See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares®

Trust

Schedule

Investments

FlexShares

Quality

Low

Volatility

Index

Fund

July

31,

2026

(Unaudited)

Investments

Value

COMMON

STOCKS

99.3%

Aerospace

Defense

1.8%

General

Dynamics

Corp.

2,772

1,062,840

Lockheed

Martin

Corp.

588

342,651

Northrop

Grumman

Corp.

1,428

774,661

RTX

Corp.

3,948

849,689

3,029,841

Banks

0.2%

JPMorgan

Chase

Co.

1,092

384,155

Beverages

2.9%

Coca-Cola

Co.

(The)

28,644

2,508,928

PepsiCo,

Inc.

15,624

2,180,485

4,689,413

Biotechnology

4.2%

AbbVie,

Inc.

15,876

3,983,923

Gilead

Sciences,

Inc.

9,660

1,257,829

Neurocrine

Biosciences,

Inc.*

5,460

910,728

United

Therapeutics

Corp.*

370

191,553

Vertex

Pharmaceuticals,

Inc.*

1,008

480,917

6,824,950

Broadline

Retail

0.7%

Dillard's,

Inc.,

Class

A(a)

2,100

1,235,514

Capital

Markets

0.6%

CME

Group,

Inc.

3,444

922,269

Chemicals

0.6%

Corteva,

Inc.

12,684

998,358

Commercial

Services

Supplies

2.6%

Clean

Harbors,

Inc.*

2,772

867,303

Republic

Services,

Inc.,

Class

4,200

884,310

Veralto

Corp.

756

71,193

Waste

Connections,

Inc.

5,628

942,015

Waste

Management,

Inc.

6,300

1,427,265

4,192,086

Consumer

Staples

Distribution

Retail

2.7%

BJ's

Wholesale

Club

Holdings,

Inc.*(a)

8,484

829,566

Casey's

General

Stores,

Inc.(a)

1,008

877,968

Costco

Wholesale

Corp.

2,514

2,393,051

Kroger

Co.

(The)(a)

6,048

349,211

4,449,796

Diversified

Consumer

Services

0.5%

Service

Corp.

International(a)

9,828

847,075

Diversified

Telecommunication

Services

1.3%

AT&T,

Inc.

43,512

1,011,654

Verizon

Communications,

Inc.

25,620

1,199,272

2,210,926

Investments

Value

Electric

Utilities

3.5%

Alliant

Energy

Corp.(a)

10,416

737,244

American

Electric

Power

Co.,

Inc.

4,368

558,449

Duke

Energy

Corp.

10,920

1,369,696

Evergy,

Inc.

10,752

892,523

Southern

Co.

(The)

15,036

1,421,503

TXNM

Energy,

Inc.

13,692

793,041

5,772,456

Electronic

Equipment,

Instruments

Components

0.8%

Teledyne

Technologies,

Inc.*

2,016

1,321,629

Entertainment

0.8%

Electronic

Arts,

Inc.

6,384

1,339,746

Financial

Services

5.7%

Berkshire

Hathaway,

Inc.,

Class

6,048

3,093,794

Mastercard,

Inc.,

Class

4,620

2,647,722

Visa,

Inc.,

Class

9,744

3,567,571

9,309,087

Food

Products

1.4%

Cal-Maine

Foods,

Inc.(a)

12,516

1,098,654

Hershey

Co.

(The)(a)

6,552

1,146,928

2,245,582

Ground

Transportation

0.6%

Landstar

System,

Inc.

5,460

954,244

Health

Care

Providers

Services

2.0%

Cencora,

Inc.

344

107,101

Chemed

Corp.

1,680

894,180

Encompass

Health

Corp.

7,224

802,370

Labcorp

Holdings,

Inc.

1,260

389,592

McKesson

Corp.

30,823

Quest

Diagnostics,

Inc.

4,452

1,037,360

3,261,426

Health

Care

REITs

0.5%

Omega

Healthcare

Investors,

Inc.,

REIT

16,548

837,825

Hotels,

Restaurants

Leisure

2.3%

Darden

Restaurants,

Inc.

