd.,

Class

H(b)

55,400

240,620

Prestige

Estates

Projects

Ltd.

2,031

32,269

Radiance

Holdings

Group

Co.

Ltd.*(a)(b)

225,000

52,435

RAK

Properties

PJSC*

58,880

20,842

Retal

Urban

Development

Co.,

Class

A

3,420

11,598

Robinsons

Land

Corp.

580,500

178,447

Ruentex

Development

Co.

Ltd.

39,428

36,083

Salhia

Real

Estate

Co.

KSCP

15,840

20,129

Sansiri

PCL,

NVDR

2,245,500

97,770

Saudi

Real

Estate

Co.*

8,775

33,853

Seazen

Group

Ltd.*(a)

94,000

31,415

Shanghai

Jinqiao

Export

Processing

Zone

Development

Co.

Ltd.,

Class

B

90,092

68,920

Shanghai

Lujiazui

Finance

&

Trade

Zone

Development

Co.

Ltd.,

Class

A

9,200

10,857

Shanghai

Lujiazui

Finance

&

Trade

Zone

Development

Co.

Ltd.,

Class

B

4,900

2,078

Shenzhen

Overseas

Chinese

Town

Co.

Ltd.,

Class

A*

32,200

12,697

Sichuan

Languang

Justbon

Services

Group

Co.

Ltd.,

Class

H*‡

26,500

—

SignatureGlobal

India

Ltd.*

1,472

14,421

Sime

Darby

Property

Bhd.

67,600

25,723

Sinic

Holdings

Group

Co.

Ltd.*‡

318,000

—

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)

Real

Estate

Management

&

Development

(continued)

Sinyi

Realty,

Inc.

90,000

$

62,774

SM

Prime

Holdings,

Inc.

112,500

41,270

Sobha

Ltd.

1,104

17,405

SP

Setia

Bhd.

Group

927,000

231,632

Sunac

China

Holdings

Ltd.*(a)

184,000

28,508

Supalai

PCL,

NVDR

248,300

143,622

Talaat

Moustafa

Group

19,728

36,358

TECOM

Group

PJSC

14,398

14,740

Tera

Yatirim

Teknoloji

Holding

A/S,

REIT*

19,170

6,056

Tropicana

Corp.

Bhd.*

50,600

15,147

UEM

Sunrise

Bhd.

64,400

10,701

Umm

Al

Qura

for

Development

&

Construction

Co.*

6,615

33,915

UOA

Development

Bhd.

9,700

4,601

WHA

Corp.

PCL,

NVDR

227,890

25,060

Yea

Shin

International

Development

Co.

Ltd.

154,494

120,767

Youngor

Fashion

Co.

Ltd.,

Class

A

14,400

15,232

Yuexiu

Property

Co.

Ltd.(a)

19,079

11,140

Yungshin

Construction

&

Development

Co.

Ltd.

36,129

68,079

Zhuhai

Huafa

Properties

Co.

Ltd.,

Class

A

4,900

3,004

9,341,746

Residential

REITs

-

0

.0

%

(d)

Dubai

Residential

REIT,

REIT(b)

249,300

88,923

Emlak

Konut

Gayrimenkul

Yatirim

Ortakligi

A/S,

REIT

51,117

29,970

118,893

Retail

REITs

-

0

.8

%

Axtra

Future

City

Freehold

and

Leasehold

REIT,

REIT

436,400

176,141

CPN

Retail

Growth

Leasehold

REIT,

REIT

813,000

291,972

Fairvest

Ltd.,

Class

B,

REIT

599,310

247,385

Hyprop

Investments

Ltd.,

REIT(a)

131,805

468,457

IGB

REIT,

REIT

39,800

29,582

LOTTE

REIT

Co.

Ltd.,

REIT

2,174

6,593

Pavilion

REIT,

REIT

15,000

7,382

Resilient

REIT

Ltd.,

REIT(a)

100,980

512,031

Sunway

REIT,

REIT

30,900

20,302

Vukile

Property

Fund

Ltd.,

REIT

452,115

699,140

Yeni

Gimat

Gayrimenkul

Ortakligi

A/S,

REIT

5,040

16,177

2,475,162

Semiconductors

&

Semiconductor

Equipment

-

11

.2

%

3peak,

Inc.,

Class

A*

552

16,120

AblePrint

Technology

Co.

Ltd.

1,000

34,795

ACM

Research

Shanghai,

Inc.,

Class

A

1,081

29,372

ADATA

Technology

Co.

Ltd.

6,526

75,380

Investments

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Advanced

Echem

Materials

Co.

Ltd.

1,000

$

27,359

Advanced

Wireless

Semiconductor

Co.

5,104

18,165

Airoha

Technology

Corp.

1,250

17,258

Alchip

Technologies

Ltd.

1,100

109,231

Amlogic

Shanghai

Co.

Ltd.,

Class

A*

1,104

13,917

Anji

Microelectronics

Technology

Shanghai

Co.

Ltd.,

Class

A

214

8,308

AP

Memory

Technology

Corp.

2,224

30,353

Ardentec

Corp.

10,486

53,146

ASE

Technology

Holding

Co.

Ltd.

45,105

425,681

ASMedia

Technology,

Inc.

464

19,020

ASPEED

Technology,

Inc.

400

112,869

ASR

Microelectronics

Co.

Ltd.,

Class

A*

987

12,598

Beijing

Jingyi

Automation

Equipment

Co.

Ltd.,

Class

A

1,080

18,240

Biwin

Storage

Technology

Co.

Ltd.,

Class

A*

1,710

46,089

Brite

Semiconductor

Shanghai

Co.

Ltd.,

Class

A

990

19,421

Cambricon

Technologies

Corp.

Ltd.,

Class

A*

490

88,775

Chengdu

Sino

Microelectronics

Technology

Co.

Ltd.,

Class

A

2,700

19,650

China

Resources

Microelectronics

Ltd.,

Class

A

1,610

14,776

Chipbond

Technology

Corp.

17,001

29,605

ChipMOS

Technologies,

Inc.

31,412

60,089

CSI

Solar

Co.

Ltd.,

Class

A

18,000

39,583

DB

HiTek

Co.

Ltd.

10,395

764,062

Doosan

Tesna,

Inc.

540

25,436

Dosilicon

Co.

Ltd.,

Class

A*

1,305

25,289

Duk

San

Neolux

Co.

Ltd.*

506

13,727

Elan

Microelectronics

Corp.

6,036

22,441

Elite

Advanced

Laser

Corp.

3,511

28,115

Elite

Semiconductor

Microelectronics

Technology,

Inc.

7,036

43,598

eMemory

Technology,

Inc.

900

52,336

Ennostar,

Inc.

225,000

251,311

Eo

Technics

Co.

Ltd.*

180

47,020

Episil

Technologies,

Inc.*

6,292

11,956

Eugene

Technology

Co.

Ltd.

315

24,291

Everlight

Electronics

Co.

Ltd.

135,000

238,513

Faraday

Technology

Corp.

4,154

22,044

Fitipower

Integrated

Technology,

Inc.

33,845

158,094

Flat

Glass

Group

Co.

Ltd.,

Class

H*

1,000

1,398

Formosa

Sumco

Technology

Corp.

1,000

4,480

Foxsemicon

Integrated

Technology,

Inc.

2,650

23,915

GalaxyCore,

Inc.,

Class

A

5,014

11,625

GCL

System

Integration

Technology

Co.

Ltd.,

Class

A*

9,800

4,640

GCL

Technology

Holdings

Ltd.*

315,000

43,561

GemVax

&

Kael

Co.

Ltd.*

900

26,917

Global

Mixed

Mode

Technology,

Inc.

2,448

18,903

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)

Semiconductors

&

Semiconductor

Equipment

(continued)

Global

Unichip

Corp.

1,432

$

119,220

Globalwafers

Co.

Ltd.

4,187

66,125

Grand

Process

Technology

Corp.

500

26,533

Greatech

Technology

Bhd.*

40,500

18,082

Greatek

Electronics,

Inc.

103,849

295,014

Gudeng

Precision

Industrial

Co.

Ltd.

1,812

23,175

Guobo

Electronics

Co.

Ltd.,

Class

A

1,395

25,421

Hana

Micron,

Inc.*

2,610

68,450

Hangzhou

First

Applied

Material

Co.

Ltd.,

Class

A

9,200

22,522

Hanmi

Semiconductor

Co.

Ltd.

540

79,158

HPSP

Co.

Ltd.*

765

24,713

Hua

Hong

Semiconductor

Ltd.,

Class

H*(b)

6,000

89,504

Hwatsing

Technology

Co.

Ltd.,

Class

A

1,164

31,641

Hygon

Information

Technology

Co.

Ltd.,

Class

A

2,235

85,058

Inari

Amertron

Bhd.

16,200

6,616

InnoScience

Suzhou

Technology

Holding

Co.

Ltd.,

Class

H*(a)

4,600

33,898

ISC

Co.

Ltd.

225

23,557

ITE

Technology,

Inc.

4,100

15,634

ITH

Corp.

90,000

115,825

JA

Solar

Technology

Co.

Ltd.,

Class

A*

9,200

14,975

Jentech

Precision

Industrial

Co.

Ltd.

1,287

116,145

Jusung

Engineering

Co.

Ltd.*

1,152

33,094

King

Yuan

Electronics

Co.

Ltd.

16,835

158,346

Kinsus

Interconnect

Technology

Corp.

4,000

32,030

Koh

Young

Technology,

Inc.

1,932

45,166

LandMark

Optoelectronics

Corp.

3,048

96,854

LEENO

Industrial,

Inc.*

530

38,993

LONGi

Green

Energy

Technology

Co.

Ltd.,

Class

A*

5,848

15,048

LX

Semicon

Co.

Ltd.

3,285

124,836

M31

Technology

Corp.

460

6,855

Machvision,

Inc.

1,235

18,484

Macronix

International

Co.

Ltd.*

31,104

91,721

Marketech

International

Corp.

2,489

22,462

MediaTek,

Inc.

20,290

1,134,744

Montage

Technology

Co.

Ltd.,

Class

A

1,608

42,083

MPI

Corp.

1,428

114,122

Nanya

Technology

Corp.*

12,499

129,677

NAURA

Technology

Group

Co.

Ltd.,

Class

A

980

67,025

Nexchip

Semiconductor

Corp.,

Class

A

9,000

47,380

Novatek

Microelectronics

Corp.

9,312

110,963

Nuvoton

Technology

Corp.

4,000

7,944

OmniVision

Integrated

Circuits

Group,

Inc.,

Class

A

900

15,698

Investments

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Orient

Semiconductor

Electronics

Ltd.

14,256

$

26,319

Pan

Jit

International,

Inc.

8,000

22,981

Parade

Technologies

Ltd.

1,400

23,534

Philoptics

Co.

Ltd.*

495

18,983

Phison

Electronics

Corp.

2,776

209,942

Phoenix

Silicon

International

Corp.

4,061

21,873

Pixart

Imaging,

Inc.

3,200

20,286

Powerchip

Semiconductor

Manufacturing

Corp.*

52,000

114,840

Powertech

Technology,

Inc.

14,550

117,436

Premier

Energies

Ltd.(b)

1,980

15,496

Primarius

Technologies

Co.

Ltd.,

Class

A

3,150

17,626

PSK

Holdings,

Inc.*

3,465

189,932

Radiant

Opto-Electronics

Corp.

8,350

32,371

Raydium

Semiconductor

Corp.

18,024

132,588

Realtek

Semiconductor

Corp.

6,724

103,306

S&S

Tech

Corp.

495

31,294

Sanan

Optoelectronics

Co.

Ltd.,

Class

A

9,200

21,396

SDI

Corp.

1,781

5,025

Shanghai

Awinic

Technology

Co.

Ltd.,

Class

A

1,104

13,098

Shanghai

Fudan

Microelectronics

Group

Co.

Ltd.,

Class

A

1,564

18,027

Shanghai

Fudan

Microelectronics

Group

Co.

Ltd.,

Class

H

4,000

26,634

Shenyang

Fortune

Precision

Equipment

Co.

Ltd.,

Class

A

1,485

22,562

Shenzhen

China

Micro

Semicon

Co.

Ltd.,

Class

A

3,375

28,099

Sigurd

Microelectronics

Corp.

16,300

67,334

Silergy

Corp.

4,000

35,653

Silicon

Integrated

Systems

Corp.

5,959

10,017

SIMMTECH

Co.

Ltd.*

450

18,914

Sino-American

Silicon

Products,

Inc.

16,352

62,353

Sitronix

Technology

Corp.

5,674

35,248

SK

hynix,

Inc.

12,195

7,701,303

Skytech,

Inc.

1,000

6,578

Skyverse

Technology

Co.

Ltd.,

Class

A*

1,440

38,350

Smartsens

Technology

Shanghai

Co.

Ltd.,

Class

A

1,170

16,257

Southchip

Semiconductor

Technology

Shanghai

Co.

Ltd.,

Class

A

2,745

17,382

Suzhou

Centec

Communications

Co.

Ltd.,

Class

A*

1,170

26,197

Suzhou

Novosense

Microelectronics

Co.

Ltd.,

Class

A*

720

19,263

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

311,489

17,568,890

TCL

Zhonghuan

Renewable

Energy

Technology

Co.

Ltd.,

Class

A*

13,500

18,282

TechWing,

Inc.*

1,150

39,947

Tokai

Carbon

Korea

Co.

Ltd.

276

45,636

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)

Semiconductors

&

Semiconductor

Equipment

(continued)

Tongwei

Co.

Ltd.,

Class

A*

4,600

$

12,049

Topco

Scientific

Co.

Ltd.

2,704

27,753

Trina

Solar

Co.

Ltd.,

Class

A*

4,502

12,148

Unisem

M

Bhd.

18,000

14,384

United

Microelectronics

Corp.

278,332

551,888

United

Nova

Technology

Co.

Ltd.,

Class

A*

29,385

32,098

UPI

Semiconductor

Corp.

1,358

8,760

Vanguard

International

Semiconductor

Corp.

15,078

68,754

Verisilicon

Microelectronics

Shanghai

Co.

Ltd.,

Class

A*

1,233

39,395

Via

Technologies,

Inc.

15,876

26,183

VisEra

Technologies

Co.

Ltd.

1,392

12,606

Visual

Photonics

Epitaxy

Co.

Ltd.

4,000

21,354

ViTrox

Corp.

Bhd.

9,400

10,373

WAAREE

Energies

Ltd.

322

9,758

Wafer

Works

Shanghai

Co.

Ltd.,

Class

A

4,860

16,947

Win

Semiconductors

Corp.

6,961

51,870

Winbond

Electronics

Corp.*

45,000

183,746

WinWay

Technology

Co.

Ltd.

650

80,656

Wonik

Holdings

Co.

Ltd.*

855

25,126

WONIK

IPS

Co.

Ltd.*

675

53,647

Xinjiang

Daqo

New

Energy

Co.

Ltd.,

Class

A*

4,462

15,572

XinTec,

Inc.

3,000

15,920

Xinyi

Solar

Holdings

Ltd.

123,637

53,509

YC

Corp.*

1,575

21,589

Yuanjie

Semiconductor

Technology

Co.

Ltd.,

Class

A

329

38,968

35,224,568

Software

-

0

.3

%

360

Security

Technology,

Inc.,

Class

A

9,200

16,074

Beijing

Kingsoft

Office

Software,

Inc.,

Class

A

151

7,320

Beijing

Shiji

Information

Technology

Co.

Ltd.,

Class

A

9,200

16,948

Birlasoft

Ltd.

6,026

27,386

BlackBuck

Ltd.*

2,475

15,069

CE

Info

Systems

Ltd.

506

7,266

CETC

Cyberspace

Security

Technology

Co.

Ltd.,

Class

A

4,600

12,750

Dmall,

Inc.*

9,200

9,789

Douzone

Bizon

Co.

Ltd.

350

23,683

Horizon

Robotics*

108,000

113,812

Inspur

Digital

Enterprise

Technology

Ltd.

12,000

7,683

Intellect

Design

Arena

Ltd.

2,484

24,673

Intelligo

Technology,

Inc.*

1,000

12,758

Intsig

Information

Co.

Ltd.,

Class

A

765

30,717

Kingdee

International

Software

Group

Co.

Ltd.*(a)

40,000

66,328

Investments

Shares

Value

Software

(continued)

KPIT

Technologies

Ltd.

2,330

$

26,391

Marketingforce

Management

Ltd.*(a)

4,500

24,327

NavInfo

Co.

Ltd.,

Class

A*

13,500

20,536

Newgen

Software

Technologies

Ltd.

1,920

12,148

Oracle

Financial

Services

Software

Ltd.

322

27,164

Phancy

Group

Co.

Ltd.,

Class

H*

4,500

28,868

Phoenix

Group

plc*

16,033

4,322

Pony

AI,

Inc.,

ADR*(a)

2,208

30,647

Qi

An

Xin

Technology

Group,

Inc.,

Class

A*

2,254

12,061

Shanghai

Baosight

Software

Co.

Ltd.,

Class

A

3,200

10,528

Shanghai

Stonehill

Technology

Co.

Ltd.,

Class

A*

13,800

19,503

Tata

Elxsi

Ltd.

506

29,283

TOTVS

SA

8,200

69,806

Tuya,

Inc.,

Class

A

9,200

19,685

Venustech

Group,

Inc.,

Class

A*

4,700

9,598

Weimob,

Inc.*(a)(b)

90,000

27,888

Wuhan

Dameng

Database

Co.

Ltd.,

Class

A

585

23,797

788,808

Specialty

Retail

-

1

.5

%

Abu

Dhabi

National

Oil

Co.

for

Distribution

PJSC

28,106

31,376

Aditya

Birla

Fashion

and

Retail

Ltd.*

201,780

145,674

Aditya

Birla

Lifestyle

Brands

Ltd.*

10,575

12,074

Aldrees

Petroleum

and

Transport

Services

Co.

768

24,469

Ali

Alghanim

Sons

Automotive

Co.

KSCC

3,420

12,347

Bluestone

Jewellery

and

Lifestyle

Ltd.*

2,700

12,918

BrainBees

Solutions

Ltd.*

12,651

38,041

Cartrade

Tech

Ltd.*

1,058

30,471

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

Class

A

900

11,576

Chow

Tai

Fook

Jewellery

Group

Ltd.

(a)

18,000

33,189

Com7

PCL,

NVDR

400

278

Cosan

SA*

486,000

547,679

Dogan

Sirketler

Grubu

Holding

A/S

278,325

138,995

Dogus

Otomotiv

Servis

ve

Ticaret

A/S

27,540

145,196

Empresas

Copec

SA

8,235

71,071

Foschini

Group

Ltd.(a)

105,030

552,934

FSN

E-Commerce

Ventures

Ltd.*

17,844

46,071

HLA

Group

Corp.

Ltd.,

Class

A

5,200

4,587

Home

Product

Center

PCL,

NVDR

800

181

Hotai

Motor

Co.

Ltd.

6,120

105,792

Hotel

Shilla

Co.

Ltd.*

900

28,887

Italtile

Ltd.

138,735

86,593

Jarir

Marketing

Co.

4,888

18,597

JUMBO

SA

2,520

75,068

Lojas

Renner

SA

20,820

59,372

M.Video

PJSC*‡

31,680

—

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

100

Investments

Shares

Value

COMMON

STOCKS

(continued)

Specialty

Retail

(continued)

Map

Aktif

Adiperkasa

PT

3,163,582

$

131,934

Metro

Brands

Ltd.

1,409

16,091

Motus

Holdings

Ltd.

50,490

401,307

MR

DIY

Group

M

Bhd.(b)

57,600

26,740

Mr

Price

Group

Ltd.

4,140

46,079

National

Petroleum

Co.

Ltd.

2,000

3,654

Oriental

Holdings

Bhd.

76,500

133,516

Pan

German

Universal

Motors

Ltd.

8,370

72,343

Pepkor

Holdings

Ltd.(b)

27,090

44,729

Petronas

Dagangan

Bhd.

4,900

26,352

Pop

Mart

International

Group

Ltd.

(a)(b)

9,000

257,680

PTT

Oil

&

Retail

Business

PCL,

NVDR

13,500

5,835

Saudi

Automotive

Services

Co.*

450

6,155

Shanghai

Yuyuan

Tourist

Mart

Group

Co.

Ltd.,

Class

A

13,800

11,102

Siam

Global

House

PCL,

NVDR

36,010

7,897

Topsports

International

Holdings

Ltd.

(b)

52,000

18,843

Trent

Ltd.

2,295

94,445

Truworths

International

Ltd.(a)

124,830

467,796

Ultrapar

Participacoes

SA

18,000

87,257

United

Electronics

Co.

874

20,494

Vibra

Energia

SA

24,099

132,381

We

Buy

Cars

Holdings

Ltd.(a)

124,200

355,698

XXF

Group

Holdings

Ltd.*(a)

40,000

58,389

Zhongsheng

Group

Holdings

Ltd.

12,000

17,901

Zhou

Liu

Fu

Jewellery

Co.

Ltd.,

Class

H

4,500

15,016

4,693,070

Technology

Hardware,

Storage

&

Peripherals

-

6

.1

%

Acer,

Inc.

59,750

47,656

Advantech

Co.

Ltd.

8,552

81,389

AIC,

Inc.

11,836

142,167

Asia

Vital

Components

Co.

Ltd.

5,136

238,276

ASROCK,

Inc.

1,086

7,437

Asustek

Computer,

Inc.

16,728

263,651

AURAS

Technology

Co.

Ltd.

1,550

44,820

Catcher

Technology

Co.

Ltd.

7,418

47,261

Chenbro

Micom

Co.

Ltd.

1,000

28,758

Chenming

Electronic

Technology

Corp.

3,654

13,121

Chicony

Electronics

Co.

Ltd.

13,050

48,518

China

Greatwall

Technology

Group

Co.

Ltd.,

Class

A*

5,500

12,562

Clevo

Co.

135,000

159,795

Compal

Electronics,

Inc.

92,000

95,742

CosmoAM&T

Co.

Ltd.*

874

30,967

Ennoconn

Corp.

32,233

290,886

Getac

Holdings

Corp.

9,843

35,187

Gigabyte

Technology

Co.

Ltd.

11,029

81,657

HTC

Corp.*

23,276

33,172

Huaqin

Technology

Co.

Ltd.,

Class

A

2,100

26,130

Investments

Shares

Value

Technology

Hardware,

Storage

&

Peripherals

(continued)

Innodisk

Corp.

2,347

$

59,216

Inventec

Corp.

60,230

86,125

JPC

connectivity,

Inc.

1,842

8,282

King

Slide

Works

Co.

Ltd.

1,104

110,154

Kinpo

Electronics

427,751

358,158

Legend

Holdings

Corp.,

Class

H*(b)

184,500

204,824

Lenovo

Group

Ltd.(a)

150,000

170,557

Lite-On

Technology

Corp.

31,212

162,656

Micro-Star

International

Co.

Ltd.

16,000

45,860

Mitac

Holdings

Corp.

15,734

39,448

Netweb

Technologies

India

Ltd.

225

7,692

Pegatron

Corp.

53,304

118,058

Qisda

Corp.

405,000

324,309

Quanta

Computer,

Inc.

62,733

558,158

Quanta

Storage,

Inc.

5,200

17,515

Samsung

Electronics

Co.

Ltd.

110,430

12,313,474

Samsung

Electronics

Co.

Ltd.

(Preference)

18,450

1,504,815

Shanghai

Longcheer

Technology

Co.

Ltd.

4,500

29,350

Shenzhen

Transsion

Holdings

Co.

Ltd.,

Class

A

1,303

10,901

Wistron

Corp.

44,429

184,238

Wiwynn

Corp.

1,650

187,440

Xiaomi

Corp.,

Class

B*(b)

216,000

981,856

19,212,238

Textiles,

Apparel

&

Luxury

Goods

-

1

.2

%

361

Degrees

International

Ltd.(a)

225,000

165,659

Aksa

Akrilik

Kimya

Sanayii

A/S

38,400

9,783

Alpargatas

SA

(Preference)

4,500

12,351

ANTA

Sports

Products

Ltd.

18,000

180,353

Azzas

2154

SA

45,042

230,047

Bata

India

Ltd.

2,610

24,404

Bosideng

International

Holdings

Ltd.

(a)

90,000

54,970

China

National

Gold

Group

Gold

Jewellery

Co.

Ltd.,

Class

A

9,200

19,437

Eclat

Textile

Co.

Ltd.

3,546

44,733

F&F

Co.

Ltd.*

460

23,361

Feng

TAY

Enterprise

Co.

Ltd.

11,872

36,291

FF

Group*‡

3,536

—

Formosa

Taffeta

Co.

Ltd.

315,000

166,659

Fuguiniao

Group

Ltd.*‡

334,800

—

Fulgent

Sun

International

Holding

Co.

Ltd.

45,000

135,272

JNBY

Design

Ltd.(b)

64,500

159,068

Kalyan

Jewellers

India

Ltd.

5,934

23,330

KPR

Mill

Ltd.

1,754

16,580

Lao

Feng

Xiang

Co.

Ltd.,

Class

B

7,400

25,574

Laopu

Gold

Co.

Ltd.,

Class

H(a)

400

39,848

Li

Ning

Co.

Ltd.

47,500

124,320

Makalot

Industrial

Co.

Ltd.

4,420

42,908

Mavi

Giyim

Sanayi

ve

Ticaret

A/S,

Class

B(b)

204,525

227,321

Misto

Holdings

Corp.

11,970

390,434

Page

Industries

Ltd.

94

33,717

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

101

Investments

Shares

Value

COMMON

STOCKS

(continued)

Textiles,

Apparel

&

Luxury

Goods

(continued)

Pou

Chen

Corp.

74,600

$

72,182

Relaxo

Footwears

Ltd.

2,116

8,999

Ruentex

Industries

Ltd.

16,940

27,184

Safari

Industries

India

Ltd.

990

21,868

Shenzhou

International

Group

Holdings

Ltd.(a)

9,500

75,784

Shinkong

Textile

Co.

Ltd.

7,600

17,895

Sports

Gear

Co.

Ltd.

31,269

100,852

Swan

Corp.

Ltd.

8,640

39,604

Tainan

Spinning

Co.

Ltd.

360,000

155,577

Taiwan

Paiho

Ltd.

97,000

154,115

Titan

Co.

Ltd.

5,220

225,705

Trident

Ltd.

71,865

20,320

Vardhman

Textiles

Ltd.

38,432

180,634

Vedant

Fashions

Ltd.

4,320

22,793

Vivara

Participacoes

SA

5,300

28,527

Vulcabras

SA

45,000

154,883

Welspun

Living

Ltd.

7,370

9,929

Wiselink

Co.

Ltd.

3,252

20,306

Xtep

International

Holdings

Ltd.

6,449

4,244

Youngone

Corp.

480

30,313

Youngone

Holdings

Co.

Ltd.

1,620

232,972

3,791,106

Tobacco

-

0

.2

%

Eastern

Co.

SAE

16,785

13,520

Godfrey

Phillips

India

Ltd.

414

9,161

Gudang

Garam

Tbk.

PT

31,582

29,446

ITC

Ltd.

40,095

140,417

KT&G

Corp.

2,475

264,626

RLX

Technology,

Inc.,

ADR

9,614

22,208

Smoore

International

Holdings

Ltd.

(a)(b)

31,000

44,934

524,312

Trading

Companies

&

Distributors

-

0

.4

%

Adani

Enterprises

Ltd.

5,265

115,640

BOC

Aviation

Ltd.(b)

4,900

50,884

Bohai

Leasing

Co.

Ltd.,

Class

A*

18,800

12,040

Brighton-Best

International

Taiwan,

Inc.

151,624

165,982

Chin

Hin

Group

Bhd.*

18,800

11,017

CITIC

Metal

Co.

Ltd.,

Class

A

9,000

19,351

COSCO

SHIPPING

Development

Co.

Ltd.,

Class

A

37,600

14,394

Ferreycorp

SAA

271,620

330,109

HextarTechnologies

Solutions

Bhd.*

41,400

11,815

Hyundai

GF

Holdings

9,540

61,506

IndiaMart

InterMesh

Ltd.(b)

715

17,115

LX

International

Corp.

8,325

221,225

Posco

International

Corp.

1,035

44,869

Realord

Group

Holdings

Ltd.*

14,000

28,019

Shanxi

Coal

International

Energy

Group

Co.

Ltd.,

Class

A

11,400

18,506

Investments

Shares

Value

Trading

Companies

&

Distributors

(continued)

Sinochem

International

Corp.,

Class

A*

18,800

$

12,635

SK

Networks

Co.

Ltd.

35,235

137,082

Xiamen

C

&

D,

Inc.,

Class

A

9,400

12,906

Xiamen

ITG

Group

Corp.

Ltd.,

Class

A

13,800

13,882

1,298,977

Transportation

Infrastructure

-

0

.7

%

Abu

Dhabi

Ports

Co.

PJSC*

22,050

30,980

Adani

Ports

&

Special

Economic

Zone

Ltd.

11,790

181,975

Airports

of

Thailand

PCL

54,000

86,668

Airports

of

Thailand

PCL,

NVDR

4,500

7,187

Bangkok

Expressway

&

Metro

PCL,

NVDR

18,200

3,037

Beibuwan

Port

Co.

Ltd.,

Class

A

4,900

6,897

Beijing-Shanghai

High

Speed

Railway

Co.

Ltd.,

Class

A

61,900

43,384

China

Merchants

Expressway

Network

&

Technology

Holdings

Co.

Ltd.,

Class

A

9,600

12,959

China

Merchants

Port

Holdings

Co.

Ltd.

34,521

69,531

COSCO

SHIPPING

International

Hong

Kong

Co.

Ltd.

120,000

97,417

COSCO

SHIPPING

Ports

Ltd.

12,544

9,942

Evergreen

International

Storage

&

Transport

Corp.

90,000

161,582

GMR

Airports

Ltd.*

45,394

46,333

Grindrod

Ltd.(a)

183,870

197,427

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV,

Class

B

3,600

52,785

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

Class

B

5,400

149,365

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

Class

B

2,350

81,907

Guangdong

Provincial

Expressway

Development

Co.

Ltd.,

Class

B

9,800

10,930

Huaihe

Energy

Group

Co.

Ltd.,

Class

A*

23,000

11,320

International

Container

Terminal

Services,

Inc.

10,800

117,757

Jasa

Marga

Persero

Tbk.

PT

774,023

164,166

Jiangsu

Expressway

Co.

Ltd.,

Class

H(a)

32,000

42,204

JSW

Infrastructure

Ltd.

1,564

4,395

Motiva

Infraestrutura

de

Mobilidade

SA

23,282

74,530

Ningbo

Zhoushan

Port

Co.

Ltd.,

Class

A

23,500

13,224

Novorossiysk

Commercial

Sea

Port

PJSC*‡

189,696

—

Piraeus

Port

Authority

SA

1,890

89,488

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

2,025

31,899

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

102

Investments

Shares

Value

COMMON

STOCKS

(continued)

Transportation

Infrastructure

(continued)

Qingdao

Port

International

Co.

Ltd.,

Class

A

5,200

$

7,132

Qingdao

Port

International

Co.

Ltd.,

Class

H(b)

23,000

22,117

Salik

Co.

PJSC

25,267

43,893

Saudi

Ground

Services

Co.

1,815

17,895

Shanghai

International

Port

Group

Co.

Ltd.,

Class

A

19,300

13,860

Shenzhen

Expressway

Corp.

Ltd.,

Class

H

18,000

17,286

Shenzhen

International

Holdings

Ltd.

26,562

30,610

Shenzhen

Yan

Tian

Port

Holding

Co.

Ltd.,

Class

A

27,000

17,797

Sociedad

Matriz

SAAM

SA

217,948

34,817

Taiwan

High

Speed

Rail

Corp.

46,000

39,978

TangShan

Port

Group

Co.

Ltd.,

Class

A

23,300

14,352

TAV

Havalimanlari

Holding

A/S*

4,067

32,518

WCE

Holdings

Bhd.*

64,400

11,599

Westports

Holdings

Bhd.

17,569

27,231

Zhejiang

Expressway

Co.

Ltd.,

Class

H

52,000

49,072

2,179,446

Water

Utilities

-

0

.5

%

Aguas

Andinas

SA,

Class

A

69,842

31,149

AlKhorayef

Water

&

Power

Technologies

Co.

225

7,427

Beijing

Capital

Eco-Environment

Protection

Group

Co.

Ltd.,

Class

A

24,000

10,638

Beijing

Enterprises

Water

Group

Ltd.

132,000

45,467

China

Water

Affairs

Group

Ltd.(a)

206,000

142,438

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

5,868

158,279

Cia

de

Saneamento

de

Minas

Gerais

Copasa

MG

4,500

43,964

Cia

De

Sanena

Do

Parana*

81,000

722,193

Guangdong

Investment

Ltd.

56,000

52,919

Inversiones

Aguas

Metropolitanas

SA

126,675

162,813

Luenmei

Quantum

Co.

Ltd.,

Class

A

13,800

13,962

Manila

Water

Co.,

Inc.

355,500

245,129

Miahona

4,500

21,812

National

Central

Cooling

Co.

PJSC

25,990

21,230

VA

Tech

Wabag

Ltd.

987

11,563

1,690,983

Wireless

Telecommunication

Services

-

0

.9

%

Advanced

Info

Service

PCL,

NVDR

13,500

149,738

America

Movil

SAB

de

CV,

Series

B

387,000

401,791

Axiata

Group

Bhd.

18,004

10,505

Bharti

Airtel

Ltd.

37,395

800,321

Bharti

Hexacom

Ltd.

874

14,678

Celcomdigi

Bhd.

36,000

29,772

Etihad

Etisalat

Co.

5,130

96,289

Investments

Shares

Value

Wireless

Telecommunication

Services

(continued)

Far

EasTone

Telecommunications

Co.

Ltd.

27,936

$

78,828

Globe

Telecom,

Inc.

675

18,010

Indosat

Tbk.

PT

127,200

16,899

Kuwait

Telecommunications

Co.

5,658

12,149

Maxis

Bhd.

42,000

40,700

Mobile

Telecommunications

Co.

KSCP

50,355

83,679

Mobile

Telecommunications

Co.

Saudi

Arabia

6,750

19,724

Mobile

TeleSystems

PJSC*‡

31,356

—

MTN

Group

Ltd.

37,845

426,955

PLDT,

Inc.

1,350

30,723

Sistema

AFK

PAO*‡

122,643

—

SK

Telecom

Co.

Ltd.

2,205

111,062

Taiwan

Mobile

Co.

Ltd.

20,000

67,048

TIM

SA

18,000

84,301

Turkcell

Iletisim

Hizmetleri

A/S

22,095

59,388

Vodacom

Group

Ltd.

11,295

106,037

Vodafone

Idea

Ltd.*

315,090

38,261

Vodafone

Qatar

PQSC

44,198

30,882

XLSMART

Telecom

Sejahtera

Tbk.

PT

127,502

25,067

2,752,807

Total

Common

Stocks

(Cost

$190,627,409)

312,436,537

Number

of

Rights

RIGHTS

-

0

.0

%

(d)

Communications

Equipment

-

0.0%(d)

FOCI

Fiber

Optic

Communications,

Inc.,

expiring

2/3/2026,

price

1.00

TWD*

144

460

Semiconductors

&

Semiconductor

Equipment

-

0.0%(d)

Kinsus

Interconnect

Technology

Corp.,

expiring

3/10/2026,

price

1.00

TWD

459

1,561

Total

Rights

(Cost

$–)

2,021

Shares

PREFERRED

STOCKS

-

0

.0

%

(d)

Automobiles

-

0

.0

%

(d)

TVS

Motor

Co.

Ltd.

6.00%, 09/01/26

*‡

(Cost

$1,489)

13,616

1,450

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

103

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

-

0

.7

%

(e)

REPURCHASE

AGREEMENTS

-

0

.7

%

CF

Secured

LLC

3.66%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$1,547,023,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.63%,

maturing

1/31/2026

-

5/15/2052;

total

market

value

$1,562,671

$

1,546,709

$

1,546,709

National

Bank

of

Canada

Financial

Inc.

3.80%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$580,122,

collateralized

by

various

Common

Stocks;

total

market

value

$637,405

580,000

580,000

2,126,709

Total

Securities

Lending

Reinvestments

(Cost

$2,126,709)

2,126,709

Total

Investments

-

100.0%

(Cost

$192,755,607)

314,566,717

Liabilities

in

excess

of

other

assets

-

0.0%

(8,145)

NET

ASSETS

-

100.0%

$314,558,572

*

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

January

31,

2026.

The

total

value

of

securities

on

loan

at

January

31,

2026

was

$11,528,986,

collateralized

in

the

form

of

cash

with

a

value

of

$2,126,709

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$5,613,007

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

February

17,

2026

–

November

15,

2055

and

$4,842,633

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

February

25,

2026

–

June

30,

2120;

a

total

value

of

$12,582,349.

(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

January

31,

2026,

the

value

of

these

securities

amounted

to

approximately

$16,215

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

January

31,

2026.

The

total

value

of

securities

purchased

was

$2,126,709.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

ADR

—

American

Depositary

Receipt

GDR

—

Global

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

SCA

—

Limited

partnership

with

share

capital

Futures

Contracts

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

had

the

following

open

futures

contracts

as

of

January

31,

2026:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

MSCI

Emerging

Markets

E-Mini

Index

53

03/20/2026

USD

$

4,030,120

$

323,844

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

104

Forward

Foreign

Currency

Contracts

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

had

the

following

outstanding

contracts

as

of

January

31,

2026:

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

BRL

*

1,148,000

Citibank

NA

USD

210,034

03/18/2026

$

7,127

KRW

*

2,453,277,000

Citibank

NA

USD

1,667,038

03/18/2026

39,999

TWD

*

140,543,000

BNP

Paribas

SA

USD

4,445,411

03/18/2026

32,772

USD

317,692

Goldman

Sachs

&

Co.

HKD

2,466,137

03/18/2026

1,456

USD

3,370,464

Morgan

Stanley

HKD

26,245,000

03/18/2026

5,031

USD

1,162,931

Citibank

NA

INR

*

106,074,000

03/18/2026

13,013

USD

170,713

Goldman

Sachs

&

Co.

INR

*

15,531,500

03/18/2026

2,341

USD

274,613

Goldman

Sachs

&

Co.

TWD

*

8,556,120

03/18/2026

1,986

Total

unrealized

appreciation

$

103,725

HKD

22,980,000

JPMorgan

Chase

Bank

NA

USD

2,959,654

03/18/2026

$

(

12,897

)

INR

*

104,930,000

Goldman

Sachs

&

Co.

USD

1,161,205

03/18/2026

(

23,689

)

USD

228,776

Citibank

NA

BRL

*

1,270,000

03/18/2026

(

11,463

)

USD

667,711

Goldman

Sachs

&

Co.

BRL

*

3,750,000

03/18/2026

(

41,656

)

USD

173,670

JPMorgan

Chase

Bank

NA

KRW

*

254,462,590

03/18/2026

(

3,390

)

USD

1,699,482

Toronto-Dominion

Bank

(The)

KRW

*

2,502,470,000

03/18/2026

(

41,784

)

USD

22,174

Goldman

Sachs

&

Co.

MXN

404,000

03/18/2026

(

1,025

)

USD

4,551,536

Citibank

NA

TWD

*

144,000,000

03/18/2026

(

36,800

)

USD

55,787

Morgan

Stanley

ZAR

950,000

03/18/2026

(

3,260

)

Total

unrealized

depreciation

$

(

175,964

)

Net

unrealized

depreciation

$

(

72,239

)

*

Non-deliverable

forward.

Abbreviations:

BRL

—

Brazilian

Real

HKD

—

Hong

Kong

Dollar

INR

—

Indian

Rupee

KRW

—

Korean

Won

MXN

—

Mexican

Peso

TWD

—

Taiwan

Dollar

USD

—

US

Dollar

ZAR

—

South

African

Rand

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

105

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

invested,

as

a

percentage

of

net

assets,

in

companies

domiciled

in

the

following

countries

as

of

January

31,

2026:

Australia

0‌

.0

†

Belgium

0‌

.0

†

Brazil

5‌

.8

%

Chile

1‌

.0

China

21‌

.5

Colombia

0‌

.5

Czech

Republic

0‌

.1

Egypt

0‌

.3

Germany

0‌

.0

†

Greece

0‌

.7

Hungary

0‌

.3

India

10‌

.8

Indonesia

2‌

.0

Kuwait

0‌

.7

Luxembourg

0‌

.0

†

Malaysia

2‌

.1

Mexico

2‌

.0

North

Korea

0‌

.0

†

Peru

0‌

.6

Philippines

0‌

.8

Qatar

1‌

.2

Saudi

Arabia

2‌

.1

Singapore

0‌

.0

†

South

Africa

4‌

.7

South

Korea

18‌

.3

Taiwan

18‌

.4

Thailand

1‌

.6

Turkey

1‌

.4

United

Arab

Emirates

2‌

.3

United

States

0‌

.1

Other

1

0‌

.7

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

.3

%

Rights

0‌

.0

†

Preferred

Stocks

0‌

.0

†

Securities

Lending

Reinvestments

0‌

.7

Others

(1)

—‌

100‌

.0

%

†

Amount

represents

less

than

0.05%.

(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

®

US

Quality

Large

Cap

Index

Fund

January

31,

2026

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

99

.7

%

Aerospace

&

Defense

-

1

.8

%

GE

Aerospace

28,575

$

8,766,524

General

Dynamics

Corp.

1,905

668,826

Lockheed

Martin

Corp.

6,858

4,349,481

13,784,831

Air

Freight

&

Logistics

-

1

.2

%

CH

Robinson

Worldwide,

Inc.

22,098

4,308,005

Expeditors

International

of

Washington,

Inc.

21,336

3,425,282

United

Parcel

Service,

Inc.,

Class

B

18,669

1,983,021

9,716,308

Automobile

Components

-

0

.5

%

Aptiv

plc*

49,149

3,723,037

Automobiles

-

1

.3

%

Ford

Motor

Co.(a)

80,772

1,121,115

Tesla,

Inc.*

20,955

9,019,242

10,140,357

Banks

-

5

.6

%

Bank

of

America

Corp.

207,264

11,026,445

Citigroup,

Inc.

115,443

13,357,909

East

West

Bancorp,

Inc.

1,143

130,805

JPMorgan

Chase

&

Co.

48,387

14,801,099

US

Bancorp

14,478

812,361

Wells

Fargo

&

Co.

40,386

3,654,529

43,783,148

Biotechnology

-

1

.5

%

AbbVie,

Inc.

6,858

1,529,403

Amgen,

Inc.

12,192

4,168,201

Gilead

Sciences,

Inc.

31,242

4,434,802

Incyte

Corp.*

762

76,253

United

Therapeutics

Corp.*

2,667

1,252,130

11,460,789

Broadline

Retail

-

3

.1

%

Amazon.com,

Inc.*

80,772

19,328,739

eBay,

Inc.

40,767

3,718,766

MercadoLibre,

Inc.*

762

1,636,616

24,684,121

Building

Products

-

0

.4

%

Carlisle

Cos.,

Inc.(a)

4,953

1,688,428

Masco

Corp.

22,098

1,460,457

3,148,885

Capital

Markets

-

3

.3

%

Bank

of

New

York

Mellon

Corp.

(The)

42,672

5,117,226

Goldman

Sachs

Group,

Inc.

(The)

10,287

9,622,563

Morgan

Stanley

31,623

5,780,684

Robinhood

Markets,

Inc.,

Class

A*

4,191

416,921

Investments

Shares

Value

Capital

Markets

(continued)

State

Street

Corp.

35,052

$

4,586,905

25,524,299

Chemicals

-

0

.6

%

CF

Industries

Holdings,

Inc.

47,625

4,440,079

DuPont

de

Nemours,

Inc.

12,192

535,472

4,975,551

Communications

Equipment

-

1

.8

%

Arista

Networks,

Inc.*

17,526

2,484,135

Cisco

Systems,

Inc.

140,970

11,040,770

F5,

Inc.*

2,286

630,045

14,154,950

Construction

&

Engineering

-

0

.1

%

EMCOR

Group,

Inc.

1,524

1,098,393

Consumer

Finance

-

1

.5

%

Capital

One

Financial

Corp.

35,052

7,673,935

Synchrony

Financial

54,864

3,984,772

11,658,707

Consumer

Staples

Distribution

&

Retail

-

0

.4

%

Kroger

Co.

(The)

50,292

3,160,852

Target

Corp.

1,905

200,921

3,361,773

Diversified

REITs

-

0

.0

%

(b)

WP

Carey,

Inc.,

REIT(a)

2,286

159,449

Diversified

Telecommunication

Services

-

0

.9

%

AT&T,

Inc.

227,076

5,951,662

Comcast

Corp.,

Class

A

35,433

1,054,132

7,005,794

Electric

Utilities

-

2

.7

%

Edison

International

67,056

4,176,248

Evergy,

Inc.

49,530

3,800,437

Exelon

Corp.(a)

89,916

4,026,438

NRG

Energy,

Inc.

22,860

3,489,122

PPL

Corp.

53,340

1,933,575

Southern

Co.

(The)

42,291

3,777,009

21,202,829

Electrical

Equipment

-

0

.4

%

Emerson

Electric

Co.

9,525

1,399,794

GE

Vernova,

Inc.

2,286

1,660,482

3,060,276

Electronic

Equipment,

Instruments

&

Components

-

1

.0

%

Amphenol

Corp.,

Class

A

20,193

2,909,407

Flex

Ltd.*(a)

14,097

888,675

Jabil,

Inc.

13,335

3,162,929

Zebra

Technologies

Corp.,

Class

A*

2,286

537,164

7,498,175

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

US

Quality

Large

Cap

Index

Fund

(cont.)

107

Investments

Shares

Value

COMMON

STOCKS

(continued)

Entertainment

-

1

.5

%

Electronic

Arts,

Inc.

8,763

$

1,786,951

Netflix,

Inc.*

53,340

4,453,356

Spotify

Technology

SA*

7,620

3,812,667

Warner

Bros

Discovery,

Inc.*

61,722

1,699,824

11,752,798

Financial

Services

-

2

.9

%

Berkshire

Hathaway,

Inc.,

Class

B*

32,004

15,378,882

Fidelity

National

Information

Services,

Inc.

26,289

1,452,467

Fiserv,

Inc.*

12,192

776,996

Global

Payments,

Inc.

48,387

3,471,284

PayPal

Holdings,

Inc.

30,480

1,605,991

22,685,620

Food

Products

-

0

.4

%

Tyson

Foods,

Inc.,

Class

A

44,577

2,912,215

Ground

Transportation

-

0

.0

%

(b)

Uber

Technologies,

Inc.*

2,286

182,994

Health

Care

Equipment

&

Supplies

-

1

.1

%

Abbott

Laboratories

6,858

749,579

GE

HealthCare

Technologies,

Inc.

4,953

391,138

Hologic,

Inc.*

15,621

1,170,482

IDEXX

Laboratories,

Inc.*

1,905

1,277,226

Medtronic

plc

6,477

666,872

ResMed,

Inc.(a)

16,383

4,231,893

Stryker

Corp.

1,143

422,407

8,909,597

Health

Care

Providers

&

Services

-

3

.0

%

Cardinal

Health,

Inc.

11,430

2,456,078

Cencora,

Inc.

9,525

3,421,570

Centene

Corp.*

30,480

1,320,394

Cigna

Group

(The)

15,240

4,177,436

CVS

Health

Corp.

8,382

624,627

HCA

Healthcare,

Inc.

7,239

3,534,587

McKesson

Corp.

7,620

6,333,820

Tenet

Healthcare

Corp.*

8,763

1,658,661

23,527,173

Health

Care

Technology

-

0

.1

%

Veeva

Systems,

Inc.,

Class

A*

2,667

543,855

Hotels,

Restaurants

&

Leisure

-

1

.2

%

Booking

Holdings,

Inc.

850

4,251,564

DoorDash,

Inc.,

Class

A*

2,667

545,722

Expedia

Group,

Inc.

4,953

1,311,752

Royal

Caribbean

Cruises

Ltd.(a)

11,049

3,587,058

9,696,096

Household

Durables

-

0

.4

%

NVR,

Inc.*

381

2,909,213

Investments

Shares

Value

Household

Products

-

0

.9

%

Colgate-Palmolive

Co.

24,384

$

2,201,631

Kimberly-Clark

Corp.(a)

19,812

1,981,002

Procter

&

Gamble

Co.

(The)

17,145

2,602,097

6,784,730

Industrial

Conglomerates

-

0

.4

%

3M

Co.

18,288

2,800,990

Insurance

-

1

.5

%

Aflac,

Inc.

33,528

3,719,932

American

International

Group,

Inc.

57,912

4,336,450

MetLife,

Inc.

40,386

3,185,648

Prudential

Financial,

Inc.

7,620

846,658

12,088,688

Interactive

Media

&

Services

-

10

.7

%

Alphabet,

Inc.,

Class

A

104,013

35,156,394

Alphabet,

Inc.,

Class

C

93,726

31,729,063

Meta

Platforms,

Inc.,

Class

A

23,622

16,925,163

83,810,620

IT

Services

-

0

.9

%

Accenture

plc,

Class

A

12,192

3,214,299

Cognizant

Technology

Solutions

Corp.,

Class

A

27,432

2,251,070

Gartner,

Inc.*(a)

1,905

399,307

Twilio,

Inc.,

Class

A*

9,525

1,147,381

7,012,057

Life

Sciences

Tools

&

Services

-

0

.2

%

ICON

plc*(a)

4,191

755,428

Medpace

Holdings,

Inc.*

1,524

887,699

Waters

Corp.*

762

282,489

1,925,616

Machinery

-

1

.6

%

Caterpillar,

Inc.

7,620

5,009,083

Cummins,

Inc.

5,334

3,087,426

Illinois

Tool

Works,

Inc.

16,764

4,379,763

Snap-on,

Inc.

762

278,976

12,755,248

Media

-

0

.1

%

Fox

Corp.,

Class

A

3,810

277,292

Omnicom

Group,

Inc.

7,620

587,045

864,337

Metals

&

Mining

-

1

.3

%

Agnico

Eagle

Mines

Ltd.(a)

14,478

2,758,059

Newmont

Corp.

66,294

7,448,131

10,206,190

Multi-Utilities

-

1

.0

%

Consolidated

Edison,

Inc.

38,862

4,143,855

Public

Service

Enterprise

Group,

Inc.

40,767

3,357,570

7,501,425

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

US

Quality

Large

Cap

Index

Fund

(cont.)

108

Investments

Shares

Value

COMMON

STOCKS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

1

.5

%

Devon

Energy

Corp.

27,432

$

1,103,041

EOG

Resources,

Inc.

40,005

4,485,760

Marathon

Petroleum

Corp.(a)

11,430

2,013,852

Valero

Energy

Corp.

24,384

4,423,989

12,026,642

Pharmaceuticals

-

4

.9

%

Bristol-Myers

Squibb

Co.

127,254

7,005,333

Eli

Lilly

&

Co.

6,096

6,322,466

Johnson

&

Johnson

60,960

13,853,160

Merck

&

Co.,

Inc.

56,769

6,259,917

Pfizer,

Inc.

32,766

866,333

Royalty

Pharma

plc,

Class

A

103,251

4,303,502

38,610,711

Professional

Services

-

0

.8

%

Automatic

Data

Processing,

Inc.

6,096

1,504,615

Leidos

Holdings,

Inc.

20,574

3,873,673

Paychex,

Inc.(a)

6,096

628,680

6,006,968

Real

Estate

Management

&

Development

-

0

.6

%

CBRE

Group,

Inc.,

Class

A*

27,432

4,672,493

Jones

Lang

LaSalle,

Inc.*

1,143

409,091

5,081,584

Residential

REITs

-

0

.7

%

AvalonBay

Communities,

Inc.,

REIT(a)

2,286

406,154

Equity

Residential,

REIT

69,342

4,321,393

Essex

Property

Trust,

Inc.,

REIT(a)

1,524

383,850

5,111,397

Retail

REITs

-

0

.5

%

Simon

Property

Group,

Inc.,

REIT

20,955

4,008,901

Semiconductors

&

Semiconductor

Equipment

-

14

.0

%

Advanced

Micro

Devices,

Inc.*

6,096

1,443,106

Analog

Devices,

Inc.

4,953

1,539,789

Applied

Materials,

Inc.

25,146

8,105,059

Broadcom,

Inc.

65,151

21,584,526

KLA

Corp.

5,715

8,160,677

Lam

Research

Corp.

23,622

5,514,792

Micron

Technology,

Inc.

5,334

2,212,970

NVIDIA

Corp.

300,228

57,382,577

QUALCOMM,

Inc.

25,527

3,869,638

109,813,134

Software

-

7

.2

%

Adobe,

Inc.*

9,906

2,904,934

AppLovin

Corp.,

Class

A*

4,191

1,982,804

Check

Point

Software

Technologies

Ltd.*(a)

15,621

2,804,126

Fair

Isaac

Corp.*(a)

762

1,114,935

Fortinet,

Inc.*

32,766

2,662,565

Intuit,

Inc.

10,287

5,132,390

Investments

Shares

Value

Software

(continued)

Microsoft

Corp.

79,248

$

34,099,622

Oracle

Corp.

1,143

188,115

Palantir

Technologies,

Inc.,

Class

A*

20,574

3,015,943

Roper

Technologies,

Inc.

2,667

990,070

Salesforce,

Inc.

5,334

1,132,355

Zoom

Communications,

Inc.,

Class

A*(a)

6,477

596,532

56,624,391

Specialized

REITs

-

0

.5

%

VICI

Properties,

Inc.,

Class

A,

REIT

129,921

3,648,182

Specialty

Retail

-

0

.9

%

Best

Buy

Co.,

Inc.

14,859

967,321

Home

Depot,

Inc.

(The)

3,810

1,427,188

Lowe's

Cos.,

Inc.

9,525

2,543,746

Williams-Sonoma,

Inc.

11,430

2,339,150

7,277,405

Technology

Hardware,

Storage

&

Peripherals

-

8

.3

%

Apple,

Inc.

205,740

53,385,415

Dell

Technologies,

Inc.,

Class

C

15,240

1,744,066

NetApp,

Inc.

30,861

2,973,457

Western

Digital

Corp.(a)

26,289

6,578,297

64,681,235

Textiles,

Apparel

&

Luxury

Goods

-

1

.0

%

Deckers

Outdoor

Corp.*

19,050

2,273,427

Ralph

Lauren

Corp.,

Class

A

5,334

1,885,089

Tapestry,

Inc.

30,861

3,916,569

8,075,085

Tobacco

-

1

.3

%

Altria

Group,

Inc.

91,821

5,691,984

Philip

Morris

International,

Inc.

26,289

4,717,298

10,409,282

Trading

Companies

&

Distributors

-

0

.2

%

WW

Grainger,

Inc.

1,143

1,234,371

Total

Common

Stocks

(Cost

$603,814,031)

781,620,422

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

2

.3

%

(c)

REPURCHASE

AGREEMENTS

-

2

.3

%

CF

Secured

LLC

3.66%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$8,923,958,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.63%,

maturing

1/31/2026

-

5/15/2052;

total

market

value

$9,014,225

$

8,922,144

8,922,144

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

US

Quality

Large

Cap

Index

Fund

(cont.)

109

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

REPURCHASE

AGREEMENTS

(continued)

TD

Securities

(USA)

LLC

3.73%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$5,001,036,

collateralized

by

various

Common

Stocks;

total

market

value

$5,466,743

$

5,000,000

$

5,000,000

The

Bank

of

Nova

Scotia,

Toronto

3.79%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$4,000,842,

collateralized

by

various

Common

Stocks;

total

market

value

$4,422,241

4,000,000

4,000,000

17,922,144

Total

Securities

Lending

Reinvestments

(Cost

$17,922,144)

17,922,144

Total

Investments

-

102.0%

(Cost

$621,736,175)

799,542,566

Liabilities

in

excess

of

other

assets

-

(2.0%)

(15,718,358)

NET

ASSETS

-

100.0%

$783,824,208

*

Non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

January

31,

2026.

The

total

value

of

securities

on

loan

at

January

31,

2026

was

$25,185,139,

collateralized

in

the

form

of

cash

with

a

value

of

$17,922,144

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments

and

$8,446,004

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

February

5,

2026

–

May

15,

2055;

a

total

value

of

$26,368,148.

(b)

Represents

less

than

0.05%

of

net

assets.

(c)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

January

31,

2026.

The

total

value

of

securities

purchased

was

$17,922,144.

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

January

31,

2026:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

S&P

500

E-Mini

Index

6

03/20/2026

USD

$

2,089,725

$

15,524

Abbreviations:

USD

—

US

Dollar

Security

Type

%

of

Net

Assets

Common

Stocks

99‌

.7

%

Securities

Lending

Reinvestments

2‌

.3

Others

(1)

(

2‌

.0

)

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

110

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares

®

STOXX

®

US

ESG

Select

Index

Fund

January

31,

2026

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

99.5%

Air

Freight

&

Logistics

-

0.4%

FedEx

Corp.

372

$

119,877

United

Parcel

Service,

Inc.,

Class

B

3,224

342,453

462,330

Automobile

Components

-

0.0%(a)

Aptiv

plc*

310

23,483

Automobiles

-

3.0%

General

Motors

Co.

4,216

354,144

Rivian

Automotive,

Inc.,

Class

A*

2,356

34,751

Tesla,

Inc.*

7,750

3,335,678

3,724,573

Banks

-

7.7%

Bank

of

America

Corp.

30,070

1,599,724

Citigroup,

Inc.

9,610

1,111,973

Fifth

Third

Bancorp

1,829

91,852

JPMorgan

Chase

&

Co.

14,663

4,485,265

KeyCorp

3,069

66,045

Regions

Financial

Corp.

3,007

85,700

Truist

Financial

Corp.

4,743

243,885

US

Bancorp

7,099

398,325

Wells

Fargo

&

Co.

16,833

1,523,218

9,605,987

Beverages

-

2.3%

Coca-Cola

Co.

(The)

20,925

1,565,399

Coca-Cola

Europacific

Partners

plc

1,116

102,337

Keurig

Dr

Pepper,

Inc.

5,673

155,667

Monster

Beverage

Corp.*

1,922

155,221

PepsiCo,

Inc.

6,107

938,219

2,916,843

Biotechnology

-

1.0%

AbbVie,

Inc.

3,162

705,158

Vertex

Pharmaceuticals,

Inc.*

1,116

524,408

1,229,566

Broadline

Retail

-

3.5%

Amazon.com,

Inc.*

17,298

4,139,411

eBay,

Inc.

1,984

180,981

4,320,392

Building

Products

-

0.6%

Allegion

plc

341

56,398

Carrier

Global

Corp.

1,178

70,185

Lennox

International,

Inc.(b)

155

76,738

Trane

Technologies

plc

1,178

495,443

698,764

Capital

Markets

-

3.9%

Bank

of

New

York

Mellon

Corp.

(The)

3,193

382,905

BlackRock,

Inc.

775

867,178

Investments

Shares

Value

Capital

Markets

(continued)

Goldman

Sachs

Group,

Inc.

(The)

1,333

$

1,246,902

Intercontinental

Exchange,

Inc.

3,007

522,556

Moody's

Corp.

279

143,841

Morgan

Stanley

2,201

402,343

MSCI,

Inc.,

Class

A

341

207,744

Nasdaq,

Inc.

1,519

147,176

Northern

Trust

Corp.(c)

651

97,279

S&P

Global,

Inc.

1,333

703,544

State

Street

Corp.

961

125,756

4,847,224

Chemicals

-

0.5%

Corteva,

Inc.

2,387

173,774

Dow,

Inc.

1,271

35,016

DuPont

de

Nemours,

Inc.

1,457

63,991

Ecolab,

Inc.

744

209,801

Sherwin-Williams

Co.

(The)

589

208,883

691,465

Commercial

Services

&

Supplies

-

0.3%

Cintas

Corp.

1,798

344,119

Communications

Equipment

-

1.7%

Arista

Networks,

Inc.*

1,984

281,212

Cisco

Systems,

Inc.

17,670

1,383,914

F5,

Inc.*

62

17,088

Lumentum

Holdings,

Inc.*(b)

310

121,471

Motorola

Solutions,

Inc.

744

299,490

2,103,175

Construction

&

Engineering

-

0.0%(a)

AECOM

434

41,851

Construction

Materials

-

0.3%

CRH

plc

2,387

292,193

Vulcan

Materials

Co.

248

74,534

366,727

Consumer

Staples

Distribution

&

Retail

-

4.0%

Costco

Wholesale

Corp.

1,581

1,486,535

Dollar

General

Corp.

372

53,356

Dollar

Tree,

Inc.*

899

105,713

Kroger

Co.

(The)

3,255

204,577

Sysco

Corp.

2,542

213,147

Target

Corp.

713

75,200

US

Foods

Holding

Corp.*(b)

558

46,660

Walmart,

Inc.

23,684

2,821,712

5,006,900

Containers

&

Packaging

-

0.1%

Ball

Corp.

651

37,022

Smurfit

WestRock

plc

1,674

69,689

106,711

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

US

ESG

Select

Index

Fund

(cont.)

111

Investments

Shares

Value

COMMON

STOCKS

(continued)

Diversified

REITs

-

0.1%

WP

Carey,

Inc.,

REIT

1,023

$

71,354

Diversified

Telecommunication

Services

-

0.3%

Verizon

Communications,

Inc.

7,223

321,568

Electric

Utilities

-

0.9%

Alliant

Energy

Corp.(b)

713

46,994

Duke

Energy

Corp.

1,333

161,760

Edison

International

1,612

100,395

Eversource

Energy

1,333

92,150

Exelon

Corp.

3,565

159,641

NextEra

Energy,

Inc.

5,549

487,757

NRG

Energy,

Inc.

527

80,436

1,129,133

Electrical

Equipment

-

0.6%

GE

Vernova,

Inc.

713

517,902

nVent

Electric

plc

837

93,962

Rockwell

Automation,

Inc.

310

130,711

742,575

Electronic

Equipment,

Instruments

&

Components

-

0.2%

CDW

Corp.

527

66,608

Flex

Ltd.*

961

60,581

TE

Connectivity

plc

775

172,654

299,843

Energy

Equipment

&

Services

-

0.3%

SLB

Ltd.

6,572

317,953

TechnipFMC

plc

1,798

100,185

418,138

Entertainment

-

0.8%

Electronic

Arts,

Inc.

620

126,430

Walt

Disney

Co.

(The)

7,812

881,194

1,007,624

Financial

Services

-

5.0%

Apollo

Global

Management,

Inc.

2,542

342,001

Berkshire

Hathaway,

Inc.,

Class

B*

7,316

3,515,558

Block,

Inc.,

Class

A*

961

58,073

Fidelity

National

Information

Services,

Inc.

1,829

101,052

Mastercard,

Inc.,

Class

A

1,457

785,017

Visa,

Inc.,

Class

A

4,495

1,446,626

6,248,327

Food

Products

-

0.7%

Archer-Daniels-Midland

Co.

2,108

141,889

General

Mills,

Inc.(b)

2,604

120,461

Hershey

Co.

(The)

806

156,969

Kraft

Heinz

Co.

(The)

3,348

79,482

McCormick

&

Co.,

Inc.

(Non-Voting)

992

61,335

Mondelez

International,

Inc.,

Class

A

4,371

255,572

Tyson

Foods,

Inc.,

Class

A

1,023

66,833

882,541

Investments

Shares

Value

Ground

Transportation

-

0.7%

CSX

Corp.

3,255

$

122,909

Uber

Technologies,

Inc.*

5,549

444,197

Union

Pacific

Corp.(b)

1,023

240,507

XPO,

Inc.*

341

50,506

858,119

Health

Care

Equipment

&

Supplies

-

1.9%

Abbott

Laboratories

6,169

674,272

Becton

Dickinson

&

Co.

775

157,697

Boston

Scientific

Corp.*

2,604

243,552

GE

HealthCare

Technologies,

Inc.

1,178

93,027

Hologic,

Inc.*

1,178

88,268

IDEXX

Laboratories,

Inc.*

155

103,921

Medtronic

plc

3,441

354,285

Stryker

Corp.

1,922

710,294

2,425,316

Health

Care

Providers

&

Services

-

1.4%

Cardinal

Health,

Inc.

1,271

273,112

Cencora,

Inc.

868

311,803

CVS

Health

Corp.

4,526

337,278

Elevance

Health,

Inc.

961

332,256

McKesson

Corp.

558

463,815

1,718,264

Health

Care

REITs

-

0.7%

Healthpeak

Properties,

Inc.,

REIT

3,131

53,978

Ventas,

Inc.,

REIT(b)

2,077

161,321

Welltower,

Inc.,

REIT

3,658

689,021

904,320

Hotels,

Restaurants

&

Leisure

-

2.0%

Booking

Holdings,

Inc.

117

585,215

Carnival

Corp.*

3,782

113,536

Chipotle

Mexican

Grill,

Inc.,

Class

A*

4,650

180,745

Domino's

Pizza,

Inc.

62

25,440

Expedia

Group,

Inc.

434

114,941

Flutter

Entertainment

plc*

806

133,111

Hilton

Worldwide

Holdings,

Inc.

837

249,853

Marriott

International,

Inc.,

Class

A

1,085

342,101

McDonald's

Corp.

1,922

605,430

Yum!

Brands,

Inc.

992

154,256

2,504,628

Household

Durables

-

0.0%(a)

Somnigroup

International,

Inc.(b)

744

65,360

Household

Products

-

2.0%

Church

&

Dwight

Co.,

Inc.

527

50,724

Clorox

Co.

(The)

558

62,937

Colgate-Palmolive

Co.

4,154

375,065

Kimberly-Clark

Corp.

1,674

167,383

Procter

&

Gamble

Co.

(The)

12,400

1,881,948

2,538,057

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

US

ESG

Select

Index

Fund

(cont.)

112

Investments

Shares

Value

COMMON

STOCKS

(continued)

Independent

Power

and

Renewable

Electricity

Producers

-

0.1%

Vistra

Corp.

589

$

93,268

Industrial

REITs

-

0.2%

Prologis,

Inc.,

REIT

1,643

214,510

Insurance

-

1.4%

Aflac,

Inc.

2,542

282,035

Allstate

Corp.

(The)

744

148,049

American

International

Group,

Inc.

2,883

215,879

Aon

plc,

Class

A

372

130,066

Everest

Group

Ltd.

93

30,809

Hartford

Insurance

Group,

Inc.

(The)

558

75,363

Marsh

&

McLennan

Cos.,

Inc.

1,705

320,864

MetLife,

Inc.

2,511

198,068

Principal

Financial

Group,

Inc.

1,023

96,899

RenaissanceRe

Holdings

Ltd.

93

26,198

Travelers

Cos.,

Inc.

(The)

403

114,657

Willis

Towers

Watson

plc

434

137,782

1,776,669

Interactive

Media

&

Services

-

5.4%

Meta

Platforms,

Inc.,

Class

A

9,424

6,752,296

IT

Services

-

2.2%

Accenture

plc,

Class

A

3,286

866,321

Akamai

Technologies,

Inc.*

248

24,093

Cognizant

Technology

Solutions

Corp.,

Class

A

868

71,228

Gartner,

Inc.*(b)

248

51,983

GoDaddy,

Inc.,

Class

A*

403

40,510

International

Business

Machines

Corp.

4,991

1,530,740

MongoDB,

Inc.,

Class

A*

155

57,556

Okta,

Inc.,

Class

A*

279

23,570

Twilio,

Inc.,

Class

A*

403

48,545

2,714,546

Life

Sciences

Tools

&

Services

-

0.3%

Illumina,

Inc.*

403

58,359

IQVIA

Holdings,

Inc.*

589

135,558

Mettler-Toledo

International,

Inc.*

117

160,669

354,586

Machinery

-

1.8%

Caterpillar,

Inc.

1,674

1,100,421

Cummins,

Inc.

372

215,321

Deere

&

Co.

744

392,832

Fortive

Corp.

527

27,831

Ingersoll

Rand,

Inc.

1,333

114,758

Lincoln

Electric

Holdings,

Inc.

93

24,678

Nordson

Corp.

93

25,531

Otis

Worldwide

Corp.

1,736

148,289

Pentair

plc

651

68,596

Investments

Shares

Value

Machinery

(continued)

Westinghouse

Air

Brake

Technologies

Corp.

310

$

71,343

Xylem,

Inc.

837

115,397

2,304,997

Media

-

0.1%

Omnicom

Group,

Inc.

1,705

131,353

Metals

&

Mining

-

0.9%

Freeport-McMoRan,

Inc.

6,386

384,629

Newmont

Corp.

5,797

651,293

Nucor

Corp.

806

143,242

1,179,164

Multi-Utilities

-

0.3%

CMS

Energy

Corp.

465

33,243

Consolidated

Edison,

Inc.

1,240

132,221

NiSource,

Inc.

899

39,817

Public

Service

Enterprise

Group,

Inc.

1,674

137,870

343,151

Oil,

Gas

&

Consumable

Fuels

-

2.8%

Diamondback

Energy,

Inc.

310

50,824

Exxon

Mobil

Corp.

22,537

3,186,732

Targa

Resources

Corp.

558

112,147

Valero

Energy

Corp.

527

95,614

3,445,317

Personal

Care

Products

-

0.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

527

60,753

Kenvue,

Inc.

9,796

170,450

231,203

Pharmaceuticals

-

6.0%

Eli

Lilly

&

Co.

3,038

3,150,862

Johnson

&

Johnson

12,865

2,923,571

Merck

&

Co.,

Inc.

11,036

1,216,940

Zoetis,

Inc.,

Class

A

1,519

189,601

7,480,974

Professional

Services

-

0.5%

Automatic

Data

Processing,

Inc.

1,767

436,131

Broadridge

Financial

Solutions,

Inc.

403

79,435

Verisk

Analytics,

Inc.,

Class

A

465

101,119

616,685

Real

Estate

Management

&

Development

-

0.3%

CBRE

Group,

Inc.,

Class

A*

1,581

269,292

CoStar

Group,

Inc.*

1,891

116,296

Jones

Lang

LaSalle,

Inc.*

155

55,476

441,064

Residential

REITs

-

0.2%

Equity

Residential,

REIT

930

57,958

Essex

Property

Trust,

Inc.,

REIT

279

70,272

Mid-America

Apartment

Communities,

Inc.,

REIT

310

41,633

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

US

ESG

Select

Index

Fund

(cont.)

113

Investments

Shares

Value

COMMON

STOCKS

(continued)

Residential

REITs

(continued)

Sun

Communities,

Inc.,

REIT

403

$

51,354

221,217

Semiconductors

&

Semiconductor

Equipment

-

13.9%

Advanced

Micro

Devices,

Inc.*

4,340

1,027,408

Broadcom,

Inc.

12,586

4,169,742

Entegris,

Inc.

527

62,223

Intel

Corp.*

21,235

986,790

KLA

Corp.

243

346,989

Lam

Research

Corp.

2,263

528,320

Marvell

Technology,

Inc.

2,294

181,043

Micron

Technology,

Inc.

5,983

2,482,227

NVIDIA

Corp.

33,945

6,487,908

NXP

Semiconductors

NV

1,116

252,372

ON

Semiconductor

Corp.*

1,054

63,124

QUALCOMM,

Inc.

2,821

427,635

Texas

Instruments,

Inc.

1,612

347,467

17,363,248

Software

-

7.0%

Adobe,

Inc.*

1,085

318,176

Autodesk,

Inc.*

930

235,169

Cadence

Design

Systems,

Inc.*

713

211,305

Check

Point

Software

Technologies

Ltd.*(b)

186

33,389

Crowdstrike

Holdings,

Inc.,

Class

A*

682

301,038

Fortinet,

Inc.*

2,201

178,853

Gen

Digital,

Inc.

2,294

55,033

Guidewire

Software,

Inc.*

310

43,636

HubSpot,

Inc.*

186

52,080

Intuit,

Inc.

496

247,464

Microsoft

Corp.

12,679

5,455,647

Oracle

Corp.

2,945

484,688

Palo

Alto

Networks,

Inc.*

2,449

433,400

Salesforce,

Inc.

1,674

355,373

ServiceNow,

Inc.*

2,697

315,576

8,720,827

Specialized

REITs

-

1.2%

American

Tower

Corp.,

REIT

2,511

450,172

Crown

Castle,

Inc.,

REIT

1,178

102,262

Equinix,

Inc.,

REIT

434

356,284

Extra

Space

Storage,

Inc.,

REIT

558

76,987

Iron

Mountain,

Inc.,

REIT

1,054

97,105

Public

Storage,

REIT

434

119,867

VICI

Properties,

Inc.,

Class

A,

REIT

5,704

160,168

Weyerhaeuser

Co.,

REIT

3,348

86,311

1,449,156

Specialty

Retail

-

2.0%

Best

Buy

Co.,

Inc.

992

64,579

Burlington

Stores,

Inc.*

124

36,687

Home

Depot,

Inc.

(The)

1,767

661,900

Lowe's

Cos.,

Inc.

1,519

405,664

Ross

Stores,

Inc.

1,178

222,230

Investments

Shares

Value

Specialty

Retail

(continued)

TJX

Cos.,

Inc.

(The)

4,991

$

747,702

Tractor

Supply

Co.

2,325

118,296

Ulta

Beauty,

Inc.*

248

160,545

Williams-Sonoma,

Inc.(b)

558

114,195

2,531,798

Technology

Hardware,

Storage

&

Peripherals

-

5.1%

Apple,

Inc.

22,103

5,735,287

Hewlett

Packard

Enterprise

Co.

7,161

154,105

HP,

Inc.

3,937

76,535

NetApp,

Inc.

403

38,829

Super

Micro

Computer,

Inc.*

2,821

82,119

Western

Digital

Corp.

930

232,714

6,319,589

Textiles,

Apparel

&

Luxury

Goods

-

0.3%

Deckers

Outdoor

Corp.*

496

59,192

Lululemon

Athletica,

Inc.*

558

97,371

NIKE,

Inc.,

Class

B

1,953

120,715

Tapestry,

Inc.

992

125,895

403,173

Trading

Companies

&

Distributors

-

0.3%

Fastenal

Co.

3,007

130,383

Ferguson

Enterprises,

Inc.

1,054

266,093

396,476

Water

Utilities

-

0.1%

American

Water

Works

Co.,

Inc.

992

128,097

Total

Common

Stocks

(Cost

$92,386,108)

124,238,641

Total

Investments

-

99.5%

(Cost

$92,386,108)

124,238,641

Other

assets

less

liabilities

-

0.5%

578,014

NET

ASSETS

-

100.0%

$124,816,655

*

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

January

31,

2026.

The

total

value

of

securities

on

loan

at

January

31,

2026

was

$992,575,

$884,592

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.75%,

and

maturity

dates

ranging

from

April

30,

2026

–

May

15,

2055

and

$137,329

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.25%

–

4.50%,

and

maturity

dates

ranging

from

March

22,

2034

–

November

22,

2055;

a

total

value

of

$1,021,921.

(c)

Investment

in

affiliated

company.

Northern

Trust

Investments,

Inc.,

the

Investment

Adviser

of

the

Fund,

is

a

subsidiary

of

Northern

Trust

Corporation.

Percentages

shown

are

based

on

Net

Assets.

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

US

ESG

Select

Index

Fund

(cont.)

114

Abbreviations

REIT

—

Real

Estate

Investment

Trust

Investment

in

a

company

which

was

affiliated

for

the

period

ended

January

31,

2026,

was

as

follows:

Security

Value

October

31,

2025

Purchases

at

Cost

Sales

Proceeds

Shares

January

31,

2026

Value

January

31,

2026

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Realized

Gain

Northern

Trust

Corp.

$

42,461

$

47,522

$

2,683

651

$

97,279

$

9,926

$

256

$

53

Futures

Contracts

FlexShares®

STOXX®

US

ESG

Select

Index

Fund

had

the

following

open

futures

contracts

as

of

January

31,

2026:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

S&P

500

Micro

E-Mini

Index

16

03/20/2026

USD

$

557,260

$

6,701

Abbreviations:

USD

—

US

Dollar

Security

Type

%

of

Net

Assets

Common

Stocks

99.5

%

Others

(1)

0.5

100.0%

(1)

Includes

any

other

net

assets/(liabilities).

115

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

STOXX

®

Global

ESG

Select

Index

Fund

January

31,

2026

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

98

.0

%

Air

Freight

&

Logistics

-

0

.2

%

DSV

A/S

340

$

95,816

Nippon

Express

Holdings,

Inc.

200

4,547

United

Parcel

Service,

Inc.,

Class

B

1,340

142,335

242,698

Automobile

Components

-

0

.2

%

Bridgestone

Corp.

4,000

90,367

Cie

Generale

des

Etablissements

Michelin

SCA

2,080

77,575

Niterra

Co.

Ltd.

700

30,634

198,576

Automobiles

-

0

.6

%

Bayerische

Motoren

Werke

AG

520

54,080

Ferrari

NV

120

40,086

General

Motors

Co.

2,640

221,760

Honda

Motor

Co.

Ltd.(a)

8,000

80,643

Mercedes-Benz

Group

AG

1,220

83,875

Renault

SA

466

17,673

Rivian

Automotive,

Inc.,

Class

A*

1,800

26,550

Stellantis

NV

2,900

28,587

Suzuki

Motor

Corp.

4,000

54,622

Volkswagen

AG

(Preference)

360

43,962

Yamaha

Motor

Co.

Ltd.(a)

2,300

17,348

669,186

Banks

-

12

.6

%

ABN

AMRO

Bank

NV,

CVA(b)

1,449

53,541

AIB

Group

plc

5,195

58,403

AL

Sydbank

228

20,758

ANZ

Group

Holdings

Ltd.

5,800

149,119

Banca

Monte

dei

Paschi

di

Siena

SpA

5,919

61,501

Banco

Bilbao

Vizcaya

Argentaria

SA

15,380

392,467

Banco

BPM

SpA

2,920

43,839

Banco

Comercial

Portugues

SA,

Class

R

9,140

9,943

Banco

Santander

SA

40,040

513,490

Bank

of

Ireland

Group

plc

1,900

38,754

Bank

of

Montreal(a)

1,620

221,762

Bank

Polska

Kasa

Opieki

SA

540

33,105

Bankinter

SA

2,500

42,887

Banque

Cantonale

Vaudoise

(Registered)(a)

87

11,818

Barclays

plc

25,220

168,265

BAWAG

Group

AG(b)

161

26,317

BNP

Paribas

SA

2,860

310,299

BPER

Banca

SpA

3,500

49,362

CaixaBank

SA

9,020

119,700

Canadian

Imperial

Bank

of

Commerce(a)

2,100

195,151

Citigroup,

Inc.

6,840

791,456

Commonwealth

Bank

of

Australia(a)

4,140

433,185

Investments

Shares

Value

Banks

(continued)

Danske

Bank

A/S

1,180

$

60,436

DBS

Group

Holdings

Ltd.

1,580

73,708

DNB

Bank

ASA

2,180

62,840

Erste

Group

Bank

AG

420

54,712

FinecoBank

Banca

Fineco

SpA

1,740

46,264

Hachijuni

Nagano

Bank

Ltd.

2,000

24,958

HSBC

Holdings

plc

36,420

642,409

Intesa

Sanpaolo

SpA

12,400

88,008

Japan

Post

Bank

Co.

Ltd.

4,000

71,049

JPMorgan

Chase

&

Co.

15,880

4,857,533

KBC

Group

NV

340

48,093

Lloyds

Banking

Group

plc

126,156

188,612

Mitsubishi

UFJ

Financial

Group,

Inc.

26,500

481,779

National

Australia

Bank

Ltd.

6,060

184,120

National

Bank

of

Canada

500

59,908

NatWest

Group

plc

18,220

166,316

Nordea

Bank

Abp

5,660

109,856

Resona

Holdings,

Inc.

6,300

73,083

Ringkjoebing

Landbobank

A/S(a)

80

20,264

Santander

Bank

Polska

SA

46

7,274

Skandinaviska

Enskilda

Banken

AB,

Class

A

3,620

78,250

Societe

Generale

SA

1,920

168,569

SpareBank

1

Sor-Norge

ASA

126

2,554

Standard

Chartered

plc

3,540

90,452

Svenska

Handelsbanken

AB,

Class

A

4,431

70,377

Swedbank

AB,

Class

A

2,440

95,563

UniCredit

SpA

1,660

145,051

Wells

Fargo

&

Co.

15,080

1,364,589

Westpac

Banking

Corp.

7,540

205,053

13,286,802

Beverages

-

1

.0

%

Anheuser-Busch

InBev

SA/NV

1,180

84,340

Asahi

Group

Holdings

Ltd.

1,900

19,861

Carlsberg

A/S,

Class

B(a)

174

23,645

Coca-Cola

Co.

(The)

7,600

568,556

Coca-Cola

Europacific

Partners

plc(a)

700

64,190

Coca-Cola

HBC

AG

391

21,194

Davide

Campari-Milano

NV(a)

222

1,580

Diageo

plc

3,360

77,253

Heineken

Holding

NV

149

11,043

Heineken

NV

580

47,844

Kirin

Holdings

Co.

Ltd.

1,700

26,361

Pernod

Ricard

SA(a)

680

60,737

1,006,604

Biotechnology

-

0

.5

%

CSL

Ltd.

1,060

134,719

Genmab

A/S*

65

20,938

Vertex

Pharmaceuticals,

Inc.*

720

338,328

493,985

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

ESG

Select

Index

Fund

(cont.)

116

Investments

Shares

Value

COMMON

STOCKS

(continued)

Broadline

Retail

-

0

.6

%

Allegro.eu

SA*(b)

1,012

$

8,362

Dollarama,

Inc.

441

59,760

eBay,

Inc.(a)

1,260

114,937

Isetan

Mitsukoshi

Holdings

Ltd.(a)

1,500

24,071

J

Front

Retailing

Co.

Ltd.(a)

1,300

18,991

Next

plc

210

38,226

Prosus

NV

1,620

93,384

Rakuten

Group,

Inc.*

4,000

23,985

Ryohin

Keikaku

Co.

Ltd.

2,000

39,946

Wesfarmers

Ltd.

2,840

165,850

587,512

Building

Products

-

0

.6

%

Assa

Abloy

AB,

Class

B(a)

2,100

85,378

Belimo

Holding

AG

(Registered)(a)

21

23,044

Cie

de

Saint-Gobain

SA

1,280

126,723

Geberit

AG

(Registered)(a)

60

45,940

Lennox

International,

Inc.

40

19,803

Lixil

Corp.(a)

1,300

14,938

ROCKWOOL

A/S,

Class

B

200

6,804

Trane

Technologies

plc

660

277,583

600,213

Capital

Markets

-

1

.8

%

3i

Group

plc

1,460

67,137

Aberdeen

Group

plc

3,700

11,038

Allfunds

Group

plc

824

8,009

Amundi

SA(b)

40

3,567

ASX

Ltd.

160

6,420

Bank

of

New

York

Mellon

Corp.

(The)

1,260

151,099

BlackRock,

Inc.

560

626,606

Daiwa

Securities

Group,

Inc.

4,000

38,986

EQT

AB

1,500

57,274

Euronext

NV(b)

140

19,636

Hong

Kong

Exchanges

&

Clearing

Ltd.

2,000

110,683

ICG

plc

358

8,916

IG

Group

Holdings

plc

853

15,826

Intercontinental

Exchange,

Inc.

2,760

479,633

Julius

Baer

Group

Ltd.

363

30,462

London

Stock

Exchange

Group

plc

800

89,163

Macquarie

Group

Ltd.

900

133,778

Man

Group

plc

2,576

9,290

Partners

Group

Holding

AG(a)

40

54,542

Schroders

plc

252

1,562

Swissquote

Group

Holding

SA

(Registered)

40

22,762

1,946,389

Chemicals

-

0

.3

%

Akzo

Nobel

NV(a)

378

26,667

Asahi

Kasei

Corp.

2,000

19,441

BASF

SE

1,180

64,518

DSM-Firmenich

AG

60

4,725

Dyno

Nobel

Ltd.

3,726

9,162

Investments

Shares

Value

Chemicals

(continued)

FUCHS

SE

(Preference)

135

$

5,872

Hexpol

AB

792

6,504

Nippon

Sanso

Holdings

Corp.(a)

500

15,195

Nitto

Denko

Corp.

1,400

31,093

Novonesis

Novozymes

B,

Class

B(a)

700

43,011

Orica

Ltd.

1,198

21,586

Syensqo

SA(a)

55

4,647

Yara

International

ASA

492

22,716

275,137

Commercial

Services

&

Supplies

-

0

.8

%

Brambles

Ltd.

4,158

65,249

Cintas

Corp.

1,400

267,946

Downer

EDI

Ltd.

2,477

13,969

Elis

SA

446

12,999

ISS

A/S

598

22,768

Rentokil

Initial

plc

5,225

32,315

Republic

Services,

Inc.,

Class

A

440

94,640

Securitas

AB,

Class

B

1,131

18,794

SPIE

SA

466

25,612

TOPPAN

Holdings,

Inc.(a)

600

18,530

Waste

Connections,

Inc.

500

84,112

Waste

Management,

Inc.

700

155,568

812,502

Communications

Equipment

-

0

.8

%

Cisco

Systems,

Inc.

7,580

593,665

Lumentum

Holdings,

Inc.*(a)

120

47,021

Motorola

Solutions,

Inc.

340

136,864

Nokia

OYJ

7,900

50,976

828,526

Construction

&

Engineering

-

0

.5

%

Ackermans

&

van

Haaren

NV

53

15,750

ACS

Actividades

de

Construccion

y

Servicios

SA

460

51,796

Balfour

Beatty

plc

1,015

9,945

Bouygues

SA

562

30,494

Eiffage

SA

222

33,000

Ferrovial

SE

980

66,477

HOCHTIEF

AG

46

19,416

Obayashi

Corp.

1,900

42,949

Skanska

AB,

Class

B

616

18,851

Sweco

AB,

Class

B

632

10,531

Vinci

SA

1,560

224,837

Worley

Ltd.

1,517

14,251

WSP

Global,

Inc.

180

34,990

573,287

Construction

Materials

-

0

.2

%

Buzzi

SpA

244

13,910

Holcim

AG

1,340

138,411

Wienerberger

AG

285

9,460

161,781

Consumer

Finance

-

0

.0

%

(c)

Cembra

Money

Bank

AG

46

5,899

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)

Consumer

Finance

(continued)

Marui

Group

Co.

Ltd.

900

$

17,655

23,554

Consumer

Staples

Distribution

&

Retail

-

3

.5

%

Aeon

Co.

Ltd.(a)

6,300

86,377

Axfood

AB(a)

221

7,617

Carrefour

SA

1,120

18,440

Costco

Wholesale

Corp.

1,300

1,222,325

Dollar

Tree,

Inc.*

540

63,499

J

Sainsbury

plc

3,108

13,665

Jeronimo

Martins

SGPS

SA

703

16,651

Kesko

OYJ,

Class

B

472

11,983

Koninklijke

Ahold

Delhaize

NV

1,860

72,932

Marks

&

Spencer

Group

plc

3,280

16,478

Walmart,

Inc.

17,220

2,051,591

Woolworths

Group

Ltd.

