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
®
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®
Global
ESG
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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.