2,836

577,353

McDonald's

Corp.

8,148

2,205,175

Restaurant

Brands

International,

Inc.

11,340

839,387

Texas

Roadhouse,

Inc.,

Class

348

71,493

3,693,408

Household

Products

1.4%

Procter

Gamble

Co.

(The)

15,456

2,233,237

Insurance

6.1%

Allstate

Corp.

(The)

4,134

1,091,707

American

Financial

Group,

Inc.

8,904

1,261,875

Assurant,

Inc.

4,704

1,313,310

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Quality

Low

Volatility

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Insurance

(continued)

Chubb

Ltd.

3,192

1,119,370

Everest

Group

Ltd.

672

251,429

Hanover

Insurance

Group,

Inc.

(The)

(a)

4,116

957,505

Progressive

Corp.

(The)

3,696

781,408

RenaissanceRe

Holdings

Ltd.

3,948

1,263,281

Travelers

Cos.,

Inc.

(The)(a)

3,108

1,163,511

Berkley

Corp.(a)

10,332

749,483

9,952,879

Interactive

Media

Services

4.4%

Alphabet,

Inc.,

Class

9,240

3,290,641

Alphabet,

Inc.,

Class

7,140

2,546,481

Meta

Platforms,

Inc.,

Class

2,352

1,309,382

7,146,504

Services

2.6%

Amdocs

Ltd.

19,404

1,081,191

International

Business

Machines

Corp.

8,988

2,010,166

VeriSign,

Inc.

4,116

1,193,722

4,285,079

Metals

Mining

0.5%

Agnico

Eagle

Mines

Ltd.

5,880

854,188

Multi-Utilities

2.4%

Ameren

Corp.

7,392

810,237

Consolidated

Edison,

Inc.

10,920

1,188,642

DTE

Energy

Co.

5,796

822,279

WEC

Energy

Group,

Inc.

10,584

1,158,101

3,979,259

Oil,

Gas

Consumable

Fuels

6.9%

Cheniere

Energy,

Inc.

5,292

1,394,812

Chord

Energy

Corp.

1,764

247,630

ConocoPhillips

10,500

1,265,040

Diamondback

Energy,

Inc.

3,360

681,912

Midstream,

Inc.

5,628

776,664

EOG

Resources,

Inc.

6,804

1,011,687

ExxonMobil

Holdings

Corp.*

24,528

3,812,632

Marathon

Petroleum

Corp.

1,032

326,597

Targa

Resources

Corp.(a)

2,856

772,177

Williams

Cos.,

Inc.

(The)

13,188

943,470

11,232,621

Pharmaceuticals

7.6%

Eli

Lilly

Co.

2,184

2,509,066

Jazz

Pharmaceuticals

plc*

1,596

403,565

Johnson

27,468

7,041,422

Merck

Co.,

Inc.

16,800

2,187,360

Royalty

Pharma

plc,

Class

3,948

230,682

12,372,095

Professional

Services

0.5%

FTI

Consulting,

Inc.*

5,208

830,051

Investments

Value

Residential

REITs

0.9%

AvalonBay

Communities,

Inc.,

REIT

2,940

545,694

Essex

Property

Trust,

Inc.,

REIT

3,108

883,107

1,428,801

Semiconductors

Semiconductor

Equipment

11.1%

Analog

Devices,

Inc.

5,628

2,067,783

Broadcom,

Inc.

7,392

2,877,558

Cirrus

Logic,

Inc.*(a)

4,200

543,270

KLA

Corp.

5,238

957,611

Micron

Technology,

Inc.

232

190,943

Nova

Ltd.*(a)

1,680

656,662

NVIDIA

Corp.

48,552

9,746,814

Texas

Instruments,

Inc.

4,368

1,204,432

18,245,073

Software

10.1%

Appfolio,

Inc.,

Class

A*(a)

2,184

393,535

Cadence

Design

Systems,

Inc.*

168

57,123

Dolby

Laboratories,

Inc.,

Class

A(a)

22,008

1,294,291

Dropbox,

Inc.,

Class

3,024

98,461

Microsoft

Corp.