3,360

72,828

3,654,386

Containers

&

Packaging

-

0

.1

%

Huhtamaki

OYJ

230

8,105

Smurfit

WestRock

plc

2,340

97,414

Vidrala

SA

120

12,605

118,124

Distributors

-

0

.0

%

(c)

D'ieteren

Group(a)

55

12,622

Inchcape

plc

1,147

12,851

25,473

Diversified

Consumer

Services

-

0

.0

%

(c)

Pearson

plc

1,344

17,657

Diversified

REITs

-

0

.1

%

British

Land

Co.

plc

(The),

REIT

2,348

13,365

CapitaLand

Integrated

Commercial

Trust,

REIT

16,600

31,264

Covivio

SA,

REIT

49

3,133

KDX

Realty

Investment

Corp.,

REIT(a)

19

20,606

Land

Securities

Group

plc,

REIT

900

8,034

Mirvac

Group,

REIT

1,260

1,766

Stockland,

REIT

4,556

17,203

WP

Carey,

Inc.,

REIT

600

41,850

137,221

Diversified

Telecommunication

Services

-

0

.7

%

BT

Group

plc

10,000

26,258

Cellnex

Telecom

SA(a)(b)

720

22,287

Deutsche

Telekom

AG

(Registered)

6,700

224,533

Elisa

OYJ

20

884

Koninklijke

KPN

NV

6,540

31,962

NTT,

Inc.

130,000

130,539

Singapore

Telecommunications

Ltd.

18,000

65,107

Spark

New

Zealand

Ltd.

860

1,176

Swisscom

AG

(Registered)(a)

52

42,779

Investments

Shares

Value

Diversified

Telecommunication

Services

(continued)

Telenor

ASA

1,605

$

27,087

Telia

Co.

AB(a)

4,722

21,630

Telstra

Group

Ltd.

29,760

101,740

695,982

Electric

Utilities

-

2

.6

%

Acciona

SA(a)

95

20,501

Alliant

Energy

Corp.(a)

760

50,092

American

Electric

Power

Co.,

Inc.

1,140

136,544

BKW

AG

42

7,958

Contact

Energy

Ltd.

845

4,779

Duke

Energy

Corp.

2,240

271,824

Edison

International

1,440

89,683

EDP

SA

5,740

29,479

Elia

Group

SA/NV

171

24,880

Emera,

Inc.(a)

1,029

51,285

Endesa

SA

782

28,923

Enel

SpA

10,980

121,584

Entergy

Corp.(a)

860

82,465

Eversource

Energy

1,480

102,312

Exelon

Corp.

3,760

168,373

Fortis,

Inc.(a)

2,040

109,370

Fortum

OYJ

460

10,898

Iberdrola

SA

19,740

444,429

Iberdrola

SA,

Class

R*

270

6,079

Kansai

Electric

Power

Co.,

Inc.

(The)

4,000

63,996

Kyushu

Electric

Power

Co.,

Inc.

1,900

21,216

NextEra

Energy,

Inc.

6,100

536,190

NRG

Energy,

Inc.

540

82,420

Origin

Energy

Ltd.

5,960

49,268

Redeia

Corp.

SA(a)

1,241

21,540

SSE

plc

2,371

78,802

Terna

-

Rete

Elettrica

Nazionale(a)

2,660

28,879

Verbund

AG

169

12,455

Xcel

Energy,

Inc.

1,200

91,272

2,747,496

Electrical

Equipment

-

1

.7

%

ABB

Ltd.

(Registered)

2,600

225,071

Accelleron

Industries

AG

105

10,063

GE

Vernova,

Inc.

780

566,569

Legrand

SA

680

109,210

Mitsubishi

Electric

Corp.

4,600

144,029

Nexans

SA

103

16,285

Nidec

Corp.

4,000

57,202

nVent

Electric

plc

560

62,866

Prysmian

SpA

700

83,650

Schneider

Electric

SE

560

161,421

Siemens

Energy

AG*

1,700

292,339

Vestas

Wind

Systems

A/S

1,635

49,918

1,778,623

Electronic

Equipment,

Instruments

&

Components

-

0

.5

%

CDW

Corp.

560

70,778

Celestica,

Inc.*(a)

160

45,210

Flex

Ltd.*(a)

640

40,346

Halma

plc

280

13,617

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)

Electronic

Equipment,

Instruments

&

Components

(continued)

Hexagon

AB,

Class

B(a)

4,080

$

46,367

Ibiden

Co.

Ltd.(a)

600

32,007

Kyocera

Corp.

2,000

29,924

Lagercrantz

Group

AB,

Class

B

218

4,817

Murata

Manufacturing

Co.

Ltd.

4,000

81,317

TE

Connectivity

plc

540

120,301

Venture

Corp.

Ltd.

2,000

25,768

510,452

Energy

Equipment

&

Services

-

0

.3

%

SLB

Ltd.

4,640

224,483

Technip

Energies

NV

138

5,424

TechnipFMC

plc

1,120

62,407

Vallourec

SACA

230

4,887

297,201

Entertainment

-

0

.6

%

Electronic

Arts,

Inc.

420

85,646

Walt

Disney

Co.

(The)

5,280

595,584

681,230

Financial

Services

-

2

.3

%

Adyen

NV*(b)

60

89,466

AMP

Ltd.

7

8

Apollo

Global

Management,

Inc.

1,860

250,244

Banca

Mediolanum

SpA

1,020

23,978

Berkshire

Hathaway,

Inc.,

Class

B*

3,980

1,912,509

Edenred

SE

140

2,943

EXOR

NV

200

16,441

Industrivarden

AB,

Class

C

532

26,792

Infratil

Ltd.(a)

2,503

16,774

Kinnevik

AB,

Class

B*

1,881

15,512

M&G

plc

4,540

19,276

Poste

Italiane

SpA(b)

952

25,143

Wendel

SE

43

4,159

2,403,245

Food

Products

-

0

.3

%

a2

Milk

Co.

Ltd.

(The)

2,945

17,581

AAK

AB

553

15,493

Ajinomoto

Co.,

Inc.

3,000

68,456

Associated

British

Foods

plc

603

15,763

Bakkafrost

P/F

46

2,225

General

Mills,

Inc.

1,260

58,288

JDE

Peet's

NV

560

21,065

Kerry

Group

plc,

Class

A

180

16,017

Mowi

ASA

1,158

26,709

Orkla

ASA

1,914

22,771

Salmar

ASA

147

8,775

273,143

Gas

Utilities

-

0

.2

%

APA

Group

1,656

10,279

Italgas

SpA

1,900

22,852

Investments

Shares

Value

Gas

Utilities

(continued)

Naturgy

Energy

Group

SA

596

$

18,775

Osaka

Gas

Co.

Ltd.(a)

1,200

45,072

Rubis

SCA

276

11,229

Snam

SpA(a)

6,560

45,248

Tokyo

Gas

Co.

Ltd.

1,100

48,818

202,273

Ground

Transportation

-

0

.5

%

Ayvens

SA(b)

756

11,017

Canadian

National

Railway

Co.

1,780

172,183

ComfortDelGro

Corp.

Ltd.

4,500

5,213

Hankyu

Hanshin

Holdings,

Inc.

300

8,394

Uber

Technologies,

Inc.*

3,960

316,998

513,805

Health

Care

Equipment

&

Supplies

-

1

.6

%

Abbott

Laboratories

5,080

555,244

Alcon

AG

920

74,575

Ansell

Ltd.(a)

322

7,363

Cochlear

Ltd.

160

30,163

Convatec

Group

plc(b)

2,022

6,382

Demant

A/S*

279

9,796

EssilorLuxottica

SA

280

85,907

GE

HealthCare

Technologies,

Inc.

980

77,391

Getinge

AB,

Class

B

358

7,902

Hologic,

Inc.*

940

70,434

Hoya

Corp.

1,100

184,474

Koninklijke

Philips

NV

1,480

42,485

Siemens

Healthineers

AG(b)

40

2,007

Sonova

Holding

AG

(Registered)

60

16,480

Straumann

Holding

AG

(Registered)

(a)

330

39,897

Stryker

Corp.

1,420

524,775

1,735,275

Health

Care

Providers

&

Services

-

0

.5

%

Cardinal

Health,

Inc.

924

198,549

EBOS

Group

Ltd.

187

2,908

Elevance

Health,

Inc.

620

214,359

Fresenius

Medical

Care

AG

476

21,467

Fresenius

SE

&

Co.

KGaA

740

41,561

Galenica

AG(b)

152

19,068

Sigma

Healthcare

Ltd.

1,660

3,593

Sonic

Healthcare

Ltd.

1,040

16,721

518,226

Health

Care

REITs

-

0

.3

%

Aedifica

SA,

REIT

40

3,529

Healthpeak

Properties,

Inc.,

REIT

2,060

35,514

Welltower,

Inc.,

REIT

1,300

244,868

283,911

Hotels,

Restaurants

&

Leisure

-

1

.5

%

Accor

SA

678

36,990

Amadeus

IT

Group

SA

1,600

107,773

Aristocrat

Leisure

Ltd.

1,580

59,284

Booking

Holdings,

Inc.

60

300,110

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)

Hotels,

Restaurants

&

Leisure

(continued)

Carnival

Corp.*

2,460

$

73,849

Chipotle

Mexican

Grill,

Inc.,

Class

A*

2,260

87,846

Compass

Group

plc

3,900

117,043

Entain

plc

320

2,657

Expedia

Group,

Inc.

260

68,858

Food

&

Life

Cos.

Ltd.

400

21,966

Hilton

Worldwide

Holdings,

Inc.(a)

700

208,957

InterContinental

Hotels

Group

plc

260

35,048

Lottery

Corp.

Ltd.

(The)

8,160

29,440

Lottomatica

Group

Spa

140

3,451

Marriott

International,

Inc.,

Class

A

720

227,016

Oriental

Land

Co.

Ltd.(a)

3,600

63,232

TUI

AG*

714

7,658

Whitbread

plc

415

15,513

Yum!

Brands,

Inc.

600

93,300

1,559,991

Household

Durables

-

0

.6

%

Panasonic

Holdings

Corp.

4,200

57,639

Persimmon

plc

988

19,062

Sekisui

House

Ltd.(a)

2,100

46,803

Somnigroup

International,

Inc.

399

35,052

Sony

Group

Corp.

18,000

403,034

Taylor

Wimpey

plc

9,948

14,573

Vistry

Group

plc*

920

8,398

584,561

Household

Products

-

0

.3

%

Clorox

Co.

(The)

140

15,791

Essity

AB,

Class

B

800

23,786

Henkel

AG

&

Co.

KGaA

(Preference)

500

44,112

Kimberly-Clark

Corp.(a)

860

85,991

Reckitt

Benckiser

Group

plc

1,320

110,349

280,029

Independent

Power

and

Renewable

Electricity

Producers

-

0

.2

%

Drax

Group

plc

897

11,090

EDP

Renovaveis

SA(a)

1,558

23,724

Meridian

Energy

Ltd.

2,697

9,217

Orsted

A/S*(b)

1,220

27,521

Vistra

Corp.

880

139,348

210,900

Industrial

Conglomerates

-

0

.3

%

CK

Hutchison

Holdings

Ltd.

3,500

28,346

Hitachi

Ltd.

6,700

232,845

Investment

AB

Latour,

Class

B

322

8,079

Keppel

Ltd.

2,000

17,226

Lifco

AB,

Class

B

323

11,173

Sekisui

Chemical

Co.

Ltd.

2,000

35,434

333,103

Industrial

REITs

-

0

.2

%

CapitaLand

Ascendas

REIT,

REIT

6,900

15,496

Investments

Shares

Value

Industrial

REITs

(continued)

Goodman

Group,

REIT

4,920

$

105,917

Mapletree

Logistics

Trust,

REIT

12,000

12,766

Mitsui

Fudosan

Logistics

Park,

Inc.,

REIT(a)

19

14,214

Segro

plc,

REIT

3,040

31,646

Tritax

Big

Box

REIT

plc,

REIT

5,198

11,791

191,830

Insurance

-

2

.0

%

Aegon

Ltd.

1,341

10,494

Aflac,

Inc.

1,280

142,016

Ageas

SA/NV

399

28,456

Allianz

SE

(Registered)

440

194,617

American

International

Group,

Inc.

1,480

110,822

ASR

Nederland

NV

240

17,468

Aviva

plc

6,925

60,419

AXA

SA

4,840

221,276

Beazley

plc

972

15,112

Generali(a)

2,500

102,280

Gjensidige

Forsikring

ASA

294

8,386

Hannover

Rueck

SE

132

37,500

Helvetia

Baloise

Holding

AG(a)

140

35,579

Hiscox

Ltd.

768

15,619

Insurance

Australia

Group

Ltd.

2,960

15,760

Japan

Post

Holdings

Co.

Ltd.

2,000

24,044

Legal

&

General

Group

plc

5,631

20,485

Manulife

Financial

Corp.

3,400

130,235

Mapfre

SA(a)

3,971

18,226

Medibank

Pvt

Ltd.

3,009

9,739

MS&AD

Insurance

Group

Holdings,

Inc.

4,000

101,958

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

260

158,490

nib

holdings

Ltd.

1

5

NN

Group

NV

251

19,941

Phoenix

Group

Holdings

plc

1,239

12,573

Power

Corp.

of

Canada(a)

1,701

86,259

Principal

Financial

Group,

Inc.

320

30,310

Prudential

plc

2,280

37,685

QBE

Insurance

Group

Ltd.

1,440

19,914

Sun

Life

Financial,

Inc.

1,400

88,705

Swiss

Life

Holding

AG

(Registered)

40

43,966

Swiss

Re

AG

580

92,982

Tryg

A/S

742

18,097

Unipol

Assicurazioni

SpA

640

14,295

Willis

Towers

Watson

plc

160

50,795

Zurich

Insurance

Group

AG

120

85,553

2,080,061

Interactive

Media

&

Services

-

5

.3

%

Autotrader

Group

plc(b)

1,684

12,433

CAR

Group

Ltd.(a)

1,060

20,495

LY

Corp.

6,000

15,426

Meta

Platforms,

Inc.,

Class

A

7,730

5,538,545

Pinterest,

Inc.,

Class

A*

720

15,934

REA

Group

Ltd.(a)

117

15,553

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)

Interactive

Media

&

Services

(continued)

Scout24

SE(b)

60

$

5,999

SEEK

Ltd.

716

10,518

5,634,903

IT

Services

-

2

.6

%

Accenture

plc,

Class

A

3,560

938,558

Alten

SA

140

13,757

Bechtle

AG

126

6,571

Capgemini

SE

500

78,041

CGI,

Inc.

740

63,773

Cognizant

Technology

Solutions

Corp.,

Class

A

1,020

83,701

Fujitsu

Ltd.

5,200

144,377

Gartner,

Inc.*

180

37,730

GoDaddy,

Inc.,

Class

A*

357

35,886

International

Business

Machines

Corp.

3,620

1,110,254

NEC

Corp.

3,100

104,700

Nomura

Research

Institute

Ltd.

600

18,285

Obic

Co.

Ltd.

400

11,142

Okta,

Inc.,

Class

A*(a)

270

22,809

Reply

SpA

47

6,173

Softcat

plc

377

7,398

Sopra

Steria

Group(a)

42

7,705

Twilio,

Inc.,

Class

A*

247

29,754

2,720,614

Leisure

Products

-

0

.0

%

(c)

Games

Workshop

Group

plc

76

17,782

Thule

Group

AB(b)

324

7,789

Yamaha

Corp.(a)

2,000

14,501

40,072

Life

Sciences

Tools

&

Services

-

0

.3

%

Eurofins

Scientific

SE

405

32,830

IQVIA

Holdings,

Inc.*

340

78,251

Lonza

Group

AG

(Registered)

40

27,271

Mettler-Toledo

International,

Inc.*

80

109,859

QIAGEN

NV

315

16,721

Sartorius

Stedim

Biotech

76

17,025

Siegfried

Holding

AG

(Registered)*(a)

130

16,021

Tecan

Group

AG

(Registered)

21

3,709

301,687

Machinery

-

1

.0

%

Aalberts

NV(a)

100

3,862

Alfa

Laval

AB

439

25,659

Alstom

SA*(a)

1,159

37,255

Atlas

Copco

AB,

Class

A

4,740

98,390

Ebara

Corp.(a)

1,500

45,274

Epiroc

AB,

Class

A

1,219

34,385

FANUC

Corp.

2,000

81,278

Georg

Fischer

AG

(Registered)

156

10,423

IMI

plc

120

4,548

Indutrade

AB

145

3,424

Investments

Shares

Value

Machinery

(continued)

Interpump

Group

SpA

320

$

18,608

KION

Group

AG

108

7,670

Knorr-Bremse

AG

92

10,775

Komatsu

Ltd.

1,400

53,809

Kone

OYJ,

Class

B

920

66,347

Konecranes

OYJ

216

25,529

Kurita

Water

Industries

Ltd.

400

20,000

Metso

OYJ

1,078

21,180

MINEBEA

MITSUMI,

Inc.

1,500

30,484

Otis

Worldwide

Corp.

860

73,461

Rotork

plc

2,384

11,568

Sandvik

AB

1,953

77,593

Schindler

Holding

AG

60

23,235

SKF

AB,

Class

B

516

13,558

Spirax

Group

plc

194

19,341

Techtronic

Industries

Co.

Ltd.

1,500

20,455

Trelleborg

AB,

Class

B

426

17,324

Valmet

OYJ(a)

225

7,744

VAT

Group

AG(b)

40

26,035

Volvo

AB,

Class

B

2,800

102,483

Wartsila

OYJ

Abp

864

35,153

Weir

Group

plc

(The)

860

38,071

1,064,921

Marine

Transportation

-

0

.0

%

(c)

Nippon

Yusen

KK(a)

1,000

32,880

Media

-

0

.2

%

Dentsu

Group,

Inc.*

400

7,760

Informa

plc

2,050

24,755

ITV

plc

10,219

11,394

Omnicom

Group,

Inc.

1,520

117,101

Publicis

Groupe

SA

680

68,114

229,124

Metals

&

Mining

-

1

.4

%

Alamos

Gold,

Inc.,

Class

A

920

34,282

Anglo

American

plc

1,700

79,503

Antofagasta

plc

724

36,243

ArcelorMittal

SA

580

31,726

Aurubis

AG

60

11,449

BHP

Group

Ltd.

10,760

381,193

BlueScope

Steel

Ltd.

613

12,986

Boliden

AB*

508

35,958

Fortescue

Ltd.(a)

4,460

65,614

IGO

Ltd.*

1,622

9,454

Lynas

Rare

Earths

Ltd.*(a)

2,508

26,179

Mineral

Resources

Ltd.*(a)

780

31,228

Newmont

Corp.

2,020

226,947

Norsk

Hydro

ASA

3,364

30,251

Northern

Star

Resources

Ltd.

3,129

63,437

Pan

American

Silver

Corp.

500

27,300

PLS

Group

Ltd.*

7,760

23,322

Rio

Tinto

Ltd.(a)

720

76,441

Rio

Tinto

plc

1,890

174,754

South32

Ltd.(a)

11,137

36,045

SSAB

AB,

Class

B

1,242

10,329

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

ESG

Select

Index

Fund

(cont.)

121

Investments

Shares

Value

COMMON

STOCKS

(continued)

Metals

&

Mining

(continued)

Teck

Resources

Ltd.,

Class

B

1,380

$

74,475

voestalpine

AG

283

13,467

1,512,583

Multi-Utilities

-

0

.9

%

A2A

SpA

3,990

12,061

Ameren

Corp.

620

64,034

Centrica

plc

3,030

7,939

CMS

Energy

Corp.

440

31,456

Consolidated

Edison,

Inc.

1,380

147,149

Dominion

Energy,

Inc.

1,700

102,289

E.ON

SE

3,240

68,860

Engie

SA

4,700

140,343

Hera

SpA

2,055

10,185

National

Grid

plc

10,062

170,455

NiSource,

Inc.

1,120

49,605

Public

Service

Enterprise

Group,

Inc.

1,800

148,248

Veolia

Environnement

SA

1,100

41,391

994,015

Office

REITs

-

0

.0

%

(c)

Dexus,

REIT(a)

200

941

Gecina

SA,

REIT

20

1,843

2,784

Oil,

Gas

&

Consumable

Fuels

-

3

.4

%

Bollore

SE

1,826

10,458

BP

plc

26,720

170,059

Enbridge,

Inc.

6,500

319,060

Eni

SpA

4,380

89,759

Equinor

ASA

1,620

43,373

Exxon

Mobil

Corp.

16,420

2,321,788

Galp

Energia

SGPS

SA

440

8,757

Imperial

Oil

Ltd.(a)

320

32,509

Pembina

Pipeline

Corp.(a)

1,160

48,468

Santos

Ltd.

6,480

31,822

Shell

plc

9,680

372,249

TotalEnergies

SE

1,920

139,674

3,587,976

Paper

&

Forest

Products

-

0

.0

%

(c)

Stora

Enso

OYJ,

Class

R(a)

440

5,098

Svenska

Cellulosa

AB

SCA,

Class

B

140

1,764

6,862

Passenger

Airlines

-

0

.1

%

ANA

Holdings,

Inc.

700

13,636

International

Consolidated

Airlines

Group

SA

6,441

36,963

Qantas

Airways

Ltd.

3,839

27,082

Ryanair

Holdings

plc

1,680

57,180

Singapore

Airlines

Ltd.

1,900

9,508

144,369

Investments

Shares

Value

Personal

Care

Products

-

0

.5

%

Beiersdorf

AG

124

$

14,818

L'Oreal

SA

540

248,613

Shiseido

Co.

Ltd.

1,200

20,451

Unilever

plc

3,733

253,083

536,965

Pharmaceuticals

-

9

.4

%

ALK-Abello

A/S,

Class

B*

105

3,473

Astellas

Pharma,

Inc.

6,300

87,561

AstraZeneca

plc

3,277

611,573

Chugai

Pharmaceutical

Co.

Ltd.

1,000

57,053

Eli

Lilly

&

Co.

2,480

2,572,132

Galderma

Group

AG

260

48,586

GSK

plc

8,020

206,517

Haleon

plc

13,160

68,425

Hikma

Pharmaceuticals

plc

453

9,505

Ipsen

SA

76

12,441

Johnson

&

Johnson

13,980

3,176,955

Merck

&

Co.,

Inc.

9,640

1,063,003

Merck

KGaA

300

44,808

Novartis

AG

(Registered)

3,740

556,690

Novo

Nordisk

A/S,

Class

B

4,940

290,827

Orion

OYJ,

Class

B

282

23,366

Roche

Holding

AG

1,100

500,967

Sandoz

Group

AG

640

50,848

Sanofi

SA

3,060

288,314

Santen

Pharmaceutical

Co.

Ltd.

1,700

19,153

Shionogi

&

Co.

Ltd.

4,000

82,303

UCB

SA

120

36,460

Zoetis,

Inc.,

Class

A

1,200

149,784

9,960,744

Professional

Services

-

0

.6

%

ALS

Ltd.(a)

1,192

20,576

Arcadis

NV(a)

106

4,769

Automatic

Data

Processing,

Inc.

760

187,583

Bureau

Veritas

SA

751

24,212

Computershare

Ltd.

1,260

28,873

Intertek

Group

plc

354

21,685

Recruit

Holdings

Co.

Ltd.

3,200

168,028

RELX

plc

3,960

140,146

SGS

SA

(Registered)

220

26,513

Wolters

Kluwer

NV

260

24,398

646,783

Real

Estate

Management

&

Development

-

0

.5

%

Castellum

AB

809

10,062

CBRE

Group,

Inc.,

Class

A*

1,140

194,176

CK

Asset

Holdings

Ltd.

3,000

17,609

CoStar

Group,

Inc.*

660

40,590

Daiwa

House

Industry

Co.

Ltd.

1,000

34,098

Lendlease

Corp.

Ltd.

4,780

16,207

Mitsubishi

Estate

Co.

Ltd.

2,100

53,637

Mitsui

Fudosan

Co.

Ltd.

4,000

45,832

PSP

Swiss

Property

AG

(Registered)

40

8,051

Swiss

Prime

Site

AG

(Registered)

185

31,544

Tokyu

Fudosan

Holdings

Corp.

1,600

14,796

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

ESG

Select

Index

Fund

(cont.)

122

Investments

Shares

Value

COMMON

STOCKS

(continued)

Real

Estate

Management

&

Development

(continued)

Vonovia

SE

1,840

$

53,870

Wihlborgs

Fastigheter

AB

546

5,681

526,153

Residential

REITs

-

0

.1

%

Essex

Property

Trust,

Inc.,

REIT

160

40,299

UNITE

Group

plc

(The),

REIT(a)

1,700

13,204

53,503

Retail

REITs

-

0

.1

%

Klepierre

SA,

REIT

651

25,124

Link

REIT,

REIT(a)

5,300

24,377

Unibail-Rodamco-Westfield,

REIT(a)

380

42,042

91,543

Semiconductors

&

Semiconductor

Equipment

-

14

.2

%

Advanced

Micro

Devices,

Inc.*

3,160

748,067

Advantest

Corp.

2,100

347,209

ASM

International

NV

80

67,553

ASML

Holding

NV

600

867,683

ASMPT

Ltd.

500

6,652

BE

Semiconductor

Industries

NV

120

23,484

Broadcom,

Inc.

9,160

3,034,708

Entegris,

Inc.(a)

540

63,758

Infineon

Technologies

AG

1,620

80,192

Intel

Corp.*

18,500

859,695

Marvell

Technology,

Inc.

1,600

126,272

Micron

Technology,

Inc.

5,420

2,248,649

NVIDIA

Corp.

27,920

5,336,350

NXP

Semiconductors

NV

740

167,344

ON

Semiconductor

Corp.*(a)

980

58,692

QUALCOMM,

Inc.

2,020

306,212

Renesas

Electronics

Corp.*

8,000

133,593

Rohm

Co.

Ltd.(a)

900

15,718

STMicroelectronics

NV

640

18,143

Tokyo

Electron

Ltd.

1,800

482,030

14,992,004

Software

-

6

.7

%

Adobe,

Inc.*

800

234,600

Autodesk,

Inc.*

800

202,296

Cadence

Design

Systems,

Inc.*

540

160,034

Check

Point

Software

Technologies

Ltd.*(a)

114

20,464

Crowdstrike

Holdings,

Inc.,

Class

A*

720

317,812

Dassault

Systemes

SE

1,720

47,513

Fortinet,

Inc.*

1,700

138,142

Gen

Digital,

Inc.

2,060

49,419

Guidewire

Software,

Inc.*

260

36,598

HubSpot,

Inc.*

180

50,400

Microsoft

Corp.

10,418

4,482,761

Oracle

Corp.

3,300

543,114

Palo

Alto

Networks,

Inc.*

2,060

364,558

Sage

Group

plc

(The)

1,272

16,711

ServiceNow,

Inc.*

3,080

360,391

Investments

Shares

Value

Software

(continued)

Temenos

AG

(Registered)

35

$

3,107

Xero

Ltd.*(a)

200

13,135

7,041,055

Specialized

REITs

-

0

.5

%

American

Tower

Corp.,

REIT

860

154,181

Equinix,

Inc.,

REIT

200

164,186

Keppel

DC

REIT,

REIT

2,696

4,844

VICI

Properties,

Inc.,

Class

A,

REIT

3,520

98,842

Weyerhaeuser

Co.,

REIT

4,680

120,650

542,703

Specialty

Retail

-

1

.5

%

Best

Buy

Co.,

Inc.

1,040

67,704

H

&

M

Hennes

&

Mauritz

AB,

Class

B(a)

1,680

33,848

Industria

de

Diseno

Textil

SA

1,780

116,467

JB

Hi-Fi

Ltd.

181

10,290

Kingfisher

plc

3,203

14,834

Lowe's

Cos.,

Inc.

1,060

283,083

Nitori

Holdings

Co.

Ltd.(a)

700

12,048

Ross

Stores,

Inc.

660

124,509

TJX

Cos.,

Inc.

(The)

3,300

494,373

Tractor

Supply

Co.

1,680

85,478

Ulta

Beauty,

Inc.*

220

142,419

USS

Co.

Ltd.

2,200

24,345

Williams-Sonoma,

Inc.(a)

483

98,846

Zalando

SE*(b)

414

11,988

ZOZO,

Inc.(a)

1,200

9,926

1,530,158

Technology

Hardware,

Storage

&

Peripherals

-

4

.9

%

Apple,

Inc.

18,111

4,699,442

FUJIFILM

Holdings

Corp.

2,000

40,023

Hewlett

Packard

Enterprise

Co.

5,140

110,613

HP,

Inc.

4,000

77,760

Logitech

International

SA

(Registered)

233

20,164

Ricoh

Co.

Ltd.

1,700

15,010

Seiko

Epson

Corp.

1,100

14,101

Super

Micro

Computer,

Inc.*

1,660

48,323

Western

Digital

Corp.

672

168,154

5,193,590

Textiles,

Apparel

&

Luxury

Goods

-

0

.9

%

Asics

Corp.

2,600

62,615

Brunello

Cucinelli

SpA(a)

57

5,465

Burberry

Group

plc*

1,216

18,339

Christian

Dior

SE

15

9,137

Deckers

Outdoor

Corp.*

340

40,576

Hermes

International

SCA

48

115,862

Kering

SA

200

62,849

LPP

SA

1

5,557

Lululemon

Athletica,

Inc.*

420

73,290

LVMH

Moet

Hennessy

Louis

Vuitton

SE

700

455,434

Moncler

SpA

329

19,182

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

ESG

Select

Index

Fund

(cont.)

123

Investments

Shares

Value

COMMON

STOCKS

(continued)

Textiles,

Apparel

&

Luxury

Goods

(continued)

Pandora

A/S

220

$

17,839

Puma

SE

608

15,652

Tapestry,

Inc.

714

90,614

992,411

Trading

Companies

&

Distributors

-

0

.8

%

AddTech

AB,

Class

B

398

13,074

Ashtead

Group

plc

748

48,109

Beijer

Ref

AB,

Class

B

220

3,153

Bunzl

plc

96

2,698

Diploma

plc

229

16,718

Ferguson

Enterprises,

Inc.

940

237,312

Grafton

Group

plc

334

4,286

Howden

Joinery

Group

plc

80

919

ITOCHU

Corp.

10,000

127,771

Marubeni

Corp.(a)

2,600

86,212

Mitsui

&

Co.

Ltd.

6,000

195,838

Rexel

SA

677

28,624

Sojitz

Corp.

399

14,557

Toyota

Tsusho

Corp.

2,000

72,683

851,954

Transportation

Infrastructure

-

0

.2

%

Aena

SME

SA(b)

1,320

41,190

Aeroports

de

Paris

SA(a)

60

7,959

Auckland

International

Airport

Ltd.

4,105

20,509

Flughafen

Zurich

AG

(Registered)

46

14,313

Getlink

SE

1,080

21,469

Qube

Holdings

Ltd.

2,166

7,238

SATS

Ltd.

2,300

6,869

Transurban

Group

7,000

68,409

187,956

Water

Utilities

-

0

.2

%

American

Water

Works

Co.,

Inc.

1,200

154,956

Pennon

Group

plc

2,375

17,811

Severn

Trent

plc

820

32,947

United

Utilities

Group

plc

1,512

25,873

231,587

Wireless

Telecommunication

Services

-

0

.1

%

Freenet

AG

475

17,167

Tele2

AB,

Class

B

1,093

20,120

Vodafone

Group

plc

43,700

64,405

101,692

Total

Common

Stocks

(Cost

$72,736,694)

103,294,541

Number

of

Rights

RIGHTS

-

0

.0

%

(c)

Construction

&

Engineering

-

0.0%(c)

ACS

Actividades

de

Construccion

y

Servicios

SA,

expiring

2/3/2026*(a)

(Cost

$242)

460

254

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

-

1

.2

%

(d)

REPURCHASE

AGREEMENTS

-

1

.2

%

CF

Secured

LLC

3.66%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$1,055,755,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.63%,

maturing

1/31/2026

-

5/15/2052;

total

market

value

$1,066,434

$

1,055,541

$

1,055,541

The

Bank

of

Nova

Scotia,

Toronto

3.79%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$200,042,

collateralized

by

various

Common

Stocks;

total

market

value

$221,112

200,000

200,000

1,255,541

Total

Securities

Lending

Reinvestments

(Cost

$1,255,541)

1,255,541

Total

Investments

-

99.2%

(Cost

$73,992,477)

104,550,336

Other

assets

less

liabilities

-

0.8%

850,071

NET

ASSETS

-

100.0%

$105,400,407

*

Non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

January

31,

2026.

The

total

value

of

securities

on

loan

at

January

31,

2026

was

$3,728,390,

collateralized

in

the

form

of

cash

with

a

value

of

$1,255,541

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$1,737,903

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

February

17,

2026

–

November

15,

2055

and

$997,334

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

February

25,

2026

–

June

30,

2120;

a

total

value

of

$3,990,778.

(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

January

31,

2026.

The

total

value

of

securities

purchased

was

$1,255,541.

Percentages

shown

are

based

on

Net

Assets.

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

ESG

Select

Index

Fund

(cont.)

124

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

Futures

Contracts

FlexShares

®

STOXX

®

Global

ESG

Select

Index

Fund

had

the

following

open

futures

contracts

as

of

January

31,

2026:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

EURO

STOXX

50

Index

2

03/20/2026

EUR

$

141,592

$

47

MSCI

EAFE

E-Mini

Index

5

03/20/2026

USD

759,200

41,917

S&P

500

E-Mini

Index

3

03/20/2026

USD

1,044,863

28,155

S&P

500

Micro

E-Mini

Index

4

03/20/2026

USD

139,315

1,525

$

71,644

Forward

Foreign

Currency

Contracts

FlexShares

®

STOXX

®

Global

ESG

Select

Index

Fund

had

the

following

outstanding

contracts

as

of

January

31,

2026:

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

AUD

187,000

Bank

of

Montreal

USD

125,217

03/18/2026

$

5,772

CAD

152,000

Bank

of

New

York

Mellon

(The)

USD

111,564

03/18/2026

882

EUR

152,000

Morgan

Stanley

USD

179,543

03/18/2026

1,651

Total

unrealized

appreciation

$

8,305

USD

113,681

Bank

of

Montreal

AUD

172,000

03/18/2026

$

(

6,801

)

USD

132,532

Bank

of

Montreal

CAD

182,000

03/18/2026

(

2,107

)

USD

147,683

Citibank

NA

CHF

116,000

03/18/2026

(

3,657

)

USD

110,903

Bank

of

Montreal

DKK

704,000

03/18/2026

(

1,528

)

USD

130,520

JPMorgan

Chase

Bank

NA

EUR

111,000

03/18/2026

(

1,799

)

USD

217,058

Morgan

Stanley

EUR

184,000

03/18/2026

(

2,283

)

USD

130,182

Citibank

NA

SEK

1,196,000

03/18/2026

(

5,221

)

Total

unrealized

depreciation

$

(

23,396

)

Net

unrealized

depreciation

$

(

15,091

)

Abbreviations:

AUD

—

Australian

Dollar

CAD

—

Canadian

Dollar

CHF

—

Swiss

Franc

DKK

—

Danish

Krone

EUR

—

Euro

SEK

—

Swedish

Krona

USD

—

US

Dollar

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

ESG

Select

Index

Fund

(cont.)

125

FlexShares®

STOXX®

Global

ESG

Select

Index

invested,

as

a

percentage

of

net

assets,

in

companies

domiciled

in

the

following

countries

as

of

January

31,

2026:

Australia

2‌

.9

%

Austria

0‌

.1

Belgium

0‌

.2

Brazil

0‌

.0

†

Canada

1‌

.8

Chile

0‌

.0

†

China

0‌

.1

Denmark

0‌

.7

Faroe

Islands

0‌

.0

†

Finland

0‌

.4

France

3‌

.1

Germany

1‌

.6

Hong

Kong

0‌

.2

Ireland

1‌

.0

Israel

0‌

.0

†

Italy

1‌

.1

Japan

5‌

.8

Luxembourg

0‌

.1

Netherlands

1‌

.6

New

Zealand

0‌

.1

Norway

0‌

.2

Poland

0‌

.0

†

Portugal

0‌

.1

Singapore

0‌

.3

South

Africa

0‌

.1

Spain

1‌

.9

Sweden

1‌

.1

Switzerland

1‌

.1

United

Kingdom

4‌

.0

United

States

68‌

.4

Other

1

2‌

.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

98‌

.0

%

Rights

0‌

.0

†

Securities

Lending

Reinvestments

1‌

.2

Others

(1)

0‌

.8

100‌

.0

%

†

Amount

represents

less

than

0.05%.

(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

US

Large

Cap

Core

Index

Fund

January

31,

2026

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

99

.3

%

Automobiles

-

2

.8

%

Rivian

Automotive,

Inc.,

Class

A*

1,365

$

20,134

Tesla,

Inc.*

7,800

3,357,198

3,377,332

Banks

-

2

.1

%

JPMorgan

Chase

&

Co.

8,255

2,525,122

Beverages

-

0

.8

%

Coca-Cola

Europacific

Partners

plc

2,275

208,618

Keurig

Dr

Pepper,

Inc.

12,480

342,451

PepsiCo,

Inc.

2,470

379,466

930,535

Biotechnology

-

1

.2

%

Amgen,

Inc.

3,705

1,266,665

Gilead

Sciences,

Inc.

1,105

156,855

1,423,520

Broadline

Retail

-

4

.8

%

Amazon.com,

Inc.*

22,425

5,366,302

eBay,

Inc.

4,550

415,051

5,781,353

Building

Products

-

1

.4

%

Carlisle

Cos.,

Inc.

390

132,947

Johnson

Controls

International

plc

6,500

775,190

Lennox

International,

Inc.

325

160,901

Trane

Technologies

plc

1,495

628,767

1,697,805

Capital

Markets

-

6

.3

%

Bank

of

New

York

Mellon

Corp.

(The)

6,955

834,043

BlackRock,

Inc.

1,105

1,236,429

FactSet

Research

Systems,

Inc.

390

99,200

Goldman

Sachs

Group,

Inc.

(The)

1,690

1,580,843

Moody's

Corp.

1,560

804,274

Morgan

Stanley

3,250

594,100

MSCI,

Inc.,

Class

A

780

475,192

Nasdaq,

Inc.

4,225

409,360

S&P

Global,

Inc.

2,405

1,269,335

State

Street

Corp.

2,795

365,754

7,668,530

Chemicals

-

1

.4

%

Ecolab,

Inc.

2,535

714,844

International

Flavors

&

Fragrances,

Inc.

2,470

172,431

Sherwin-Williams

Co.

(The)

2,275

806,806

1,694,081

Commercial

Services

&

Supplies

-

1

.7

%

Cintas

Corp.

3,575

684,219

Republic

Services,

Inc.,

Class

A

2,145

461,368

Investments

Shares

Value

Commercial

Services

&

Supplies

(continued)

Waste

Management,

Inc.

3,965

$

881,182

2,026,769

Communications

Equipment

-

1

.3

%

Cisco

Systems,

Inc.

19,955

1,562,876

Consumer

Finance

-

0

.0

%

(a)

American

Express

Co.

195

68,673

Consumer

Staples

Distribution

&

Retail

-

2

.7

%

Kroger

Co.

(The)

6,175

388,099

Sysco

Corp.

4,745

397,868

Target

Corp.

4,420

466,177

Walmart,

Inc.

17,290

2,059,931

3,312,075

Containers

&

Packaging

-

0

.1

%

Avery

Dennison

Corp.

780

144,698

Diversified

Telecommunication

Services

-

1

.2

%

Comcast

Corp.,

Class

A

36,270

1,079,032

Verizon

Communications,

Inc.

8,905

396,451

1,475,483

Electric

Utilities

-

1

.2

%

Edison

International

3,770

234,795

Eversource

Energy

3,575

247,140

NextEra

Energy,

Inc.

7,280

639,912

PG&E

Corp.

21,450

330,759

1,452,606

Electrical

Equipment

-

0

.7

%

Emerson

Electric

Co.

5,525

811,954

Electronic

Equipment,

Instruments

&

Components

-

0

.2

%

Jabil,

Inc.

1,040

246,678

Energy

Equipment

&

Services

-

1

.3

%

Baker

Hughes

Co.,

Class

A

9,685

542,747

Halliburton

Co.

8,255

276,708

SLB

Ltd.

14,690

710,702

1,530,157

Financial

Services

-

4

.3

%

Berkshire

Hathaway,

Inc.,

Class

B*

1,235

593,455

Fiserv,

Inc.*

5,395

343,823

Global

Payments,

Inc.

2,405

172,535

Mastercard,

Inc.,

Class

A

3,185

1,716,046

PayPal

Holdings,

Inc.

8,840

465,780

Visa,

Inc.,

Class

A

5,980

1,924,543

5,216,182

Ground

Transportation

-

2

.1

%

CSX

Corp.

18,135

684,778

Norfolk

Southern

Corp.

2,210

643,640

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

US

Large

Cap

Core

Index

Fund

(cont.)

127

Investments

Shares

Value

COMMON

STOCKS

(continued)

Ground

Transportation

(continued)

Union

Pacific

Corp.

5,200

$

1,222,520

2,550,938

Health

Care

Equipment

&

Supplies

-

2

.1

%

Abbott

Laboratories

10,010

1,094,093

Becton

Dickinson

&

Co.

1,300

264,524

Medtronic

plc

11,895

1,224,709

2,583,326

Health

Care

Providers

&

Services

-

2

.0

%

Cigna

Group

(The)

2,600

712,686

CVS

Health

Corp.

12,480

930,010

Elevance

Health,

Inc.

2,210

764,085

2,406,781

Health

Care

REITs

-

0

.0

%

(a)

Ventas,

Inc.,

REIT(b)

325

25,243

Hotels,

Restaurants

&

Leisure

-

1

.8

%

Airbnb,

Inc.,

Class

A*

4,225

546,588

Booking

Holdings,

Inc.

237

1,185,436

Expedia

Group,

Inc.

1,170

309,863

Las

Vegas

Sands

Corp.

3,380

178,227

2,220,114

Household

Products

-

0

.9

%

Church

&

Dwight

Co.,

Inc.

2,405

231,481

Clorox

Co.

(The)

1,170

131,964

Colgate-Palmolive

Co.

7,540

680,787

1,044,232

Industrial

REITs

-

1

.0

%

Prologis,

Inc.,

REIT

9,035

1,179,610

Insurance

-

0

.7

%

Hartford

Insurance

Group,

Inc.

(The)

2,795

377,493

MetLife,

Inc.

5,525

435,812

813,305

Interactive

Media

&

Services

-

11

.0

%

Alphabet,

Inc.,

Class

A

14,560

4,921,280

Alphabet,

Inc.,

Class

C

12,740

4,312,872

Meta

Platforms,

Inc.,

Class

A

5,720

4,098,380

13,332,532

IT

Services

-

1

.6

%

Cognizant

Technology

Solutions

Corp.,

Class

A

4,875

400,042

GoDaddy,

Inc.,

Class

A*

1,430

143,744

International

Business

Machines

Corp.

4,680

1,435,356

1,979,142

Life

Sciences

Tools

&

Services

-

0

.2

%

Illumina,

Inc.*

1,560

225,904

Investments

Shares

Value

Machinery

-

0

.4

%

Ingersoll

Rand,

Inc.

3,835

$

330,155

Xylem,

Inc.

1,365

188,193

518,348

Metals

&

Mining

-

0

.0

%

(a)

Agnico

Eagle

Mines

Ltd.

130

24,765

Multi-Utilities

-

0

.3

%

Consolidated

Edison,

Inc.

3,510

374,271

Sempra

260

22,623

396,894

Oil,

Gas

&

Consumable

Fuels

-

1

.3

%

Devon

Energy

Corp.

6,045

243,069

Occidental

Petroleum

Corp.

7,150

324,539

ONEOK,

Inc.

6,110

483,851

Phillips

66

195

27,994

Valero

Energy

Corp.

3,055

554,269

1,633,722

Personal

Care

Products

-

0

.2

%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

2,275

262,262

Pharmaceuticals

-

4

.8

%

Bristol-Myers

Squibb

Co.

8,905

490,220

Eli

Lilly

&

Co.

390

404,489

Johnson

&

Johnson

9,360

2,127,060

Merck

&

Co.,

Inc.

14,690

1,619,866

Pfizer,

Inc.

45,955

1,215,050

5,856,685

Professional

Services

-

1

.8

%

Automatic

Data

Processing,

Inc.

3,965

978,641

Broadridge

Financial

Solutions,

Inc.

1,170

230,619

Equifax,

Inc.

1,235

248,729

Paychex,

Inc.

3,185

328,469

Paycom

Software,

Inc.

520

70,070

Verisk

Analytics,

Inc.,

Class

A

1,365

296,833

2,153,361

Real

Estate

Management

&

Development

-

0

.1

%

Zillow

Group,

Inc.,

Class

C*

1,560

98,327

Residential

REITs

-

0

.2

%

AvalonBay

Communities,

Inc.,

REIT

1,365

242,520

Semiconductors

&

Semiconductor

Equipment

-

11

.1

%

Broadcom,

Inc.

5,395

1,787,363

First

Solar,

Inc.*

975

219,882

Intel

Corp.*

32,175

1,495,172

NVIDIA

Corp.

52,520

10,038,148

13,540,565

Software

-

10

.2

%

Adobe,

Inc.*

3,510

1,029,307

Autodesk,

Inc.*

2,080

525,970

Cadence

Design

Systems,

Inc.*

2,665

789,799

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

US

Large

Cap

Core

Index

Fund

(cont.)

128

Investments

Shares

Value

COMMON

STOCKS

(continued)

Software

(continued)

Fortinet,

Inc.*

6,435

$

522,908

Microsoft

Corp.

15,600

6,712,524

Oracle

Corp.

975

160,466

Salesforce,

Inc.

5,525

1,172,902

ServiceNow,

Inc.*

7,150

836,622

Workday,

Inc.,

Class

A*

2,145

376,726

Zoom

Communications,

Inc.,

Class

A*

2,470

227,487

12,354,711

Specialized

REITs

-

0

.7

%

Equinix,

Inc.,

REIT

975

800,407

Specialty

Retail

-

1

.0

%

Best

Buy

Co.,

Inc.

1,950

126,945

Home

Depot,

Inc.

(The)

780

292,180

Tractor

Supply

Co.

5,135

261,269

Ulta

Beauty,

Inc.*

455

294,549

Williams-Sonoma,

Inc.(b)

1,235

252,742

1,227,685

Technology

Hardware,

Storage

&

Peripherals

-

7

.8

%

Apple,

Inc.

32,630

8,466,832

Dell

Technologies,

Inc.,

Class

C

2,990

342,176

Hewlett

Packard

Enterprise

Co.

12,805

275,564

HP,

Inc.

9,035

175,640

NetApp,

Inc.

1,950

187,882

9,448,094

Textiles,

Apparel

&

Luxury

Goods

-

0

.3

%

Amer

Sports,

Inc.*

1,560

57,143

Lululemon

Athletica,

Inc.*

1,040

181,480

Investments

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

(continued)

Ralph

Lauren

Corp.,

Class

A

390

$

137,830

376,453

Water

Utilities

-

0

.2

%

American

Water

Works

Co.,

Inc.

1,885

243,410

Total

Common

Stocks

(Cost

$102,618,758)

120,485,765

Principal

Amount

SHORT-TERM

INVESTMENTS

-

0

.0

%

(a)

(c)

(d)

U.S.

TREASURY

OBLIGATIONS

-

0

.0

%

U.S.

Treasury

Bills

3.72%,

5/7/2026

(Cost

$58,429)

$

59,000

58,450

Total

Investments

-

99.3%

(Cost

$102,677,187)

120,544,215

Other

assets

less

liabilities

-

0.7%

840,381

NET

ASSETS

-

100.0%

$121,384,596

*

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

January

31,

2026.

The

total

value

of

securities

on

loan

at

January

31,

2026

was

$249,170,

collateralized

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

February

5,

2026

–

August

15,

2054;

a

total

value

of

$255,240.

(c)

All

or

a

portion

of

the

security

pledged

as

collateral

for

Futures

Contracts.

(d)

The

rate

shown

was

the

current

yield

as

of

January

31,

2026.

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

January

31,

2026:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

S&P

500

Micro

E-Mini

Index

25

03/20/2026

USD

$

870,719

$

7,389

Abbreviations:

USD

—

US

Dollar

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

US

Large

Cap

Core

Index

Fund

(cont.)

129

Security

Type

%

of

Net

Assets

Common

Stocks

99‌

.3

%

Short-Term

Investments

0‌

.0

Others

(1)

0‌

.7

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

130

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

January

31,

2026

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

99

.3

%

Air

Freight

&

Logistics

-

0

.9

%

Deutsche

Post

AG

12,189

$

686,170

Automobile

Components

-

0

.6

%

Bridgestone

Corp.

19,700

445,057

Automobiles

-

1

.2

%

Honda

Motor

Co.

Ltd.

8,500

85,683

Mercedes-Benz

Group

AG

5,049

347,118

Nissan

Motor

Co.

Ltd.*

37,700

92,209

Renault

SA

816

30,948

Toyota

Motor

Corp.

11,300

256,678

Yamaha

Motor

Co.

Ltd.(a)

15,300

115,400

928,036

Banks

-

15

.8

%

ABN

AMRO

Bank

NV,

CVA(b)

7,650

282,672

Banco

Bilbao

Vizcaya

Argentaria

SA

23,715

605,159

Banco

Santander

SA

59,619

764,579

Bank

of

Montreal(a)

938

128,403

Barclays

plc

57,936

386,542

BNP

Paribas

SA

2,244

243,465

Canadian

Imperial

Bank

of

Commerce

9,639

895,744

Commonwealth

Bank

of

Australia

10,404

1,088,614

Danske

Bank

A/S

8,160

417,932

DBS

Group

Holdings

Ltd.

1,200

55,981

HSBC

Holdings

plc

39,066

689,081

ING

Groep

NV

31,161

920,094

Intesa

Sanpaolo

SpA

133,569

947,999

KBC

Group

NV

3,825

541,044

Mediobanca

Banca

di

Credito

Finanziario

SpA

8,364

175,423

Mitsubishi

UFJ

Financial

Group,

Inc.

48,200

876,293

Mizuho

Financial

Group,

Inc.

4,200

184,679

National

Australia

Bank

Ltd.

5,508

167,349

National

Bank

of

Canada

1,938

232,205

NatWest

Group

plc

13,668

124,764

Royal

Bank

of

Canada

8,075

1,351,965

Standard

Chartered

plc

18,717

478,244

Svenska

Handelsbanken

AB,

Class

A

24,582

390,435

UniCredit

SpA

663

57,933

Westpac

Banking

Corp.

14,025

381,415

12,388,014

Beverages

-

1

.2

%

Asahi

Group

Holdings

Ltd.

25,500

266,555

Diageo

plc

23,307

535,876

Heineken

NV

1,428

117,796

920,227

Biotechnology

-

0

.6

%

CSL

Ltd.

2,703

343,534

Investments

Shares

Value

Biotechnology

(continued)

Swedish

Orphan

Biovitrum

AB*

3,264

$

124,259

467,793

Broadline

Retail

-

1

.1

%

Dollarama,

Inc.

2,754

373,193

Next

plc

1,989

362,056

Rakuten

Group,

Inc.*

25,500

152,907

888,156

Building

Products

-

1

.2

%

Cie

de

Saint-Gobain

SA

7,344

727,076

Kingspan

Group

plc

2,601

227,429

954,505

Capital

Markets

-

4

.0

%

3i

Group

plc

13,872

637,891

Brookfield

Asset

Management

Ltd.,

Class

A

3,366

168,157

Daiwa

Securities

Group,

Inc.(a)

22,400

218,322

Deutsche

Boerse

AG

510

129,414

EQT

AB(a)

6,222

237,571

Hong

Kong

Exchanges

&

Clearing

Ltd.

13,500

747,109

IGM

Financial,

Inc.(a)

1,530

74,413

London

Stock

Exchange

Group

plc

153

17,053

Macquarie

Group

Ltd.

2,652

394,200

Nomura

Holdings,

Inc.

51,000

467,153

SBI

Holdings,

Inc.

2,800

63,239

3,154,522

Chemicals

-

2

.7

%

Akzo

Nobel

NV(a)

3,009

212,273

Givaudan

SA

(Registered)

157

609,202

Nippon

Paint

Holdings

Co.

Ltd.

7,100

47,154

Nitto

Denko

Corp.

11,900

264,290

Novonesis

Novozymes

B,

Class

B

4,437

272,630

Shin-Etsu

Chemical

Co.

Ltd.

300

9,975

Sika

AG

(Registered)

2,601

500,913

Symrise

AG,

Class

A

2,244

189,700

Toray

Industries,

Inc.

5,100

37,640

2,143,777

Commercial

Services

&

Supplies

-

1

.1

%

Brambles

Ltd.

16,014

251,297

Dai

Nippon

Printing

Co.

Ltd.

5,100

91,497

Rentokil

Initial

plc

44,370

274,416

Secom

Co.

Ltd.

7,100

260,462

877,672

Communications

Equipment

-

0

.3

%

Nokia

OYJ

33,558

216,538

Construction

&

Engineering

-

0

.1

%

WSP

Global,

Inc.

377

73,284

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Developed

Markets ex-US Core

Index

(cont.)

131

Investments

Shares

Value

COMMON

STOCKS

(continued)

Consumer

Staples

Distribution

&

Retail

-

2

.0

%

Carrefour

SA

9,741

$

160,383

Jeronimo

Martins

SGPS

SA

4,692

111,134

Loblaw

Cos.

Ltd.

4,567

206,639

Tesco

plc

111,333

649,607

Woolworths

Group

Ltd.

21,216

459,857

1,587,620

Diversified

Consumer

Services

-

0

.2

%

Pearson

plc

10,404

136,687

Diversified

REITs

-

0

.2

%

CapitaLand

Integrated

Commercial

Trust,

REIT

86,700

163,288

Diversified

Telecommunication

Services

-

1

.8

%

BCE,

Inc.

5,661

146,394

Deutsche

Telekom

AG

(Registered)

17,238

577,688

NTT,

Inc.

30,600

30,727

Singapore

Telecommunications

Ltd.

20,400

73,787

Swisscom

AG

(Registered)

459

377,607

Telefonica

SA(a)

19,941

81,013

TELUS

Corp.

8,313

116,639

1,403,855

Electric

Utilities

-

2

.2

%

EDP

SA

55,080

282,876

Enel

SpA

40,749

451,225

Iberdrola

SA

30,345

683,191

Iberdrola

SA,

Class

R*

407

9,163

Terna

-

Rete

Elettrica

Nazionale

23,613

256,360

1,682,815

Electrical

Equipment

-

3

.8

%

Legrand

SA

2,193

352,202

Mitsubishi

Electric

Corp.

4,100

128,374

Schneider

Electric

SE

3,876

1,117,265

Siemens

Energy

AG*

5,049

868,246

Vestas

Wind

Systems

A/S

17,187

524,739

2,990,826

Electronic

Equipment,

Instruments

&

Components

-

1

.3

%

Celestica,

Inc.*(a)

1,989

562,014

Murata

Manufacturing

Co.

Ltd.

8,000

162,635

TDK

Corp.

21,200

272,249

996,898

Energy

Equipment

&

Services

-

0

.2

%

Tenaris

SA(a)

6,681

149,105

Entertainment

-

0

.0

%

(c)

Nintendo

Co.

Ltd.

100

6,518

Toho

Co.

Ltd.

400

20,425

26,943

Financial

Services

-

0

.2

%

Mitsubishi

HC

Capital,

Inc.

15,300

133,798

Investments

Shares

Value

Food

Products

-

1

.1

%

Nestle

SA

(Registered)

9,027

$

860,792

Gas

Utilities

-

0

.0

%

(c)

Hong

Kong

&

China

Gas

Co.

Ltd.

20,000

18,874

Ground

Transportation

-

1

.4

%

Canadian

National

Railway

Co.

7,446

720,268

Canadian

Pacific

Kansas

City

Ltd.(a)

1,020

76,243

Central

Japan

Railway

Co.

3,700

103,305

East

Japan

Railway

Co.

4,500

113,565

MTR

Corp.

Ltd.(a)

25,500

112,910

1,126,291

Health

Care

Equipment

&

Supplies

-

1

.6

%

Alcon

AG

306

24,804

BioMerieux

714

83,073

Koninklijke

Philips

NV

14,229

408,462

Olympus

Corp.

15,300

182,596

Siemens

Healthineers

AG(b)

5,916

296,791

Sonova

Holding

AG

(Registered)

887

243,621

1,239,347

Hotels,

Restaurants

&

Leisure

-

1

.2

%

Amadeus

IT

Group

SA

7,650

515,289

Galaxy

Entertainment

Group

Ltd.

17,000

86,636

Oriental

Land

Co.

Ltd.(a)

15,300

268,737

Sands

China

Ltd.

40,800

88,969

959,631

Household

Durables

-

1

.1

%

Panasonic

Holdings

Corp.

6,400

87,831

Sekisui

House

Ltd.(a)

6,400

142,637

Sony

Group

Corp.

26,700

597,834

828,302

Household

Products

-

1

.0

%

Henkel

AG

&

Co.

KGaA

(Preference)

2,958

260,968

Reckitt

Benckiser

Group

plc

5,865

490,299

751,267

Independent

Power

and

Renewable

Electricity

Producers

-

0

.4

%

EDP

Renovaveis

SA(a)

4,998

76,107

Orsted

A/S*(b)

8,912

201,036

277,143

Industrial

Conglomerates

-

3

.1

%

Hitachi

Ltd.

32,000

1,112,096

Siemens

AG

(Registered)

4,233

1,290,673

2,402,769

Industrial

REITs

-

0

.3

%

Segro

plc,

REIT

22,644

235,722

Insurance

-

7

.0

%

Aegon

Ltd.

7,905

61,861

AIA

Group

Ltd.

33,200

384,089

Allianz

SE

(Registered)

1,785

789,527

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Developed

Markets ex-US Core

Index

(cont.)

132

Investments

Shares

Value

COMMON

STOCKS

(continued)

Insurance

(continued)

Aviva

plc

51,765

$

451,637

AXA

SA

16,728

764,775

Japan

Post

Holdings

Co.

Ltd.

15,300

183,935

Manulife

Financial

Corp.

22,185

849,785

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

384

234,077

QBE

Insurance

Group

Ltd.

18,972

262,361

Sompo

Holdings,

Inc.

12,100

416,982

Swiss

Re

AG

1,326

212,577

Tokio

Marine

Holdings,

Inc.

700

25,988

Zurich

Insurance

Group

AG

1,224

872,639

5,510,233

Interactive

Media

&

Services

-

0

.1

%

LY

Corp.

45,900

118,008

IT

Services

-

2

.2

%

Capgemini

SE

2,805

437,810

CGI,

Inc.

3,366

290,080

Fujitsu

Ltd.

26,300

730,215

Nomura

Research

Institute

Ltd.

6,500

198,085

Shopify,

Inc.,

Class

A*

255

33,645

1,689,835

Leisure

Products

-

0

.2

%

Shimano,

Inc.

1,200

137,145

Machinery

-

1

.9

%

Atlas

Copco

AB,

Class

A

12,546

260,423

Daimler

Truck

Holding

AG

918

44,732

Epiroc

AB,

Class

A

6,834

192,770

GEA

Group

AG

2,295

164,907

Komatsu

Ltd.

3,400

130,680

Kone

OYJ,

Class

B

2,652

191,253

Kubota

Corp.

15,300

235,015

SKF

AB,

Class

B

5,661

148,747

Volvo

AB,

Class

B(a)

1,428

52,266

Weir

Group

plc

(The)

1,428

63,216

1,484,009

Media

-

0

.4

%

Informa

plc

4,896

59,123

Publicis

Groupe

SA

2,856

286,081

345,204

Metals

&

Mining

-

3

.0

%

Anglo

American

plc

10,302

481,786

Antofagasta

plc

765

38,296

BHP

Group

Ltd.

1,224

43,362

Fortescue

Ltd.(a)

6,987

102,790

Kinross

Gold

Corp.

13,515

427,961

Northern

Star

Resources

Ltd.

23,460

475,626

Rio

Tinto

Ltd.(a)

459

48,731

Investments

Shares

Value

Metals

&

Mining

(continued)

Wheaton

Precious

Metals

Corp.

5,559

$

736,424

2,354,976

Multi-Utilities

-

0

.4

%

National

Grid

plc

17,958

304,216

Office

REITs

-

0

.1

%

Gecina

SA,

REIT

765

70,486

Oil,

Gas

&

Consumable

Fuels

-

4

.6

%

Enbridge,

Inc.

18,972

931,262

ENEOS

Holdings,

Inc.

41,600

350,172

Pembina

Pipeline

Corp.

6,375

266,365

Repsol

SA

17,544

345,523

Shell

plc

28,509

1,093,054

TC

Energy

Corp.

1,377

81,187

TotalEnergies

SE

6,885

500,864

3,568,427

Passenger

Airlines

-

0

.1

%

International

Consolidated

Airlines

Group

SA

14,943

85,754

Personal

Care

Products

-

1

.4

%

Kao

Corp.

7,800

312,789

L'Oreal

SA

1,785

821,804

1,134,593

Pharmaceuticals

-

8

.7

%

Astellas

Pharma,

Inc.

25,500

354,415

AstraZeneca

plc

6,446

1,202,991

Daiichi

Sankyo

Co.

Ltd.

9,200

169,138

GSK

plc

16,932

436,004

Novartis

AG

(Registered)

8,007

1,191,822

Novo

Nordisk

A/S,

Class

B

14,484

852,699

Roche

Holding

AG

370

168,507

Sanofi

SA

7,956

749,616

Takeda

Pharmaceutical

Co.

Ltd.

17,100

581,085

Teva

Pharmaceutical

Industries

Ltd.*(a)

14,076

460,030

UCB

SA

1,989

604,331

6,770,638

Professional

Services

-

2

.0

%

Computershare

Ltd.

816

18,699

Recruit

Holdings

Co.

Ltd.

11,200

588,098

RELX

plc

19,941

705,718

Wolters

Kluwer

NV

2,856

268,006

1,580,521

Real

Estate

Management

&

Development

-

0

.7

%

CK

Asset

Holdings

Ltd.

9,500

55,761

Mitsubishi

Estate

Co.

Ltd.

18,200

464,852

520,613

Retail

REITs

-

0

.6

%

Scentre

Group,

REIT

91,443

261,366

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Developed

Markets ex-US Core

Index

(cont.)

133

Investments

Shares

Value

COMMON

STOCKS

(continued)

Retail

REITs

(continued)

Unibail-Rodamco-Westfield,

REIT(a)

2,142

$

236,986

498,352

Semiconductors

&

Semiconductor

Equipment

-

3

.5

%

Advantest

Corp.

3,900

644,817

ASML

Holding

NV

1,428

2,065,086

2,709,903

Software

-

1

.5

%

SAP

SE

5,304

1,076,217

Xero

Ltd.*(a)

1,989

130,631

1,206,848

Specialty

Retail

-

1

.2

%

Fast

Retailing

Co.

Ltd.

600

228,705

Industria

de

Diseno

Textil

SA

10,302

674,067

ZOZO,

Inc.

6,700

55,421

958,193

Technology

Hardware,

Storage

&

Peripherals

-

0

.1

%

Canon,

Inc.(a)

2,400

72,890

Textiles,

Apparel

&

Luxury

Goods

-

1

.4

%

Cie

Financiere

Richemont

SA

(Registered)

1,020

198,092

Hermes

International

SCA

71

171,380

Kering

SA

1,020

320,531

LVMH

Moet

Hennessy

Louis

Vuitton

SE

663

431,361

1,121,364

Trading

Companies

&

Distributors

-

1

.4

%

Bunzl

plc

5,457

153,362

Ferguson

Enterprises,

Inc.

255

64,377

ITOCHU

Corp.

66,300

847,124

1,064,863

Transportation

Infrastructure

-

0

.8

%

Aena

SME

SA(b)

6,630

206,886

Transurban

Group

45,645

446,074

652,960

Water

Utilities

-

0

.4

%

Severn

Trent

plc

4,539

182,375

United

Utilities

Group

plc

5,712

97,743

280,118

Wireless

Telecommunication

Services

-

1

.7

%

SoftBank

Corp.

484,500

656,428

SoftBank

Group

Corp.

7,300

201,263

Vodafone

Group

plc

301,308

444,067

1,301,758

Total

Common

Stocks

(Cost

$60,989,639)

77,657,631

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

-

0

.1

%

(d)

REPURCHASE

AGREEMENTS

-

0

.1

%

CF

Secured

LLC

3.66%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$97,192,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.63%,

maturing

1/31/2026

-

5/15/2052;

total

market

value

$98,176  

(Cost

$97,173)

$97,173

$

97,173

Total

Investments

-

99.4%

(Cost

$61,086,812)

77,754,804

Other

assets

less

liabilities

-

0.6%

432,390

NET

ASSETS

-

100.0%

$78,187,194

*

Non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

January

31,

2026.

The

total

value

of

securities

on

loan

at

January

31,

2026

was

$2,835,588,

collateralized

in

the

form

of

cash

with

a

value

of

$97,173

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$1,807,640

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.00%,

and

maturity

dates

ranging

from

February

17,

2026

–

November

15,

2055

and

$1,216,101

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

5.50%,

and

maturity

dates

ranging

from

February

25,

2026

–

June

30,

2120;

a

total

value

of

$3,120,914.

(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

January

31,

2026.

The

total

value

of

securities

purchased

was

$97,173.

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

®

ESG &

Climate

Developed

Markets ex-US Core

Index

(cont.)

134

Futures

Contracts

FlexShares

®

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

had

the

following

open

futures

contracts

as

of

January

31,

2026:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

MSCI

EAFE

E-Mini

Index

3

03/20/2026

USD

$

455,520

$

18,216

Forward

Foreign

Currency

Contracts

FlexShares

®

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

had

the

following

outstanding

contracts

as

of

January

31,

2026:

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

AUD

99,000

Bank

of

Montreal

USD

65,433

03/18/2026

$

3,914

CAD

51,291

Toronto-Dominion

Bank

(The)

USD

37,417

03/18/2026

527

CHF

47,000

JPMorgan

Chase

Bank

NA

USD

59,607

03/18/2026

1,712

JPY

16,961,000

Toronto-Dominion

Bank

(The)

USD

108,531

03/18/2026

1,810

USD

20,229

Goldman

Sachs

&

Co.

HKD

157,028

03/18/2026

93

Total

unrealized

appreciation

$

8,056

USD

46,092

Bank

of

Montreal

AUD

69,070

03/18/2026

$

(

2,290

)

USD

143,681

Citigroup

Global

Markets,

Inc.

CHF

112,857

03/18/2026

(

3,558

)

USD

18,409

Morgan

Stanley

EUR

15,606

03/18/2026

(

194

)

USD

47,009

Citigroup

Global

Markets,

Inc.

GBP

35,011

03/18/2026

(

1,032

)

USD

107,754

JPMorgan

Chase

Bank

NA

JPY

16,581,090

03/18/2026

(

116

)

USD

25,575

Bank

of

Montreal

NOK

257,473

03/18/2026

(

1,242

)

USD

21,080

Citigroup

Global

Markets,

Inc.

NZD

36,099

03/18/2026

(

790

)

USD

42,472

Citigroup

Global

Markets,

Inc.

SEK

390,201

03/18/2026

(

1,703

)

USD

50,664

Morgan

Stanley

SGD

65,000

03/18/2026

(

710

)

Total

unrealized

depreciation

$

(

11,635

)

Net

unrealized

depreciation

$

(

3,579

)

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.)

135

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

January

31,

2026:

Australia

6‌

.1

%

Belgium

1‌

.4

Canada

11‌

.2

Denmark

2‌

.9

Finland

0‌

.5

France

9‌

.6

Germany

8‌

.9

Hong

Kong

1‌

.9

Ireland

0‌

.3

Israel

0‌

.6

Italy

2‌

.6

Japan

19‌

.2

Netherlands

5‌

.5

New

Zealand

0‌

.2

Portugal

0‌

.6

Singapore

0‌

.4

Spain

5‌

.0

Sweden

1‌

.8

Switzerland

6‌

.7

United

Kingdom

13‌

.9

Other

1

0‌

.7

100.0%

1

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

%

of

Net

Assets

Common

Stocks

99‌

.3

%

Securities

Lending

Reinvestments

0‌

.1

Others

(1)

0‌

.6

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

136

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares

®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

January

31,

2026

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

99

.4

%

Building

Products

-

0

.6

%

Simpson

Manufacturing

Co.,

Inc.(a)

123,704

$

21,868,393

UFP

Industries,

Inc.

181,608

18,756,474

40,624,867

Chemicals

-

16

.1

%

Asia

-

Potash

International

Investment

Guangzhou

Co.

Ltd.,

Class

A*

2,105,600

16,975,709

CF

Industries

Holdings,

Inc.(a)

1,002,792

93,490,298

Corteva,

Inc.

4,461,240

324,778,272

ICL

Group

Ltd.

6,198,360

33,855,914

K+S

AG

(Registered)

1,331,792

21,895,943

Mosaic

Co.

(The)

1,995,056

54,864,040

Nutrien

Ltd.(a)

3,858,512

267,131,042

PhosAgro

PJSC*‡

308,581

—

PI

Industries

Ltd.

818,552

28,434,310

Qinghai

Salt

Lake

Industry

Co.

Ltd.,

Class

A*

12,883,450

60,778,512

SABIC

Agri-Nutrients

Co.

1,850,296

61,665,022

UPL

Ltd.

4,448,080

34,039,689

Yara

International

ASA

1,226,512

56,629,575

Yunnan

Yuntianhua

Co.

Ltd.,

Class

A

4,461,016

24,518,414

1,079,056,740

Containers

&

Packaging

-

0

.2

%

Klabin

SA

3,421,600

12,521,675

Food

Products

-

11

.7

%

Archer-Daniels-Midland

Co.

2,984,688

200,899,349

Bakkafrost

P/F

379,008

18,328,430

Bunge

Global

SA

884,352

100,710,006

Cal-Maine

Foods,

Inc.(a)

263,200

21,985,096

Charoen

Pokphand

Foods

PCL,

NVDR

24,214,400

15,930,020

Charoen

Pokphand

Indonesia

Tbk.

PT

56,324,800

14,865,586

Golden

Agri-Resources

Ltd.

50,008,000

11,428,148

Jiangxi

Zhengbang

Technology

Co.

Ltd.,

Class

A*

22,372,000

10,624,970

Mowi

ASA

3,445,288

79,464,818

Muyuan

Foods

Co.

Ltd.,

Class

A

13,806,019

91,397,694

New

Hope

Liuhe

Co.

Ltd.,

Class

A

11,304,208

14,706,777

PPB

Group

Bhd.

6,053,600

17,353,039

QL

Resources

Bhd.

19,213,600

19,593,778

Salmar

ASA

563,248

33,622,192

Tyson

Foods,

Inc.,

Class

A

1,763,440

115,205,535

United

Plantations

Bhd.

2,233,700

17,135,233

783,250,671

Industrial

Conglomerates

-

1

.2

%

Industries

Qatar

QSC

23,906,456

83,518,297

Investments

Shares

Value

Metals

&

Mining

-

31

.0

%

Agnico

Eagle

Mines

Ltd.

828,429

$

158,350,672

Alamos

Gold,

Inc.,

Class

A

697,937

26,007,385

Anglo

American

plc

1,605,520

75,084,198

Antofagasta

plc

500,080

25,033,845

Barrick

Mining

Corp.(a)

2,789,920

128,231,452

BHP

Group

Ltd.

6,977,432

247,188,182

Boliden

AB*

429,016

30,367,582

Evolution

Mining

Ltd.

3,132,080

32,276,368

First

Quantum

Minerals

Ltd.*(a)

1,026,480

29,176,395

Fortescue

Ltd.(a)

2,376,696

34,964,882

Franco-Nevada

Corp.

297,976

70,137,629

Freeport-McMoRan,

Inc.

1,842,400

110,967,752

Glencore

plc

14,144,368

96,902,473

GMK

Norilskiy

Nickel

PAO*‡

5,847,273

—

Gold

Fields

Ltd.

1,405,488

74,466,544

Grupo

Mexico

SAB

de

CV,

Series

B

4,633,155

51,828,197

Hindalco

Industries

Ltd.

2,247,728

23,521,272

Kinross

Gold

Corp.

2,034,536

64,424,845

Lundin

Mining

Corp.(a)

1,092,280

27,707,283

Newmont

Corp.

1,492,344

167,664,848

Northern

Star

Resources

Ltd.

2,318,792

47,010,996

Pan

American

Silver

Corp.(a)

681,688

37,347,733

Rio

Tinto

plc

1,637,104

151,370,246

Royal

Gold,

Inc.(a)

110,544

29,107,341

Saudi

Arabian

Mining

Co.*

2,031,904

41,876,497

Teck

Resources

Ltd.,

Class

B(a)

694,848

37,499,163

Vale

SA

5,527,200

89,017,105

Valterra

Platinum

Ltd.

268,464

25,444,445

Wheaton

Precious

Metals

Corp.(a)

739,592

97,976,892

Zijin

Mining

Group

Co.

Ltd.,

Class

A

8,685,600

50,174,856

2,081,127,078

Oil,

Gas

&

Consumable

Fuels

-

30

.3

%

BP

plc

16,550,016

105,332,502

Cameco

Corp.(a)

634,312

78,886,744

Canadian

Natural

Resources

Ltd.

2,184,560

81,678,007

Cenovus

Energy,

Inc.(a)

1,521,296

30,186,629

Chevron

Corp.

1,560,776

276,101,274

China

Petroleum

&

Chemical

Corp.,

Class

H(a)

23,828,000

16,414,797

ConocoPhillips

971,208

101,229,010

Coterra

Energy,

Inc.

631,680

18,223,968

Devon

Energy

Corp.

497,448

20,002,384

Diamondback

Energy,

Inc.

152,656

25,027,951

Eni

SpA(a)

2,060,856

42,232,938

EOG

Resources,

Inc.

436,912

48,990,943

EQT

Corp.

529,032

30,541,017

Equinor

ASA

710,640

19,026,308

Expand

Energy

Corp.

192,136

21,598,008

Exxon

Mobil

Corp.

2,508,296

354,673,054

Gazprom

PJSC*‡

15,937,700

—

Imperial

Oil

Ltd.(a)

192,136

19,519,366

Inpex

Corp.

953,900

21,290,534

LUKOIL

PJSC*‡

214,305

—

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

(cont.)

137

Investments

Shares

Value

COMMON

STOCKS

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

LUKOIL

PJSC,

ADR*‡

269,035

$

—

Novatek

PJSC*‡

1,237,715

—

Occidental

Petroleum

Corp.(a)

547,456

24,849,028

ORLEN

SA

639,576

19,525,393

PetroChina

Co.

Ltd.,

Class

H

22,622,000

26,880,951

Petroleo

Brasileiro

SA

-

Petrobras

(Preference)

5,000,800

36,066,929

Repsol

SA

1,208,088

23,792,877

Rosneft

Oil

Co.

PJSC*‡

2,926,433

—

Santos

Ltd.

3,221,568

15,820,655

Saudi

Arabian

Oil

Co.(b)

6,303,640

43,360,949

Shell

plc

6,224,680

238,658,370

Suncor

Energy,

Inc.

1,321,264

70,222,184

Tatneft

PJSC*‡

2,021,036

—

Texas

Pacific

Land

Corp.(a)

44,900

15,641,364

TotalEnergies

SE

2,155,608

156,814,225

Tourmaline

Oil

Corp.(a)

386,904

18,411,619

Woodside

Energy

Group

Ltd.(a)

1,995,056

35,458,038

2,036,458,016

Paper

&

Forest

Products

-

2

.8

%

Holmen

AB,

Class

B(a)

278,992

10,520,210

Mondi

plc(a)

1,563,408

18,321,602

Oji

Holdings

Corp.

3,158,400

18,738,284

Stella-Jones,

Inc.(a)

173,712

11,712,074

Stora

Enso

OYJ,

Class

R(a)

2,050,328

23,752,664

Suzano

SA

2,266,800

21,358,070

Svenska

Cellulosa

AB

SCA,

Class

B(a)

1,708,168

21,525,165

UPM-Kymmene

OYJ(a)

1,797,656

49,978,649

West

Fraser

Timber

Co.

Ltd.(a)

186,872

12,832,572

Zhongfu

Straits

Pingtan

Development

Co.

Ltd.,

Class

A*

1,842,400

2,744,310

191,483,600

Specialized

REITs

-

0

.9

%

Rayonier,

Inc.,

REIT

415,856

9,456,565

Weyerhaeuser

Co.,

REIT

2,010,848

51,839,662

61,296,227

Water

Utilities

-

4

.6

%

Aguas

Andinas

SA,

Class

A

10,546,424

4,703,671

American

Water

Works

Co.,

Inc.(a)

605,360

78,170,137

Beijing

Enterprises

Water

Group

Ltd.

15,792,000

5,439,451

Chengdu

Xingrong

Environment

Co.

Ltd.,

Class

A

3,421,600

3,604,535

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

1,894,261

51,094,448

Cia

de

Saneamento

de

Minas

Gerais

Copasa

MG

702,900

6,867,155

Cia

De

Sanena

Do

Parana*

943,900

8,415,783

Essential

Utilities,

Inc.

813,288

31,547,442

Grandblue

Environment

Co.

Ltd.,

Class

A

776,229

3,299,965

Guangdong

Investment

Ltd.

10,528,000

9,948,736

Investments

Shares

Value

Water

Utilities

(continued)

Manila

Water

Co.,

Inc.

3,948,000

$

2,722,273

Pennon

Group

plc

1,821,344

13,658,889

Severn

Trent

plc

1,018,584

40,926,175

United

Utilities

Group

plc

2,660,952

45,534,097

Zhongshan

Public

Utilities

Group

Co.

Ltd.,

Class

A

1,579,200

2,806,810

308,739,567

Total

Common

Stocks

(Cost

$5,069,289,812)

6,678,076,738

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

2

.9

%

(c)

CERTIFICATES

OF

DEPOSIT

-

0

.7

%

Bank

of

Montreal,

Chicago

(SOFR

+

0.31%),

3.96%,

5/29/2026(d)

$

2,000,000

2,000,872

(SOFR

+

0.35%),

4.00%,

11/18/2026(d)

2,000,000

2,001,082

Bank

of

Nova

Scotia,

Houston

(SOFR

+

0.34%),

3.99%,

7/1/2026(d)

3,000,000

2,999,968

(SOFR

+

0.30%),

3.95%,

1/21/2027(d)

1,000,000

999,996

Barclays

Bank

plc,

New

York

(SOFR

+

0.22%),

3.86%,

4/10/2026(d)

2,000,000

1,999,994

(SOFR

+

0.25%),

3.89%,

4/29/2026(d)

2,000,000

2,000,144

Credit

Agricole

CIB,

New

York

(SOFR

+

0.27%),

3.92%,

6/5/2026(d)

3,000,000

3,000,654

Mizuho

Bank

Ltd.,

New

York

(SOFR

+

0.24%),

3.88%,

5/11/2026(d)

4,000,000

4,000,888

(SOFR

+

0.25%),

3.89%,

5/27/2026(d)

2,000,000

2,000,588

MUFG

Bank

Ltd.,

New

York

Branch

(SOFR

+

0.22%),

3.86%,

3/12/2026(d)

2,000,000

2,000,000

Royal

Bank

of

Canada,

New

York

(SOFR

+

0.35%),

4.00%,

11/12/2026(d)

3,000,000

3,001,602

(SOFR

+

0.30%),

3.95%,

1/22/2027(d)

1,000,000

999,993

Sumitomo

Mitsui

Banking

Corp.,

New

York

(SOFR

+

0.23%),

3.77%,

2/10/2026(d)

2,000,000

2,000,048

(SOFR

+

0.21%),

3.86%,

3/10/2026(d)

2,000,000

2,000,000

(SOFR

+

0.22%),

3.87%,

4/9/2026(d)

5,000,000

5,000,965

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

(cont.)

138

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

CERTIFICATES

OF

DEPOSIT

(continued)

Sumitomo

Mitsui

Trust

Bank

Ltd.,

London

4.00%,

3/4/2026

$

2,000,000

$

2,000,000

4.00%,

3/11/2026

5,000,000

5,000,000

Sumitomo

Mitsui

Trust

Bank

Ltd.,

New

York

4.40%,

2/3/2026

2,000,000

2,000,000

Toronto-Dominion

Bank,

New

York

(SOFR

+

0.20%),

3.84%,

4/6/2026(d)

2,000,000

2,000,254

(SOFR

+

0.36%),

4.00%,

5/8/2026(d)

3,000,000

3,001,809

Total

Certificates

of

Deposit

(Cost

$50,000,048)

50,008,857

REPURCHASE

AGREEMENTS

-

2

.2

%

BofA

Securities,

Inc.

4.08%,

dated

1/31/2026,

due

5/4/2026,

repurchase

price

$8,084,320,

collateralized

by

various

Common

Stocks,

U.S.

Treasury

Securities,

1.88%,

7/15/2035;

;

total

market

value

$8,620,884

8,000,000

8,000,000

CF

Secured

LLC

3.66%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$21,419,652,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.63%,

maturing

1/31/2026

-

5/15/2052;

total

market

value

$21,636,314

21,415,298

21,415,298

MetLife,

Inc.

3.66%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$55,011,183,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

1.13%

-

1.88%,

maturing

2/15/2031

-

2/15/2051;

total

market

value

$55,089,471

55,000,000

55,000,000

National

Bank

of

Canada

Financial

Inc.

3.80%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$5,001,056,

collateralized

by

various

Common

Stocks;

total

market

value

$5,494,868

5,000,000

5,000,000

TD

Securities

(USA)

LLC

3.93%,

dated

1/31/2026,

due

3/6/2026,

repurchase

price

$5,018,558,

collateralized

by

various

Common

Stocks;

total

market

value

$5,502,932

5,000,000

5,000,000

Investments

Principal

Amount

Value

REPURCHASE

AGREEMENTS

(continued)

TD

Securities

(USA)

LLC

3.73%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$1,000,207,

collateralized

by

various

Common

Stocks;

total

market

value

$1,100,586

$

1,000,000

$

1,000,000

The

Bank

of

Nova

Scotia,

Toronto

3.79%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$50,010,528,

collateralized

by

various

Common

Stocks;

total

market

value

$55,278,008

50,000,000

50,000,000

Total

Repurchase

Agreements

(Cost

$145,415,298)

145,415,298

Total

Securities

Lending

Reinvestments

(Cost

$195,415,346)

195,424,155

Total

Investments

-

102.3%

(Cost

$5,264,705,158)

6,873,500,893

Liabilities

in

excess

of

other

assets

-

(2.3%)

(154,445,309)

NET

ASSETS

-

100.0%

$6,719,055,584

*

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

January

31,

2026.

The

total

value

of

securities

on

loan

at

January

31,

2026

was

$345,343,080,

collateralized

in

the

form

of

cash

with

a

value

of

$195,415,891

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$95,776,556

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

February

15,

2026

–

November

15,

2055

and

$82,044,630

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

5.50%,

and

maturity

dates

ranging

from

February

25,

2026

–

June

30,

2120;

a

total

value

of

$373,237,077.

(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

January

31,

2026.

The

total

value

of

securities

purchased

was

$195,424,155.

(d)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

is

the

rate

in

effect

as

of

January

31,

2026.

Percentages

shown

are

based

on

Net

Assets.

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

(cont.)

139

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.

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

January

31,

2026:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

/

(

Depreciation

)

Long

Contracts

FTSE

100

Index

56

03/20/2026

GBP

$

7,830,223

$

287,172

FTSE/JSE

Top

40

Index

70

03/19/2026

ZAR

4,943,800

218,318

Hang

Seng

Index

26

02/26/2026

HKD

4,577,641

92,665

MSCI

Emerging

Markets

E-Mini

Index

4

03/20/2026

USD

304,160

26,832

S&P

Midcap

400

E-Mini

Index

18

03/20/2026

USD

6,205,500

133,076

S&P/TSX

60

Index

61

03/19/2026

CAD

16,691,607

(

64,591

)

SPI

200

Index

9

03/19/2026

AUD

1,391,345

23,619

$

717,091

Forward

Foreign

Currency

Contracts

FlexShares

®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

had

the

following

outstanding

contracts

as

of

January

31,

2026:

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

CAD

2,700,000

Toronto-Dominion

Bank

(The)

USD

1,969,674

03/18/2026

$

27,720

GBP

1,300,000

Citibank

NA

USD

1,745,519

03/18/2026

38,312

Total

unrealized

appreciation

$

66,032

INR

*

53,715,711

Goldman

Sachs

&

Co.

USD

590,412

03/18/2026

$

(

8,096

)

USD

3,383,070

Goldman

Sachs

&

Co.

BRL

*

19,000,000

03/18/2026

(

211,055

)

Total

unrealized

depreciation

$

(

219,151

)

Net

unrealized

depreciation

$

(

153,119

)

*

Non-deliverable

forward.

Abbreviations:

AUD

—

Australian

Dollar

BRL

—

Brazilian

Real

CAD

—

Canadian

Dollar

GBP

—

British

Pound

HKD

—

Hong

Kong

Dollar

INR

—

Indian

Rupee

USD

—

US

Dollar

ZAR

—

South

African

Rand

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

(cont.)

140

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

invested,

as

a

percentage

of

net

assets,

in

companies

domiciled

in

the

following

countries

as

of

January

31,

2026:

Australia

9‌

.8

%

Austria

0‌

.3

Brazil

5‌

.7

Canada

16‌

.6

Chile

0‌

.9

China

5‌

.1

Faroe

Islands

0‌

.3

Finland

1‌

.1

France

2‌

.3

Germany

0‌

.3

India

1‌

.3

Indonesia

0‌

.4

Israel

0‌

.5

Italy

0‌

.6

Japan

0‌

.6

Malaysia

0‌

.8

Mexico

0‌

.8

Norway

2‌

.0

Philippines

0‌

.0

†

Poland

0‌

.3

Qatar

1‌

.2

Saudi

Arabia

2‌

.2

South

Africa

2‌

.6

Spain

0‌

.3

Sweden

0‌

.9

Thailand

0‌

.2

United

Kingdom

1‌

.5

United

States

40‌

.4

Zambia

0‌

.4

Other

1

0‌

.6

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

.4

%

Securities

Lending

Reinvestments

2‌

.9

Others

(1)

(

2‌

.3

)

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

141

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

STOXX

®

Global

Broad

Infrastructure

Index

Fund

January

31,

2026

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

99

.1

%

Air

Freight

&

Logistics

-

2

.7

%

CTT-Correios

de

Portugal

SA(a)

123,795

$

999,982

Deutsche

Post

AG

1,313,550

73,945,296

Oesterreichische

Post

AG

49,140

1,926,237

PostNL

NV(a)

618,030

869,788

Singapore

Post

Ltd.

2,835,000

882,447

Viettel

Post

Joint

Stock

Corp.

94,500

405,151

79,028,901

Chemicals

-

0

.0

%

(b)

PureCycle

Technologies,

Inc.*(a)

56,700

542,052

Commercial

Services

&

Supplies

-

5

.7

%

Befesa

SA(a)(c)

50,085

1,845,901

Casella

Waste

Systems,

Inc.,

Class

A*(a)

26,460

2,669,285

China

Everbright

Environment

Group

Ltd.(a)

4,725,000

3,043,235

Clean

Harbors,

Inc.*

20,790

5,403,529

Cleanaway

Waste

Management

Ltd.

(a)

3,205,440

5,546,560

CoreCivic,

Inc.*

50,085

928,075

Daiei

Kankyo

Co.

Ltd.(a)

61,700

1,629,894

Daiseki

Co.

Ltd.(a)

65,660

1,476,988

GEO

Group,

Inc.

(The)*

49,140

785,257

GFL

Environmental,

Inc.

495,180

21,267,981

Republic

Services,

Inc.,

Class

A

81,270

17,480,364

TRE

Holdings

Corp.(a)

94,500

1,050,000

Veralto

Corp.

101,115

10,008,363

Waste

Connections,

Inc.

366,660

61,680,868

Waste

Management,

Inc.

153,090

34,022,722

168,839,022

Construction

&

Engineering

-

0

.0

%

(b)

Envision

Greenwise

Holdings

Ltd.*(a)

(c)

1,890,000

796,202

Diversified

Telecommunication

Services

-

16

.5

%

AST

SpaceMobile,

Inc.,

Class

A*(a)

98,280

10,929,719

AT&T,

Inc.

2,901,150

76,039,141

BCE,

Inc.

878,853

22,845,051

BT

Group

plc(a)

5,922,315

15,550,817

Cellnex

Telecom

SA(a)(c)

459,270

14,216,562

China

Tower

Corp.

Ltd.,

Class

H(c)

4,252,500

6,131,241

Cogent

Communications

Holdings,

Inc.(a)

23,625

574,088

Comcast

Corp.,

Class

A

1,485,540

44,194,815

Deutsche

Telekom

AG

(Registered)

3,294,270

110,399,027

GCI

Liberty,

Inc.*‡

36,294

—

Helios

Towers

plc*

958,230

2,274,831

HKT

Trust

&

HKT

Ltd.

3,472,000

5,201,531

Infrastrutture

Wireless

Italiane

SpA(a)(c)

274,050

2,425,615

Iridium

Communications,

Inc.(a)

46,305

922,396

Investments

Shares

Value

Diversified

Telecommunication

Services

(continued)

KINX,

Inc.*

3,780

$

349,796

Koninklijke

KPN

NV

3,561,705

17,406,345

Lumen

Technologies,

Inc.*

407,295

3,592,342

NTT,

Inc.

49,801,500

50,008,118

Quebecor,

Inc.,

Class

B(a)

141,750

5,199,367

Swisscom

AG

(Registered)(a)

23,625

19,435,670

Uniti

Group,

Inc.(a)

116,235

967,075

Verizon

Communications,

Inc.

1,725,570

76,822,376

485,485,923

Electric

Utilities

-

13

.8

%

American

Electric

Power

Co.,

Inc.

220,185

26,372,658

Constellation

Energy

Corp.

128,520

36,072,994

Duke

Energy

Corp.(a)

318,465

38,645,728

Enel

SpA

4,234,545

46,890,227

Entergy

Corp.

184,275

17,670,130

Exelon

Corp.(a)

416,745

18,661,841

Iberdrola

SA(a)

3,288,848

74,045,539

Iberdrola

SA,

Class

R*

47,002

1,058,209

NextEra

Energy,

Inc.

855,225

75,174,277

PG&E

Corp.

892,080

13,755,874

Southern

Co.

(The)(a)

449,820

40,173,424

Xcel

Energy,

Inc.

243,810

18,544,189

407,065,090

Gas

Utilities

-

0

.7

%

AltaGas

Ltd.

172,935

5,244,944

APA

Group

691,740

4,293,542

Enagas

SA

120,015

1,982,443

Snam

SpA(a)

1,138,725

7,854,459

19,375,388

Ground

Transportation

-

14

.4

%

Aurizon

Holdings

Ltd.(a)

2,450,385

6,334,318

Canadian

National

Railway

Co.

811,755

78,522,902

Canadian

Pacific

Kansas

City

Ltd.(a)

1,285,200

96,066,126

Central

Japan

Railway

Co.

1,378,500

38,488,263

CSX

Corp.

766,395

28,939,075

East

Japan

Railway

Co.(a)

1,606,500

40,542,620

Keisei

Electric

Railway

Co.

Ltd.(a)

661,500

5,235,910

Kyushu

Railway

Co.

227,600

5,822,051

MTR

Corp.

Ltd.(a)

2,362,500

10,460,741

Norfolk

Southern

Corp.

91,665

26,696,515

Odakyu

Electric

Railway

Co.

Ltd.(a)

472,500

5,075,408

Rumo

SA

1,701,000

4,795,439

Tobu

Railway

Co.

Ltd.(a)

283,500

5,011,698

Union

Pacific

Corp.(a)

242,865

57,097,561

West

Japan

Railway

Co.(a)

661,500

13,546,470

422,635,097

Health

Care

Providers

&

Services

-

4

.3

%

Acadia

Healthcare

Co.,

Inc.*(a)

47,250

635,040

Bangkok

Dusit

Medical

Services

PCL,

NVDR

19,183,500

12,254,516

Bumrungrad

Hospital

PCL,

NVDR

1,134,000

6,036,707

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

Broad

Infrastructure

Index

Fund

(cont.)

142

Investments

Shares

Value

COMMON

STOCKS

(continued)

Health

Care

Providers

&

Services

(continued)

Encompass

Health

Corp.(a)

40,635

$

3,841,227

Fresenius

SE

&

Co.

KGaA

591,570

33,224,569

HCA

Healthcare,

Inc.

65,205

31,837,645

IHH

Healthcare

Bhd.

2,929,500

6,658,630

KPJ

Healthcare

Bhd.

2,929,500

2,058,527

Life

Healthcare

Group

Holdings

Ltd.

1,480,815

1,026,760

Ramsay

Health

Care

Ltd.(a)

267,435

6,812,104

Rede

D'Or

Sao

Luiz

SA(c)

1,134,000

9,181,511

Select

Medical

Holdings

Corp.

51,975

782,224

Tenet

Healthcare

Corp.*

35,910

6,797,045

Universal

Health

Services,

Inc.,

Class

B

20,790

4,184,195

125,330,700

Independent

Power

and

Renewable

Electricity

Producers

-

0

.7

%

Vistra

Corp.

131,355

20,800,064

IT

Services

-

0

.2

%

Fastly,

Inc.,

Class

A*

67,095

620,629

NEXTDC

Ltd.*(a)

617,085

5,758,221

SUNeVision

Holdings

Ltd.(a)

504,000

432,386

6,811,236

Media

-

0

.5

%

Charter

Communications,

Inc.,

Class

A*(a)

35,910

7,401,769

EchoStar

Corp.,

Class

A*(a)

60,480

6,847,546

Sirius

XM

Holdings,

Inc.(a)

71,820

1,461,537

15,710,852

Multi-Utilities

-

7

.9

%

Consolidated

Edison,

Inc.

147,420

15,719,395

Dominion

Energy,

Inc.(a)

347,760

20,924,719

E.ON

SE

1,227,555

26,089,346

Engie

SA

1,015,875

30,334,246

National

Grid

plc

2,830,275

47,946,065

Public

Service

Enterprise

Group,

Inc.

205,065

16,889,153

Sempra

268,380

23,351,744

Veolia

Environnement

SA

957,285

36,021,322

WEC

Energy

Group,

Inc.(a)

132,300

14,641,641

231,917,631

Oil,

Gas

&

Consumable

Fuels

-

8

.4

%

Antero

Midstream

Corp.

130,410

2,454,316

Cheniere

Energy,

Inc.

87,885

18,589,435

DT

Midstream,

Inc.(a)

42,525

5,359,001

Enbridge,

Inc.

1,187,865

58,307,711

Hess

Midstream

LP,

Class

A

49,140

1,742,996

Keyera

Corp.(a)

127,575

4,344,041

Kinder

Morgan,

Inc.

801,360

24,433,466

Kinetik

Holdings,

Inc.,

Class

A(a)

16,065

657,219

Koninklijke

Vopak

NV

32,130

1,607,679

ONEOK,

Inc.(a)

256,095

20,280,163

Pembina

Pipeline

Corp.(a)

319,410

13,345,802

Investments

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Santos

Ltd.

1,730,295

$

8,497,229

South

Bow

Corp.(a)

116,235

3,320,142

Targa

Resources

Corp.(a)

87,885

17,663,127

TC

Energy

Corp.

567,945

33,485,750

Transneft

PJSC

(Preference)*‡

147,300

—

Williams

Cos.,

Inc.

(The)

502,740

33,814,292

247,902,369

Specialized

REITs

-

4

.0

%

American

Tower

Corp.,

REIT

191,835

34,392,179

Crown

Castle,

Inc.,

REIT(a)

177,660

15,422,665

Digital

Core

REIT

Management

Pte.

Ltd.,

REIT

567,000

306,180

Digital

Realty

Trust,

Inc.,

REIT(a)

131,355

21,798,362

Equinix,

Inc.,

REIT

40,635

33,358,490

Keppel

DC

REIT,

REIT

1,890,016

3,395,773

SBA

Communications

Corp.,

Class

A,

REIT

43,470

8,003,262

116,676,911

Transportation

Infrastructure

-

7

.9

%

Adani

Ports

&

Special

Economic

Zone

Ltd.

1,260,630

19,457,453

Aena

SME

SA(c)

1,058,400

33,026,863

Airports

of

Thailand

PCL,

NVDR

6,142,500

9,809,650

Atlas

Arteria

Ltd.(a)

1,307,880

4,553,690

Auckland

International

Airport

Ltd.

2,400,300

11,992,045

Bangkok

Expressway

&

Metro

PCL,

NVDR

9,828,000

1,639,822

China

Merchants

Port

Holdings

Co.

Ltd.

1,890,000

3,806,766

COSCO

SHIPPING

Ports

Ltd.

1,890,000

1,498,022

Flughafen

Zurich

AG

(Registered)

27,405

8,527,028

Gemadept

Corp.

567,000

1,497,455

Getlink

SE

441,315

8,772,924

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV,

Class

B

401,625

5,888,818

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

Class

B

585,900

16,206,061

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

Class

B(a)

250,425

8,728,279

International

Container

Terminal

Services,

Inc.

2,166,290

23,620,013

Japan

Airport

Terminal

Co.

Ltd.(a)

129,000

4,040,762

Jiangsu

Expressway

Co.

Ltd.,

Class

H(a)

1,890,000

2,492,669

Motiva

Infraestrutura

de

Mobilidade

SA

1,606,500

5,142,715

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

264,600

4,168,133

Qube

Holdings

Ltd.

2,581,740

8,627,203

Shenzhen

International

Holdings

Ltd.

(a)

1,890,000

2,178,061

Transurban

Group(a)

4,479,300

43,774,732

Westports

Holdings

Bhd.

1,701,034

2,636,559

232,085,723

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

Broad

Infrastructure

Index

Fund

(cont.)

143

Investments

Shares

Value

COMMON

STOCKS

(continued)

Water

Utilities

-

2

.9

%

Aguas

Andinas

SA,

Class

A

3,884,895

$

1,732,651

American

States

Water

Co.(a)

14,175

1,034,208

American

Water

Works

Co.,

Inc.(a)

79,380

10,250,339

Beijing

Enterprises

Water

Group

Ltd.

5,670,000

1,952,994

California

Water

Service

Group

27,405

1,225,004

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

681,464

18,381,325

Cia

de

Saneamento

de

Minas

Gerais

Copasa

MG

283,500

2,769,723

Cia

De

Sanena

Do

Parana

(Preference)*

1,417,500

2,385,265

Essential

Utilities,

Inc.

103,005

3,995,564

Guangdong

Investment

Ltd.

3,780,000

3,572,019

H2O

America(a)

11,340

590,134

Middlesex

Water

Co.(a)

9,450

494,991

Pennon

Group

plc

656,775

4,925,383

Severn

Trent

plc

381,780

15,339,722

United

Utilities

Group

plc

972,405

16,639,753

85,289,075

Wireless

Telecommunication

Services

-

8

.5

%

Bharti

Airtel

Ltd.

2,619,540

56,062,926

KDDI

Corp.

2,709,700

45,785,253

SoftBank

Group

Corp.(a)

3,780,000

104,215,869

T-Mobile

US,

Inc.(a)

220,185

43,422,684

249,486,732

Total

Common

Stocks

(Cost

$2,394,227,778)

2,915,778,968

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

4

.9

%

(d)

CERTIFICATES

OF

DEPOSIT

-

0

.2

%

Bank

of

Montreal,

Chicago

(SOFR

+

0.35%),

4.00%,

11/18/2026(e)

$

1,000,000

1,000,541

Mizuho

Bank

Ltd.,

New

York

(SOFR

+

0.25%),

3.89%,

5/27/2026(e)

1,000,000

1,000,294

National

Australia

Bank,

New

York

(SOFR

+

0.25%),

3.90%,

3/17/2026(e)

1,000,000

1,000,000

Sumitomo

Mitsui

Trust

Bank

Ltd.,

New

York

4.40%,

2/3/2026

2,000,000

2,000,000

Total

Certificates

of

Deposit

(Cost

$5,000,000)

5,000,835

Investments

Principal

Amount

Value

REPURCHASE

AGREEMENTS

-

4

.7

%

BofA

Securities,

Inc.

4.08%,

dated

1/31/2026,

due

5/4/2026,

repurchase

price

$2,021,080,

collateralized

by

various

Common

Stocks,

U.S.

Treasury

Securities,

1.88%,

7/15/2035;

;

total

market

value

$2,155,221

$

2,000,000

$

2,000,000

CF

Secured

LLC

3.66%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$55,904,030,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.63%,

maturing

1/31/2026

-

5/15/2052;

total

market

value

$56,469,504

55,892,665

55,892,665

Citigroup

Global

Markets,

Inc.

3.66%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$10,002,033,

collateralized

by

various

U.S.

Treasury

Securities,

4.25%,

2/15/2028;

;

total

market

value

$10,011,846

10,000,000

10,000,000

MetLife,

Inc.

3.66%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$1,000,203,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

1.13%

-

1.88%,

maturing

2/15/2031

-

2/15/2051;

total

market

value

$1,001,627

1,000,000

1,000,000

National

Bank

of

Canada

Financial

Inc.

3.80%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$35,007,389,

collateralized

by

various

Common

Stocks;

total

market

value

$38,464,075

35,000,000

35,000,000

TD

Securities

(USA)

LLC

3.73%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$15,003,108,

collateralized

by

various

Common

Stocks;

total

market

value

$16,400,228

15,000,000

15,000,000

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

Broad

Infrastructure

Index

Fund

(cont.)

144

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

REPURCHASE

AGREEMENTS

(continued)

The

Bank

of

Nova

Scotia,

Toronto

3.79%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$20,004,211,

collateralized

by

various

Common

Stocks;

total

market

value

$22,111,203

$

20,000,000

$

20,000,000

Total

Repurchase

Agreements

(Cost

$138,892,665)

138,892,665

Total

Securities

Lending

Reinvestments

(Cost

$143,892,665)

143,893,500

Total

Investments

-

104.0%

(Cost

$2,538,120,443)

3,059,672,468

Liabilities

in

excess

of

other

assets

-

(4.0%)

(116,557,837)

NET

ASSETS

-

100.0%

$2,943,114,631

*

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

January

31,

2026.

The

total

value

of

securities

on

loan

at

January

31,

2026

was

$239,139,554,

collateralized

in

the

form

of

cash

with

a

value

of

$143,892,665

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$59,755,898

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.50%,

and

maturity

dates

ranging

from

February

17,

2026

–

November

15,

2055

and

$49,219,163

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

February

25,

2026

–

June

30,

2120;

a

total

value

of

$252,867,726.

(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

January

31,

2026.

The

total

value

of

securities

purchased

was

$143,893,500.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

is

the

rate

in

effect

as

of

January

31,

2026.

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

January

31,

2026:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

/

(

Depreciation

)

Long

Contracts

‌

FTSE

100

Index

72

03/20/2026

GBP

$

10,067,430

$

292,598

S&P

500

E-Mini

Index

16

03/20/2026

USD

5,572,600

44,509

S&P/TSX

60

Index

21

03/19/2026

CAD

5,746,291

(

44,857

)

SPI

200

Index

39

03/19/2026

AUD

6,029,161

96,964

TOPIX

Index

7

03/12/2026

JPY

1,623,168

46,693

$

435,907

Forward

Foreign

Currency

Contracts

FlexShares

®

STOXX

®

Global

Broad

Infrastructure

Index

Fund

had

the

following

outstanding

contracts

as

of

January

31,

2026:

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

JPY

198,000,000

Toronto-Dominion

Bank

(The)

USD

1,266,978

03/18/2026

$

21,135

Total

unrealized

appreciation

$

21,135

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

Broad

Infrastructure

Index

Fund

(cont.)

145

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

USD

805,624

Citibank

NA

GBP

600,000

03/18/2026

$

(

17,682

)

Total

unrealized

depreciation

$

(

17,682

)

Net

unrealized

appreciation

$

3,453

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

January

31,

2026:

Australia

3‌

.2

%

Austria

0‌

.1

Brazil

1‌

.4

Canada

10‌

.9

Chile

0‌

.1

China

0‌

.8

France

2‌

.6

Germany

8‌

.3

Hong

Kong

0‌

.6

India

2‌

.6

Italy

1‌

.9

Japan

10‌

.9

Malaysia

0‌

.4

Mexico

1‌

.2

Netherlands

0‌

.7

New

Zealand

0‌

.4

Philippines

0‌

.8

Portugal

0‌

.0

†

Singapore

0‌

.2

South

Africa

0‌

.0

†

South

Korea

0‌

.0

†

Spain

4‌

.3

Switzerland

0‌

.9

Tanzania

0‌

.1

Thailand

1‌

.0

United

Kingdom

3‌

.4

United

States

42‌

.2

Vietnam

0‌

.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

4‌

.9

Others

(1)

(

4‌

.0

)

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

®

Global

Quality

Real

Estate

Index

Fund

January

31,

2026

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

98

.2

%

Diversified

REITs

-

7

.9

%

Alexander

&

Baldwin,

Inc.,

REIT

52,896

$

1,097,063

American

Assets

Trust,

Inc.,

REIT

41,382

747,359

Broadstone

Net

Lease,

Inc.,

REIT

84,816

1,569,944

CapitaLand

Integrated

Commercial

Trust,

REIT

2,621,900

4,938,015

Charter

Hall

Group,

REIT

211,698

3,412,499

Covivio

SA,

REIT

22,116

1,414,179

H&R

REIT,

REIT(a)

111,834

887,801

KDX

Realty

Investment

Corp.,

REIT(a)

1,824

1,978,187

Mapletree

Pan

Asia

Commercial

Trust,

REIT

1,083,000

1,246,005

Mori

Trust

REIT,

Inc.,

REIT

1,710

861,318

NIPPON

REIT

Investment

Corp.,

REIT

1,289

803,014

Shaftesbury

Capital

plc,

REIT

659,262

1,298,205

Stockland,

REIT

128,136

483,837

WP

Carey,

Inc.,

REIT(a)

98,154

6,846,241

27,583,667

Health

Care

REITs

-

7

.2

%

Alexandria

Real

Estate

Equities,

Inc.,

REIT

69,654

3,805,895

CareTrust

REIT,

Inc.,

REIT(a)

86,070

3,213,854

LTC

Properties,

Inc.,

REIT

25,194

918,825

Medical

Properties

Trust,

Inc.,

REIT(a)

227,544

1,142,271

National

Health

Investors,

Inc.,

REIT

20,862

1,713,187

Sabra

Health

Care

REIT,

Inc.,

REIT(a)

106,362

1,992,160

Welltower,

Inc.,

REIT

65,436

12,325,525

25,111,717

Hotel

&

Resort

REITs

-

1

.8

%

Apple

Hospitality

REIT,

Inc.,

REIT(a)

101,118

1,177,014

CapitaLand

Ascott

Trust,

REIT

1,310,800

1,012,281

Hoshino

Resorts

REIT,

Inc.,

REIT

492

818,724

Park

Hotels

&

Resorts,

Inc.,

REIT(a)

92,910

1,015,506

RLJ

Lodging

Trust,

REIT(a)

89,034

661,523

Sunstone

Hotel

Investors,

Inc.,

REIT

97,698

856,811

Xenia

Hotels

&

Resorts,

Inc.,

REIT(a)

60,420

891,195

6,433,054

Industrial

REITs

-

9

.1

%

Centuria

Industrial

REIT,

REIT(a)

373,578

850,558

Dream

Industrial

REIT,

REIT

96,786

919,151

EastGroup

Properties,

Inc.,

REIT

23,826

4,327,755

First

Industrial

Realty

Trust,

Inc.,

REIT

59,280

3,440,018

Granite

REIT,

REIT

16,530

1,072,378

Innovative

Industrial

Properties,

Inc.,

REIT

17,898

864,831

Investments

Shares

Value

Industrial

REITs

(continued)

Mitsubishi

Estate

Logistics

REIT

Investment

Corp.,

REIT(a)

1,007

$

858,424

Mitsui

Fudosan

Logistics

Park,

Inc.,

REIT(a)

1,482

1,108,666

Montea

NV,

REIT

10,772

914,985

Prologis,

Inc.,

REIT

116,508

15,211,284

Tritax

Big

Box

REIT

plc,

REIT

996,930

2,261,365

31,829,415

Office

REITs

-

4

.2

%

Allied

Properties

REIT,

REIT(a)

78,090

810,224

Colonial

SFL

Socimi

SA,

REIT(a)

140,562

871,214

COPT

Defense

Properties,

REIT

51,414

1,584,065

Cousins

Properties,

Inc.,

REIT

75,012

1,893,303

Great

Portland

Estates

plc,

REIT

205,770

1,056,056

Highwoods

Properties,

Inc.,

REIT(a)

48,564

1,255,379

Japan

Excellent,

Inc.,

REIT(a)

883

856,326

JBG

SMITH

Properties,

REIT(a)

45,942

773,663

Kilroy

Realty

Corp.,

REIT

51,072

1,760,962

Piedmont

Realty

Trust,

Inc.,

Class

A,

REIT(a)

97,926

824,537

Tokyu

REIT,

Inc.,

REIT(a)

647

869,881

Vornado

Realty

Trust,

REIT(a)

72,960

2,325,965

14,881,575

Real

Estate

Management

&

Development

-

19

.5

%

Allreal

Holding

AG

(Registered)

6,612

1,940,539

Amot

Investments

Ltd.

122,322

953,513

Aroundtown

SA*

342,114

1,089,935

Big

Shopping

Centers

Ltd.

7,296

1,765,451

Capitaland

India

Trust

866,400

846,600

City

Developments

Ltd.

228,000

1,667,329

CK

Asset

Holdings

Ltd.

861,000

5,053,746

CTP

NV(a)(b)

57,456

1,252,218

Daito

Trust

Construction

Co.

Ltd.

131,000

2,662,291

Grand

City

Properties

SA*

64,980

730,518

Hang

Lung

Group

Ltd.(a)

458,000

986,996

Hang

Lung

Properties

Ltd.

577,000

697,451

Hongkong

Land

Holdings

Ltd.

487,964

4,142,814

Howard

Hughes

Holdings,

Inc.*

12,426

1,014,707

Ichigo,

Inc.(a)

296,400

782,022

International

Workplace

Group

plc

337,896

1,146,211

Intershop

Holding

AG

896

194,780

Investis

Holding

SA(b)

342

68,840

Katitas

Co.

Ltd.(a)

42,700

844,256

Kerry

Properties

Ltd.

326,000

990,143

Mega

Or

Holdings

Ltd.,

REIT(a)

13,794

1,509,556

Melisron

Ltd.

11,856

1,565,250

Mobimo

Holding

AG

(Registered)

3,306

1,670,066

Nomura

Real

Estate

Holdings,

Inc.

245,500

1,632,847

PSP

Swiss

Property

AG

(Registered)

20,520

4,130,381

Sino

Land

Co.

Ltd.(a)

1,658,633

2,501,850

Sirius

Real

Estate

Ltd.,

REIT(a)

732,678

987,823

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Global

Quality

Real

Estate

Index

Fund

(cont.)

147

Investments

Shares

Value

COMMON

STOCKS

(continued)

Real

Estate

Management

&

Development

(continued)

Sumitomo

Realty

&

Development

Co.

Ltd.

277,400

$

7,723,538

Sun

Hung

Kai

Properties

Ltd.

649,000

10,445,894

Tokyo

Tatemono

Co.

Ltd.

84,900

1,997,291

Tokyu

Fudosan

Holdings

Corp.

257,500

2,381,199

UOL

Group

Ltd.

209,500

1,789,582

VGP

NV(a)

7,638

939,549

Zug

Estates

Holding

AG,

Class

B

40

121,031

68,226,217

Residential

REITs

-

12

.1

%

American

Homes

4

Rent,

Class

A,

REIT

149,226

4,673,758

AvalonBay

Communities,

Inc.,

REIT(a)

63,840

11,342,453

Boardwalk

REIT,

REIT(a)

17,898

910,001

Camden

Property

Trust,

REIT

47,880

5,221,314

Equity

Residential,

REIT

153,216

9,548,421

Independence

Realty

Trust,

Inc.,

REIT(a)

104,424

1,743,881

InterRent

REIT,

REIT(a)

20,976

206,484

Killam

Apartment

REIT,

REIT(a)

63,954

828,382

Mid-America

Apartment

Communities,

Inc.,

REIT

52,440

7,042,692

UNITE

Group

plc

(The),

REIT(a)

117,420

911,993

42,429,379

Retail

REITs

-

12

.5

%

BWP

Property

Group

Ltd.,

REIT(a)

116,622

305,556

Carmila

SA,

REIT

42,864

834,248

Charter

Hall

Retail

REIT,

REIT

326,724

899,524

Choice

Properties

REIT,

REIT(a)

86,868

977,638

CT

REIT,

REIT(a)

66,348

799,616

Eurocommercial

Properties

NV,

REIT(a)

29,224

863,943

First

Capital

REIT,

REIT(a)

63,498

927,981

Frontier

Real

Estate

Investment

Corp.,

REIT

1,482

875,212

Fukuoka

REIT

Corp.,

REIT(a)

629

760,460

Getty

Realty

Corp.,

REIT(a)

30,438

908,879

HomeCo

Daily

Needs

REIT,

REIT(a)

(b)

1,028,736

929,678

Klepierre

SA,

REIT

96,330

3,717,591

NNN

REIT,

Inc.,

REIT(a)

84,132

3,505,780

Realty

Income

Corp.,

REIT(a)

21,090

1,289,864

Regency

Centers

Corp.,

REIT

78,432

5,715,340

Retail

Estates

NV,

REIT

1,799

138,470

RioCan

REIT,

REIT(a)

71,136

1,024,896

Simon

Property

Group,

Inc.,

REIT

44,460

8,505,643

SmartCentres

REIT,

REIT(a)

46,626

918,988

Starhill

Global

REIT,

REIT

216,600

100,704

Unibail-Rodamco-Westfield,

REIT(a)

54,492

6,028,856

Vicinity

Ltd.,

REIT(a)

1,732,002

2,984,851

Waypoint

REIT

Ltd.,

REIT

477,318

819,244

43,832,962

Investments

Shares

Value

Specialized

REITs

-

23

.9

%

American

Tower

Corp.,

REIT

124,260

$

22,277,333

Big

Yellow

Group

plc,

REIT

84,132

1,189,136

Digital

Realty

Trust,

Inc.,

REIT(a)

110,694

18,369,669

EPR

Properties,

REIT

34,086

1,848,825

Equinix,

Inc.,

REIT

6,156

5,053,645

Millrose

Properties,

Inc.,

REIT

55,062

1,640,848

Public

Storage,

REIT

59,964

16,561,457

Rayonier,

Inc.,

REIT(a)

66,120

1,503,569

Safestore

Holdings

plc,

REIT(a)

103,284

1,172,119

Shurgard

Self

Storage

Ltd.,

REIT

23,712

863,195

VICI

Properties,

Inc.,

Class

A,

REIT

477,660

13,412,693

83,892,489

Total

Common

Stocks

(Cost

$315,258,434)

344,220,475

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

7

.1

%

(c)

REPURCHASE

AGREEMENTS

-

7

.1

%

CF

Secured

LLC

3.66%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$3,789,614,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.63%,

maturing

1/31/2026

-

5/15/2052;

total

market

value

$3,827,947

$

3,788,844

3,788,844

Citigroup

Global

Markets,

Inc.

3.66%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$5,001,017,

collateralized

by

various

U.S.

Treasury

Securities,

4.25%,

2/15/2028;

;

total

market

value

$5,005,923

5,000,000

5,000,000

National

Bank

of

Canada

Financial

Inc.

3.80%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$2,000,422,

collateralized

by

various

Common

Stocks;

total

market

value

$2,197,947

2,000,000

2,000,000

TD

Securities

(USA)

LLC

3.73%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$7,001,451,

collateralized

by

various

Common

Stocks;

total

market

value

$7,653,440

7,000,000

7,000,000

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Global

Quality

Real

Estate

Index

Fund

(cont.)

148

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

REPURCHASE

AGREEMENTS

(continued)

The

Bank

of

Nova

Scotia,

Toronto

3.79%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$7,001,474,

collateralized

by

various

Common

Stocks;

total

market

value

$7,738,921

$

7,000,000

$

7,000,000

24,788,844

Total

Securities

Lending

Reinvestments

(Cost

$24,788,844)

24,788,844

Total

Investments

-

105.3%

(Cost

$340,047,278)

369,009,319

Liabilities

in

excess

of

other

assets

-

(5.3%)

(18,731,744)

NET

ASSETS

-

100.0%

$350,277,575

*

Non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

January

31,

2026.

The

total

value

of

securities

on

loan

at

January

31,

2026

was

$50,497,335,

collateralized

in

the

form

of

cash

with

a

value

of

$24,788,844

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$16,510,154

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.50%,

and

maturity

dates

ranging

from

February

5,

2026

–

November

15,

2055

and

$11,441,886

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

February

25,

2026

–

June

30,

2120;

a

total

value

of

$52,740,884.

(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

January

31,

2026.

The

total

value

of

securities

purchased

was

$24,788,844.

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

January

31,

2026:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

EURO

STOXX

50

Index

4

03/20/2026

EUR

$

283,184

$

8,492

S&P

Midcap

400

E-Mini

Index

9

03/20/2026

USD

3,102,750

79,018

SPI

200

Index

16

03/19/2026

AUD

2,473,502

52,132

$

139,642

Forward

Foreign

Currency

Contracts

FlexShares

®

Global

Quality

Real

Estate

Index

Fund

had

the

following

outstanding

contracts

as

of

January

31,

2026:

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

AUD

250,000

Bank

of

Montreal

USD

165,234

03/18/2026

$

9,885

CAD

160,000

Bank

of

Montreal

USD

116,512

03/18/2026

1,852

CAD

9,730

Toronto-Dominion

Bank

(The)

USD

7,098

03/18/2026

100

EUR

5,645

Morgan

Stanley

USD

6,659

03/18/2026

70

GBP

20,000

Citibank

NA

USD

26,854

03/18/2026

589

ILS

108,154

Goldman

Sachs

&

Co.

USD

33,747

03/18/2026

1,263

JPY

33,723,000

JPMorgan

Chase

Bank

NA

USD

219,152

03/18/2026

237

SGD

147,106

Morgan

Stanley

USD

114,661

03/18/2026

1,607

Total

unrealized

appreciation

$

15,603

HKD

1,010,000

Goldman

Sachs

&

Co.

USD

130,110

03/18/2026

$

(

596

)

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Global

Quality

Real

Estate

Index

Fund

(cont.)

149

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

USD

116,354

Bank

of

Montreal

AUD

174,359

03/18/2026

$

(

5,780

)

USD

50,925

Citibank

NA

CHF

40,000

03/18/2026

(

1,261

)

USD

139,943

Toronto-Dominion

Bank

(The)

JPY

21,870,000

03/18/2026

(

2,334

)

Total

unrealized

depreciation

$

(

9,971

)

Net

unrealized

appreciation

$

5,632

Abbreviations:

AUD

—

Australian

Dollar

CAD

—

Canadian

Dollar

CHF

—

Swiss

Franc

EUR

—

Euro

GBP

—

British

Pound

HKD

—

Hong

Kong

Dollar

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

January

31,

2026:

Australia

3‌

.1

%

Belgium

0‌

.8

Canada

2‌

.9

France

3‌

.4

Germany

0‌

.5

Hong

Kong

5‌

.9

Israel

1‌

.7

Japan

7‌

.9

Netherlands

0‌

.6

Singapore

4‌

.5

Spain

0‌

.2

Switzerland

2‌

.3

United

Kingdom

2‌

.9

United

States

61‌

.5

Other

1

1‌

.8

100.0%

1

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

%

of

Net

Assets

Common

Stocks

98‌

.2

%

Securities

Lending

Reinvestments

7‌

.1

Others

(1)

(

5‌

.3

)

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

150

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares

®

Quality

Dividend

Index

Fund

January

31,

2026

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

99.2%

Aerospace

&

Defense

-

2.3%

GE

Aerospace

157,000

$

48,166,030

Banks

-

4.5%

Bank

of

America

Corp.

31,000

1,649,200

Cullen/Frost

Bankers,

Inc.

82,000

11,301,240

JPMorgan

Chase

&

Co.

104,000

31,812,560

Popular,

Inc.

84,000

11,216,520

Prosperity

Bancshares,

Inc.(a)

150,000

10,351,500

Truist

Financial

Corp.

252,000

12,957,840

US

Bancorp

255,000

14,308,050

93,596,910

Biotechnology

-

4.2%

AbbVie,

Inc.

267,000

59,543,670

Gilead

Sciences,

Inc.

194,607

27,624,464

87,168,134

Broadline

Retail

-

1.1%

Dillard's,

Inc.,

Class

A(a)

16,000

9,720,960

eBay,

Inc.

133,000

12,132,260

21,853,220

Building

Products

-

1.3%

A

O

Smith

Corp.(a)

156,000

11,464,440

Trane

Technologies

plc

35,000

14,720,300

26,184,740

Capital

Markets

-

1.8%

Ameriprise

Financial,

Inc.

24,114

12,712,660

Franklin

Resources,

Inc.(a)

455,000

12,112,100

Invesco

Ltd.

437,000

11,925,730

36,750,490

Chemicals

-

0.4%

Scotts

Miracle-Gro

Co.

(The)(a)

120,000

7,706,400

Commercial

Services

&

Supplies

-

0.3%

Cintas

Corp.

32,000

6,124,480

Communications

Equipment

-

2.3%

Cisco

Systems,

Inc.

617,000

48,323,440

Consumer

Finance

-

1.1%

Ally

Financial,

Inc.

168,000

7,103,040

OneMain

Holdings,

Inc.

70,000

4,587,800

Synchrony

Financial

146,000

10,603,980

22,294,820

Consumer

Staples

Distribution

&

Retail

-

0.5%

Costco

Wholesale

Corp.

5,132

4,825,363

Walmart,

Inc.

41,000

4,884,740

9,710,103

Investments

Shares

Value

Diversified

Consumer

Services

-

0.1%

H&R

Block,

Inc.(a)

49,000

$

1,933,050

Electric

Utilities

-

0.8%

Edison

International

71,000

4,421,880

Evergy,

Inc.

136,000

10,435,280

NRG

Energy,

Inc.

5,000

763,150

15,620,310

Electrical

Equipment

-

2.7%

GE

Vernova,

Inc.

42,000

30,507,540

Rockwell

Automation,

Inc.

30,000

12,649,500

Vertiv

Holdings

Co.,

Class

A

69,000

12,846,420

56,003,460

Energy

Equipment

&

Services

-

0.8%

SLB

Ltd.

309,000

14,949,420

Weatherford

International

plc(a)

12,000

1,128,960

16,078,380

Entertainment

-

0.5%

Electronic

Arts,

Inc.

56,000

11,419,520

Financial

Services

-

2.0%

Fidelity

National

Information

Services,

Inc.

120,000

6,630,000

Jackson

Financial,

Inc.,

Class

A

107,000

12,724,440

Mastercard,

Inc.,

Class

A

7,000

3,771,530

PayPal

Holdings,

Inc.

187,000

9,853,030

Visa,

Inc.,

Class

A

23,000

7,402,090

40,381,090

Food

Products

-

0.4%

Cal-Maine

Foods,

Inc.(a)

111,000

9,271,830

Gas

Utilities

-

0.5%

UGI

Corp.(a)

257,000

10,308,270

Ground

Transportation

-

1.0%

Union

Pacific

Corp.

92,000

21,629,200

Health

Care

Equipment

&

Supplies

-

0.5%

ResMed,

Inc.(a)

37,684

9,734,154

Hotel

&

Resort

REITs

-

0.5%

Host

Hotels

&

Resorts,

Inc.,

REIT

583,000

10,802,990

Hotels,

Restaurants

&

Leisure

-

1.5%

Booking

Holdings,

Inc.

3,000

15,005,520

Domino's

Pizza,

Inc.(a)

7,000

2,872,310

Expedia

Group,

Inc.(a)

41,000

10,858,440

Vail

Resorts,

Inc.(a)

21,000

2,794,470

31,530,740

Household

Durables

-

0.6%

Installed

Building

Products,

Inc.(a)

40,000

11,525,600

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Quality

Dividend

Index

Fund

(cont.)

151

Investments

Shares

Value

COMMON

STOCKS

(continued)

Household

Products

-

2.4%

Colgate-Palmolive

Co.

28,000

$

2,528,120

Procter

&

Gamble

Co.

(The)

316,000

47,959,320

50,487,440

Independent

Power

and

Renewable

Electricity

Producers

-

0.3%

Vistra

Corp.

41,000

6,492,350

Insurance

-

3.0%

Aflac,

Inc.

97,000

10,762,150

Kemper

Corp.

262,000

10,325,420

MetLife,

Inc.

141,000

11,122,080

Principal

Financial

Group,

Inc.

82,000

7,767,040

Prudential

Financial,

Inc.(a)

103,000

11,444,330

Willis

Towers

Watson

plc

31,000

9,841,570

61,262,590

Interactive

Media

&

Services

-

4.8%

Alphabet,

Inc.,

Class

A

145,000

49,010,000

Alphabet,

Inc.,

Class

C

116,000

39,269,480

Match

Group,

Inc.

314,000

9,781,100

98,060,580

IT

Services

-

1.6%

Accenture

plc,

Class

A

97,000

25,573,080

Amdocs

Ltd.

97,000

7,948,180

33,521,260

Leisure

Products

-

0.4%

Hasbro,

Inc.

89,000

7,948,590

Machinery

-

1.1%

Illinois

Tool

Works,

Inc.

46,000

12,017,960

Parker-Hannifin

Corp.

1,111

1,039,718

Snap-on,

Inc.(a)

26,000

9,518,860

22,576,538

Media

-

1.7%

New

York

Times

Co.

(The),

Class

A

160,000

11,729,600

Nexstar

Media

Group,

Inc.,

Class

A(a)

55,000

11,680,900

Omnicom

Group,

Inc.

143,000

11,016,720

34,427,220

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.4%

Starwood

Property

Trust,

Inc.(a)

482,000

8,642,260

Office

REITs

-

0.4%

Kilroy

Realty

Corp.,

REIT(a)

247,000

8,516,560

Oil,

Gas

&

Consumable

Fuels

-

2.5%

APA

Corp.(a)

413,000

10,907,330

California

Resources

Corp.(a)

205,000

10,967,500

EOG

Resources,

Inc.

97,000

10,876,610

Exxon

Mobil

Corp.

51,000

7,211,400

Investments

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Magnolia

Oil

&

Gas

Corp.,

Class

A(a)

434,000

$

11,071,340

51,034,180

Pharmaceuticals

-

6.4%

Bristol-Myers

Squibb

Co.(a)

320,000

17,616,000

Eli

Lilly

&

Co.

15,257

15,823,798

Johnson

&

Johnson

284,000

64,539,000

Merck

&

Co.,

Inc.

10,000

1,102,700

Pfizer,

Inc.

890,000

23,531,600

Zoetis,

Inc.,

Class

A

73,000

9,111,860

131,724,958

Professional

Services

-

1.1%

Automatic

Data

Processing,

Inc.

63,000

15,549,660

Booz

Allen

Hamilton

Holding

Corp.,

Class

A(a)

17,000

1,503,140

Broadridge

Financial

Solutions,

Inc.

24,000

4,730,640

21,783,440

Residential

REITs

-

1.8%

AvalonBay

Communities,

Inc.,

REIT(a)

45,000

7,995,150

Camden

Property

Trust,

REIT(a)

30,000

3,271,500

Equity

Residential,

REIT

179,000

11,155,280

Essex

Property

Trust,

Inc.,

REIT

17,000

4,281,790

Mid-America

Apartment

Communities,

Inc.,

REIT

80,000

10,744,000

37,447,720

Retail

REITs

-

0.3%

Brixmor

Property

Group,

Inc.,

REIT(a)

209,000

5,599,110

Semiconductors

&

Semiconductor

Equipment

-

15.6%

Broadcom,

Inc.

235,000

77,855,500

KLA

Corp.

20,692

29,546,934

Lam

Research

Corp.

199,000

46,458,540

NVIDIA

Corp.

707,000

135,128,910

QUALCOMM,

Inc.

168,000

25,467,120

Skyworks

Solutions,

Inc.(a)

109,000

6,077,840

320,534,844

Software

-

5.9%

Clear

Secure,

Inc.,

Class

A

273,000

8,905,260

Intuit,

Inc.

43,084

21,495,469

Microsoft

Corp.

200,000

86,058,000

Pegasystems,

Inc.(a)

109,000

4,762,210

121,220,939

Specialized

REITs

-

1.9%

EPR

Properties,

REIT

184,000

9,980,160

Lamar

Advertising

Co.,

Class

A,

REIT(a)

71,000

9,110,010

Public

Storage,

REIT

41,000

11,323,790

VICI

Properties,

Inc.,

Class

A,

REIT

324,000

9,097,920

39,511,880

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Quality

Dividend

Index

Fund

(cont.)

152

Investments

Shares

Value

COMMON

STOCKS

(continued)

Specialty

Retail

-

3.2%

Bath

&

Body

Works,

Inc.(a)

117,000

$

2,550,600

Best

Buy

Co.,

Inc.(a)

137,000

8,918,700

Home

Depot,

Inc.

(The)

56,000

20,977,040

Lowe's

Cos.,

Inc.

83,000

22,165,980

TJX

Cos.,

Inc.

(The)

2,000

299,620

Williams-Sonoma,

Inc.(a)

58,000

11,869,700

66,781,640

Technology

Hardware,

Storage

&

Peripherals

-

8.5%

Apple,

Inc.

640,000

166,067,200

NetApp,

Inc.(a)

98,000

9,442,300

175,509,500

Textiles,

Apparel

&

Luxury

Goods

-

0.6%

Tapestry,

Inc.

105,000

13,325,550

Tobacco

-

2.8%

Altria

Group,

Inc.

263,000

16,303,370

Philip

Morris

International,

Inc.(a)

227,000

40,732,880

57,036,250

Trading

Companies

&

Distributors

-

0.5%

Fastenal

Co.(a)

231,000

10,016,160

Wireless

Telecommunication

Services

-

0.3%

T-Mobile

US,

Inc.

28,000

5,521,880

Total

Common

Stocks

(Cost

$1,441,264,939)

2,043,100,800

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

7.2%(b)

CERTIFICATES

OF

DEPOSIT

-

0.5%

Bank

of

Montreal,

Chicago

(SOFR

+

0.31%),

3.96%,

5/29/2026(c)

$

1,000,000

1,000,436

(SOFR

+

0.35%),

4.00%,

11/18/2026(c)

1,000,000

1,000,541

Bank

of

Nova

Scotia,

Houston

(SOFR

+

0.34%),

3.99%,

7/1/2026(c)

1,000,000

999,989

Mizuho

Bank

Ltd.,

New

York

(SOFR

+

0.24%),

3.88%,

5/11/2026(c)

1,000,000

1,000,222

(SOFR

+

0.25%),

3.89%,

5/27/2026(c)

1,000,000

1,000,294

MUFG

Bank

Ltd.,

New

York

Branch

(SOFR

+

0.22%),

3.86%,

3/12/2026(c)

1,000,000

1,000,000

Sumitomo

Mitsui

Banking

Corp.,

New

York

(SOFR

+

0.22%),

3.87%,

4/9/2026(c)

1,000,000

1,000,193

Investments

Principal

Amount

Value

CERTIFICATES

OF

DEPOSIT

(continued)

Sumitomo

Mitsui

Banking

Corp.,

New

York

(continued)

(SOFR

+

0.21%),

3.86%,

7/23/2026(c)

$

1,000,000

$

1,000,143

Toronto-Dominion

Bank,

New

York

(SOFR

+

0.20%),

3.84%,

4/6/2026(c)

1,000,000

1,000,127

(SOFR

+

0.36%),

4.00%,

5/8/2026(c)

2,000,000

2,001,206

Total

Certificates

of

Deposit

(Cost

$11,000,000)

11,003,151

REPURCHASE

AGREEMENTS

-

6.7%

BofA

Securities,

Inc.

4.08%,

dated

1/31/2026,

due

5/4/2026,

repurchase

price

$8,084,320,

collateralized

by

various

Common

Stocks,

U.S.

Treasury

Securities,

1.88%,

7/15/2035;

;

total

market

value

$8,620,884

8,000,000

8,000,000

CF

Secured

LLC

3.66%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$29,267,541,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.63%,

maturing

1/31/2026

-

5/15/2052;

total

market

value

$29,563,584

29,261,591

29,261,591

MetLife,

Inc.

3.66%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$7,001,423,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

1.13%

-

1.88%,

maturing

2/15/2031

-

2/15/2051;

total

market

value

$7,011,387

7,000,000

7,000,000

National

Bank

of

Canada

Financial

Inc.

3.80%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$35,007,389,

collateralized

by

various

Common

Stocks;

total

market

value

$38,464,075

35,000,000

35,000,000

TD

Securities

(USA)

LLC

3.73%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$22,004,559,

collateralized

by

various

Common

Stocks;

total

market

value

$24,069,591

22,000,000

22,000,000

TD

Securities

(USA)

LLC

3.93%,

dated

1/31/2026,

due

3/6/2026,

repurchase

price

$2,007,423,

collateralized

by

various

Common

Stocks;

total

market

value

$2,188,145

2,000,000

2,000,000

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Quality

Dividend

Index

Fund

(cont.)

153

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

REPURCHASE

AGREEMENTS

(continued)

The

Bank

of

Nova

Scotia,

Toronto

3.79%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$35,007,369,

collateralized

by

various

Common

Stocks;

total

market

value

$38,694,605

$

35,000,000

$

35,000,000

Total

Repurchase

Agreements

(Cost

$138,261,591)

138,261,591

Total

Securities

Lending

Reinvestments

(Cost

$149,261,591)

149,264,742

Total

Investments

-

106.4%

(Cost

$1,590,526,530)

2,192,365,542

Liabilities

in

excess

of

other

assets

-

(6.4%)

(132,546,135)

NET

ASSETS

-

100.0%

$2,059,819,407

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

January

31,

2026.

The

total

value

of

securities

on

loan

at

January

31,

2026

was

$176,795,350,

collateralized

in

the

form

of

cash

with

a

value

of

$149,261,591

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$25,100,890

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

February

5,

2026

–

May

15,

2055

and

$6,163,534

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

4.50%,

and

maturity

dates

ranging

from

February

25,

2026

–

June

30,

2120;

a

total

value

of

$180,526,015.

(b)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

January

31,

2026.

The

total

value

of

securities

purchased

was

$149,264,742.

(c)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

is

the

rate

in

effect

as

of

January

31,

2026.

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.)

154

Futures

Contracts

FlexShares®

Quality

Dividend

Index

Fund

had

the

following

open

futures

contracts

as

of

January

31,

2026:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

S&P

500

E-Mini

Index

36

03/20/2026

USD

$

12,538,350

$

122,024

S&P

Midcap

400

E-Mini

Index

9

03/20/2026

USD

3,102,750

64,784

$

186,808

Abbreviations:

USD

—

US

Dollar

Security

Type

%

of

Net

Assets

Common

Stocks

99.2

%

Securities

Lending

Reinvestments

7.2

Others

(1)

(6.4)

100.0%

(1)

Includes

any

other

net

assets/(liabilities).

155

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

Quality

Dividend

Defensive

Index

Fund

January

31,

2026

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

99.2%

Aerospace

&

Defense

-

1.0%

GE

Aerospace

245

$

75,163

Lockheed

Martin

Corp.

8,085

5,127,669

5,202,832

Air

Freight

&

Logistics

-

1.1%

CH

Robinson

Worldwide,

Inc.

16,905

3,295,630

Expeditors

International

of

Washington,

Inc.

15,435

2,477,935

5,773,565

Banks

-

6.1%

Bank

of

America

Corp.

7,595

404,054

Commerce

Bancshares,

Inc.(a)

48,361

2,545,723

Cullen/Frost

Bankers,

Inc.

19,977

2,753,230

East

West

Bancorp,

Inc.(a)

23,765

2,719,667

Glacier

Bancorp,

Inc.(a)

4,900

248,332

JPMorgan

Chase

&

Co.

32,585

9,967,426

Popular,

Inc.

20,580

2,748,048

Prosperity

Bancshares,

Inc.

37,138

2,562,893

Truist

Financial

Corp.

62,965

3,237,660

US

Bancorp

63,210

3,546,713

30,733,746

Biotechnology

-

4.9%

AbbVie,

Inc.

65,660

14,642,837

Amgen,

Inc.

9,800

3,350,424

Gilead

Sciences,

Inc.

47,530

6,746,883

24,740,144

Broadline

Retail

-

1.0%

Dillard's,

Inc.,

Class

A(a)

3,920

2,381,635

eBay,

Inc.

27,195

2,480,728

4,862,363

Building

Products

-

1.2%

Carlisle

Cos.,

Inc.

5,145

1,753,879

Masco

Corp.

12,495

825,795

Trane

Technologies

plc

8,575

3,606,473

6,186,147

Capital

Markets

-

0.5%

Franklin

Resources,

Inc.

95,795

2,550,063

S&P

Global,

Inc.

256

135,114

2,685,177

Chemicals

-

0.9%

CF

Industries

Holdings,

Inc.

26,215

2,444,025

NewMarket

Corp.(a)

3,185

2,136,466

4,580,491

Commercial

Services

&

Supplies

-

0.1%

Rollins,

Inc.

10,755

681,222

Investments

Shares

Value

Communications

Equipment

-

1.7%

Cisco

Systems,

Inc.

106,330

$

8,327,766

Consumer

Finance

-

0.5%

OneMain

Holdings,

Inc.

38,955

2,553,111

Consumer

Staples

Distribution

&

Retail

-

0.5%

Costco

Wholesale

Corp.

1,330

1,250,532

Walmart,

Inc.

9,800

1,167,572

2,418,104

Containers

&

Packaging

-

0.4%

Avery

Dennison

Corp.

11,515

2,136,148

Diversified

Consumer

Services

-

0.4%

H&R

Block,

Inc.

55,615

2,194,012

Electric

Utilities

-

1.8%

Duke

Energy

Corp.(a)

29,400

3,567,690

Edison

International

43,610

2,716,031

Evergy,

Inc.

33,320

2,556,643

8,840,364

Electrical

Equipment

-

0.6%

GE

Vernova,

Inc.

4,096

2,975,212

Entertainment

-

0.6%

Electronic

Arts,

Inc.

13,965

2,847,743

Financial

Services

-

1.3%

Fidelity

National

Information

Services,

Inc.

28,665

1,583,741

Mastercard,

Inc.,

Class

A

1,715

924,025

MGIC

Investment

Corp.

82,810

2,229,245

Visa,

Inc.,

Class

A

5,635

1,813,512

6,550,523

Food

Products

-

1.0%

Cal-Maine

Foods,

Inc.(a)

26,950

2,251,134

Hershey

Co.

(The)

14,455

2,815,111

5,066,245

Gas

Utilities

-

0.5%

National

Fuel

Gas

Co.(a)

27,440

2,298,100

Ground

Transportation

-

0.4%

Landstar

System,

Inc.(a)

12,005

1,793,067

Health

Care

Equipment

&

Supplies

-

0.5%

ResMed,

Inc.(a)

9,310

2,404,866

Health

Care

Providers

&

Services

-

1.2%

Cencora,

Inc.

7,840

2,816,285

Chemed

Corp.

1,596

681,715

McKesson

Corp.

3,185

2,647,404

6,145,404

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Quality

Dividend

Defensive

Index

Fund

(cont.)

156

Investments

Shares

Value

COMMON

STOCKS

(continued)

Hotels,

Restaurants

&

Leisure

-

1.3%

Domino's

Pizza,

Inc.(a)

4,655

$

1,910,086

Vail

Resorts,

Inc.(a)

14,700

1,956,129

Yum!

Brands,

Inc.(a)

17,640

2,743,020

6,609,235

Household

Products

-

3.5%

Colgate-Palmolive

Co.

15,435

1,393,626

Kimberly-Clark

Corp.(a)

25,970

2,596,740

Procter

&

Gamble

Co.

(The)

88,200

13,386,114

17,376,480

Independent

Power

and

Renewable

Electricity

Producers

-

0.6%

AES

Corp.

(The)

168,805

2,472,993

Vistra

Corp.

3,195

505,928

2,978,921

Insurance

-

3.9%

Aflac,

Inc.

24,745

2,745,458

American

Financial

Group,

Inc.

17,395

2,266,047

American

International

Group,

Inc.

35,525

2,660,112

Globe

Life,

Inc.

18,441

2,585,797

MetLife,

Inc.

35,280

2,782,886

Prudential

Financial,

Inc.

14,210

1,578,873

Unum

Group(a)

32,830

2,494,095

Willis

Towers

Watson

plc(a)

7,840

2,488,965

19,602,233

Interactive

Media

&

Services

-

4.8%

Alphabet,

Inc.,

Class

A

35,770

12,090,260

Alphabet,

Inc.,

Class

C

28,665

9,703,962

Match

Group,

Inc.

76,685

2,388,738

24,182,960

IT

Services

-

0.5%

Amdocs

Ltd.

31,850

2,609,789

Leisure

Products

-

0.6%

Hasbro,

Inc.

32,340

2,888,285

Machinery

-

1.3%

Allison

Transmission

Holdings,

Inc.

15,680

1,704,416

Illinois

Tool

Works,

Inc.

11,270

2,944,400

Toro

Co.

(The)(a)

23,052

2,109,258

6,758,074

Media

-

1.2%

New

York

Times

Co.

(The),

Class

A(a)

38,955

2,855,791

Nexstar

Media

Group,

Inc.,

Class

A(a)

13,475

2,861,821

Omnicom

Group,

Inc.

4,410

339,746

6,057,358

Metals

&

Mining

-

2.1%

Agnico

Eagle

Mines

Ltd.(a)

19,110

3,640,455

Investments

Shares

Value

Metals

&

Mining

(continued)

Newmont

Corp.

41,895

$

4,706,903

Southern

Copper

Corp.(a)

11,025

2,098,278

10,445,636

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.4%

Starwood

Property

Trust,

Inc.(a)

120,540

2,161,282

Multi-Utilities

-

0.6%

Consolidated

Edison,

Inc.

26,705

2,847,554

Office

REITs

-

0.4%

Kilroy

Realty

Corp.,

REIT

60,025

2,069,662

Oil,

Gas

&

Consumable

Fuels

-

1.8%

Cheniere

Energy,

Inc.

11,025

2,332,008

EOG

Resources,

Inc.

23,275

2,609,826

Exxon

Mobil

Corp.

12,495

1,766,793

Range

Resources

Corp.(a)

64,925

2,457,411

9,166,038

Pharmaceuticals

-

6.5%

Bristol-Myers

Squibb

Co.

77,665

4,275,458

Eli

Lilly

&

Co.

3,675

3,811,526

Johnson

&

Johnson

73,990

16,814,228

Merck

&

Co.,

Inc.

62,475

6,889,118

Pfizer,

Inc.

39,445

1,042,926

Zoetis,

Inc.,

Class

A

1,064

132,809

32,966,065

Professional

Services

-

2.3%

Automatic

Data

Processing,

Inc.

15,435

3,809,667

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

30,135

2,664,537

Leidos

Holdings,

Inc.

13,720

2,583,201

Paycom

Software,

Inc.(a)

512

68,992

Science

Applications

International

Corp.

6,147

625,519

Verisk

Analytics,

Inc.,

Class

A

8,451

1,837,754

11,589,670

Residential

REITs

-

2.6%

American

Homes

4

Rent,

Class

A,

REIT

13,720

429,710

AvalonBay

Communities,

Inc.,

REIT(a)

14,700

2,611,749

Camden

Property

Trust,

REIT

24,500

2,671,725

Equity

Residential,

REIT

43,365

2,702,507

Essex

Property

Trust,

Inc.,

REIT(a)

8,085

2,036,369

Mid-America

Apartment

Communities,

Inc.,

REIT

19,600

2,632,280

13,084,340

Semiconductors

&

Semiconductor

Equipment

-

13.9%

Broadcom,

Inc.

69,580

23,051,854

KLA

Corp.

5,145

7,346,751

NVIDIA

Corp.

173,705

33,200,237

QUALCOMM,

Inc.

41,160

6,239,444

69,838,286

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Quality

Dividend

Defensive

Index

Fund

(cont.)

157

Investments

Shares

Value

COMMON

STOCKS

(continued)

Software

-

5.9%

Bentley

Systems,

Inc.,

Class

B(a)

44,835

$

1,574,605

Clear

Secure,

Inc.,

Class

A(a)

12,806

417,732

Gen

Digital,

Inc.

78,890

1,892,571

Intuit,

Inc.

8,085

4,033,768

Microsoft

Corp.

49,000

21,084,210

Pegasystems,

Inc.

11,526

503,571

29,506,457

Specialized

REITs

-

1.0%

Public

Storage,

REIT

10,045

2,774,328

VICI

Properties,

Inc.,

Class

A,

REIT

81,095

2,277,148

5,051,476

Specialty

Retail

-

3.5%

Best

Buy

Co.,

Inc.(a)

33,320

2,169,132

Home

Depot,

Inc.

(The)

9,310

3,487,433

Lowe's

Cos.,

Inc.

21,315

5,692,384

TJX

Cos.,

Inc.

(The)

42,630

6,386,400

17,735,349

Technology

Hardware,

Storage

&

Peripherals

-

7.5%

Apple,

Inc.

146,510

38,016,415

Textiles,

Apparel

&

Luxury

Goods

-

0.6%

Tapestry,

Inc.

25,235

3,202,574

Tobacco

-

2.9%

Altria

Group,

Inc.

63,945

3,963,951

Philip

Morris

International,

Inc.

59,535

10,682,960

14,646,911

Trading

Companies

&

Distributors

-

0.6%

Fastenal

Co.(a)

56,840

2,464,583

MSC

Industrial

Direct

Co.,

Inc.,

Class

A(a)

5,589

471,376

2,935,959

Wireless

Telecommunication

Services

-

0.7%

T-Mobile

US,

Inc.

17,150

3,382,152

Total

Common

Stocks

(Cost

$372,709,952)

499,705,513

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

5.6%(b)

REPURCHASE

AGREEMENTS

-

5.6%

BofA

Securities,

Inc.

4.08%,

dated

1/31/2026,

due

5/4/2026,

repurchase

price

$1,010,540,

collateralized

by

various

Common

Stocks,

U.S.

Treasury

Securities,

1.88%,

7/15/2035;

;

total

market

value

$1,077,611

$

1,000,000

1,000,000

Investments

Principal

Amount

Value

REPURCHASE

AGREEMENTS

(continued)

CF

Secured

LLC

3.66%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$16,091,825,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.63%,

maturing

1/31/2026

-

5/15/2052;

total

market

value

$16,254,595

$

16,088,553

$

16,088,553

National

Bank

of

Canada

Financial

Inc.

3.80%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$5,001,056,

collateralized

by

various

Common

Stocks;

total

market

value

$5,494,868

5,000,000

5,000,000

The

Bank

of

Nova

Scotia,

Toronto

3.79%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$6,001,263,

collateralized

by

various

Common

Stocks;

total

market

value

$6,633,361

6,000,000

6,000,000

28,088,553

Total

Securities

Lending

Reinvestments

(Cost

$28,088,553)

28,088,553

Total

Investments

-

104.8%

(Cost

$400,798,505)

527,794,066

Liabilities

in

excess

of

other

assets

-

(4.8%)

(23,963,804)

NET

ASSETS

-

100.0%

$503,830,262

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

January

31,

2026.

The

total

value

of

securities

on

loan

at

January

31,

2026

was

$38,733,755,

collateralized

in

the

form

of

cash

with

a

value

of

$28,088,553

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$9,520,884

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

February

5,

2026

–

May

15,

2055

and

$2,927,943

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

4.50%,

and

maturity

dates

ranging

from

February

25,

2026

–

June

30,

2120;

a

total

value

of

$40,537,380.

(b)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

January

31,

2026.

The

total

value

of

securities

purchased

was

$28,088,553.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

REIT

—

Real

Estate

Investment

Trust

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Quality

Dividend

Defensive

Index

Fund

(cont.)

158

Futures

Contracts

FlexShares®

Quality

Dividend

Defensive

Index

Fund

had

the

following

open

futures

contracts

as

of

January

31,

2026:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

S&P

500

E-Mini

Index

11

03/20/2026

USD

$

3,831,162

$

37,436

S&P

500

Micro

E-Mini

Index

9

03/20/2026

USD

313,459

1,095

$

38,531

Abbreviations:

USD

—

US

Dollar

Security

Type

%

of

Net

Assets

Common

Stocks

99.2

%

Securities

Lending

Reinvestments

5.6

Others

(1)

(4.8)

100.0%

(1)

Includes

any

other

net

assets/(liabilities).

159

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

International

Quality

Dividend

Index

Fund

January

31,

2026

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

98

.5

%

Air

Freight

&

Logistics

-

0

.9

%

Deutsche

Post

AG

164,604

$

9,266,257

Automobile

Components

-

1

.1

%

Cheng

Shin

Rubber

Industry

Co.

Ltd.

6,699,000

6,513,803

Continental

AG

28,072

2,225,500

Magna

International,

Inc.

46,574

2,394,134

Sumitomo

Electric

Industries

Ltd.

17,300

754,085

11,887,522

Automobiles

-

2

.1

%

Dr

Ing

hc

F

Porsche

AG

(Preference)

(a)

21,373

1,047,822

Hero

MotoCorp

Ltd.

115,478

6,947,197

Isuzu

Motors

Ltd.

141,600

2,281,058

Kia

Corp.

22,649

2,401,165

Mercedes-Benz

Group

AG

53,911

3,706,374

Renault

SA

48,488

1,838,958

Subaru

Corp.(b)

95,700

2,064,008

Yamaha

Motor

Co.

Ltd.(b)

264,800

1,997,244

22,283,826

Banks

-

18

.4

%

ANZ

Group

Holdings

Ltd.

130,471

3,354,434

Banco

BPM

SpA

153,758

2,308,428

Bank

Hapoalim

BM

357,599

8,894,847

Bank

Leumi

Le-Israel

BM

89,639

2,167,591

Bank

Mandiri

Persero

Tbk.

PT

7,496,500

2,152,704

Bank

Negara

Indonesia

Persero

Tbk.

PT

7,337,000

1,962,653

Bank

Polska

Kasa

Opieki

SA

137,170

8,409,364

Bank

Rakyat

Indonesia

Persero

Tbk.

PT

9,729,500

2,208,483

Barclays

plc(b)

133,661

891,770

BNP

Paribas

SA

8,613

934,477

CaixaBank

SA

762,091

10,113,363

Canara

Bank

304,519

488,025

Danske

Bank

A/S

171,941

8,806,320

DBS

Group

Holdings

Ltd.

31,900

1,488,164

DNB

Bank

ASA

95,381

2,749,431

FinecoBank

Banca

Fineco

SpA

299,860

7,972,881

Grupo

Cibest

SA

(Preference)

134,618

2,769,736

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

797,500

9,082,958

HSBC

Holdings

plc

1,157,651

20,419,692

ING

Bank

Slaski

SA

20,416

2,239,995

Japan

Post

Bank

Co.

Ltd.

20,700

367,678

KBC

Group

NV

61,567

8,708,614

Mitsubishi

UFJ

Financial

Group,

Inc.

350,900

6,379,483

Nedbank

Group

Ltd.

114,840

1,900,025

Nordea

Bank

Abp

497,321

9,652,573

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

158,224

4,142,231

Royal

Bank

of

Canada(b)

63,481

10,628,374

Investments

Shares

Value

Banks

(continued)

Santander

Bank

Polska

SA

51,997

$

8,222,241

Sberbank

of

Russia

PJSC*‡

1,227,390

—

Skandinaviska

Enskilda

Banken

AB,

Class

A(b)

399,388

8,633,160

Sumitomo

Mitsui

Trust

Group,

Inc.

43,000

1,426,643

Swedbank

AB,

Class

A(b)

250,096

9,795,056

Toronto-Dominion

Bank

(The)(b)

96,657

9,083,609

UniCredit

SpA

136,532

11,930,138

190,285,141

Beverages

-

0

.1

%

Budweiser

Brewing

Co.

APAC

Ltd.

(a)(b)

1,467,400

1,446,788

Broadline

Retail

-

0

.7

%

Alibaba

Group

Holding

Ltd.,

ADR(b)

41,151

6,977,564

Capital

Markets

-

3

.6

%

Brookfield

Asset

Management

Ltd.,

Class

A(b)

147,059

7,346,705

Daiwa

Securities

Group,

Inc.

255,200

2,487,315

IGM

Financial,

Inc.(b)

176,407

8,579,674

Julius

Baer

Group

Ltd.

29,029

2,436,016

Moscow

Exchange

MICEX-RTS

PJSC*‡

775,590

—

Nomura

Holdings,

Inc.

1,020,800

9,350,385

Partners

Group

Holding

AG(b)

3,343

4,558,340

Schroders

plc

349,943

2,168,625

36,927,060

Chemicals

-

1

.5

%

Evonik

Industries

AG

119,625

1,864,286

Mitsubishi

Chemical

Group

Corp.

988,900

6,538,818

Nitto

Denko

Corp.

106,200

2,358,623

Shin-Etsu

Chemical

Co.

Ltd.

142,200

4,728,016

15,489,743

Construction

&

Engineering

-

0

.5

%

Bouygues

SA

44,979

2,440,558

HOCHTIEF

AG

6,061

2,558,274

4,998,832

Consumer

Staples

Distribution

&

Retail

-

0

.2

%

Carrefour

SA

134,618

2,216,453

Diversified

Telecommunication

Services

-

3

.6

%

BCE,

Inc.

96,019

2,483,051

Deutsche

Telekom

AG

(Registered)

101,761

3,410,260

Elisa

OYJ

9,889

437,167

Emirates

Integrated

Telecommunications

Co.

PJSC

2,422,167

6,793,002

Koninklijke

KPN

NV

899,580

4,396,321

Orange

SA

157,267

2,922,388

Telefonica

SA(b)

541,343

2,199,290

Telenor

ASA

132,704

2,239,602

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

International

Quality

Dividend

Index

Fund

(cont.)

160

Investments

Shares

Value

COMMON

STOCKS

(continued)

Diversified

Telecommunication

Services

(continued)

Telia

Co.

AB(b)

521,246

$

2,387,701

Telkom

Indonesia

Persero

Tbk.

PT

27,657,300

5,931,861

Telstra

Group

Ltd.

664,796

2,272,727

TELUS

Corp.

142,274

1,996,238

37,469,608

Electric

Utilities

-

2

.6

%

Emera,

Inc.(b)

45,617

2,273,523

Enel

SpA

1,208,691

13,384,152

Fortum

OYJ(b)

328,889

7,791,999

Origin

Energy

Ltd.

285,186

2,357,487

Power

Grid

Corp.

of

India

Ltd.

301,455

840,584

26,647,745

Electrical

Equipment

-

0

.1

%

Fujikura

Ltd.

5,400

685,064

Financial

Services

-

1

.8

%

Banca

Mediolanum

SpA

325,061

7,641,366

Chailease

Holding

Co.

Ltd.

1,144,480

3,782,203

ORIX

Corp.

234,500

7,135,635

18,559,204

Food

Products

-

2

.3

%

China

Feihe

Ltd.(a)(b)

11,484,000

5,705,458

Nestle

SA

(Registered)

112,926

10,768,335

WH

Group

Ltd.(a)

6,443,000

7,573,497

24,047,290

Gas

Utilities

-

1

.0

%

China

Gas

Holdings

Ltd.

6,252,400

6,196,598

Grupo

Energia

Bogota

SA

ESP

2,344,969

2,092,844

Hong

Kong

&

China

Gas

Co.

Ltd.(b)

2,105,000

1,986,485

10,275,927

Hotels,

Restaurants

&

Leisure

-

2

.4

%

Evolution

AB(a)(b)

52,635

3,440,324

Haidilao

International

Holding

Ltd.

(a)(b)

3,715,000

7,601,534

OPAP

SA

350,581

7,090,168

Sodexo

SA(b)

17,545

900,436

Talabat

Holding

plc

21,280,171

5,388,632

24,421,094

Household

Durables

-

0

.1

%

Sony

Group

Corp.

31,900

714,266

Household

Products

-

0

.3

%

Unilever

Indonesia

Tbk.

PT

28,167,700

3,230,433

Independent

Power

and

Renewable

Electricity

Producers

-

0

.0

%

Unipro

PAO*‡

125,500,000

—

Industrial

Conglomerates

-

1

.5

%

Astra

International

Tbk.

PT

17,385,500

6,577,177

Investments

Shares

Value

Industrial

Conglomerates

(continued)

Hitachi

Ltd.

187,100

$

6,502,289

Siemens

AG

(Registered)

6,699

2,042,574

15,122,040

Insurance

-

4

.0

%

Admiral

Group

plc

46,255

1,745,519

Allianz

SE

(Registered)

1,595

705,487

Aviva

plc

160,457

1,399,950

BB

Seguridade

Participacoes

SA

1,093,000

7,789,025

Caixa

Seguridade

Participacoes

SA

2,392,500

7,910,186

Dai-ichi

Life

Holdings,

Inc.

319,000

2,796,885

Legal

&

General

Group

plc

744,865

2,709,696

New

China

Life

Insurance

Co.

Ltd.,

Class

H

1,020,800

8,306,573

Powszechny

Zaklad

Ubezpieczen

SA

387,904

7,687,110

Tokio

Marine

Holdings,

Inc.

14,900

553,172

41,603,603

Interactive

Media

&

Services

-

1

.0

%

Tencent

Holdings

Ltd.

134,600

10,444,396

IT

Services

-

1

.0

%

HCL

Technologies

Ltd.

344,520

6,350,516

Infosys

Ltd.

80,707

1,439,763

Nomura

Research

Institute

Ltd.

79,800

2,431,867

10,222,146

Machinery

-

1

.9

%

Komatsu

Ltd.

223,300

8,582,560

Kone

OYJ,

Class

B

107,503

7,752,749

Weichai

Power

Co.

Ltd.,

Class

H

918,000

3,129,078

19,464,387

Marine

Transportation

-

2

.9

%

AP

Moller

-

Maersk

A/S,

Class

B(b)

957

2,382,895

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H(b)

3,873,000

6,794,128

Evergreen

Marine

Corp.

Taiwan

Ltd.

1,181,382

6,982,429

Orient

Overseas

International

Ltd.(b)

401,500

6,575,393

Yang

Ming

Marine

Transport

Corp.

4,062,709

6,893,825

29,628,670

Metals

&

Mining

-

6

.4

%

Barrick

Mining

Corp.

107,822

4,955,759

BHP

Group

Ltd.

376,739

13,346,662

China

Hongqiao

Group

Ltd.

1,698,500

7,855,593

Fortescue

Ltd.(b)

577,071

8,489,609

GMK

Norilskiy

Nickel

PAO*‡

1,631,500

—

Kinross

Gold

Corp.(b)

44,022

1,393,984

Kumba

Iron

Ore

Ltd.(b)

356,004

7,991,360

Rio

Tinto

Ltd.(b)

91,872

9,753,899

Rio

Tinto

plc

83,578

7,727,806

Severstal

PAO*‡

58,985

—

Vedanta

Ltd.

688,721

5,102,843

66,617,515

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

International

Quality

Dividend

Index

Fund

(cont.)

161

Investments

Shares

Value

COMMON

STOCKS

(continued)

Multi-Utilities

-

0

.4

%

Engie

SA

134,299

$

4,010,197

Office

REITs

-

0

.2

%

Gecina

SA,

REIT

19,140

1,763,529

Oil,

Gas

&

Consumable

Fuels

-

6

.4

%

BP

plc

1,183,171

7,530,287

Canadian

Natural

Resources

Ltd.

157,586

5,891,946

Coal

India

Ltd.

80,388

385,172

Eni

SpA

167,156

3,425,513

Equinor

ASA

308,792

8,267,437

PetroChina

Co.

Ltd.,

Class

H

2,666,000

3,167,917

PTT

Exploration

&

Production

PCL,

NVDR

2,169,200

8,445,161

Shell

plc

70,499

2,702,979

Suncor

Energy,

Inc.

30,624

1,627,596

TotalEnergies

SE

123,453

8,980,848

Turkiye

Petrol

Rafinerileri

A/S

467,016

2,628,632

United

Tractors

Tbk.

PT

4,178,900

6,485,573

Var

Energi

ASA

543,576

1,974,622

Woodside

Energy

Group

Ltd.(b)

163,328

2,902,821

Yankuang

Energy

Group

Co.

Ltd.,

Class

H(b)

1,404,000

2,051,249

66,467,753

Paper

&

Forest

Products

-

0

.2

%

UPM-Kymmene

OYJ(b)

77,198

2,146,268

Passenger

Airlines

-

1

.4

%

Cathay

Pacific

Airways

Ltd.

4,466,000

7,010,917

Eva

Airways

Corp.

1,276,000

1,516,441

Singapore

Airlines

Ltd.

1,212,200

6,065,776

14,593,134

Personal

Care

Products

-

0

.0

%

(c)

Unilever

plc

3,394

230,100

Pharmaceuticals

-

6

.5

%

Astellas

Pharma,

Inc.

207,200

2,879,793

AstraZeneca

plc

20,416

3,810,156

Chugai

Pharmaceutical

Co.

Ltd.

31,900

1,819,992

Novartis

AG

(Registered)

94,105

14,007,292

Novo

Nordisk

A/S,

Class

B

337,183

19,850,567

Roche

Holding

AG

638

294,952

Roche

Holding

AG

-

BR

45,936

20,920,402

Sanofi

SA

1,595

150,281

Takeda

Pharmaceutical

Co.

Ltd.

116,600

3,962,253

67,695,688

Professional

Services

-

1

.7

%

Bureau

Veritas

SA

167,475

5,399,313

Intertek

Group

plc

92,510

5,666,907

Randstad

NV(b)

39,237

1,405,484

SGS

SA

(Registered)

39,875

4,805,402

17,277,106

Investments

Shares

Value

Real

Estate

Management

&

Development

-

0

.9

%

China

Resources

Land

Ltd.

520,500

$

2,044,757

CK

Asset

Holdings

Ltd.

929,000

5,452,880

Henderson

Land

Development

Co.

Ltd.(b)

512,000

2,040,212

9,537,849

Retail

REITs

-

0

.5

%

Klepierre

SA,

REIT

139,403

5,379,875

Semiconductors

&

Semiconductor

Equipment

-

10

.3

%

Advantest

Corp.

113,600

18,782,367

ASML

Holding

NV

7,155

10,347,121

Lasertec

Corp.(b)

2,900

684,111

MediaTek,

Inc.

224,590

12,560,483

Novatek

Microelectronics

Corp.

564,109

6,721,985

Realtek

Semiconductor

Corp.

103,660

1,592,616

SK

hynix,

Inc.

4,147

2,618,885

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

632,563

35,678,403

Tokyo

Electron

Ltd.

66,600

17,835,123

106,821,094

Software

-

0

.3

%

Oracle

Financial

Services

Software

Ltd.

9,570

807,318

SAP

SE

12,122

2,459,635

3,266,953

Specialty

Retail

-

1

.2

%

Chow

Tai

Fook

Jewellery

Group

Ltd.

(b)

3,636,600

6,705,384

H

&

M

Hennes

&

Mauritz

AB,

Class

B(b)

126,324

2,545,103

Industria

de

Diseno

Textil

SA

52,635

3,443,948

12,694,435

Technology

Hardware,

Storage

&

Peripherals

-

1

.3

%

Canon,

Inc.(b)

84,700

2,572,407

Catcher

Technology

Co.

Ltd.

478,970

3,051,588

Samsung

Electronics

Co.

Ltd.

72,413

8,074,397

13,698,392

Textiles,

Apparel

&

Luxury

Goods

-

0

.8

%

Bosideng

International

Holdings

Ltd.

10,532,000

6,432,723

Feng

TAY

Enterprise

Co.

Ltd.

32,123

98,196

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,914

1,245,286

7,776,205

Tobacco

-

1

.9

%

British

American

Tobacco

plc

147,697

8,869,155

Imperial

Brands

plc

189,167

7,958,858

Japan

Tobacco,

Inc.(b)

88,200

3,191,003

20,019,016

Trading

Companies

&

Distributors

-

0

.4

%

Mitsubishi

Corp.

168,200

4,467,233

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

International

Quality

Dividend

Index

Fund

(cont.)

162

Investments

Shares

Value

COMMON

STOCKS

(continued)

Transportation

Infrastructure

-

0

.9

%

Aena

SME

SA(a)

31,581

$

985,470

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

Class

B

237,655

8,283,195

9,268,665

Wireless

Telecommunication

Services

-

1

.2

%

Mobile

Telecommunications

Co.

KSCP

1,122,561

1,865,449

Tele2

AB,

Class

B(b)

403,216

7,422,299

Vodafone

Group

plc

2,096,787

3,090,237

12,377,985

Total

Common

Stocks

(Cost

$786,441,669)

1,020,424,051

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

2

.4

%

(d)

REPURCHASE

AGREEMENTS

-

2

.4

%

CF

Secured

LLC

3.66%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$10,955,943,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.63%,

maturing

1/31/2026

-

5/15/2052;

total

market

value

$11,066,764

$

10,953,716

10,953,716

Citigroup

Global

Markets,

Inc.

3.66%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$3,000,610,

collateralized

by

various

U.S.

Treasury

Securities,

4.25%,

2/15/2028;

;

total

market

value

$3,003,554

3,000,000

3,000,000

National

Bank

of

Canada

Financial

Inc.

3.80%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$4,000,844,

collateralized

by

various

Common

Stocks;

total

market

value

$4,395,894

4,000,000

4,000,000

TD

Securities

(USA)

LLC

3.73%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$3,000,622,

collateralized

by

various

Common

Stocks;

total

market

value

$3,280,046

3,000,000

3,000,000

Investments

Principal

Amount

Value

REPURCHASE

AGREEMENTS

(continued)

The

Bank

of

Nova

Scotia,

Toronto

3.79%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$4,000,842,

collateralized

by

various

Common

Stocks;

total

market

value

$4,422,241

$

4,000,000

$

4,000,000

24,953,716

Total

Securities

Lending

Reinvestments

(Cost

$24,953,716)

24,953,716

Total

Investments

-

100.9%

(Cost

$811,395,385)

1,045,377,767

Liabilities

in

excess

of

other

assets

-

(0.9%)

(8,835,853)

NET

ASSETS

-

100.0%

$1,036,541,914

*

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

January

31,

2026.

The

total

value

of

securities

on

loan

at

January

31,

2026

was

$123,494,444,

collateralized

in

the

form

of

cash

with

a

value

of

$24,953,716

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$56,144,659

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.50%,

and

maturity

dates

ranging

from

February

17,

2026

–

November

15,

2055

and

$50,823,664

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

5.50%,

and

maturity

dates

ranging

from

February

25,

2026

–

June

30,

2120;

a

total

value

of

$131,922,039.

(c)

Represents

less

than

0.05%

of

net

assets.

(d)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

January

31,

2026.

The

total

value

of

securities

purchased

was

$24,953,716.

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.

REIT

—

Real

Estate

Investment

Trust

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

International

Quality

Dividend

Index

Fund

(cont.)

163

Futures

Contracts

FlexShares

®

International

Quality

Dividend

Index

Fund

had

the

following

open

futures

contracts

as

of

January

31,

2026:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

MSCI

EAFE

E-Mini

Index

75

03/20/2026

USD

$

11,388,000

$

501,273

MSCI

Emerging

Markets

E-Mini

Index

71

03/20/2026

USD

5,398,840

433,620

$

934,893

Forward

Foreign

Currency

Contracts

FlexShares

®

International

Quality

Dividend

Index

Fund

had

the

following

outstanding

contracts

as

of

January

31,

2026:

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

BRL

*

6,845

Citibank

NA

USD

1,233

03/18/2026

$

62

CAD

621,313

Toronto-Dominion

Bank

(The)

USD

453,254

03/18/2026

6,378

JPY

125,208,000

Citibank

NA

USD

803,648

03/18/2026

10,908

USD

2,047,911

Bank

of

Montreal

HKD

15,945,000

03/18/2026

3,261

USD

63,380

Goldman

Sachs

&

Co.

HKD

492,000

03/18/2026

291

USD

671,598

Goldman

Sachs

&

Co.

INR

*

61,102,000

03/18/2026

9,209

Total

unrealized

appreciation

$

30,109

USD

82,749

Bank

of

Montreal

AUD

124,000

03/18/2026

$

(

4,111

)

USD

1,038,064

Citibank

NA

CHF

815,364

03/18/2026

(

25,704

)

USD

134,655

Citibank

NA

DKK

850,779

03/18/2026

(

1,218

)

USD

1,878,982

Morgan

Stanley

EUR

1,592,812

03/18/2026

(

19,759

)

USD

673,978

Citibank

NA

GBP

501,955

03/18/2026

(

14,793

)

USD

888,207

JPMorgan

Chase

Bank

NA

JPY

136,676,715

03/18/2026

(

960

)

USD

380,376

JPMorgan

Chase

Bank

NA

KRW

*

557,330,039

03/18/2026

(

7,425

)

USD

160,565

Morgan

Stanley

SGD

206,000

03/18/2026

(

2,250

)

Total

unrealized

depreciation

$

(

76,220

)

Net

unrealized

depreciation

$

(

46,111

)

*

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

SGD

—

Singapore

Dollar

USD

—

US

Dollar

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

International

Quality

Dividend

Index

Fund

(cont.)

164

FlexShares®

International

Quality

Dividend

Index

invested,

as

a

percentage

of

net

assets,

in

companies

domiciled

in

the

following

countries

as

of

January

31,

2026:

Australia

4‌

.1

%

Belgium

0‌

.8

Brazil

1‌

.5

Canada

5‌

.7

China

8‌

.7

Colombia

0‌

.5

Denmark

3‌

.0

Finland

1‌

.7

France

3‌

.7

Germany

2‌

.8

Greece

0‌

.7

Hong

Kong

2‌

.5

India

2‌

.2

Indonesia

2‌

.7

Israel

1‌

.1

Italy

4‌

.5

Japan

12‌

.2

Kuwait

0‌

.2

Mexico

1‌

.7

Netherlands

1‌

.6

Norway

1‌

.5

Poland

3‌

.0

Singapore

0‌

.7

South

Africa

0‌

.9

South

Korea

1‌

.3

Spain

1‌

.6

Sweden

4‌

.2

Switzerland

5‌

.6

Taiwan

8‌

.2

Thailand

0‌

.8

Turkey

0‌

.2

United

Arab

Emirates

1‌

.2

United

Kingdom

7‌

.4

Other

1

1‌

.5

100.0%

1

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

%

of

Net

Assets

Common

Stocks

98‌

.5

%

Securities

Lending

Reinvestments

2‌

.4

Others

(1)

(

0‌

.9

)

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

165

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

International

Quality

Dividend

Dynamic

Index

Fund

January

31,

2026

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

98

.7

%

Air

Freight

&

Logistics

-

0

.9

%

Deutsche

Post

AG

15,225

$

857,080

Automobile

Components

-

0

.5

%

Magna

International,

Inc.

4,400

226,182

Sumitomo

Electric

Industries

Ltd.

6,500

283,327

509,509

Automobiles

-

1

.1

%

Dr

Ing

hc

F

Porsche

AG

(Preference)

(a)

1,775

87,020

Isuzu

Motors

Ltd.

11,100

178,812

Kia

Corp.

2,850

302,147

Mercedes-Benz

Group

AG

5,000

343,749

Renault

SA

4,725

179,201

1,090,929

Banks

-

19

.0

%

ANZ

Group

Holdings

Ltd.

20,550

528,344

Banco

BPM

SpA

14,175

212,815

Bank

Mandiri

Persero

Tbk.

PT

710,000

203,884

Bank

Negara

Indonesia

Persero

Tbk.

PT

687,500

183,907

Bank

Polska

Kasa

Opieki

SA

13,000

796,980

Bank

Rakyat

Indonesia

Persero

Tbk.

PT

927,500

210,532

Barclays

plc

98,100

654,511

BNP

Paribas

SA

6,875

745,911

CaixaBank

SA

38,075

505,276

Canara

Bank

152,425

244,278

China

Merchants

Bank

Co.

Ltd.,

Class

H

92,500

566,866

Danske

Bank

A/S

16,350

837,400

DNB

Bank

ASA

2,475

71,344

FinecoBank

Banca

Fineco

SpA

17,600

467,961

Grupo

Cibest

SA

(Preference)

13,000

267,472

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

75,000

854,197

HSBC

Holdings

plc

110,175

1,943,366

ING

Bank

Slaski

SA

1,925

211,206

Intesa

Sanpaolo

SpA

105,725

750,378

KBC

Group

NV

5,775

816,870

Komercni

Banka

A/S

3,375

205,414

Mitsubishi

UFJ

Financial

Group,

Inc.

92,500

1,681,682

National

Bank

of

Canada

1,025

122,812

Nedbank

Group

Ltd.

13,400

221,703

Nordea

Bank

Abp

30,225

586,641

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

24,075

630,272

Royal

Bank

of

Canada(b)

9,618

1,610,304

Santander

Bank

Polska

SA

4,950

782,739

Sberbank

of

Russia

PJSC

(Preference)*‡

31,920

—

Investments

Shares

Value

Banks

(continued)

Skandinaviska

Enskilda

Banken

AB,

Class

A

36,950

$

798,710

Swedbank

AB,

Class

A

23,825

933,111

18,646,886

Beverages

-

0

.2

%

Budweiser

Brewing

Co.

APAC

Ltd.

(a)(b)

150,000

147,893

Broadline

Retail

-

0

.4

%

Alibaba

Group

Holding

Ltd.,

ADR(b)

2,450

415,422

Capital

Markets

-

4

.0

%

Brookfield

Asset

Management

Ltd.,

Class

A

13,775

688,165

Daiwa

Securities

Group,

Inc.

10,000

97,465

EQT

AB

5,800

221,458

Hong

Kong

Exchanges

&

Clearing

Ltd.

8,100

448,266

Julius

Baer

Group

Ltd.

8,950

751,054

Nomura

Holdings,

Inc.

97,500

893,086

Partners

Group

Holding

AG(b)

600

818,129

3,917,623

Chemicals

-

1

.1

%

BASF

SE

6,450

352,662

Evonik

Industries

AG

11,100

172,987

Shin-Etsu

Chemical

Co.

Ltd.

16,200

538,635

1,064,284

Construction

&

Engineering

-

0

.2

%

Bouygues

SA

4,225

229,248

Construction

Materials

-

0

.9

%

Holcim

AG

8,800

908,970

Consumer

Staples

Distribution

&

Retail

-

0

.0

%

(c)

Carrefour

SA

2,875

47,336

Diversified

Telecommunication

Services

-

1

.3

%

BCE,

Inc.

6,500

168,090

Telefonica

SA(b)

51,500

209,227

Telkom

Indonesia

Persero

Tbk.

PT

3,157,500

677,212

TELUS

Corp.

12,850

180,297

1,234,826

Electric

Utilities

-

2

.2

%

Enel

SpA

112,250

1,242,974

Fortum

OYJ(b)

31,350

742,740

Origin

Energy

Ltd.

25,850

213,689

2,199,403

Electrical

Equipment

-

0

.8

%

Fujikura

Ltd.

6,000

761,182

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

International

Quality

Dividend

Dynamic

Index

Fund

(cont.)

166

Investments

Shares

Value

COMMON

STOCKS

(continued)

Electronic

Equipment,

Instruments

&

Components

-

0

.2

%

TDK

Corp.