20,748

9,642,011

Palo

Alto

Networks,

Inc.*

4,956

1,644,549

PTC,

Inc.*

3,276

449,467

Qualys,

Inc.*(a)

9,828

1,422,603

Roper

Technologies,

Inc.

3,864

1,514,572

Trimble,

Inc.*

1,008

57,033

16,573,645

Specialty

Retail

2.3%

AutoZone,

Inc.*

252

760,095

Home

Depot,

Inc.

(The)

1,260

418,270

Murphy

USA,

Inc.

1,680

1,021,037

TJX

Cos.,

Inc.

(The)

10,080

1,585,987

3,785,389

Technology

Hardware,

Storage

Peripherals

6.0%

Apple,

Inc.

29,904

9,237,645

NetApp,

Inc.

3,192

569,772

9,807,417

Wireless

Telecommunication

Services

0.8%

T-Mobile

US,

Inc.

7,308

1,262,165

Total

Common

Stocks

(Cost

$137,300,279)

162,508,189

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

4.5%(b)

INVESTMENT

COMPANIES

0.2%

BlackRock

Liquidity

FedFund

3.67%,

8/3/2026

63,730

Dreyfus

Treasury

Obligations

Cash

Management

Fund

3.68%,

8/3/2026

63,730

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Quality

Low

Volatility

Index

Fund

(cont.)

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

INVESTMENT

COMPANIES

(continued)

Invesco

Government

Agency

Portfolio

3.74%,

8/3/2026

63,730

Morgan

Stanley

Institutional

Liquidity

Fund

Government

Portfolio

3.69%,

8/3/2026

63,730

Total

Investment

Companies

(Cost

$254,920)

254,920

REPURCHASE

AGREEMENTS

4.3%

Secured

LLC

3.63%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$6,040,799,

collateralized

various

Common

Stocks,

U.S.

Treasury

Securities,

ranging

from

0.00%

4.88%,

maturing

8/15/2026

2/15/2056;

total

market

value

$6,122,748

6,040,799

The

Bank

Nova

Scotia,

Toronto

3.80%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$1,000,000,

collateralized

various

Common

Stocks;

total

market

value

$1,100,301

1,000,000

Total

Repurchase

Agreements

(Cost

$7,040,799)

7,040,799

Total

Securities

Lending

Reinvestments

(Cost

$7,295,719)

7,295,719

Investments

Principal

Amount

Value

SHORT-TERM

INVESTMENTS

0.0%(c)(d)

U.S.

TREASURY

OBLIGATIONS

0.0%

U.S.

Treasury

Bills

3.67%,

10/15/2026

(Cost

$77,414)

78,000

77,417

Total

Investments

103.8%

(Cost

$144,673,412)

169,881,325

Liabilities

excess

other

assets

(3.8%)

(6,221,564)

NET

ASSETS

100.0%

$163,659,761

Non-income

producing

security.

(a)

The

security

portion

this

security

loan

July

31,

2026.

The

total

value

securities

loan

July

31,

2026

was

$12,322,484,

collateralized

the

form

cash

with

value

$7,295,719

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments;

$29,639

collateral

the

form

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

5.50%,

and

maturity

dates

ranging

from

November

30,

2026

–

December

07,

2055

and

$5,181,767

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

August

11,

2026

–

November

15,

2055;

total

value

$12,507,125.

(b)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

July

31,

2026.

The

total

value

securities

purchased

was

$7,295,719.

(c)

Represents

less

than

0.05%

net

assets.

(d)

The

rate

shown

was

the

current

yield

July

31,

2026.

Percentages

shown

are

based

Net

Assets.

Futures

Contracts

FlexShares®

Quality

Low

Volatility

Index

Fund

had

the

following

open

futures

contracts

July

31,

2026:

Number

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

S&P

500

E-Mini

Index

09/18/2026

USD

751,925

4,004

S&P

500

Micro

E-Mini

Index

09/18/2026

USD

338,366

443

4,447

Abbreviations:

USD

—

Dollar

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares®

Trust

Schedule

Investments

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

July

31,

2026

(Unaudited)

Investments

Value

COMMON

STOCKS

98.7%

Aerospace

Defense

1.7%

Elbit

Systems

Ltd.