15,900

$

204,187

Energy

Equipment

&

Services

-

0

.6

%

Tenaris

SA

24,825

554,040

Financial

Services

-

0

.7

%

Banca

Mediolanum

SpA

30,975

728,144

Food

Products

-

1

.1

%

Charoen

Pokphand

Foods

PCL,

NVDR

267,500

175,981

Nestle

SA

(Registered)

1,625

154,956

WH

Group

Ltd.(a)

612,500

719,970

1,050,907

Gas

Utilities

-

1

.1

%

China

Gas

Holdings

Ltd.

590,000

584,734

ENN

Energy

Holdings

Ltd.

12,500

107,799

Grupo

Energia

Bogota

SA

ESP

226,400

202,058

Hong

Kong

&

China

Gas

Co.

Ltd.(b)

225,000

212,332

1,106,923

Health

Care

Equipment

&

Supplies

-

1

.7

%

Hoya

Corp.

5,000

838,519

Sonova

Holding

AG

(Registered)

1,600

439,452

Straumann

Holding

AG

(Registered)

(b)

3,225

389,907

1,667,878

Hotels,

Restaurants

&

Leisure

-

2

.4

%

Evolution

AB(a)(b)

2,450

160,137

Haidilao

International

Holding

Ltd.

(a)(b)

375,000

767,315

OPAP

SA

33,275

672,955

Talabat

Holding

plc

3,003,100

760,454

2,360,861

Household

Durables

-

0

.7

%

Hisense

Home

Appliances

Group

Co.

Ltd.,

Class

H(b)

62,000

181,799

Nien

Made

Enterprise

Co.

Ltd.

37,000

502,034

683,833

Household

Products

-

0

.5

%

Reckitt

Benckiser

Group

plc

2,900

242,433

Unilever

Indonesia

Tbk.

PT

2,405,000

275,819

518,252

Industrial

Conglomerates

-

3

.6

%

Astra

International

Tbk.

PT

547,500

207,127

Hitachi

Ltd.

61,000

2,119,934

Siemens

AG

(Registered)

4,050

1,234,874

3,561,935

Insurance

-

3

.8

%

Ageas

SA/NV

1,025

73,103

Investments

Shares

Value

Insurance

(continued)

BB

Seguridade

Participacoes

SA

105,000

$

748,259

Caixa

Seguridade

Participacoes

SA

177,500

586,858

Dai-ichi

Life

Holdings,

Inc.

30,000

263,030

Legal

&

General

Group

plc

69,525

252,920

Manulife

Financial

Corp.

12,225

468,272

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H(b)

46,500

432,866

Powszechny

Zaklad

Ubezpieczen

SA

35,550

704,496

Tokio

Marine

Holdings,

Inc.

5,000

185,628

3,715,432

Interactive

Media

&

Services

-

0

.8

%

Tencent

Holdings

Ltd.

10,000

775,958

IT

Services

-

1

.4

%

HCL

Technologies

Ltd.

39,150

721,650

Infosys

Ltd.

13,975

249,305

Tech

Mahindra

Ltd.

19,725

373,775

1,344,730

Life

Sciences

Tools

&

Services

-

0

.0

%

(c)

WuXi

AppTec

Co.

Ltd.,

Class

H(a)

2,500

35,597

Machinery

-

3

.5

%

FANUC

Corp.

5,400

219,451

Komatsu

Ltd.

21,700

834,042

Kone

OYJ,

Class

B

7,250

522,845

Techtronic

Industries

Co.

Ltd.

60,500

825,032

VAT

Group

AG(a)(b)

1,600

1,041,387

3,442,757

Marine

Transportation

-

2

.9

%

AP

Moller

-

Maersk

A/S,

Class

B(b)

100

248,996

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H(b)

362,500

635,908

Evergreen

Marine

Corp.

Taiwan

Ltd.

113,000

667,874

Orient

Overseas

International

Ltd.(b)

37,500

614,140

Yang

Ming

Marine

Transport

Corp.

387,000

656,683

2,823,601

Media

-

0

.7

%

Publicis

Groupe

SA

7,225

723,718

Metals

&

Mining

-

5

.9

%

Antofagasta

plc

1,400

70,084

BHP

Group

Ltd.

35,600

1,261,195

China

Hongqiao

Group

Ltd.

162,500

751,565

Fortescue

Ltd.(b)

54,500

801,779

GMK

Norilskiy

Nickel

PAO*‡

212,800

—

Kumba

Iron

Ore

Ltd.(b)

33,575

753,671

NMDC

Ltd.

213,275

188,287

Rio

Tinto

plc

7,900

730,451

Severstal

PAO*‡

7,952

—

Vale

SA

57,500

926,054

Vedanta

Ltd.

47,850

354,528

5,837,614

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

International

Quality

Dividend

Dynamic

Index

Fund

(cont.)

167

Investments

Shares

Value

COMMON

STOCKS

(continued)

Office

REITs

-

0

.2

%

Gecina

SA,

REIT

1,675

$

154,332

Oil,

Gas

&

Consumable

Fuels

-

5

.9

%

BP

plc

87,025

553,870

Canadian

Natural

Resources

Ltd.

15,050

562,701

Cenovus

Energy,

Inc.(b)

13,975

277,302

Equinor

ASA

12,050

322,620

Ovintiv,

Inc.

13,250

575,977

PTT

Exploration

&

Production

PCL,

NVDR

205,000

798,109

Shell

plc

1,400

53,677

TC

Energy

Corp.

8,625

508,526

TotalEnergies

SE

10,175

740,202

Turkiye

Petrol

Rafinerileri

A/S

41,575

234,008

United

Tractors

Tbk.

PT

312,500

484,994

Var

Energi

ASA

55,550

201,794

Woodside

Energy

Group

Ltd.(b)

15,275

271,482

Yankuang

Energy

Group

Co.

Ltd.,

Class

H(b)

134,000

195,774

5,781,036

Paper

&

Forest

Products

-

0

.2

%

UPM-Kymmene

OYJ

7,700

214,076

Passenger

Airlines

-

1

.3

%

Eva

Airways

Corp.

600,000

713,060

Singapore

Airlines

Ltd.

112,500

562,943

1,276,003

Pharmaceuticals

-

4

.6

%

AstraZeneca

plc

725

135,304

GSK

plc

17,525

451,273

Novartis

AG

(Registered)

5,475

814,940

Novo

Nordisk

A/S,

Class

B

31,775

1,870,651

Roche

Holding

AG

2,675

1,218,262

4,490,430

Professional

Services

-

1

.2

%

Bureau

Veritas

SA

17,600

567,415

Intertek

Group

plc

8,500

520,687

Randstad

NV(b)

3,575

128,058

1,216,160

Real

Estate

Management

&

Development

-

1

.2

%

CK

Asset

Holdings

Ltd.

132,000

774,790

Henderson

Land

Development

Co.

Ltd.(b)

39,000

155,407

Sun

Hung

Kai

Properties

Ltd.

17,500

281,669

1,211,866

Semiconductors

&

Semiconductor

Equipment

-

10

.7

%

Advantest

Corp.

5,300

876,290

ASML

Holding

NV

475

686,916

BE

Semiconductor

Industries

NV

1,375

269,084

Disco

Corp.

800

343,265

Lasertec

Corp.(b)

3,800

896,422

Investments

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

MediaTek,

Inc.

21,650

$

1,210,804

Novatek

Microelectronics

Corp.

54,000

643,470

SK

hynix,

Inc.

825

520,998

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

55,500

3,130,362

Tokyo

Electron

Ltd.

6,300

1,687,106

United

Microelectronics

Corp.

125,000

247,855

10,512,572

Software

-

0

.1

%

Oracle

Financial

Services

Software

Ltd.

600

50,616

SAP

SE

300

60,872

111,488

Specialty

Retail

-

2

.0

%

Chow

Tai

Fook

Jewellery

Group

Ltd.

(b)

340,000

626,913

H

&

M

Hennes

&

Mauritz

AB,

Class

B(b)

12,450

250,836

Industria

de

Diseno

Textil

SA

14,675

960,196

Zhongsheng

Group

Holdings

Ltd.

112,500

167,820

2,005,765

Technology

Hardware,

Storage

&

Peripherals

-

1

.7

%

Asustek

Computer,

Inc.

10,000

157,610

Catcher

Technology

Co.

Ltd.

25,000

159,279

Lite-On

Technology

Corp.

39,800

207,410

Logitech

International

SA

(Registered)

3,975

343,996

Pegatron

Corp.

75,000

166,111

Quanta

Computer,

Inc.

27,000

240,229

Samsung

Electronics

Co.

Ltd.

3,475

387,479

1,662,114

Textiles,

Apparel

&

Luxury

Goods

-

1

.2

%

Bosideng

International

Holdings

Ltd.

1,000,000

610,779

Cie

Financiere

Richemont

SA

(Registered)

1,500

291,312

LVMH

Moet

Hennessy

Louis

Vuitton

SE

175

113,859

Shenzhou

International

Group

Holdings

Ltd.(b)

20,000

159,545

1,175,495

Tobacco

-

1

.8

%

British

American

Tobacco

plc

13,525

812,172

Imperial

Brands

plc

17,000

715,244

Japan

Tobacco,

Inc.

8,100

293,051

1,820,467

Trading

Companies

&

Distributors

-

0

.8

%

Marubeni

Corp.(b)

11,000

364,741

Mitsui

&

Co.

Ltd.

5,000

163,199

Rexel

SA

5,825

246,282

774,222

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

International

Quality

Dividend

Dynamic

Index

Fund

(cont.)

168

Investments

Shares

Value

COMMON

STOCKS

(continued)

Transportation

Infrastructure

-

0

.8

%

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

Class

B

22,375

$

779,855

Wireless

Telecommunication

Services

-

0

.8

%

Mobile

Telecommunications

Co.

KSCP

104,450

173,573

Tele2

AB,

Class

B

19,850

365,394

Vodafone

Group

plc

196,925

290,227

829,194

Total

Common

Stocks

(Cost

$73,022,456)

97,182,033

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

3

.4

%

(d)

REPURCHASE

AGREEMENTS

-

3

.4

%

CF

Secured

LLC

3.66%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$1,909,002,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.63%,

maturing

1/31/2026

-

5/15/2052;

total

market

value

$1,928,312

$

1,908,614

1,908,614

National

Bank

of

Canada

Financial

Inc.

3.80%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$400,084,

collateralized

by

various

Common

Stocks;

total

market

value

$439,589

400,000

400,000

The

Bank

of

Nova

Scotia,

Toronto

3.79%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$1,000,211,

collateralized

by

various

Common

Stocks;

total

market

value

$1,105,560

1,000,000

1,000,000

3,308,614

Total

Securities

Lending

Reinvestments

(Cost

$3,308,614)

3,308,614

Total

Investments

-

102.1%

(Cost

$76,331,070)

100,490,647

Liabilities

in

excess

of

other

assets

-

(2.1%)

(2,093,307)

NET

ASSETS

-

100.0%

$98,397,340

*

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

January

31,

2026.

The

total

value

of

securities

on

loan

at

January

31,

2026

was

$11,390,030,

collateralized

in

the

form

of

cash

with

a

value

of

$3,308,614

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$5,965,128

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.50%,

and

maturity

dates

ranging

from

February

17,

2026

–

November

15,

2055

and

$2,946,172

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

5.50%,

and

maturity

dates

ranging

from

February

25,

2026

–

October

22,

2073;

a

total

value

of

$12,219,914.

(c)

Represents

less

than

0.05%

of

net

assets.

(d)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

January

31,

2026.

The

total

value

of

securities

purchased

was

$3,308,614.

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.

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.)

169

Futures

Contracts

FlexShares

®

International

Quality

Dividend

Dynamic

Index

Fund

had

the

following

open

futures

contracts

as

of

January

31,

2026:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

MSCI

EAFE

E-Mini

Index

6

03/20/2026

USD

$

911,040

$

32,242

MSCI

Emerging

Markets

E-Mini

Index

5

03/20/2026

USD

380,200

32,140

$

64,382

Forward

Foreign

Currency

Contracts

FlexShares

®

International

Quality

Dividend

Dynamic

Index

Fund

had

the

following

outstanding

contracts

as

of

January

31,

2026:

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

CAD

45,542

Toronto-Dominion

Bank

(The)

USD

33,223

03/18/2026

$

468

EUR

20,000

Morgan

Stanley

USD

23,471

03/18/2026

370

JPY

6,000,000

Toronto-Dominion

Bank

(The)

USD

38,542

03/18/2026

492

Total

unrealized

appreciation

$

1,330

USD

70,022

Citibank

NA

CHF

55,000

03/18/2026

$

(

1,734

)

USD

58,561

Citibank

NA

DKK

370,000

03/18/2026

(

530

)

USD

235,933

Morgan

Stanley

EUR

200,000

03/18/2026

(

2,481

)

USD

40,281

Citibank

NA

GBP

30,000

03/18/2026

(

884

)

USD

51,989

JPMorgan

Chase

Bank

NA

JPY

8,000,000

03/18/2026

(

56

)

Total

unrealized

depreciation

$

(

5,685

)

Net

unrealized

depreciation

$

(

4,355

)

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.)

170

FlexShares®

International

Quality

Dividend

Dynamic

Index

invested,

as

a

percentage

of

net

assets,

in

companies

domiciled

in

the

following

countries

as

of

January

31,

2026:

Australia

3‌

.1

%

Belgium

0‌

.9

Brazil

2‌

.3

Canada

5‌

.5

China

7‌

.7

Colombia

0‌

.5

Czech

Republic

0‌

.2

Denmark

3‌

.0

Finland

1‌

.5

France

3‌

.8

Germany

3‌

.2

Greece

0‌

.7

Hong

Kong

3‌

.6

India

2‌

.2

Indonesia

2‌

.3

Italy

4‌

.0

Japan

13‌

.9

Kuwait

0‌

.2

Mexico

1‌

.7

Netherlands

1‌

.1

Norway

0‌

.6

Poland

3‌

.2

Singapore

0‌

.6

South

Africa

1‌

.0

South

Korea

1‌

.2

Spain

1‌

.7

Sweden

3‌

.4

Switzerland

7‌

.3

Taiwan

8‌

.8

Thailand

1‌

.0

Turkey

0‌

.2

United

Arab

Emirates

0‌

.8

United

Kingdom

7‌

.5

Other

1

1‌

.3

100.0%

1

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

%

of

Net

Assets

Common

Stocks

98‌

.7

%

Securities

Lending

Reinvestments

3‌

.4

Others

(1)

(

2‌

.1

)

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

171

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund

January

31,

2026

(Unaudited)

Investments

Principal

Amount

Value

U.S.

TREASURY

OBLIGATIONS

-

99

.6

%

U.S.

Treasury

Inflation

Linked

Bonds

1.75%,

1/15/2028

$

41,134,077

$

41,773,943

3.63%,

4/15/2028

56,696,319

59,895,732

2.50%,

1/15/2029

139,464,486

145,212,069

3.88%,

4/15/2029

249,237,692

270,619,145

U.S.

Treasury

Inflation

Linked

Notes

0.13%,

4/15/2027

76,525,310

75,731,268

0.38%,

7/15/2027

82,773,375

82,483,444

1.63%,

10/15/2027

74,084,479

75,226,729

0.50%,

1/15/2028

86,300,235

85,560,719

1.25%,

4/15/2028

73,058,690

73,399,837

0.75%,

7/15/2028

80,087,870

79,894,345

2.38%,

10/15/2028

291,087,116

302,317,984

0.88%,

1/15/2029

304,033,985

302,387,732

2.13%,

4/15/2029

295,342,557

304,444,129

0.25%,

7/15/2029

85,384,881

83,201,590

1.63%,

10/15/2029

80,933,386

82,533,164

0.13%,

1/15/2030

87,498,020

83,908,597

1.63%,

4/15/2030

89,621,964

90,967,853

0.13%,

7/15/2030

91,308,471

87,173,987

1.13%,

10/15/2030

95,620,765

95,123,565

0.13%,

1/15/2031

90,558,095

85,403,683

Total

U.S.

Treasury

Obligations

(Cost

$2,480,005,446)

2,507,259,515

Total

Investments

-

99.6%

(Cost

$2,480,005,446)

2,507,259,515

Other

assets

less

liabilities

-

0.4%

9,986,751

NET

ASSETS

-

100.0%

$2,517,246,266

Percentages

shown

are

based

on

Net

Assets.

Security

Type

%

of

Net

Assets

U.S.

Treasury

Obligations

99‌

.6

%

Others

(1)

0‌

.4

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

172

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares

®

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund

January

31,

2026

(Unaudited)

Investments

Principal

Amount

Value

U.S.

TREASURY

OBLIGATIONS

-

99

.8

%

U.S.

Treasury

Inflation

Linked

Bonds

3.88%,

4/15/2029

$

31,331,172

$

34,018,992

3.38%,

4/15/2032

19,626,278

21,837,551

U.S.

Treasury

Inflation

Linked

Notes

2.13%,

4/15/2029

37,281,830

38,430,745

0.25%,

7/15/2029

41,453,831

40,393,856

1.63%,

10/15/2029

39,295,492

40,072,230

0.13%,

1/15/2030

42,482,301

40,739,554

1.63%,

4/15/2030

43,512,777

44,166,226

0.13%,

7/15/2030(a)

115,866,237

110,619,768

1.13%,

10/15/2030

116,418,692

115,813,350

0.13%,

1/15/2031

114,909,957

108,369,477

0.13%,

7/15/2031

120,190,687

112,664,370

0.13%,

1/15/2032

48,352,409

44,682,219

0.63%,

7/15/2032

43,893,546

41,594,700

1.13%,

1/15/2033

44,565,721

43,165,092

1.38%,

7/15/2033

41,384,657

40,694,713

1.75%,

1/15/2034

44,491,674

44,579,972

1.88%,

7/15/2034

46,575,716

47,102,906

Total

U.S.

Treasury

Obligations

(Cost

$958,864,391)

968,945,721

Total

Investments

-

99.8%

(Cost

$958,864,391)

968,945,721

Other

assets

less

liabilities

-

0.2%

1,812,385

NET

ASSETS

-

100.0%

$970,758,106

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

January

31,

2026.

The

total

value

of

securities

on

loan

at

January

31,

2026

was

$80,228,104,

collateralized

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.50%,

and

maturity

dates

ranging

from

July

31,

2026

–

February

15,

2044;

a

total

value

of

$81,862,757.

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).

173

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

Disciplined

Duration

MBS

Index

Fund

January

31,

2026

(Unaudited)

Investments

Principal

Amount

Value

MORTGAGE-BACKED

SECURITIES

-

99

.3

%

FHLMC

2.50%,

4/1/2028

$

454,742

$

449,751

2.50%,

5/1/2028

176,918

174,552

2.50%,

6/1/2028

201,397

198,607

3.00%,

6/1/2029

280,907

277,408

3.00%,

8/1/2029

261,793

260,116

2.50%,

12/1/2030

510,809

496,214

3.00%,

1/1/2032

642,716

628,780

2.50%,

2/1/2032

800,533

774,103

3.00%,

9/1/2032

425,122

415,617

5.00%,

5/1/2034

25,290

25,454

5.00%,

7/1/2035

7,205

7,323

5.00%,

10/1/2035

11,675

11,976

5.00%,

12/1/2035

52,342

53,645

6.00%,

1/1/2037

38,671

40,864

6.00%,

4/1/2037

21,728

22,958

6.00%,

5/1/2037

33,588

35,484

5.00%,

2/1/2038

27,851

28,525

5.00%,

7/1/2038

32,351

33,207

5.00%,

10/1/2038

28,545

29,300

5.00%,

2/1/2039

66,413

68,059

5.00%,

5/1/2039

35,744

36,689

5.00%,

6/1/2039

11,995

12,312

5.00%,

7/1/2039

34,418

35,330

5.00%,

9/1/2039

3,272

3,359

6.00%,

11/1/2039

22,177

23,429

5.00%,

1/1/2040

9,783

10,042

6.00%,

4/1/2040

24,788

26,084

6.00%,

5/1/2040

61,108

64,512

6.00%,

7/1/2040

89,998

95,081

4.00%,

1/1/2041

8,976

8,851

5.00%,

5/1/2041

82,206

84,381

3.50%,

11/1/2041

45,703

43,810

3.00%,

3/1/2042

7,476

6,931

3.00%,

4/1/2042

56,551

52,429

3.00%,

6/1/2042

48,875

45,313

3.50%,

7/1/2042

454,359

432,751

3.00%,

8/1/2042

26,782

24,830

3.00%,

12/1/2042

56,865

52,717

3.00%,

1/1/2043

30,411

28,176

3.00%,

2/1/2043

15,211

14,150

3.00%,

4/1/2043

19,783

18,310

3.00%,

6/1/2043

11,096

10,288

3.50%,

8/1/2043

508,979

483,352

3.00%,

10/1/2043

39,189

36,297

4.00%,

8/1/2044

8,639

8,420

5.00%,

8/1/2044

22,145

22,729

4.00%,

1/1/2045

26,531

25,880

4.00%,

2/1/2045

56,072

55,145

4.50%,

2/1/2045

305,509

303,437

4.00%,

8/1/2045

64,267

62,663

4.00%,

9/1/2045

10,667

10,400

4.00%,

10/1/2045

108,890

106,139

4.00%,

11/1/2045

22,372

21,809

Investments

Principal

Amount

Value

4.00%,

12/1/2045

$

9,169

$

8,938

4.00%,

1/1/2046

29,123

28,401

2.50%,

9/1/2046

18,142

15,872

3.00%,

11/1/2046

17,189

15,774

FHLMC

UMBS

3.00%,

8/1/2026

3,960

3,938

3.00%,

1/1/2027

10,701

10,632

3.00%,

2/1/2027

6,722

6,678

3.00%,

4/1/2027

41,613

41,294

2.50%,

6/1/2027

5,818

5,756

2.50%,

3/1/2028

246,422

243,000

2.50%,

7/1/2028

797,827

785,607

2.50%,

8/1/2030

467,471

454,551

2.50%,

11/1/2030

13,181

12,941

3.00%,

5/1/2031

14,639

14,431

2.00%,

8/1/2031

16,521

15,832

2.00%,

11/1/2031

26,177

25,049

2.00%,

1/1/2032

53,084

50,748

2.00%,

2/1/2032

57,300

54,566

2.00%,

12/1/2032

231,660

221,153

3.00%,

4/1/2033

549,516

543,462

2.50%,

8/1/2034

949,606

907,340

2.00%,

10/1/2035

766,225

709,765

1.50%,

11/1/2035

459,826

417,915

1.50%,

2/1/2036

509,634

461,598

2.00%,

3/1/2036

288,252

267,494

1.50%,

4/1/2036

226,704

205,263

2.50%,

4/1/2037

579,036

547,764

4.50%,

9/1/2037

655,029

656,510

5.00%,

3/1/2038

34,080

34,940

5.00%,

7/1/2039

54,085

55,452

3.00%,

9/1/2039

78,627

73,808

3.00%,

10/1/2039

22,032

20,809

4.00%,

10/1/2039

1,634,577

1,613,168

5.00%,

10/1/2039

16,753

17,176

3.00%,

11/1/2039

86,643

81,284

5.00%,

1/1/2040

16,127

16,591

5.00%,

3/1/2040

26,495

27,165

5.00%,

5/1/2040

37,480

38,427

6.00%,

5/1/2040

612,909

651,175

2.00%,

7/1/2040

85,689

75,894

1.50%,

10/1/2040

445,231

379,493

3.50%,

12/1/2040

32,704

31,326

2.00%,

1/1/2041

135,006

119,464

2.00%,

2/1/2041

422,227

372,510

1.50%,

3/1/2041

580,620

494,938

2.00%,

3/1/2041

489,683

433,693

4.50%,

3/1/2041

56,213

56,442

4.50%,

4/1/2041

10,931

10,981

1.50%,

5/1/2041

478,561

406,948

2.00%,

6/1/2041

660,328

579,228

2.50%,

6/1/2041

375,067

339,242

2.00%,

10/1/2041

414,581

362,305

4.00%,

1/1/2042

40,248

39,549

5.00%,

2/1/2042

32,329

33,146

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Disciplined

Duration

MBS

Index

Fund

(cont.)

174

Investments

Principal

Amount

Value

MORTGAGE-BACKED

SECURITIES

(continued)

3.50%,

11/1/2042

$

60,749

$

57,659

3.50%,

1/1/2043

26,663

25,456

3.50%,

2/1/2043

19,313

18,340

2.50%,

6/1/2043

305,205

273,225

4.00%,

12/1/2043

8,755

8,554

4.50%,

3/1/2044

40,574

40,671

4.00%,

6/1/2044

3,077

2,993

4.50%,

7/1/2044

14,610

14,552

4.00%,

8/1/2044

9,335

9,088

4.50%,

12/1/2044

10,009

10,019

4.00%,

2/1/2045

11,214

11,016

4.50%,

9/1/2045

8,074

8,076

4.00%,

10/1/2045

29,660

28,882

4.00%,

12/1/2045

15,001

14,650

4.50%,

12/1/2045

389,642

390,025

3.00%,

1/1/2046

31,538

28,941

4.00%,

1/1/2046

25,064

24,423

4.00%,

2/1/2046

184,091

180,585

4.50%,

4/1/2046

23,515

23,538

4.00%,

11/1/2046

132,558

128,197

4.50%,

3/1/2047

321,268

320,891

2.00%,

6/1/2051

728,632

595,037

2.00%,

5/1/2052

1,221,871

994,015

6.50%,

2/1/2053

66,215

69,080

6.00%,

10/1/2053

300,138

307,949

7.00%,

12/1/2053

263,755

275,898

6.50%,

4/1/2054

155,336

160,714

6.50%,

8/1/2054

338,624

350,346

6.00%,

9/1/2054

881,791

904,522

6.00%,

9/1/2055

583,451

606,543

FNMA

UMBS

3.00%,

11/1/2026

85,404

84,880

3.00%,

12/1/2026

27,572

27,412

3.00%,

1/1/2027

9,266

9,206

3.00%,

2/1/2027

12,633

12,548

3.00%,

4/1/2027

408,387

405,504

3.00%,

6/1/2027

56,809

56,377

3.00%,

8/1/2027

61,688

61,139

3.00%,

10/1/2027

22,110

21,920

3.00%,

11/1/2027

20,962

20,785

2.50%,

12/1/2027

53,447

52,777

2.50%,

1/1/2028

281,454

277,259

2.50%,

4/1/2028

17,317

17,080

2.00%,

5/1/2028

78,280

76,767

2.50%,

9/1/2028

13,331

13,165

3.00%,

2/1/2029

40,876

40,409

2.50%,

3/1/2029

70,862

69,894

2.50%,

6/1/2029

22,936

22,666

3.00%,

8/1/2029

862,243

850,328

3.50%,

12/1/2029

291,320

289,117

3.50%,

4/1/2030

324,219

321,882

2.50%,

7/1/2030

64,936

64,049

3.00%,

7/1/2030

238,207

235,488

2.50%,

8/1/2030

264,805

257,583

3.00%,

9/1/2030

385,873

381,816

3.00%,

12/1/2030

797,543

783,663

Investments

Principal

Amount

Value

2.50%,

2/1/2031

$

266,746

$

260,622

3.50%,

2/1/2031

304,429

302,566

2.50%,

3/1/2031

143,045

140,559

2.00%,

9/1/2031

13,605

13,035

2.00%,

11/1/2031

32,554

31,170

3.50%,

12/1/2031

297,742

293,517

2.00%,

2/1/2032

402,375

392,715

3.50%,

2/1/2032

884,107

871,394

3.00%,

12/1/2032

930,670

912,383

6.00%,

12/1/2032

5,484

5,677

6.00%,

4/1/2033

4,324

4,478

6.00%,

8/1/2034

21,001

21,650

6.50%,

9/1/2034

53,531

55,928

6.00%,

12/1/2034

90,948

94,593

3.50%,

1/1/2035

103,340

100,704

3.00%,

2/1/2035

332,439

327,222

3.00%,

7/1/2035

522,507

511,742

5.00%,

8/1/2035

13,438

13,744

1.50%,

10/1/2035

114,306

103,536

6.00%,

11/1/2035

18,870

19,598

5.00%,

12/1/2035

29,643

30,335

6.00%,

6/1/2036

28,177

29,739

2.00%,

7/1/2036

663,909

613,918

5.00%,

7/1/2036

13,077

13,382

6.50%,

8/1/2036

8,780

9,217

2.50%,

11/1/2036

249,403

233,575

6.00%,

11/1/2036

28,403

29,975

1.50%,

2/1/2037

662,444

598,319

2.50%,

4/1/2037

592,311

554,972

1.50%,

8/1/2037

229,427

207,787

6.00%,

8/1/2037

87,986

91,530

6.00%,

9/1/2037

12,352

13,037

6.50%,

10/1/2037

23,547

24,771

5.00%,

3/1/2038

34,628

35,503

5.00%,

5/1/2038

25,710

26,294

6.00%,

5/1/2038

9,849

10,396

4.50%,

7/1/2038

621,453

622,859

6.00%,

9/1/2038

17,935

18,931

5.50%,

11/1/2038

655,663

674,760

5.50%,

2/1/2039

874,880

894,639

5.00%,

6/1/2039

29,018

29,749

6.00%,

9/1/2039

1,248,974

1,294,879

5.00%,

10/1/2039

30,386

31,154

3.00%,

1/1/2040

27,595

25,869

5.00%,

2/1/2040

26,266

27,170

3.00%,

6/1/2040

325,162

304,586

5.00%,

6/1/2040

9,222

9,455

6.00%,

6/1/2040

892,355

926,409

4.00%,

8/1/2040

1,338,669

1,315,035

3.00%,

9/1/2040

285,984

267,895

3.50%,

1/1/2041

24,965

23,957

1.50%,

2/1/2041

638,701

544,967

3.50%,

2/1/2041

16,872

16,179

1.50%,

4/1/2041

348,180

296,365

4.50%,

5/1/2041

29,646

29,766

5.00%,

5/1/2041

23,937

24,543

6.00%,

5/1/2041

16,514

17,431

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Disciplined

Duration

MBS

Index

Fund

(cont.)

175

Investments

Principal

Amount

Value

MORTGAGE-BACKED

SECURITIES

(continued)

4.50%,

6/1/2041

$

8,974

$

9,010

2.50%,

7/1/2041

455,802

410,317

5.00%,

7/1/2041

308,005

315,793

6.00%,

7/1/2041

18,295

19,284

4.50%,

8/1/2041

81,754

82,093

5.00%,

8/1/2041

44,289

45,408

4.00%,

9/1/2041

121,597

119,481

4.50%,

9/1/2041

52,776

52,991

3.50%,

10/1/2041

95,666

91,517

4.00%,

10/1/2041

38,366

37,557

5.00%,

10/1/2041

45,679

46,835

4.00%,

11/1/2041

53,143

52,215

4.00%,

12/1/2041

13,283

13,041

4.00%,

1/1/2042

111,284

108,222

4.50%,

1/1/2042

13,337

13,391

6.00%,

1/1/2042

44,532

47,005

3.00%,

3/1/2042

19,283

17,857

4.00%,

3/1/2042

59,019

58,217

3.00%,

4/1/2042

35,900

33,245

4.50%,

4/1/2042

56,425

56,689

3.50%,

5/1/2042

17,608

16,676

4.50%,

5/1/2042

46,358

46,345

3.50%,

6/1/2042

30,862

29,391

3.50%,

7/1/2042

88,034

83,898

4.00%,

7/1/2042

77,448

76,051

3.50%,

8/1/2042

30,690

29,196

3.00%,

9/1/2042

51,399

47,597

3.50%,

9/1/2042

10,360

9,880

4.00%,

9/1/2042

48,032

47,098

3.00%,

10/1/2042

97,445

90,239

3.50%,

10/1/2042

18,576

17,672

2.50%,

12/1/2042

181,727

163,023

3.00%,

12/1/2042

98,527

91,239

2.50%,

1/1/2043

6,368

5,713

3.00%,

1/1/2043

101,958

94,321

3.50%,

1/1/2043

29,563

28,065

4.00%,

1/1/2043

50,986

50,079

4.50%,

1/1/2043

131,340

131,874

2.50%,

2/1/2043

238,520

213,270

3.00%,

2/1/2043

136,588

126,426

3.50%,

2/1/2043

51,916

49,430

3.50%,

3/1/2043

61,746

59,020

2.50%,

5/1/2043

9,520

8,505

2.50%,

6/1/2043

5,070

4,579

4.00%,

8/1/2043

28,777

28,134

4.00%,

9/1/2043

69,279

67,846

4.50%,

9/1/2043

21,448

21,487

4.00%,

10/1/2043

82,657

80,786

4.00%,

11/1/2043

184,164

180,810

4.50%,

11/1/2043

62,528

62,589

4.50%,

12/1/2043

49,513

49,480

4.00%,

1/1/2044

67,769

66,224

4.50%,

2/1/2044

13,364

13,377

4.50%,

3/1/2044

81,475

82,872

5.00%,

3/1/2044

12,043

12,286

4.00%,

4/1/2044

639,917

623,134

Investments

Principal

Amount

Value

4.50%,

4/1/2044

$

141,676

$

141,873

5.00%,

6/1/2044

22,512

23,057

4.00%,

10/1/2044

25,756

25,221

4.50%,

10/1/2044

5,925

5,931

4.50%,

12/1/2044

25,061

25,086

4.00%,

2/1/2045

20,476

19,952

4.50%,

2/1/2045

82,155

82,236

4.00%,

4/1/2045

17,631

17,210

4.00%,

8/1/2045

8,847

8,617

5.00%,

9/1/2045

465,353

469,959

4.00%,

11/1/2045

51,479

50,225

4.50%,

11/1/2045

55,757

55,861

4.00%,

12/1/2045

107,521

105,298

4.00%,

2/1/2046

5,638

5,530

4.50%,

3/1/2046

86,525

86,708

4.00%,

4/1/2046

8,343

8,135

2.50%,

6/1/2046

57,640

51,551

4.50%,

6/1/2046

64,451

64,515

4.50%,

7/1/2046

12,899

12,898

4.50%,

8/1/2046

9,816

9,826

2.50%,

10/1/2046

47,987

41,931

4.50%,

10/1/2046

22,165

22,123

2.50%,

12/1/2046

15,786

13,775

4.50%,

1/1/2047

20,509

20,500

4.00%,

2/1/2047

22,466

21,922

4.50%,

2/1/2047

24,950

24,975

4.50%,

5/1/2047

374,732

371,376

4.50%,

7/1/2047

49,821

49,870

5.00%,

7/1/2047

20,229

20,739

5.00%,

8/1/2048

946,160

964,270

3.50%,

11/1/2048

770,429

727,695

5.50%,

2/1/2049

1,158,941

1,210,933

6.00%,

2/1/2049

55,124

58,219

4.50%,

7/1/2049

347,034

344,448

4.50%,

11/1/2049

358,240

358,464

4.00%,

1/1/2050

474,738

459,566

3.50%,

7/1/2050

826,662

782,875

4.00%,

7/1/2050

586,261

566,067

4.50%,

9/1/2050

854,591

857,843

4.50%,

10/1/2050

954,069

950,297

1.50%,

2/1/2051

618,511

479,435

1.50%,

10/1/2051

1,189,981

922,143

2.50%,

2/1/2052

1,016,556

870,416

3.00%,

6/1/2052

1,253,853

1,113,247

3.00%,

7/1/2052

1,232,003

1,094,180

5.00%,

11/1/2052

769,258

772,386

6.50%,

11/1/2052

63,562

66,900

6.50%,

1/1/2053

162,662

168,294

6.50%,

2/1/2053

842,615

873,708

6.50%,

11/1/2053

514,508

532,880

7.00%,

12/1/2053

333,862

349,028

7.00%,

3/1/2054

411,230

429,910

6.50%,

8/1/2054

242,800

251,205

7.00%,

11/1/2054

835,688

873,899

7.00%,

3/1/2055

811,334

848,191

6.50%,

5/1/2055

540,116

558,815

5.50%,

6/1/2055

920,235

933,433

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Disciplined

Duration

MBS

Index

Fund

(cont.)

176

Investments

Principal

Amount

Value

MORTGAGE-BACKED

SECURITIES

(continued)

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

2.50%,

2/25/2041

$

600,000

$

566,514

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

4.00%,

2/25/2056

1,000,000

954,931

TBA

5.00%,

2/25/2056

1,200,000

1,199,669

TBA

6.50%,

2/25/2056

1,200,000

1,242,656

GNMA

5.50%,

8/20/2033

16,420

16,834

5.50%,

11/20/2033

15,543

15,941

5.50%,

3/20/2034

18,996

19,654

5.50%,

7/20/2034

12,250

12,598

5.50%,

9/20/2034

5,609

5,814

5.50%,

3/20/2036

41,996

43,530

5.50%,

9/20/2038

27,595

28,570

5.50%,

2/20/2039

45,464

47,085

4.50%,

5/15/2039

1,491,305

1,497,175

5.00%,

8/15/2039

785,367

802,275

4.00%,

6/15/2040

220,288

213,963

4.00%,

8/15/2040

225,481

218,990

4.00%,

11/15/2040

170,604

165,538

5.50%,

12/20/2040

12,896

13,289

5.50%,

1/20/2041

13,558

14,054

4.00%,

9/15/2041

685,145

660,590

5.50%,

12/20/2041

33,389

33,978

5.50%,

2/20/2042

9,251

9,589

3.00%,

4/15/2042

783,390

725,250

3.50%,

6/15/2042

349,562

330,936

2.50%,

3/20/2043

30,424

27,189

2.50%,

5/20/2043

43,685

39,006

5.50%,

3/20/2044

36,229

37,553

4.50%,

10/20/2044

90,191

90,089

2.50%,

11/20/2044

29,595

26,479

5.00%,

6/20/2045

109,471

112,199

4.00%,

8/15/2045

677,424

652,432

4.50%,

12/20/2045

186,763

186,494

4.50%,

4/20/2046

216,949

216,637

5.00%,

5/20/2046

264,317

270,902

3.50%,

6/15/2046

1,352,226

1,271,118

Investments

Principal

Amount

Value

3.50%,

10/20/2047

$

302,825

$

283,863

4.00%,

2/20/2048

705,875

680,157

5.00%,

5/20/2048

95,612

97,409

5.50%,

1/20/2049

218,920

225,046

5.50%,

7/20/2049

5,820

6,004

2.50%,

10/20/2050

974,802

846,820

2.00%,

12/20/2051

1,078,935

897,940

4.00%,

12/20/2051

311,522

297,447

2.00%,

2/20/2052

1,111,890

925,372

2.50%,

3/20/2052

973,145

843,419

5.50%,

12/20/2052

451,015

459,669

6.00%,

12/20/2052

295,867

304,921

6.50%,

12/20/2052

817,837

849,616

7.50%,

2/20/2053

110,183

114,380

7.50%,

3/20/2053

163,997

170,155

6.50%,

6/20/2053

421,659

437,352

7.00%,

8/20/2053

364,169

376,646

6.50%,

10/20/2053

589,710

611,012

7.00%,

10/20/2053

100,049

103,468

7.50%,

2/20/2054

234,394

242,943

6.50%,

7/20/2054

286,941

296,842

7.00%,

7/20/2054

600,858

620,236

6.50%,

8/20/2054

243,780

252,256

7.50%,

8/20/2054

157,138

162,419

7.00%,

9/20/2054

583,469

601,520

7.00%,

5/20/2055

714,074

735,377

Total

Mortgage-Backed

Securities

(Cost

$93,866,781)

92,055,432

Total

Investments

-

99.3%

(Cost

$93,866,781)

92,055,432

Other

assets

less

liabilities

-

0.7%

626,267

NET

ASSETS

-

100.0%

$92,681,699

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

FHLMC

—

Federal

Home

Loan

Mortgage

Corp.

FNMA

—

Federal

National

Mortgage

Association

GNMA

—

Government

National

Mortgage

Association

TBA

—

To

Be

Announced;

Security

is

subject

to

delayed

delivery.

UMBS

—

Uniform

Mortgage-Backed

Securities

Security

Type

%

of

Net

Assets

Mortgage-Backed

Securities

99‌

.3

%

Others

(1)

0‌

.7

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

177

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

January

31,

2026

(Unaudited)

Investments

Principal

Amount

Value

CORPORATE

BONDS

-

98

.7

%

Aerospace

&

Defense

-

1

.4

%

General

Dynamics

Corp.

2.63%,

11/15/2027

$

25,000

$

24,585

3.63%,

4/1/2030

95,000

93,226

General

Electric

Co.

6.75%,

3/15/2032(a)

310,000

350,227

HEICO

Corp.

5.25%,

8/1/2028

400,000

410,737

5.35%,

8/1/2033

400,000

413,408

Hexcel

Corp.

4.20%,

2/15/2027(b)

200,000

199,695

5.88%,

2/26/2035(a)

200,000

209,915

Howmet

Aerospace,

Inc.

6.75%,

1/15/2028

110,000

115,653

3.00%,

1/15/2029(a)

1,200,000

1,167,209

4.85%,

10/15/2031

350,000

359,311

L3Harris

Technologies,

Inc.

5.40%,

1/15/2027(a)

320,000

324,416

5.05%,

6/1/2029

70,000

71,920

5.40%,

7/31/2033(a)

1,050,000

1,093,296

Leidos,

Inc.

4.38%,

5/15/2030

552,000

551,517

2.30%,

2/15/2031

300,000

270,371

5.40%,

3/15/2032

300,000

311,883

5.75%,

3/15/2033

630,000

664,797

5.50%,

3/15/2035

350,000

363,246

Northrop

Grumman

Systems

Corp.

7.75%,

2/15/2031

490,000

565,229

RTX

Corp.

3.13%,

5/4/2027

320,000

316,961

Textron,

Inc.

3.65%,

3/15/2027(a)

620,000

617,568

3.90%,

9/17/2029

200,000

197,806

3.00%,

6/1/2030(a)

150,000

142,128

6.10%,

11/15/2033

150,000

161,393

5.50%,

5/15/2035(a)

250,000

258,066

9,254,563

Air

Freight

&

Logistics

-

0

.1

%

CH

Robinson

Worldwide,

Inc.

4.20%,

4/15/2028(a)

500,000

500,810

Automobile

Components

-

0

.1

%

Aptiv

Swiss

Holdings

Ltd.

4.65%,

9/13/2029(a)

200,000

204,110

BorgWarner,

Inc.

2.65%,

7/1/2027(a)

380,000

372,822

Lear

Corp.

4.25%,

5/15/2029

280,000

279,313

856,245

Banks

-

22

.8

%

Banco

Bilbao

Vizcaya

Argentaria

SA

6.14%,

9/14/2028(a)(c)

250,000

258,573

7.88%,

11/15/2034(c)

500,000

581,024

6.03%,

3/13/2035(c)

600,000

636,133

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

-

22.8%

(continued)

Banco

Santander

SA

4.38%,

4/12/2028(a)

$

400,000

$

402,363

6.92%,

8/8/2033

200,000

220,515

6.94%,

11/7/2033

200,000

228,018

6.35%,

3/14/2034(a)

750,000

803,663

Bank

of

America

Corp.

3.59%,

7/21/2028(c)

1,030,000

1,023,786

4.95%,

7/22/2028(c)

585,000

593,058

6.20%,

11/10/2028(c)

69,000

71,596

3.97%,

3/5/2029(c)

90,000

89,867

5.20%,

4/25/2029(a)(c)

260,000

266,329

4.27%,

7/23/2029(a)(c)

220,000

221,045

5.82%,

9/15/2029(c)

430,000

448,450

2.59%,

4/29/2031(c)

325,000

303,127

1.90%,

7/23/2031(c)

390,000

350,862

1.92%,

10/24/2031(c)

40,000

35,783

Series

N,

2.65%,

3/11/2032(a)

(c)

90,000

82,623

2.30%,

7/21/2032(c)

220,000

196,596

2.57%,

10/20/2032(c)

390,000

351,870

5.02%,

7/22/2033(c)

40,000

40,794

5.29%,

4/25/2034(c)

241,000

247,570

5.87%,

9/15/2034(c)

40,000

42,487

5.47%,

1/23/2035(c)

430,000

445,859

5.43%,

8/15/2035(a)(c)

885,000

898,793

5.52%,

10/25/2035(c)

1,250,000

1,275,751

5.74%,

2/12/2036(c)

520,000

537,663

2.48%,

9/21/2036(c)

755,000

662,601

3.85%,

3/8/2037(a)(c)

1,575,000

1,478,608

Bank

of

Montreal

5.72%,

9/25/2028(a)

100,000

104,205

3.80%,

12/15/2032(c)

1,115,000

1,103,825

7.70%,

5/26/2084(c)

500,000

531,683

7.30%,

11/26/2084(c)

600,000

640,105

Bank

of

Nova

Scotia

(The)

4.93%,

2/14/2029(a)(c)

840,000

855,955

5.13%,

2/14/2031(c)

860,000

885,006

2.15%,

8/1/2031

100,000

89,091

8.63%,

10/27/2082(c)

3,880,000

4,108,939

8.00%,

1/27/2084(c)

670,000

717,362

7.35%,

4/27/2085(c)

480,000

502,774

6.88%,

10/27/2085(c)

700,000

718,766

BankUnited,

Inc.

5.13%,

6/11/2030

180,000

180,946

Barclays

plc

7.44%,

11/2/2033(c)

190,000

217,242

7.12%,

6/27/2034(c)

470,000

524,271

6.69%,

9/13/2034(c)

250,000

276,171

5.34%,

9/10/2035(a)(c)

500,000

506,494

3.56%,

9/23/2035(a)(c)

300,000

284,029

Canadian

Imperial

Bank

of

Commerce

5.24%,

6/28/2027

50,000

50,929

5.99%,

10/3/2028

50,000

52,424

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)

Banks

-

22.8%

(continued)

Canadian

Imperial

Bank

of

Commerce

(continued)

4.86%,

3/30/2029(c)

$

1,460,000

$

1,484,310

5.26%,

4/8/2029

120,000

124,154

5.25%,

1/13/2031(a)(c)

400,000

412,771

4.58%,

9/8/2031(a)(c)

420,000

422,947

6.09%,

10/3/2033(a)

400,000

433,278

6.95%,

1/28/2085(a)(c)

400,000

412,670

7.00%,

10/28/2085(c)

400,000

415,594

Capital

One

NA

4.65%,

9/13/2028

427,000

433,296

Citigroup,

Inc.

4.45%,

9/29/2027

2,540,000

2,556,388

3.89%,

1/10/2028(c)

300,000

299,623

3.07%,

2/24/2028(a)(c)

1,710,000

1,693,198

4.64%,

5/7/2028(a)(c)

230,000

231,764

4.66%,

5/24/2028(c)

350,000

352,969

3.67%,

7/24/2028(c)

1,610,000

1,602,250

3.52%,

10/27/2028(c)

886,000

878,658

4.08%,

4/23/2029(c)

250,000

250,165

5.17%,

2/13/2030(a)(c)

450,000

462,376

3.98%,

3/20/2030(c)

250,000

248,143

4.54%,

9/19/2030(c)

650,000

655,377

2.98%,

11/5/2030(c)

600,000

571,835

2.67%,

1/29/2031(a)(c)

976,000

914,361

4.95%,

5/7/2031(a)(c)

350,000

357,168

2.57%,

6/3/2031(c)

500,000

463,573

2.56%,

5/1/2032(c)

450,000

408,194

3.06%,

1/25/2033(c)

291,000

266,451

3.79%,

3/17/2033(c)

580,000

551,864

4.91%,

5/24/2033(a)(c)

450,000

454,714

6.27%,

11/17/2033(a)(c)

403,000

438,610

6.17%,

5/25/2034(c)

2,120,000

2,244,618

5.59%,

11/19/2034(c)

900,000

926,246

5.83%,

2/13/2035(c)

1,700,000

1,757,702

5.45%,

6/11/2035(c)

375,000

386,540

6.02%,

1/24/2036(c)

450,000

469,127

5.33%,

3/27/2036(c)

150,000

152,888

5.17%,

9/11/2036(c)

50,000

50,212

5.41%,

9/19/2039(c)

600,000

599,788

Citizens

Bank

NA

4.58%,

8/9/2028(a)(c)

170,000

171,254

Citizens

Financial

Group,

Inc.

5.84%,

1/23/2030(c)

1,090,000

1,136,923

5.72%,

7/23/2032(c)

500,000

523,680

6.65%,

4/25/2035(c)

250,000

273,784

5.64%,

5/21/2037(c)

50,000

50,990

Comerica

Bank

5.33%,

8/25/2033(c)

250,000

252,482

Comerica,

Inc.

4.00%,

2/1/2029

583,000

579,599

5.98%,

1/30/2030(c)

420,000

439,035

Cooperatieve

Rabobank

UA

5.04%,

3/5/2027

150,000

152,018

4.80%,

1/9/2029

250,000

255,964

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

-

22.8%

(continued)

Cooperatieve

Rabobank

UA

(continued)

4.49%,

10/17/2029(a)

$

250,000

$

254,621

Fifth

Third

Bancorp

4.06%,

4/25/2028(c)

150,000

149,916

6.36%,

10/27/2028(a)(c)

955,000

991,491

6.34%,

7/27/2029(c)

325,000

341,684

4.77%,

7/28/2030(a)(c)

776,000

786,438

5.63%,

1/29/2032(a)(c)

450,000

471,477

4.34%,

4/25/2033(a)(c)

150,000

146,935

First

Citizens

BancShares,

Inc.

5.23%,

3/12/2031(a)(c)

350,000

355,132

5.60%,

9/5/2035(a)(c)

20,000

20,020

6.25%,

3/12/2040(a)(c)

350,000

356,017

First

Horizon

Corp.

5.51%,

3/7/2031(c)

250,000

257,446

First-Citizens

Bank

&

Trust

Co.

6.13%,

3/9/2028

200,000

207,005

FNB

Corp.

5.72%,

12/11/2030(a)(c)

300,000

306,825

HSBC

Holdings

plc

4.04%,

3/13/2028(c)

1,064,000

1,063,818

5.60%,

5/17/2028(a)(c)

650,000

662,375

4.76%,

6/9/2028(c)

1,180,000

1,190,253

5.21%,

8/11/2028(a)(c)

1,000,000

1,016,448

2.01%,

9/22/2028(c)

2,750,000

2,660,471

7.39%,

11/3/2028(c)

883,000

931,829

5.13%,

11/19/2028(c)

200,000

203,621

4.90%,

3/3/2029(a)(c)

250,000

253,735

6.16%,

3/9/2029(a)(c)

300,000

311,890

4.58%,

6/19/2029(c)

1,120,000

1,130,566

2.21%,

8/17/2029(c)

1,050,000

1,000,499

5.55%,

3/4/2030(a)(c)

200,000

207,379

3.97%,

5/22/2030(c)

1,603,000

1,587,166

5.29%,

11/19/2030(c)

400,000

413,200

5.13%,

3/3/2031(c)

200,000

204,986

5.24%,

5/13/2031(c)

250,000

257,364

2.85%,

6/4/2031(a)(c)

550,000

514,980

2.36%,

8/18/2031(c)

200,000

182,347

4.62%,

11/6/2031(c)

240,000

241,015

5.73%,

5/17/2032(c)

450,000

473,425

2.87%,

11/22/2032(c)

360,000

327,068

4.76%,

3/29/2033(a)(c)

602,000

597,373

5.40%,

8/11/2033(c)

450,000

465,244

8.11%,

11/3/2033(c)

450,000

526,204

6.25%,

3/9/2034(a)(c)

550,000

596,122

6.55%,

6/20/2034(a)(c)

400,000

431,841

7.40%,

11/13/2034(c)

450,000

511,702

5.87%,

11/18/2035(a)(c)

350,000

364,022

5.45%,

3/3/2036(a)(c)

300,000

308,116

5.79%,

5/13/2036(a)(c)

200,000

209,979

5.13%,

11/6/2036(c)

50,000

49,938

Huntington

Bancshares,

Inc.

4.44%,

8/4/2028(c)

401,000

403,312

6.21%,

8/21/2029(a)(c)

505,000

529,306

5.27%,

1/15/2031(c)

110,000

113,191

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)

Banks

-

22.8%

(continued)

Huntington

Bancshares,

Inc.

(continued)

5.02%,

5/17/2033(c)

$

300,000

$

303,465

5.71%,

2/2/2035(c)

875,000

910,540

6.14%,

11/18/2039(c)

200,000

209,115

Huntington

National

Bank

(The)

5.65%,

1/10/2030

344,000

360,002

ING

Groep

NV

3.95%,

3/29/2027

170,000

170,105

4.02%,

3/28/2028(c)

500,000

500,239

4.55%,

10/2/2028

100,000

101,297

4.86%,

3/25/2029(c)

200,000

203,196

5.34%,

3/19/2030(c)

50,000

51,616

2.73%,

4/1/2032(c)

50,000

46,032

6.11%,

9/11/2034(c)

200,000

215,817

5.55%,

3/19/2035(c)

555,000

576,048

JPMorgan

Chase

&

Co.

2.95%,

2/24/2028(c)

220,000

217,648

4.32%,

4/26/2028(c)

1,502,000

1,507,965

2.18%,

6/1/2028(c)

765,000

747,473

4.85%,

7/25/2028(c)

1,318,000

1,334,149

4.51%,

10/22/2028(a)(c)

350,000

353,235

3.51%,

1/23/2029(c)

700,000

693,252

4.01%,

4/23/2029(c)

350,000

349,785

2.07%,

6/1/2029(c)

500,000

478,148

4.20%,

7/23/2029(c)

1,500,000

1,505,936

5.30%,

7/24/2029(c)

1,250,000

1,286,964

6.09%,

10/23/2029(a)(c)

1,500,000

1,576,627

4.45%,

12/5/2029(c)

2,510,000

2,534,869

1.95%,

2/4/2032(a)(c)

300,000

267,170

2.58%,

4/22/2032(c)

350,000

319,512

5.72%,

9/14/2033(a)(c)

825,000

870,573

5.35%,

6/1/2034(c)

150,000

155,139

6.25%,

10/23/2034(c)

550,000

600,109

5.34%,

1/23/2035(c)

450,000

463,512

5.77%,

4/22/2035(c)

345,000

365,319

5.29%,

7/22/2035(c)

550,000

564,595

5.50%,

1/24/2036(c)

100,000

104,006

KeyBank

NA

5.85%,

11/15/2027

550,000

566,765

4.90%,

8/8/2032(a)

450,000

449,369

5.00%,

1/26/2033

300,000

301,782

KeyCorp

2.25%,

4/6/2027

403,000

394,790

4.10%,

4/30/2028

100,000

100,163

5.12%,

4/4/2031(a)(c)

600,000

614,739

4.79%,

6/1/2033(c)

500,000

499,189

6.40%,

3/6/2035(a)(c)

650,000

704,290

Lloyds

Banking

Group

plc

3.75%,

3/18/2028(c)

300,000

299,180

4.55%,

8/16/2028

200,000

202,611

3.57%,

11/7/2028(a)(c)

350,000

347,279

M&T

Bank

Corp.

4.55%,

8/16/2028(c)

471,000

474,099

4.83%,

1/16/2029(a)(c)

250,000

254,024

7.41%,

10/30/2029(c)

1,050,000

1,138,181

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

-

22.8%

(continued)

M&T

Bank

Corp.

(continued)

5.18%,

7/8/2031(a)(c)

$

280,000

$

287,211

6.08%,

3/13/2032(a)(c)

245,000

260,233

5.05%,

1/27/2034(c)

650,000

652,553

5.39%,

1/16/2036(a)(c)

600,000

608,408

Manufacturers

&

Traders

Trust

Co.

4.70%,

1/27/2028(a)

402,000

407,577

4.76%,

7/6/2028(a)(c)

250,000

252,337

Mitsubishi

UFJ

Financial

Group,

Inc.

3.74%,

3/7/2029(a)

100,000

99,233

3.20%,

7/18/2029(a)

100,000

96,924

5.26%,

4/17/2030(c)

175,000

180,443

2.31%,

7/20/2032(c)

200,000

178,910

2.49%,

10/13/2032(c)

200,000

179,437

5.62%,

4/24/2036(c)

300,000

313,425

Mizuho

Financial

Group,

Inc.

5.67%,

5/27/2029(c)

375,000

388,155

5.78%,

7/6/2029(c)

300,000

311,740

4.25%,

9/11/2029(a)(c)

50,000

50,185

2.17%,

5/22/2032(a)(c)

50,000

44,440

National

Australia

Bank

Ltd.

5.09%,

6/11/2027

20,000

20,358

National

Bank

of

Canada

5.60%,

12/18/2028

90,000

93,857

4.50%,

10/10/2029(a)

150,000

151,678

NatWest

Group

plc

4.89%,

5/18/2029(c)

340,000

345,754

5.81%,

9/13/2029(a)(c)

750,000

781,248

5.08%,

1/27/2030(c)

443,000

453,849

4.45%,

5/8/2030(a)(c)

375,000

376,753

6.48%,

6/1/2034(c)

600,000

631,642

3.03%,

11/28/2035(a)(c)

400,000

370,188

Pinnacle

Bank

5.63%,

2/15/2028

350,000

357,222

Pinnacle

Financial

Partners,

Inc.

6.17%,

11/1/2030(c)

250,000

260,407

PNC

Bank

NA

4.05%,

7/26/2028

250,000

250,059

PNC

Financial

Services

Group,

Inc.

(The)

3.45%,

4/23/2029

250,000

246,355

4.63%,

6/6/2033(c)

50,000

49,568

6.04%,

10/28/2033(c)

100,000

107,655

6.88%,

10/20/2034(c)

720,000

809,166

5.68%,

1/22/2035(c)

150,000

157,360

5.40%,

7/23/2035(c)

50,000

51,489

5.58%,

1/29/2036(c)

250,000

259,542

5.37%,

7/21/2036(c)

250,000

255,972

Regions

Financial

Corp.

5.72%,

6/6/2030(a)(c)

500,000

522,055

5.50%,

9/6/2035(a)(c)

350,000

359,582

Royal

Bank

of

Canada

4.88%,

1/19/2027(a)

220,000

222,266

4.52%,

10/18/2028(a)(c)

105,000

105,986

4.97%,

1/24/2029(a)(c)

830,000

846,187

4.50%,

8/6/2029(c)

550,000

555,818

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)

Banks

-

22.8%

(continued)

Royal

Bank

of

Canada

(continued)

4.97%,

8/2/2030(c)

$

577,000

$

590,831

4.65%,

10/18/2030(a)(c)

850,000

862,354

5.15%,

2/4/2031(a)(c)

500,000

515,323

4.70%,

8/6/2031(c)

1,000,000

1,012,814

2.30%,

11/3/2031(a)

80,000

72,061

3.88%,

5/4/2032

55,000

53,390

5.15%,

2/1/2034(a)

50,000

51,886

7.50%,

5/2/2084(c)

900,000

947,578

6.35%,

11/24/2084(a)(c)

750,000

737,566

6.75%,

8/24/2085(a)(c)

550,000

568,768

Santander

Holdings

USA,

Inc.

2.49%,

1/6/2028(c)

1,000,000

984,928

6.50%,

3/9/2029(c)

645,000

672,745

6.57%,

6/12/2029(c)

300,000

313,860

6.17%,

1/9/2030(a)(c)

400,000

417,531

5.35%,

9/6/2030(c)

1,200,000

1,230,894

5.74%,

3/20/2031(a)(c)

200,000

207,492

7.66%,

11/9/2031(c)

350,000

392,213

6.34%,

5/31/2035(c)

500,000

534,064

Santander

UK

Group

Holdings

plc

2.47%,

1/11/2028(a)(c)

25,000

24,615

3.82%,

11/3/2028(c)

300,000

298,517

6.53%,

1/10/2029(c)

700,000

730,724

4.32%,

9/22/2029(c)

600,000

600,969

5.69%,

4/15/2031(c)

200,000

208,561

Sumitomo

Mitsui

Financial

Group,

Inc.

5.71%,

1/13/2030

200,000

210,313

2.14%,

9/23/2030

50,000

45,230

5.42%,

7/9/2031

400,000

417,853

5.81%,

9/14/2033

20,000

21,305

Toronto-Dominion

Bank

(The)

1.95%,

1/12/2027

200,000

196,620

5.16%,

1/10/2028

50,000

51,145

4.86%,

1/31/2028

350,000

355,990

5.52%,

7/17/2028(a)

1,200,000

1,243,137

2.00%,

9/10/2031(a)

175,000

156,323

4.93%,

10/15/2035

220,000

219,417

8.13%,

10/31/2082(c)

1,255,000

1,314,862

7.25%,

7/31/2084(c)

600,000

628,142

6.35%,

10/31/2085(c)

200,000

203,253

Truist

Bank

4.14%,

10/23/2029(c)

720,000

719,579

Truist

Financial

Corp.

4.12%,

6/6/2028(c)

350,000

350,929

4.87%,

1/26/2029(a)(c)

1,205,000

1,223,871

1.89%,

6/7/2029(c)

50,000

47,588

7.16%,

10/30/2029(c)

155,000

166,911

5.44%,

1/24/2030(a)(c)

230,000

238,034

5.07%,

5/20/2031(a)(c)

100,000

102,474

4.92%,

7/28/2033(c)

50,000

50,146

6.12%,

10/28/2033(a)(c)

400,000

431,051

5.12%,

1/26/2034(c)

650,000

659,540

5.87%,

6/8/2034(c)

1,194,000

1,264,717

5.71%,

1/24/2035(c)

1,400,000

1,466,162

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

-

22.8%

(continued)

Truist

Financial

Corp.

(continued)

4.96%,

10/23/2036(a)(c)

$

685,000

$

674,435

US

Bancorp

4.55%,

7/22/2028(a)(c)

120,000

120,970

4.65%,

2/1/2029(c)

100,000

101,193

1.38%,

7/22/2030

55,000

48,694

4.97%,

7/22/2033(a)(c)

251,000

252,770

5.84%,

6/12/2034(c)

445,000

471,595

5.68%,

1/23/2035(c)

250,000

262,153

Wachovia

Corp.

5.50%,

8/1/2035(a)

1,380,000

1,416,961

Webster

Financial

Corp.

4.10%,

3/25/2029

215,000

213,297

Wells

Fargo

&

Co.

4.30%,

7/22/2027

200,000

200,983

3.53%,

3/24/2028(c)

305,000

303,392

4.15%,

1/24/2029

150,000

150,622

4.97%,

4/23/2029(c)

500,000

509,512

5.57%,

7/25/2029(c)

50,000

51,735

6.30%,

10/23/2029(c)

800,000

844,852

5.20%,

1/23/2030(c)

300,000

308,912

2.88%,

10/30/2030(c)

50,000

47,640

2.57%,

2/11/2031(c)

730,000

682,216

4.90%,

7/25/2033(c)

300,000

303,824

6.49%,

10/23/2034(c)

100,000

110,028

Western

Alliance

Bank

6.54%,

11/15/2035(c)

150,000

151,897

Westpac

Banking

Corp.

3.35%,

3/8/2027

75,000

74,710

3.40%,

1/25/2028

75,000

74,490

5.54%,

11/17/2028

50,000

52,241

5.05%,

4/16/2029

25,000

25,880

6.82%,

11/17/2033(a)

400,000

446,433

3.02%,

11/18/2036(a)(c)

550,000

498,090

Wintrust

Financial

Corp.

4.85%,

6/6/2029

150,000

149,414

Zions

Bancorp

NA

3.25%,

10/29/2029

252,000

237,968

6.82%,

11/19/2035(c)

250,000

265,097

150,060,393

Beverages

-

0

.4

%

Coca-Cola

Co.

(The)

3.45%,

3/25/2030(a)

268,000

262,669

1.65%,

6/1/2030(a)

700,000

634,447

5.00%,

5/13/2034(a)

200,000

207,623

Coca-Cola

Consolidated,

Inc.

5.25%,

6/1/2029(a)

405,000

418,146

Constellation

Brands,

Inc.

4.35%,

5/9/2027

50,000

50,193

2.88%,

5/1/2030

50,000

47,211

4.75%,

5/9/2032(a)

150,000

151,099

Keurig

Dr

Pepper,

Inc.

3.43%,

6/15/2027

50,000

49,588

3.95%,

4/15/2029

470,000

465,623

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)

Beverages

-

0.4%

(continued)

Pepsico

Singapore

Financing

I

Pte.

Ltd.

4.70%,

2/16/2034

$

50,000

$

50,217

PepsiCo,

Inc.

2.75%,

3/19/2030(a)

255,000

242,471

1.63%,

5/1/2030

300,000

271,972

2,851,259

Biotechnology

-

0

.3

%

AbbVie,

Inc.

3.20%,

11/21/2029

260,000

252,242

5.05%,

3/15/2034

350,000

358,786

Gilead

Sciences,

Inc.

4.80%,

11/15/2029(a)

230,000

236,267

5.25%,

10/15/2033

250,000

261,676

5.10%,

6/15/2035

90,000

92,008

Regeneron

Pharmaceuticals,

Inc.

1.75%,

9/15/2030

815,000

729,015

1,929,994

Broadline

Retail

-

0

.4

%

Amazon.com,

Inc.

4.65%,

11/20/2035

480,000

475,284

eBay,

Inc.

3.60%,

6/5/2027(a)

250,000

248,749

5.95%,

11/22/2027

100,000

103,212

2.70%,

3/11/2030(a)

950,000

893,439

2.60%,

5/10/2031(a)

450,000

411,246

6.30%,

11/22/2032(a)

300,000

328,294

MercadoLibre,

Inc.

3.13%,

1/14/2031

140,000

129,317

2,589,541

Building

Products

-

0

.8

%

Allegion

plc

3.50%,

10/1/2029

152,000

148,306

Carlisle

Cos.,

Inc.

3.75%,

12/1/2027

350,000

348,386

2.75%,

3/1/2030(a)

525,000

496,098

2.20%,

3/1/2032(a)

350,000

306,409

Carrier

Global

Corp.

2.49%,

2/15/2027(a)

150,000

147,912

2.72%,

2/15/2030

300,000

282,786

Johnson

Controls

International

plc

5.50%,

4/19/2029(a)

270,000

281,304

4.90%,

12/1/2032

200,000

203,349

Lennox

International,

Inc.

5.50%,

9/15/2028

400,000

412,918

Masco

Corp.

3.50%,

11/15/2027

150,000

148,745

1.50%,

2/15/2028(a)

351,000

333,643

2.00%,

10/1/2030

300,000

268,860

2.00%,

2/15/2031(a)

450,000

398,429

Trane

Technologies

Financing

Ltd.

3.80%,

3/21/2029

712,000

709,325

5.25%,

3/3/2033

130,000

135,226

5.10%,

6/13/2034(a)

340,000

348,369

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Building

Products

-

0.8%

(continued)

Trane

Technologies

Holdco,

Inc.

3.75%,

8/21/2028(a)

$

350,000

$

349,722

5,319,787

Capital

Markets

-

6

.0

%

Ameriprise

Financial,

Inc.

5.70%,

12/15/2028(a)

300,000

314,086

5.15%,

5/15/2033

275,000

284,426

5.20%,

4/15/2035

250,000

254,401

Apollo

Debt

Solutions

BDC

5.20%,

12/8/2028(d)

180,000

180,062

6.90%,

4/13/2029

475,000

495,653

5.88%,

8/30/2030

100,000

100,767

6.70%,

7/29/2031(a)

750,000

782,158

6.55%,

3/15/2032

400,000

412,795

Ares

Capital

Corp.

5.80%,

3/8/2032(a)

200,000

201,105

Bain

Capital

Specialty

Finance,

Inc.

5.95%,

3/15/2030(a)

200,000

199,680

Bank

of

New

York

Mellon

Corp.

(The)

Series

J,

4.97%,

4/26/2034(c)

100,000

101,555

BlackRock,

Inc.

1.90%,

1/28/2031(a)

50,000

44,965

Blackstone

Private

Credit

Fund

3.25%,

3/15/2027

650,000

640,162

7.30%,

11/27/2028(a)

350,000

370,128

4.00%,

1/15/2029

525,000

509,834

5.95%,

7/16/2029(a)

630,000

640,598

5.25%,

4/1/2030(a)

250,000

246,853

6.25%,

1/25/2031

365,000

371,695

5.35%,

3/12/2031

120,000

117,257

6.00%,

1/29/2032

800,000

802,254

6.00%,

11/22/2034

550,000

546,205

Blackstone

Reg

Finance

Co.

LLC

5.00%,

12/6/2034(a)

550,000

549,859

Blackstone

Secured

Lending

Fund

5.35%,

4/13/2028

850,000

857,335

Blue

Owl

Credit

Income

Corp.

7.75%,

9/16/2027

45,000

46,797

7.75%,

1/15/2029(a)

100,000

105,971

5.80%,

3/15/2030

45,000

44,632

6.65%,

3/15/2031

65,000

66,492

Blue

Owl

Technology

Finance

Corp.

6.75%,

4/4/2029(a)

250,000

256,559

Brookfield

Asset

Management

Ltd.

5.80%,

4/24/2035

250,000

260,417

Brookfield

Finance

I

UK

plc

2.34%,

1/30/2032(a)

25,000

21,920

Brookfield

Finance,

Inc.

6.35%,

1/5/2034

570,000

616,620

Carlyle

Secured

Lending,

Inc.

6.75%,

2/18/2030

200,000

205,037

Cboe

Global

Markets,

Inc.

3.65%,

1/12/2027(a)

351,000

350,656

1.63%,

12/15/2030

101,000

89,440

3.00%,

3/16/2032

100,000

92,798

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)

Capital

Markets

-

6.0%

(continued)

Charles

Schwab

Corp.

(The)

2.00%,

3/20/2028

$

1,100,000

$

1,060,022

5.64%,

5/19/2029(a)(c)

500,000

518,905

6.20%,

11/17/2029(a)(c)

150,000

158,463

5.85%,

5/19/2034(a)(c)

770,000

821,883

6.14%,

8/24/2034(c)

630,000

684,131

CI

Financial

Corp.

3.20%,

12/17/2030

350,000

317,750

CME

Group,

Inc.

3.75%,

6/15/2028

100,000

99,905

4.40%,

3/15/2030(a)

250,000

253,471

2.65%,

3/15/2032

400,000

365,458

Deutsche

Bank

AG

5.00%,

9/11/2030(a)(c)

150,000

152,603

5.88%,

7/8/2031(c)

200,000

207,571

3.55%,

9/18/2031(c)

250,000

238,080

3.73%,

1/14/2032(a)(c)

650,000

616,229

4.88%,

12/1/2032(c)

263,000

264,414

3.74%,

1/7/2033(a)(c)

650,000

605,071

7.08%,

2/10/2034(c)

720,000

791,153

FactSet

Research

Systems,

Inc.

2.90%,

3/1/2027

300,000

296,390

3.45%,

3/1/2032

480,000

446,306

Franklin

Resources,

Inc.

1.60%,

10/30/2030(a)

50,000

44,376

Goldman

Sachs

Group,

Inc.

(The)

5.95%,

1/15/2027

50,000

50,915

3.85%,

1/26/2027

25,000

24,994

2.60%,

2/7/2030

100,000

93,872

3.80%,

3/15/2030

120,000

118,183

5.73%,

4/25/2030(a)(c)

300,000

313,233

5.05%,

7/23/2030(c)

140,000

143,382

5.21%,

1/28/2031(a)(c)

120,000

123,732

4.37%,

10/21/2031(c)

50,000

49,715

1.99%,

1/27/2032(c)

470,000

417,156

2.62%,

4/22/2032(c)

200,000

182,153

2.38%,

7/21/2032(c)

243,000

217,304

2.65%,

10/21/2032(c)

200,000

180,736

6.13%,

2/15/2033(a)

50,000

54,451

3.10%,

2/24/2033(c)

400,000

367,557

6.56%,

10/24/2034(a)(c)

50,000

55,365

5.33%,

7/23/2035(c)

200,000

204,365

5.02%,

10/23/2035(c)

350,000

350,280

4.94%,

10/21/2036(c)

500,000

493,028

Golub

Capital

BDC,

Inc.

7.05%,

12/5/2028(a)

225,000

236,821

HPS

Corporate

Lending

Fund

5.30%,

6/5/2027(d)

100,000

100,513

5.45%,

1/14/2028

1,160,000

1,170,730

4.90%,

9/11/2028(d)

600,000

596,493

6.75%,

1/30/2029

330,000

344,068

5.85%,

6/5/2030(a)(d)

370,000

372,338

5.65%,

4/2/2031(d)

80,000

79,462

5.95%,

4/14/2032

330,000

332,092

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Capital

Markets

-

6.0%

(continued)

Janus

Henderson

US

Holdings,

Inc.

5.45%,

9/10/2034

$

150,000

$

150,534

Jefferies

Financial

Group,

Inc.

6.20%,

4/14/2034(a)

250,000

262,915

Lazard

Group

LLC

4.38%,

3/11/2029

50,000

50,130

LPL

Holdings,

Inc.

5.70%,

5/20/2027(a)

40,000

40,740

5.20%,

3/15/2030(a)

150,000

153,353

6.00%,

5/20/2034(a)

210,000

220,207

Main

Street

Capital

Corp.

5.40%,

8/15/2028

170,000

171,039

6.95%,

3/1/2029(a)

200,000

208,964

Moody's

Corp.

3.25%,

1/15/2028

240,000

236,891

4.25%,

2/1/2029(a)

302,000

304,478

2.00%,

8/19/2031

353,000

313,995

4.25%,

8/8/2032(a)

325,000

321,428

5.00%,

8/5/2034(a)

200,000

203,189

Morgan

Stanley

7.25%,

4/1/2032(a)

1,120,000

1,284,899

Morgan

Stanley

Direct

Lending

Fund

4.50%,

2/11/2027

60,000

59,926

6.00%,

5/19/2030

250,000

254,533

MSCI,

Inc.

5.25%,

9/1/2035(a)

300,000

301,037

Nasdaq,

Inc.

5.35%,

6/28/2028

103,000

106,103

5.55%,

2/15/2034(a)

817,000

853,939

Nomura

Holdings,

Inc.

5.61%,

7/6/2029(a)

740,000

769,815

2.68%,

7/16/2030

250,000

231,590

5.78%,

7/3/2034(a)

175,000

184,357

Nuveen

Churchill

Direct

Lending

Corp.

6.65%,

3/15/2030

50,000

51,220

Oaktree

Strategic

Credit

Fund

8.40%,

11/14/2028

100,000

107,730

Raymond

James

Financial,

Inc.

4.65%,

4/1/2030(a)

40,000

40,714

4.90%,

9/11/2035

290,000

287,157

S&P

Global,

Inc.

2.95%,

1/22/2027

650,000

644,798

2.45%,

3/1/2027

850,000

837,921

4.75%,

8/1/2028

100,000

101,906

2.70%,

3/1/2029(a)

977,000

940,946

4.25%,

5/1/2029(a)

1,200,000

1,206,533

2.50%,

12/1/2029(a)

250,000

236,438

1.25%,

8/15/2030(a)

200,000

175,980

2.90%,

3/1/2032(a)

925,000

851,236

5.25%,

9/15/2033(a)

400,000

418,252

Sixth

Street

Specialty

Lending,

Inc.

6.13%,

3/1/2029

50,000

51,470

State

Street

Corp.

5.82%,

11/4/2028(c)

50,000

51,643

2.40%,

1/24/2030

75,000

70,752

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)

Capital

Markets

-

6.0%

(continued)

State

Street

Corp.

(continued)

2.20%,

3/3/2031

$

50,000

$

45,060

4.42%,

5/13/2033(c)

150,000

149,345

5.16%,

5/18/2034(c)

300,000

308,095

6.12%,

11/21/2034(c)

10,000

10,771

Stifel

Financial

Corp.

4.00%,

5/15/2030

246,000

241,203

UBS

AG

5.00%,

7/9/2027

20,000

20,351

39,329,874

Chemicals

-

1

.3

%

Cabot

Corp.

5.00%,

6/30/2032(a)

200,000

202,684

CF

Industries,

Inc.

5.15%,

3/15/2034(a)

667,000

670,667

Ecolab,

Inc.

1.65%,

2/1/2027

250,000

245,005

3.25%,

12/1/2027

370,000

367,424

4.30%,

6/15/2028

1,050,000

1,060,476

4.80%,

3/24/2030

150,000

153,797

EIDP,

Inc.

2.30%,

7/15/2030

100,000

92,556

5.13%,

5/15/2032

250,000

257,472

4.80%,

5/15/2033(a)

300,000

300,177

Lubrizol

Corp.

(The)

6.50%,

10/1/2034

150,000

168,927

LYB

International

Finance

III

LLC

5.50%,

3/1/2034(a)

360,000

355,275

NewMarket

Corp.

2.70%,

3/18/2031

400,000

366,254

Nutrien

Ltd.

5.20%,

6/21/2027(a)

310,000

314,904

PPG

Industries,

Inc.

3.75%,

3/15/2028(a)

200,000

199,429

RPM

International,

Inc.

3.75%,

3/15/2027

200,000

199,261

4.55%,

3/1/2029(a)

150,000

151,759

2.95%,

1/15/2032(a)

150,000

136,980

Sherwin-Williams

Co.

(The)

3.45%,

6/1/2027(a)

525,000

521,740

4.30%,

8/15/2028

900,000

906,223

2.95%,

8/15/2029(a)

701,000

674,269

2.30%,

5/15/2030(a)

350,000

322,940

4.80%,

9/1/2031

345,000

352,838

2.20%,

3/15/2032(a)

250,000

219,411

8,240,468

Commercial

Services

&

Supplies

-

0

.8

%

Cintas

Corp.

No.

2

3.70%,

4/1/2027(a)

650,000

648,606

4.20%,

5/1/2028

150,000

150,858

4.00%,

5/1/2032(a)

515,000

504,343

RELX

Capital,

Inc.

4.00%,

3/18/2029(a)

952,000

949,657

3.00%,

5/22/2030

452,000

430,130

4.75%,

5/20/2032(a)

300,000

304,302

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Commercial

Services

&

Supplies

-

0.8%

(continued)

RELX

Capital,

Inc.

(continued)

5.25%,

3/27/2035

$

500,000

$

513,156

Republic

Services,

Inc.

4.88%,

4/1/2029

345,000

353,645

2.30%,

3/1/2030

250,000

232,964

5.00%,

4/1/2034

20,000

20,434

Rollins,

Inc.

5.25%,

2/24/2035(a)

325,000

329,783

Veralto

Corp.

5.35%,

9/18/2028(a)

285,000

293,977

5.45%,

9/18/2033

300,000

311,826

Waste

Connections,

Inc.

2.60%,

2/1/2030(a)

150,000

141,765

5.00%,

3/1/2034

150,000

152,628

5,338,074

Communications

Equipment

-

1

.5

%

Cisco

Systems,

Inc.

4.80%,

2/26/2027

610,000

616,706

4.85%,

2/26/2029(a)

200,000

205,115

4.75%,

2/24/2030(a)

650,000

667,328

4.95%,

2/26/2031

1,250,000

1,293,376

4.95%,

2/24/2032(a)

500,000

515,694

5.05%,

2/26/2034(a)

1,135,000

1,163,703

5.10%,

2/24/2035(a)

470,000

481,840

Motorola

Solutions,

Inc.

4.60%,

2/23/2028(a)

401,000

405,084

5.00%,

4/15/2029(a)

300,000

307,596

4.60%,

5/23/2029(a)

428,000

433,165

4.85%,

8/15/2030

100,000

101,975

2.30%,

11/15/2030(a)

502,000

455,625

2.75%,

5/24/2031(a)

650,000

597,021

5.60%,

6/1/2032(a)

1,330,000

1,398,674

5.40%,

4/15/2034

550,000

566,319

5.55%,

8/15/2035

500,000

518,925

Nokia

OYJ

4.38%,

6/12/2027(a)

325,000

324,303

10,052,449

Construction

&

Engineering

-

0

.2

%

MasTec,

Inc.

5.90%,

6/15/2029

200,000

209,228

Quanta

Services,

Inc.

4.75%,

8/9/2027(a)

150,000

151,807

2.90%,

10/1/2030

50,000

46,870

4.50%,

1/15/2031(a)

150,000

150,224

5.25%,

8/9/2034

150,000

153,554

5.10%,

8/9/2035(a)

500,000

499,725

1,211,408

Construction

Materials

-

0

.4

%

Martin

Marietta

Materials,

Inc.

3.45%,

6/1/2027

1,000,000

993,905

Series

CB,

2.50%,

3/15/2030(a)

220,000

205,221

2.40%,

7/15/2031

53,000

47,825

5.15%,

12/1/2034

50,000

50,955

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)

Construction

Materials

-

0.4%

(continued)

Vulcan

Materials

Co.

4.95%,

12/1/2029

$

420,000

$

431,269

3.50%,

6/1/2030(a)

175,000

169,496

5.35%,

12/1/2034(a)

440,000

454,727

2,353,398

Consumer

Finance

-

1

.1

%

AerCap

Ireland

Capital

DAC

6.15%,

9/30/2030

230,000

245,145

4.95%,

9/10/2034

150,000

149,007

6.95%,

3/10/2055(a)(c)

550,000

575,773

American

Express

Co.

5.10%,

2/16/2028(c)

500,000

505,799

4.73%,

4/25/2029(a)(c)

350,000

355,272

5.28%,

7/27/2029(a)(c)

200,000

205,716

5.09%,

1/30/2031(c)

250,000

256,845

5.02%,

4/25/2031(c)

150,000

153,973

6.49%,

10/30/2031(c)

80,000

87,129

4.92%,

7/20/2033(c)

100,000

101,303

5.92%,

4/25/2035(c)

230,000

243,091

5.28%,

7/26/2035(c)

100,000

102,378

Capital

One

Financial

Corp.

7.62%,

10/30/2031(c)

100,000

112,252

5.27%,

5/10/2033(a)(c)

600,000

612,074

6.05%,

2/1/2035(c)

40,000

42,012

5.88%,

7/26/2035(a)(c)

100,000

104,307

Caterpillar

Financial

Services

Corp.

5.00%,

5/14/2027

40,000

40,662

4.60%,

11/15/2027(a)

170,000

172,713

Ford

Motor

Credit

Co.

LLC

7.35%,

11/4/2027

200,000

208,878

7.20%,

6/10/2030

100,000

107,575

Synchrony

Financial

3.95%,

12/1/2027

705,000

701,584

5.15%,

3/19/2029

662,000

672,016

5.94%,

8/2/2030(a)(c)

50,000

51,787

5.45%,

3/6/2031(a)(c)

500,000

509,679

2.88%,

10/28/2031

475,000

424,208

6.00%,

7/29/2036(c)

215,000

218,029

6,959,207

Consumer

Staples

Distribution

&

Retail

-

1

.0

%

Ahold

Finance

USA

LLC

6.88%,

5/1/2029(a)

130,000

140,696

Costco

Wholesale

Corp.

1.38%,

6/20/2027(a)

365,000

354,302

1.60%,

4/20/2030(a)

1,250,000

1,133,911

1.75%,

4/20/2032(a)

570,000

494,974

Dollar

Tree,

Inc.

4.20%,

5/15/2028

350,000

350,391

Kroger

Co.

(The)

Series

B,

7.70%,

6/1/2029(a)

100,000

110,736

8.00%,

9/15/2029

50,000

55,955

7.50%,

4/1/2031(a)

50,000

56,944

5.00%,

9/15/2034

150,000

150,136

Sysco

Corp.

3.25%,

7/15/2027

30,000

29,738

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Consumer

Staples

Distribution

&

Retail

-

1.0%

(continued)

Sysco

Corp.

(continued)

5.75%,

1/17/2029(a)

$

450,000

$

470,542

2.40%,

2/15/2030(a)

270,000

251,660

5.95%,

4/1/2030

645,000

683,280

2.45%,

12/14/2031

100,000

89,796

6.00%,

1/17/2034

375,000

403,747

5.40%,

3/23/2035(a)

350,000

362,161

5.38%,

9/21/2035(a)

1,300,000

1,339,835

Walmart,

Inc.

4.90%,

4/28/2035(a)

380,000

389,066

6,867,870

Containers

&

Packaging

-

0

.3

%

AptarGroup,

Inc.

3.60%,

3/15/2032

310,000

292,394

Avery

Dennison

Corp.

4.88%,

12/6/2028

436,000

444,064

2.65%,

4/30/2030

100,000

93,399

2.25%,

2/15/2032

100,000

88,053

5.75%,

3/15/2033(a)

300,000

316,992

Packaging

Corp.

of

America

3.00%,

12/15/2029(a)

198,000

189,588

5.70%,

12/1/2033

350,000

368,830

1,793,320

Distributors

-

0

.3

%

Genuine

Parts

Co.

6.50%,

11/1/2028

150,000

158,401

4.95%,

8/15/2029

720,000

731,678

2.75%,

2/1/2032

175,000

155,044

6.88%,

11/1/2033

50,000

55,503

LKQ

Corp.

5.75%,

6/15/2028(a)

550,000

564,971

6.25%,

6/15/2033(a)

50,000

52,325

1,717,922

Diversified

REITs

-

1

.4

%

American

Assets

Trust

LP

REIT,

6.15%,

10/1/2034(a)

250,000

252,847

Broadstone

Net

Lease

LLC

REIT,

2.60%,

9/15/2031

250,000

221,814

GLP

Capital

LP

REIT,

5.75%,

6/1/2028

400,000

409,867

REIT,

5.30%,

1/15/2029

500,000

509,549

REIT,

4.00%,

1/15/2030(a)

315,000

306,500

REIT,

4.00%,

1/15/2031

700,000

669,469

REIT,

3.25%,

1/15/2032

655,000

592,955

REIT,

6.75%,

12/1/2033

250,000

270,851

REIT,

5.63%,

9/15/2034

450,000

455,532

Rayonier

LP

REIT,

2.75%,

5/17/2031(a)

300,000

271,938

Simon

Property

Group

LP

REIT,

6.25%,

1/15/2034

290,000

316,765

VICI

Properties

LP

REIT,

4.75%,

2/15/2028

855,000

863,432

REIT,

4.75%,

4/1/2028

350,000

353,594

REIT,

4.95%,

2/15/2030(a)

503,000

509,111

REIT,

5.13%,

11/15/2031

500,000

505,704

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)

Diversified

REITs

-

1.4%

(continued)

VICI

Properties

LP

(continued)

REIT,

5.13%,

5/15/2032

$

940,000

$

945,778

REIT,

5.75%,

4/1/2034

300,000

309,542

REIT,

5.63%,

4/1/2035

400,000

407,615

WP

Carey,

Inc.

REIT,

2.40%,

2/1/2031(a)

100,000

90,340

REIT,

2.25%,

4/1/2033(a)

640,000

540,918

REIT,

5.38%,

6/30/2034(a)

250,000

257,226

9,061,347

Diversified

Telecommunication

Services

-

0

.6

%

AT&T,

Inc.

1.65%,

2/1/2028(a)

220,000

210,330

4.10%,

2/15/2028

150,000

150,358

2.25%,

2/1/2032

180,000

158,306

Deutsche

Telekom

International

Finance

BV

8.75%,

6/15/2030(b)

400,000

466,463

Koninklijke

KPN

NV

8.38%,

10/1/2030(a)

326,000

379,411

Sprint

Capital

Corp.

6.88%,

11/15/2028

690,000

740,258

8.75%,

3/15/2032

400,000

484,409

TELUS

Corp.

3.40%,

5/13/2032(a)

430,000

397,064

Verizon

Communications,

Inc.

2.36%,

3/15/2032

300,000

264,484

6.40%,

9/15/2033

100,000

109,873

4.78%,

2/15/2035

320,000

314,056

5.25%,

4/2/2035

150,000

151,954

3,826,966

Electric

Utilities

-

2

.8

%

AEP

Texas,

Inc.

5.45%,

5/15/2029(a)

890,000

922,959

Series

E,

6.65%,

2/15/2033

50,000

54,531

5.70%,

5/15/2034(a)

250,000

260,735

American

Electric

Power

Co.,

Inc.

5.63%,

3/1/2033(a)

50,000

52,344

6.95%,

12/15/2054(c)

300,000

321,431

7.05%,

12/15/2054(c)

700,000

732,786

3.88%,

2/15/2062(c)

91,000

89,691

Appalachian

Power

Co.

5.65%,

4/1/2034(a)

200,000

208,501

Arizona

Public

Service

Co.

6.35%,

12/15/2032

235,000

256,201

Duke

Energy

Corp.

6.45%,

9/1/2054(a)(c)

392,000

410,124

Emera

US

Finance

LP

2.64%,

6/15/2031(a)

150,000

135,676

Enel

Chile

SA

4.88%,

6/12/2028(a)

425,000

430,941

Enel

Finance

International

NV

5.00%,

9/30/2035(a)(d)

310,000

306,618

Evergy

Kansas

Central,

Inc.

4.70%,

3/13/2028

150,000

151,969

5.25%,

3/15/2035(a)

300,000

305,655

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Electric

Utilities

-

2.8%

(continued)

Evergy,

Inc.

2.90%,

9/15/2029

$

660,000

$

629,208

6.65%,

6/1/2055(c)

100,000

102,890

FirstEnergy

Corp.

Series

B,

3.90%,

7/15/2027(b)

450,000

448,975

Georgia

Power

Co.

4.95%,

5/17/2033

70,000

71,460

Interstate

Power

and

Light

Co.

5.70%,

10/15/2033

200,000

210,273

4.95%,

9/30/2034

250,000

249,326

5.60%,

6/29/2035(a)

195,000

202,856

Louisville

Gas

and

Electric

Co.

Series

LOU,

5.45%,

4/15/2033(a)

100,000

104,399

MidAmerican

Energy

Co.

3.10%,

5/1/2027(a)

225,000

223,464

3.65%,

4/15/2029(a)

503,000

497,943

6.75%,

12/30/2031

100,000

112,623

5.35%,

1/15/2034

200,000

208,069

Nevada

Power

Co.

Series

CC,

3.70%,

5/1/2029(a)

702,000

694,110

Series

DD,

2.40%,

5/1/2030

445,000

411,338

6.25%,

5/15/2055(a)(c)

50,000

50,560

NextEra

Energy

Capital

Holdings,

Inc.

3.80%,

3/15/2082(c)

110,000

108,142

OGE

Energy

Corp.

5.45%,

5/15/2029(a)

150,000

155,341

Ohio

Power

Co.

Series

Q,

1.63%,

1/15/2031

150,000

131,520

Series

G,

6.60%,

2/15/2033

50,000

54,694

Series

D,

6.60%,

3/1/2033

200,000

218,739

Oklahoma

Gas

and

Electric

Co.

5.40%,

1/15/2033

250,000

260,666

PacifiCorp

5.10%,

2/15/2029(a)

400,000

409,318

3.50%,

6/15/2029

200,000

195,259

2.70%,

9/15/2030

250,000

230,768

5.30%,

2/15/2031(a)

550,000

565,943

7.70%,

11/15/2031

450,000

515,152

5.45%,

2/15/2034(a)

1,240,000

1,258,568

Pinnacle

West

Capital

Corp.

4.90%,

5/15/2028

350,000

356,294

PPL

Capital

Funding,

Inc.

5.25%,

9/1/2034(a)

240,000

244,747

Progress

Energy,

Inc.

7.75%,

3/1/2031(a)

740,000

846,447

Public

Service

Co.

of

Oklahoma

5.25%,

1/15/2033(a)

250,000

255,814

Southern

Co.

(The)

5.11%,

8/1/2027(b)

225,000

228,527

5.20%,

6/15/2033

377,000

386,662

5.70%,

3/15/2034

1,180,000

1,239,811

Series

2025,

6.38%,

3/15/2055(a)(c)

700,000

730,061

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)

Electric

Utilities

-

2.8%

(continued)

Tucson

Electric

Power

Co.

3.25%,

5/15/2032

$

400,000

$

371,656

5.20%,

9/15/2034(a)

50,000

50,988

Xcel

Energy,

Inc.

3.35%,

12/1/2026

480,000

477,823

1.75%,

3/15/2027

150,000

146,336

18,296,932

Electrical

Equipment

-

0

.2

%

Acuity

Brands

Lighting,

Inc.

2.15%,

12/15/2030(a)

350,000

314,684

Hubbell,

Inc.

3.15%,

8/15/2027

150,000

148,024

3.50%,

2/15/2028

405,000

401,303

Regal

Rexnord

Corp.

6.05%,

4/15/2028(a)

50,000

51,831

Rockwell

Automation,

Inc.

6.70%,

1/15/2028(a)

400,000

421,091

1,336,933

Electronic

Equipment,

Instruments

&

Components

-

2

.4

%

Allegion

US

Holding

Co.,

Inc.

3.55%,

10/1/2027

250,000

247,855

5.41%,

7/1/2032

250,000

259,349

5.60%,

5/29/2034

350,000

365,856

Amphenol

Corp.

5.05%,

4/5/2027(a)

450,000

456,001

4.38%,

6/12/2028(a)

1,050,000

1,060,884

3.90%,

11/15/2028(a)

370,000

369,932

5.05%,

4/5/2029(a)

250,000

257,372

2.80%,

2/15/2030

120,000

114,032

2.20%,

9/15/2031(a)

350,000

312,749

4.40%,

2/15/2033(a)

720,000

711,737

5.25%,

4/5/2034

300,000

310,757

5.00%,

1/15/2035(a)

100,000

101,369

Arrow

Electronics,

Inc.

3.88%,

1/12/2028(a)

165,000

164,062

5.15%,

8/21/2029(a)

550,000

562,664

Avnet,

Inc.

6.25%,

3/15/2028(a)

250,000

259,449

3.00%,

5/15/2031

150,000

136,240

CDW

LLC

4.25%,

4/1/2028

402,000

400,524

3.28%,

12/1/2028(a)

357,000

347,763

3.25%,

2/15/2029

300,000

289,543

5.10%,

3/1/2030(a)

450,000

459,005

3.57%,

12/1/2031

800,000

747,472

5.55%,

8/22/2034

250,000

253,971

Flex

Ltd.

6.00%,

1/15/2028

230,000

237,580

4.88%,

6/15/2029

200,000

203,068

4.88%,

5/12/2030(a)

262,000

265,635

Jabil,

Inc.

4.25%,

5/15/2027

400,000

401,084

3.95%,

1/12/2028(a)

280,000

279,598

3.60%,

1/15/2030(a)

450,000

435,672

3.00%,

1/15/2031(a)

250,000

232,168

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Electronic

Equipment,

Instruments

&

Components

-

2.4%

(continued)

Keysight

Technologies,

Inc.

4.60%,

4/6/2027(a)

$

650,000

$

653,462

3.00%,

10/30/2029(a)

350,000

335,239

5.35%,

7/30/2030(a)

350,000

364,060

4.95%,

10/15/2034(a)

350,000

352,039

TD

SYNNEX

Corp.

2.38%,

8/9/2028

52,000

49,641

4.30%,

1/17/2029

330,000

330,105

2.65%,

8/9/2031(a)

370,000

333,550

6.10%,

4/12/2034

400,000

422,269

Teledyne

Technologies,

Inc.

2.25%,

4/1/2028(a)

357,000

344,511

2.75%,

4/1/2031(a)

600,000

556,118

Tyco

Electronics

Group

SA

3.13%,

8/15/2027

20,000

19,835

4.63%,

2/1/2030(a)

200,000

203,746

4.50%,

2/9/2031

490,000

494,483

2.50%,

2/4/2032

725,000

651,369

Vontier

Corp.

2.40%,

4/1/2028

252,000

242,349

2.95%,

4/1/2031

475,000

435,656

16,031,823

Energy

Equipment

&

Services

-

0

.0

%

(e)

Baker

Hughes

Holdings

LLC

3.34%,

12/15/2027(a)

150,000

148,546

Entertainment

-

0

.8

%

Netflix,

Inc.

4.88%,

4/15/2028(a)

965,000

985,031

5.88%,

11/15/2028(a)

1,435,000

1,505,267

6.38%,

5/15/2029(a)

550,000

588,295

4.90%,

8/15/2034(a)

600,000

610,104

Take-Two

Interactive

Software,

Inc.

3.70%,

4/14/2027(a)

350,000

348,912

4.95%,

3/28/2028

300,000

305,661

4.00%,

4/14/2032(a)

411,000

398,531

5.60%,

6/12/2034

100,000

103,889

Tencent

Music

Entertainment

Group

2.00%,

9/3/2030

600,000

545,294

5,390,984

Financial

Services

-

2

.2

%

Apollo

Global

Management,

Inc.

6.38%,

11/15/2033

655,000

716,720

5.15%,

8/12/2035(a)

250,000

248,969

6.00%,

12/15/2054(c)

250,000

249,960

Block

Financial

LLC

2.50%,

7/15/2028

450,000

431,086

3.88%,

8/15/2030(a)

335,000

323,002

Corebridge

Financial,

Inc.

6.88%,

12/15/2052(c)

365,000

374,869

Enact

Holdings,

Inc.

6.25%,

5/28/2029(a)

200,000

209,600

Equitable

Holdings,

Inc.

6.70%,

3/28/2055(c)

90,000

94,511

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)

Financial

Services

-

2.2%

(continued)

Essent

Group

Ltd.

6.25%,

7/1/2029

$

300,000

$

313,900

Fidelity

National

Information

Services,

Inc.

1.65%,

3/1/2028

10,000

9,519

2.25%,

3/1/2031(a)

350,000

313,422

Fiserv,

Inc.

5.45%,

3/2/2028(a)

300,000

307,466

5.60%,

3/2/2033(a)

50,000

51,436

5.63%,

8/21/2033

350,000

359,605

5.45%,

3/15/2034(a)

50,000

50,554

5.25%,

8/11/2035(a)

110,000

109,219

Global

Payments,

Inc.

3.20%,

8/15/2029

50,000

47,797

5.30%,

8/15/2029(a)

100,000

102,391

2.90%,

5/15/2030(a)

200,000

185,927

5.40%,

8/15/2032(a)

265,000

268,947

Mastercard,

Inc.

3.30%,

3/26/2027

103,000

102,553

4.88%,

3/9/2028(a)

580,000

592,858

2.95%,

6/1/2029

551,000

534,350

3.35%,

3/26/2030(a)

1,053,000

1,028,087

2.00%,

11/18/2031(a)

375,000

333,842

4.35%,

1/15/2032(a)

800,000

804,066

4.85%,

3/9/2033(a)

350,000

358,635

4.88%,

5/9/2034(a)

650,000

662,630

4.55%,

1/15/2035(a)

500,000

496,936

MGIC

Investment

Corp.

5.25%,

8/15/2028

720,000

719,585

National

Rural

Utilities

Cooperative

Finance

Corp.

Series

D,

4.15%,

8/25/2028

80,000

80,382

Series

C,

8.00%,

3/1/2032(a)

400,000

475,763

NMI

Holdings,

Inc.

6.00%,

8/15/2029(a)

150,000

154,776

ORIX

Corp.

5.00%,

9/13/2027

50,000

50,796

Radian

Group,

Inc.

4.88%,

3/15/2027

243,000

243,972

6.20%,

5/15/2029(a)

400,000

420,025

Synchrony

Bank

5.63%,

8/23/2027

404,000

411,398

Visa,

Inc.

1.90%,

4/15/2027

217,000

212,758

2.75%,

9/15/2027(a)

310,000

305,990

2.05%,

4/15/2030(a)

275,000

255,022

1.10%,

2/15/2031(a)

50,000

43,575

Western

Union

Co.

(The)

2.75%,

3/15/2031(a)

200,000

184,185

Woodside

Finance

Ltd.

4.90%,

5/19/2028(a)

250,000

253,844

5.70%,

5/19/2032(a)

250,000

261,397

5.10%,

9/12/2034(a)

450,000

444,803

6.00%,

5/19/2035

550,000

572,118

14,773,246

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Food

Products

-

1

.3

%

Flowers

Foods,

Inc.

2.40%,

3/15/2031

$

250,000

$

219,710

General

Mills,

Inc.

4.70%,

1/30/2027(a)

540,000

543,787

4.95%,

3/29/2033(a)

285,000

288,258

Hormel

Foods

Corp.

4.80%,

3/30/2027(a)

200,000

202,034

1.80%,

6/11/2030(a)

440,000

397,748

Ingredion,

Inc.

2.90%,

6/1/2030

300,000

282,951

Kellanova

Series

B,

7.45%,

4/1/2031

520,000

596,525

5.25%,

3/1/2033

50,000

51,849

McCormick

&

Co.,

Inc.

3.40%,

8/15/2027(a)

290,000

287,870

1.85%,

2/15/2031

150,000

132,778

4.70%,

10/15/2034

250,000

245,953

Mondelez

International,

Inc.

2.63%,

3/17/2027

402,000

396,299

4.25%,

5/6/2028(a)

260,000

261,331

4.75%,

2/20/2029

50,000

51,012

2.75%,

4/13/2030(a)

623,000

587,246

1.50%,

2/4/2031(a)

250,000

218,741

6.50%,

11/1/2031

150,000

165,350

3.00%,

3/17/2032

550,000

504,885

4.75%,

8/28/2034(a)

100,000

99,497

5.13%,

5/6/2035(a)

250,000

255,621

Tyson

Foods,

Inc.

4.35%,

3/1/2029(a)

670,000

672,969

5.70%,

3/15/2034(a)

250,000

263,225

Unilever

Capital

Corp.

3.50%,

3/22/2028

502,000

499,086

2.13%,

9/6/2029(a)

175,000

164,585

5.90%,

11/15/2032

250,000

273,140

5.00%,

12/8/2033(a)

250,000

258,836

4.63%,

8/12/2034(a)

400,000

401,281

8,322,567

Gas

Utilities

-

0

.4

%

Atmos

Energy

Corp.

3.00%,

6/15/2027

200,000

198,058

2.63%,

9/15/2029

250,000

238,370

1.50%,

1/15/2031(a)

500,000

438,689

5.45%,

10/15/2032

150,000

158,372

5.90%,

11/15/2033(a)

450,000

486,343

National

Fuel

Gas

Co.

3.95%,

9/15/2027

150,000

149,491

2.95%,

3/1/2031

250,000

228,769

5.95%,

3/15/2035

450,000

471,641

2,369,733

Ground

Transportation

-

0

.4

%

Burlington

Northern

Santa

Fe

LLC

7.95%,

8/15/2030

200,000

230,961

Canadian

Pacific

Railway

Co.

7.13%,

10/15/2031

60,000

67,927

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)

Ground

Transportation

-

0.4%

(continued)

Uber

Technologies,

Inc.

4.30%,

1/15/2030(a)

$

650,000

$

652,112

4.80%,

9/15/2034

1,545,000

1,536,876

2,487,876

Health

Care

Equipment

&

Supplies

-

1

.1

%

Boston

Scientific

Corp.

4.00%,

3/1/2029

60,000

60,133

2.65%,

6/1/2030

915,000

860,292

DH

Europe

Finance

II

Sarl

2.60%,

11/15/2029(a)

152,000

144,467

Edwards

Lifesciences

Corp.

4.30%,

6/15/2028(a)

650,000

654,262

Medtronic

Global

Holdings

SCA

4.25%,

3/30/2028(a)

450,000

453,427

4.50%,

3/30/2033

150,000

149,788

Smith

&

Nephew

plc

5.15%,

3/20/2027(a)

200,000

202,347

2.03%,

10/14/2030(a)

400,000

360,008

STERIS

Irish

FinCo.

UnLtd

Co.

2.70%,

3/15/2031

400,000

369,661

Stryker

Corp.

4.55%,

2/10/2027

85,000

85,638

4.70%,

2/10/2028(a)

720,000

731,117

3.65%,

3/7/2028

300,000

298,674

4.85%,

12/8/2028(a)

600,000

614,813

4.25%,

9/11/2029

50,000

50,298

4.85%,

2/10/2030

50,000

51,301

1.95%,

6/15/2030(a)

624,000

567,443

4.63%,

9/11/2034(a)

675,000

668,795

5.20%,

2/10/2035(a)

780,000

799,161

Zimmer

Biomet

Holdings,

Inc.

3.55%,

3/20/2030

150,000

145,494

7,267,119

Health

Care

Providers

&

Services

-

2

.3

%

Cardinal

Health,

Inc.

3.41%,

6/15/2027(a)

804,000

798,640

5.13%,

2/15/2029(a)

700,000

720,519

5.00%,

11/15/2029(a)

400,000

411,012

5.45%,

2/15/2034

475,000

493,664

5.35%,

11/15/2034(a)

400,000

411,137

5.15%,

9/15/2035

85,000

86,132

Cencora,

Inc.

3.45%,

12/15/2027(a)

861,000

852,646

4.63%,

12/15/2027

300,000

303,671

4.85%,

12/15/2029(a)

250,000

255,734

2.80%,

5/15/2030

270,000

254,298

2.70%,

3/15/2031

530,000

488,684

5.13%,

2/15/2034(a)

500,000

511,890

5.15%,

2/15/2035(a)

100,000

102,056

Centene

Corp.

4.63%,

12/15/2029

77,000

75,059

3.38%,

2/15/2030

550,000

507,392

3.00%,

10/15/2030

125,000

111,953

2.50%,

3/1/2031

160,000

138,366

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Health

Care

Providers

&

Services

-

2.3%

(continued)

Cigna

Group

(The)

3.40%,

3/1/2027

$

160,000

$

159,125

2.38%,

3/15/2031

100,000

90,628

4.88%,

9/15/2032

100,000

101,218

CVS

Health

Corp.

4.30%,

3/25/2028

310,000

311,015

Elevance

Health,

Inc.

4.75%,

2/15/2033(a)

200,000

199,866

HCA,

Inc.

5.20%,

6/1/2028(a)

500,000

512,270

5.63%,

9/1/2028(a)

200,000

206,104

3.50%,

9/1/2030

200,000

192,290

5.45%,

4/1/2031

200,000

207,932

5.50%,

6/1/2033

150,000

155,702

7.50%,

11/6/2033

50,000

57,250

5.60%,

4/1/2034

125,000

129,825

Laboratory

Corp.

of

America

Holdings

4.80%,

10/1/2034(a)

650,000

641,813

McKesson

Corp.

4.90%,

7/15/2028(a)

200,000

204,709

4.25%,

9/15/2029(a)

530,000

533,254

4.65%,

5/30/2030

50,000

50,803

4.95%,

5/30/2032(a)

500,000

514,181

5.10%,

7/15/2033(a)

450,000

463,735

5.25%,

5/30/2035(a)

350,000

361,381

OhioHealth

Corp.

2.30%,

11/15/2031

200,000

179,943

Quest

Diagnostics,

Inc.

4.60%,

12/15/2027

250,000

252,842

6.40%,

11/30/2033

250,000

275,598

UnitedHealth

Group,

Inc.

4.80%,

1/15/2030

30,000

30,678

4.65%,

1/15/2031

160,000

161,997

2.30%,

5/15/2031(a)

150,000

135,263

4.95%,

1/15/2032(a)

230,000

235,390

5.35%,

2/15/2033(a)

500,000

519,658

4.50%,

4/15/2033(a)

240,000

236,894

5.15%,

7/15/2034

50,000

51,011

5.30%,

6/15/2035(a)

50,000

51,450

Universal

Health

Services,

Inc.

4.63%,

10/15/2029(a)

400,000

402,409

2.65%,

10/15/2030(a)

450,000

410,312

2.65%,

1/15/2032

350,000

309,693

14,869,092

Health

Care

REITs

-

1

.1

%

Alexandria

Real

Estate

Equities,

Inc.

REIT,

1.88%,

2/1/2033(a)

550,000

451,510

REIT,

2.95%,

3/15/2034(a)

153,000

131,552

Healthcare

Realty

Holdings

LP

REIT,

3.10%,

2/15/2030

50,000

47,417

Healthpeak

OP

LLC

REIT,

3.50%,

7/15/2029

200,000

194,976

REIT,

3.00%,

1/15/2030

50,000

47,452

National

Health

Investors,

Inc.

REIT,

3.00%,

2/1/2031(a)

300,000

273,444

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)

Health

Care

REITs

-

1.1%

(continued)

Omega

Healthcare

Investors,

Inc.

REIT,

4.50%,

4/1/2027

$

591,000

$

592,728

REIT,

4.75%,

1/15/2028(a)

691,000

696,797

REIT,

3.63%,

10/1/2029(a)

251,000

243,266

REIT,

5.20%,

7/1/2030(a)

300,000

305,040

REIT,

3.38%,

2/1/2031

450,000

421,015

REIT,

3.25%,

4/15/2033(a)

375,000

332,907

Sabra

Health

Care

LP

REIT,

3.90%,

10/15/2029

151,000

147,951

REIT,

3.20%,

12/1/2031

500,000

457,753

Welltower

OP

LLC

REIT,

3.10%,

1/15/2030

625,000

599,265

REIT,

4.50%,

7/1/2030(a)

1,400,000

1,414,033

REIT,

2.75%,

1/15/2031

100,000

93,024

REIT,

2.80%,

6/1/2031

443,000

409,892

REIT,

5.13%,

7/1/2035

260,000

264,003

7,124,025

Health

Care

Technology

-

0

.1

%

IQVIA,

Inc.

5.70%,

5/15/2028(a)

50,000

51,515

6.25%,

2/1/2029(a)

310,000

326,139

377,654

Hotel

&

Resort

REITs

-

0

.3

%

Host

Hotels

&

Resorts

LP

Series

H,

REIT,

3.38%,

12/15/2029

53,000

51,016

Series

I,

REIT,

3.50%,

9/15/2030

250,000

238,160

Series

J,

REIT,

2.90%,

12/15/2031

200,000

181,011

REIT,

5.70%,

6/15/2032

100,000

104,398

REIT,

5.70%,

7/1/2034

570,000

588,246

REIT,

5.50%,

4/15/2035

500,000

506,770

1,669,601

Hotels,

Restaurants

&

Leisure

-

1

.2

%

Choice

Hotels

International,

Inc.

3.70%,

12/1/2029(a)

288,000

281,081

3.70%,

1/15/2031

425,000

407,091

5.85%,

8/1/2034(a)

315,000

322,728

Darden

Restaurants,

Inc.

3.85%,

5/1/2027(a)

320,000

319,296

Hyatt

Hotels

Corp.

5.75%,

4/23/2030(b)

50,000

52,303

Marriott

International,

Inc.

5.00%,

10/15/2027

188,000

190,926

Series

X,

4.00%,

4/15/2028

102,000

101,917

5.55%,

10/15/2028(a)

600,000

623,065

Series

AA,

4.65%,

12/1/2028

100,000

101,652

4.90%,

4/15/2029(a)

400,000

408,907

4.88%,

5/15/2029(a)

150,000

153,447

4.80%,

3/15/2030(a)

50,000

51,034

Series

FF,

4.63%,

6/15/2030(a)

327,000

331,322

Series

HH,

2.85%,

4/15/2031(a)

450,000

417,620

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Hotels,

Restaurants

&

Leisure

-

1.2%

(continued)

Marriott

International,

Inc.

(continued)

Series

GG,

3.50%,

10/15/2032

$

475,000

$

443,246

5.35%,

3/15/2035(a)

500,000

512,628

McDonald's

Corp.

3.50%,

7/1/2027

309,000

307,698

4.80%,

8/14/2028

40,000

40,821

2.63%,

9/1/2029(a)

995,000

949,450

2.13%,

3/1/2030

401,000

371,029

3.60%,

7/1/2030(a)

395,000

387,544

4.60%,

9/9/2032(a)

330,000

335,457

4.95%,

8/14/2033

450,000

462,442

5.20%,

5/17/2034

70,000

72,550

4.95%,

3/3/2035

550,000

555,424

8,200,678

Household

Durables

-

0

.8

%

DR

Horton,

Inc.

1.40%,

10/15/2027(a)

1,330,000

1,274,710

5.00%,

10/15/2034(a)

400,000

403,322

Lennar

Corp.

5.00%,

6/15/2027

200,000

201,567

4.75%,

11/29/2027(a)

450,000

454,178

5.20%,

7/30/2030(a)

400,000

412,275

NVR,

Inc.

3.00%,

5/15/2030(a)

627,000

595,566

PulteGroup,

Inc.

5.00%,

1/15/2027

343,000

345,245

7.88%,

6/15/2032

200,000

234,300

6.38%,

5/15/2033(a)

350,000

383,505

Sekisui

House

US,

Inc.

3.85%,

1/15/2030

150,000

144,871

Toll

Brothers

Finance

Corp.

4.88%,

3/15/2027

703,000

707,733

4.35%,

2/15/2028

100,000

100,514

3.80%,

11/1/2029(a)

250,000

246,493

5,504,279

Household

Products

-

0

.8

%

Church

&

Dwight

Co.,

Inc.

3.15%,

8/1/2027(a)

350,000

345,900

2.30%,

12/15/2031

250,000

223,340

5.60%,

11/15/2032(a)

300,000

318,823

Clorox

Co.

(The)

4.40%,

5/1/2029

440,000

444,360

1.80%,

5/15/2030(a)

250,000

225,708

4.60%,

5/1/2032

250,000

251,488

Colgate-Palmolive

Co.

4.60%,

3/1/2028

200,000

203,311

4.20%,

5/1/2030(a)

200,000

201,715

3.25%,

8/15/2032(a)

200,000

188,656

4.60%,

3/1/2033

200,000

203,382

Kimberly-Clark

Corp.

1.05%,

9/15/2027(a)

150,000

143,968

3.10%,

3/26/2030

62,000

59,541

Procter

&

Gamble

Co.

(The)

2.80%,

3/25/2027

116,000

114,937

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)

Household

Products

-

0.8%

(continued)

Procter

&

Gamble

Co.

(The)

(continued)

2.85%,

8/11/2027

$

50,000

$

49,492

3.00%,

3/25/2030(a)

1,444,000

1,392,303

4.55%,

1/29/2034(a)

375,000

379,517

5.50%,

2/1/2034

220,000

233,803

4,980,244

Industrial

Conglomerates

-

0

.1

%

Pentair

Finance

Sarl

4.50%,

7/1/2029(a)

200,000

200,759

5.90%,

7/15/2032

450,000

477,001

677,760

Industrial

REITs

-

0

.1

%

LXP

Industrial

Trust

REIT,

2.38%,

10/1/2031(a)

200,000

175,321

Prologis

LP

REIT,

5.25%,

5/15/2035

165,000

169,504

344,825

Insurance

-

5

.1

%

ACE

Capital

Trust

II

9.70%,

4/1/2030

150,000

179,489

Aflac,

Inc.

3.60%,

4/1/2030

102,000

100,250

Alleghany

Corp.

3.63%,

5/15/2030(a)

375,000

367,169

Allstate

Corp.

(The)

5.05%,

6/24/2029(a)

150,000

154,658

5.25%,

3/30/2033

50,000

51,727

5.35%,

6/1/2033

195,000

202,142

American

Financial

Group,

Inc.

5.25%,

4/2/2030

125,000

130,699

American

International

Group,

Inc.

Series

A-9,

5.75%,

4/1/2048(c)

200,000

203,985

American

National

Group,

Inc.

5.75%,

10/1/2029

250,000

258,723

Aon

Corp.

2.85%,

5/28/2027(a)

263,000

259,554

4.50%,

12/15/2028

360,000

364,928

3.75%,

5/2/2029

475,000

470,228

2.80%,

5/15/2030

487,000

459,768

2.05%,

8/23/2031(a)

200,000

177,124

2.60%,

12/2/2031

315,000

284,702

5.00%,

9/12/2032(a)

275,000

281,794

5.35%,

2/28/2033

574,000

595,800

Aon

North

America,

Inc.

5.13%,

3/1/2027(a)

300,000

303,635

5.15%,

3/1/2029(a)

500,000

514,816

5.30%,

3/1/2031(a)

650,000

676,625

5.45%,

3/1/2034

1,825,000

1,895,535

Arch

Capital

Group

Ltd.

7.35%,

5/1/2034

150,000

173,492

Arthur

J

Gallagher

&

Co.

2.40%,

11/9/2031

70,000

62,503

6.50%,

2/15/2034

300,000

329,864

5.45%,

7/15/2034(a)

80,000

82,646

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Insurance

-

5.1%

(continued)

Assurant,

Inc.

4.90%,

3/27/2028

$

250,000

$

252,816

3.70%,

2/22/2030

51,000

49,534

2.65%,

1/15/2032

125,000

111,029

Assured

Guaranty

US

Holdings,

Inc.

6.13%,

9/15/2028(a)

170,000

178,410

Athene

Holding

Ltd.

4.13%,

1/12/2028

300,000

299,969

6.15%,

4/3/2030

475,000

503,603

3.50%,

1/15/2031

750,000

710,869

6.65%,

2/1/2033

450,000

487,708

5.88%,

1/15/2034

500,000

519,123

6.63%,

10/15/2054(a)(c)

250,000

249,885

6.88%,

6/28/2055(c)

220,000

220,393

AXA

SA

8.60%,

12/15/2030(a)

270,000

316,410

AXIS

Specialty

Finance

LLC

3.90%,

7/15/2029

100,000

98,895

4.90%,

1/15/2040(c)

252,000

243,219

AXIS

Specialty

Finance

plc

4.00%,

12/6/2027

110,000

109,879

Berkshire

Hathaway

Finance

Corp.

1.45%,

10/15/2030

15,000

13,408

Brighthouse

Financial,

Inc.

3.70%,

6/22/2027

110,000

108,860

Brown

&

Brown,

Inc.

4.50%,

3/15/2029

420,000

422,690

2.38%,

3/15/2031

502,000

451,221

4.20%,

3/17/2032

200,000

193,302

5.25%,

6/23/2032

500,000

510,041

5.65%,

6/11/2034

250,000

257,473

5.55%,

6/23/2035(a)

500,000

511,568

Chubb

INA

Holdings

LLC

5.00%,

3/15/2034(a)

350,000

357,061

4.90%,

8/15/2035(a)

460,000

460,397

Cincinnati

Financial

Corp.

6.92%,

5/15/2028(a)

200,000

212,507

CNA

Financial

Corp.

3.45%,

8/15/2027(a)

350,000

346,745

2.05%,

8/15/2030(a)

500,000

452,084

5.50%,

6/15/2033

450,000

466,726

F&G

Annuities

&

Life,

Inc.

7.40%,

1/13/2028

385,000

401,973

6.50%,

6/4/2029

545,000

566,400

6.25%,

10/4/2034(a)

270,000

272,221

Fairfax

Financial

Holdings

Ltd.

4.85%,

4/17/2028

420,000

425,788

3.38%,

3/3/2031

400,000

378,084

5.63%,

8/16/2032

475,000

495,830

6.00%,

12/7/2033

250,000

265,024

Fidelity

National

Financial,

Inc.

4.50%,

8/15/2028

10,000

10,071

Globe

Life,

Inc.

4.80%,

6/15/2032

150,000

151,003

5.85%,

9/15/2034

520,000

546,903

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)

Insurance

-

5.1%

(continued)

Hanover

Insurance

Group,

Inc.

(The)

2.50%,

9/1/2030

$

250,000

$

228,354

Hartford

Insurance

Group,

Inc.

(The)

2.80%,

8/19/2029(a)

302,000

289,719

Horace

Mann

Educators

Corp.

7.25%,

9/15/2028

200,000

213,935

Kemper

Corp.

2.40%,

9/30/2030

200,000

178,868

3.80%,

2/23/2032

150,000

138,721

Manulife

Financial

Corp.

4.06%,

2/24/2032(c)

701,000

699,488

Markel

Group,

Inc.

3.50%,

11/1/2027

50,000

49,591

Marsh

&

McLennan

Cos.,

Inc.

4.38%,

3/15/2029(a)

1,080,000

1,090,634

4.65%,

3/15/2030

500,000

509,000

2.25%,

11/15/2030(a)

150,000

136,901

4.85%,

11/15/2031(a)

600,000

614,066

2.38%,

12/15/2031

250,000

224,373

5.75%,

11/1/2032(a)

350,000

373,721

5.88%,

8/1/2033

100,000

108,329

5.40%,

9/15/2033

250,000

261,407

5.15%,

3/15/2034

175,000

180,118

5.00%,

3/15/2035

1,510,000

1,523,980

Mercury

General

Corp.

4.40%,

3/15/2027

300,000

299,871

Old

Republic

International

Corp.

5.75%,

3/28/2034

150,000

155,678

Primerica,

Inc.

2.80%,

11/19/2031(a)

350,000

318,178

Progressive

Corp.

(The)

2.50%,

3/15/2027

345,000

340,049

3.20%,

3/26/2030(a)

51,000

49,279

6.25%,

12/1/2032

100,000

110,185

Prudential

Financial,

Inc.

6.00%,

9/1/2052(c)

20,000

20,647

6.50%,

3/15/2054(c)

270,000

284,260

RenaissanceRe

Holdings

Ltd.

3.60%,

4/15/2029

500,000

490,156

5.75%,

6/5/2033

350,000

365,700

5.80%,

4/1/2035

200,000

208,559

Unum

Group

4.00%,

6/15/2029(a)

100,000

98,991

Willis

North

America,

Inc.

4.65%,

6/15/2027

300,000

302,330

4.50%,

9/15/2028

240,000

241,828

2.95%,

9/15/2029(a)

354,000

337,806

4.55%,

3/15/2031

1,170,000

1,169,216

5.35%,

5/15/2033

505,000

519,392

33,344,308

Interactive

Media

&

Services

-

1

.6

%

Alphabet,

Inc.

1.10%,

8/15/2030

390,000

344,023

4.50%,

5/15/2035

450,000

445,281

4.70%,

11/15/2035

1,140,000

1,134,853

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Interactive

Media

&

Services

-

1.6%

(continued)

Meta

Platforms,

Inc.

4.80%,

5/15/2030(a)

$

260,000

$

267,145

4.20%,

11/15/2030

350,000

349,371

4.55%,

8/15/2031

215,000

217,826

3.85%,

8/15/2032(a)

1,750,000

1,693,222

4.60%,

11/15/2032

1,240,000

1,243,103

4.95%,

5/15/2033

1,354,000

1,379,106

4.75%,

8/15/2034(a)

2,330,000

2,326,436

4.88%,

11/15/2035

1,080,000

1,068,275

10,468,641

IT

Services

-

0

.8

%

Accenture

Capital,

Inc.

3.90%,

10/4/2027

300,000

301,323

4.05%,

10/4/2029(a)

550,000

551,849

4.25%,

10/4/2031(a)

450,000

450,056

4.50%,

10/4/2034

500,000

491,748

Amdocs

Ltd.

2.54%,

6/15/2030(a)

350,000

321,603

Booz

Allen

Hamilton,

Inc.

5.95%,

8/4/2033

300,000

312,299

5.95%,

4/15/2035

100,000

102,890

CGI,

Inc.

2.30%,

9/14/2031(a)

245,000

217,224

Gartner,

Inc.

5.60%,

11/20/2035(a)

160,000

159,451

Genpact

Luxembourg

Sarl

6.00%,

6/4/2029

25,000

26,196

Genpact

UK

Finco

plc

4.95%,

11/18/2030(a)

680,000

681,470

IBM

International

Capital

Pte.

Ltd.

4.90%,

2/5/2034(a)

355,000

356,568

International

Business

Machines

Corp.

5.00%,

2/10/2032

100,000

102,668

VeriSign,

Inc.

4.75%,

7/15/2027(a)

500,000

500,069

2.70%,

6/15/2031(a)

790,000

718,790

5.25%,

6/1/2032(a)

150,000

153,771

5,447,975

Leisure

Products

-

0

.0

%

(e)

Hasbro,

Inc.

6.05%,

5/14/2034(a)

100,000

106,214

Life

Sciences

Tools

&

Services

-

0

.3

%

Agilent

Technologies,

Inc.

4.20%,

9/9/2027

200,000

200,942

2.75%,

9/15/2029(a)

332,000

317,326

2.10%,

6/4/2030

450,000

411,554

2.30%,

3/12/2031(a)

751,000

681,149

4.75%,

9/9/2034(a)

250,000

249,154

1,860,125

Machinery

-

1

.4

%

AGCO

Corp.

5.45%,

3/21/2027

185,000

187,455

Cummins,

Inc.

7.13%,

3/1/2028(a)

100,000

106,327

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)

Machinery

-

1.4%

(continued)

Dover

Corp.

2.95%,

11/4/2029(a)

$

450,000

$

431,195

Flowserve

Corp.

3.50%,

10/1/2030(a)

200,000

191,057

2.80%,

1/15/2032

125,000

112,261

IDEX

Corp.

4.95%,

9/1/2029(a)

505,000

515,689

3.00%,

5/1/2030(a)

350,000

331,256

2.63%,

6/15/2031(a)

300,000

273,766

Ingersoll

Rand,

Inc.

5.20%,

6/15/2027(a)

200,000

203,085

5.18%,

6/15/2029(a)

300,000

310,235

5.70%,

8/14/2033

75,000

79,199

Nordson

Corp.

5.60%,

9/15/2028

250,000

258,593

4.50%,

12/15/2029

350,000

352,604

5.80%,

9/15/2033(a)

100,000

105,597

nVent

Finance

Sarl

4.55%,

4/15/2028

50,000

50,238

5.65%,

5/15/2033

250,000

260,681

Oshkosh

Corp.

4.60%,

5/15/2028

25,000

25,218

Otis

Worldwide

Corp.

2.29%,

4/5/2027

250,000

245,240

5.25%,

8/16/2028(a)

770,000

792,762

2.57%,

2/15/2030(a)

798,000

747,649

Parker-Hannifin

Corp.

4.25%,

9/15/2027(a)

650,000

653,557

3.25%,

6/14/2029(a)

835,000

813,547

Westinghouse

Air

Brake

Technologies

Corp.

4.70%,

9/15/2028(a)(b)

664,000

672,773

4.90%,

5/29/2030

120,000

122,633

5.61%,

3/11/2034

300,000

313,764

5.50%,

5/29/2035

250,000

259,589

Xylem,

Inc.

1.95%,

1/30/2028(a)

350,000

337,309

2.25%,

1/30/2031

150,000

135,864

8,889,143

Marine

Transportation

-

0

.0

%

(e)

Kirby

Corp.

4.20%,

3/1/2028

250,000

250,525

Media

-

0

.4

%

Charter

Communications

Operating

LLC

6.55%,

6/1/2034(a)

200,000

210,086

Fox

Corp.

4.71%,

1/25/2029(a)

1,475,000

1,496,713

3.50%,

4/8/2030

250,000

242,379

6.50%,

10/13/2033(a)

800,000

879,314

Time

Warner

Cable

Enterprises

LLC

8.38%,

7/15/2033

50,000

57,495

2,885,987

Metals

&

Mining

-

1

.9

%

AngloGold

Ashanti

Holdings

plc

3.38%,

11/1/2028(a)

500,000

486,263

3.75%,

10/1/2030(a)

500,000

480,672

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Metals

&

Mining

-

1.9%

(continued)

ArcelorMittal

SA

6.55%,

11/29/2027

$

250,000

$

260,186

BHP

Billiton

Finance

USA

Ltd.

5.25%,

9/8/2030(a)

220,000

228,851

5.13%,

2/21/2032(a)

300,000

310,330

4.90%,

2/28/2033(a)

250,000

254,373

5.25%,

9/8/2033

1,350,000

1,396,820

5.30%,

2/21/2035

475,000

490,440

Kinross

Gold

Corp.

6.25%,

7/15/2033

175,000

189,808

Newmont

Corp.

3.25%,

5/13/2030(a)

350,000

337,456

Reliance,

Inc.

2.15%,

8/15/2030

350,000

318,387

Rio

Tinto

Alcan,

Inc.

7.25%,

3/15/2031

300,000

340,343

6.13%,

12/15/2033

300,000

327,463

5.75%,

6/1/2035

80,000

85,169

Rio

Tinto

Finance

USA

Ltd.

7.13%,

7/15/2028

502,000

538,926

Rio

Tinto

Finance

USA

plc

4.50%,

3/14/2028(a)

440,000

445,402

4.88%,

3/14/2030(a)

1,075,000

1,102,167

5.00%,

3/14/2032(a)

750,000

772,027

5.00%,

3/9/2033(a)

50,000

51,180

5.25%,

3/14/2035

1,400,000

1,439,321

Southern

Copper

Corp.

7.50%,

7/27/2035

340,000

403,002

Steel

Dynamics,

Inc.

3.45%,

4/15/2030(a)

330,000

319,156

3.25%,

1/15/2031(a)

150,000

142,197

5.38%,

8/15/2034

250,000

256,658

Vale

Canada

Ltd.

7.20%,

9/15/2032

150,000

166,125

Vale

Overseas

Ltd.

3.75%,

7/8/2030

545,000

526,110

6.13%,

6/12/2033

425,000

455,185

Yamana

Gold,

Inc.

2.63%,

8/15/2031

185,000

167,385

12,291,402

Multi-Utilities

-

1

.3

%

Ameren

Corp.

5.00%,

1/15/2029(a)

320,000

327,841

5.38%,

3/15/2035

420,000

430,129

Berkshire

Hathaway

Energy

Co.

8.48%,

9/15/2028(a)

175,000

194,217

3.70%,

7/15/2030(a)

683,000

671,393

1.65%,

5/15/2031

600,000

523,677

Black

Hills

Corp.

3.15%,

1/15/2027

170,000

168,570

6.00%,

1/15/2035

360,000

381,741

CenterPoint

Energy,

Inc.

Series

A,

7.00%,

2/15/2055(c)

200,000

209,687

6.70%,

5/15/2055(c)

150,000

154,012

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)

Multi-Utilities

-

1.3%

(continued)

CMS

Energy

Corp.

2.95%,

2/15/2027(a)

$

100,000

$

98,914

3.45%,

8/15/2027(a)

50,000

49,614

4.75%,

6/1/2050(c)

135,000

133,351

3.75%,

12/1/2050(c)

150,000

138,357

6.50%,

6/1/2055(a)(c)

250,000

258,214

Dominion

Energy,

Inc.

Series

A,

6.88%,

2/1/2055(c)

290,000

302,018

6.63%,

5/15/2055(c)

95,000

97,673

DTE

Energy

Co.

4.95%,

7/1/2027

400,000

405,015

5.20%,

4/1/2030

250,000

257,875

National

Grid

plc

5.60%,

6/12/2028(a)

75,000

77,534

5.81%,

6/12/2033

130,000

137,733

5.42%,

1/11/2034

200,000

206,338

NiSource,

Inc.

6.95%,

11/30/2054(c)

100,000

104,150

Public

Service

Enterprise

Group,

Inc.

5.85%,

11/15/2027(a)

650,000

669,641

6.13%,

10/15/2033(a)

100,000

107,400

5.45%,

4/1/2034

250,000

257,766

5.40%,

3/15/2035(a)

150,000

154,178

Sempra

4.13%,

4/1/2052(c)

200,000

198,145

Southern

Co.

Gas

Capital

Corp.

5.15%,

9/15/2032(a)

50,000

51,420

5.75%,

9/15/2033

250,000

264,380

4.95%,

9/15/2034

550,000

550,383

WEC

Energy

Group,

Inc.

5.15%,

10/1/2027(a)

700,000

712,714

8,294,080

Office

REITs

-

0

.3

%

Boston

Properties

LP

REIT,

3.40%,

6/21/2029(a)

200,000

194,242

COPT

Defense

Properties

LP

REIT,

2.00%,

1/15/2029

375,000

352,493

REIT,

4.50%,

10/15/2030

130,000

129,687

REIT,

2.75%,

4/15/2031(a)

50,000

45,661

REIT,

2.90%,

12/1/2033(a)

300,000

256,033

Kilroy

Realty

LP

REIT,

4.75%,

12/15/2028(a)

60,000

60,302

REIT,

2.65%,

11/15/2033

910,000

745,291

1,783,709

Oil,

Gas

&

Consumable

Fuels

-

6

.2

%

Boardwalk

Pipelines

LP

4.45%,

7/15/2027

300,000

301,341

4.80%,

5/3/2029(a)

200,000

202,914

3.40%,

2/15/2031

250,000

236,261

3.60%,

9/1/2032(a)

270,000

252,243

Burlington

Resources

LLC

7.20%,

8/15/2031

150,000

170,392

Canadian

Natural

Resources

Ltd.

3.85%,

6/1/2027(a)

625,000

624,417

5.00%,

12/15/2029(a)

170,000

174,614

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

6.2%

(continued)

Canadian

Natural

Resources

Ltd.

(continued)

2.95%,

7/15/2030(a)

$

300,000

$

283,290

7.20%,

1/15/2032

225,000

251,706

6.45%,

6/30/2033(a)

200,000

217,070

5.40%,

12/15/2034(a)

900,000

915,926

Cenovus

Energy,

Inc.

2.65%,

1/15/2032

350,000

313,433

Cheniere

Corpus

Christi

Holdings

LLC

3.70%,

11/15/2029

625,000

611,505

Cheniere

Energy

Partners

LP

4.50%,

10/1/2029

350,000

351,345

3.25%,

1/31/2032

700,000

646,023

5.95%,

6/30/2033(a)

1,550,000

1,642,211

5.75%,

8/15/2034(a)

350,000

364,828

5.55%,

10/30/2035(a)(d)

100,000

102,280

Cheniere

Energy,

Inc.

5.65%,

4/15/2034

950,000

984,947

Chevron

Corp.

2.24%,

5/11/2030

755,000

700,948

Chevron

USA,

Inc.

4.48%,

2/26/2028(a)

130,000

131,880

4.69%,

4/15/2030(a)

750,000

766,765

4.82%,

4/15/2032(a)

250,000

257,363

ConocoPhillips

Co.

5.00%,

1/15/2035(a)

200,000

202,748

Continental

Resources,

Inc.

4.38%,

1/15/2028

300,000

300,389

Coterra

Energy,

Inc.

3.90%,

5/15/2027(a)

302,000

301,325

4.38%,

3/15/2029(a)

400,000

402,496

5.60%,

3/15/2034

150,000

155,095

5.40%,

2/15/2035(a)

200,000

203,568

DCP

Midstream

Operating

LP

5.63%,

7/15/2027

100,000

101,817

3.25%,

2/15/2032

100,000

92,045

Devon

Energy

Corp.

5.88%,

6/15/2028(a)

80,000

80,030

Diamondback

Energy,

Inc.

6.25%,

3/15/2033

205,000

221,165

5.40%,

4/18/2034

100,000

102,407

Eastern

Energy

Gas

Holdings

LLC

5.80%,

1/15/2035

300,000

316,918

Eastern

Gas

Transmission

&

Storage,

Inc.

3.00%,

11/15/2029(a)

202,000

194,029

El

Paso

Natural

Gas

Co.

LLC

8.38%,

6/15/2032(b)

100,000

119,322

Enbridge,

Inc.

5.70%,

3/8/2033

575,000

602,953

2.50%,

8/1/2033(a)

600,000

515,128

7.38%,

3/15/2055(c)

25,000

26,554

Series

16-A,

6.00%,

1/15/2077(c)

500,000

503,257

6.25%,

3/1/2078(c)

302,000

306,972

Series

20-A,

5.75%,

7/15/2080(a)(c)

335,000

339,084

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)

Oil,

Gas

&

Consumable

Fuels

-

6.2%

(continued)

Enbridge,

Inc.

(continued)

7.63%,

1/15/2083(c)

$

260,000

$

283,632

8.50%,

1/15/2084(a)(c)

240,000

274,639

Energy

Transfer

LP

8.25%,

11/15/2029

50,000

56,201

Enterprise

Products

Operating

LLC

5.35%,

1/31/2033(a)

92,000

95,970

Series

D,

6.88%,

3/1/2033

350,000

396,269

4.85%,

1/31/2034(a)

125,000

125,964

4.95%,

2/15/2035

500,000

505,584

Series

J,

5.75%,

3/1/2035

100,000

105,068

Series

E,

5.25%,

8/16/2077(c)

702,000

699,249

5.38%,

2/15/2078(c)

350,000

348,135

EOG

Resources,

Inc.

4.40%,

7/15/2028(a)

500,000

505,915

4.38%,

4/15/2030(a)

702,000

706,341

5.00%,

7/15/2032

250,000

256,402

3.90%,

4/1/2035(a)

100,000

92,922

5.35%,

1/15/2036

380,000

390,132

EQT

Corp.

4.75%,

1/15/2031(a)

50,000

50,226

Expand

Energy

Corp.

5.38%,

3/15/2030

240,000

244,270

4.75%,

2/1/2032(a)

500,000

495,424

Exxon

Mobil

Corp.

3.48%,

3/19/2030(a)

650,000

636,158

2.61%,

10/15/2030(a)

1,480,000

1,388,487

Hess

Corp.

4.30%,

4/1/2027

500,000

502,056

7.88%,

10/1/2029(a)

250,000

281,461

7.30%,

8/15/2031

325,000

372,076

7.13%,

3/15/2033

250,000

287,697

HF

Sinclair

Corp.

5.00%,

2/1/2028

1,510,000

1,509,751

Kinder

Morgan,

Inc.

5.40%,

2/1/2034

255,000

263,758

MPLX

LP

4.13%,

3/1/2027

440,000

440,352

4.80%,

2/15/2029

140,000

142,148

2.65%,

8/15/2030(a)

20,000

18,538

5.00%,

3/1/2033

40,000

40,129

5.50%,

6/1/2034(a)

355,000

362,703

5.40%,

9/15/2035

140,000

141,154

Occidental

Petroleum

Corp.

3.50%,

8/15/2029

100,000

96,623

6.13%,

1/1/2031

100,000

105,747

7.50%,

5/1/2031(a)

185,000

208,546

7.88%,

9/15/2031

100,000

115,157

5.55%,

10/1/2034

250,000

255,742

ONEOK,

Inc.

6.35%,

1/15/2031(a)

210,000

225,221

Ovintiv,

Inc.

6.25%,

7/15/2033(a)

50,000

53,088

Pioneer

Natural

Resources

Co.

1.90%,

8/15/2030

450,000

408,162

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

6.2%

(continued)

Pioneer

Natural

Resources

Co.

(continued)

2.15%,

1/15/2031

$

775,000

$

703,861

Plains

All

American

Pipeline

LP

3.55%,

12/15/2029

180,000

175,331

3.80%,

9/15/2030(a)

365,000

355,468

5.70%,

9/15/2034

450,000

464,056

5.95%,

6/15/2035(a)

250,000

260,678

5.60%,

1/15/2036

100,000

101,457

Sabine

Pass

Liquefaction

LLC

5.00%,

3/15/2027

35,000

35,212

4.20%,

3/15/2028(a)

400,000

400,805

4.50%,

5/15/2030(a)

630,000

633,255

Shell

Finance

US,

Inc.

2.75%,

4/6/2030(a)

450,000

426,725

South

Bow

USA

Infrastructure

Holdings

LLC

5.58%,

10/1/2034

122,375

123,432

Suncor

Energy,

Inc.

7.15%,

2/1/2032(a)

450,000

505,174

5.95%,

12/1/2034

300,000

317,171

Targa

Resources

Corp.

5.20%,

7/1/2027(a)

185,000

187,776

6.15%,

3/1/2029(a)

15,000

15,803

6.13%,

3/15/2033

175,000

186,990

6.50%,

3/30/2034

275,000

300,741

5.55%,

8/15/2035

85,000

87,054

Targa

Resources

Partners

LP

4.00%,

1/15/2032(a)

400,000

384,022

TC

PipeLines

LP

3.90%,

5/25/2027

250,000

249,422

Texas

Eastern

Transmission

LP

7.00%,

7/15/2032

325,000

364,331

TotalEnergies

Capital

SA

5.15%,

4/5/2034

140,000

144,821

Transcanada

Trust

5.30%,

3/15/2077(c)

540,000

541,333

5.50%,

9/15/2079(c)

350,000

349,190

Valero

Energy

Corp.

2.15%,

9/15/2027(a)

170,000

165,115

7.50%,

4/15/2032

300,000

344,675

Viper

Energy

Partners

LLC

4.90%,

8/1/2030(a)

300,000

303,771

Western

Midstream

Operating

LP

4.50%,

3/1/2028(a)

200,000

200,973

4.75%,

8/15/2028

200,000

202,531

6.35%,

1/15/2029(a)

550,000

580,135

4.05%,

2/1/2030(b)

375,000

367,939

6.15%,

4/1/2033

890,000

940,601

5.45%,

11/15/2034(a)

550,000

553,677

Williams

Cos.,

Inc.

(The)

Series

A,

7.50%,

1/15/2031(a)

100,000

113,346

7.75%,

6/15/2031

100,000

114,312

8.75%,

3/15/2032(b)

200,000

241,856

40,521,140

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)

Paper

&

Forest

Products

-

0

.0

%

(e)

Suzano

Austria

GmbH

6.00%,

1/15/2029

$

100,000

$

103,290

5.00%,

1/15/2030

150,000

150,101

3.75%,

1/15/2031(a)

50,000

47,175

300,566

Personal

Care

Products

-

0

.3

%

Conopco,

Inc.

6.63%,

4/15/2028

190,000

200,314

Haleon

US

Capital

LLC

3.38%,

3/24/2027(a)

890,000

884,342

3.63%,

3/24/2032

750,000

714,433

1,799,089

Pharmaceuticals

-

0

.9

%

Eli

Lilly

&

Co.

4.90%,

2/12/2032

250,000

258,717

4.70%,

2/27/2033(a)

270,000

274,957

4.70%,

2/9/2034(a)

220,000

222,348

5.10%,

2/12/2035(a)

600,000

618,452

Johnson

&

Johnson

4.85%,

3/1/2032

40,000

41,441

5.00%,

3/1/2035(a)

300,000

311,310

Merck

&

Co.,

Inc.

1.45%,

6/24/2030(a)

200,000

179,127

4.95%,

9/15/2035(a)

200,000

202,129

Novartis

Capital

Corp.

2.20%,

8/14/2030

242,000

223,944

4.10%,

11/5/2030

50,000

50,002

4.20%,

9/18/2034(a)

590,000

576,240

Royalty

Pharma

plc

2.20%,

9/2/2030(a)

150,000

136,446

Zoetis,

Inc.

3.00%,

9/12/2027(a)

1,346,000

1,328,610

3.90%,

8/20/2028

102,000

101,985

2.00%,

5/15/2030(a)

350,000

320,479

5.60%,

11/16/2032(a)

575,000

609,625

5.00%,

8/17/2035

200,000

201,369

5,657,181

Professional

Services

-

1

.0

%

Automatic

Data

Processing,

Inc.

4.45%,

9/9/2034(a)

680,000

675,440

Broadridge

Financial

Solutions,

Inc.

2.90%,

12/1/2029(a)

452,000

429,668

2.60%,

5/1/2031

750,000

681,351

Jacobs

Engineering

Group,

Inc.

6.35%,

8/18/2028

400,000

420,588

5.90%,

3/1/2033(a)

300,000

315,153

Paychex,

Inc.

5.10%,

4/15/2030

900,000

925,740

5.35%,

4/15/2032

950,000

982,093

5.60%,

4/15/2035(a)

550,000

570,269

Verisk

Analytics,

Inc.

4.13%,

3/15/2029(a)

252,000

251,977

5.75%,

4/1/2033

325,000

343,457

5.25%,

6/5/2034

400,000

407,845

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Professional

Services

-

1.0%

(continued)

Verisk

Analytics,

Inc.

(continued)

5.25%,

3/15/2035

$

650,000

$

659,613

6,663,194

Real

Estate

Management

&

Development

-

0

.4

%

CBRE

Services,

Inc.

5.50%,

4/1/2029(a)

220,000

228,012

2.50%,

4/1/2031(a)

100,000

90,530

4.90%,

1/15/2033

1,410,000

1,415,534

5.95%,

8/15/2034

840,000

893,982

Jones

Lang

LaSalle,

Inc.

6.88%,

12/1/2028

250,000

266,828

2,894,886

Residential

REITs

-

1

.3

%

American

Homes

4

Rent

LP

REIT,

4.25%,

2/15/2028(a)

250,000

250,048

REIT,

4.90%,

2/15/2029

162,000

164,753

REIT,

2.38%,

7/15/2031

10,000

8,926

REIT,

3.63%,

4/15/2032(a)

250,000

234,808

REIT,

5.50%,

2/1/2034

90,000

92,138

REIT,

5.50%,

7/15/2034

910,000

930,582

AvalonBay

Communities,

Inc.

REIT,

3.20%,

1/15/2028

50,000

49,368

REIT,

1.90%,

12/1/2028

1,020,000

967,149

REIT,

5.00%,

2/15/2033

25,000

25,542

REIT,

5.35%,

6/1/2034

350,000

362,264

Essential

Properties

LP

REIT,

2.95%,

7/15/2031(a)

250,000

228,819

REIT,

5.40%,

12/1/2035

80,000

80,272

Essex

Portfolio

LP

REIT,

3.63%,

5/1/2027(a)

150,000

149,426

REIT,

1.70%,

3/1/2028(a)

250,000

238,375

REIT,

4.00%,

3/1/2029(a)

251,000

249,449

REIT,

3.00%,

1/15/2030

202,000

192,162

REIT,

1.65%,

1/15/2031

150,000

131,010

REIT,

2.65%,

3/15/2032

50,000

44,580

REIT,

5.50%,

4/1/2034

480,000

494,523

Invitation

Homes

Operating

Partnership

LP

REIT,

2.30%,

11/15/2028

435,000

413,564

REIT,

5.45%,

8/15/2030(a)

250,000

259,049

REIT,

2.00%,

8/15/2031(a)

300,000

261,268

REIT,

4.15%,

4/15/2032(a)

400,000

386,210

REIT,

4.95%,

1/15/2033(a)

300,000

299,385

REIT,

5.50%,

8/15/2033

150,000

153,861

REIT,

4.88%,

2/1/2035

600,000

585,114

Mid-America

Apartments

LP

REIT,

5.30%,

2/15/2032(a)

25,000

26,036

REIT,

4.65%,

1/15/2033(a)

170,000

169,431

REIT,

4.95%,

3/1/2035

50,000

50,187

Store

Capital

LLC

REIT,

4.50%,

3/15/2028

170,000

170,620

REIT,

4.63%,

3/15/2029

41,000

40,906

Sun

Communities

Operating

LP

REIT,

2.70%,

7/15/2031

510,000

463,233

REIT,

4.20%,

4/15/2032(a)

350,000

339,707

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

CORPORATE

BONDS

(continued)

Residential

REITs

-

1.3%

(continued)

Tanger

Properties

LP

REIT,

3.88%,

7/15/2027

$

150,000

$

149,308

REIT,

2.75%,

9/1/2031(a)

200,000

181,702

8,843,775

Retail

REITs

-

0

.6

%

Agree

LP

REIT,

2.00%,

6/15/2028(a)

52,000

49,706

REIT,

2.90%,

10/1/2030(a)

150,000

140,227

REIT,

4.80%,

10/1/2032(a)

250,000

251,913

REIT,

2.60%,

6/15/2033(a)

150,000

129,432

REIT,

5.63%,

6/15/2034

300,000

313,788

REIT,

5.60%,

6/15/2035

150,000

156,648

Brixmor

Operating

Partnership

LP

REIT,

3.90%,

3/15/2027(a)

400,000

399,394

Federal

Realty

OP

LP

REIT,

5.38%,

5/1/2028(a)

400,000

410,309

NNN

REIT,

Inc.

REIT,

3.50%,

10/15/2027(a)

86,000

85,302

REIT,

4.30%,

10/15/2028

50,000

50,289

REIT,

2.50%,

4/15/2030

100,000

92,926

REIT,

4.60%,

2/15/2031(a)

500,000

503,279

REIT,

5.60%,

10/15/2033

275,000

286,662

REIT,

5.50%,

6/15/2034

250,000

258,026

Realty

Income

Corp.

REIT,

3.00%,

1/15/2027

40,000

39,716

REIT,

3.20%,

1/15/2027(a)

550,000

546,631

3,714,248

Semiconductors

&

Semiconductor

Equipment

-

3

.8

%

Analog

Devices,

Inc.

4.25%,

6/15/2028

210,000

211,588

1.70%,

10/1/2028

50,000

47,293

Applied

Materials,

Inc.

4.80%,

6/15/2029

150,000

153,929

Broadcom

Corp.

3.50%,

1/15/2028

320,000

317,908

Broadcom,

Inc.

5.05%,

7/12/2027

787,000

800,956

4.80%,

4/15/2028

1,130,000

1,151,952

4.00%,

4/15/2029(d)

1,210,000

1,206,654

4.75%,

4/15/2029

650,000

662,540

5.05%,

7/12/2029(a)

1,770,000

1,823,547

4.35%,

2/15/2030

1,940,000

1,950,954

4.60%,

7/15/2030

3,000,000

3,041,983

4.15%,

11/15/2030

126,000

125,313

5.15%,

11/15/2031

470,000

487,255

4.15%,

4/15/2032(a)(d)

1,300,000

1,271,622

4.90%,

7/15/2032

570,000

581,645

4.30%,

11/15/2032(a)

1,050,000

1,035,638

2.60%,

2/15/2033

240,000

210,890

3.42%,

4/15/2033

1,210,000

1,118,078

4.80%,

10/15/2034

2,350,000

2,346,293

5.20%,

7/15/2035

1,050,000

1,072,949

3.14%,

11/15/2035(d)

430,000

369,775

4.95%,

1/15/2036

810,000

809,190

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Semiconductors

&

Semiconductor

Equipment

-

3.8%

(continued)

KLA

Corp.

4.65%,

7/15/2032(a)

$

570,000

$

578,575

4.70%,

2/1/2034(a)

164,000

164,490

5.65%,

11/1/2034

150,000

159,098

Lam

Research

Corp.

4.00%,

3/15/2029(a)

350,000

350,331

1.90%,

6/15/2030(a)

400,000

364,201

Microchip

Technology,

Inc.

4.90%,

3/15/2028

350,000

355,565

NVIDIA

Corp.

2.85%,

4/1/2030

390,000

372,700

NXP

BV

5.00%,

1/15/2033(a)

645,000

653,118

Qorvo,

Inc.

4.38%,

10/15/2029(a)

132,000

129,946

QUALCOMM,

Inc.

1.65%,

5/20/2032

50,000

42,656

Skyworks

Solutions,

Inc.

3.00%,

6/1/2031(a)

275,000

249,679

Texas

Instruments,

Inc.

3.65%,

8/16/2032

50,000

48,197

4.90%,

3/14/2033

250,000

257,733

TSMC

Arizona

Corp.

4.13%,

4/22/2029

40,000

40,228

2.50%,

10/25/2031(a)

750,000

682,756

25,247,225

Software

-

3

.2

%

Adobe,

Inc.

2.15%,

2/1/2027(a)

312,000

307,370

4.80%,

4/4/2029(a)

400,000

410,642

2.30%,

2/1/2030

873,000

817,121

4.95%,

4/4/2034(a)

280,000

287,396

AppLovin

Corp.

5.13%,

12/1/2029(a)

400,000

410,307

5.38%,

12/1/2031

500,000

516,798

5.50%,

12/1/2034

720,000

737,135

Autodesk,

Inc.

3.50%,

6/15/2027

510,000

506,798

2.85%,

1/15/2030

330,000

312,825

2.40%,

12/15/2031(a)

511,000

455,178

Cadence

Design

Systems,

Inc.

4.20%,

9/10/2027(a)

300,000

301,224

4.30%,

9/10/2029(a)

600,000

603,835

4.70%,

9/10/2034(a)

800,000

795,696

Fortinet,

Inc.

2.20%,

3/15/2031(a)

250,000

224,184

Intuit,

Inc.

1.35%,

7/15/2027(a)

200,000

193,393

5.13%,

9/15/2028(a)

350,000

360,290

1.65%,

7/15/2030(a)

150,000

134,721

5.20%,

9/15/2033(a)

1,100,000

1,140,943

Oracle

Corp.

2.30%,

3/25/2028

200,000

191,057

2.95%,

4/1/2030(a)

700,000

646,782

4.45%,

9/26/2030(a)

250,000

244,026

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

197

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Software

-

3.2%

(continued)

Oracle

Corp.

(continued)

5.25%,

2/3/2032

$

400,000

$

399,504

4.30%,

7/8/2034(a)

80,000

72,244

3.90%,

5/15/2035

240,000

206,885

5.50%,

8/3/2035

300,000

292,483

5.20%,

9/26/2035(a)

500,000

476,498

Roper

Technologies,

Inc.

1.40%,

9/15/2027(a)

500,000

480,431

4.20%,

9/15/2028

426,000

427,813

2.95%,

9/15/2029

800,000

766,982

2.00%,

6/30/2030

377,000

341,003

1.75%,

2/15/2031(a)

639,000

560,921

4.75%,

2/15/2032(a)

350,000

352,155

4.90%,

10/15/2034

1,125,000

1,117,036

5.10%,

9/15/2035(a)

320,000

319,515

Salesforce,

Inc.

1.95%,

7/15/2031

390,000

346,736

ServiceNow,

Inc.

1.40%,

9/1/2030

910,000

802,329

Trimble,

Inc.

4.90%,

6/15/2028(a)

350,000

355,317

6.10%,

3/15/2033

700,000

748,499

VMware

LLC

3.90%,

8/21/2027(a)

395,000

395,094

1.80%,

8/15/2028(a)

500,000

473,830

4.70%,

5/15/2030

242,000

246,091

2.20%,

8/15/2031

850,000

756,735

Workday,

Inc.

3.50%,

4/1/2027(a)

500,000

497,285

3.70%,

4/1/2029(a)

400,000

394,638

3.80%,

4/1/2032(a)

850,000

811,899

21,239,644

Specialized

REITs

-

1

.2

%

American

Tower

Corp.

REIT,

3.60%,

1/15/2028

310,000

307,309

REIT,

1.50%,

1/31/2028(a)

200,000

190,234

REIT,

5.50%,

3/15/2028(a)

60,000

61,683

REIT,

5.25%,

7/15/2028(a)

700,000

719,800

REIT,

5.80%,

11/15/2028(a)

270,000

281,939

REIT,

3.80%,

8/15/2029

250,000

246,519

REIT,

4.90%,

3/15/2030(a)

680,000

694,594

REIT,

1.88%,

10/15/2030

50,000

44,729

REIT,

5.65%,

3/15/2033(a)

600,000

631,089

Crown

Castle,

Inc.

REIT,

5.60%,

6/1/2029(a)

350,000

363,355

REIT,

2.50%,

7/15/2031

50,000

44,786

CubeSmart

LP

REIT,

2.25%,

12/15/2028(a)

300,000

285,326

REIT,

4.38%,

2/15/2029(a)

150,000

150,650

REIT,

3.00%,

2/15/2030

150,000

142,144

REIT,

2.00%,

2/15/2031

200,000

177,047

REIT,

2.50%,

2/15/2032

250,000

221,835

REIT,

5.13%,

11/1/2035(a)

190,000

189,869

EPR

Properties

REIT,

4.50%,

6/1/2027

303,000

303,490

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Specialized

REITs

-

1.2%

(continued)

EPR

Properties

(continued)

REIT,

4.95%,

4/15/2028

$

153,000

$

154,435

REIT,

3.75%,

8/15/2029(a)

250,000

243,078

REIT,

4.75%,

11/15/2030

140,000

138,843

REIT,

3.60%,

11/15/2031

400,000

370,971

Public

Storage

Operating

Co.

REIT,

3.09%,

9/15/2027(a)

400,000

396,010

REIT,

4.38%,

7/1/2030(a)

1,010,000

1,018,889

REIT,

2.25%,

11/9/2031(a)

50,000

44,734

Weyerhaeuser

Co.

REIT,

6.95%,

10/1/2027

150,000

156,883

REIT,

7.38%,

3/15/2032

180,000

204,852

REIT,

6.88%,

12/15/2033(a)

185,000

206,565

7,991,658

Specialty

Retail

-

2

.8

%

AutoNation,

Inc.

3.80%,

11/15/2027

540,000

537,077

2.40%,

8/1/2031(a)

50,000

44,234

AutoZone,

Inc.

6.25%,

11/1/2028(a)

316,000

333,355

3.75%,

4/18/2029

150,000

148,019

5.10%,

7/15/2029(a)

400,000

411,624

4.00%,

4/15/2030(a)

275,000

271,497

1.65%,

1/15/2031(a)

350,000

306,988

4.75%,

8/1/2032(a)

395,000

398,102

4.75%,

2/1/2033(a)

250,000

249,728

5.20%,

8/1/2033

100,000

102,307

6.55%,

11/1/2033(a)

215,000

238,162

5.40%,

7/15/2034(a)

250,000

257,653

Best

Buy

Co.,

Inc.

1.95%,

10/1/2030(a)

290,000

260,841

Dick's

Sporting

Goods,

Inc.

3.15%,

1/15/2032(a)

200,000

184,317

Home

Depot,

Inc.

(The)

4.88%,

6/25/2027(a)

620,000

629,822

3.90%,

12/6/2028

25,000

25,094

4.90%,

4/15/2029

99,000

101,848

2.95%,

6/15/2029

876,000

849,586

4.75%,

6/25/2029(a)

550,000

563,945

2.70%,

4/15/2030(a)

750,000

710,125

1.38%,

3/15/2031(a)

625,000

543,540

4.85%,

6/25/2031

300,000

310,374

1.88%,

9/15/2031(a)

450,000

397,033

3.25%,

4/15/2032(a)

778,000

733,303

4.50%,

9/15/2032

100,000

101,123

4.95%,

6/25/2034(a)

1,150,000

1,172,437

4.65%,

9/15/2035

300,000

296,654

Lowe's

Cos.,

Inc.

1.70%,

9/15/2028(a)

180,000

169,867

6.50%,

3/15/2029(a)

290,000

310,470

1.70%,

10/15/2030

370,000

329,379

2.63%,

4/1/2031(a)

600,000

551,766

3.75%,

4/1/2032(a)

875,000

839,276

5.00%,

4/15/2033(a)

575,000

587,843

5.15%,

7/1/2033(a)

700,000

721,000

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

198

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Specialty

Retail

-

2.8%

(continued)

O'Reilly

Automotive,

Inc.

3.60%,

9/1/2027

$

501,000

$

497,984

4.35%,

6/1/2028(a)

400,000

402,763

3.90%,

6/1/2029(a)

700,000

694,629

4.20%,

4/1/2030

50,000

49,939

1.75%,

3/15/2031

250,000

219,531

4.70%,

6/15/2032(a)

875,000

882,933

5.00%,

8/19/2034

100,000

100,587

Ross

Stores,

Inc.

1.88%,

4/15/2031

350,000

308,782

TJX

Cos.,

Inc.

(The)

1.15%,

5/15/2028

250,000

235,590

3.88%,

4/15/2030(a)

281,000

279,812

1.60%,

5/15/2031

250,000

219,502

Tractor

Supply

Co.

1.75%,

11/1/2030(a)

600,000

533,236

5.25%,

5/15/2033(a)

400,000

412,613

18,526,290

Technology

Hardware,

Storage

&

Peripherals

-

0

.5

%

Apple,

Inc.

2.20%,

9/11/2029

382,000

361,212

1.25%,

8/20/2030(a)

175,000

155,272

1.65%,

2/8/2031

150,000

133,904

1.70%,

8/5/2031(a)

200,000

177,034

HP,

Inc.

3.00%,

6/17/2027

300,000

296,002

4.00%,

4/15/2029

72,000

71,275

NetApp,

Inc.

2.38%,

6/22/2027(a)

250,000

244,566

2.70%,

6/22/2030(a)

400,000

372,669

5.50%,

3/17/2032

650,000

676,256

5.70%,

3/17/2035

350,000

364,119

Teledyne

FLIR

LLC

2.50%,

8/1/2030

200,000

185,243

Western

Digital

Corp.

2.85%,

2/1/2029

300,000

286,164

3.10%,

2/1/2032(a)

100,000

92,279

3,415,995

Textiles,

Apparel

&

Luxury

Goods

-

0

.3

%

NIKE,

Inc.

2.85%,

3/27/2030(a)

100,000

95,422

Ralph

Lauren

Corp.

5.00%,

6/15/2032(a)

500,000

514,702

Tapestry,

Inc.

4.13%,

7/15/2027

1,438,000

1,438,469

5.10%,

3/11/2030(a)

200,000

205,034

2,253,627

Tobacco

-

3

.0

%

Altria

Group,

Inc.

6.20%,

11/1/2028

400,000

421,468

4.80%,

2/14/2029

1,389,000

1,412,977

3.40%,

5/6/2030(a)

723,000

697,260

4.50%,

8/6/2030(a)

292,000

294,111

2.45%,

2/4/2032

1,050,000

929,242

6.88%,

11/1/2033(a)

300,000

337,401

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Tobacco

-

3.0%

(continued)

Altria

Group,

Inc.

(continued)

5.63%,

2/6/2035(a)

$

100,000

$

103,771

5.25%,

8/6/2035(a)

150,000

151,392

BAT

Capital

Corp.

2.26%,

3/25/2028(a)

500,000

482,075

Philip

Morris

International,

Inc.

4.38%,

11/1/2027(a)

145,000

146,382

5.13%,

11/17/2027(a)

433,000

442,165

4.88%,

2/15/2028

10,000

10,188

4.13%,

4/28/2028(a)

350,000

351,729

5.25%,

9/7/2028

930,000

959,392

4.88%,

2/13/2029(a)

1,570,000

1,607,342

3.38%,

8/15/2029

122,000

119,242

4.63%,

11/1/2029(a)

250,000

254,416

5.63%,

11/17/2029(a)

1,885,000

1,982,747

5.13%,

2/15/2030(a)

1,557,000

1,607,283

4.38%,

4/30/2030(a)

2,200,000

2,213,022

2.10%,

5/1/2030

520,000

476,724

5.50%,

9/7/2030(a)

245,000

257,210

5.13%,

2/13/2031(a)

200,000

207,002

5.75%,

11/17/2032(a)

640,000

682,707

5.38%,

2/15/2033(a)

1,535,000

1,597,543

5.63%,

9/7/2033(a)

580,000

613,705

5.25%,

2/13/2034(a)

860,000

887,789

4.90%,

11/1/2034(a)

350,000

351,970

4.88%,

4/30/2035(a)

250,000

249,812

19,848,067

Trading

Companies

&

Distributors

-

0

.3

%

Air

Lease

Corp.

2.20%,

1/15/2027

27,000

26,544

3.63%,

12/1/2027

150,000

148,782

5.85%,

12/15/2027

25,000

25,755

5.30%,

2/1/2028(a)

300,000

306,021

4.63%,

10/1/2028(a)

150,000

151,082

5.10%,

3/1/2029(a)

250,000

254,682

3.13%,

12/1/2030

50,000

46,689

2.88%,

1/15/2032(a)

35,000

31,494

Ferguson

Enterprises,

Inc.

4.35%,

3/15/2031

180,000

179,351

5.00%,

10/3/2034(a)

350,000

351,463

GATX

Corp.

4.00%,

6/30/2030(a)

100,000

98,113

WW

Grainger,

Inc.

4.45%,

9/15/2034(a)

300,000

296,387

1,916,363

Water

Utilities

-

0

.0

%

(e)

Essential

Utilities,

Inc.

4.80%,

8/15/2027

100,000

101,253

Wireless

Telecommunication

Services

-

0

.2

%

T-Mobile

USA,

Inc.

5.75%,

1/15/2034

1,520,000

1,604,524

Total

Corporate

Bonds

(Cost

$639,193,758)

648,449,646

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

199

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

-

18

.2

%

(f)

CERTIFICATES

OF

DEPOSIT

-

3

.8

%

Bank

of

Montreal,

Chicago

(SOFR

+

0.31%),

3.96%,

5/29/2026(g)

$

2,000,000

$

2,000,872

(SOFR

+

0.35%),

4.00%,

11/18/2026(g)

1,000,000

1,000,541

Bank

of

Nova

Scotia,

Houston

(SOFR

+

0.34%),

3.99%,

7/1/2026(g)

1,000,000

999,989

Barclays

Bank

plc,

New

York

(SOFR

+

0.22%),

3.86%,

4/10/2026(g)

2,000,000

1,999,994

(SOFR

+

0.25%),

3.89%,

4/29/2026(g)

1,000,000

1,000,072

Credit

Agricole

CIB,

New

York

(SOFR

+

0.27%),

3.92%,

6/5/2026(g)

2,000,000

2,000,436

Mizuho

Bank

Ltd.,

New

York

(SOFR

+

0.24%),

3.88%,

5/11/2026(g)

1,000,000

1,000,222

(SOFR

+

0.25%),

3.89%,

5/27/2026(g)

1,000,000

1,000,294

National

Australia

Bank,

New

York

(SOFR

+

0.25%),

3.90%,

3/17/2026(g)

1,000,000

1,000,000

Royal

Bank

of

Canada,

New

York

(SOFR

+

0.35%),

4.00%,

11/12/2026(g)

2,000,000

2,001,068

Sumitomo

Mitsui

Banking

Corp.,

New

York

(SOFR

+

0.22%),

3.87%,

4/9/2026(g)

3,000,000

3,000,579

(SOFR

+

0.21%),

3.86%,

7/23/2026(g)

2,000,000

2,000,286

Sumitomo

Mitsui

Trust

Bank

Ltd.,

London

4.00%,

3/4/2026

1,000,000

1,000,000

4.00%,

3/11/2026

2,000,000

2,000,000

Sumitomo

Mitsui

Trust

Bank

Ltd.,

New

York

4.40%,

2/3/2026

2,000,000

2,000,000

Toronto-Dominion

Bank,

New

York

(SOFR

+

0.20%),

3.84%,

4/6/2026(g)

1,000,000

1,000,127

Total

Certificates

of

Deposit

(Cost

$25,000,000)

25,004,480

Investments

Principal

Amount

Value

REPURCHASE

AGREEMENTS

-

14

.4

%

CF

Secured

LLC

3.66%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$40,490,801,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.63%,

maturing

1/31/2026

-

5/15/2052;

total

market

value

$40,900,369

$

40,482,570

$

40,482,570

TD

Securities

(USA)

LLC

3.73%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$50,010,361,

collateralized

by

various

Common

Stocks;

total

market

value

$54,699,595

50,000,000

50,000,000

TD

Securities

(USA)

LLC

3.93%,

dated

1/31/2026,

due

3/6/2026,

repurchase

price

$4,014,847,

collateralized

by

various

Common

Stocks;

total

market

value

$4,375,968

4,000,000

4,000,000

Total

Repurchase

Agreements

(Cost

$94,482,570)

94,482,570

Total

Securities

Lending

Reinvestments

(Cost

$119,482,570)

119,487,050

SHORT-TERM

INVESTMENTS

-

1

.7

%

(h)

U.S.

GOVERNMENT

AGENCY

SECURITIES

-

1

.7

%

FNMA

3.45%,

2/2/2026

(Cost

$10,998,946)

11,000,000

10,996,810

Total

Investments

-

118.6%

(Cost

$769,675,274)

778,933,506

Liabilities

in

excess

of

other

assets

-

(18.6%)

(121,886,964)

NET

ASSETS

-

100.0%

$657,046,542

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

January

31,

2026.

The

total

value

of

securities

on

loan

at

January

31,

2026

was

$129,539,112,

collateralized

in

the

form

of

cash

with

a

value

of

$119,482,570

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments

and

$17,289,987

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

February

15,

2026

–

May

15,

2055;

a

total

value

of

$136,772,557.

(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

January

31,

2026.

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

200

(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)

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

January

31,

2026,

the

value

of

these

securities

amounted

to

approximately

$4,585,817

or

0.70%

of

net

assets.

(e)

Represents

less

than

0.05%

of

net

assets.

(f)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

January

31,

2026.

The

total

value

of

securities

purchased

was

$119,487,050.

(g)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

is

the

rate

in

effect

as

of

January

31,

2026.

(h)

The

rate

shown

was

the

current

yield

as

of

January

31,

2026.

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

.7

%

Securities

Lending

Reinvestments

18‌

.2

Short-Term

Investments

1‌

.7

Others

(1)

(

18‌

.6

)

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

201

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

January

31,

2026

(Unaudited)

Investments

Principal

Amount

Value

CORPORATE

BONDS

-

96

.8

%

Aerospace

&

Defense

-

0

.7

%

Boeing

Co.

(The)

5.93%,

5/1/2060

$

20,000

$

19,681

General

Dynamics

Corp.

4.25%,

4/1/2040

20,000

18,217

General

Electric

Co.

4.50%,

3/11/2044

5,000

4,510

Howmet

Aerospace,

Inc.

5.95%,

2/1/2037

70,000

75,627

Lockheed

Martin

Corp.

5.90%,

11/15/2063

15,000

15,544

5.20%,

2/15/2064

20,000

18,575

Precision

Castparts

Corp.

3.90%,

1/15/2043

5,000

4,178

4.38%,

6/15/2045

60,000

52,150

RTX

Corp.

4.50%,

6/1/2042

40,000

36,222

244,704

Air

Freight

&

Logistics

-

0

.1

%

FedEx

Corp.

5.25%,

5/15/2050

20,000

18,692

Automobile

Components

-

0

.2

%

Aptiv

Swiss

Holdings

Ltd.

4.15%,

5/1/2052

50,000

38,510

Lear

Corp.

5.25%,

5/15/2049

35,000

31,895

3.55%,

1/15/2052

20,000

13,613

84,018

Banks

-

6

.7

%

Bank

of

America

Corp.

7.75%,

5/14/2038

135,000

164,482

2.68%,

6/19/2041(a)

35,000

25,648

4.08%,

3/20/2051(a)

30,000

23,968

Barclays

plc

5.86%,

8/11/2046(a)

80,000

82,086

Citigroup,

Inc.

6.13%,

8/25/2036

105,000

111,025

5.32%,

3/26/2041(a)

75,000

74,635

5.88%,

1/30/2042

60,000

63,039

2.90%,

11/3/2042(a)

85,000

62,658

6.68%,

9/13/2043

70,000

77,718

5.30%,

5/6/2044

60,000

58,061

4.75%,

5/18/2046

115,000

100,996

4.65%,

7/23/2048

100,000

87,911

5.61%,

3/4/2056(a)

25,000

24,819

6.88%,

2/15/2098

20,000

23,370

Cooperatieve

Rabobank

UA

5.25%,

5/24/2041

95,000

94,700

5.75%,

12/1/2043

50,000

50,221

Fifth

Third

Bancorp

8.25%,

3/1/2038

35,000

43,003

HSBC

Holdings

plc

6.50%,

5/2/2036

80,000

86,336

6.50%,

9/15/2037

5,000

5,416

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

-

6.7%

(continued)

HSBC

Holdings

plc

(continued)

6.80%,

6/1/2038

$

65,000

$

72,762

6.33%,

3/9/2044(a)

30,000

32,764

5.25%,

3/14/2044

225,000

219,096

HSBC

USA,

Inc.

7.20%,

7/15/2097

5,000

6,022

JPMorgan

Chase

&

Co.

6.40%,

5/15/2038

15,000

16,814

3.11%,

4/22/2041(a)

65,000

50,693

3.96%,

11/15/2048(a)

115,000

92,479

3.33%,

4/22/2052(a)

5,000

3,529

Lloyds

Banking

Group

plc

3.37%,

12/14/2046(a)

65,000

48,405

4.34%,

1/9/2048

50,000

41,630

Mitsubishi

UFJ

Financial

Group,

Inc.

3.75%,

7/18/2039

40,000

34,747

Regions

Banks

6.45%,

6/26/2037

25,000

26,860

Sumitomo

Mitsui

Financial

Group,

Inc.

5.80%,

7/8/2046(a)

55,000

55,560

5.57%,

1/15/2047(a)

40,000

39,966

Wells

Fargo

&

Co.

5.61%,

1/15/2044

80,000

79,298

4.65%,

11/4/2044

40,000

34,984

4.75%,

12/7/2046

105,000

92,129

5.01%,

4/4/2051(a)

180,000

164,456

4.61%,

4/25/2053(a)

10,000

8,569

Westpac

Banking

Corp.

3.13%,

11/18/2041

55,000

41,564

2,422,419

Beverages

-

1

.3

%

Coca-Cola

Co.

(The)

4.20%,

3/25/2050

155,000

129,957

2.60%,

6/1/2050

5,000

3,104

3.00%,

3/5/2051

30,000

20,059

2.50%,

3/15/2051

40,000

24,085

5.30%,

5/13/2054

20,000

19,535

5.20%,

1/14/2055

10,000

9,602

2.75%,

6/1/2060

130,000

75,905

5.40%,

5/13/2064

140,000

135,773

Keurig

Dr

Pepper,

Inc.

4.50%,

11/15/2045

20,000

16,776

5.09%,

5/25/2048

35,000

31,261

PepsiCo,

Inc.

3.60%,

8/13/2042

15,000

12,157

478,214

Biotechnology

-

1

.5

%

AbbVie,

Inc.

4.05%,

11/21/2039

35,000

31,152

4.40%,

11/6/2042

35,000

31,132

4.25%,

11/21/2049

45,000

37,064

5.50%,

3/15/2064

65,000

62,950

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)

Biotechnology

-

1.5%

(continued)

Amgen,

Inc.

5.65%,

3/2/2053

$

5,000

$

4,921

5.75%,

3/2/2063

105,000

102,658

Biogen,

Inc.

5.20%,

9/15/2045

100,000

92,358

3.25%,

2/15/2051

10,000

6,578

6.45%,

5/15/2055

5,000

5,271

Gilead

Sciences,

Inc.

4.50%,

2/1/2045

30,000

26,546

5.55%,

10/15/2053

15,000

14,902

5.50%,

11/15/2054

10,000

9,851

5.60%,

11/15/2064

80,000

79,199

Regeneron

Pharmaceuticals,

Inc.

2.80%,

9/15/2050

75,000

45,957

550,539

Broadline

Retail

-

1

.5

%

Amazon.com,

Inc.

3.88%,

8/22/2037

120,000

108,843

5.45%,

11/20/2055

5,000

4,869

4.25%,

8/22/2057

220,000

175,627

2.70%,

6/3/2060

95,000

53,454

5.55%,

11/20/2065

135,000

130,982

eBay,

Inc.

4.00%,

7/15/2042

10,000

8,266

3.65%,

5/10/2051

75,000

55,030

537,071

Building

Products

-

0

.5

%

Johnson

Controls

International

plc

4.95%,

7/2/2064(b)

35,000

30,120

Masco

Corp.

4.50%,

5/15/2047

35,000

29,665

Trane

Technologies

Financing

Ltd.

4.50%,

3/21/2049

80,000

68,858

Trane

Technologies

Holdco,

Inc.

5.75%,

6/15/2043

35,000

36,455

4.30%,

2/21/2048

20,000

16,798

181,896

Capital

Markets

-

2

.4

%

Affiliated

Managers

Group,

Inc.

5.50%,

2/15/2036

30,000

30,016

BlackRock

Funding,

Inc.

5.25%,

3/14/2054

25,000

23,754

Brookfield

Finance,

Inc.

5.97%,

3/4/2054

20,000

20,287

5.81%,

3/3/2055

30,000

29,736

Goldman

Sachs

Group,

Inc.

(The)

4.02%,

10/31/2038(a)

70,000

62,632

3.21%,

4/22/2042(a)

5,000

3,825

2.91%,

7/21/2042(a)

30,000

21,930

4.75%,

10/21/2045

15,000

13,514

5.56%,

11/19/2045(a)

95,000

94,492

Moody's

Corp.

2.75%,

8/19/2041

5,000

3,619

5.25%,

7/15/2044

20,000

19,497

4.88%,

12/17/2048

25,000

22,466

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Capital

Markets

-

2.4%

(continued)

Moody’s

Corp.