305

245,203

Kongsberg

Gruppen

ASA

10,368

323,802

Thales

1,312

371,191

940,196

Automobile

Components

0.6%

Bridgestone

Corp.

11,100

276,411

Cie

Generale

des

Etablissements

Michelin

SCA

1,216

48,925

325,336

Banks

14.6%

Banco

Comercial

Portugues

SA,

Class

31,040

38,034

Bank

Hapoalim

18,080

438,870

Bank

Leumi

Le-Israel

18,944

447,841

BOC

Hong

Kong

Holdings

Ltd.

76,000

505,917

Canadian

Imperial

Bank

Commerce

8,224

973,385

Danske

Bank

A/S

4,544

261,026

DBS

Group

Holdings

Ltd.

14,800

853,323

HSBC

Holdings

plc

16,864

357,669

Japan

Post

Bank

Co.

Ltd.

15,800

308,707

Mitsubishi

UFJ

Financial

Group,

Inc.

4,400

98,681

Mizrahi

Tefahot

Bank

Ltd.

5,408

402,136

Oversea-Chinese

Banking

Corp.

Ltd.

30,000

680,714

Royal

Bank

Canada

7,776

1,626,372

Toronto-Dominion

Bank

(The)

5,088

609,465

United

Overseas

Bank

Ltd.

11,100

375,245

7,977,385

Beverages

0.2%

Kirin

Holdings

Co.

Ltd.

6,400

118,695

Broadline

Retail

1.9%

Dollarama,

Inc.

2,528

344,137

plc

1,376

274,892

Pan

Pacific

International

Holdings

Corp.

75,400

427,231

1,046,260

Building

Products

0.8%

Geberit

(Registered)

672

442,047

Capital

Markets

2.3%

Deutsche

Boerse

1,728

521,492

Euronext

NV(a)

2,560

467,142

Singapore

Exchange

Ltd.

12,800

243,876

1,232,510

Chemicals

2.4%

Air

Liquide

4,681

919,451

Investments

Value

Chemicals

(continued)

EMS-Chemie

Holding

(Registered)(b)

24,251

Givaudan

(Registered)

383,264

1,326,966

Commercial

Services

Supplies

1.2%

Brambles

Ltd.

14,016

192,847

Dai

Nippon

Printing

Co.

Ltd.

12,500

229,353

Secom

Co.

Ltd.

5,400

233,398

655,598

Construction

Engineering

0.4%

ACS

Actividades

Construccion

Servicios

1,655

210,029

Construction

Materials

0.2%

James

Hardie

Industries

plc*

4,800

126,192

Consumer

Staples

Distribution

Retail

1.8%

Koninklijke

Ahold

Delhaize

8,352

330,179

Loblaw

Cos.

Ltd.

10,176

477,373

Metro,

Inc.,

Class

2,784

184,918

992,470

Containers

Packaging

0.5%

CCL

Industries,

Inc.,

Class

4,000

265,032

Diversified

REITs

0.4%

CapitaLand

Integrated

Commercial

Trust,

REIT

115,200

223,437

Diversified

Telecommunication

Services

3.0%

Deutsche

Telekom

(Registered)

21,248

654,199

Koninklijke

KPN

43,520

205,846

Singapore

Telecommunications

Ltd.

67,200

232,410

Swisscom

(Registered)

269

206,808

Telstra

Group

Ltd.

58,112

204,891

TELUS

Corp.

16,096

153,519

1,657,673

Electric

Utilities

4.7%

Infrastructure

Holdings

Ltd.

2,500

19,958

CLP

Holdings

Ltd.

22,500

224,093

Emera,

Inc.(b)

4,064

217,011

Fortis,

Inc.(b)

8,199

466,394

Hydro

One

Ltd.(a)

5,248

218,472

Iberdrola

36,001

855,343

Power

Assets

Holdings

Ltd.