(continued)

3.25%,

5/20/2050

$

30,000

$

20,315

3.75%,

2/25/2052

55,000

41,101

3.10%,

11/29/2061

140,000

85,850

Morgan

Stanley

4.30%,

1/27/2045

20,000

17,272

5.60%,

3/24/2051(a)

50,000

49,845

5.52%,

11/19/2055(a)

35,000

34,537

Nasdaq,

Inc.

5.95%,

8/15/2053

15,000

15,529

6.10%,

6/28/2063

85,000

88,441

Raymond

James

Financial,

Inc.

3.75%,

4/1/2051

75,000

55,563

5.65%,

9/11/2055

20,000

19,566

S&P

Global,

Inc.

4.50%,

5/15/2048

15,000

12,908

3.90%,

3/1/2062

125,000

92,603

879,298

Chemicals

-

1

.4

%

CF

Industries,

Inc.

4.95%,

6/1/2043

60,000

54,150

5.38%,

3/15/2044

55,000

51,990

Dow

Chemical

Co.

(The)

9.40%,

5/15/2039

5,000

6,447

Ecolab,

Inc.

5.50%,

12/8/2041

10,000

10,299

2.70%,

12/15/2051

55,000

34,096

2.75%,

8/18/2055

37,000

22,426

FMC

Corp.

6.38%,

5/18/2053

5,000

3,788

Linde,

Inc.

3.55%,

11/7/2042

35,000

28,085

LYB

International

Finance

BV

5.25%,

7/15/2043

45,000

38,763

LYB

International

Finance

III

LLC

3.38%,

10/1/2040

20,000

14,417

4.20%,

10/15/2049

20,000

14,230

3.80%,

10/1/2060

20,000

12,292

LyondellBasell

Industries

NV

4.63%,

2/26/2055

20,000

15,018

RPM

International,

Inc.

5.25%,

6/1/2045

20,000

18,979

Sherwin-Williams

Co.

(The)

4.00%,

12/15/2042

20,000

16,524

4.50%,

6/1/2047

125,000

106,950

3.80%,

8/15/2049

50,000

37,565

2.90%,

3/15/2052

40,000

24,770

510,789

Commercial

Services

&

Supplies

-

0

.1

%

Republic

Services,

Inc.

6.20%,

3/1/2040

15,000

16,540

Communications

Equipment

-

1

.8

%

Cisco

Systems,

Inc.

5.90%,

2/15/2039

125,000

134,462

5.50%,

1/15/2040

215,000

222,503

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)

Communications

Equipment

-

1.8%

(continued)

Cisco

Systems,

Inc.

(continued)

5.30%,

2/26/2054

$

155,000

$

148,118

5.50%,

2/24/2055

35,000

34,553

5.35%,

2/26/2064

55,000

52,052

Motorola

Solutions,

Inc.

5.50%,

9/1/2044

30,000

29,222

Nokia

OYJ

6.63%,

5/15/2039

30,000

32,212

653,122

Construction

&

Engineering

-

0

.1

%

Valmont

Industries,

Inc.

5.00%,

10/1/2044

50,000

45,952

5.25%,

10/1/2054

5,000

4,669

50,621

Construction

Materials

-

0

.5

%

Martin

Marietta

Materials,

Inc.

3.20%,

7/15/2051

5,000

3,366

5.50%,

12/1/2054

80,000

77,416

Vulcan

Materials

Co.

4.50%,

6/15/2047

5,000

4,271

4.70%,

3/1/2048

50,000

43,924

5.70%,

12/1/2054

55,000

54,741

183,718

Consumer

Staples

Distribution

&

Retail

-

0

.8

%

Kroger

Co.

(The)

6.90%,

4/15/2038

50,000

57,360

5.15%,

8/1/2043

5,000

4,709

5.65%,

9/15/2064

45,000

42,825

Sysco

Corp.

6.60%,

4/1/2040

35,000

38,775

4.85%,

10/1/2045

10,000

9,051

3.30%,

2/15/2050

35,000

24,431

6.60%,

4/1/2050

70,000

77,436

3.15%,

12/14/2051

60,000

40,054

294,641

Containers

&

Packaging

-

0

.1

%

Packaging

Corp.

of

America

4.05%,

12/15/2049

35,000

27,877

3.05%,

10/1/2051

5,000

3,273

31,150

Diversified

REITs

-

0

.9

%

GLP

Capital

LP

REIT,

5.75%,

11/1/2037

5,000

4,960

REIT,

6.25%,

9/15/2054

45,000

44,625

Simon

Property

Group

LP

REIT,

4.75%,

3/15/2042

75,000

69,123

REIT,

3.80%,

7/15/2050

40,000

30,222

REIT,

5.85%,

3/8/2053

55,000

56,011

VICI

Properties

LP

REIT,

5.63%,

5/15/2052

60,000

56,152

REIT,

6.13%,

4/1/2054

45,000

45,059

306,152

Diversified

Telecommunication

Services

-

4

.5

%

AT&T,

Inc.

3.50%,

6/1/2041

65,000

51,085

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Diversified

Telecommunication

Services

-

4.5%

(continued)

AT&T,

Inc.

(continued)

5.55%,

8/15/2041

$

75,000

$

74,015

3.65%,

6/1/2051

50,000

35,051

3.50%,

9/15/2053

185,000

123,571

3.55%,

9/15/2055

30,000

19,925

6.05%,

8/15/2056

210,000

210,176

3.80%,

12/1/2057

95,000

65,397

3.65%,

9/15/2059

140,000

92,378

Comcast

Corp.

5.35%,

5/15/2053

300,000

269,806

5.50%,

5/15/2064

85,000

76,256

Telefonica

Emisiones

SA

5.21%,

3/8/2047

20,000

17,909

4.90%,

3/6/2048

50,000

42,363

Verizon

Communications,

Inc.

4.27%,

1/15/2036

186,000

174,320

2.65%,

11/20/2040

50,000

35,628

3.40%,

3/22/2041

260,000

202,603

2.85%,

9/3/2041

10,000

7,194

6.00%,

11/30/2065

150,000

148,383

1,646,060

Electric

Utilities

-

8

.3

%

AEP

Texas,

Inc.

Series

G,

4.15%,

5/1/2049

20,000

15,363

3.45%,

5/15/2051

15,000

10,172

5.25%,

5/15/2052

35,000

31,905

5.85%,

10/15/2055

35,000

34,411

Alabama

Power

Co.

5.50%,

3/15/2041

20,000

19,894

4.10%,

1/15/2042

20,000

16,831

3.75%,

3/1/2045

20,000

15,748

4.30%,

1/2/2046

10,000

8,396

3.13%,

7/15/2051

5,000

3,319

American

Electric

Power

Co.,

Inc.

Series

D,

6.05%,

3/15/2056(a)

30,000

29,791

Appalachian

Power

Co.

7.00%,

4/1/2038

20,000

22,657

4.45%,

6/1/2045

20,000

16,747

Series

Y,

4.50%,

3/1/2049

45,000

37,082

Arizona

Public

Service

Co.

5.90%,

8/15/2055

95,000

96,714

CenterPoint

Energy

Houston

Electric

LLC

4.50%,

4/1/2044

20,000

17,514

Duke

Energy

Corp.

4.80%,

12/15/2045

75,000

66,267

3.75%,

9/1/2046

285,000

216,087

4.20%,

6/15/2049

20,000

15,791

5.00%,

8/15/2052

140,000

123,179

5.80%,

6/15/2054

25,000

24,703

5.70%,

9/15/2055

5,000

4,865

Duke

Energy

Florida

LLC

6.40%,

6/15/2038

20,000

22,244

Duke

Energy

Indiana

LLC

6.35%,

8/15/2038

5,000

5,522

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)

Electric

Utilities

-

8.3%

(continued)

Emera

US

Finance

LP

4.75%,

6/15/2046

$

80,000

$

68,417

Evergy

Kansas

Central,

Inc.

4.13%,

3/1/2042

95,000

80,654

4.10%,

4/1/2043

35,000

29,377

3.25%,

9/1/2049

125,000

85,608

Evergy

Metro,

Inc.

5.30%,

10/1/2041

15,000

14,879

FirstEnergy

Corp.

Series

C,

3.40%,

3/1/2050

70,000

48,530

Georgia

Power

Co.

4.30%,

3/15/2042

5,000

4,390

4.30%,

3/15/2043

30,000

25,984

Series

A,

3.25%,

3/15/2051

155,000

106,212

Iberdrola

International

BV

6.75%,

7/15/2036

15,000

17,014

Idaho

Power

Co.

3.65%,

3/1/2045

15,000

11,461

Series

K,

4.20%,

3/1/2048

25,000

20,446

5.50%,

3/15/2053

20,000

19,513

5.80%,

4/1/2054

30,000

30,490

Indiana

Michigan

Power

Co.

3.25%,

5/1/2051

20,000

13,424

5.63%,

4/1/2053

20,000

19,918

International

Transmission

Co.

4.63%,

8/15/2043

35,000

31,135

Interstate

Power

and

Light

Co.

5.60%,

6/29/2035

20,000

20,806

3.10%,

11/30/2051

20,000

12,861

5.60%,

10/1/2055

95,000

92,310

Louisville

Gas

and

Electric

Co.

5.13%,

11/15/2040

5,000

4,879

4.38%,

10/1/2045

65,000

55,081

Mississippi

Power

Co.

Series

12-A,

4.25%,

3/15/2042

50,000

42,973

Nevada

Power

Co.

Series

R,

6.75%,

7/1/2037

20,000

22,445

5.38%,

9/15/2040

20,000

19,810

5.45%,

5/15/2041

25,000

25,053

Series

EE,

3.13%,

8/1/2050

20,000

13,105

Series

GG,

5.90%,

5/1/2053

20,000

20,130

Ohio

Power

Co.

Series

R,

2.90%,

10/1/2051

20,000

12,401

Oklahoma

Gas

and

Electric

Co.

5.85%,

6/1/2040

5,000

5,157

5.25%,

5/15/2041

30,000

29,443

4.15%,

4/1/2047

30,000

24,652

5.80%,

4/1/2055

90,000

90,811

Pacific

Gas

and

Electric

Co.

4.95%,

7/1/2050

20,000

16,960

PacifiCorp

6.25%,

10/15/2037

30,000

31,500

6.00%,

1/15/2039

20,000

20,386

4.13%,

1/15/2049

50,000

37,522

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Electric

Utilities

-

8.3%

(continued)

PacifiCorp

(continued)

4.15%,

2/15/2050

$

170,000

$

127,376

3.30%,

3/15/2051

50,000

32,130

2.90%,

6/15/2052

55,000

32,459

5.35%,

12/1/2053

20,000

17,636

5.50%,

5/15/2054

25,000

22,524

Public

Service

Co.

of

Colorado

4.75%,

8/15/2041

35,000

32,192

5.75%,

5/15/2054

5,000

5,002

5.85%,

5/15/2055

20,000

20,219

Public

Service

Co.

of

Oklahoma

5.45%,

1/15/2036

90,000

92,057

Series

K,

3.15%,

8/15/2051

20,000

13,035

Southern

Co.

(The)

4.25%,

7/1/2036

135,000

126,116

Southwestern

Electric

Power

Co.

Series

J,

3.90%,

4/1/2045

120,000

92,851

3.25%,

11/1/2051

20,000

13,158

Tampa

Electric

Co.

6.15%,

5/15/2037

5,000

5,363

4.20%,

5/15/2045

35,000

28,200

Tucson

Electric

Power

Co.

3.25%,

5/1/2051

20,000

13,425

5.50%,

4/15/2053

20,000

19,212

5.90%,

4/15/2055

35,000

35,644

Union

Electric

Co.

5.30%,

8/1/2037

20,000

20,430

5.45%,

3/15/2053

20,000

19,318

Wisconsin

Electric

Power

Co.

3.65%,

12/15/2042

100,000

78,751

4.30%,

12/15/2045

5,000

4,155

Wisconsin

Power

and

Light

Co.

7.60%,

10/1/2038

35,000

41,476

Wisconsin

Public

Service

Corp.

4.75%,

11/1/2044

20,000

17,990

2.85%,

12/1/2051

35,000

22,154

3,013,812

Electrical

Equipment

-

0

.1

%

ABB

Finance

USA,

Inc.

4.38%,

5/8/2042

44,000

38,926

Electronic

Equipment,

Instruments

&

Components

-

0

.6

%

Amphenol

Corp.

4.63%,

2/15/2036

10,000

9,781

5.38%,

11/15/2054

125,000

121,664

Corning,

Inc.

5.75%,

8/15/2040

5,000

5,244

4.75%,

3/15/2042

20,000

18,483

5.35%,

11/15/2048

5,000

4,880

5.45%,

11/15/2079

40,000

36,869

Tyco

Electronics

Group

SA

7.13%,

10/1/2037

30,000

35,161

232,082

Entertainment

-

0

.4

%

Electronic

Arts,

Inc.

2.95%,

2/15/2051

35,000

32,504

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)

Entertainment

-

0.4%

(continued)

NBCUniversal

Media

LLC

4.45%,

1/15/2043

$

65,000

$

55,278

Netflix,

Inc.

5.40%,

8/15/2054

35,000

33,481

TWDC

Enterprises

18

Corp.

Series

E,

4.13%,

12/1/2041

35,000

30,583

Walt

Disney

Co.

(The)

7.75%,

12/1/2045

5,000

6,313

158,159

Financial

Services

-

1

.8

%

Apollo

Global

Management,

Inc.

5.80%,

5/21/2054

55,000

54,152

Equitable

Holdings,

Inc.

5.00%,

4/20/2048

5,000

4,497

Fiserv,

Inc.

4.40%,

7/1/2049

15,000

11,802

Mastercard,

Inc.

3.80%,

11/21/2046

150,000

119,674

3.95%,

2/26/2048

40,000

32,144

3.85%,

3/26/2050

110,000

85,621

2.95%,

3/15/2051

50,000

32,783

National

Rural

Utilities

Cooperative

Finance

Corp.

4.30%,

3/15/2049

35,000

29,228

Visa,

Inc.

2.70%,

4/15/2040

20,000

15,324

4.30%,

12/14/2045

255,000

221,350

3.65%,

9/15/2047

10,000

7,765

Western

Union

Co.

(The)

6.20%,

6/21/2040

15,000

15,510

Woodside

Finance

Ltd.

5.70%,

9/12/2054

35,000

33,017

662,867

Food

Products

-

0

.6

%

General

Mills,

Inc.

5.40%,

6/15/2040

50,000

50,211

Ingredion,

Inc.

6.63%,

4/15/2037

20,000

22,204

3.90%,

6/1/2050

45,000

33,956

Kellanova

4.50%,

4/1/2046

5,000

4,411

5.75%,

5/16/2054

30,000

30,077

Kraft

Heinz

Foods

Co.

6.88%,

1/26/2039

10,000

11,161

Mead

Johnson

Nutrition

Co.

4.60%,

6/1/2044

5,000

4,457

Mondelez

International,

Inc.

2.63%,

9/4/2050

20,000

11,973

Tyson

Foods,

Inc.

5.15%,

8/15/2044

30,000

28,423

4.55%,

6/2/2047

5,000

4,307

201,180

Gas

Utilities

-

1

.2

%

Atmos

Energy

Corp.

5.50%,

6/15/2041

140,000

142,875

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Gas

Utilities

-

1.2%

(continued)

Atmos

Energy

Corp.

(continued)

4.30%,

10/1/2048

$

95,000

$

78,750

2.85%,

2/15/2052

65,000

40,567

5.75%,

10/15/2052

60,000

60,740

6.20%,

11/15/2053

5,000

5,397

5.00%,

12/15/2054

75,000

67,885

Piedmont

Natural

Gas

Co.,

Inc.

4.65%,

8/1/2043

20,000

17,844

3.64%,

11/1/2046

35,000

26,181

440,239

Ground

Transportation

-

3

.2

%

Burlington

Northern

Santa

Fe

LLC

6.15%,

5/1/2037

10,000

11,060

5.75%,

5/1/2040

50,000

52,675

5.40%,

6/1/2041

35,000

35,595

4.95%,

9/15/2041

25,000

24,146

4.40%,

3/15/2042

20,000

17,889

4.38%,

9/1/2042

35,000

31,072

4.45%,

3/15/2043

55,000

48,828

5.15%,

9/1/2043

110,000

106,584

4.55%,

9/1/2044

20,000

17,799

4.70%,

9/1/2045

45,000

40,714

3.90%,

8/1/2046

35,000

28,026

4.15%,

12/15/2048

35,000

28,601

3.05%,

2/15/2051

20,000

13,216

3.30%,

9/15/2051

10,000

6,915

2.88%,

6/15/2052

15,000

9,417

4.45%,

1/15/2053

165,000

138,972

5.20%,

4/15/2054

110,000

103,630

Canadian

National

Railway

Co.

4.50%,

11/7/2043

20,000

17,484

Canadian

Pacific

Railway

Co.

6.13%,

9/15/2115

35,000

35,413

Uber

Technologies,

Inc.

5.35%,

9/15/2054

75,000

71,363

Union

Pacific

Corp.

3.25%,

2/5/2050

80,000

55,286

5.60%,

12/1/2054

35,000

34,872

3.95%,

8/15/2059

110,000

81,714

3.84%,

3/20/2060

80,000

58,002

5.15%,

1/20/2063

30,000

27,424

4.10%,

9/15/2067

35,000

25,786

3.75%,

2/5/2070

10,000

6,802

3.80%,

4/6/2071

20,000

13,709

3.85%,

2/14/2072

35,000

24,193

1,167,187

Health

Care

Equipment

&

Supplies

-

2

.0

%

Abbott

Laboratories

4.75%,

11/30/2036

90,000

89,521

6.15%,

11/30/2037

45,000

49,712

6.00%,

4/1/2039

35,000

38,252

5.30%,

5/27/2040

80,000

82,108

4.90%,

11/30/2046

155,000

144,501

Boston

Scientific

Corp.

4.55%,

3/1/2039

20,000

19,076

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)

Health

Care

Equipment

&

Supplies

-

2.0%

(continued)

Boston

Scientific

Corp.

(continued)

7.38%,

1/15/2040

$

65,000

$

79,703

4.70%,

3/1/2049

20,000

17,992

Covidien

International

Finance

SA

6.55%,

10/15/2037

5,000

5,551

STERIS

Irish

FinCo.

UnLtd

Co.

3.75%,

3/15/2051

85,000

63,613

Stryker

Corp.

4.10%,

4/1/2043

15,000

12,647

4.38%,

5/15/2044

25,000

21,553

4.63%,

3/15/2046

65,000

57,959

2.90%,

6/15/2050

75,000

49,036

731,224

Health

Care

Providers

&

Services

-

3

.4

%

Cardinal

Health,

Inc.

4.60%,

3/15/2043

35,000

30,771

4.50%,

11/15/2044

20,000

17,198

4.90%,

9/15/2045

80,000

72,267

4.37%,

6/15/2047

30,000

24,942

Cencora,

Inc.

4.25%,

3/1/2045

40,000

33,895

4.30%,

12/15/2047

30,000

25,154

Cigna

Group

(The)

4.90%,

12/15/2048

20,000

17,733

6.00%,

1/15/2056

20,000

20,378

CVS

Health

Corp.

5.05%,

3/25/2048

85,000

74,749

6.25%,

9/15/2065

5,000

4,991

Elevance

Health,

Inc.

4.85%,

8/15/2054

20,000

16,849

HCA,

Inc.

5.13%,

6/15/2039

25,000

24,128

5.50%,

6/15/2047

50,000

47,187

5.25%,

6/15/2049

70,000

63,408

3.50%,

7/15/2051

65,000

44,114

4.63%,

3/15/2052

60,000

48,971

5.90%,

6/1/2053

60,000

58,687

6.00%,

4/1/2054

150,000

148,808

5.95%,

9/15/2054

60,000

59,193

6.20%,

3/1/2055

90,000

91,609

5.70%,

11/15/2055

30,000

28,581

6.10%,

4/1/2064

50,000

49,636

Laboratory

Corp.

of

America

Holdings

4.70%,

2/1/2045

30,000

26,688

McKesson

Corp.

4.88%,

3/15/2044

50,000

45,273

OhioHealth

Corp.

Series

2020,

3.04%,

11/15/2050

90,000

61,170

UnitedHealth

Group,

Inc.

2.75%,

5/15/2040

30,000

22,171

3.70%,

8/15/2049

95,000

70,165

1,228,716

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Health

Care

REITs

-

0

.2

%

Ventas

Realty

LP

REIT,

5.70%,

9/30/2043

$

35,000

$

35,294

Welltower

OP

LLC

REIT,

6.50%,

3/15/2041

45,000

50,437

85,731

Hotels,

Restaurants

&

Leisure

-

1

.5

%

Marriott

International,

Inc.

5.50%,

4/15/2037

65,000

66,338

McDonald's

Corp.

6.30%,

3/1/2038

50,000

55,222

3.63%,

5/1/2043

15,000

11,837

4.60%,

5/26/2045

30,000

26,453

4.88%,

12/9/2045

255,000

232,406

4.45%,

3/1/2047

20,000

17,122

3.63%,

9/1/2049

80,000

59,011

5.15%,

9/9/2052

50,000

46,556

5.45%,

8/14/2053

15,000

14,583

529,528

Household

Products

-

0

.4

%

Church

&

Dwight

Co.,

Inc.

3.95%,

8/1/2047

20,000

15,988

5.00%,

6/15/2052

35,000

32,153

Colgate-Palmolive

Co.

4.00%,

8/15/2045

10,000

8,512

3.70%,

8/1/2047

35,000

27,653

Kimberly-Clark

Corp.

5.30%,

3/1/2041

15,000

15,220

3.70%,

6/1/2043

55,000

43,424

142,950

Independent

Power

and

Renewable

Electricity

Producers

-

0

.4

%

Southern

Power

Co.

5.15%,

9/15/2041

65,000

62,773

5.25%,

7/15/2043

20,000

19,108

Series

F,

4.95%,

12/15/2046

55,000

48,967

130,848

Industrial

Conglomerates

-

0

.0

%

(c)

3M

Co.

5.70%,

3/15/2037

10,000

10,511

Industrial

REITs

-

0

.1

%

Prologis

LP

REIT,

5.25%,

5/15/2035

5,000

5,137

REIT,

2.13%,

10/15/2050

65,000

35,093

40,230

Insurance

-

7

.0

%

Aflac,

Inc.

6.45%,

8/15/2040

20,000

22,002

4.00%,

10/15/2046

25,000

20,045

4.75%,

1/15/2049

45,000

39,537

Alleghany

Corp.

4.90%,

9/15/2044

25,000

23,004

3.25%,

8/15/2051

30,000

20,315

Allstate

Corp.

(The)

4.20%,

12/15/2046

80,000

65,427

6.50%,

5/15/2057(a)

20,000

21,020

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)

Insurance

-

7.0%

(continued)

American

Financial

Group,

Inc.

4.50%,

6/15/2047

$

35,000

$

29,449

Aon

Corp.

2.90%,

8/23/2051

5,000

3,125

3.90%,

2/28/2052

50,000

37,465

Aon

Global

Ltd.

4.25%,

12/12/2042

90,000

75,540

4.45%,

5/24/2043

15,000

12,949

4.60%,

6/14/2044

35,000

30,735

4.75%,

5/15/2045

45,000

40,160

Aon

North

America,

Inc.

5.75%,

3/1/2054

135,000

134,621

Arch

Capital

Finance

LLC

5.03%,

12/15/2046

20,000

18,692

Arch

Capital

Group

Ltd.

3.64%,

6/30/2050

35,000

25,992

Arch

Capital

Group

US,

Inc.

5.14%,

11/1/2043

40,000

37,855

Arthur

J

Gallagher

&

Co.

3.50%,

5/20/2051

20,000

13,838

3.05%,

3/9/2052

10,000

6,288

5.75%,

3/2/2053

30,000

29,394

6.75%,

2/15/2054

20,000

22,172

5.75%,

7/15/2054

20,000

19,616

5.55%,

2/15/2055

5,000

4,783

Athene

Holding

Ltd.

3.95%,

5/25/2051

35,000

24,503

3.45%,

5/15/2052

30,000

18,928

6.25%,

4/1/2054

130,000

126,562

6.63%,

5/19/2055

30,000

30,675

Berkshire

Hathaway

Finance

Corp.

4.20%,

8/15/2048

25,000

20,704

4.25%,

1/15/2049

75,000

62,381

3.85%,

3/15/2052

50,000

38,165

Brighthouse

Financial,

Inc.

4.70%,

6/22/2047

65,000

47,972

Brown

&

Brown,

Inc.

4.95%,

3/17/2052

45,000

39,078

6.25%,

6/23/2055

85,000

87,900

Chubb

INA

Holdings

LLC

6.00%,

5/11/2037

65,000

70,502

Fairfax

Financial

Holdings

Ltd.

6.35%,

3/22/2054

45,000

47,097

6.10%,

3/15/2055

35,000

35,274

Hartford

Insurance

Group,

Inc.

(The)

5.95%,

10/15/2036

25,000

26,777

6.63%,

3/30/2040

60,000

66,692

6.10%,

10/1/2041

20,000

21,325

4.40%,

3/15/2048

25,000

21,210

Markel

Group,

Inc.

5.00%,

3/30/2043

20,000

18,346

5.00%,

4/5/2046

45,000

40,750

4.30%,

11/1/2047

5,000

4,046

5.00%,

5/20/2049

75,000

66,598

4.15%,

9/17/2050

5,000

3,876

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Insurance

-

7.0%

(continued)

Markel

Group,

Inc.

(continued)

3.45%,

5/7/2052

$

45,000

$

30,523

6.00%,

5/16/2054

40,000

40,451

Marsh

&

McLennan

Cos.,

Inc.

4.35%,

1/30/2047

20,000

16,926

4.90%,

3/15/2049

110,000

99,572

6.25%,

11/1/2052

35,000

37,805

5.45%,

3/15/2053

165,000

159,873

Old

Republic

International

Corp.

3.85%,

6/11/2051

35,000

25,329

Progressive

Corp.

(The)

4.35%,

4/25/2044

5,000

4,320

Prudential

Financial,

Inc.

4.35%,

2/25/2050

20,000

16,511

3.70%,

3/13/2051

35,000

25,805

Transatlantic

Holdings,

Inc.

8.00%,

11/30/2039

35,000

43,620

Travelers

Cos.,

Inc.

(The)

6.25%,

6/15/2037

5,000

5,540

5.70%,

7/24/2055

50,000

50,902

Trinity

Acquisition

plc

6.13%,

8/15/2043

15,000

15,103

Unum

Group

5.75%,

8/15/2042

75,000

74,824

W

R

Berkley

Corp.

6.25%,

2/15/2037

20,000

21,894

4.75%,

8/1/2044

25,000

22,408

4.00%,

5/12/2050

35,000

27,021

3.15%,

9/30/2061

35,000

21,015

Willis

North

America,

Inc.

5.05%,

9/15/2048

20,000

18,002

3.88%,

9/15/2049

40,000

30,098

5.90%,

3/5/2054

55,000

55,161

2,516,088

Interactive

Media

&

Services

-

3

.8

%

Alphabet,

Inc.

1.90%,

8/15/2040

30,000

20,192

2.05%,

8/15/2050

90,000

48,555

5.25%,

5/15/2055

110,000

104,805

2.25%,

8/15/2060

120,000

61,166

5.30%,

5/15/2065

270,000

252,344

5.70%,

11/15/2075

150,000

147,269

Meta

Platforms,

Inc.

4.45%,

8/15/2052

140,000

112,375

5.60%,

5/15/2053

290,000

275,106

5.40%,

8/15/2054

50,000

46,080

4.65%,

8/15/2062

95,000

75,770

5.75%,

5/15/2063

140,000

133,027

5.55%,

8/15/2064

45,000

41,312

5.75%,

11/15/2065

60,000

56,732

1,374,733

IT

Services

-

0

.3

%

International

Business

Machines

Corp.

4.70%,

2/19/2046

125,000

110,363

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)

IT

Services

-

0.3%

(continued)

International

Business

Machines

Corp.

(continued)

4.25%,

5/15/2049

$

5,000

$

4,037

114,400

Leisure

Products

-

0

.2

%

Brunswick

Corp.

5.10%,

4/1/2052

2,000

1,563

Hasbro,

Inc.

6.35%,

3/15/2040

35,000

36,673

Mattel,

Inc.

6.20%,

10/1/2040

20,000

20,304

58,540

Machinery

-

1

.1

%

Dover

Corp.

6.60%,

3/15/2038

20,000

22,244

5.38%,

3/1/2041

40,000

40,468

Fortive

Corp.

4.30%,

6/15/2046

25,000

20,794

Illinois

Tool

Works,

Inc.

4.88%,

9/15/2041

75,000

71,938

3.90%,

9/1/2042

69,000

58,408

Ingersoll

Rand,

Inc.

5.70%,

6/15/2054

20,000

20,064

Otis

Worldwide

Corp.

3.11%,

2/15/2040

35,000

27,493

Parker-Hannifin

Corp.

4.00%,

6/14/2049

75,000

60,695

Snap-on,

Inc.

3.10%,

5/1/2050

75,000

50,869

Xylem,

Inc.

4.38%,

11/1/2046

35,000

29,611

402,584

Media

-

1

.6

%

Charter

Communications

Operating

LLC

3.50%,

3/1/2042

10,000

6,944

6.48%,

10/23/2045

20,000

18,824

5.38%,

5/1/2047

15,000

12,315

4.80%,

3/1/2050

45,000

34,100

5.25%,

4/1/2053

110,000

87,856

5.50%,

4/1/2063

30,000

23,726

Fox

Corp.

5.48%,

1/25/2039

65,000

64,809

5.58%,

1/25/2049

130,000

124,484

Omnicom

Group,

Inc.

3.38%,

3/1/2041

25,000

18,820

5.40%,

10/1/2048

15,000

13,737

Paramount

Global

6.88%,

4/30/2036

35,000

34,151

4.38%,

3/15/2043

20,000

13,775

4.95%,

5/19/2050

30,000

21,046

Time

Warner

Cable

LLC

7.30%,

7/1/2038

45,000

47,780

5.50%,

9/1/2041

60,000

52,622

574,989

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Metals

&

Mining

-

2

.6

%

Barrick

North

America

Finance

LLC

7.50%,

9/15/2038

$

20,000

$

23,729

5.70%,

5/30/2041

60,000

61,107

5.75%,

5/1/2043

70,000

71,521

Barrick

PD

Australia

Finance

Pty.

Ltd.

5.95%,

10/15/2039

20,000

21,027

BHP

Billiton

Finance

USA

Ltd.

5.00%,

9/30/2043

35,000

33,329

5.50%,

9/8/2053

15,000

14,861

Newmont

Corp.

5.75%,

11/15/2041

10,000

10,197

Reliance,

Inc.

6.85%,

11/15/2036

20,000

22,606

Rio

Tinto

Finance

USA

Ltd.

5.20%,

11/2/2040

20,000

19,940

2.75%,

11/2/2051

130,000

80,268

Rio

Tinto

Finance

USA

plc

4.13%,

8/21/2042

50,000

42,966

5.13%,

3/9/2053

35,000

32,671

5.75%,

3/14/2055

95,000

96,793

5.88%,

3/14/2065

140,000

143,272

Southern

Copper

Corp.

6.75%,

4/16/2040

20,000

22,782

5.25%,

11/8/2042

80,000

77,762

5.88%,

4/23/2045

45,000

46,904

Vale

Overseas

Ltd.

6.88%,

11/21/2036

35,000

39,656

6.88%,

11/10/2039

35,000

39,707

6.40%,

6/28/2054

35,000

35,988

937,086

Multi-Utilities

-

1

.6

%

Ameren

Illinois

Co.

4.80%,

12/15/2043

5,000

4,541

4.30%,

7/1/2044

20,000

16,867

5.63%,

3/1/2055

110,000

109,894

Berkshire

Hathaway

Energy

Co.

6.13%,

4/1/2036

20,000

21,675

5.95%,

5/15/2037

20,000

21,518

3.80%,

7/15/2048

50,000

38,187

4.45%,

1/15/2049

20,000

16,632

4.25%,

10/15/2050

40,000

32,319

2.85%,

5/15/2051

60,000

37,265

4.60%,

5/1/2053

35,000

29,431

Consumers

Energy

Co.

4.35%,

8/31/2064

55,000

43,203

NiSource,

Inc.

5.95%,

6/15/2041

15,000

15,437

5.65%,

2/1/2045

20,000

19,879

Puget

Sound

Energy,

Inc.

5.64%,

4/15/2041

5,000

5,009

4.30%,

5/20/2045

30,000

24,969

Southern

Co.

Gas

Capital

Corp.

5.88%,

3/15/2041

50,000

51,684

4.40%,

6/1/2043

25,000

21,481

3.95%,

10/1/2046

30,000

23,381

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

209

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Multi-Utilities

-

1.6%

(continued)

Southern

Co.

Gas

Capital

Corp.

(continued)

4.40%,

5/30/2047

$

20,000

$

16,692

Series

21A,

3.15%,

9/30/2051

20,000

13,015

563,079

Oil,

Gas

&

Consumable

Fuels

-

10

.6

%

Canadian

Natural

Resources

Ltd.

6.50%,

2/15/2037

25,000

26,995

6.25%,

3/15/2038

55,000

58,225

6.75%,

2/1/2039

30,000

32,736

4.95%,

6/1/2047

75,000

66,255

Cenovus

Energy,

Inc.

5.40%,

6/15/2047

22,000

20,236

3.75%,

2/15/2052

60,000

42,518

ConocoPhillips

Co.

4.03%,

3/15/2062

100,000

72,817

Continental

Resources,

Inc.

4.90%,

6/1/2044

60,000

48,557

Coterra

Energy,

Inc.

5.90%,

2/15/2055

35,000

34,061

Devon

Energy

Corp.

5.75%,

9/15/2054

20,000

19,001

Diamondback

Energy,

Inc.

6.25%,

3/15/2053

20,000

20,460

5.75%,

4/18/2054

5,000

4,777

5.90%,

4/18/2064

45,000

42,983

Eastern

Energy

Gas

Holdings

LLC

6.20%,

1/15/2055

35,000

36,551

Eastern

Gas

Transmission

&

Storage,

Inc.

4.80%,

11/1/2043

20,000

17,715

3.90%,

11/15/2049

20,000

14,947

Enbridge

Energy

Partners

LP

5.50%,

9/15/2040

30,000

29,844

7.38%,

10/15/2045

125,000

144,963

Enbridge,

Inc.

4.50%,

6/10/2044

5,000

4,246

4.00%,

11/15/2049

20,000

15,388

3.40%,

8/1/2051

20,000

13,663

6.70%,

11/15/2053

45,000

49,503

5.95%,

4/5/2054

40,000

40,448

Energy

Transfer

LP

6.10%,

2/15/2042

10,000

10,074

4.95%,

1/15/2043

10,000

8,815

5.15%,

2/1/2043

75,000

67,798

5.30%,

4/1/2044

10,000

9,140

5.00%,

5/15/2044(b)

20,000

17,580

5.35%,

5/15/2045

25,000

22,725

6.13%,

12/15/2045

55,000

54,678

5.30%,

4/15/2047

35,000

31,381

5.40%,

10/1/2047

55,000

49,902

6.25%,

4/15/2049

130,000

129,634

5.00%,

5/15/2050

25,000

21,125

5.95%,

5/15/2054

50,000

47,671

6.05%,

9/1/2054

30,000

29,033

Enterprise

Products

Operating

LLC

7.55%,

4/15/2038

15,000

18,036

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

10.6%

(continued)

Enterprise

Products

Operating

LLC

(continued)

4.85%,

8/15/2042

$

255,000

$

236,175

5.10%,

2/15/2045

20,000

18,766

4.90%,

5/15/2046

40,000

36,320

3.70%,

1/31/2051

20,000

14,716

3.30%,

2/15/2053

5,000

3,354

4.95%,

10/15/2054

20,000

17,736

3.95%,

1/31/2060

75,000

54,800

EOG

Resources,

Inc.

5.35%,

1/15/2036

65,000

66,733

4.95%,

4/15/2050

65,000

58,192

5.65%,

12/1/2054

20,000

19,653

5.95%,

7/15/2055

25,000

25,617

Exxon

Mobil

Corp.

3.00%,

8/16/2039

10,000

7,991

3.57%,

3/6/2045

140,000

109,630

3.10%,

8/16/2049

125,000

85,106

4.33%,

3/19/2050

175,000

146,604

3.45%,

4/15/2051

255,000

182,938

Hess

Corp.

6.00%,

1/15/2040

25,000

26,921

5.60%,

2/15/2041

80,000

82,767

Kinder

Morgan

Energy

Partners

LP

6.95%,

1/15/2038

45,000

51,049

5.50%,

3/1/2044

5,000

4,834

Kinder

Morgan,

Inc.

5.55%,

6/1/2045

10,000

9,711

Occidental

Petroleum

Corp.

4.63%,

6/15/2045

15,000

12,025

6.60%,

3/15/2046

30,000

31,018

4.40%,

8/15/2049

20,000

14,987

ONEOK,

Inc.

7.15%,

1/15/2051

15,000

16,692

6.63%,

9/1/2053

15,000

15,785

6.25%,

10/15/2055

10,000

10,054

Plains

All

American

Pipeline

LP

5.60%,

1/15/2036

95,000

96,384

5.15%,

6/1/2042

32,000

29,528

Shell

Finance

US,

Inc.

6.38%,

12/15/2038(d)

65,000

72,562

4.00%,

5/10/2046

35,000

28,371

3.13%,

11/7/2049(d)

5,000

3,372

Spectra

Energy

Partners

LP

5.95%,

9/25/2043

20,000

20,230

4.50%,

3/15/2045

10,000

8,464

Suncor

Energy,

Inc.

6.80%,

5/15/2038

95,000

105,206

6.50%,

6/15/2038

30,000

32,285

6.85%,

6/1/2039

35,000

38,640

4.00%,

11/15/2047

30,000

22,972

3.75%,

3/4/2051

5,000

3,564

TotalEnergies

Capital

International

SA

3.39%,

6/29/2060

35,000

22,818

TotalEnergies

Capital

SA

5.49%,

4/5/2054

50,000

48,617

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

210

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

10.6%

(continued)

TotalEnergies

Capital

SA

(continued)

5.64%,

4/5/2064

$

120,000

$

116,878

5.43%,

9/10/2064

55,000

51,794

TransCanada

PipeLines

Ltd.

6.20%,

10/15/2037

60,000

64,074

7.63%,

1/15/2039

65,000

77,250

Valero

Energy

Corp.

6.63%,

6/15/2037

25,000

27,577

Western

Midstream

Operating

LP

5.45%,

4/1/2044

50,000

45,754

5.30%,

3/1/2048

55,000

47,928

5.50%,

8/15/2048

20,000

17,807

5.25%,

2/1/2050(b)

90,000

77,288

Williams

Cos.,

Inc.

(The)

5.95%,

3/15/2056

20,000

20,005

XTO

Energy,

Inc.

6.75%,

8/1/2037

35,000

40,268

3,854,291

Pharmaceuticals

-

3

.8

%

AstraZeneca

plc

6.45%,

9/15/2037

5,000

5,660

Eli

Lilly

&

Co.

5.95%,

11/15/2037

20,000

21,646

4.15%,

3/15/2059

35,000

27,616

5.10%,

2/9/2064

135,000

123,722

5.20%,

8/14/2064

75,000

69,965

5.60%,

2/12/2065

73,000

72,582

5.65%,

10/15/2065

80,000

79,978

GlaxoSmithKline

Capital,

Inc.

6.38%,

5/15/2038

5,000

5,600

Johnson

&

Johnson

5.85%,

7/15/2038

35,000

38,319

Merck

&

Co.,

Inc.

6.55%,

9/15/2037

75,000

84,928

3.60%,

9/15/2042

35,000

28,188

3.70%,

2/10/2045

50,000

39,619

2.75%,

12/10/2051

100,000

61,587

2.90%,

12/10/2061

65,000

37,623

5.15%,

5/17/2063

95,000

86,356

5.70%,

12/4/2065

80,000

78,827

Novartis

Capital

Corp.

4.20%,

9/18/2034

5,000

4,883

4.40%,

5/6/2044

80,000

71,035

4.00%,

11/20/2045

65,000

54,116

4.70%,

9/18/2054

50,000

44,394

5.30%,

11/5/2055

20,000

19,330

Pfizer

Investment

Enterprises

Pte.

Ltd.

5.34%,

5/19/2063

110,000

102,317

Royalty

Pharma

plc

3.30%,

9/2/2040

10,000

7,771

5.90%,

9/2/2054

35,000

34,805

Utah

Acquisition

Sub,

Inc.

5.25%,

6/15/2046

10,000

8,309

Viatris,

Inc.

4.00%,

6/22/2050

20,000

13,420

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Pharmaceuticals

-

3.8%

(continued)

Zoetis,

Inc.

4.70%,

2/1/2043

$

105,000

$

96,044

4.45%,

8/20/2048

20,000

17,099

3.00%,

5/15/2050

35,000

23,407

1,359,146

Professional

Services

-

0

.1

%

Verisk

Analytics,

Inc.

5.50%,

6/15/2045

20,000

19,404

3.63%,

5/15/2050

20,000

14,410

33,814

Residential

REITs

-

0

.0

%

(c)

ERP

Operating

LP

REIT,

4.50%,

7/1/2044

10,000

8,928

Semiconductors

&

Semiconductor

Equipment

-

1

.8

%

Analog

Devices,

Inc.

5.30%,

12/15/2045

20,000

19,512

5.30%,

4/1/2054

30,000

28,906

Applied

Materials,

Inc.

5.85%,

6/15/2041

5,000

5,323

Broadcom,

Inc.

3.19%,

11/15/2036(d)

30,000

25,424

KLA

Corp.

5.00%,

3/15/2049

90,000

83,587

4.95%,

7/15/2052

5,000

4,556

5.25%,

7/15/2062

35,000

32,556

Lam

Research

Corp.

4.88%,

3/15/2049

60,000

55,158

3.13%,

6/15/2060

15,000

9,335

NVIDIA

Corp.

3.70%,

4/1/2060

125,000

91,275

NXP

BV

3.13%,

2/15/2042

25,000

18,258

QUALCOMM,

Inc.

4.80%,

5/20/2045

50,000

45,559

4.30%,

5/20/2047

150,000

125,687

4.50%,

5/20/2052

10,000

8,414

Texas

Instruments,

Inc.

4.15%,

5/15/2048

5,000

4,138

4.10%,

8/16/2052

5,000

3,996

5.15%,

2/8/2054

15,000

14,208

5.05%,

5/18/2063

70,000

63,061

638,953

Software

-

4

.0

%

AppLovin

Corp.

5.95%,

12/1/2054

45,000

44,506

Intuit,

Inc.

5.50%,

9/15/2053

95,000

91,689

Microsoft

Corp.

2.53%,

6/1/2050

115,000

69,696

2.92%,

3/17/2052

60,000

39,083

4.75%,

11/3/2055

95,000

85,880

2.68%,

6/1/2060

225,000

127,808

3.04%,

3/17/2062

140,000

86,319

Oracle

Corp.

3.80%,

11/15/2037

80,000

64,414

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

211

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Software

-

4.0%

(continued)

Oracle

Corp.

(continued)

3.60%,

4/1/2040

$

80,000

$

59,088

4.13%,

5/15/2045

25,000

17,922

4.00%,

11/15/2047

60,000

41,107

3.60%,

4/1/2050

30,000

18,712

3.95%,

3/25/2051

210,000

137,686

6.90%,

11/9/2052

95,000

93,192

5.55%,

2/6/2053

35,000

29,101

5.38%,

9/27/2054

20,000

16,069

6.00%,

8/3/2055

105,000

91,903

5.95%,

9/26/2055

5,000

4,409

3.85%,

4/1/2060

95,000

57,645

5.50%,

9/27/2064

35,000

27,740

6.13%,

8/3/2065

35,000

30,536

6.10%,

9/26/2065

45,000

39,205

Salesforce,

Inc.

2.70%,

7/15/2041

50,000

35,857

2.90%,

7/15/2051

65,000

40,657

3.05%,

7/15/2061

150,000

89,350

1,439,574

Specialized

REITs

-

0

.2

%

Public

Storage

Operating

Co.

REIT,

5.35%,

8/1/2053

80,000

77,303

Specialty

Retail

-

2

.4

%

Dick's

Sporting

Goods,

Inc.

4.10%,

1/15/2052

65,000

47,532

Home

Depot,

Inc.

(The)

5.88%,

12/16/2036

80,000

86,334

5.40%,

9/15/2040

140,000

144,192

4.20%,

4/1/2043

35,000

30,405

4.88%,

2/15/2044

50,000

46,765

4.40%,

3/15/2045

45,000

39,190

4.25%,

4/1/2046

40,000

33,940

3.90%,

6/15/2047

35,000

27,828

4.50%,

12/6/2048

55,000

47,542

3.63%,

4/15/2052

145,000

106,572

4.95%,

9/15/2052

20,000

18,306

5.30%,

6/25/2054

20,000

19,199

3.50%,

9/15/2056

65,000

45,454

5.40%,

6/25/2064

35,000

33,509

Lowe's

Cos.,

Inc.

5.00%,

4/15/2040

5,000

4,837

5.00%,

9/15/2043

35,000

33,852

4.25%,

4/1/2052

5,000

3,971

4.45%,

4/1/2062

65,000

51,015

5.80%,

9/15/2062

5,000

4,918

5.85%,

4/1/2063

30,000

29,524

TJX

Cos.,

Inc.

(The)

4.50%,

4/15/2050

20,000

17,303

872,188

Technology

Hardware,

Storage

&

Peripherals

-

1

.9

%

Apple,

Inc.

3.85%,

5/4/2043

30,000

25,263

3.45%,

2/9/2045

50,000

38,785

4.38%,

5/13/2045

55,000

48,800

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Technology

Hardware,

Storage

&

Peripherals

-

1.9%

(continued)

Apple,

Inc.

(continued)

4.65%,

2/23/2046

$

45,000

$

40,922

3.75%,

11/13/2047

45,000

35,501

2.40%,

8/20/2050

40,000

23,596

2.65%,

2/8/2051

100,000

61,716

2.70%,

8/5/2051

5,000

3,096

3.95%,

8/8/2052

95,000

75,065

2.80%,

2/8/2061

125,000

72,075

2.85%,

8/5/2061

80,000

47,030

4.10%,

8/8/2062

195,000

152,046

HP,

Inc.

6.00%,

9/15/2041

70,000

69,739

693,634

Tobacco

-

3

.6

%

Altria

Group,

Inc.

5.80%,

2/14/2039

75,000

76,731

3.40%,

2/4/2041

10,000

7,704

4.25%,

8/9/2042

45,000

37,608

4.50%,

5/2/2043

35,000

29,868

5.38%,

1/31/2044

265,000

254,064

3.88%,

9/16/2046

45,000

33,829

5.95%,

2/14/2049

120,000

119,615

4.45%,

5/6/2050

20,000

15,997

3.70%,

2/4/2051

110,000

77,599

4.00%,

2/4/2061

30,000

21,665

BAT

Capital

Corp.

4.39%,

8/15/2037

5,000

4,590

3.73%,

9/25/2040

20,000

16,231

4.54%,

8/15/2047

30,000

24,915

4.76%,

9/6/2049

20,000

16,927

3.98%,

9/25/2050

5,000

3,688

5.65%,

3/16/2052

5,000

4,736

7.08%,

8/2/2053

60,000

67,880

Philip

Morris

International,

Inc.

6.38%,

5/16/2038

80,000

88,650

4.38%,

11/15/2041

35,000

31,084

4.50%,

3/20/2042

35,000

31,300

3.88%,

8/21/2042

50,000

41,206

4.13%,

3/4/2043

200,000

170,015

Reynolds

American,

Inc.

7.25%,

6/15/2037

15,000

17,289

5.85%,

8/15/2045

115,000

113,219

1,306,410

Trading

Companies

&

Distributors

-

0

.4

%

WW

Grainger,

Inc.

4.60%,

6/15/2045

65,000

58,680

3.75%,

5/15/2046

20,000

15,840

4.20%,

5/15/2047

70,000

58,833

133,353

Water

Utilities

-

0

.1

%

Essential

Utilities,

Inc.

5.30%,

5/1/2052

35,000

32,727

Wireless

Telecommunication

Services

-

0

.4

%

America

Movil

SAB

de

CV

6.13%,

3/30/2040

20,000

21,131

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

212

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Wireless

Telecommunication

Services

-

0.4%

(continued)

T-Mobile

USA,

Inc.

5.25%,

6/15/2055

$

5,000

$

4,524

3.60%,

11/15/2060

205,000

135,498

161,153

Total

Corporate

Bonds

(Cost

$35,664,069)

35,056,807

Total

Investments

-

96.8%

(Cost

$35,664,069)

35,056,807

Other

assets

less

liabilities

-

3.2%

1,167,454

NET

ASSETS

-

100.0%

$36,224,261

(a)

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.

(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

January

31,

2026.

(c)

Represents

less

than

0.05%

of

net

assets.

(d)

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

January

31,

2026,

the

value

of

these

securities

amounted

to

approximately

$101,358

or

0.28%

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

96‌

.8

%

Others

(1)

3‌

.2

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

213

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

January

31,

2026

(Unaudited)

tS

Investments

Principal

Amount

Value

CORPORATE

BONDS

-

97

.5

%

Aerospace

&

Defense

-

1

.6

%

Axon

Enterprise,

Inc.

6.13%,

3/15/2030(a)

$

595,000

$

611,630

Bombardier,

Inc.

6.00%,

2/15/2028(a)

185,000

185,278

BWX

Technologies,

Inc.

4.13%,

6/30/2028(a)

1,255,000

1,236,369

4.13%,

4/15/2029(a)(b)

1,274,000

1,247,713

Moog,

Inc.

4.25%,

12/15/2027(a)(b)

1,175,000

1,168,840

TransDigm,

Inc.

6.75%,

8/15/2028(a)

3,780,000

3,843,614

4.63%,

1/15/2029(b)

1,040,000

1,033,714

6.38%,

3/1/2029(a)

1,675,000

1,722,444

4.88%,

5/1/2029(b)

6,000

5,989

6.88%,

12/15/2030(a)

1,185,000

1,234,278

7.13%,

12/1/2031(a)

2,440,000

2,558,850

6.63%,

3/1/2032(a)

1,100,000

1,137,370

6.00%,

1/15/2033(a)

615,000

626,619

6.38%,

5/31/2033(a)(b)

2,450,000

2,494,130

19,106,838

Air

Freight

&

Logistics

-

0

.2

%

Rand

Parent

LLC

8.50%,

2/15/2030(a)

2,085,000

2,178,847

Stonepeak

Nile

Parent

LLC

7.25%,

3/15/2032(a)

600,000

633,836

2,812,683

Automobile

Components

-

2

.3

%

Adient

Global

Holdings

Ltd.

8.25%,

4/15/2031(a)(b)

605,000

633,906

7.50%,

2/15/2033(a)(b)

1,780,000

1,848,254

Allison

Transmission,

Inc.

3.75%,

1/30/2031(a)(b)

1,863,000

1,756,123

American

Axle

&

Manufacturing,

Inc.

6.88%,

7/1/2028

158,000

158,168

5.00%,

10/1/2029(b)

1,090,000

1,063,446

7.75%,

10/15/2033(a)

1,115,000

1,147,031

Aptiv

Swiss

Holdings

Ltd.

6.88%,

12/15/2054(b)(c)

900,000

939,990

Clarios

Global

LP

6.75%,

5/15/2028(a)

200,000

204,640

Dornoch

Debt

Merger

Sub,

Inc.

6.63%,

10/15/2029(a)(b)

850,000

756,884

Garrett

Motion

Holdings,

Inc.

7.75%,

5/31/2032(a)(b)

3,760,000

3,980,734

Goodyear

Tire

&

Rubber

Co.

(The)

5.63%,

4/30/2033

1,950,000

1,859,091

Icahn

Enterprises

LP

5.25%,

5/15/2027(b)

850,000

840,895

9.75%,

1/15/2029(b)

400,000

402,437

4.38%,

2/1/2029(b)

400,000

353,077

10.00%,

11/15/2029(a)(b)

554,000

559,200

9.00%,

6/15/2030(b)

600,000

585,454

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Automobile

Components

-

2.3%

(continued)

IHO

Verwaltungs

GmbH

6.37%,

5/15/2029(a)(d)

$

1,420,000

$

1,436,956

7.75%,

11/15/2030(a)(d)

200,000

210,264

8.00%,

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

800,000

852,576

JB

Poindexter

&

Co.,

Inc.

8.75%,

12/15/2031(a)

1,400,000

1,454,334

Patrick

Industries,

Inc.

4.75%,

5/1/2029(a)(b)

640,000

633,528

6.38%,

11/1/2032(a)

200,000

204,695

Phinia,

Inc.

6.75%,

4/15/2029(a)

265,000

273,938

6.63%,

10/15/2032(a)(b)

40,000

41,642

Real

Hero

Merger

Sub

2,

Inc.

6.25%,

2/1/2029(a)

1,465,000

722,714

Tenneco,

Inc.

8.00%,

11/17/2028(a)

1,585,000

1,594,432

ZF

North

America

Capital,

Inc.

6.88%,

4/14/2028(a)(b)

490,000

505,923

7.13%,

4/14/2030(a)

700,000

716,372

6.75%,

4/23/2030(a)(b)

90,000

90,237

7.50%,

3/24/2031(a)

555,000

568,869

26,395,810

Automobiles

-

0

.7

%

Jaguar

Land

Rover

Automotive

plc

4.50%,

10/1/2027(a)

1,975,000

1,956,351

5.88%,

1/15/2028(a)(b)

1,476,000

1,475,696

5.50%,

7/15/2029(a)

1,157,000

1,156,039

Nissan

Motor

Co.

Ltd.

8.13%,

7/17/2035(a)(b)

1,260,000

1,345,581

PM

General

Purchaser

LLC

9.50%,

10/1/2028(a)

1,520,000

1,388,049

Thor

Industries,

Inc.

4.00%,

10/15/2029(a)(b)

1,390,000

1,336,039

8,657,755

Biotechnology

-

0

.2

%

Genmab

A/S

6.25%,

12/15/2032(a)(b)

550,000

563,771

7.25%,

12/15/2033(a)

1,100,000

1,164,195

1,727,966

Broadline

Retail

-

0

.9

%

ANGI

Group

LLC

3.88%,

8/15/2028(a)

575,000

526,125

Getty

Images,

Inc.

11.25%,

2/21/2030(a)

3,150,000

2,819,542

GrubHub

Holdings,

Inc.

13.00%,

7/31/2030(a)(d)

857,500

680,382

Kohl's

Corp.

10.00%,

6/1/2030(a)

50,000

54,774

5.12%,

5/1/2031(b)(e)

300,000

256,826

Macy's

Retail

Holdings

LLC

5.88%,

3/15/2030(a)

160,000

161,649

6.13%,

3/15/2032(a)

1,020,000

1,030,963

6.70%,

7/15/2034(a)

1,440,000

1,401,137

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)

Broadline

Retail

-

0.9%

(continued)

Macy’s

Retail

Holdings

LLC

(continued)

5.13%,

1/15/2042

$

250,000

$

205,676

Match

Group

Holdings

II

LLC

3.63%,

10/1/2031(a)(b)

150,000

135,834

Nordstrom,

Inc.

4.00%,

3/15/2027

350,000

345,829

4.38%,

4/1/2030(b)

50,000

47,735

5.00%,

1/15/2044

1,000,000

742,674

Rakuten

Group,

Inc.

9.75%,

4/15/2029(a)(b)

2,120,000

2,375,150

10,784,296

Building

Products

-

1

.1

%

Builders

FirstSource,

Inc.

6.75%,

5/15/2035(a)(b)

2,090,000

2,195,815

CP

Atlas

Buyer,

Inc.

9.75%,

7/15/2030(a)

1,000,000

1,040,129

+

0.00%),

12.75%,

1/15/2031(a)(d)(f)

1,386,009

1,273,245

Griffon

Corp.

5.75%,

3/1/2028

1,660,000

1,659,529

Masterbrand,

Inc.

7.00%,

7/15/2032(a)(b)

381,000

395,107

Miter

Brands

Acquisition

Holdco,

Inc.

6.75%,

4/1/2032(a)

975,000

1,001,386

MIWD

Holdco

II

LLC

5.50%,

2/1/2030(a)(b)

590,000

573,179

Oscar

Acquisition

Co.

LLC

9.50%,

4/15/2030(a)

1,285,000

748,513

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/1/2028(a)

1,112,000

1,115,473

8.88%,

11/15/2031(a)(b)

1,095,000

1,167,374

Standard

Industries,

Inc.

4.38%,

7/15/2030(a)

440,000

424,473

3.38%,

1/15/2031(a)

10,000

9,228

Wilsonart

LLC

11.00%,

8/15/2032(a)

986,000

900,624

12,504,075

Capital

Markets

-

1

.0

%

Aretec

Group,

Inc.

7.50%,

4/1/2029(a)

350,000

349,143

10.00%,

8/15/2030(a)

958,000

1,031,948

BlackRock

TCP

Capital

Corp.

6.95%,

5/30/2029

750,000

742,832

Coinbase

Global,

Inc.

3.38%,

10/1/2028(a)

804,000

767,652

3.63%,

10/1/2031(a)

2,495,000

2,204,248

Compass

Group

Diversified

Holdings

LLC

5.25%,

4/15/2029(a)(b)

2,152,111

2,006,280

Dresdner

Funding

Trust

I

8.15%,

6/30/2031(a)

925,000

1,016,873

Hightower

Holding

LLC

6.75%,

4/15/2029(a)

250,000

249,656

Jane

Street

Group

4.50%,

11/15/2029(a)

85,000

83,683

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Capital

Markets

-

1.0%

(continued)

Prospect

Capital

Corp.

3.44%,

10/15/2028

$

50,000

$

44,462

Stonex

Escrow

Issuer

LLC

6.88%,

7/15/2032(a)(b)

1,430,000

1,475,329

StoneX

Group,

Inc.

7.88%,

3/1/2031(a)

250,000

265,971

VFH

Parent

LLC

7.50%,

6/15/2031(a)(b)

1,915,000

2,006,141

12,244,218

Chemicals

-

3

.1

%

Ashland,

Inc.

3.38%,

9/1/2031(a)(b)

707,000

648,426

6.88%,

5/15/2043

465,000

491,487

ASP

Unifrax

Holdings,

Inc.

7.10%,

9/30/2029(a)(d)

3,037,674

239,533

Cerdia

Finanz

GmbH

9.38%,

10/3/2031(a)

1,833,000

1,864,564

Chemours

Co.

(The)

4.63%,

11/15/2029(a)(b)

3,050,000

2,844,099

8.00%,

1/15/2033(a)

442,000

443,164

Consolidated

Energy

Finance

SA

5.63%,

10/15/2028(a)(b)

1,290,000

1,064,250

12.00%,

2/15/2031(a)(b)

1,420,000

1,192,658

CVR

Partners

LP

6.13%,

6/15/2028(a)

3,930,000

3,929,804

Element

Solutions,

Inc.

3.88%,

9/1/2028(a)(b)

1,070,000

1,042,873

FMC

Corp.

3.45%,

10/1/2029(b)

3,600,000

3,233,730

5.65%,

5/18/2033(b)

1,720,000

1,522,488

8.45%,

11/1/2055(b)(c)

990,000

794,009

GPD

Cos.,

Inc.

12.50%,

12/31/2029(a)(d)

363,657

189,171

HB

Fuller

Co.

4.00%,

2/15/2027

265,000

261,852

Herens

Holdco

Sarl

4.75%,

5/15/2028(a)

315,000

277,161

INEOS

Finance

plc

6.75%,

5/15/2028(a)(b)

960,000

841,489

7.50%,

4/15/2029(a)(b)

1,385,000

1,160,012

INEOS

Quattro

Finance

2

plc

9.63%,

3/15/2029(a)(b)

1,150,000

912,467

Ingevity

Corp.

3.88%,

11/1/2028(a)(b)

505,000

491,169

Innophos

Holdings,

Inc.

11.50%,

6/15/2029(a)

642,000

630,765

Maxam

Prill

Sarl

7.75%,

7/15/2030(a)(b)

700,000

729,302

Methanex

Corp.

5.13%,

10/15/2027

280,000

280,796

5.65%,

12/1/2044(b)

15,000

13,480

Methanex

US

Operations,

Inc.

6.25%,

3/15/2032(a)(b)

850,000

876,534

NOVA

Chemicals

Corp.

5.25%,

6/1/2027(a)

40,000

40,187

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)

Chemicals

-

3.1%

(continued)

NOVA

Chemicals

Corp.

(continued)

9.00%,

2/15/2030(a)

$

200,000

$

213,286

Nufarm

Australia

Ltd.

5.00%,

1/27/2030(a)(b)

1,370,000

1,262,321

Olin

Corp.

6.63%,

4/1/2033(a)

1,430,000

1,401,278

Olympus

Water

US

Holding

Corp.

4.25%,

10/1/2028(a)

350,000

340,183

6.25%,

10/1/2029(a)(b)

200,000

195,704

7.25%,

6/15/2031(a)(b)

380,000

389,518

7.25%,

2/15/2033(a)

800,000

796,887

Rain

Carbon,

Inc.

12.25%,

9/1/2029(a)(b)

1,050,000

1,115,671

SCIH

Salt

Holdings,

Inc.

4.88%,

5/1/2028(a)

1,358,000

1,354,702

Scotts

Miracle-Gro

Co.

(The)

4.38%,

2/1/2032(b)

1,100,000

1,036,993

SK

Invictus

Intermediate

II

Sarl

5.00%,

10/30/2029(a)

330,000

324,720

Vibrantz

Technologies,

Inc.

9.00%,

2/15/2030(a)

1,686,000

623,820

WR

Grace

Holdings

LLC

4.88%,

6/15/2027(a)

298,000

298,000

5.63%,

8/15/2029(a)(b)

900,000

860,111

7.38%,

3/1/2031(a)

35,000

35,726

36,264,390

Commercial

Services

&

Supplies

-

3

.1

%

ACCO

Brands

Corp.

4.25%,

3/15/2029(a)(b)

3,570,000

3,305,347

ADT

Security

Corp.

(The)

4.13%,

8/1/2029(a)(b)

635,000

618,670

4.88%,

7/15/2032(a)(b)

671,000

649,772

5.88%,

10/15/2033(a)

750,000

760,312

Allied

Universal

Holdco

LLC

4.63%,

6/1/2028(a)

625,000

617,010

6.00%,

6/1/2029(a)

275,000

272,664

7.88%,

2/15/2031(a)

640,000

673,550

APi

Group

DE,

Inc.

4.13%,

7/15/2029(a)

600,000

583,500

4.75%,

10/15/2029(a)

275,000

269,623

Brink's

Co.

(The)

4.63%,

10/15/2027(a)(b)

335,000

334,968

Cimpress

plc

7.38%,

9/15/2032(a)(b)

1,980,000

2,033,118

Clarivate

Science

Holdings

Corp.

4.88%,

7/1/2029(a)(b)

3,250,000

2,793,586

Clean

Harbors,

Inc.

6.38%,

2/1/2031(a)

5,000

5,120

CoreCivic,

Inc.

4.75%,

10/15/2027

220,000

219,730

8.25%,

4/15/2029(b)

450,000

471,333

Deluxe

Corp.

8.00%,

6/1/2029(a)(b)

3,040,000

3,092,255

8.13%,

9/15/2029(a)(b)

1,100,000

1,154,220

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Commercial

Services

&

Supplies

-

3.1%

(continued)

Garda

World

Security

Corp.

7.75%,

2/15/2028(a)

$

320,000

$

326,804

8.25%,

8/1/2032(a)(b)

395,000

403,637

8.38%,

11/15/2032(a)(b)

815,000

836,733

GEO

Group,

Inc.

(The)

8.63%,

4/15/2029

1,631,000

1,705,590

10.25%,

4/15/2031

2,015,000

2,198,607

GFL

Environmental,

Inc.

4.00%,

8/1/2028(a)(b)

1,180,000

1,161,346

4.75%,

6/15/2029(a)

810,000

804,786

HNI

Corp.

5.13%,

1/18/2029(a)

100,000

98,760

Luna

1.5

Sarl

12.00%,

7/1/2032(a)(d)

970,000

1,023,644

Pitney

Bowes,

Inc.

6.88%,

3/15/2027(a)

1,330,000

1,328,155

Prime

Security

Services

Borrower

LLC

3.38%,

8/31/2027(a)(b)

1,565,000

1,532,972

Reworld

Holding

Corp.

4.88%,

12/1/2029(a)

440,000

425,953

RR

Donnelley

&

Sons

Co.

9.50%,

8/1/2029(a)

1,690,000

1,758,780

10.88%,

8/1/2029(a)

800,000

819,998

Sabre

Financial

Borrower

LLC

11.13%,

6/15/2029(a)

400,000

404,544

Veritiv

Operating

Co.

10.50%,

11/30/2030(a)(b)

2,395,000

2,564,439

VM

Consolidated,

Inc.

5.50%,

4/15/2029(a)

334,000

328,420

Williams

Scotsman,

Inc.

6.63%,

6/15/2029(a)

200,000

206,772

Wrangler

Holdco

Corp.

6.63%,

4/1/2032(a)(b)

200,000

208,115

35,992,833

Communications

Equipment

-

0

.0

%

(g)

Ciena

Corp.

4.00%,

1/31/2030(a)

100,000

96,416

Viavi

Solutions,

Inc.

3.75%,

10/1/2029(a)

400,000

380,189

476,605

Construction

&

Engineering

-

1

.3

%

AECOM

6.00%,

8/1/2033(a)(b)

1,996,000

2,044,696

Arcosa,

Inc.

4.38%,

4/15/2029(a)

710,000

697,948

Artera

Services

LLC

8.50%,

2/15/2031(a)(b)

970,000

788,462

Brand

Industrial

Services,

Inc.

10.38%,

8/1/2030(a)(b)

2,550,000

2,444,786

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.

7.50%,

2/1/2032(a)(b)

2,680,000

2,697,742

Great

Lakes

Dredge

&

Dock

Corp.

5.25%,

6/1/2029(a)(b)

280,000

275,410

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)

Construction

&

Engineering

-

1.3%

(continued)

HTA

Group

Ltd.

7.50%,

6/4/2029(a)

$

1,750,000

$

1,805,380

Railworks

Holdings

LP

8.25%,

11/15/2028(a)

275,000

279,266

Tutor

Perini

Corp.

11.88%,

4/30/2029(a)

2,680,000

2,958,742

Weekley

Homes

LLC

4.88%,

9/15/2028(a)(b)

695,000

684,670

14,677,102

Consumer

Finance

-

4

.0

%

Ally

Financial,

Inc.

6.65%,

1/17/2040(b)(c)

950,000

949,687

Atlanticus

Holdings

Corp.

9.75%,

9/1/2030(a)(b)

505,000

481,373

Azorra

Finance

Ltd.

7.75%,

4/15/2030(a)

1,200,000

1,262,868

Bread

Financial

Holdings,

Inc.

8.38%,

6/15/2035(a)(c)

1,760,000

1,806,450

Cobra

Acquisition

Co.

LLC

6.38%,

11/1/2029(a)

465,000

406,293

Credit

Acceptance

Corp.

9.25%,

12/15/2028(a)(b)

1,075,000

1,126,461

6.63%,

3/15/2030(a)(b)

2,550,000

2,552,503

Encore

Capital

Group,

Inc.

9.25%,

4/1/2029(a)(b)

220,000

230,663

Enova

International,

Inc.

11.25%,

12/15/2028(a)

2,140,000

2,265,605

9.13%,

8/1/2029(a)

3,525,000

3,729,736

EZCORP,

Inc.

7.38%,

4/1/2032(a)

300,000

319,582

FirstCash,

Inc.

4.63%,

9/1/2028(a)(b)

2,680,000

2,660,411

5.63%,

1/1/2030(a)(b)

2,050,000

2,059,577

6.88%,

3/1/2032(a)(b)

695,000

722,454

GGAM

Finance

Ltd.

8.00%,

6/15/2028(a)

485,000

510,660

goeasy

Ltd.

9.25%,

12/1/2028(a)

2,110,000

2,169,261

7.63%,

7/1/2029(a)(b)

800,000

792,140

6.88%,

5/15/2030(a)(b)

2,420,000

2,301,581

7.38%,

10/1/2030(a)(b)

2,500,000

2,412,086

6.88%,

2/15/2031(a)(b)

1,925,000

1,809,429

LFS

Topco

LLC

8.75%,

7/15/2030(a)

1,000,000

1,004,897

OneMain

Finance

Corp.

3.88%,

9/15/2028(b)

195,000

189,638

7.88%,

3/15/2030(b)

1,140,000

1,202,543

6.13%,

5/15/2030

980,000

999,007

7.50%,

5/15/2031(b)

555,000

581,831

7.13%,

11/15/2031(b)

865,000

896,337

6.75%,

9/15/2033(b)

1,720,000

1,739,063

Phoenix

Aviation

Capital

Ltd.

9.25%,

7/15/2030(a)

750,000

786,019

PRA

Group,

Inc.

8.38%,

2/1/2028(a)

150,000

151,544

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Consumer

Finance

-

4.0%

(continued)

PRA

Group,

Inc.

(continued)

8.88%,

1/31/2030(a)

$

1,495,000

$

1,505,136

PROG

Holdings,

Inc.

6.00%,

11/15/2029(a)(b)

4,004,000

3,962,959

Rfna

LP

7.88%,

2/15/2030(a)(b)

750,000

755,497

Synchrony

Financial

7.25%,

2/2/2033(b)

2,275,000

2,416,227

TrueNoord

Capital

DAC

8.75%,

3/1/2030(a)

200,000

210,947

46,970,465

Consumer

Staples

Distribution

&

Retail

-

1

.1

%

Albertsons

Cos.,

Inc.

6.50%,

2/15/2028(a)(b)

400,000

406,406

3.50%,

3/15/2029(a)

1,695,000

1,626,800

4.88%,

2/15/2030(a)

425,000

419,257

5.75%,

3/31/2034(a)(b)

1,595,000

1,568,640

C&S

Group

Enterprises

LLC

5.00%,

12/15/2028(a)

335,000

314,442

Ingles

Markets,

Inc.

4.00%,

6/15/2031(a)(b)

715,000

676,639

KeHE

Distributors

LLC

9.00%,

2/15/2029(a)

1,630,000

1,707,857

Performance

Food

Group,

Inc.

5.50%,

10/15/2027(a)

1,225,000

1,225,664

4.25%,

8/1/2029(a)

5,000

4,896

United

Natural

Foods,

Inc.

6.75%,

10/15/2028(a)(b)

500,000

500,881

US

Foods,

Inc.

6.88%,

9/15/2028(a)(b)

580,000

598,193

4.75%,

2/15/2029(a)

1,480,000

1,474,074

4.63%,

6/1/2030(a)(b)

5,000

4,925

7.25%,

1/15/2032(a)(b)

1,870,000

1,962,026

5.75%,

4/15/2033(a)

5,000

5,087

12,495,787

Containers

&

Packaging

-

1

.8

%

Ball

Corp.

2.88%,

8/15/2030

480,000

441,954

Cascades,

Inc.

5.38%,

1/15/2028(a)(b)

1,820,000

1,818,433

6.75%,

7/15/2030(a)(b)

1,965,000

2,034,306

Clydesdale

Acquisition

Holdings,

Inc.

6.63%,

4/15/2029(a)

665,000

670,859

6.88%,

1/15/2030(a)

100,000

101,300

8.75%,

4/15/2030(a)(b)

1,589,000

1,590,138

6.75%,

4/15/2032(a)(b)

824,000

830,431

Crown

Americas

LLC

4.25%,

9/30/2026

675,000

673,109

Graphic

Packaging

International

LLC

4.75%,

7/15/2027(a)

50,000

49,916

3.50%,

3/15/2028(a)

150,000

145,361

3.75%,

2/1/2030(a)(b)

1,325,000

1,251,471

Iris

Holding,

Inc.

10.00%,

12/15/2028(a)

695,000

628,036

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)

Containers

&

Packaging

-

1.8%

(continued)

LABL,

Inc.

10.50%,

7/15/2027(a)(h)

$

665,000

$

29,925

5.88%,

11/1/2028(a)(b)(h)

742,000

337,610

9.50%,

11/1/2028(a)(h)

135,000

61,425

8.25%,

11/1/2029(a)(h)

855,000

38,475

8.63%,

10/1/2031(a)(h)

1,000,000

455,000

Mauser

Packaging

Solutions

Holding

Co.

9.25%,

4/15/2030(a)(b)

707,000

695,478

Owens-Brockway

Glass

Container,

Inc.

7.25%,

5/15/2031(a)(b)

620,000

631,001

7.38%,

6/1/2032(a)(b)

2,610,000

2,661,970

Sealed

Air

Corp.

6.88%,

7/15/2033(a)

1,270,000

1,335,169

Toucan

FinCo.

Ltd.

9.50%,

5/15/2030(a)(b)

2,350,000

2,267,895

Trident

TPI

Holdings,

Inc.

12.75%,

12/31/2028(a)

850,000

851,155

TriMas

Corp.

4.13%,

4/15/2029(a)

1,400,000

1,364,829

Trivium

Packaging

Finance

BV

12.25%,

1/15/2031(a)(b)

435,000

475,981

21,441,227

Distributors

-

0

.5

%

American

Builders

&

Contractors

Supply

Co.,

Inc.

4.00%,

1/15/2028(a)

535,000

528,071

Gates

Corp.

6.88%,

7/1/2029(a)

1,400,000

1,455,346

RB

Global

Holdings,

Inc.

6.75%,

3/15/2028(a)

900,000

916,723

7.75%,

3/15/2031(a)

530,000

552,465

Resideo

Funding,

Inc.

4.00%,

9/1/2029(a)(b)

85,000

81,878

Velocity

Vehicle

Group

LLC

8.00%,

6/1/2029(a)

1,000,000

978,763

Windsor

Holdings

III

LLC

8.50%,

6/15/2030(a)

870,000

916,752

5,429,998

Diversified

Consumer

Services

-

0

.6

%

Adtalem

Global

Education,

Inc.

5.50%,

3/1/2028(a)

345,000

344,099

Belron

UK

Finance

plc

5.75%,

10/15/2029(a)

3,056,000

3,114,190

Carriage

Services,

Inc.

4.25%,

5/15/2029(a)

1,240,000

1,193,930

Champions

Financing,

Inc.

8.75%,

2/15/2029(a)(b)

935,000

907,011

Grand

Canyon

University

5.13%,

10/1/2028

1,530,000

1,530,037

StoneMor,

Inc.

8.50%,

5/15/2029(a)

270,000

264,275

7,353,542

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Diversified

REITs

-

0

.3

%

Iron

Mountain

Information

Management

Services,

Inc.

REIT,

5.00%,

7/15/2032(a)(b)

$

2,420,000

$

2,314,455

Uniti

Group

LP

REIT,

6.00%,

1/15/2030(a)

1,510,000

1,438,162

3,752,617

Diversified

Telecommunication

Services

-

4

.2

%

Altice

Financing

SA

5.00%,

1/15/2028(a)

1,135,000

823,985

5.75%,

8/15/2029(a)

1,680,000

1,208,758

Altice

France

SA

9.50%,

11/1/2029(a)(b)

544,355

558,659

6.50%,

4/15/2032(a)(b)

1,050,000

1,025,546

6.88%,

7/15/2032(a)

2,375,366

2,319,647

Bell

Canada

6.88%,

9/15/2055(c)

100,000

103,607

7.00%,

9/15/2055(c)

1,200,000

1,258,596

CCO

Holdings

LLC

5.13%,

5/1/2027(a)(b)

1,581,000

1,581,647

5.38%,

6/1/2029(a)(b)

1,260,000

1,246,020

6.38%,

9/1/2029(a)(b)

1,500,000

1,514,338

4.75%,

3/1/2030(a)

3,145,000

3,004,422

4.50%,

8/15/2030(a)

2,805,000

2,636,254

4.25%,

2/1/2031(a)(b)

3,340,000

3,057,921

7.38%,

3/1/2031(a)(b)

762,000

783,805

4.75%,

2/1/2032(a)(b)

2,430,000

2,219,526

4.50%,

5/1/2032(b)

2,617,000

2,348,463

4.50%,

6/1/2033(a)(b)

2,045,000

1,789,309

4.25%,

1/15/2034(a)(b)

1,970,000

1,664,040

Connect

Holding

II

LLC

10.50%,

4/3/2031(a)

2,620,000

2,571,497

Fibercop

SpA

6.00%,

9/30/2034(a)(b)

300,000

291,328

7.20%,

7/18/2036(a)(b)

600,000

607,092

Series

2038,

7.72%,

6/4/2038(a)

588,000

604,795

Frontier

Communications

Holdings

LLC

6.75%,

5/1/2029(a)

900,000

903,160

8.63%,

3/15/2031(a)

500,000

522,748

GCI

LLC

4.75%,

10/15/2028(a)(b)

1,290,000

1,263,353

Level

3

Financing,

Inc.

4.25%,

7/1/2028(a)

50,000

48,125

Telecom

Italia

Capital

SA

7.72%,

6/4/2038(b)

1,040,000

1,161,914

TELUS

Corp.

6.63%,

10/15/2055(b)(c)

760,000

777,275

7.00%,

10/15/2055(b)(c)

2,390,000

2,499,550

Uniti

Group

LP

6.50%,

2/15/2029(a)

10,000

9,726

8.63%,

6/15/2032(a)

955,000

964,234

Virgin

Media

Finance

plc

5.00%,

7/15/2030(a)(b)

710,000

620,378

Virgin

Media

Secured

Finance

plc

5.50%,

5/15/2029(a)

300,000

295,893

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)

Diversified

Telecommunication

Services

-

4.2%

(continued)

Virgin

Media

Secured

Finance

plc

(continued)

4.50%,

8/15/2030(a)

$

440,000

$

406,477

Windstream

Services

LLC

8.25%,

10/1/2031(a)(b)

2,630,000

2,754,991

WULF

Compute

LLC

7.75%,

10/15/2030(a)(b)

1,150,000

1,199,473

Zayo

Group

Holdings,

Inc.

+

0.00%),

9.25%,

3/9/2030(a)

(b)(d)(f)

515,066

502,023

+

0.00%),

13.75%,

9/9/2030(a)(d)(f)

1,739,406

1,585,391

48,733,966

Electric

Utilities

-

1

.4

%

California

Buyer

Ltd.

6.38%,

2/15/2032(a)(b)

580,000

578,373

Edison

International

8.13%,

6/15/2053(c)

1,950,000

2,018,016

EUSHI

Finance,

Inc.

7.63%,

12/15/2054(b)(c)

3,050,000

3,207,950

Leeward

Renewable

Energy

Operations

LLC

4.25%,

7/1/2029(a)(b)

320,000

309,088

Long

Ridge

Energy

LLC

8.75%,

2/15/2032(a)(b)

740,000

786,129

NRG

Energy,

Inc.

5.25%,

6/15/2029(a)

350,000

351,043

3.63%,

2/15/2031(a)

630,000

588,547

PacifiCorp

7.38%,

9/15/2055(b)(c)

1,830,000

1,879,417

PG&E

Corp.

5.00%,

7/1/2028(b)

565,000

563,801

5.25%,

7/1/2030(b)

690,000

685,819

7.38%,

3/15/2055(b)(c)

1,110,000

1,145,575

VoltaGrid

LLC

7.38%,

11/1/2030(a)

2,350,000

2,380,107

XPLR

Infrastructure

Operating

Partners

LP

7.25%,

1/15/2029(a)

500,000

515,942

8.38%,

1/15/2031(a)

150,000

157,563

8.63%,

3/15/2033(a)(b)

720,000

755,366

7.75%,

4/15/2034(a)(b)

651,000

663,594

16,586,330

Electrical

Equipment

-

0

.1

%

Atkore,

Inc.

4.25%,

6/1/2031(a)(b)

100,000

95,388

EnerSys

4.38%,

12/15/2027(a)

810,000

804,057

899,445

Electronic

Equipment,

Instruments

&

Components

-

0

.3

%

Crane

NXT

Co.

6.55%,

11/15/2036

300,000

321,183

4.20%,

3/15/2048

670,000

434,648

Insight

Enterprises,

Inc.

6.63%,

5/15/2032(a)

1,350,000

1,381,990

Sensata

Technologies,

Inc.

4.38%,

2/15/2030(a)

720,000

704,040

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Electronic

Equipment,

Instruments

&

Components

-

0.3%

(continued)

Zebra

Technologies

Corp.

6.50%,

6/1/2032(a)

$

250,000

$

257,509

3,099,370

Energy

Equipment

&

Services

-

3

.6

%

Borr

IHC

Ltd.

10.00%,

11/15/2028(a)

964,635

989,881

Bristow

Group,

Inc.

6.88%,

3/1/2028(a)(b)

435,000

435,461

Diamond

Foreign

Asset

Co.

8.50%,

10/1/2030(a)(b)

1,350,000

1,435,496

Helix

Energy

Solutions

Group,

Inc.

9.75%,

3/1/2029(a)

1,835,000

1,931,840

Kodiak

Gas

Services

LLC

7.25%,

2/15/2029(a)

350,000

363,025

Nabors

Industries,

Inc.

7.63%,

11/15/2032(a)

550,000

560,287

Noble

Finance

II

LLC

8.00%,

4/15/2030(a)

5,705,000

5,947,206

Oceaneering

International,

Inc.

6.00%,

2/1/2028

495,000

502,962

Precision

Drilling

Corp.

6.88%,

1/15/2029(a)

355,000

359,027

Seadrill

Finance

Ltd.

8.38%,

8/1/2030(a)(b)

4,775,000

5,002,228

SESI

LLC

7.88%,

9/30/2030(a)

550,000

554,579

Star

Holding

LLC

8.75%,

8/1/2031(a)(b)

900,000

902,198

TGS

ASA

8.50%,

1/15/2030(a)

1,850,000

1,945,951

Tidewater,

Inc.

9.13%,

7/15/2030(a)

6,215,000

6,722,647

Transocean

International

Ltd.

7.50%,

4/15/2031(b)

620,000

610,960

8.50%,

5/15/2031(a)(b)

5,340,000

5,435,549

6.80%,

3/15/2038

540,000

485,279

USA

Compression

Partners

LP

7.13%,

3/15/2029(a)(b)

604,000

625,393

Valaris

Ltd.

8.38%,

4/30/2030(a)(b)

5,910,000

6,175,418

Viridien

10.00%,

10/15/2030(a)(b)

699,000

752,363

WBI

Operating

LLC

6.25%,

10/15/2030(a)(b)

150,000

151,125

Weatherford

International

Ltd.

6.75%,

10/15/2033(a)(b)

50,000

51,786

41,940,661

Entertainment

-

1

.4

%

Allen

Media

LLC

10.50%,

2/15/2028(a)

1,830,000

750,300

Banijay

Entertainment

SAS

8.13%,

5/1/2029(a)

700,000

727,342

Cinemark

USA,

Inc.

5.25%,

7/15/2028(a)(b)

1,375,000

1,373,640

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)

Entertainment

-

1.4%

(continued)

Cinemark

USA,

Inc.

(continued)

7.00%,

8/1/2032(a)(b)

$

690,000

$

713,961

Live

Nation

Entertainment,

Inc.

4.75%,

10/15/2027(a)(b)

2,815,000

2,814,129

Odeon

Finco

plc

12.75%,

11/1/2027(a)(b)

1,130,000

1,159,427

ROBLOX

Corp.

3.88%,

5/1/2030(a)(b)

560,000

535,794

Warnermedia

Holdings,

Inc.

4.28%,

3/15/2032(b)

3,780,000

3,326,400

5.05%,

3/15/2042(b)

7,100,000

4,987,750

16,388,743

Financial

Services

-

2

.5

%

Burford

Capital

Global

Finance

LLC

6.25%,

4/15/2028(a)(b)

250,000

249,517

6.88%,

4/15/2030(a)(b)

1,100,000

1,075,673

9.25%,

7/1/2031(a)(b)

2,670,000

2,748,130

7.50%,

7/15/2033(a)(b)

255,000

246,186

8.50%,

1/15/2034(a)(b)

165,000

165,371

CPI

CG,

Inc.

10.00%,

7/15/2029(a)

744,000

791,125

Freedom

Mortgage

Corp.

6.63%,

1/15/2027(a)(b)

460,000

459,565

12.25%,

10/1/2030(a)

225,000

248,035

Freedom

Mortgage

Holdings

LLC

9.25%,

2/1/2029(a)

550,000

575,781

9.13%,

5/15/2031(a)

320,000

338,326

8.38%,

4/1/2032(a)(b)

150,000

156,912

Jefferies

Finance

LLC

5.00%,

8/15/2028(a)

1,535,000

1,488,298

6.63%,

10/15/2031(a)(b)

500,000

495,470

Jefferson

Capital

Holdings

LLC

9.50%,

2/15/2029(a)

750,000

786,956

8.25%,

5/15/2030(a)(b)

1,000,000

1,053,641

Mobius

Merger

Sub,

Inc.

9.00%,

6/1/2030(a)

1,205,000

711,161

Oxford

Finance

LLC

6.38%,

2/1/2027(a)(b)

315,000

314,645

PennyMac

Financial

Services,

Inc.

4.25%,

2/15/2029(a)

75,000

72,173

5.75%,

9/15/2031(a)(b)

185,000

182,699

6.88%,

5/15/2032(a)

500,000

510,979

PHH

Escrow

Issuer

LLC

9.88%,

11/1/2029(a)(b)

3,540,000

3,622,376

Planet

Financial

Group

LLC

10.50%,

12/15/2029(a)

1,600,000

1,662,378

Provident

Funding

Associates

LP

9.75%,

9/15/2029(a)

1,270,000

1,332,103

Rocket

Mortgage

LLC

3.63%,

3/1/2029(a)

439,000

424,014

Shift4

Payments

LLC

6.75%,

8/15/2032(a)(b)

1,840,000

1,877,153

Stena

International

SA

7.25%,

1/15/2031(a)(b)

1,495,000

1,535,996

7.63%,

2/15/2031(a)

675,000

698,568

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Financial

Services

-

2.5%

(continued)

Stonebriar

ABF

Issuer

LLC

8.13%,

12/15/2030(a)(b)

$

900,000

$

934,956

United

Wholesale

Mortgage

LLC

5.75%,

6/15/2027(a)

1,270,000

1,271,024

5.50%,

4/15/2029(a)(b)

1,195,000

1,180,665

UWM

Holdings

LLC

6.63%,

2/1/2030(a)

1,500,000

1,512,951

WEX,

Inc.

6.50%,

3/15/2033(a)(b)

250,000

255,165

28,977,992

Food

Products

-

1

.5

%

B&G

Foods,

Inc.

5.25%,

9/15/2027(b)

1,600,000

1,546,175

Lamb

Weston

Holdings,

Inc.

4.88%,

5/15/2028(a)(b)

450,000

450,768

4.38%,

1/31/2032(a)

583,000

555,433

Post

Holdings,

Inc.

4.63%,

4/15/2030(a)(b)

4,000

3,906

4.50%,

9/15/2031(a)(b)

5,775,000

5,471,028

6.25%,

2/15/2032(a)(b)

5,000

5,134

6.38%,

3/1/2033(a)(b)

2,500,000

2,519,170

6.25%,

10/15/2034(a)(b)

3,250,000

3,273,257

6.50%,

3/15/2036(a)(b)

1,000,000

1,000,904

Simmons

Foods,

Inc.

4.63%,

3/1/2029(a)(b)

775,000

746,931

Viking

Baked

Goods

Acquisition

Corp.