49,000

368,987

Terna

Rete

Elettrica

Nazionale

18,304

210,007

Verbund

224

15,347

2,595,612

Electrical

Equipment

0.2%

Vestas

Wind

Systems

A/S

4,320

116,067

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Energy

Equipment

Services

0.8%

TechnipFMC

plc

6,208

444,865

Entertainment

0.6%

Toho

Co.

Ltd.

23,800

227,499

Universal

Music

Group

6,496

107,887

335,386

Financial

Services

0.4%

HAL

Trust

128

24,270

Poste

Italiane

SpA(b)

6,080

183,348

207,618

Food

Products

3.4%

Chocoladefabriken

Lindt

Spruengli

230,394

Danone

5,760

447,466

Nestle

(Registered)

8,768

877,938

Group

Ltd.(a)

288,000

310,345

1,866,143

Gas

Utilities

1.5%

Hong

Kong

China

Gas

Co.

Ltd.(b)

224,000

200,816

Osaka

Gas

Co.

Ltd.

5,800

200,892

Snam

SpA

30,432

206,160

Tokyo

Gas

Co.

Ltd.

5,600

218,724

826,592

Ground

Transportation

2.0%

Canadian

National

Railway

Co.

4,672

593,637

Canadian

Pacific

Kansas

City

Ltd.(b)

960

85,212

MTR

Corp.

Ltd.(b)

45,500

192,175

West

Japan

Railway

Co.(b)

11,400

214,862

1,085,886

Health

Care

Equipment

Supplies

0.3%

Cochlear

Ltd.

480

40,435

Fisher

Paykel

Healthcare

Corp.

Ltd.

992

23,720

Smith

Nephew

plc

3,008

46,897

Terumo

Corp.

1,800

26,272

137,324

Health

Care

Providers

Services

0.0%(c)

Sigma

Healthcare

Ltd.(b)

11,712

24,184

Hotels,

Restaurants

Leisure

2.5%

Amadeus

Group

4,064

249,409

Compass

Group

plc

15,104

478,948

Oriental

Land

Co.

Ltd.(b)

31,700

630,516

1,358,873

Household

Durables

0.1%

Sony

Group

Corp.

2,300

54,703

Household

Products

0.8%

Unicharm

Corp.(b)

69,900

441,855

Investments

Value

Industrial

Conglomerates

0.6%

Jardine

Matheson

Holdings

Ltd.

2,900

192,589

Keppel

Ltd.

12,800

114,361

306,950

Industrial

REITs

0.4%

CapitaLand

Ascendas

REIT,

REIT

105,764

211,726

Insurance

6.9%

Admiral

Group

plc

4,480

227,412

AIA

Group

Ltd.

5,200

52,553

Fairfax

Financial

Holdings

Ltd.

192

321,297

Great-West

Lifeco,

Inc.

3,744

248,043

Insurance

Australia

Group

Ltd.

32,224

192,150

Intact

Financial

Corp.

2,400

470,899

Muenchener

Rueckversicherungs-

Gesellschaft

Muenchen

(Registered)

1,184

711,368

Sampo

OYJ,

Class

41,504

459,569

Sompo

Holdings,

Inc.

6,700

299,307

Tryg

A/S

7,968

189,733

Zurich

Insurance

Group

768

584,555

3,756,886

Interactive

Media

Services

0.4%

Corp.

76,800

215,508

Services

1.5%

CGI,

Inc.(b)

4,128

301,939

Nomura

Research

Institute

Ltd.

2,700

79,461

Obic

Co.

Ltd.

15,400

437,651

819,051

Leisure

Products

0.8%

Bandai

Namco

Holdings,

Inc.

7,400

214,204

Shimano,

Inc.(b)

1,800

227,508

441,712

Machinery

1.0%

GEA

Group

1,120

79,443

Kone

OYJ,

Class

7,136

411,337

Schindler

Holding

30,210

Schindler

Holding

(Registered)

19,579

540,569

Marine

Transportation

0.0%(c)

Kuehne

Nagel

International

(Registered)

24,408

Metals

Mining

1.3%

BHP

Group

Ltd.(b)

2,144

90,817

Nippon

Steel

Corp.(b)

64,000

261,105

Rio

Tinto

plc

1,856

179,186

Wheaton

Precious

Metals

Corp.