8.63%,

11/1/2031(a)(b)

2,165,000

2,143,819

17,716,525

Gas

Utilities

-

1

.7

%

AltaGas

Ltd.

7.20%,

10/15/2054(a)(c)

2,560,000

2,662,505

AmeriGas

Partners

LP

5.75%,

5/20/2027(b)

2,860,000

2,880,057

9.38%,

6/1/2028(a)

4,519,000

4,672,678

9.50%,

6/1/2030(a)(b)

4,590,000

4,919,382

Ferrellgas

LP

9.25%,

1/15/2031(a)

1,050,000

1,085,408

Suburban

Propane

Partners

LP

5.00%,

6/1/2031(a)(b)

3,365,000

3,231,870

19,451,900

Ground

Transportation

-

1

.1

%

Albion

Financing

1

Sarl

7.00%,

5/21/2030(a)(b)

1,400,000

1,459,167

Avis

Budget

Car

Rental

LLC

8.25%,

1/15/2030(a)

2,280,000

2,359,766

8.38%,

6/15/2032(a)

1,290,000

1,327,060

Brightline

East

LLC

11.00%,

1/31/2030(a)(b)

3,050,000

839,363

Carriage

Purchaser,

Inc.

7.88%,

10/15/2029(a)

345,000

341,520

Dcli

Bidco

LLC

7.75%,

11/15/2029(a)(b)

1,242,000

1,263,699

First

Student

Bidco,

Inc.

4.00%,

7/31/2029(a)(b)

740,000

720,626

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)

Ground

Transportation

-

1.1%

(continued)

Hertz

Corp.

(The)

4.63%,

12/1/2026(a)

$

161,000

$

152,057

12.63%,

7/15/2029(a)

1,430,000

1,439,422

5.00%,

12/1/2029(a)(b)

969,000

638,368

NESCO

Holdings

II,

Inc.

5.50%,

4/15/2029(a)(b)

1,250,000

1,231,750

Star

Leasing

Co.

LLC

7.63%,

2/15/2030(a)

1,250,000

1,196,244

12,969,042

Health

Care

Equipment

&

Supplies

-

0

.7

%

Dentsply

Sirona,

Inc.

8.38%,

9/12/2055(b)(c)

2,050,000

2,023,565

Embecta

Corp.

5.00%,

2/15/2030(a)

195,000

182,441

6.75%,

2/15/2030(a)

823,000

796,107

Insulet

Corp.

6.50%,

4/1/2033(a)(b)

2,800,000

2,913,971

Teleflex,

Inc.

4.63%,

11/15/2027

840,000

835,394

4.25%,

6/1/2028(a)

1,130,000

1,114,312

7,865,790

Health

Care

Providers

&

Services

-

4

.0

%

Acadia

Healthcare

Co.,

Inc.

5.50%,

7/1/2028(a)(b)

230,000

227,267

5.00%,

4/15/2029(a)(b)

405,000

388,825

AdaptHealth

LLC

6.13%,

8/1/2028(a)(b)

325,000

326,188

Community

Health

Systems,

Inc.

6.88%,

4/15/2029(a)(b)

1,065,000

979,321

6.13%,

4/1/2030(a)

3,060,000

2,518,247

5.25%,

5/15/2030(a)(b)

20,000

18,858

4.75%,

2/15/2031(a)

2,000

1,794

10.88%,

1/15/2032(a)(b)

6,305,000

6,787,572

9.75%,

1/15/2034(a)

10,000

10,426

CVS

Health

Corp.

6.75%,

12/10/2054(b)(c)

1,520,000

1,580,174

7.00%,

3/10/2055(b)(c)

790,000

826,850

DaVita,

Inc.

4.63%,

6/1/2030(a)(b)

2,308,000

2,220,794

3.75%,

2/15/2031(a)(b)

1,073,000

984,253

Encompass

Health

Corp.

4.50%,

2/1/2028

95,000

94,553

4.63%,

4/1/2031(b)

975,000

954,361

HAH

Group

Holding

Co.

LLC

9.75%,

10/1/2031(a)(b)

1,650,000

1,558,302

HealthEquity,

Inc.

4.50%,

10/1/2029(a)

2,165,000

2,110,350

Kedrion

SpA

6.50%,

9/1/2029(a)(b)

1,369,000

1,345,482

LifePoint

Health,

Inc.

5.38%,

1/15/2029(a)

295,000

286,445

9.88%,

8/15/2030(a)

405,000

434,498

11.00%,

10/15/2030(a)(b)

560,000

610,723

8.38%,

2/15/2032(a)(b)

150,000

162,989

10.00%,

6/1/2032(a)(b)

200,000

211,004

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Health

Care

Providers

&

Services

-

4.0%

(continued)

Molina

Healthcare,

Inc.

4.38%,

6/15/2028(a)(b)

$

950,000

$

933,117

3.88%,

11/15/2030(a)(b)

1,070,000

986,939

3.88%,

5/15/2032(a)(b)

2,500,000

2,249,628

Option

Care

Health,

Inc.

4.38%,

10/31/2029(a)(b)

1,690,000

1,653,862

Paradigm

Parent

LLC

and

Paradigm

Parent

CO-Issuer,

Inc.

8.75%,

4/17/2032(a)

1,200,000

1,071,000

Pediatrix

Medical

Group,

Inc.

5.38%,

2/15/2030(a)

100,000

99,993

Prime

Healthcare

Services,

Inc.

9.38%,

9/1/2029(a)(b)

2,450,000

2,551,062

Radiology

Partners,

Inc.

9.78%,

2/15/2030(a)(d)

975,268

975,268

8.50%,

7/15/2032(a)(b)

500,000

524,985

Sotera

Health

Holdings

LLC

7.38%,

6/1/2031(a)(b)

1,790,000

1,883,465

Star

Parent,

Inc.

9.00%,

10/1/2030(a)

1,830,000

1,931,514

Surgery

Center

Holdings,

Inc.

7.25%,

4/15/2032(a)

3,150,000

3,171,460

Team

Health

Holdings,

Inc.

8.38%,

6/30/2028(a)(b)

1,837,000

1,859,356

US

Acute

Care

Solutions

LLC

9.75%,

5/15/2029(a)

2,595,000

2,606,364

47,137,289

Health

Care

REITs

-

0

.2

%

MPT

Operating

Partnership

LP

REIT,

4.63%,

8/1/2029(b)

595,000

510,138

REIT,

8.50%,

2/15/2032(a)(b)

1,350,000

1,446,332

1,956,470

Hotel

&

Resort

REITs

-

0

.3

%

RHP

Hotel

Properties

LP

REIT,

4.75%,

10/15/2027

100,000

99,921

REIT,

7.25%,

7/15/2028(a)

1,250,000

1,286,975

REIT,

4.50%,

2/15/2029(a)

390,000

384,354

REIT,

6.50%,

4/1/2032(a)

500,000

517,075

RLJ

Lodging

Trust

LP

REIT,

3.75%,

7/1/2026(a)

615,000

611,388

REIT,

4.00%,

9/15/2029(a)(b)

750,000

711,720

XHR

LP

REIT,

4.88%,

6/1/2029(a)(b)

210,000

207,016

REIT,

6.63%,

5/15/2030(a)(b)

105,000

108,439

3,926,888

Hotels,

Restaurants

&

Leisure

-

6

.0

%

1011778

BC

ULC

3.88%,

1/15/2028(a)(b)

2,560,000

2,521,808

4.38%,

1/15/2028(a)(b)

920,000

914,564

5.63%,

9/15/2029(a)

180,000

183,046

4.00%,

10/15/2030(a)

10,775,000

10,280,711

Acushnet

Co.

5.63%,

12/1/2033(a)

30,000

30,282

Affinity

Interactive

6.88%,

12/15/2027(a)

1,680,000

1,008,000

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)

Hotels,

Restaurants

&

Leisure

-

6.0%

(continued)

BCPE

Flavor

Debt

Merger

Sub

LLC

and

BCPE

Flavor

Issuer,

Inc.

9.50%,

7/1/2032(a)

$

360,000

$

343,095

Boyd

Gaming

Corp.

4.75%,

6/15/2031(a)(b)

1,895,000

1,845,964

Boyne

USA,

Inc.

4.75%,

5/15/2029(a)(b)

360,000

355,236

Brinker

International,

Inc.

8.25%,

7/15/2030(a)(b)

1,288,000

1,359,762

Caesars

Entertainment,

Inc.

7.00%,

2/15/2030(a)

375,000

387,232

Churchill

Downs,

Inc.

4.75%,

1/15/2028(a)(b)

1,185,000

1,180,955

5.75%,

4/1/2030(a)(b)

2,070,000

2,081,222

6.75%,

5/1/2031(a)(b)

165,000

170,005

Fertitta

Entertainment

LLC

4.63%,

1/15/2029(a)(b)

1,070,000

1,034,826

6.75%,

1/15/2030(a)(b)

995,000

940,937

Genting

New

York

LLC

7.25%,

10/1/2029(a)(b)

3,200,000

3,307,178

GPS

Hospitality

Holding

Co.

LLC

7.00%,

8/15/2028(a)

1,290,000

628,192

Hilton

Domestic

Operating

Co.,

Inc.

3.75%,

5/1/2029(a)

5,000

4,867

4.00%,

5/1/2031(a)(b)

1,530,000

1,460,457

3.63%,

2/15/2032(a)

3,705,000

3,429,893

Hilton

Grand

Vacations

Borrower

LLC

5.00%,

6/1/2029(a)(b)

725,000

704,906

4.88%,

7/1/2031(a)(b)

2,900,000

2,704,864

Jacobs

Entertainment,

Inc.

6.75%,

2/15/2029(a)

810,000

799,729

MajorDrive

Holdings

IV

LLC

6.38%,

6/1/2029(a)(b)

870,000

699,893

Marriott

Ownership

Resorts,

Inc.

4.75%,

1/15/2028(b)

576,000

568,246

4.50%,

6/15/2029(a)

400,000

381,599

6.50%,

10/1/2033(a)(b)

4,020,000

3,824,999

Merlin

Entertainments

Group

US

Holdings,

Inc.

7.38%,

2/15/2031(a)(b)

1,370,000

1,159,999

Midwest

Gaming

Borrower

LLC

4.88%,

5/1/2029(a)

615,000

604,141

Mohegan

Tribal

Gaming

Authority

8.25%,

4/15/2030(a)

317,000

330,520

11.88%,

4/15/2031(a)(b)

1,700,000

1,785,607

NCL

Corp.

Ltd.

6.75%,

2/1/2032(a)(b)

1,530,000

1,567,953

Penn

Entertainment,

Inc.

5.63%,

1/15/2027(a)(b)

340,000

339,373

Premier

Entertainment

Sub

LLC

5.63%,

9/1/2029(a)

1,000,000

738,425

5.88%,

9/1/2031(a)

1,190,000

763,623

Resorts

World

Las

Vegas

LLC

4.63%,

4/16/2029(a)

3,700,000

3,375,778

8.45%,

7/27/2030(a)

930,000

944,998

4.63%,

4/6/2031(a)

1,100,000

942,498

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Hotels,

Restaurants

&

Leisure

-

6.0%

(continued)

Scientific

Games

Holdings

LP

6.63%,

3/1/2030(a)(b)

$

1,950,000

$

1,779,415

SeaWorld

Parks

&

Entertainment,

Inc.

5.25%,

8/15/2029(a)(b)

1,260,000

1,231,798

Six

Flags

Entertainment

Corp.

5.50%,

4/15/2027(a)

345,000

344,828

6.50%,

10/1/2028(b)

1,350,000

1,348,393

Station

Casinos

LLC

4.63%,

12/1/2031(a)(b)

200,000

192,000

TKC

Holdings,

Inc.

6.88%,

5/15/2028(a)

670,000

674,641

Travel

+

Leisure

Co.

6.63%,

7/31/2026(a)

425,000

426,620

6.00%,

4/1/2027(b)(e)

475,000

480,954

4.50%,

12/1/2029(a)(b)

320,000

311,941

4.63%,

3/1/2030(a)

85,000

82,961

Viking

Cruises

Ltd.

9.13%,

7/15/2031(a)

500,000

533,285

VOC

Escrow

Ltd.

5.00%,

2/15/2028(a)

335,000

334,783

Voyager

Parent

LLC

9.25%,

7/1/2032(a)

1,950,000

2,071,524

Wynn

Las

Vegas

LLC

5.25%,

5/15/2027(a)

1,410,000

1,417,924

Wynn

Resorts

Finance

LLC

5.13%,

10/1/2029(a)(b)

430,000

431,278

7.13%,

2/15/2031(a)(b)

1,630,000

1,756,206

Yum!

Brands,

Inc.

3.63%,

3/15/2031(b)

1,085,000

1,025,703

6.88%,

11/15/2037(b)

495,000

545,409

70,695,046

Household

Durables

-

2

.2

%

Adams

Homes,

Inc.

9.25%,

10/15/2028(a)

670,000

698,815

Ashton

Woods

USA

LLC

4.63%,

8/1/2029(a)

150,000

143,668

4.63%,

4/1/2030(a)

525,000

496,776

Beazer

Homes

USA,

Inc.

7.50%,

3/15/2031(a)

1,100,000

1,119,240

Brookfield

Residential

Properties,

Inc.

6.25%,

9/15/2027(a)

490,000

490,047

5.00%,

6/15/2029(a)(b)

115,000

111,358

4.88%,

2/15/2030(a)(b)

610,000

569,461

CD&R

Smokey

Buyer,

Inc.

9.50%,

10/15/2029(a)(b)

1,890,000

1,667,443

Century

Communities,

Inc.

3.88%,

8/15/2029(a)(b)

1,200,000

1,142,015

Dream

Finders

Homes,

Inc.

6.88%,

9/15/2030(a)(b)

2,550,000

2,582,785

Empire

Communities

Corp.

9.75%,

5/1/2029(a)

1,244,000

1,285,457

FXI

Holdings,

Inc.

14.00%,

11/15/2029(a)(d)

701,997

377,702

Installed

Building

Products,

Inc.

5.63%,

2/1/2034(a)

15,000

15,086

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)

Household

Durables

-

2.2%

(continued)

K.

Hovnanian

Enterprises,

Inc.

8.00%,

4/1/2031(a)

$

370,000

$

379,052

8.38%,

10/1/2033(a)(b)

1,485,000

1,517,663

KB

Home

4.00%,

6/15/2031(b)

100,000

94,403

LGI

Homes,

Inc.

8.75%,

12/15/2028(a)(b)

345,000

359,535

4.00%,

7/15/2029(a)(b)

465,000

426,747

7.00%,

11/15/2032(a)(b)

675,000

658,340

M/I

Homes,

Inc.

4.95%,

2/1/2028

100,000

99,737

3.95%,

2/15/2030

5,000

4,812

Mattamy

Group

Corp.

4.63%,

3/1/2030(a)(b)

750,000

732,332

New

Home

Co.,

Inc.

(The)

9.25%,

10/1/2029(a)

900,000

948,356

Shea

Homes

LP

4.75%,

4/1/2029(b)

344,000

339,500

Somnigroup

International,

Inc.

4.00%,

4/15/2029(a)(b)

1,120,000

1,086,579

3.88%,

10/15/2031(a)(b)

1,820,000

1,698,330

STL

Holding

Co.

LLC

8.75%,

2/15/2029(a)

200,000

210,316

Taylor

Morrison

Communities,

Inc.

5.75%,

1/15/2028(a)

715,000

728,656

5.13%,

8/1/2030(a)(b)

200,000

201,278

TopBuild

Corp.

4.13%,

2/15/2032(a)(b)

5,000

4,753

Tri

Pointe

Homes,

Inc.

5.25%,

6/1/2027

250,000

250,717

5.70%,

6/15/2028(b)

480,000

485,185

Whirlpool

Corp.

5.50%,

3/1/2033

1,000,000

936,974

6.50%,

6/15/2033(b)

4,130,000

4,075,450

25,938,568

Household

Products

-

0

.4

%

Central

Garden

&

Pet

Co.

5.13%,

2/1/2028

50,000

49,961

4.13%,

10/15/2030(b)

215,000

206,428

4.13%,

4/30/2031(a)(b)

650,000

615,176

Energizer

Holdings,

Inc.

4.75%,

6/15/2028(a)(b)

955,000

944,808

4.38%,

3/31/2029(a)(b)

1,635,000

1,570,388

Kronos

Acquisition

Holdings,

Inc.

8.25%,

6/30/2031(a)(b)

1,263,000

887,258

10.75%,

6/30/2032(a)

550,000

265,375

4,539,394

Insurance

-

0

.7

%

Acrisure

LLC

4.25%,

2/15/2029(a)(b)

345,000

334,198

Alliant

Holdings

Intermediate

LLC

4.25%,

10/15/2027(a)

250,000

246,912

7.00%,

1/15/2031(a)

450,000

466,541

AmWINS

Group,

Inc.

4.88%,

6/30/2029(a)

290,000

286,126

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Insurance

-

0.7%

(continued)

APH

Somerset

Investor

2

LLC

7.88%,

11/1/2029(a)

$

1,800,000

$

1,827,306

Ardonagh

Finco

Ltd.

7.75%,

2/15/2031(a)(b)

1,010,000

1,044,116

Ardonagh

Group

Finance

Ltd.

8.88%,

2/15/2032(a)(b)

1,200,000

1,237,462

Assurant,

Inc.

7.00%,

3/27/2048(c)

190,000

195,627

Baldwin

Insurance

Group

Holdings

LLC

7.13%,

5/15/2031(a)(b)

325,000

334,205

Global

Atlantic

Fin

Co.

7.95%,

10/15/2054(a)(c)

755,000

780,390

Liberty

Mutual

Group,

Inc.

7.80%,

3/15/2037(a)

275,000

315,293

4.30%,

2/1/2061(a)

900,000

601,349

Nassau

Cos.

of

New

York

(The)

7.88%,

7/15/2030(a)(b)

1,065,000

1,015,118

8,684,643

Interactive

Media

&

Services

-

0

.3

%

Cars.com,

Inc.

6.38%,

11/1/2028(a)

316,000

315,284

Ziff

Davis,

Inc.

4.63%,

10/15/2030(a)(b)

1,955,000

1,848,486

ZipRecruiter,

Inc.

5.00%,

1/15/2030(a)(b)

2,100,000

1,457,125

3,620,895

IT

Services

-

1

.1

%

Arches

Buyer,

Inc.

4.25%,

6/1/2028(a)(b)

620,000

609,769

6.13%,

12/1/2028(a)

390,000

381,320

ASGN,

Inc.

4.63%,

5/15/2028(a)

690,000

679,550

Conduent

Business

Services

LLC

6.00%,

11/1/2029(a)(b)

880,000

713,666

Go

Daddy

Operating

Co.

LLC

5.25%,

12/1/2027(a)

100,000

99,874

3.50%,

3/1/2029(a)(b)

3,700,000

3,515,878

ION

Platform

Finance

US,

Inc.

5.00%,

5/1/2028(a)(b)

559,000

527,734

9.00%,

8/1/2029(a)(b)

1,350,000

1,296,122

Newfold

Digital

Holdings

Group,

Inc.

11.75%,

4/30/2029(a)(b)

130,900

118,021

Twilio,

Inc.

3.63%,

3/15/2029(b)

65,000

62,244

3.88%,

3/15/2031(b)

1,040,000

982,800

Unisys

Corp.

10.63%,

1/15/2031(a)(b)

3,215,000

3,044,830

Virtusa

Corp.

7.13%,

12/15/2028(a)

245,000

240,351

12,272,159

Life

Sciences

Tools

&

Services

-

0

.0

%

(g)

Charles

River

Laboratories

International,

Inc.

4.25%,

5/1/2028(a)(b)

200,000

197,176

4.00%,

3/15/2031(a)(b)

200,000

189,550

386,726

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)

Machinery

-

1

.3

%

Calderys

Financing

II

LLC

11.75%,

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

$

265,624

$

269,966

Enpro,

Inc.

6.13%,

6/1/2033(a)

150,000

154,240

Esab

Corp.

6.25%,

4/15/2029(a)

2,160,000

2,219,469

Lsf12

Helix

Parent

LLC

7.13%,

2/1/2033(a)

65,000

65,191

Manitowoc

Co.,

Inc.

(The)

9.25%,

10/1/2031(a)(b)

1,442,000

1,566,168

Maxim

Crane

Works

Holdings

Capital

LLC

11.50%,

9/1/2028(a)(b)

1,315,000

1,400,977

New

Flyer

Holdings,

Inc.

9.25%,

7/1/2030(a)

1,500,000

1,616,065

OT

Merger

Corp.

7.88%,

10/15/2029(a)

985,000

235,420

Park-Ohio

Industries,

Inc.

8.50%,

8/1/2030(a)(b)

1,384,000

1,421,285

Roller

Bearing

Co.

of

America,

Inc.

4.38%,

10/15/2029(a)(b)

2,975,000

2,929,620

Terex

Corp.

5.00%,

5/15/2029(a)

205,000

204,352

TK

Elevator

US

Newco,

Inc.

5.25%,

7/15/2027(a)(b)

1,340,000

1,340,390

Wabash

National

Corp.

4.50%,

10/15/2028(a)(b)

2,295,000

2,135,815

15,558,958

Media

-

6

.9

%

Advantage

Sales

&

Marketing,

Inc.

6.50%,

11/15/2028(a)(b)

1,430,000

1,212,640

AMC

Networks,

Inc.

10.25%,

1/15/2029(a)(b)

3,225,000

3,362,685

4.25%,

2/15/2029

1,930,000

1,686,460

10.50%,

7/15/2032(a)

2,315,000

2,496,007

Belo

Corp.

7.25%,

9/15/2027

1,245,000

1,292,957

Cable

One,

Inc.

4.00%,

11/15/2030(a)(b)

952,573

693,335

Clear

Channel

Outdoor

Holdings,

Inc.

7.75%,

4/15/2028(a)(b)

2,790,000

2,790,873

7.50%,

6/1/2029(a)(b)

5,120,000

5,066,345

CMG

Media

Corp.

8.88%,

6/18/2029(a)(b)

900,000

779,697

CSC

Holdings

LLC

5.50%,

4/15/2027(a)(b)

1,625,000

1,434,296

5.38%,

2/1/2028(a)(b)

1,690,000

1,261,328

7.50%,

4/1/2028(a)

200,000

119,666

11.25%,

5/15/2028(a)

1,640,000

1,314,436

11.75%,

1/31/2029(a)

800,000

583,333

6.50%,

2/1/2029(a)

950,000

608,282

5.75%,

1/15/2030(a)

1,000,000

393,054

4.13%,

12/1/2030(a)(b)

800,000

485,123

3.38%,

2/15/2031(a)(b)

200,000

119,211

4.50%,

11/15/2031(a)(b)

1,000,000

606,618

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Media

-

6.9%

(continued)

Directv

Financing

LLC

5.88%,

8/15/2027(a)

$

729,000

$

732,551

8.88%,

2/1/2030(a)

790,000

799,882

10.00%,

2/15/2031(a)

1,680,000

1,730,550

DISH

DBS

Corp.

5.13%,

6/1/2029

1,680,000

1,486,829

Dotdash

Meredith,

Inc.

7.63%,

6/15/2032(a)

3,570,000

3,254,688

EW

Scripps

Co.

(The)

9.88%,

8/15/2030(a)

405,000

403,604

Gray

Media,

Inc.

4.75%,

10/15/2030(a)(b)

3,832,000

2,957,540

5.38%,

11/15/2031(a)(b)

4,079,000

3,028,337

iHeartCommunications,

Inc.

9.13%,

5/1/2029(a)

1,520,000

1,436,400

10.88%,

5/1/2030(a)

500,000

414,800

Lamar

Media

Corp.

3.63%,

1/15/2031

1,440,000

1,359,848

5.38%,

11/1/2033(a)(b)

618,000

616,378

McGraw-Hill

Education,

Inc.

8.00%,

8/1/2029(a)

500,000

504,549

Midcontinent

Communications

8.00%,

8/15/2032(a)(b)

800,000

769,735

Neptune

Bidco

US,

Inc.

9.29%,

4/15/2029(a)

1,590,000

1,632,622

10.38%,

5/15/2031(a)(b)

740,000

782,397

Nexstar

Media,

Inc.

5.63%,

7/15/2027(a)(b)

1,210,000

1,210,310

4.75%,

11/1/2028(a)(b)

610,000

606,317

Paramount

Global

6.25%,

2/28/2057(b)(c)

1,000,000

908,750

6.38%,

3/30/2062(b)(c)

8,400,000

7,899,360

Radiate

Holdco

LLC

6.25%,

9/25/2029(a)(d)

1,690,867

1,173,814

9.25%,

3/25/2030(a)(d)

453,046

314,845

Scripps

Escrow

II,

Inc.

3.88%,

1/15/2029(a)

485,000

447,609

Sinclair

Television

Group,

Inc.

5.50%,

3/1/2030(a)

2,950,000

2,600,071

4.38%,

12/31/2032(a)

1,475,000

1,163,406

8.13%,

2/15/2033(a)(b)

2,530,000

2,617,083

9.75%,

2/15/2033(a)

550,000

605,000

Sirius

XM

Radio

LLC

3.13%,

9/1/2026(a)(b)

730,000

725,609

5.00%,

8/1/2027(a)

1,145,000

1,143,010

4.00%,

7/15/2028(a)

1,045,000

1,020,776

5.50%,

7/1/2029(a)(b)

1,092,000

1,096,889

4.13%,

7/1/2030(a)(b)

1,275,000

1,202,349

TEGNA,

Inc.

4.63%,

3/15/2028(b)

927,000

920,551

5.00%,

9/15/2029

171,000

169,810

Univision

Communications,

Inc.

8.00%,

8/15/2028(a)

405,000

417,959

4.50%,

5/1/2029(a)(b)

30,000

28,655

7.38%,

6/30/2030(a)

330,000

334,324

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)

Media

-

6.9%

(continued)

Univision

Communications,

Inc.

(continued)

8.50%,

7/31/2031(a)(b)

$

705,000

$

735,214

9.38%,

8/1/2032(a)(b)

310,000

333,763

Urban

One,

Inc.

7.63%,

4/1/2031(a)

83,000

36,877

Versant

Media

Group,

Inc.

7.25%,

1/30/2031(a)(b)

700,000

717,353

Virgin

Media

O2

Vendor

Financing

Notes

VI

DAC

8.50%,

3/15/2033(a)

635,000

629,449

Virgin

Media

Vendor

Financing

Notes

IV

DAC

5.00%,

7/15/2028(a)

100,000

100,000

VZ

Secured

Financing

BV

5.00%,

1/15/2032(a)

1,300,000

1,173,845

7.50%,

1/15/2033(a)

810,000

812,481

Ziggo

Bond

Co.

BV

5.13%,

2/28/2030(a)(b)

298,000

261,807

Ziggo

BV

4.88%,

1/15/2030(a)(b)

820,000

774,133

80,398,475

Metals

&

Mining

-

3

.5

%

Arsenal

AIC

Parent

LLC

8.00%,

10/1/2030(a)

835,000

884,303

11.50%,

10/1/2031(a)(b)

890,000

980,703

Big

River

Steel

LLC

6.63%,

1/31/2029(a)

250,000

252,320

Champion

Iron

Canada,

Inc.

7.88%,

7/15/2032(a)(b)

3,350,000

3,583,518

Commercial

Metals

Co.

6.00%,

12/15/2035(a)

250,000

255,427

Eldorado

Gold

Corp.

6.25%,

9/1/2029(a)(b)

891,000

895,458

Fortescue

Treasury

Pty.

Ltd.

4.50%,

9/15/2027(a)(b)

215,000

214,983

5.88%,

4/15/2030(a)(b)

762,000

784,052

4.38%,

4/1/2031(a)(b)

5,161,000

4,986,559

6.13%,

4/15/2032(a)(b)

5,520,000

5,748,671

IAMGOLD

Corp.

5.75%,

10/15/2028(a)

425,000

426,717

Infrabuild

Australia

Pty.

Ltd.

14.50%,

11/15/2028(a)

970,000

1,015,972

JW

Aluminum

Continuous

Cast

Co.

10.25%,

4/1/2030(a)

850,000

884,448

New

Gold,

Inc.

6.88%,

4/1/2032(a)

400,000

424,970

Novelis

Corp.

3.25%,

11/15/2026(a)

550,000

545,875

4.75%,

1/30/2030(a)(b)

6,250,000

6,058,313

6.88%,

1/30/2030(a)(b)

3,830,000

3,969,607

3.88%,

8/15/2031(a)(b)

3,665,000

3,353,723

6.38%,

8/15/2033(a)(b)

1,610,000

1,640,002

Perenti

Finance

Pty.

Ltd.

7.50%,

4/26/2029(a)

350,000

363,419

SunCoke

Energy,

Inc.

4.88%,

6/30/2029(a)(b)

3,240,000

3,055,246

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Metals

&

Mining

-

3.5%

(continued)

TMS

International

Corp.

6.25%,

4/15/2029(a)

$

435,000

$

424,125

40,748,411

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

2

.1

%

Apollo

Commercial

Real

Estate

Finance,

Inc.

4.63%,

6/15/2029(a)(b)

430,000

428,430

Arbor

Realty

SR,

Inc.

7.88%,

7/15/2030(a)(b)

3,008,000

2,759,381

Blackstone

Mortgage

Trust,

Inc.

3.75%,

1/15/2027(a)

385,000

379,902

7.75%,

12/1/2029(a)(b)

1,300,000

1,393,496

EF

Holdco

7.38%,

9/30/2030(a)

2,580,000

2,607,583

Ladder

Capital

Finance

Holdings

LLLP

4.25%,

2/1/2027(a)(b)

1,060,000

1,054,198

Rithm

Capital

Corp.

8.00%,

4/1/2029(a)(b)

6,765,000

6,911,374

8.00%,

7/15/2030(a)

5,155,000

5,271,142

Starwood

Property

Trust,

Inc.

4.38%,

1/15/2027(a)

5,000

4,967

7.25%,

4/1/2029(a)

2,060,000

2,172,523

6.00%,

4/15/2030(a)(b)

450,000

462,537

6.50%,

7/1/2030(a)(b)

650,000

676,887

6.50%,

10/15/2030(a)(b)

800,000

833,151

24,955,571

Office

REITs

-

0

.0

%

(g)

Brandywine

Operating

Partnership

LP

REIT,

4.55%,

10/1/2029

50,000

47,587

Oil,

Gas

&

Consumable

Fuels

-

10

.3

%

Alliance

Resource

Operating

Partners

LP

8.63%,

6/15/2029(a)

2,335,000

2,458,704

Antero

Midstream

Partners

LP

5.75%,

1/15/2028(a)(b)

1,520,000

1,520,603

6.63%,

2/1/2032(a)

1,910,000

1,984,112

Ascent

Resources

Utica

Holdings

LLC

5.88%,

6/30/2029(a)

250,000

251,695

BKV

Upstream

Midstream

LLC

7.50%,

10/15/2030(a)

3,520,000

3,564,845

Blue

Racer

Midstream

LLC

7.00%,

7/15/2029(a)

2,560,000

2,667,745

7.25%,

7/15/2032(a)

2,705,000

2,867,868

Breakwater

Energy

Holdings

Sarl

9.25%,

11/15/2030(a)(b)

850,000

892,319

Buckeye

Partners

LP

3.95%,

12/1/2026

345,000

342,542

4.13%,

12/1/2027

355,000

350,911

4.50%,

3/1/2028(a)(b)

205,000

204,134

6.88%,

7/1/2029(a)(b)

410,000

426,250

California

Resources

Corp.

8.25%,

6/15/2029(a)(b)

4,415,000

4,643,609

7.00%,

1/15/2034(a)(b)

900,000

907,817

Calumet

Specialty

Products

Partners

LP

9.75%,

2/15/2031(a)(b)

1,000,000

1,031,250

Caturus

Energy

LLC

8.50%,

2/15/2030(a)

600,000

625,578

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)

Oil,

Gas

&

Consumable

Fuels

-

10.3%

(continued)

Chord

Energy

Corp.

6.00%,

10/1/2030(a)

$

2,270,000

$

2,314,261

6.75%,

3/15/2033(a)(b)

1,275,000

1,321,757

CNX

Midstream

Partners

LP

4.75%,

4/15/2030(a)(b)

1,535,000

1,491,340

CNX

Resources

Corp.

6.00%,

1/15/2029(a)(b)

545,000

548,161

7.38%,

1/15/2031(a)(b)

815,000

844,081

7.25%,

3/1/2032(a)

685,000

716,663

Comstock

Resources,

Inc.

6.75%,

3/1/2029(a)

1,000,000

1,005,862

Coronado

Finance

Pty.

Ltd.

9.25%,

10/1/2029(a)

650,000

615,156

CQP

Holdco

LP

5.50%,

6/15/2031(a)(b)

1,540,000

1,531,409

7.50%,

12/15/2033(a)

700,000

752,491

Crescent

Energy

Finance

LLC

7.63%,

4/1/2032(a)

430,000

426,509

7.38%,

1/15/2033(a)(b)

1,170,000

1,132,300

CVR

Energy,

Inc.

5.75%,

2/15/2028(a)(b)

290,000

289,809

8.50%,

1/15/2029(a)(b)

1,105,000

1,151,683

Delek

Logistics

Partners

LP

7.38%,

6/30/2033(a)

200,000

205,665

Energy

Transfer

LP

8.00%,

5/15/2054(c)

1,260,000

1,346,425

7.13%,

10/1/2054(c)

675,000

697,511

6.50%,

2/15/2056(b)(c)

3,070,000

3,070,147

EnQuest

plc

11.63%,

11/1/2027(a)

1,440,000

1,454,630

Genesis

Energy

LP

7.75%,

2/1/2028

350,000

351,505

8.25%,

1/15/2029

400,000

416,990

8.88%,

4/15/2030

250,000

263,102

7.88%,

5/15/2032(b)

910,000

949,597

8.00%,

5/15/2033

1,540,000

1,607,240

Global

Partners

LP

6.88%,

1/15/2029

535,000

541,781

8.25%,

1/15/2032(a)(b)

30,000

31,622

7.13%,

7/1/2033(a)(b)

1,280,000

1,311,113

Golar

LNG

Ltd.

7.50%,

10/2/2030(a)

2,000,000

2,001,706

Gulfport

Energy

Operating

Corp.

6.75%,

9/1/2029(a)(b)

3,280,000

3,382,621

Harvest

Midstream

I

LP

7.50%,

9/1/2028(a)

1,515,000

1,535,821

7.50%,

5/15/2032(a)(b)

500,000

522,252

Hilcorp

Energy

I

LP

6.25%,

11/1/2028(a)(b)

275,000

277,258

5.75%,

2/1/2029(a)

265,000

265,064

6.00%,

4/15/2030(a)

450,000

442,763

6.00%,

2/1/2031(a)

60,000

57,944

6.25%,

4/15/2032(a)

365,000

350,069

8.38%,

11/1/2033(a)(b)

300,000

311,469

6.88%,

5/15/2034(a)(b)

465,000

448,133

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

10.3%

(continued)

Hilcorp

Energy

I

LP

(continued)

7.25%,

2/15/2035(a)(b)

$

500,000

$

483,817

Howard

Midstream

Energy

Partners

LLC

7.38%,

7/15/2032(a)

620,000

654,909

6.63%,

1/15/2034(a)(b)

620,000

636,368

Ithaca

Energy

North

Sea

plc

8.13%,

10/15/2029(a)(b)

5,550,000

5,784,809

ITT

Holdings

LLC

6.50%,

8/1/2029(a)(b)

2,222,000

2,142,211

Kraken

Oil

&

Gas

Partners

LLC

7.63%,

8/15/2029(a)(b)

770,000

769,499

Magnolia

Oil

&

Gas

Operating

LLC

6.88%,

12/1/2032(a)(b)

2,485,000

2,580,538

Martin

Midstream

Partners

LP

11.50%,

2/15/2028(a)

311,000

323,440

Matador

Resources

Co.

6.88%,

4/15/2028(a)

550,000

561,963

6.25%,

4/15/2033(a)(b)

600,000

604,709

Moss

Creek

Resources

Holdings,

Inc.

8.25%,

9/1/2031(a)

5,045,000

4,906,352

Murphy

Oil

Corp.

6.00%,

10/1/2032

300,000

299,749

5.87%,

12/1/2042(b)(e)

585,000

512,618

NGL

Energy

Operating

LLC

8.13%,

2/15/2029(a)(b)

655,000

679,712

8.38%,

2/15/2032(a)(b)

1,741,000

1,822,232

Northern

Oil

&

Gas,

Inc.

8.75%,

6/15/2031(a)(b)

4,025,000

4,160,803

7.88%,

10/15/2033(a)(b)

2,345,000

2,367,557

NuStar

Logistics

LP

6.38%,

10/1/2030(b)

925,000

969,169

PBF

Holding

Co.

LLC

6.00%,

2/15/2028(b)

20,000

19,970

9.88%,

3/15/2030(a)(b)

90,000

95,442

7.88%,

9/15/2030(a)

360,000

360,487

Prairie

Acquiror

LP

9.00%,

8/1/2029(a)(b)

250,000

259,300

Rockies

Express

Pipeline

LLC

4.95%,

7/15/2029(a)(b)

595,000

593,151

4.80%,

5/15/2030(a)

370,000

364,604

7.50%,

7/15/2038(a)

250,000

273,660

6.88%,

4/15/2040(a)

610,000

624,473

Saturn

Oil

&

Gas,

Inc.

9.63%,

6/15/2029(a)(b)

1,488,000

1,522,303

SM

Energy

Co.

6.63%,

1/15/2027

460,000

460,472

8.38%,

7/1/2028(a)

1,055,000

1,085,909

6.50%,

7/15/2028

375,000

379,396

6.75%,

8/1/2029(a)

300,000

303,415

8.63%,

11/1/2030(a)

565,000

597,559

8.75%,

7/1/2031(a)(b)

1,825,000

1,916,903

7.00%,

8/1/2032(a)(b)

500,000

501,281

9.63%,

6/15/2033(a)(b)

1,730,000

1,892,079

Summit

Midstream

Holdings

LLC

8.63%,

10/31/2029(a)

1,760,000

1,838,779

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

CORPORATE

BONDS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

10.3%

(continued)

Sunoco

LP

7.00%,

9/15/2028(a)

$

230,000

$

237,458

4.50%,

5/15/2029

695,000

684,069

4.50%,

10/1/2029(a)(b)

975,000

954,142

6.63%,

8/15/2032(a)

1,105,000

1,139,621

Tallgrass

Energy

Partners

LP

5.50%,

1/15/2028(a)(b)

845,000

844,708

7.38%,

2/15/2029(a)

235,000

243,618

6.00%,

12/31/2030(a)(b)

435,000

441,427

Talos

Production,

Inc.

9.38%,

2/1/2031(a)(b)

1,555,000

1,647,291

Teine

Energy

Ltd.

6.88%,

4/15/2029(a)

375,000

375,293

TGNR

Intermediate

Holdings

LLC

5.50%,

10/15/2029(a)(b)

545,000

539,308

TransMontaigne

Partners

LLC

8.50%,

6/15/2030(a)

400,000

414,967

Venture

Global

Calcasieu

Pass

LLC

3.88%,

8/15/2029(a)

500,000

475,010

6.25%,

1/15/2030(a)(b)

645,000

660,940

4.13%,

8/15/2031(a)

1,050,000

968,876

Venture

Global

LNG,

Inc.

8.13%,

6/1/2028(a)(b)

480,000

491,374

9.50%,

2/1/2029(a)

40,000

42,595

7.00%,

1/15/2030(a)(b)

300,000

301,859

8.38%,

6/1/2031(a)(b)

1,075,000

1,099,526

9.88%,

2/1/2032(a)(b)

885,000

935,707

Venture

Global

Plaquemines

LNG

LLC

6.13%,

12/15/2030(a)

175,000

180,128

7.50%,

5/1/2033(a)

300,000

328,910

6.50%,

6/15/2034(a)

80,000

82,850

7.75%,

5/1/2035(a)(b)

550,000

613,307

6.75%,

1/15/2036(a)

650,000

681,369

Vermilion

Energy,

Inc.

6.88%,

5/1/2030(a)(b)

80,000

79,941

7.25%,

2/15/2033(a)

1,095,000

1,060,451

Wildfire

Intermediate

Holdings

LLC

7.50%,

10/15/2029(a)

550,000

557,582

120,155,857

Paper

&

Forest

Products

-

0

.1

%

Domtar

Corp.

6.75%,

10/1/2028(a)

1,295,000

1,075,705

Mercer

International,

Inc.

5.13%,

2/1/2029(b)

655,000

404,733

1,480,438

Passenger

Airlines

-

0

.1

%

CHC

Group

LLC

11.75%,

9/1/2030(a)

515,000

493,772

OneSky

Flight

LLC

8.88%,

12/15/2029(a)(b)

670,000

716,387

1,210,159

Personal

Care

Products

-

0

.8

%

BellRing

Brands,

Inc.

7.00%,

3/15/2030(a)(b)

4,630,000

4,757,550

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Personal

Care

Products

-

0.8%

(continued)

Edgewell

Personal

Care

Co.

4.13%,

4/1/2029(a)

$

1,405,000

$

1,346,932

P&L

Development

LLC

+

0.00%),

12.00%,

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

429,134

433,141

Perrigo

Finance

Unlimited

Co.

4.90%,

12/15/2044(b)

200,000

157,622

Prestige

Brands,

Inc.

5.13%,

1/15/2028(a)(b)

1,195,000

1,195,453

3.75%,

4/1/2031(a)(b)

1,985,000

1,855,430

9,746,128

Pharmaceuticals

-

0

.9

%

Harrow,

Inc.

8.63%,

9/15/2030(a)

1,290,000

1,346,657

HLF

Financing

Sarl

LLC

12.25%,

4/15/2029(a)

865,000

930,004

4.88%,

6/1/2029(a)(b)

3,175,000

3,013,046

Organon

&

Co.

5.13%,

4/30/2031(a)(b)

827,000

751,042

6.75%,

5/15/2034(a)(b)

3,130,000

3,058,577

7.88%,

5/15/2034(a)(b)

1,075,000

1,010,537

10,109,863

Professional

Services

-

0

.3

%

AMN

Healthcare,

Inc.

4.00%,

4/15/2029(a)

240,000

229,495

CoreLogic,

Inc.

4.50%,

5/1/2028(a)

925,000

907,724

KBR,

Inc.

4.75%,

9/30/2028(a)

167,000

164,863

Science

Applications

International

Corp.

4.88%,

4/1/2028(a)(b)

293,000

292,258

TriNet

Group,

Inc.

3.50%,

3/1/2029(a)

1,026,000

969,660

7.13%,

8/15/2031(a)

750,000

771,625

VT

Topco,

Inc.

8.50%,

8/15/2030(a)(b)

300,000

307,362

3,642,987

Real

Estate

Management

&

Development

-

1

.4

%

Anywhere

Real

Estate

Group

LLC

5.75%,

1/15/2029(a)

6,220,000

6,137,646

7.00%,

4/15/2030(a)

1,660,000

1,680,705

9.75%,

4/15/2030(a)

1,455,000

1,588,067

Forestar

Group,

Inc.

5.00%,

3/1/2028(a)

305,000

304,778

6.50%,

3/15/2033(a)(b)

2,495,000

2,551,003

Greystar

Real

Estate

Partners

LLC

7.75%,

9/1/2030(a)

330,000

348,280

Howard

Hughes

Corp.

(The)

5.38%,

8/1/2028(a)

672,000

671,856

4.13%,

2/1/2029(a)(b)

330,000

319,150

4.38%,

2/1/2031(a)(b)

1,110,000

1,051,226

Hunt

Cos.,

Inc.

5.25%,

4/15/2029(a)(b)

655,000

639,362

Kennedy-Wilson,

Inc.

4.75%,

3/1/2029

455,000

445,242

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

227

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Real

Estate

Management

&

Development

-

1.4%

(continued)

Kennedy-Wilson,

Inc.

(continued)

4.75%,

2/1/2030(b)

$

500,000

$

480,550

5.00%,

3/1/2031

440,000

422,624

WeWork

Cos.

LLC

12.00%,

8/15/2027‡(h)

3,213,750

—

16,640,489

Retail

REITs

-

0

.0

%

(g)

Brookfield

Property

REIT,

Inc.

REIT,

4.50%,

4/1/2027(a)

400,000

394,952

Semiconductors

&

Semiconductor

Equipment

-

0

.1

%

Kioxia

Holdings

Corp.

6.63%,

7/24/2033(a)

740,000

772,714

Software

-

1

.8

%

Alteryx,

Inc.

8.75%,

3/15/2028(a)

450,000

450,000

AthenaHealth

Group,

Inc.

6.50%,

2/15/2030(a)(b)

1,890,000

1,833,005

Capstone

Borrower,

Inc.

8.00%,

6/15/2030(a)

1,165,000

1,083,104

Central

Parent

LLC

8.00%,

6/15/2029(a)(b)

1,545,000

1,200,680

Central

Parent,

Inc.

7.25%,

6/15/2029(a)(b)

1,370,000

1,049,822

Cloud

Software

Group,

Inc.

6.50%,

3/31/2029(a)(b)

1,775,000

1,763,937

9.00%,

9/30/2029(a)

1,950,000

1,969,054

Consensus

Cloud

Solutions,

Inc.

6.50%,

10/15/2028(a)

465,000

465,117

Elastic

NV

4.13%,

7/15/2029(a)(b)

395,000

379,466

Fair

Isaac

Corp.

4.00%,

6/15/2028(a)

750,000

737,576

6.00%,

5/15/2033(a)(b)

1,890,000

1,925,787

Gen

Digital,

Inc.

6.25%,

4/1/2033(a)

960,000

964,626

GoTo

Group,

Inc.

5.50%,

5/1/2028(a)

1,621,000

1,184,849

McAfee

Corp.

7.38%,

2/15/2030(a)(b)

2,290,000

1,821,922

Open

Text

Corp.

3.88%,

12/1/2029(a)

480,000

445,526

Open

Text

Holdings,

Inc.

4.13%,

2/15/2030(a)(b)

646,000

600,076

4.13%,

12/1/2031(a)(b)

1,610,000

1,446,375

PTC,

Inc.

4.00%,

2/15/2028(a)(b)

465,000

458,224

Rocket

Software,

Inc.

6.50%,

2/15/2029(a)

490,000

436,627

SS&C

Technologies,

Inc.

5.50%,

9/30/2027(a)(b)

1,185,000

1,183,975

21,399,748

Specialized

REITs

-

1

.4

%

Iron

Mountain,

Inc.

REIT,

4.88%,

9/15/2027(a)

300,000

299,825

REIT,

5.25%,

3/15/2028(a)

1,250,000

1,249,644

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Specialized

REITs

-

1.4%

(continued)

Iron

Mountain,

Inc.

(continued)

REIT,

5.00%,

7/15/2028(a)(b)

$

100,000

$

99,781

REIT,

7.00%,

2/15/2029(a)

660,000

678,172

REIT,

5.25%,

7/15/2030(a)

1,365,000

1,351,620

REIT,

4.50%,

2/15/2031(a)

2,084,000

1,991,507

REIT,

5.63%,

7/15/2032(a)(b)

144,000

142,196

Millrose

Properties,

Inc.

REIT,

6.38%,

8/1/2030(a)

6,030,000

6,154,731

REIT,

6.25%,

9/15/2032(a)(b)

4,775,000

4,828,857

SBA

Communications

Corp.

REIT,

3.88%,

2/15/2027

55,000

54,592

16,850,925

Specialty

Retail

-

5

.0

%

Advance

Auto

Parts,

Inc.

7.00%,

8/1/2030(a)(b)

50,000

50,848

7.38%,

8/1/2033(a)(b)

200,000

203,000

Arko

Corp.

5.13%,

11/15/2029(a)(b)

4,020,000

3,503,171

Bath

&

Body

Works,

Inc.

6.95%,

3/1/2033

1,464,000

1,459,102

6.88%,

11/1/2035(b)

2,430,000

2,457,576

6.75%,

7/1/2036(b)

1,965,000

1,960,495

7.60%,

7/15/2037

725,000

722,068

Carvana

Co.

9.00%,

6/1/2030(a)(d)

2,450,000

2,554,603

9.00%,

6/1/2031(a)(d)

13,691,444

15,061,512

EG

Global

Finance

plc

12.00%,

11/30/2028(a)(b)

2,050,000

2,218,881

Gap,

Inc.

(The)

3.63%,

10/1/2029(a)(b)

690,000

656,233

3.88%,

10/1/2031(a)

248,000

229,911

Global

Auto

Holdings

Ltd.

8.38%,

1/15/2029(a)

900,000

894,573

11.50%,

8/15/2029(a)

1,000,000

1,060,000

8.75%,

1/15/2032(a)(b)

750,000

724,473

Group

1

Automotive,

Inc.

4.00%,

8/15/2028(a)

165,000

161,357

LBM

Acquisition

LLC

6.25%,

1/15/2029(a)

850,000

784,871

9.50%,

6/15/2031(a)

230,000

242,217

LCM

Investments

Holdings

II

LLC

4.88%,

5/1/2029(a)(b)

523,000

515,356

8.25%,

8/1/2031(a)

320,000

337,106

Michaels

Cos.,

Inc.

(The)

5.25%,

5/1/2028(a)

1,770,000

1,750,696

7.88%,

5/1/2029(a)(b)

1,355,000

1,320,188

Murphy

Oil

USA,

Inc.

5.63%,

5/1/2027

10,000

10,004

4.75%,

9/15/2029(b)

175,000

174,143

3.75%,

2/15/2031(a)

3,630,000

3,409,635

Park

River

Holdings,

Inc.

8.00%,

3/15/2031(a)(b)

950,000

978,943

PetSmart

LLC

7.50%,

9/15/2032(a)(b)

510,000

522,985

10.00%,

9/15/2033(a)

640,000

665,957

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

228

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Specialty

Retail

-

5.0%

(continued)

Sonic

Automotive,

Inc.

4.63%,

11/15/2029(a)(b)

$

325,000

$

319,388

4.88%,

11/15/2031(a)(b)

1,470,000

1,417,392

Specialty

Building

Products

Holdings

LLC

7.75%,

10/15/2029(a)(b)

928,000

924,920

Staples,

Inc.

10.75%,

9/1/2029(a)(b)

1,894,000

1,861,106

12.75%,

1/15/2030(a)(b)

610,000

499,476

Upbound

Group,

Inc.

6.38%,

2/15/2029(a)

3,505,000

3,473,215

Valvoline,

Inc.

3.63%,

6/15/2031(a)

3,060,000

2,810,579

Victra

Holdings

LLC

8.75%,

9/15/2029(a)(b)

2,900,000

3,052,833

58,988,813

Technology

Hardware,

Storage

&

Peripherals

-

0

.6

%

Diebold

Nixdorf,

Inc.

7.75%,

3/31/2030(a)

1,620,000

1,715,700

Seagate

Data

Storage

Technology

Pte.

Ltd.

9.63%,

12/1/2032(a)

1,415,000

1,599,537

5.75%,

12/1/2034(a)(b)

2,720,000

2,777,950

Xerox

Corp.

10.25%,

10/15/2030(a)(b)

700,000

577,113

6,670,300

Textiles,

Apparel

&

Luxury

Goods

-

1

.1

%

Beach

Acquisition

Bidco

LLC

10.00%,

7/15/2033(a)(b)(d)

2,108,097

2,308,923

Crocs,

Inc.

4.25%,

3/15/2029(a)(b)

550,000

530,669

4.13%,

8/15/2031(a)

1,725,000

1,578,708

Kontoor

Brands,

Inc.

4.13%,

11/15/2029(a)

1,880,000

1,783,329

S&S

Holdings

LLC

8.38%,

10/1/2031(a)

875,000

834,256

Under

Armour,

Inc.

7.25%,

7/15/2030(a)(b)

3,705,000

3,783,816

William

Carter

Co.

(The)

7.38%,

2/15/2031(a)(b)

20,000

20,676

Wolverine

World

Wide,

Inc.

4.00%,

8/15/2029(a)(b)

2,005,000

1,870,887

12,711,264

Tobacco

-

0

.2

%

Turning

Point

Brands,

Inc.

7.63%,

3/15/2032(a)(b)

1,900,000

2,038,007

Trading

Companies

&

Distributors

-

1

.1

%

Alta

Equipment

Group,

Inc.

9.00%,

6/1/2029(a)

380,000

363,110

BlueLinx

Holdings,

Inc.

6.00%,

11/15/2029(a)(b)

665,000

658,426

Boise

Cascade

Co.

4.88%,

7/1/2030(a)

990,000

986,819

EquipmentShare.com,

Inc.

9.00%,

5/15/2028(a)

1,090,000

1,139,099

8.63%,

5/15/2032(a)(b)

395,000

422,266

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Trading

Companies

&

Distributors

-

1.1%

(continued)

FTAI

Aviation

Investors

LLC

5.50%,

5/1/2028(a)(b)

$

700,000

$

700,673

7.88%,

12/1/2030(a)

260,000

275,679

7.00%,

5/1/2031(a)

500,000

526,084

5.88%,

4/15/2033(a)(b)

200,000

202,776

Imola

Merger

Corp.

4.75%,

5/15/2029(a)(b)

2,180,000

2,144,961

QXO

Building

Products,

Inc.

6.75%,

4/30/2032(a)(b)

4,740,000

4,884,475

12,304,368

Wireless

Telecommunication

Services

-

1

.0

%

Iliad

Holding

SAS

7.00%,

10/15/2028(a)

725,000

733,322

Millicom

International

Cellular

SA

5.13%,

1/15/2028(a)

675,000

673,646

6.25%,

3/25/2029(a)(b)

360,000

363,298

4.50%,

4/27/2031(a)(b)

2,680,000

2,495,326

7.38%,

4/2/2032(a)

175,000

182,066

Rogers

Communications,

Inc.

Series

NC5,

7.00%,

4/15/2055(b)(c)

400,000

414,909

7.13%,

4/15/2055(b)(c)

1,810,000

1,898,052

5.25%,

3/15/2082(a)(c)

1,830,000

1,828,104

Vmed

O2

UK

Financing

I

plc

4.25%,

1/31/2031(a)

265,000

239,744

4.75%,

7/15/2031(a)

470,000

429,466

6.75%,

1/15/2033(a)

355,000

346,182

Vodafone

Group

plc

7.00%,

4/4/2079(c)

410,000

432,337

Zegona

Finance

plc

8.63%,

7/15/2029(a)

1,260,000

1,328,334

11,364,786

Total

Corporate

Bonds

(Cost

$1,142,738,653)

1,141,066,849

SECURITIES

LENDING

REINVESTMENTS

-

21

.8

%

(i)

CERTIFICATES

OF

DEPOSIT

-

5

.1

%

Bank

of

Montreal,

Chicago

(SOFR

+

0.31%),

3.96%,

5/29/2026(f)

$

2,000,000

2,000,872

(SOFR

+

0.35%),

4.00%,

11/18/2026(f)

3,000,000

3,001,623

Bank

of

Nova

Scotia,

Houston

(SOFR

+

0.34%),

3.99%,

7/1/2026(f)

3,000,000

2,999,968

(SOFR

+

0.30%),

3.95%,

1/21/2027(f)

3,000,000

2,999,988

Barclays

Bank

plc,

New

York

(SOFR

+

0.22%),

3.86%,

4/10/2026(f)

5,000,000

4,999,985

(SOFR

+

0.25%),

3.89%,

4/29/2026(f)

2,000,000

2,000,144

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

229

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

CERTIFICATES

OF

DEPOSIT

(continued)

Credit

Agricole

CIB,

New

York

(SOFR

+

0.27%),

3.92%,

6/5/2026(f)

$

3,000,000

$

3,000,654

Mizuho

Bank

Ltd.,

New

York

(SOFR

+

0.24%),

3.88%,

5/11/2026(f)

3,000,000

3,000,666

(SOFR

+

0.25%),

3.89%,

5/27/2026(f)

2,000,000

2,000,588

MUFG

Bank

Ltd.,

New

York

Branch

(SOFR

+

0.22%),

3.86%,

3/12/2026(f)

2,000,000

2,000,000

National

Australia

Bank,

New

York

(SOFR

+

0.25%),

3.90%,

3/17/2026(f)

2,000,000

2,000,000

Royal

Bank

of

Canada,

New

York

(SOFR

+

0.35%),

4.00%,

11/12/2026(f)

4,000,000

4,002,136

(SOFR

+

0.30%),

3.95%,

1/22/2027(f)

2,000,000

1,999,986

Sumitomo

Mitsui

Banking

Corp.,

New

York

(SOFR

+

0.23%),

3.77%,

2/10/2026(f)

2,000,000

2,000,048

(SOFR

+

0.21%),

3.86%,

3/10/2026(f)

2,000,000

2,000,000

(SOFR

+

0.22%),

3.87%,

4/9/2026(f)

5,000,000

5,000,965

Sumitomo

Mitsui

Trust

Bank

Ltd.,

London

4.00%,

3/4/2026

2,000,000

2,000,000

4.00%,

3/11/2026

5,000,000

5,000,000

Sumitomo

Mitsui

Trust

Bank

Ltd.,

New

York

4.40%,

2/3/2026

2,000,000

2,000,000

Toronto-Dominion

Bank,

New

York

(SOFR

+

0.20%),

3.84%,

4/6/2026(f)

2,000,000

2,000,254

(SOFR

+

0.36%),

4.00%,

5/8/2026(f)

4,000,000

4,002,412

Total

Certificates

of

Deposit

(Cost

$60,000,048)

60,010,289

REPURCHASE

AGREEMENTS

-

16

.7

%

CF

Secured

LLC

3.66%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$5,153,344,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.63%,

maturing

1/31/2026

-

5/15/2052;

total

market

value

$5,205,471

5,152,297

5,152,297

Investments

Principal

Amount

Value

REPURCHASE

AGREEMENTS

(continued)

TD

Securities

(USA)

LLC

3.93%,

dated

1/31/2026,

due

3/6/2026,

repurchase

price

$10,037,117,

collateralized

by

various

Common

Stocks;

total

market

value

$10,938,057

$

10,000,000

$

10,000,000

TD

Securities

(USA)

LLC

3.73%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$180,037,300,

collateralized

by

various

Common

Stocks;

total

market

value

$196,885,022

180,000,000

180,000,000

Total

Repurchase

Agreements

(Cost

$195,152,297)

195,152,297

Total

Securities

Lending

Reinvestments

(Cost

$255,152,345)

255,162,586

SHORT-TERM

INVESTMENTS

-

0

.2

%

(j)

U.S.

GOVERNMENT

AGENCY

SECURITIES

-

0

.2

%

FNMA

3.45%,

2/2/2026

(Cost

$2,999,712)

3,000,000

2,999,130

Total

Investments

-

119.5%

(Cost

$1,400,890,710)

1,399,228,565

Liabilities

in

excess

of

other

assets

-

(19.5%)

(228,440,335)

NET

ASSETS

-

100.0%

$1,170,788,230

‡

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

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

January

31,

2026,

the

value

of

these

securities

amounted

to

approximately

$1,013,977,206

or

86.61%

of

net

assets.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

at

January

31,

2026.

The

total

value

of

securities

on

loan

at

January

31,

2026

was

$285,062,636,

collateralized

in

the

form

of

cash

with

a

value

of

$255,152,890

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments

and

$51,283,450

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

February

15,

2026

–

May

15,

2055;

a

total

value

of

$306,436,340.

(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)

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

January

31,

2026.

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

230

(f)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

is

the

rate

in

effect

as

of

January

31,

2026.

(g)

Represents

less

than

0.05%

of

net

assets.

(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

January

31,

2026.

The

total

value

of

securities

purchased

was

$255,162,586.

(j)

The

rate

shown

was

the

current

yield

as

of

January

31,

2026.

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

.8

Short-Term

Investments

0‌

.2

Others

(1)

(

19‌

.5

)

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

231

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

January

31,

2026

(Unaudited)

Investments

Principal

Amount

Value

CORPORATE

BONDS

-

95

.1

%

Air

Freight

&

Logistics

-

0

.5

%

CH

Robinson

Worldwide,

Inc.

4.20%,

4/15/2028

$

10,000

$

10,016

United

Parcel

Service,

Inc.

5.15%,

5/22/2034

50,000

51,863

5.25%,

5/14/2035

70,000

72,517

6.05%,

5/14/2065

50,000

51,653

186,049

Automobile

Components

-

0

.1

%

BorgWarner,

Inc.

5.40%,

8/15/2034

30,000

30,830

Lear

Corp.

5.25%,

5/15/2049

20,000

18,225

49,055

Automobiles

-

0

.4

%

Ford

Motor

Co.

3.25%,

2/12/2032

60,000

53,300

Honda

Motor

Co.

Ltd.

4.44%,

7/8/2028

100,000

100,952

154,252

Banks

-

12

.0

%

Bank

of

America

Corp.

3.42%,

12/20/2028(a)

133,000

131,551

2.09%,

6/14/2029(a)

127,000

121,385

Bank

of

Montreal

3.09%,

1/10/2037(a)

120,000

108,368

Bank

of

Nova

Scotia

(The)

4.93%,

2/14/2029(a)

140,000

142,659

4.34%,

9/15/2031(a)

140,000

139,509

Citigroup,

Inc.

4.45%,

9/29/2027

267,000

268,723

3.98%,

3/20/2030(a)

187,000

185,611

2.67%,

1/29/2031(a)

107,000

100,242

4.41%,

3/31/2031(a)

100,000

99,985

2.57%,

6/3/2031(a)

73,000

67,682

4.50%,

9/11/2031(a)

120,000

120,097

3.06%,

1/25/2033(a)

102,000

93,395

5.83%,

2/13/2035(a)

150,000

155,091

8.13%,

7/15/2039

55,000

69,939

6.68%,

9/13/2043

92,000

102,143

4.65%,

7/23/2048

15,000

13,186

HSBC

Holdings

plc

5.55%,

3/4/2030(a)

260,000

269,593

8.11%,

11/3/2033(a)

200,000

233,869

5.45%,

3/3/2036(a)

310,000

318,386

6.50%,

9/15/2037

50,000

54,824

JPMorgan

Chase

&

Co.

6.09%,

10/23/2029(a)

130,000

136,641

4.45%,

12/5/2029(a)

100,000

100,991

5.58%,

4/22/2030(a)

335,000

349,029

4.57%,

6/14/2030(a)

100,000

101,212

5.00%,

7/22/2030(a)

305,000

313,057

2.58%,

4/22/2032(a)

14,000

12,781

5.53%,

11/29/2045(a)

180,000

181,382

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

-

12.0%

(continued)

Mitsubishi

UFJ

Financial

Group,

Inc.

5.62%,

4/24/2036(a)

$

200,000

$

208,951

Royal

Bank

of

Canada

4.72%,

3/27/2028(a)

20,000

20,180

5.00%,

2/1/2033

70,000

71,719

5.00%,

5/2/2033

30,000

30,703

5.15%,

2/1/2034

125,000

129,715

Santander

Holdings

USA,

Inc.

5.74%,

3/20/2031(a)

30,000

31,124

Westpac

Banking

Corp.

3.40%,

1/25/2028

100,000

99,319

5.62%,

11/20/2035(a)

130,000

134,044

4,717,086

Beverages

-

2

.1

%

Anheuser-Busch

InBev

Finance,

Inc.

4.70%,

2/1/2036

10,000

9,862

Anheuser-Busch

InBev

Worldwide,

Inc.

5.00%,

6/15/2034

70,000

72,021

5.45%,

1/23/2039

62,000

63,892

5.55%,

1/23/2049

60,000

59,757

Diageo

Capital

plc

5.30%,

10/24/2027

280,000

286,823

Pepsico

Singapore

Financing

I

Pte.

Ltd.

4.70%,

2/16/2034

20,000

20,087

PepsiCo,

Inc.

4.45%,

5/15/2028

67,000

68,045

2.63%,

7/29/2029

100,000

95,647

1.95%,

10/21/2031

30,000

26,660

3.50%,

3/19/2040

73,000

61,694

2.63%,

10/21/2041

30,000

21,856

4.65%,

2/15/2053

40,000

35,256

5.25%,

7/17/2054

10,000

9,715

3.88%,

3/19/2060

5,000

3,833

835,148

Biotechnology

-

0

.9

%

AbbVie,

Inc.

4.65%,

3/15/2028

230,000

233,849

Biogen,

Inc.

2.25%,

5/1/2030

10,000

9,193

3.15%,

5/1/2050

63,000

40,862

3.25%,

2/15/2051

20,000

13,157

Regeneron

Pharmaceuticals,

Inc.

1.75%,

9/15/2030

54,000

48,303

2.80%,

9/15/2050

20,000

12,255

357,619

Broadline

Retail

-

0

.6

%

Alibaba

Group

Holding

Ltd.

2.70%,

2/9/2041

200,000

147,732

eBay,

Inc.

2.70%,

3/11/2030

50,000

47,023

2.60%,

5/10/2031

30,000

27,416

3.65%,

5/10/2051

20,000

14,675

236,846

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)

Building

Products

-

1

.1

%

Carrier

Global

Corp.

2.49%,

2/15/2027

$

30,000

$

29,583

6.20%,

3/15/2054

50,000

54,129

CRH

SMW

Finance

DAC

5.13%,

1/9/2030

200,000

206,043

Fortune

Brands

Innovations,

Inc.

5.88%,

6/1/2033

25,000

26,457

4.50%,

3/25/2052

10,000

8,036

Johnson

Controls

International

plc

5.50%,

4/19/2029

20,000

20,837

4.63%,

7/2/2044(b)

33,000

29,480

Owens

Corning

4.30%,

7/15/2047

26,000

21,310

4.40%,

1/30/2048

10,000

8,270

5.95%,

6/15/2054

15,000

15,310

Trane

Technologies

Financing

Ltd.

5.25%,

3/3/2033

10,000

10,402

Trane

Technologies

Holdco,

Inc.

4.30%,

2/21/2048

17,000

14,278

444,135

Capital

Markets

-

8

.2

%

Ameriprise

Financial,

Inc.

5.20%,

4/15/2035

50,000

50,880

Ares

Capital

Corp.

3.20%,

11/15/2031

70,000

62,084

Bank

of

New

York

Mellon

Corp.

(The)

3.40%,

1/29/2028

67,000

66,552

3.99%,

6/13/2028(a)

77,000

77,084

4.60%,

7/26/2030(a)

93,000

94,690

4.29%,

6/13/2033(a)

20,000

19,740

5.19%,

3/14/2035(a)

105,000

108,024

Barings

BDC,

Inc.

7.00%,

2/15/2029

10,000

10,335

Blackstone

Secured

Lending

Fund

5.13%,

1/31/2031

60,000

58,700

Brookfield

Asset

Management

Ltd.

6.08%,

9/15/2055

20,000

20,576

Brookfield

Finance,

Inc.

6.30%,

1/15/2055(a)

10,000

9,933

5.81%,

3/3/2055

60,000

59,473

Deutsche

Bank

AG

5.00%,

9/11/2030(a)

180,000

183,123

4.47%,

12/10/2031(a)

180,000

179,800

FactSet

Research

Systems,

Inc.

3.45%,

3/1/2032

10,000

9,298

Franklin

Resources,

Inc.

2.95%,

8/12/2051

10,000

6,277

Goldman

Sachs

Group,

Inc.

(The)

4.48%,

8/23/2028(a)

261,000

262,629

4.15%,

10/21/2029(a)

100,000

99,945

5.73%,

4/25/2030(a)

200,000

208,822

4.37%,

10/21/2031(a)

30,000

29,829

2.62%,

4/22/2032(a)

50,000

45,538

2.38%,

7/21/2032(a)

17,000

15,203

3.10%,

2/24/2033(a)

70,000

64,323

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Capital

Markets

-

8.2%

(continued)

Goldman

Sachs

Group,

Inc.

(The)

(continued)

4.94%,

10/21/2036(a)

$

20,000

$

19,721

6.75%,

10/1/2037

112,000

124,338

4.41%,

4/23/2039(a)

100,000

92,254

3.44%,

2/24/2043(a)

25,000

19,454

5.56%,

11/19/2045(a)

160,000

159,144

5.73%,

1/28/2056(a)

30,000

30,243

Legg

Mason,

Inc.

5.63%,

1/15/2044

10,000

9,955

Moody's

Corp.

2.00%,

8/19/2031

20,000

17,790

2.75%,

8/19/2041

43,000

31,125

3.75%,

2/25/2052

15,000

11,210

Morgan

Stanley

3.77%,

1/24/2029(a)

200,000

198,901

5.12%,

2/1/2029(a)

43,000

43,872

5.30%,

4/20/2037(a)

33,000

33,541

5.94%,

2/7/2039(a)

30,000

31,394

MSCI,

Inc.

5.15%,

3/15/2036

50,000

49,316

Nasdaq,

Inc.

5.55%,

2/15/2034

15,000

15,678

3.95%,

3/7/2052

4,000

3,066

6.10%,

6/28/2063

45,000

46,822

Oaktree

Specialty

Lending

Corp.

7.10%,

2/15/2029

10,000

10,330

S&P

Global,

Inc.

1.25%,

8/15/2030

50,000

43,995

2.90%,

3/1/2032

50,000

46,013

4.50%,

5/15/2048

24,000

20,653

Sixth

Street

Specialty

Lending,

Inc.

6.13%,

3/1/2029

20,000

20,588

State

Street

Corp.

2.40%,

1/24/2030

88,000

83,015

4.16%,

8/4/2033(a)

110,000

107,681

UBS

AG

5.65%,

9/11/2028

200,000

208,731

3,221,688

Chemicals

-

1

.2

%

Albemarle

Corp.

5.05%,

6/1/2032

20,000

20,249

5.45%,

12/1/2044

10,000

9,140

Dow

Chemical

Co.

(The)

5.15%,

2/15/2034

20,000

19,814

5.35%,

3/15/2035

40,000

39,519

5.55%,

11/30/2048

35,000

30,961

6.90%,

5/15/2053

24,000

24,913

Ecolab,

Inc.

1.30%,

1/30/2031

3,000

2,611

5.00%,

9/1/2035

20,000

20,396

3.95%,

12/1/2047

60,000

48,641

2.70%,

12/15/2051

20,000

12,398

International

Flavors

&

Fragrances,

Inc.

5.00%,

9/26/2048

11,000

9,779

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)

Chemicals

-

1.2%

(continued)

Linde,

Inc.

1.10%,

8/10/2030

$

50,000

$

43,937

LYB

International

Finance

III

LLC

5.50%,

3/1/2034

90,000

88,819

3.63%,

4/1/2051

50,000

31,930

Mosaic

Co.

(The)

4.60%,

11/15/2030

60,000

60,163

463,270

Commercial

Services

&

Supplies

-

0

.6

%

Cintas

Corp.

No.

2

4.00%,

5/1/2032

25,000

24,483

RELX

Capital,

Inc.

3.00%,

5/22/2030

33,000

31,403

5.25%,

3/27/2035

20,000

20,526

Republic

Services,

Inc.

5.00%,

4/1/2034

80,000

81,736

Waste

Management,

Inc.

4.50%,

3/15/2028

20,000

20,281

3.90%,

3/1/2035

10,000

9,397

5.35%,

10/15/2054

60,000

58,447

246,273

Construction

&

Engineering

-

0

.1

%

Quanta

Services,

Inc.

3.05%,

10/1/2041

35,000

25,990

Consumer

Finance

-

4

.4

%

Ally

Financial,

Inc.

6.99%,

6/13/2029(a)

80,000

84,372

6.85%,

1/3/2030(a)

40,000

42,343

American

Express

Co.

3.30%,

5/3/2027

50,000

49,726

5.28%,

7/27/2029(a)

100,000

102,858

4.42%,

8/3/2033(a)

65,000

64,311

5.63%,

7/28/2034(a)

60,000

62,475

5.92%,

4/25/2035(a)

90,000

95,122

4.05%,

12/3/2042

14,000

12,013

Capital

One

Financial

Corp.

5.47%,

2/1/2029(a)

250,000

256,231

2.36%,

7/29/2032(a)

50,000

43,699

6.38%,

6/8/2034(a)

40,000

42,952

Caterpillar

Financial

Services

Corp.

3.95%,

11/14/2028

60,000

60,200

Ford

Motor

Credit

Co.

LLC

5.11%,

5/3/2029

280,000

282,208

7.20%,

6/10/2030

400,000

430,303

John

Deere

Capital

Corp.

4.90%,

6/11/2027

50,000

50,819

Synchrony

Financial

2.88%,

10/28/2031

44,000

39,295

1,718,927

Consumer

Staples

Distribution

&

Retail

-

1

.1

%

Kroger

Co.

(The)

5.00%,

4/15/2042

20,000

18,596

5.40%,

1/15/2049

28,000

26,730

3.95%,

1/15/2050

20,000

15,282

5.65%,

9/15/2064

50,000

47,584

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Consumer

Staples

Distribution

&

Retail

-

1.1%

(continued)

Target

Corp.

2.65%,

9/15/2030

$

60,000

$

56,192

3.90%,

11/15/2047

10,000

7,875

4.80%,

1/15/2053

47,000

41,866

Walmart,

Inc.

1.80%,

9/22/2031

110,000

98,097

4.05%,

6/29/2048

160,000

133,480

445,702

Containers

&

Packaging

-

0

.1

%

AptarGroup,

Inc.

3.60%,

3/15/2032

13,000

12,261

Avery

Dennison

Corp.

4.88%,

12/6/2028

10,000

10,185

2.65%,

4/30/2030

10,000

9,340

5.75%,

3/15/2033

14,000

14,793

46,579

Diversified

Consumer

Services

-

0

.1

%

Trustees

of

the

University

of

Pennsylvania

(The)

3.61%,

2/15/2119

20,000

12,611

Washington

University

(The)

4.35%,

4/15/2122

30,000

22,643

35,254

Diversified

REITs

-

0

.3

%

Digital

Realty

Trust

LP

REIT,

4.45%,

7/15/2028

33,000

33,262

REIT,

3.60%,

7/1/2029

10,000

9,815

Equinix

Europe

2

Financing

Corp.

LLC

REIT,

5.50%,

6/15/2034

20,000

20,657

Simon

Property

Group

LP

REIT,

6.75%,

2/1/2040

17,000

19,473

REIT,

5.85%,

3/8/2053

17,000

17,312

REIT,

6.65%,

1/15/2054

20,000

22,397

122,916

Diversified

Telecommunication

Services

-

7

.0

%

AT&T,

Inc.

1.65%,

2/1/2028

50,000

47,802

4.90%,

11/1/2035

310,000

305,214

3.50%,

6/1/2041

210,000

165,044

5.70%,

11/1/2054

100,000

95,484

3.85%,

6/1/2060

140,000

95,885

Comcast

Corp.

4.55%,

1/15/2029

90,000

91,501

2.65%,

2/1/2030

247,000

232,943

5.50%,

11/15/2032

90,000

94,722

4.65%,

2/15/2033

67,000

66,943

4.60%,

10/15/2038

20,000

18,489

4.00%,

3/1/2048

64,000

48,207

2.89%,

11/1/2051

320,000

188,356

5.35%,

5/15/2053

10,000

8,994

2.99%,

11/1/2063

80,000

43,298

5.50%,

5/15/2064

23,000

20,634

Telefonica

Emisiones

SA

5.52%,

3/1/2049

150,000

137,855

Verizon

Communications,

Inc.

2.55%,

3/21/2031

437,000

399,271

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)

Diversified

Telecommunication

Services

-

7.0%

(continued)

Verizon

Communications,

Inc.

(continued)

2.36%,

3/15/2032

$

237,000

$

208,942

5.05%,

5/9/2033

55,000

56,214

4.78%,

2/15/2035

50,000

49,071

5.25%,

4/2/2035

50,000

50,651

2.65%,

11/20/2040

30,000

21,377

4.86%,

8/21/2046

50,000

44,245

5.01%,

4/15/2049

30,000

26,894

3.88%,

3/1/2052

154,000

113,947

2.99%,

10/30/2056

119,000

70,616

6.00%,

11/30/2065

50,000

49,461

2,752,060

Electric

Utilities

-

3

.8

%

Connecticut

Light

and

Power

Co.

(The)

Series

A,

2.05%,

7/1/2031

117,000

104,366

4.00%,

4/1/2048

57,000

45,376

5.25%,

1/15/2053

10,000

9,491

Duke

Energy

Corp.

5.45%,

6/15/2034

290,000

300,796

Enel

Chile

SA

4.88%,

6/12/2028

20,000

20,280

Eversource

Energy

4.60%,

7/1/2027

167,000

168,267

Series

R,

1.65%,

8/15/2030

17,000

15,044

Pacific

Gas

and

Electric

Co.

5.70%,

3/1/2035

110,000

112,730

4.20%,

6/1/2041

138,000

114,331

3.95%,

12/1/2047

100,000

74,555

6.70%,

4/1/2053

10,000

10,590

Public

Service

Co.

of

New

Hampshire

3.60%,

7/1/2049

40,000

29,603

Public

Service

Electric

and

Gas

Co.

4.65%,

3/15/2033

15,000

15,059

5.20%,

3/1/2034

20,000

20,588

3.60%,

12/1/2047

77,000

57,781

4.05%,

5/1/2048

60,000

48,271

5.45%,

3/1/2054

20,000

19,527

Southern

California

Edison

Co.

5.65%,

10/1/2028

40,000

41,433

2.25%,

6/1/2030

50,000

45,499

5.95%,

11/1/2032

7,000

7,425

5.20%,

6/1/2034

100,000

100,102

5.45%,

3/1/2035

50,000

50,555

Series

C,

4.13%,

3/1/2048

33,000

25,268

Series

E,

5.45%,

6/1/2052

75,000

67,859

1,504,796

Electrical

Equipment

-

0

.2

%

ABB

Finance

USA,

Inc.

3.80%,

4/3/2028

50,000

50,072

Hubbell,

Inc.

3.50%,

2/15/2028

20,000

19,818

69,890

Energy

Equipment

&

Services

-

0

.3

%

Baker

Hughes

Holdings

LLC

4.08%,

12/15/2047

40,000

31,936

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Energy

Equipment

&

Services

-

0.3%

(continued)

Halliburton

Co.

6.70%,

9/15/2038

$

10,000

$

11,175

5.00%,

11/15/2045

60,000

54,063

97,174

Financial

Services

-

1

.9

%

Apollo

Global

Management,

Inc.

5.80%,

5/21/2054

20,000

19,692

Equitable

Holdings,

Inc.

5.59%,

1/11/2033

44,000

45,903

5.00%,

4/20/2048

4,000

3,598

Mastercard,

Inc.

3.30%,

3/26/2027

100,000

99,566

2.95%,

6/1/2029

96,000

93,099

2.00%,

11/18/2031

33,000

29,378

3.95%,

2/26/2048

15,000

12,054

2.95%,

3/15/2051

30,000

19,669

PayPal

Holdings,

Inc.

4.40%,

6/1/2032

98,000

97,765

5.05%,

6/1/2052

30,000

27,101

Visa,

Inc.

2.05%,

4/15/2030

70,000

64,915

1.10%,

2/15/2031

130,000

113,294

2.70%,

4/15/2040

90,000

68,959

Voya

Financial,

Inc.

5.00%,

9/20/2034

10,000

9,970

4.70%,

1/23/2048(a)

30,000

28,741

733,704

Food

Products

-

0

.8

%

Archer-Daniels-Midland

Co.

4.50%,

3/15/2049

10,000

8,605

2.70%,

9/15/2051

50,000

30,602

Campbell's

Co.

(The)

4.15%,

3/15/2028

50,000

50,048

2.38%,

4/24/2030

17,000

15,632

4.80%,

3/15/2048

20,000

17,173

General

Mills,

Inc.

4.55%,

4/17/2038

20,000

18,798

4.70%,

4/17/2048

40,000

34,994

Hershey

Co.

(The)

4.25%,

5/4/2028

20,000

20,188

3.13%,

11/15/2049

10,000

6,866

2.65%,

6/1/2050

40,000

24,599

Hormel

Foods

Corp.

3.05%,

6/3/2051

40,000

26,305

Mondelez

International,

Inc.

3.00%,

3/17/2032

50,000

45,898

2.63%,

9/4/2050

50,000

29,933

329,641

Gas

Utilities

-

0

.2

%

Piedmont

Natural

Gas

Co.,

Inc.

3.35%,

6/1/2050

80,000

55,068

Southern

California

Gas

Co.

5.45%,

6/15/2035

20,000

20,757

75,825

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)

Ground

Transportation

-

1

.5

%

Canadian

National

Railway

Co.

3.65%,

2/3/2048

$

14,000

$

10,701

4.45%,

1/20/2049

92,000

78,964

4.40%,

8/5/2052

7,000

5,959

CSX

Corp.

2.40%,

2/15/2030

63,000

58,937

5.20%,

11/15/2033

60,000

62,253

5.05%,

6/15/2035

10,000

10,164

6.22%,

4/30/2040

70,000

76,820

3.80%,

4/15/2050

33,000

25,070

4.65%,

3/1/2068

3,000

2,461

Ryder

System,

Inc.

6.60%,

12/1/2033

50,000

55,518

Union

Pacific

Corp.

2.89%,

4/6/2036

40,000

33,830

4.50%,

9/10/2048

55,000

47,117

4.30%,

3/1/2049

90,000

74,683

5.60%,

12/1/2054

30,000

29,890

2.97%,

9/16/2062

30,000

17,552

589,919

Health

Care

Equipment

&

Supplies

-

2

.0

%

Abbott

Laboratories

1.40%,

6/30/2030

38,000

34,022

4.90%,

11/30/2046

98,000

91,362

Baxter

International,

Inc.

1.73%,

4/1/2031

50,000

43,008

Becton

Dickinson

&

Co.

2.82%,

5/20/2030

20,000

18,861

1.96%,

2/11/2031

70,000

62,393

3.79%,

5/20/2050

50,000

37,415

Boston

Scientific

Corp.

2.65%,

6/1/2030

100,000

94,021

GE

HealthCare

Technologies,

Inc.

4.80%,

8/14/2029

60,000

61,224

5.86%,

3/15/2030

120,000

126,670

Medtronic

Global

Holdings

SCA

4.25%,

3/30/2028

60,000

60,457

4.50%,

3/30/2033

5,000

4,993

Medtronic,

Inc.

4.38%,

3/15/2035

80,000

78,345

Stryker

Corp.

4.63%,

9/11/2034

90,000

89,173

801,944

Health

Care

Providers

&

Services

-

5

.4

%

Aetna,

Inc.

3.88%,

8/15/2047

40,000

29,862

Ascension

Health

Series

2025,

4.92%,

11/15/2035

70,000

70,053

Cardinal

Health,

Inc.

4.90%,

9/15/2045

33,000

29,810

Cencora,

Inc.

2.70%,

3/15/2031

50,000

46,102

5.13%,

2/15/2034

30,000

30,714

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Health

Care

Providers

&

Services

-

5.4%

(continued)

Centene

Corp.

2.45%,

7/15/2028

$

20,000

$

18,818

2.63%,

8/1/2031

80,000

68,797

Cigna

Group

(The)

4.38%,

10/15/2028

30,000

30,247

5.25%,

2/15/2034

20,000

20,483

4.80%,

8/15/2038

90,000

85,743

6.13%,

11/15/2041

33,000

34,611

4.80%,

7/15/2046

30,000

26,493

3.88%,

10/15/2047

20,000

15,398

3.40%,

3/15/2051

79,000

54,496

CVS

Health

Corp.

3.63%,

4/1/2027

33,000

32,855

4.30%,

3/25/2028

100,000

100,327

5.25%,

2/21/2033

80,000

82,031

4.78%,

3/25/2038

130,000

122,019

5.05%,

3/25/2048

174,000

153,017

Elevance

Health,

Inc.

2.25%,

5/15/2030

50,000

45,932

4.10%,

5/15/2032

164,000

158,946

4.75%,

2/15/2033

20,000

19,987

4.55%,

3/1/2048

32,000

27,110

3.70%,

9/15/2049

30,000

21,994

6.10%,

10/15/2052

14,000

14,392

5.13%,

2/15/2053

20,000

17,998

5.65%,

6/15/2054

40,000

38,614

5.85%,

11/1/2064

30,000

29,298

HCA,

Inc.

3.13%,

3/15/2027

10,000

9,904

5.45%,

4/1/2031

20,000

20,793

3.63%,

3/15/2032

30,000

28,307

7.50%,

11/6/2033

77,000

88,165

5.60%,

4/1/2034

80,000

83,088

5.13%,

6/15/2039

20,000

19,302

4.38%,

3/15/2042

55,000

46,951

5.25%,

6/15/2049

20,000

18,116

6.00%,

4/1/2054

15,000

14,881

6.20%,

3/1/2055

40,000

40,715

Laboratory

Corp.

of

America

Holdings

4.35%,

4/1/2030

10,000

10,015

2.70%,

6/1/2031

50,000

45,899

4.80%,

10/1/2034

25,000

24,685

NYU

Langone

Hospitals

Series

2020,

3.38%,

7/1/2055

30,000

20,586

Quest

Diagnostics,

Inc.

4.20%,

6/30/2029

43,000

43,160

2.95%,

6/30/2030

50,000

47,353

6.40%,

11/30/2033

10,000

11,024

UnitedHealth

Group,

Inc.

6.05%,

2/15/2063

20,000

20,294

5.75%,

7/15/2064

70,000

67,914

Willis-Knighton

Medical

Center

Series

2018,

4.81%,

9/1/2048

40,000

34,960

2,122,259

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)

Health

Care

REITs

-

0

.9

%

Alexandria

Real

Estate

Equities,

Inc.

REIT,

5.25%,

5/15/2036

$

160,000

$

158,958

Healthcare

Realty

Holdings

LP

REIT,

3.63%,

1/15/2028

30,000

29,706

REIT,

2.40%,

3/15/2030

20,000

18,289

REIT,

2.05%,

3/15/2031

7,000

6,133

Healthpeak

OP

LLC

REIT,

3.50%,

7/15/2029

20,000

19,498

Ventas

Realty

LP

REIT,

4.00%,

3/1/2028

23,000

22,990

REIT,

3.00%,

1/15/2030

48,000

45,685

REIT,

4.75%,

11/15/2030

30,000

30,398

REIT,

5.00%,

1/15/2035

20,000

19,973

351,630

Hotel

&

Resort

REITs

-

0

.1

%

Host

Hotels

&

Resorts

LP

Series

I,

REIT,

3.50%,

9/15/2030

10,000

9,526

Series

J,

REIT,

2.90%,

12/15/2031

10,000

9,051

REIT,

5.50%,

4/15/2035

20,000

20,271

38,848

Hotels,

Restaurants

&

Leisure

-

0

.8

%

Marriott

International,

Inc.

5.00%,

10/15/2027

20,000

20,311

4.90%,

4/15/2029

30,000

30,668

Series

HH,

2.85%,

4/15/2031

63,000

58,467

5.30%,

5/15/2034

20,000

20,504

5.25%,

10/15/2035

30,000

30,402

Starbucks

Corp.

4.50%,

5/15/2028

50,000

50,531

3.55%,

8/15/2029

70,000

68,623

4.50%,

11/15/2048

60,000

50,809

330,315

Household

Durables

-

0

.2

%

Mohawk

Industries,

Inc.

5.85%,

9/18/2028

12,000

12,510

3.63%,

5/15/2030

7,000

6,807

Toll

Brothers

Finance

Corp.

3.80%,

11/1/2029

40,000

39,439

58,756

Household

Products

-

0

.3

%

Church

&

Dwight

Co.,

Inc.

5.00%,

6/15/2052

20,000

18,373

Clorox

Co.

(The)

1.80%,

5/15/2030

10,000

9,028

4.60%,

5/1/2032

20,000

20,119

Colgate-Palmolive

Co.