1,696

184,343

715,451

Multi-Utilities

0.9%

Engie

16,096

502,057

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Multi-Utilities

(continued)

National

Grid

plc

704

11,274

513,331

Oil,

Gas

Consumable

Fuels

4.5%

Eni

SpA

16,352

451,155

Equinor

ASA

5,088

207,293

Galp

Energia

SGPS

1,376

31,172

Idemitsu

Kosan

Co.

Ltd.

6,400

52,695

Inpex

Corp.

9,600

218,679

Ovintiv,

Inc.

3,552

221,858

Pembina

Pipeline

Corp.

9,216

450,272

Shell

plc

16,928

770,790

Energy

Corp.

832

55,987

TotalEnergies

288

25,323

2,485,224

Passenger

Airlines

1.1%

ANA

Holdings,

Inc.(b)

19,200

375,740

Cathay

Pacific

Airways

Ltd.

15,000

27,928

Japan

Airlines

Co.

Ltd.

9,100

168,198

Singapore

Airlines

Ltd.

4,900

29,389

601,255

Personal

Care

Products

3.3%

Beiersdorf

1,120

104,017

Kao

Corp.(b)

22,800

467,957

Unilever

plc

19,392

1,237,770

1,809,744

Pharmaceuticals

9.3%

Astellas

Pharma,

Inc.

16,000

221,272

AstraZeneca

plc

1,984

337,270

Chugai

Pharmaceutical

Co.

Ltd.

1,500

65,304

GSK

plc

14,752

383,451

Ipsen

672

129,274

Novartis

(Registered)

13,152

2,058,022

Roche

Holding

768

335,659

Sanofi

9,824

841,735

Shionogi

Co.

Ltd.

11,000

200,933

Takeda

Pharmaceutical

Co.

Ltd.

14,300

495,122

5,068,042

Professional

Services

1.8%

RELX

plc

3,328

116,759

SGS

(Registered)

3,840

454,601

Thomson

Reuters

Corp.(b)

2,272

222,722

Wolters

Kluwer

2,560

199,934

994,016

Real

Estate

Management

Development

3.2%

Asset

Holdings

Ltd.

64,000

390,451

Daiwa

House

Industry

Co.

Ltd.

15,000

440,697

Hongkong

Land

Holdings

Ltd.

3,200

25,984

Mitsui

Fudosan

Co.

Ltd.

24,900

243,957

Sino

Land

Co.

Ltd.

10,638

14,516

Investments

Value

Real

Estate

Management

Development

(continued)

Sun

Hung

Kai

Properties

Ltd.

25,500

400,632

Swiss

Prime

Site

(Registered)

1,312

213,734

1,729,971

Retail

REITs

1.2%

Klepierre

SA,

REIT

10,144

459,144

Link

REIT,

REIT(b)

41,600

207,533

666,677

Semiconductors

Semiconductor

Equipment

2.3%

ASML

Holding

747

1,232,639

Tokyo

Electron

Ltd.

100

34,856

1,267,495

Software

1.4%

Constellation

Software,

Inc.

29,969

Oracle

Corp.

Japan(b)

6,800

379,322

Sage

Group

plc

(The)

12,288

160,934

SAP

960

174,162

744,387

Specialty

Retail

0.2%

Industria

Diseno

Textil

1,440

93,509

Technology

Hardware,

Storage

Peripherals

0.4%

Canon,

Inc.(b)

8,800

244,725

Textiles,

Apparel

Luxury

Goods

0.1%

LVMH

Moet

Hennessy

Louis

Vuitton

128

69,976

Tobacco

0.8%

Japan

Tobacco,

Inc.(b)

10,300

461,551

Trading

Companies

Distributors

2.8%

Bunzl

plc

6,432

242,537

Ferguson

Enterprises,

Inc.

1,792

419,920

Mitsubishi

Corp.

28,800

863,864

1,526,321

Transportation

Infrastructure

1.5%

Aena

SME

SA(a)

15,968

490,165

Getlink

SE(b)

8,800

187,107

Transurban

Group

11,456

119,163

796,435

Wireless

Telecommunication

Services

1.7%

KDDI

Corp.

26,000

476,973

SoftBank

Corp.

336,000

471,423

948,396

Total

Common

Stocks

(Cost

$45,342,765)

54,088,250

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

(cont.)

Investments

Number

Warrants

Value

WARRANTS

0.0%

Software

0.0%

Constellation

Software,

Inc.,

expiring

3/31/2040

(Cost

$–)*‡

—

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

1.6%(d)

INVESTMENT

COMPANIES

0.0%(c)

BlackRock

Liquidity

FedFund

3.67%,

8/3/2026

7,062

Dreyfus

Treasury

Obligations

Cash

Management

Fund

3.68%,

8/3/2026

7,062

Invesco

Government

Agency

Portfolio

3.74%,

8/3/2026

7,062

Morgan

Stanley

Institutional

Liquidity

Fund

Government

Portfolio

3.69%,

8/3/2026

7,062

Total

Investment

Companies

(Cost

$28,248)

28,248

REPURCHASE

AGREEMENTS

1.6%

Secured

LLC

3.63%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$746,008,

collateralized

various

Common

Stocks,

U.S.

Treasury

Securities,

ranging

from

0.00%

4.88%,

maturing

8/15/2026

2/15/2056;

total

market

value

$756,129

746,008

The

Bank

Nova

Scotia,

Toronto

3.80%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$100,000,

collateralized

various

Common

Stocks;

total

market

value

$110,030

100,000

Total

Repurchase

Agreements

(Cost

$846,008)

846,008

Total

Securities

Lending

Reinvestments

(Cost

$874,256)

874,256

Total

Investments

100.3%

(Cost

$46,217,021)

54,962,506

Liabilities

excess

other

assets

(0.3%)

(161,699)

NET

ASSETS

100.0%

$54,800,807

Non-income

producing

security.

‡

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

(a)

Security

exempt

from

registration

pursuant

Regulation

under

the

Securities

Act

1933.

Regulation

applies

securities

offerings

that

are

made

outside

the

United

States

and

not

involve

direct

selling

efforts

the

United

States

and

such

may

have

restrictions

resale.

(b)

The

security

portion

this

security

loan

July

31,

2026.

The

total

value

securities

loan

July

31,

2026

was

$4,875,294,

collateralized

the

form

cash

with

value

$874,256

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments;

$1,754,310

collateral

the

form

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

September

14,

2026

–

June

30,

2120

and

$2,618,863

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

August

06,

2026

–

May

15,

2055;

total

value

$5,247,429.

(c)

Represents

less

than

0.05%

net

assets.

(d)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

July

31,

2026.

The

total

value

securities

purchased

was

$874,256.

Percentages

shown

are

based

Net

Assets.

Abbreviations

OYJ

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

SCA

—

Limited

partnership

with

capital

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

(cont.)

Futures

Contracts

FlexShares®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

had

the

following

open

futures

contracts

July

31,

2026:

Number

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

MSCI

EAFE

Index

09/18/2026

USD

636,460

7,697

Forward

Foreign

Currency

Contracts

FlexShares®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

had

the

following

outstanding

contracts

July

31,

2026:

Contracts

Receive

Counterparty

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

CAD

77,000

MORGAN

STANLEY

CO.

INCORPORATED

USD

54,683

09/16/2026

311

USD

49,410

BANK

MONTREAL

AUD

70,000

09/16/2026

286

USD

215,871

BANK

MONTREAL

CHF

170,000

09/16/2026

4,734

USD

152,603

JPMORGAN

BANK

EUR

130,420

09/16/2026

2,284

USD

7,685

GOLDMAN

SACHS

AND

CO.

LLC

HKD

60,000

09/16/2026

USD

119,932

TORONTO

DOMINION

BANK

JPY

18,950,000

09/16/2026

502

Total

unrealized

appreciation

8,139

ILS

73,522

MORGAN

STANLEY

CO.