4.60%,

3/1/2033

50,000

50,846

98,366

Industrial

REITs

-

0

.4

%

Americold

Realty

Operating

Partnership

LP

REIT,

5.41%,

9/12/2034

10,000

9,805

Prologis

LP

REIT,

4.63%,

1/15/2033

47,000

47,271

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Industrial

REITs

-

0.4%

(continued)

Prologis

LP

(continued)

REIT,

5.13%,

1/15/2034

$

44,000

$

44,986

REIT,

5.00%,

1/31/2035

30,000

30,289

REIT,

4.38%,

9/15/2048

7,000

5,881

REIT,

3.00%,

4/15/2050

23,000

15,118

REIT,

5.25%,

3/15/2054

15,000

14,258

167,608

Insurance

-

3

.3

%

Aflac,

Inc.

3.60%,

4/1/2030

53,000

52,091

4.75%,

1/15/2049

10,000

8,786

Allstate

Corp.

(The)

1.45%,

12/15/2030

10,000

8,749

5.25%,

3/30/2033

40,000

41,382

American

International

Group,

Inc.

5.13%,

3/27/2033

15,000

15,360

4.38%,

6/30/2050

40,000

33,388

Arch

Capital

Finance

LLC

5.03%,

12/15/2046

10,000

9,346

Arch

Capital

Group

Ltd.

3.64%,

6/30/2050

20,000

14,853

Arthur

J

Gallagher

&

Co.

5.15%,

2/15/2035

110,000

110,855

Athene

Holding

Ltd.

6.25%,

4/1/2054

20,000

19,471

6.88%,

6/28/2055(a)

50,000

50,089

AXIS

Specialty

Finance

LLC

4.90%,

1/15/2040(a)

27,000

26,059

Brighthouse

Financial,

Inc.

4.70%,

6/22/2047

20,000

14,760

3.85%,

12/22/2051

5,000

3,029

Brown

&

Brown,

Inc.

6.25%,

6/23/2055

10,000

10,341

Everest

Reinsurance

Holdings,

Inc.

3.13%,

10/15/2052

30,000

19,176

Fidelity

National

Financial,

Inc.

4.50%,

8/15/2028

20,000

20,142

3.20%,

9/17/2051

14,000

8,930

Hartford

Insurance

Group,

Inc.

(The)

4.40%,

3/15/2048

15,000

12,726

3.60%,

8/19/2049

43,000

31,741

2.90%,

9/15/2051

14,000

8,910

Lincoln

National

Corp.

3.05%,

1/15/2030

17,000

16,193

Manulife

Financial

Corp.

3.70%,

3/16/2032

37,000

35,430

MetLife,

Inc.

5.38%,

7/15/2033

15,000

15,732

5.30%,

12/15/2034

10,000

10,367

10.75%,

8/1/2039

33,000

43,994

4.60%,

5/13/2046

30,000

26,736

5.00%,

7/15/2052

33,000

30,131

5.25%,

1/15/2054

24,000

22,749

Principal

Financial

Group,

Inc.

3.70%,

5/15/2029

33,000

32,543

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)

Insurance

-

3.3%

(continued)

Principal

Financial

Group,

Inc.

(continued)

2.13%,

6/15/2030

$

58,000

$

52,892

5.38%,

3/15/2033

10,000

10,366

5.50%,

3/15/2053

8,000

7,726

Progressive

Corp.

(The)

4.20%,

3/15/2048

60,000

49,649

Prudential

Financial,

Inc.

3.00%,

3/10/2040

23,000

17,889

4.50%,

9/15/2047(a)

50,000

49,404

3.91%,

12/7/2047

25,000

19,536

4.35%,

2/25/2050

33,000

27,242

5.13%,

3/1/2052(a)

30,000

29,630

6.00%,

9/1/2052(a)

47,000

48,521

Prudential

Funding

Asia

plc

3.13%,

4/14/2030

15,000

14,359

3.63%,

3/24/2032

10,000

9,558

Reinsurance

Group

of

America,

Inc.

5.75%,

9/15/2034

20,000

20,800

RenaissanceRe

Holdings

Ltd.

5.75%,

6/5/2033

22,000

22,987

Travelers

Cos.,

Inc.

(The)

4.00%,

5/30/2047

50,000

40,211

4.05%,

3/7/2048

8,000

6,472

4.10%,

3/4/2049

5,000

4,046

5.45%,

5/25/2053

37,000

36,302

Unum

Group

4.00%,

6/15/2029

40,000

39,596

4.13%,

6/15/2051

24,000

18,161

W

R

Berkley

Corp.

3.55%,

3/30/2052

5,000

3,530

3.15%,

9/30/2061

30,000

18,013

1,300,949

Interactive

Media

&

Services

-

1

.6

%

Alphabet,

Inc.

0.80%,

8/15/2027

170,000

163,132

1.10%,

8/15/2030

10,000

8,821

1.90%,

8/15/2040

7,000

4,712

5.35%,

11/15/2045

110,000

108,521

2.25%,

8/15/2060

140,000

71,360

Meta

Platforms,

Inc.

4.60%,

5/15/2028

70,000

71,279

4.75%,

8/15/2034

40,000

39,939

5.60%,

5/15/2053

40,000

37,946

5.40%,

8/15/2054

40,000

36,864

5.75%,

5/15/2063

83,000

78,866

5.55%,

8/15/2064

10,000

9,180

630,620

IT

Services

-

1

.5

%

Accenture

Capital,

Inc.

4.50%,

10/4/2034

60,000

59,010

Genpact

Luxembourg

Sarl

6.00%,

6/4/2029

130,000

136,221

IBM

International

Capital

Pte.

Ltd.

5.25%,

2/5/2044

100,000

96,258

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

IT

Services

-

1.5%

(continued)

International

Business

Machines

Corp.

4.50%,

2/6/2028

$

160,000

$

161,984

4.15%,

5/15/2039

100,000

89,240

2.85%,

5/15/2040

72,000

54,076

596,789

Leisure

Products

-

0

.2

%

Brunswick

Corp.

4.40%,

9/15/2032

25,000

24,123

Hasbro,

Inc.

3.90%,

11/19/2029

33,000

32,568

6.35%,

3/15/2040

10,000

10,478

67,169

Machinery

-

1

.9

%

AGCO

Corp.

5.80%,

3/21/2034

10,000

10,448

Caterpillar,

Inc.

5.20%,

5/15/2035

90,000

93,162

3.25%,

9/19/2049

80,000

57,172

CNH

Industrial

Capital

LLC

4.55%,

4/10/2028

60,000

60,492

CNH

Industrial

NV

3.85%,

11/15/2027

10,000

9,963

Cummins,

Inc.

4.90%,

2/20/2029

90,000

92,519

5.15%,

2/20/2034

70,000

72,111

Deere

&

Co.

5.45%,

1/16/2035

130,000

136,886

Ingersoll

Rand,

Inc.

5.40%,

8/14/2028

38,000

39,284

5.31%,

6/15/2031

80,000

83,333

Stanley

Black

&

Decker,

Inc.

6.00%,

3/6/2028

20,000

20,737

4.85%,

11/15/2048

10,000

8,772

2.75%,

11/15/2050

22,000

13,123

Xylem,

Inc.

1.95%,

1/30/2028

20,000

19,275

2.25%,

1/30/2031

17,000

15,398

732,675

Marine

Transportation

-

0

.1

%

Kirby

Corp.

4.20%,

3/1/2028

20,000

20,042

Media

-

0

.5

%

Fox

Corp.

4.71%,

1/25/2029

50,000

50,736

5.58%,

1/25/2049

55,000

52,666

Paramount

Global

4.95%,

1/15/2031

25,000

23,917

4.38%,

3/15/2043

30,000

20,663

5.25%,

4/1/2044

30,000

21,869

4.95%,

5/19/2050

30,000

21,046

190,897

Metals

&

Mining

-

1

.2

%

ArcelorMittal

SA

6.80%,

11/29/2032

10,000

11,200

6.00%,

6/17/2034

100,000

107,134

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)

Metals

&

Mining

-

1.2%

(continued)

BHP

Billiton

Finance

USA

Ltd.

5.30%,

2/21/2035

$

100,000

$

103,250

5.00%,

2/15/2036

60,000

60,770

5.50%,

9/8/2053

40,000

39,630

Freeport-McMoRan,

Inc.

4.25%,

3/1/2030

120,000

119,183

Gerdau

Trade,

Inc.

5.75%,

6/9/2035

20,000

20,620

461,787

Multi-Utilities

-

1

.5

%

Consolidated

Edison

Co.

of

New

York,

Inc.

2.40%,

6/15/2031

50,000

45,693

5.20%,

3/1/2033

10,000

10,340

Series

E,

4.65%,

12/1/2048

22,000

19,048

6.15%,

11/15/2052

7,000

7,341

5.90%,

11/15/2053

10,000

10,189

5.70%,

5/15/2054

100,000

99,539

4.50%,

5/15/2058

55,000

44,824

National

Grid

plc

5.81%,

6/12/2033

25,000

26,487

NiSource,

Inc.

5.35%,

7/15/2035

140,000

142,814

Public

Service

Enterprise

Group,

Inc.

5.85%,

11/15/2027

3,000

3,091

1.60%,

8/15/2030

10,000

8,873

San

Diego

Gas

&

Electric

Co.

Series

VVV,

1.70%,

10/1/2030

20,000

17,853

Series

WWW,

2.95%,

8/15/2051

77,000

49,386

5.55%,

4/15/2054

10,000

9,691

Sempra

3.70%,

4/1/2029

10,000

9,852

3.80%,

2/1/2038

6,000

5,154

4.00%,

2/1/2048

83,000

63,544

573,719

Office

REITs

-

0

.6

%

Boston

Properties

LP

REIT,

3.25%,

1/30/2031

80,000

75,085

REIT,

5.75%,

1/15/2035

20,000

20,468

Highwoods

Realty

LP

REIT,

3.05%,

2/15/2030

100,000

93,434

REIT,

7.65%,

2/1/2034

10,000

11,359

Kilroy

Realty

LP

REIT,

4.75%,

12/15/2028

30,000

30,151

REIT,

6.25%,

1/15/2036

17,000

17,563

248,060

Oil,

Gas

&

Consumable

Fuels

-

5

.3

%

Cheniere

Energy,

Inc.

4.63%,

10/15/2028

29,000

29,000

ConocoPhillips

Co.

4.85%,

1/15/2032

60,000

61,596

5.00%,

1/15/2035

200,000

202,748

Enbridge,

Inc.

5.63%,

4/5/2034

20,000

20,826

6.70%,

11/15/2053

25,000

27,501

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

5.3%

(continued)

Enbridge,

Inc.

(continued)

5.95%,

4/5/2054

$

5,000

$

5,056

5.50%,

7/15/2077(a)

50,000

49,976

Kinder

Morgan,

Inc.

2.00%,

2/15/2031

174,000

156,086

5.40%,

2/1/2034

20,000

20,687

5.30%,

12/1/2034

30,000

30,653

5.85%,

6/1/2035

30,000

31,743

5.55%,

6/1/2045

33,000

32,045

5.20%,

3/1/2048

27,000

24,862

3.60%,

2/15/2051

10,000

7,044

5.45%,

8/1/2052

35,000

32,899

Marathon

Petroleum

Corp.

3.80%,

4/1/2028

30,000

29,858

4.50%,

4/1/2048

58,000

46,583

Occidental

Petroleum

Corp.

6.13%,

1/1/2031

40,000

42,299

Zero

Coupon,

10/10/2036

50,000

29,898

6.60%,

3/15/2046

50,000

51,696

6.05%,

10/1/2054

15,000

14,439

ONEOK,

Inc.

4.25%,

9/24/2027

40,000

40,143

6.10%,

11/15/2032

25,000

26,740

5.20%,

7/15/2048

20,000

17,992

4.85%,

2/1/2049

30,000

25,277

4.50%,

3/15/2050

60,000

48,714

5.70%,

11/1/2054

30,000

28,032

5.85%,

11/1/2064

70,000

65,973

Shell

Finance

US,

Inc.

4.55%,

8/12/2043

100,000

89,569

4.38%,

5/11/2045

60,000

51,757

3.75%,

9/12/2046

20,000

15,569

TotalEnergies

Capital

International

SA

2.83%,

1/10/2030

50,000

47,846

3.46%,

7/12/2049

50,000

35,947

3.13%,

5/29/2050

60,000

40,244

TotalEnergies

Capital

SA

4.72%,

9/10/2034

10,000

10,042

5.49%,

4/5/2054

30,000

29,170

TotalEnergies

Capital

USA

LLC

4.25%,

1/13/2031

120,000

120,002

Transcontinental

Gas

Pipe

Line

Co.

LLC

4.60%,

3/15/2048

70,000

60,677

Valero

Energy

Corp.

4.00%,

4/1/2029

30,000

29,822

2.80%,

12/1/2031

60,000

54,861

4.00%,

6/1/2052

30,000

22,181

Williams

Cos.,

Inc.

(The)

3.75%,

6/15/2027

50,000

49,868

4.80%,

11/15/2029

50,000

50,990

5.65%,

3/15/2033

33,000

34,508

5.15%,

3/15/2034

5,000

5,067

5.60%,

3/15/2035

30,000

31,159

5.75%,

6/24/2044

33,000

32,836

5.10%,

9/15/2045

37,000

34,051

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

239

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

5.3%

(continued)

Williams

Cos.,

Inc.

(The)

(continued)

4.85%,

3/1/2048

$

39,000

$

34,113

5.30%,

8/15/2052

14,000

12,918

2,093,563

Paper

&

Forest

Products

-

0

.3

%

Suzano

Austria

GmbH

3.75%,

1/15/2031

20,000

18,870

Series

DM3N,

3.13%,

1/15/2032

50,000

44,866

Suzano

Netherlands

BV

5.50%,

1/15/2036

50,000

49,783

113,519

Passenger

Airlines

-

0

.1

%

Southwest

Airlines

Co.

2.63%,

2/10/2030

30,000

27,921

Personal

Care

Products

-

0

.3

%

Estee

Lauder

Cos.,

Inc.

(The)

4.38%,

5/15/2028

20,000

20,178

2.60%,

4/15/2030

30,000

28,205

1.95%,

3/15/2031

83,000

74,055

4.15%,

3/15/2047

10,000

8,049

5.15%,

5/15/2053

5,000

4,617

135,104

Pharmaceuticals

-

5

.1

%

AstraZeneca

Finance

LLC

5.00%,

2/26/2034

10,000

10,299

Bristol-Myers

Squibb

Co.

1.13%,

11/13/2027

130,000

124,384

5.20%,

2/22/2034

70,000

72,428

5.50%,

2/22/2044

100,000

100,197

5.55%,

2/22/2054

35,000

34,242

3.90%,

3/15/2062

80,000

57,781

GlaxoSmithKline

Capital

plc

3.38%,

6/1/2029

33,000

32,393

GlaxoSmithKline

Capital,

Inc.

4.88%,

4/15/2035

50,000

50,428

6.38%,

5/15/2038

32,000

35,844

Johnson

&

Johnson

6.95%,

9/1/2029

10,000

11,040

5.00%,

3/1/2035

30,000

31,131

2.10%,

9/1/2040

60,000

42,217

2.25%,

9/1/2050

20,000

11,762

5.25%,

6/1/2054

70,000

69,950

2.45%,

9/1/2060

17,000

9,317

Merck

&

Co.,

Inc.

4.05%,

5/17/2028

100,000

100,727

4.50%,

5/17/2033

30,000

30,160

3.90%,

3/7/2039

20,000

17,796

2.35%,

6/24/2040

23,000

16,545

4.90%,

5/17/2044

135,000

126,505

5.50%,

3/15/2046

100,000

99,474

2.75%,

12/10/2051

15,000

9,238

Novartis

Capital

Corp.

2.00%,

2/14/2027

10,000

9,831

2.20%,

8/14/2030

85,000

78,658

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Pharmaceuticals

-

5.1%

(continued)

Novartis

Capital

Corp.

(continued)

4.20%,

9/18/2034

$

60,000

$

58,601

4.60%,

11/5/2035

50,000

49,503

2.75%,

8/14/2050

75,000

47,908

Pfizer

Investment

Enterprises

Pte.

Ltd.

4.75%,

5/19/2033

50,000

50,504

5.11%,

5/19/2043

80,000

76,882

5.34%,

5/19/2063

72,000

66,971

Pfizer,

Inc.

1.75%,

8/18/2031

33,000

29,095

4.10%,

9/15/2038

275,000

251,269

3.90%,

3/15/2039

40,000

35,328

7.20%,

3/15/2039

37,000

44,012

2.55%,

5/28/2040

53,000

38,886

2.70%,

5/28/2050

20,000

12,520

Sanofi

SA

3.63%,

6/19/2028

15,000

14,965

Viatris,

Inc.

3.85%,

6/22/2040

60,000

46,193

4.00%,

6/22/2050

10,000

6,710

2,011,694

Professional

Services

-

0

.3

%

Automatic

Data

Processing,

Inc.

4.45%,

9/9/2034

10,000

9,933

Equifax,

Inc.

4.80%,

9/15/2029

55,000

55,928

3.10%,

5/15/2030

37,000

35,074

Verisk

Analytics,

Inc.

3.63%,

5/15/2050

30,000

21,615

122,550

Real

Estate

Management

&

Development

-

0

.1

%

CBRE

Services,

Inc.

2.50%,

4/1/2031

20,000

18,106

5.95%,

8/15/2034

18,000

19,157

Jones

Lang

LaSalle,

Inc.

6.88%,

12/1/2028

10,000

10,673

47,936

Residential

REITs

-

0

.4

%

AvalonBay

Communities,

Inc.

REIT,

5.00%,

2/15/2033

14,000

14,303

REIT,

4.35%,

4/15/2048

20,000

16,901

Camden

Property

Trust

REIT,

2.80%,

5/15/2030

50,000

47,187

ERP

Operating

LP

REIT,

1.85%,

8/1/2031

18,000

15,919

Mid-America

Apartments

LP

REIT,

1.70%,

2/15/2031

60,000

52,780

Store

Capital

LLC

REIT,

2.70%,

12/1/2031

20,000

17,701

UDR,

Inc.

REIT,

5.13%,

9/1/2034

10,000

10,066

174,857

Retail

REITs

-

0

.5

%

Brixmor

Operating

Partnership

LP

REIT,

2.25%,

4/1/2028

30,000

28,876

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

240

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Retail

REITs

-

0.5%

(continued)

Brixmor

Operating

Partnership

LP

(continued)

REIT,

2.50%,

8/16/2031

$

7,000

$

6,281

REIT,

5.50%,

2/15/2034

7,000

7,188

Federal

Realty

OP

LP

REIT,

5.38%,

5/1/2028

30,000

30,773

REIT,

3.50%,

6/1/2030

10,000

9,652

REIT,

3.63%,

8/1/2046

10,000

7,219

Kimco

Realty

OP

LLC

REIT,

4.85%,

3/1/2035

90,000

89,391

Regency

Centers

LP

REIT,

4.13%,

3/15/2028

5,000

5,014

REIT,

3.70%,

6/15/2030

26,000

25,444

209,838

Semiconductors

&

Semiconductor

Equipment

-

2

.0

%

Applied

Materials,

Inc.

4.35%,

4/1/2047

50,000

43,276

Intel

Corp.

3.75%,

3/25/2027

100,000

99,710

5.13%,

2/10/2030

110,000

112,832

2.00%,

8/12/2031

47,000

41,337

5.15%,

2/21/2034

30,000

30,380

5.63%,

2/10/2043

54,000

52,686

3.73%,

12/8/2047

57,000

41,047

4.75%,

3/25/2050

40,000

33,127

4.95%,

3/25/2060

48,000

39,394

KLA

Corp.

3.30%,

3/1/2050

20,000

14,019

4.95%,

7/15/2052

10,000

9,113

Micron

Technology,

Inc.

5.30%,

1/15/2031

30,000

31,159

5.88%,

9/15/2033

30,000

31,912

3.37%,

11/1/2041

30,000

23,217

QUALCOMM,

Inc.

2.15%,

5/20/2030

80,000

73,757

5.40%,

5/20/2033

80,000

84,446

6.00%,

5/20/2053

35,000

36,712

798,124

Software

-

3

.3

%

Adobe,

Inc.

4.80%,

4/4/2029

40,000

41,064

2.30%,

2/1/2030

33,000

30,888

5.30%,

1/17/2035

20,000

20,960

Autodesk,

Inc.

2.85%,

1/15/2030

20,000

18,959

2.40%,

12/15/2031

10,000

8,908

Cadence

Design

Systems,

Inc.

4.30%,

9/10/2029

50,000

50,319

Microsoft

Corp.

1.35%,

9/15/2030

20,000

17,887

3.45%,

8/8/2036

3,000

2,718

2.53%,

6/1/2050

70,000

42,424

2.92%,

3/17/2052

40,000

26,055

2.68%,

6/1/2060

233,000

132,352

3.04%,

3/17/2062

55,000

33,911

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Software

-

3.3%

(continued)

Oracle

Corp.

2.80%,

4/1/2027

$

40,000

$

39,332

6.25%,

11/9/2032

170,000

177,444

4.70%,

9/27/2034

130,000

120,663

3.60%,

4/1/2040

20,000

14,772

5.55%,

2/6/2053

220,000

182,918

3.85%,

4/1/2060

220,000

133,492

Salesforce,

Inc.

2.70%,

7/15/2041

50,000

35,857

ServiceNow,

Inc.

1.40%,

9/1/2030

17,000

14,989

Synopsys,

Inc.

5.15%,

4/1/2035

130,000

131,775

1,277,687

Specialized

REITs

-

0

.5

%

Equinix,

Inc.

REIT,

3.20%,

11/18/2029

70,000

67,390

REIT,

3.90%,

4/15/2032

60,000

57,737

Public

Storage

Operating

Co.

REIT,

5.35%,

8/1/2053

30,000

28,988

Weyerhaeuser

Co.

REIT,

4.00%,

4/15/2030

30,000

29,558

REIT,

3.38%,

3/9/2033

30,000

27,410

211,083

Specialty

Retail

-

2

.2

%

Home

Depot,

Inc.

(The)

3.90%,

12/6/2028

240,000

240,899

4.25%,

4/1/2046

50,000

42,425

4.50%,

12/6/2048

75,000

64,830

4.95%,

9/15/2052

70,000

64,072

5.40%,

6/25/2064

55,000

52,657

Lowe's

Cos.,

Inc.

3.65%,

4/5/2029

50,000

49,397

4.25%,

3/15/2031

60,000

59,741

2.63%,

4/1/2031

70,000

64,373

3.75%,

4/1/2032

30,000

28,775

5.50%,

10/15/2035

33,000

34,383

2.80%,

9/15/2041

138,000

99,503

4.55%,

4/5/2049

40,000

33,799

4.45%,

4/1/2062

26,000

20,406

5.85%,

4/1/2063

14,000

13,778

Tiffany

&

Co.

4.90%,

10/1/2044

10,000

9,382

878,420

Technology

Hardware,

Storage

&

Peripherals

-

2

.3

%

Apple,

Inc.

1.20%,

2/8/2028

40,000

38,127

4.00%,

5/12/2028

100,000

100,800

4.30%,

5/10/2033

70,000

70,712

4.45%,

5/6/2044

114,000

104,157

4.65%,

2/23/2046

150,000

136,406

4.85%,

5/10/2053

15,000

14,090

4.10%,

8/8/2062

47,000

36,647

Dell

International

LLC

5.50%,

4/1/2035

80,000

82,119

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

241

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Technology

Hardware,

Storage

&

Peripherals

-

2.3%

(continued)

Dell

International

LLC

(continued)

8.10%,

7/15/2036

$

110,000

$

132,021

Hewlett

Packard

Enterprise

Co.

5.00%,

10/15/2034

110,000

108,321

HP,

Inc.

5.50%,

1/15/2033

10,000

10,233

6.00%,

9/15/2041

53,000

52,802

886,435

Textiles,

Apparel

&

Luxury

Goods

-

0

.0

%

(c)

Ralph

Lauren

Corp.

2.95%,

6/15/2030

14,000

13,287

Water

Utilities

-

0

.1

%

Essential

Utilities,

Inc.

5.38%,

1/15/2034

10,000

10,292

4.28%,

5/1/2049

10,000

8,112

5.30%,

5/1/2052

10,000

9,351

27,755

Wireless

Telecommunication

Services

-

0

.3

%

Vodafone

Group

plc

5.00%,

5/30/2038

48,000

47,513

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Wireless

Telecommunication

Services

-

0.3%

(continued)

Vodafone

Group

plc

(continued)

5.63%,

2/10/2053

$

70,000

$

67,398

5.88%,

6/28/2064

20,000

19,480

134,391

Total

Corporate

Bonds

(Cost

$37,905,818)

37,416,395

Total

Investments

-

95.1%

(Cost

$37,905,818)

37,416,395

Other

assets

less

liabilities

-

4.9%

1,940,222

NET

ASSETS

-

100.0%

$39,356,617

(a)

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.

(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

January

31,

2026.

(c)

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

.1

%

Others

(1)

4‌

.9

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

242

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares

®

Ultra-Short

Income

Fund

January

31,

2026

(Unaudited)

Investments

Principal

Amount

Value

CORPORATE

BONDS

-

88

.3

%

Aerospace

&

Defense

-

0

.2

%

RTX

Corp.

5.75%,

11/8/2026

$

3,200,000

$

3,240,462

Agricultural

&

Farm

Machinery

-

1

.0

%

AGCO

Corp.

5.45%,

3/21/2027

1,250,000

1,266,590

CNH

Industrial

Capital

LLC

1.45%,

7/15/2026

10,402,000

10,278,567

4.50%,

10/8/2027

2,500,000

2,516,522

14,061,679

Agricultural

Products

&

Services

-

0

.3

%

Bunge

Ltd.

Finance

Corp.

2.00%,

4/21/2026

4,800,000

4,779,417

Apparel

Retail

-

0

.5

%

Ross

Stores,

Inc.

0.88%,

4/15/2026

7,600,000

7,553,744

Application

Software

-

1

.1

%

Intuit,

Inc.

5.25%,

9/15/2026

4,950,000

4,985,151

Roper

Technologies,

Inc.

4.25%,

9/15/2028

2,200,000

2,212,433

Synopsys,

Inc.

4.55%,

4/1/2027

7,800,000

7,855,348

15,052,932

Asset

Management

&

Custody

Banks

-

2

.8

%

BlackRock

Funding,

Inc.

4.60%,

7/26/2027

12,180,000

12,334,214

Blackstone

Private

Credit

Fund

4.95%,

9/26/2027

1,290,000

1,296,604

Citadel

Finance

LLC

3.38%,

3/9/2026(a)

6,000,000

5,993,813

State

Street

Bank

&

Trust

Co.

(SOFR

+

0.46%),

4.15%,

11/25/2026(b)

2,610,000

2,615,481

State

Street

Corp.

(SOFR

+

0.85%),

4.53%,

8/3/2026(b)

10,000,000

10,025,028

4.33%,

10/22/2027

7,040,000

7,105,628

39,370,768

Automobile

Manufacturers

-

1

.2

%

BMW

US

Capital

LLC

(United

States

SOFR

Compounded

Index

+

0.78%),

4.45%,

3/19/2027(a)(b)

8,300,000

8,334,996

Hyundai

Capital

America

5.45%,

6/24/2026(a)

1,000,000

1,005,698

(SOFR

+

1.50%),

5.15%,

1/8/2027(a)(b)

1,500,000

1,513,645

(SOFR

+

1.04%),

4.71%,

3/19/2027(a)(b)

1,000,000

1,003,850

(SOFR

+

1.04%),

4.70%,

6/24/2027(a)(b)

5,000,000

5,027,170

16,885,359

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Broadline

Retail

-

0

.5

%

Amazon.com,

Inc.

3.90%,

11/20/2028

$

3,600,000

$

3,612,889

eBay,

Inc.

1.40%,

5/10/2026

3,500,000

3,476,718

7,089,607

Cargo

Ground

Transportation

-

0

.6

%

JB

Hunt

Transport

Services,

Inc.

3.88%,

3/1/2026

5,000,000

4,999,430

Ryder

System,

Inc.

1.75%,

9/1/2026

3,600,000

3,553,479

8,552,909

Construction

Machinery

&

Heavy

Transportation

Equipment

-

0

.7

%

Daimler

Truck

Finance

North

America

LLC

(SOFR

+

0.96%),

4.62%,

9/25/2027(a)(b)

3,570,000

3,584,274

(SOFR

+

0.84%),

4.51%,

1/13/2028(a)(b)

4,100,000

4,104,618

4.15%,

1/12/2029(a)

2,300,000

2,299,885

9,988,777

Consumer

Finance

-

5

.4

%

American

Express

Co.

(SOFR

+

0.75%),

4.40%,

4/23/2027(b)

3,000,000

3,001,549

(United

States

SOFR

Compounded

Index

+

0.97%),

4.62%,

7/28/2027(b)

4,000,000

4,010,935

American

Honda

Finance

Corp.

(SOFR

+

0.55%),

4.23%,

5/21/2026(b)

300,000

300,228

(SOFR

+

0.77%),

4.44%,

3/12/2027(b)

5,000,000

5,009,825

(SOFR

+

0.72%),

4.37%,

10/22/2027(b)

11,000,000

11,044,462

Avolon

Holdings

Funding

Ltd.

4.95%,

1/15/2028(a)

3,200,000

3,239,316

General

Motors

Financial

Co.,

Inc.

(United

States

SOFR

Compounded

Index

+

1.35%),

5.04%,

5/8/2027(b)

2,169,000

2,183,572

(SOFR

+

1.29%),

4.95%,

1/7/2030(b)

7,500,000

7,506,218

John

Deere

Capital

Corp.

(SOFR

+

0.44%),

4.11%,

3/6/2026(b)

5,000,000

5,001,475

(SOFR

+

0.79%),

4.46%,

6/8/2026(b)

1,300,000

1,302,395

(SOFR

+

0.40%),

4.04%,

1/5/2027(b)

10,000,000

10,022,980

(SOFR

+

0.60%),

4.27%,

6/11/2027(b)

2,000,000

2,009,073

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)

Consumer

Finance

-

5.4%

(continued)

Toyota

Motor

Credit

Corp.

(SOFR

+

0.47%),

4.13%,

1/8/2027(b)

$

14,000,000

$

14,027,307

Series

B,

(SOFR

+

0.45%),

4.12%,

1/12/2028(b)

7,300,000

7,308,512

75,967,847

Consumer

Staples

Merchandise

Retail

-

0

.7

%

Walmart,

Inc.

(United

States

SOFR

Compounded

Index

+

0.43%),

4.08%,

4/28/2027(b)

9,500,000

9,541,895

Data

Processing

&

Outsourced

Services

-

0

.1

%

Broadridge

Financial

Solutions,

Inc.

3.40%,

6/27/2026

1,000,000

996,816

Diversified

Banks

-

22

.8

%

Australia

&

New

Zealand

Banking

Group

Ltd.

(SOFR

+

0.59%),

4.27%,

12/8/2028(a)(b)

17,380,000

17,431,792

Bank

of

America

Corp.

(SOFR

+

1.11%),

4.79%,

5/9/2029(b)

24,000,000

24,216,000

Bank

of

Montreal

(United

States

SOFR

Compounded

Index

+

0.62%),

4.30%,

9/15/2026(b)

3,300,000

3,307,481

4.06%,

9/22/2028(c)

7,200,000

7,210,660

Bank

of

New

Zealand

(SOFR

+

0.81%),

4.47%,

1/27/2027(a)(b)

4,000,000

4,018,042

Bank

of

Nova

Scotia

(The)

(United

States

SOFR

Compounded

Index

+

0.55%),

4.23%,

3/2/2026(b)

3,000,000

3,000,905

(SOFR

+

0.61%),

4.29%,

9/15/2026(b)

1,780,000

1,783,249

Banque

Federative

du

Credit

Mutuel

SA

(SOFR

+

1.13%),

4.78%,

1/23/2027(a)(b)

2,940,000

2,960,545

(United

States

SOFR

Compounded

Index

+

1.07%),

4.76%,

2/16/2028(a)(b)

10,000,000

10,064,938

(United

States

SOFR

Compounded

Index

+

1.23%),

4.88%,

1/22/2030(a)(b)

2,900,000

2,926,545

Barclays

plc

(SOFR

+

1.49%),

5.16%,

3/12/2028(b)

9,000,000

9,086,173

(SOFR

+

1.08%),

4.77%,

11/11/2029(b)

6,400,000

6,434,631

Canadian

Imperial

Bank

of

Commerce

5.62%,

7/17/2026

4,150,000

4,183,810

(SOFR

+

0.72%),

4.39%,

1/13/2028(b)

10,000,000

10,007,004

Citibank

NA

4.93%,

8/6/2026

4,000,000

4,019,657

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Diversified

Banks

-

22.8%

(continued)

Citibank

NA

(continued)

(United

States

SOFR

Compounded

Index

+

1.06%),

4.73%,

12/4/2026(b)

$

3,000,000

$

3,018,756

Citigroup,

Inc.

(SOFR

+

0.77%),

4.45%,

6/9/2027(b)

3,500,000

3,503,255

(SOFR

+

0.87%),

4.54%,

3/4/2029(b)

10,286,000

10,306,258

Commonwealth

Bank

of

Australia

4.42%,

3/14/2028

3,200,000

3,244,515

Credit

Agricole

SA

(SOFR

+

0.87%),

4.54%,

3/11/2027(a)(b)

6,670,000

6,698,997

4.63%,

9/11/2028(a)(c)

5,210,000

5,249,344

Fifth

Third

Bank

NA

(SOFR

+

0.81%),

4.46%,

1/28/2028(b)

4,900,000

4,909,172

HSBC

Holdings

plc

3.90%,

5/25/2026

3,000,000

2,999,789

(SOFR

+

1.04%),

4.73%,

11/19/2028(b)

1,800,000

1,810,045

(SOFR

+

1.03%),

4.70%,

3/3/2029(b)

5,600,000

5,625,803

HSBC

USA,

Inc.

(SOFR

+

0.97%),

4.64%,

6/3/2028(b)

4,500,000

4,535,696

ING

Groep

NV

(United

States

SOFR

Compounded

Index

+

1.01%),

4.66%,

4/1/2027(b)

5,582,000

5,587,881

JPMorgan

Chase

&

Co.

(SOFR

+

0.77%),

4.44%,

9/22/2027(b)

2,500,000

2,506,263

(SOFR

+

0.80%),

4.46%,

1/24/2029(b)

9,100,000

9,128,859

JPMorgan

Chase

Bank

NA

(SOFR

+

1.00%),

4.68%,

12/8/2026(b)

2,000,000

2,010,624

Lloyds

Banking

Group

plc

(United

States

SOFR

Compounded

Index

+

1.06%),

4.74%,

11/26/2028(b)

9,000,000

9,055,477

Mitsubishi

UFJ

Financial

Group,

Inc.

3.85%,

3/1/2026

3,200,000

3,200,152

Morgan

Stanley

Bank

NA

(SOFR

+

0.87%),

4.54%,

5/26/2028(b)

8,740,000

8,772,592

Morgan

Stanley

Private

Bank

NA

(SOFR

+

0.77%),

4.44%,

2/8/2030(b)

9,300,000

9,299,070

National

Australia

Bank

Ltd.

(SOFR

+

0.50%),

4.18%,

3/6/2028(a)(b)

3,000,000

3,004,201

(SOFR

+

0.53%),

4.20%,

12/13/2028(a)(b)

11,000,000

11,006,644

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)

Diversified

Banks

-

22.8%

(continued)

National

Bank

of

Canada

(United

States

SOFR

Compounded

Index

+

1.03%),

4.68%,

7/2/2027(b)

$

6,260,000

$

6,273,744

NatWest

Markets

plc

(SOFR

+

0.90%),

4.59%,

5/17/2027(a)(b)

10,250,000

10,300,737

Nordea

Bank

Abp

(SOFR

+

0.70%),

4.37%,

3/17/2028(a)(b)

7,700,000

7,739,407

PNC

Financial

Services

Group,

Inc.

(The)

(SOFR

+

0.62%),

4.28%,

1/26/2029(b)

8,500,000

8,511,645

Royal

Bank

of

Canada

(United

States

SOFR

Compounded

Index

+

0.57%),

4.23%,

4/27/2026(b)

2,000,000

2,002,126

(United

States

SOFR

Compounded

Index

+

0.46%),

4.15%,

8/3/2026(b)

5,000,000

5,005,542

(United

States

SOFR

Compounded

Index

+

0.59%),

4.28%,

11/2/2026(b)

7,200,000

7,218,806

(United

States

SOFR

Compounded

Index

+

0.83%),

4.49%,

1/24/2029(b)

5,000,000

5,009,809

Santander

UK

Group

Holdings

plc

4.32%,

9/22/2029(c)

3,200,000

3,205,168

Skandinaviska

Enskilda

Banken

AB

(SOFR

+

0.89%),

4.56%,

3/5/2027(a)(b)

3,000,000

3,017,014

Societe

Generale

SA

(SOFR

+

1.41%),

5.08%,

4/13/2029(a)(b)

1,900,000

1,916,008

Sumitomo

Mitsui

Financial

Group,

Inc.

(SOFR

+

0.88%),

4.54%,

1/14/2027(b)

1,480,000

1,487,793

4.11%,

1/15/2029

1,600,000

1,600,439

(SOFR

+

1.17%),

4.83%,

7/9/2029(b)

1,500,000

1,517,973

Swedbank

AB

5.47%,

6/15/2026(a)

5,500,000

5,533,034

(SOFR

+

1.03%),

4.71%,

11/20/2029(a)(b)

2,800,000

2,839,568

Toronto-Dominion

Bank

(The)

(SOFR

+

1.08%),

4.74%,

7/17/2026(b)

4,010,000

4,025,198

(SOFR

+

0.59%),

4.26%,

9/10/2026(b)

2,000,000

2,004,460

Wells

Fargo

&

Co.

(SOFR

+

0.78%),

4.44%,

1/24/2028(b)

8,000,000

8,020,498

Westpac

Banking

Corp.

(SOFR

+

0.42%),

4.08%,

4/16/2026(b)

3,710,000

3,712,296

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Diversified

Banks

-

22.8%

(continued)

Westpac

Banking

Corp.

(continued)

(SOFR

+

0.52%),

4.19%,

6/3/2026(b)

$

500,000

$

500,587

(SOFR

+

0.82%),

4.47%,

7/1/2030(b)

930,000

939,064

318,505,741

Diversified

Capital

Markets

-

2

.3

%

Deutsche

Bank

AG

(SOFR

+

1.21%),

4.88%,

1/10/2029(b)

7,000,000

7,048,300

6.82%,

11/20/2029(c)

7,000,000

7,466,215

Macquarie

Bank

Ltd.

5.27%,

7/2/2027(a)

1,290,000

1,316,344

(SOFR

+

0.74%),

4.41%,

6/12/2028(a)(b)

13,000,000

13,069,496

Macquarie

Group

Ltd.

(SOFR

+

0.92%),

4.59%,

9/23/2027(a)(b)

3,000,000

3,006,844

31,907,199

Diversified

Metals

&

Mining

-

1

.8

%

BHP

Billiton

Finance

USA

Ltd.

4.88%,

2/27/2026

5,000,000

5,002,846

Glencore

Funding

LLC

(United

States

SOFR

Compounded

Index

+

0.75%),

4.40%,

10/1/2026(a)(b)

10,000,000

10,020,431

Rio

Tinto

Finance

USA

plc

(United

States

SOFR

Compounded

Index

+

0.84%),

4.52%,

3/14/2028(b)

9,400,000

9,476,774

24,500,051

Diversified

Support

Services

-

0

.2

%

Element

Fleet

Management

Corp.

6.27%,

6/26/2026(a)

2,820,000

2,840,270

Electric

Utilities

-

0

.7

%

Georgia

Power

Co.

4.00%,

10/1/2028

2,900,000

2,909,204

NextEra

Energy

Capital

Holdings,

Inc.

(United

States

SOFR

Compounded

Index

+

0.80%),

4.49%,

2/4/2028(b)

6,700,000

6,738,994

9,648,198

Electronic

Components

-

0

.5

%

Amphenol

Corp.

(SOFR

+

0.53%),

4.22%,

11/15/2027(b)

6,300,000

6,315,416

Fertilizers

&

Agricultural

Chemicals

-

0

.2

%

Nutrien

Ltd.

4.50%,

3/12/2027

3,300,000

3,318,583

Food

Distributors

-

0

.6

%

Sysco

Corp.

3.30%,

7/15/2026

3,000,000

2,991,720

3.25%,

7/15/2027

5,370,000

5,323,098

8,314,818

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Ultra-Short

Income

Fund

(cont.)

245

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Health

Care

Distributors

-

0

.2

%

Cencora,

Inc.

4.63%,

12/15/2027

$

2,090,000

$

2,115,573

Health

Care

Equipment

-

0

.9

%

GE

HealthCare

Technologies,

Inc.

4.15%,

12/15/2028

1,800,000

1,805,661

Stryker

Corp.

4.55%,

2/10/2027

6,300,000

6,347,304

Zimmer

Biomet

Holdings,

Inc.

4.70%,

2/19/2027

3,906,000

3,938,232

12,091,197

Health

Care

Facilities

-

0

.3

%

HCA,

Inc.

5.25%,

6/15/2026

2,276,000

2,278,348

5.00%,

3/1/2028

1,660,000

1,691,326

3,969,674

Health

Care

Supplies

-

0

.3

%

Medline

Borrower

LP

3.88%,

4/1/2029(a)

3,600,000

3,519,793

Home

Improvement

Retail

-

1

.2

%

Lowe's

Cos.,

Inc.

4.80%,

4/1/2026

7,600,000

7,607,239

2.50%,

4/15/2026

5,800,000

5,783,949

4.00%,

10/15/2028

3,300,000

3,303,759

16,694,947

Homebuilding

-

0

.9

%

Lennar

Corp.

5.25%,

6/1/2026

6,300,000

6,307,059

PulteGroup,

Inc.

5.50%,

3/1/2026

6,500,000

6,506,687

12,813,746

Hotels,

Resorts

&

Cruise

Lines

-

0

.2

%

Royal

Caribbean

Cruises

Ltd.

7.50%,

10/15/2027

3,000,000

3,160,722

Independent

Power

Producers

&

Energy

Traders

-

0

.3

%

Constellation

Energy

Generation

LLC

(SOFR

+

0.60%),

4.26%,

1/8/2028(b)

4,400,000

4,407,480

Insurance

Brokers

-

1

.2

%

Arthur

J

Gallagher

&

Co.

4.60%,

12/15/2027

10,230,000

10,345,674

Marsh

&

McLennan

Cos.,

Inc.

(United

States

SOFR

Compounded

Index

+

0.70%),

4.39%,

11/8/2027(b)

6,905,000

6,937,225

17,282,899

Integrated

Oil

&

Gas

-

1

.8

%

Chevron

USA,

Inc.

(SOFR

+

0.57%),

4.24%,

8/13/2028(b)

22,200,000

22,356,288

Saudi

Arabian

Oil

Co.

4.00%,

2/2/2029(a)

2,670,000

2,653,713

25,010,001

Integrated

Telecommunication

Services

-

2

.9

%

AT&T,

Inc.

1.70%,

3/25/2026

5,000,000

4,984,848

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Integrated

Telecommunication

Services

-

2.9%

(continued)

AT&T,

Inc.

(continued)

3.80%,

2/15/2027

$

23,000,000

$

22,966,057

Orange

SA

4.00%,

1/13/2029(a)

3,000,000

3,001,606

Verizon

Communications,

Inc.

4.33%,

9/21/2028

9,800,000

9,883,667

40,836,178

Interactive

Home

Entertainment

-

0

.7

%

Take-Two

Interactive

Software,

Inc.

5.00%,

3/28/2026

10,000,000

10,013,809

Interactive

Media

&

Services

-

0

.4

%

Alphabet,

Inc.

(SOFR

+

0.52%),

4.20%,

11/15/2028(b)

5,000,000

5,039,492

Investment

Banking

&

Brokerage

-

1

.0

%

Charles

Schwab

Corp.

(The)

(United

States

SOFR

Compounded

Index

+

0.52%),

4.19%,

5/13/2026(b)

1,000,000

1,000,617

(United

States

SOFR

Compounded

Index

+

1.05%),

4.72%,

3/3/2027(b)

6,500,000

6,550,140

LPL

Holdings,

Inc.

4.90%,

4/3/2028

2,500,000

2,537,746

Morgan

Stanley

(SOFR

+

1.02%),

4.68%,

4/13/2028(b)

4,456,000

4,479,486

14,567,989

IT

Consulting

&

Other

Services

-

1

.2

%

Accenture

Capital,

Inc.

3.90%,

10/4/2027

4,500,000

4,519,851

International

Business

Machines

Corp.

3.45%,

2/19/2026

3,100,000

3,099,167

3.30%,

5/15/2026

6,500,000

6,491,103

4.00%,

2/3/2029

2,500,000

2,502,121

16,612,242

Life

Sciences

Tools

&

Services

-

0

.3

%

Agilent

Technologies,

Inc.

4.20%,

9/9/2027

4,520,000

4,541,286

Managed

Health

Care

-

1

.7

%

Elevance

Health,

Inc.

1.50%,

3/15/2026

10,500,000

10,469,700

4.50%,

10/30/2026

1,490,000

1,496,908

UnitedHealth

Group,

Inc.

(SOFR

+

0.50%),

4.16%,

7/15/2026(b)

9,387,000

9,401,901

4.40%,

6/15/2028

3,000,000

3,031,553

24,400,062

Multi-Utilities

-

0

.8

%

Consolidated

Edison

Co.

of

New

York,

Inc.

(United

States

SOFR

Compounded

Index

+

0.52%),

4.21%,

11/18/2027(b)

5,200,000

5,210,878

DTE

Energy

Co.

2.85%,

10/1/2026

3,100,000

3,078,240

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Ultra-Short

Income

Fund

(cont.)

246

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Multi-Utilities

-

0.8%

(continued)

DTE

Energy

Co.

(continued)

4.88%,

6/1/2028

$

2,900,000

$

2,949,641

11,238,759

Office

REITs

-

0

.2

%

Boston

Properties

LP

REIT,

2.75%,

10/1/2026

2,300,000

2,279,495

Oil

&

Gas

Equipment

&

Services

-

0

.0

%

(d)

Schlumberger

Holdings

Corp.

5.00%,

5/29/2027(a)

641,000

649,038

Oil

&

Gas

Refining

&

Marketing

-

0

.1

%

Phillips

66

1.30%,

2/15/2026

800,000

798,959

Oil

&

Gas

Storage

&

Transportation

-

1

.0

%

Williams

Cos.,

Inc.

(The)

5.40%,

3/2/2026

14,000,000

14,019,652

Packaged

Foods

&

Meats

-

1

.7

%

Campbell's

Co.

(The)

5.30%,

3/20/2026

960,000

961,550

Kellanova

3.25%,

4/1/2026

12,092,000

12,081,154

Kraft

Heinz

Foods

Co.

3.00%,

6/1/2026

8,400,000

8,372,798

McCormick

&

Co.,

Inc.

0.90%,

2/15/2026

620,000

619,285

Mondelez

International,

Inc.

4.13%,

5/7/2028

2,000,000

2,005,046

24,039,833

Pharmaceuticals

-

6

.5

%

Bristol-Myers

Squibb

Co.

(SOFR

+

0.49%),

4.17%,

2/20/2026(b)

3,182,000

3,182,402

Eli

Lilly

&

Co.

(SOFR

+

0.53%),

4.19%,

10/15/2028(b)

17,100,000

17,215,290

GlaxoSmithKline

Capital

plc

(SOFR

+

0.50%),

4.17%,

3/12/2027(b)

8,300,000

8,329,933

Merck

&

Co.,

Inc.

(SOFR

+

0.57%),

4.24%,

3/15/2029(b)

27,500,000

27,581,125

Pfizer,

Inc.

(SOFR

+

0.50%),

4.18%,

11/15/2027(b)

5,500,000

5,521,856

Sanofi

SA

(SOFR

+

0.46%),

4.15%,

11/3/2027(b)

12,500,000

12,551,961

(SOFR

+

0.54%),

4.23%,

11/3/2028(b)

16,700,000

16,792,275

91,174,842

Property

&

Casualty

Insurance

-

0

.9

%

Allstate

Corp.

(The)

3.28%,

12/15/2026

12,313,000

12,246,005

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Regional

Banks

-

5

.9

%

ANZ

New

Zealand

International

Ltd.

(SOFR

+

0.61%),

4.26%,

1/22/2029(a)(b)

$

6,500,000

$

6,505,967

Citizens

Financial

Group,

Inc.

2.85%,

7/27/2026

6,500,000

6,461,734

Huntington

National

Bank

(The)

4.87%,

4/12/2028(c)

4,100,000

4,135,496

PNC

Bank

NA

4.54%,

5/13/2027(c)

7,500,000

7,509,973

(SOFR

+

0.73%),

4.39%,

7/21/2028(b)

7,750,000

7,769,763

Santander

Holdings

USA,

Inc.

6.12%,

5/31/2027(c)

3,250,000

3,268,951

(SOFR

+

1.61%),

5.28%,

3/20/2029(b)

7,000,000

7,047,860

Truist

Bank

(SOFR

+

0.77%),

4.43%,

7/24/2028(b)

12,000,000

12,036,600

(SOFR

+

0.66%),

4.32%,

1/27/2029(b)

21,000,000

20,985,111

4.14%,

10/23/2029(c)

6,300,000

6,296,320

82,017,775

Restaurants

-

0

.2

%

Starbucks

Corp.

4.50%,

5/15/2028

3,170,000

3,203,620

Self-Storage

REITs

-

0

.3

%

Public

Storage

Operating

Co.

REIT,

(United

States

SOFR

Compounded

Index

+

0.70%),

4.36%,

4/16/2027(b)

4,180,000

4,194,420

Semiconductors

-

1

.3

%

Advanced

Micro

Devices,

Inc.

4.21%,

9/24/2026

6,100,000

6,117,981

Intel

Corp.

4.88%,

2/10/2026

10,200,000

10,200,612

NXP

BV

4.30%,

8/19/2028

1,700,000

1,707,602

18,026,195

Soft

Drinks

&

Non-alcoholic

Beverages

-

1

.8

%

Keurig

Dr

Pepper,

Inc.

(SOFR

+

0.58%),

4.27%,

11/15/2026(b)

10,010,000

10,014,555

(United

States

SOFR

Compounded

Index

+

0.88%),

4.56%,

3/15/2027(b)

2,500,000

2,504,112

Pepsico

Singapore

Financing

I

Pte.

Ltd.

(United

States

SOFR

Compounded

Index

+

0.56%),

4.25%,

2/16/2027(b)

12,200,000

12,251,363

24,770,030

Specialized

Finance

-

0

.6

%

NTT

Finance

Corp.

(SOFR

+

1.08%),

4.74%,

7/16/2028(a)(b)

8,000,000

8,080,899

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Ultra-Short

Income

Fund

(cont.)

247

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Systems

Software

-

2

.6

%

Fortinet,

Inc.

1.00%,

3/15/2026

$

5,900,000

$

5,877,491

Oracle

Corp.

1.65%,

3/25/2026

11,170,000

11,130,483

(SOFR

+

0.76%),

4.45%,

8/3/2028(b)

9,400,000

9,244,242

VMware

LLC

1.40%,

8/15/2026

9,495,000

9,370,717

35,622,933

Technology

Hardware,

Storage

&

Peripherals

-

0

.5

%

Dell

International

LLC

6.02%,

6/15/2026

1,000,000

1,002,907

4.75%,

4/1/2028

2,750,000

2,788,863

Hewlett

Packard

Enterprise

Co.

4.45%,

9/25/2026

3,770,000

3,781,207

7,572,977

Telecom

Tower

REITs

-

0

.2

%

American

Tower

Corp.

REIT,

3.38%,

10/15/2026

2,911,000

2,899,030

Trading

Companies

&

Distributors

-

1

.5

%

Air

Lease

Corp.

3.75%,

6/1/2026

1,000,000

998,878

1.88%,

8/15/2026

10,925,000

10,798,307

GATX

Corp.

3.25%,

9/15/2026

8,931,000

8,884,463

20,681,648

Transaction

&

Payment

Processing

Services

-

1

.8

%

Fiserv,

Inc.

3.20%,

7/1/2026

5,700,000

5,680,022

Mastercard,

Inc.

(United

States

SOFR

Compounded

Index

+

0.44%),

4.12%,

3/15/2028(b)

11,900,000

11,924,458

PayPal

Holdings,

Inc.

(SOFR

+

0.67%),

4.35%,

3/6/2028(b)

8,200,000

8,224,800

25,829,280

Wireless

Telecommunication

Services

-

0

.7

%

T-Mobile

USA,

Inc.

1.50%,

2/15/2026

947,000

945,929

2.25%,

2/15/2026

1,000,000

999,318

2.63%,

4/15/2026

7,700,000

7,679,349

9,624,596

Total

Corporate

Bonds

(Cost

$1,230,443,356)

1,234,479,564

ASSET-BACKED

SECURITIES

-

6

.3

%

American

Credit

Acceptance

Receivables

Trust

Series

2025-3,

Class

B,

4.75%,

9/12/2029(a)

6,435,000

6,477,526

Americredit

Automobile

Receivables

Trust

Series

2022-1,

Class

D,

3.23%,

2/18/2028

7,570,000

7,524,649

Investments

Principal

Amount

Value

Capital

One

Multi-Asset

Execution

Trust

Series

2024-A1,

Class

A,

3.92%,

9/15/2029

$

9,000,000

$

9,025,467

CarMax

Auto

Owner

Trust

Series

2023-1,

Class

D,

6.27%,

11/15/2029

2,600,000

2,649,437

Carvana

Auto

Receivables

Trust

Series

2025-P2,

Class

A2,

4.56%,

8/10/2028

3,486,103

3,491,978

Chase

Issuance

Trust

Series

2023-A1,

Class

A,

5.16%,

9/15/2028

1,900,000

1,915,779

Evergreen

Credit

Card

Trust

Series

2024-1A,

Class

B,

5.51%,

7/15/2028(a)

3,400,000

3,418,248

Series

2024-CRT4,

Class

B,

5.25%,

10/15/2028(a)

5,000,000

5,034,790

Exeter

Automobile

Receivables

Trust

Series

2025-2A,

Class

D,

5.89%,

7/15/2031

1,100,000

1,128,196

Ford

Credit

Auto

Owner

Trust

Series

2024-B,

Class

A2A,

5.40%,

4/15/2027

139,857

139,983

GM

Financial

Automobile

Leasing

Trust

Series

2024-1,

Class

A3,

5.09%,

3/22/2027

391,426

392,195

GM

Financial

Consumer

Automobile

Receivables

Trust

Series

2024-4,

Class

A2A,

4.53%,

10/18/2027

175,348

175,505

Honda

Auto

Receivables

Owner

Trust

Series

2024-4,

Class

A2,

4.56%,

3/15/2027

1,078,891

1,079,713

Series

2023-3,

Class

A3,

5.41%,

2/18/2028

2,372,615

2,389,275

Hyundai

Auto

Receivables

Trust

Series

2024-C,

Class

A2A,

4.53%,

9/15/2027

314,040

314,474

Series

2023-B,

Class

A3,

5.48%,

4/17/2028

2,376,810

2,392,639

John

Deere

Owner

Trust

Series

2024-C,

Class

A2A,

4.36%,

8/16/2027

989,464

990,200

Kubota

Credit

Owner

Trust

Series

2025-1A,

Class

A2,

4.61%,

12/15/2027(a)

1,093,208

1,097,382

Mercedes-Benz

Auto

Receivables

Trust

Series

2023-2,

Class

A3,

5.95%,

11/15/2028

1,668,492

1,689,866

Navient

Private

Education

Refi

Loan

Trust

Series

2020-IA,

Class

A1A,

1.33%,

4/15/2069(a)

680,244

633,499

Pagaya

Ai

Debt

Grantor

Trust

Series

2025-6,

Class

A2,

4.50%,

4/15/2033(a)

1,100,000

1,101,556

Series

2025-6,

Class

B,

4.88%,

4/15/2033(a)

3,200,000

3,191,670

Series

2025-6,

Class

C,

5.01%,

4/15/2033(a)

1,100,000

1,097,888

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Ultra-Short

Income

Fund

(cont.)

248

Investments

Principal

Amount

Value

ASSET-BACKED

SECURITIES

(continued)

PK

Alift

Loan

Funding

7

LP

Series

2025-2,

Class

A,

4.75%,

3/15/2043(a)

$

4,409,530

$

4,411,027

Santander

Drive

Auto

Receivables

Trust

Series

2025-2,

Class

A2,

4.71%,

6/15/2028

5,150,690

5,157,566

Series

2024-4,

Class

D,

5.32%,

12/15/2031

4,920,000

4,995,723

Santander

Mortgage

Asset

Receivable

Trust

Series

2026-CES1,

Class

A1A,

4.88%,

1/1/2056(a)(e)

4,000,000

4,001,440

Tesla

Auto

Lease

Trust

Series

2024-B,

Class

A2B,

4.29%,

1/20/2027(a)(f)

252,038

252,070

Toyota

Auto

Receivables

Owner

Trust

Series

2023-C,

Class

A3,

5.16%,

4/17/2028

2,867,790

2,885,977

Trillium

Credit

Card

Trust

II

Series

2025-1A,

Class

B,

4.41%,

9/26/2030(a)

2,300,000

2,299,261

Verizon

Master

Trust

Series

2023-4,

Class

A1A,

5.16%,

6/20/2029

3,410,000

3,426,377

Series

2024-4,

Class

B,

5.40%,

6/20/2029

3,000,000

3,016,721

Total

Asset-Backed

Securities

(Cost

$87,615,660)

87,798,077

U.S.

TREASURY

OBLIGATIONS

-

1

.2

%

U.S.

Treasury

Notes

4.38%,

7/31/2026

$

5,000,000

5,017,568

3.75%,

8/15/2027

4,250,000

4,263,447

3.88%,

10/15/2027

8,000,000

8,044,063

Total

U.S.

Treasury

Obligations

(Cost

$17,253,340)

17,325,078

COLLATERALIZED

MORTGAGE

OBLIGATIONS

-

1

.2

%

Bravo

Residential

Funding

Trust

Series

2025-NQM1,

Class

A1,

5.60%,

12/25/2064(a)(e)

6,195,560

6,258,369

Chase

Home

Lending

Mortgage

Trust

Series

2024-2,

Class

A4A,

6.00%,

2/25/2055(a)(f)

1,410,870

1,428,367

JP

Morgan

Mortgage

Trust

Series

2025-NQM1,

Class

A1,

5.59%,

6/25/2065(a)(e)

3,206,288

3,241,897

OBX

Trust

Series

2024-NQM11,

Class

A1,

5.87%,

6/25/2064(a)(e)

3,251,458

3,291,828

Series

2024-NQM16,

Class

A1,

5.53%,

10/25/2064(a)(e)

1,705,015

1,722,079

Total

Collateralized

Mortgage

Obligations

(Cost

$15,797,104)

15,942,540

Investments

Principal

Amount

Value

COMMERCIAL

MORTGAGE-BACKED

SECURITIES

-

0

.9

%

BPR

Trust

Series

2023-BRK2,

Class

A,

6.90%,

10/5/2038(a)(f)

$

1,780,000

$

1,851,221

BX

Commercial

Mortgage

Trust

Series

2019-IMC,

Class

A,

4.73%,

4/15/2034(a)(f)

2,354,897

2,346,066

FRESB

Mortgage

Trust

Series

2022-SB94,

Class

A5F,

1.64%,

11/25/2026(f)

3,753,431

3,677,839

SCMS

Mortgage

Trust

Series

2025-BNC1,

Class

A1,

4.08%,

12/15/2057(a)

4,961,701

4,968,220

Total

Commercial

Mortgage-Backed

Securities

(Cost

$12,839,138)

12,843,346

MUNICIPAL

BONDS

-

0

.2

%

New

Jersey

Transportation

Trust

Fund

Authority

Series

2024BB,

4.61%,

6/15/2026

(Cost

$2,876,295)

2,883,643

SHORT-TERM

INVESTMENTS

-

2

.4

%

CERTIFICATES

OF

DEPOSIT

-

0

.7

%

Mitsubishi

UFJ

Trust

&

Banking

Corp.

(SOFR

+

0.32%),

3.97%,

3/17/2026(b)

(Cost

$10,000,000)

10,000,000

10,002,817

U.S.

GOVERNMENT

AGENCY

SECURITIES

-

1

.3

%

FNMA

3.45%,

2/2/2026

(Cost

$18,998,179)

19,000,000

18,994,490

U.S.

TREASURY

OBLIGATIONS

-

0

.4

%

(g)

U.S.

Treasury

Bills

3.50%,

7/9/2026

(Cost

$5,121,363)

5,200,000

5,119,947

Total

Short-Term

Investments

(Cost

$34,119,542)

34,117,254

Total

Investments

-

100.5%

(Cost

$1,400,944,435)

1,405,389,502

Liabilities

in

excess

of

other

assets

-

(0.5%)

(7,162,663)

NET

ASSETS

-

100.0%

$1,398,226,839

(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

January

31,

2026,

the

value

of

these

securities

amounted

to

approximately

$243,602,886

or

17.42%

of

net

assets.

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Ultra-Short

Income

Fund

(cont.)

249

(b)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

is

the

rate

in

effect

as

of

January

31,

2026.

(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)

Represents

less

than

0.05%

of

net

assets.

(e)

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

January

31,

2026.

(f)

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

January

31,

2026.

(g)

The

rate

shown

was

the

current

yield

as

of

January

31,

2026.

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

January

31,

2026:

Australia

5‌

.8

%

Canada

5‌

.6

Finland

0‌

.6

France

2‌

.3

Germany

2‌

.3

Ireland

0‌

.2

Japan

1‌

.9

Netherlands

0‌

.5

New

Zealand

0‌

.8

Saudi

Arabia

0‌

.2

Sweden

0‌

.8

United

Kingdom

4‌

.1

United

States

75‌

.4

Other

1

(

0‌

.5

)

100.0%

1

Includes

any

non-fixed-income

securities

and

net

other

assets

(liabilities).

Security

Type

%

of

Net

Assets

Corporate

Bonds

88‌

.3

%

Asset-Backed

Securities

6‌

.3

U.S.

Treasury

Obligations

1‌

.2

Collateralized

Mortgage

Obligations

1‌

.2

Commercial

Mortgage-Backed

Securities

0‌

.9

Municipal

Bonds

0‌

.2

Short-Term

Investments

2‌

.4

Others

(1)

(

0‌

.5

)

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

250

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares

®

Core

Select

Bond

Fund

January

31,

2026

(Unaudited)

Investments

Shares

Value

EXCHANGE

TRADED

FUNDS

-

99.6%

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund(a)

742,740

$

36,587,372

FlexShares®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund(a)

68,394

2,912,901

FlexShares®

Disciplined

Duration

MBS

Index

Fund(a)

902,575

18,832,227

FlexShares®

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund(a)

126,709

3,063,824

FlexShares®

Ultra-Short

Income

Fund(a)(b)

280,606

21,221,727

iShares

10+

Year

Investment

Grade

Corporate

Bond

ETF

826

41,862

iShares

1-3

Year

Treasury

Bond

ETF(b)

8,975

744,835

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF(b)

14,196

753,949

iShares

20+

Year

Treasury

Bond

ETF

206,009

17,949,564

iShares

3-7

Year

Treasury

Bond

ETF(b)

186,425

22,249,824

iShares

5-10

Year

Investment

Grade

Corporate

Bond

ETF(b)

167,784

9,062,014

iShares

7-10

Year

Treasury

Bond

ETF(b)

7,765

744,974

iShares

MBS

ETF(b)

160,547

15,362,742

Total

Exchange

Traded

Funds

(Cost

$151,719,781)

149,527,815

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

9.7%(c)

REPURCHASE

AGREEMENTS

-

9.7%

CF

Secured

LLC

3.66%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$5,592,524,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.63%,

maturing

1/31/2026

-

5/15/2052;

total

market

value

$5,649,093

$

5,591,387

5,591,387

The

Bank

of

Nova

Scotia,

Toronto

3.79%,

dated

1/31/2026,

due

2/2/2026,

repurchase

price

$9,001,895,

collateralized

by

various

Common

Stocks;

total

market

value

$9,950,041

9,000,000

9,000,000

14,591,387

Total

Securities

Lending

Reinvestments

(Cost

$14,591,387)

14,591,387

Investments

Principal

Amount

Value

SHORT-TERM

INVESTMENTS

-

0.2%(d)(e)

U.S.

TREASURY

OBLIGATIONS

-

0.2%

U.S.

Treasury

Bills

3.74%,

5/7/2026

(Cost

$337,692)

$

341,000

$

337,823

Total

Investments

-

109.5%

(Cost

$166,648,860)

164,457,025

Liabilities

in

excess

of

other

assets

-

(9.5%)

(14,333,843)

NET

ASSETS

-

100.0%

$150,123,182

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Core

Select

Bond

Fund

(cont.)

251

For

the

period

ended

January

31,

2026,

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

January

31,

2026.

The

total

value

of

securities

on

loan

at

January

31,

2026

was

$16,127,419,

collateralized

in

the

form

of

cash

with

a

value

of

$14,591,387

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments

and

$1,991,540

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

4.75%,

and

maturity

dates

ranging

from

April

30,

2026

–

May

15,

2055;

a

total

value

of

$16,582,927.

(c)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

January

31,

2026.

The

total

value

of

securities

purchased

was

$14,591,387.

(d)

All

or

a

portion

of

the

security

pledged

as

collateral

for

Futures

Contracts.

(e)

The

rate

shown

was

the

current

yield

as

of

January

31,

2026.

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.

Investment

in

a

company

which

was

affiliated

for

the

period

ended

January

31,

2026,

was

as

follows:

Security

Value

October

31,

2025

Purchases

at

Cost

Sales

Proceeds

Shares

January

31,

2026

Value

January

31,

2026

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Realized

Loss

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund

$

13,711,722

$

23,200,205

$

386,718

742,740

$

36,587,372

$

46,897

$

326,103

$

15,266

FlexShares®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

705,385

2,267,910

30,856

68,394

2,912,901

(30,719)

29,015

1,181

FlexShares®

Disciplined

Duration

MBS

Index

Fund

18,153,731

934,289

199,281

902,575

18,832,227

(69,649)

259,454

13,137

FlexShares®

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund

2,956,357

151,612

32,301

126,709

3,063,824

(11,853)

33,136

9

FlexShares®

Ultra-

Short

Income

Fund

18,499,450

8,606,310

5,876,510

280,606

21,221,727

2,823

247,741

(10,346)

$54,026,645

$35,160,326

$6,525,666

2,121,024

$82,618,051

$(62,501)

$895,449

$19,247

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Core

Select

Bond

Fund

(cont.)

252

Futures

Contracts

FlexShares®

Core

Select

Bond

Fund

had

the

following

open

futures

contracts

as

of

January

31,

2026:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Depreciation

Long

Contracts

‌

U.S.

Treasury

10

Year

Ultra

Note

13

03/20/2026

USD

$

1,484,031

$

(20,028)

U.S.

Treasury

2

Year

Note

10

03/31/2026

USD

2,084,922

(3,862)

U.S.

Treasury

5

Year

Note

30

03/31/2026

USD

3,267,891

(20,404)

U.S.

Treasury

Long

Bond

38

03/20/2026

USD

4,374,750

(44,286)

$

(88,580)

Abbreviations:

USD

—

US

Dollar

Security

Type

%

of

Net

Assets

Exchange

Traded

Funds

99.6

%

Securities

Lending

Reinvestments

9.7

Short-Term

Investments

0.2

Others

(1)

(9.5)

100.0%

(1)

Includes

any

other

net

assets/(liabilities).

253

Notes

to

the

Financial

Statements

January

31,

2026

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 January

31,

2026 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*

$

143‌,496,890

$

—‌

$

—‌

$

143‌,496,890

Securities

Lending

Reinvestments

Repurchase

Agreements

—‌

685‌,805

—‌

685‌,805

Short-Term

Investments

—‌

113‌,928

—‌

113‌,928

Total

Investments

$

143‌,496,890

$

799‌,733

$

—‌

$

144‌,296,623

Other

Financial

Instruments

Assets

Futures

Contracts

$

23‌,995

$

—‌

$

—‌

$

23‌,995

Total

Other

Financial

Instruments

$

23‌,995

$

—‌

$

—‌

$

23‌,995

254

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

Electric

Utilities

$

3‌,114,043

$

12‌,450

$

—‌

$

3‌,126,493

Other*

56‌,538,883

—‌

—‌

56‌,538,883

Rights

1‌,736

—‌

—‌

1‌,736

Warrants

—‌

—‌

—‌

—‌

Securities

Lending

Reinvestments

Repurchase

Agreements

—‌

2‌,373,055

—‌

2‌,373,055

Total

Investments

$

59‌,654,662

$

2‌,385,505

$

—‌

$

62‌,040,167

Other

Financial

Instruments

Assets

Futures

Contracts

$

19‌,539

$

—‌

$

—‌

$

19‌,539

Forward

Foreign

Currency

Contracts

—‌

5‌,097

—‌

5‌,097

Liabilities

Forward

Foreign

Currency

Contracts

$

—‌

$

(

12‌,343

)

$

—‌

$

(

12‌,343

)

Total

Other

Financial

Instruments

$

19‌,539

$

(

7‌,246

)

$

—‌

$

12‌,293

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

Food

Products

$

430‌,611

$

—‌

$

2‌,782

$

433‌,393

Ground

Transportation

64‌,841

1‌,966

—‌

66‌,807

Other*

15‌,137,725

—‌

—‌

15‌,137,725

Total

Investments

$

15‌,633,177

$

1‌,966

$

2‌,782

$

15‌,637,925

Other

Financial

Instruments

Assets

Futures

Contracts

$

6‌,867

$

—‌

$

—‌

$

6‌,867

Forward

Foreign

Currency

Contracts

—‌

283‌

—‌

283‌

Total

Other

Financial

Instruments

$

6‌,867

$

283‌

$

—‌

$

7‌,150

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

Software

$

124‌,160,390

$

42‌,778

$

—‌

$

124‌,203,168

Other*

1‌,750,563,535

—‌

—‌

1‌,750,563,535

Rights

—‌

—‌

—‌

—‌

Warrants

100‌,379

—‌

—‌

100‌,379

Securities

Lending

Reinvestments

Certificates

of

Deposit

—‌

35‌,006,300

—‌

35‌,006,300

Repurchase

Agreements

—‌

161‌,816,485

—‌

161‌,816,485

Total

Investments

$

1‌,874,824,304

$

196‌,865,563

$

—‌

$

2‌,071,689,867

255

Notes

to

the

Financial

Statements

(cont.)

Level

1

—

Quoted

Prices

(continued)

Level

2

—

Other

Significant

Observable

Inputs

(continued)

Level

3

—

Significant

Unobservable

Inputs

(continued)

Total

(continued)

Other

Financial

Instruments

Assets

Futures

Contracts

$

192‌,974

$

—‌

$

—‌

$

192‌,974

Total

Other

Financial

Instruments

$

192‌,974

$

—‌

$

—‌

$

192‌,974

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

$

779‌,610

$

—‌

$

—‌

$

779‌,610

Common

Stocks

Banks

90‌,358,551

—‌

216‌

90‌,358,767

Electric

Utilities

10‌,068,196

22‌,356

—‌

10‌,090,552

Metals

&

Mining

38‌,639,857

—‌

3‌,111

38‌,642,968

Other*

474‌,784,423

—‌

—‌

474‌,784,423

Rights

1‌,706

—‌

—‌

1‌,706

Warrants

—‌

—‌

—‌

—‌

Securities

Lending

Reinvestments

Repurchase

Agreements

—‌

17‌,553,056

—‌

17‌,553,056

Total

Investments

$

614‌,632,343

$

17‌,575,412

$

3‌,327

$

632‌,211,082

Other

Financial

Instruments

Assets

Futures

Contracts

$

484‌,681

$

—‌

$

—‌

$

484‌,681

Forward

Foreign

Currency

Contracts

—‌

6‌,200

—‌

6‌,200

Liabilities

Futures

Contracts

$

(

892‌

)

$

—‌

$

—‌

$

(

892‌

)

Forward

Foreign

Currency

Contracts

—‌

(

59‌,507

)

—‌

(

59‌,507

)

Total

Other

Financial

Instruments

$

483‌,789

$

(

53‌,307

)

$

—‌

$

430‌,482

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

$

3‌,425,144

$

—‌

$

93‌

$

3‌,425,237

Consumer

Finance

1‌,890,718

—‌

19‌,904

1‌,910,622

Consumer

Staples

Distribution

&

Retail

3‌,238,425

230‌

—‌

3‌,238,655

Electric

Utilities

3‌,124,712

108‌,456

—‌

3‌,233,168

Entertainment

1‌,680,659

—‌

30‌,829

1‌,711,488

Food

Products

6‌,742,228

13‌,183

5‌,231

6‌,760,642

Ground

Transportation

634‌,621

333‌,511

—‌

968‌,132

Health

Care

Providers

&

Services

3‌,005,111

15‌,531

574‌

3‌,021,216

Hotels,

Restaurants

&

Leisure

4‌,787,709

1‌,792

—‌

4‌,789,501

Industrial

REITs

1‌,127,016

442‌,408

—‌

1‌,569,424

Metals

&

Mining

14‌,894,119

—‌

4‌,282

14‌,898,401

Real

Estate

Management

&

Development

9‌,296,883

—‌

44‌,863

9‌,341,746

Retail

REITs

2‌,007,049

468‌,113

—‌

2‌,475,162

Other*

255‌,093,143

—‌

—‌

255‌,093,143

256

Notes

to

the

Financial

Statements

(cont.)

Level

1

—

Quoted

Prices

(continued)

Level

2

—

Other

Significant

Observable

Inputs

(continued)

Level

3

—

Significant

Unobservable

Inputs

(continued)

Total

(continued)

Preferred

Stocks

$

—‌

$

—‌

$

1‌,450

$

1‌,450

Rights

—‌

2‌,021

—‌

2‌,021

Securities

Lending

Reinvestments

Repurchase

Agreements

—‌

2‌,126,709

—‌

2‌,126,709

Total

Investments

$

310‌,947,537

$

3‌,511,954

$

107‌,226

$

314‌,566,717

Other

Financial

Instruments

Assets

Futures

Contracts

$

323‌,844

$

—‌

$

—‌

$

323‌,844

Forward

Foreign

Currency

Contracts

—‌

103‌,725

—‌

103‌,725

Liabilities

Forward

Foreign

Currency

Contracts

$

—‌

$

(

175‌,964

)

$

—‌

$

(

175‌,964

)

Total

Other

Financial

Instruments

$

323‌,844

$

(

72‌,239

)

$

—‌

$

251‌,605

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*

$

781‌,620,422

$

—‌

$

—‌

$

781‌,620,422

Securities

Lending

Reinvestments

Repurchase

Agreements

—‌

17‌,922,144

—‌

17‌,922,144

Total

Investments

$

781‌,620,422

$

17‌,922,144

$

—‌

$

799‌,542,566

Other

Financial

Instruments

Assets

Futures

Contracts

$

15‌,524

$

—‌

$

—‌

$

15‌,524

Total

Other

Financial

Instruments

$

15‌,524

$

—‌

$

—‌

$

15‌,524

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*

$

124‌,238,641

$

—‌

$

—‌

$

124‌,238,641

Total

Investments

$

124‌,238,641

$

—‌

$

—‌

$

124‌,238,641

Other

Financial

Instruments

Assets

Futures

Contracts

$

6‌,701

$

—‌

$

—‌

$

6‌,701

Total

Other

Financial

Instruments

$

6‌,701

$

—‌

$

—‌

$

6‌,701

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

ESG

Select

Index

Fund

Investments

Common

Stocks

Electric

Utilities

$

2‌,741,417

$

6‌,079

$

—‌

$

2‌,747,496

Other*

100‌,547,045

—‌

—‌

100‌,547,045

Rights

254‌

—‌

—‌

254‌

Securities

Lending

Reinvestments

Repurchase

Agreements

—‌

1‌,255,541

—‌

1‌,255,541

Total

Investments

$

103‌,288,716

$

1‌,261,620

$

—‌

$

104‌,550,336

Other

Financial

Instruments

Assets

Futures

Contracts

$

71‌,644

$

—‌

$

—‌

$

71‌,644

Forward

Foreign

Currency

Contracts

—‌

8‌,305

—‌

8‌,305

Liabilities

Forward

Foreign

Currency

Contracts

$

—‌

$

(

23‌,396

)

$

—‌

$

(

23‌,396

)

Total

Other

Financial

Instruments

$

71‌,644

$

(

15‌,091

)

$

—‌

$

56‌,553

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*

$

120‌,485,765

$

—‌

$

—‌

$

120‌,485,765

Short-Term

Investments

—‌

58‌,450

—‌

58‌,450

Total

Investments

$

120‌,485,765

$

58‌,450

$

—‌

$

120‌,544,215

Other

Financial

Instruments

Assets

Futures

Contracts

$

7‌,389

$

—‌

$

—‌

$

7‌,389

Total

Other

Financial

Instruments

$

7‌,389

$

—‌

$

—‌

$

7‌,389

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

Electric

Utilities

$

1‌,673,652

$

9‌,163

$

—‌

$

1‌,682,815

Other*

75‌,974,816

—‌

—‌

75‌,974,816

Securities

Lending

Reinvestments

Repurchase

Agreements

—‌

97‌,173

—‌

97‌,173

Total

Investments

$

77‌,648,468

$

106‌,336

$

—‌

$

77‌,754,804

Other

Financial

Instruments

Assets

Futures

Contracts

$

18‌,216

$

—‌

$

—‌

$

18‌,216

Forward

Foreign

Currency

Contracts

—‌

8‌,056

—‌

8‌,056

Liabilities

Forward

Foreign

Currency

Contracts

$

—‌

$

(

11‌,635

)

$

—‌

$

(

11‌,635

)

Total

Other

Financial

Instruments

$

18‌,216

$

(

3‌,579

)

$

—‌

$

14‌,637

258

Notes

to

the

Financial

Statements

(cont.)

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*

$

6‌,678,076,738

$

—‌

$

—‌

$

6‌,678,076,738

Securities

Lending

Reinvestments

Certificates

of

Deposit

—‌

50‌,008,857

—‌

50‌,008,857

Repurchase

Agreements

—‌

145‌,415,298

—‌

145‌,415,298

Total

Investments

$

6‌,678,076,738

$

195‌,424,155

$

—‌

$

6‌,873,500,893

Other

Financial

Instruments

Assets

Futures

Contracts

$

781‌,682

$

—‌

$

—‌

$

781‌,682

Forward

Foreign

Currency

Contracts

—‌

66‌,032

—‌

66‌,032

Liabilities

Futures

Contracts

$

(

64‌,591

)

$

—‌

$

—‌

$

(

64‌,591

)

Forward

Foreign

Currency

Contracts

—‌

(

219‌,151

)

—‌

(

219‌,151

)

Total

Other

Financial

Instruments

$

717‌,091

$

(

153‌,119

)

$

—‌

$

563‌,972

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

Electric

Utilities

$

406‌,006,881

$

1‌,058,209

$

—‌

$

407‌,065,090

Other*

2‌,508,713,878

—‌

—‌

2‌,508,713,878

Securities

Lending

Reinvestments

Certificates

of

Deposit

—‌

5‌,000,835

—‌

5‌,000,835

Repurchase

Agreements

—‌

138‌,892,665

—‌

138‌,892,665

Total

Investments

$

2‌,914,720,759

$

144‌,951,709

$

—‌

$

3‌,059,672,468

Other

Financial

Instruments

Assets

Futures

Contracts

$

480‌,764

$

—‌

$

—‌

$

480‌,764

Forward

Foreign

Currency

Contracts

—‌

21‌,135

—‌

21‌,135

Liabilities

Futures

Contracts

$

(

44‌,857

)

$

—‌

$

—‌

$

(

44‌,857

)

Forward

Foreign

Currency

Contracts

—‌

(

17‌,682

)

—‌

(

17‌,682

)

Total

Other

Financial

Instruments

$

435‌,907

$

3‌,453

$

—‌

$

439‌,360

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*

$

344‌,220,475

$

—‌

$

—‌

$

344‌,220,475

Securities

Lending

Reinvestments

Repurchase

Agreements

—‌

24‌,788,844

—‌

24‌,788,844

Total

Investments

$

344‌,220,475

$

24‌,788,844

$

—‌

$

369‌,009,319

Other

Financial

Instruments

Assets

Futures

Contracts

$

139‌,642

$

—‌

$

—‌

$

139‌,642

Forward

Foreign

Currency

Contracts

—‌

15‌,603

—‌

15‌,603

259

Notes

to

the

Financial

Statements

(cont.)

Level

1

—

Quoted

Prices

(continued)

Level

2

—

Other

Significant

Observable

Inputs

(continued)

Level

3

—

Significant

Unobservable

Inputs

(continued)

Total

(continued)

Liabilities

Forward

Foreign

Currency

Contracts

$

—‌

$

(

9‌,971

)

$

—‌

$

(

9‌,971

)

Total

Other

Financial

Instruments

$

139‌,642

$

5‌,632

$

—‌

$

145‌,274

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

Quality

Dividend

Index

Fund

Investments

Common

Stocks*

$

2‌,043,100,800

$

—‌

$

—‌

$

2‌,043,100,800

Securities

Lending

Reinvestments

Certificates

of

Deposit

—‌

11‌,003,151

—‌

11‌,003,151

Repurchase

Agreements

—‌

138‌,261,591

—‌

138‌,261,591

Total

Investments

$

2‌,043,100,800

$

149‌,264,742

$

—‌

$

2‌,192,365,542

Other

Financial

Instruments

Assets

Futures

Contracts

$

186‌,808

$

—‌

$

—‌

$

186‌,808

Total

Other

Financial

Instruments

$

186‌,808

$

—‌

$

—‌

$

186‌,808

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*

$

499‌,705,513

$

—‌

$

—‌

$

499‌,705,513

Securities

Lending

Reinvestments

Repurchase

Agreements

—‌

28‌,088,553

—‌

28‌,088,553

Total

Investments

$

499‌,705,513

$

28‌,088,553

$

—‌

$

527‌,794,066

Other

Financial

Instruments

Assets

Futures

Contracts

$

38‌,531

$

—‌

$

—‌

$

38‌,531

Total

Other

Financial

Instruments

$

38‌,531

$

—‌

$

—‌

$

38‌,531

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*

$

1‌,020,424,051

$

—‌

$

—‌

$

1‌,020,424,051

Securities

Lending

Reinvestments

Repurchase

Agreements

—‌

24‌,953,716

—‌

24‌,953,716

Total

Investments

$

1‌,020,424,051

$

24‌,953,716

$

—‌

$

1‌,045,377,767

Other

Financial

Instruments

Assets

Futures

Contracts

$

934‌,893

$

—‌

$

—‌

$

934‌,893

Forward

Foreign

Currency

Contracts

—‌

30‌,109

—‌

30‌,109

260

Notes

to

the

Financial

Statements

(cont.)

Level

1

—

Quoted

Prices

(continued)

Level

2

—

Other

Significant

Observable

Inputs

(continued)

Level

3

—

Significant

Unobservable

Inputs

(continued)

Total

(continued)

Liabilities

Forward

Foreign

Currency

Contracts

$

—‌

$

(

76‌,220

)

$

—‌

$

(

76‌,220

)

Total

Other

Financial

Instruments

$

934‌,893

$

(

46‌,111

)

$

—‌

$

888‌,782

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*

$

97‌,182,033

$

—‌

$

—‌

$

97‌,182,033

Securities

Lending

Reinvestments

Repurchase

Agreements

—‌

3‌,308,614

—‌

3‌,308,614

Total

Investments

$

97‌,182,033

$

3‌,308,614

$

—‌

$

100‌,490,647

Other

Financial

Instruments

Assets

Futures

Contracts

$

64‌,382

$

—‌

$

—‌

$

64‌,382

Forward

Foreign

Currency

Contracts

—‌

1‌,330

—‌

1‌,330

Liabilities

Forward

Foreign

Currency

Contracts

$

—‌

$

(

5‌,685

)

$

—‌

$

(

5‌,685

)

Total

Other

Financial

Instruments

$

64‌,382

$

(

4‌,355

)

$

—‌

$

60‌,027

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

$

—‌

$

2‌,507,259,515

$

—‌

$

2‌,507,259,515

Total

Investments

$

—‌

$

2‌,507,259,515

$

—‌

$

2‌,507,259,515

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

$

—‌

$

968‌,945,721

$

—‌

$

968‌,945,721

Total

Investments

$

—‌

$

968‌,945,721

$

—‌

$

968‌,945,721

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

$

—‌

$

92‌,055,432

$

—‌

$

92‌,055,432

Total

Investments

$

—‌

$

92‌,055,432

$

—‌

$

92‌,055,432

261

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*

$

—‌

$

648‌,449,646

$

—‌

$

648‌,449,646

Securities

Lending

Reinvestments

Certificates

of

Deposit

—‌

25‌,004,480

—‌

25‌,004,480

Repurchase

Agreements

—‌

94‌,482,570

—‌

94‌,482,570

Short-Term

Investments

—‌

10‌,996,810

—‌

10‌,996,810

Total

Investments

$

—‌

$

778‌,933,506

$

—‌

$

778‌,933,506

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*

$

—‌

$

35‌,056,807

$

—‌

$

35‌,056,807

Total

Investments

$

—‌

$

35‌,056,807

$

—‌

$

35‌,056,807

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*

$

—‌

$

1‌,141,066,849

$

—‌

$

1‌,141,066,849

Securities

Lending

Reinvestments

Certificates

of

Deposit

—‌

60‌,010,289

—‌

60‌,010,289

Repurchase

Agreements

—‌

195‌,152,297

—‌

195‌,152,297

Short-Term

Investments

—‌

2‌,999,130

—‌

2‌,999,130

Total

Investments

$

—‌

$

1‌,399,228,565

$

—‌

$

1‌,399,228,565

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*

$

—‌

$

37‌,416,395

$

—‌

$

37‌,416,395

Total

Investments

$

—‌

$

37‌,416,395

$

—‌

$

37‌,416,395

262

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

$

—‌

$

87‌,798,077

$

—‌

$

87‌,798,077

Collateralized

Mortgage

Obligations

—‌

15‌,942,540

—‌

15‌,942,540

Commercial

Mortgage-Backed

Securities

—‌

12‌,843,346

—‌

12‌,843,346

Corporate

Bonds*

—‌

1‌,234,479,564

—‌

1‌,234,479,564

Municipal

Bonds

—‌

2‌,883,643

—‌

2‌,883,643

U.S.

Treasury

Obligations

—‌

17‌,325,078

—‌

17‌,325,078

Short-Term

Investments

—‌

34‌,117,254

—‌

34‌,117,254

Total

Investments

$

—‌

$

1‌,405,389,502

$

—‌

$

1‌,405,389,502

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

$

149‌,527,815

$

—‌

$

—‌

$

149‌,527,815

Securities

Lending

Reinvestments

Repurchase

Agreements

—‌

14‌,591,387

—‌

14‌,591,387

Short-Term

Investments

—‌

337‌,823

—‌

337‌,823

Total

Investments

$

149‌,527,815

$

14‌,929,210

$

—‌

$

164‌,457,025

Other

Financial

Instruments

Liabilities

Futures

Contracts

$

(

88‌,580

)

$

—‌

$

—‌

$

(

88‌,580

)

Total

Other

Financial

Instruments

$

(

88‌,580

)

$

—‌

$

—‌

$

(

88‌,580

)

*

See

Schedules

of

Investments

for

segregation

by

industry

type.