INCORPORATED

USD

25,791

09/16/2026

(1,746)

SGD

16,357

MORGAN

STANLEY

CO.

INCORPORATED

USD

12,901

09/16/2026

(120)

USD

80,471

BANK

MONTREAL

GBP

60,000

09/16/2026

(272)

Total

unrealized

depreciation

(2,138)

Net

unrealized

appreciation

6,001

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

—

Dollar

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

(cont.)

FlexShares®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

invested,

percentage

net

assets,

companies

domiciled

the

following

countries

July

31,

2026:

Australia

1.6

Austria

0.0

†

Canada

15.9

Denmark

1.0

Finland

1.6

France

9.0

Germany

4.1

Hong

Kong

5.3

Ireland

0.2

Israel

2.8

Italy

1.9

Japan

20.7

Netherlands

3.8

New

Zealand

0.1

Norway

1.0

Portugal

0.1

Singapore

5.8

Spain

3.5

Switzerland

10.7

United

Kingdom

9.6

Other

1.3

100.0%

†

Amount

represents

less

than

0.05%.

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

Net

Assets

Common

Stocks

98.7

Warrants

–‌

Securities

Lending

Reinvestments

1.6

Others

(1)

(0.3)

100.0%

(1)

Includes

any

other

net

assets/(liabilities).

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares®

Trust

Schedule

Investments

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund

July

31,

2026

(Unaudited)

Investments

Value

COMMON

STOCKS

99.2%

Aerospace

Defense

1.1%

Aselsan

Elektronik

Sanayi

Ticaret

A/S

13,160

94,772

Hanwha

Aerospace

Co.

Ltd.

140

90,047

184,819

Automobile

Components

0.3%

MRF

Ltd.

57,051

Automobiles

2.1%

Eicher

Motors

Ltd.

1,765

144,905

Hero

MotoCorp

Ltd.

820

46,287

Maruti

Suzuki

India

Ltd.

705

105,172

Yadea

Group

Holdings

Ltd.(a)(b)

40,000

54,734

351,098

Banks

12.8%

Rajhi

Bank

2,077

34,594

Banco

BBVA

Peru

9,599

6,216

Bank

China

Ltd.,

Class

260,000

182,692

BDO

Unibank,

Inc.

28,300

57,552

Chang

Hwa

Commercial

Bank

Ltd.

125,000

97,466

China

Construction

Bank

Corp.,

Class

105,000

123,323

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

Class

105,000

87,839

First

Financial

Holding

Co.

Ltd.

125,000

142,138

HDFC

Bank

Ltd.

26,385

206,885

Hong

Leong

Bank

Bhd.

15,500

83,597

ICICI

Bank

Ltd.

3,940

59,273

Industrial

Commercial

Bank

China

Ltd.,

Class

180,000

172,388

Itau

Unibanco

Holding

(Preference)

2,575

21,738

Malayan

Banking

Bhd.

35,000

93,356

Mega

Financial

Holding

Co.

Ltd.

50,000

82,150

Metropolitan

Bank

Trust

Co.

81,650

87,625

National

Bank

Kuwait

SAKP

40,787

113,107

Public

Bank

Bhd.

101,000

127,779

Qatar

International

Islamic

Bank

QSC

31,235

92,822

RHB

Bank

Bhd.

41,500

86,829

Saudi

Investment

Bank

(The)

25,030

92,375

Sberbank

Russia

PJSC*‡

12,360

—

Shanghai

Commercial

Savings

Bank

Ltd.

(The)

73,730

103,686

2,155,430

Beverages

0.3%

Ambev

15,500

48,782

Biotechnology

0.6%

Celltrion,

Inc.

708

92,715

Investments

Value

Broadline

Retail

1.5%

Alibaba

Group

Holding

Ltd.,

ADR(a)

1,810

221,272

PDD

Holdings,

Inc.,

ADR*

305

27,011

Robinson

PCL*‡

600

—

248,283

Chemicals

1.7%

Asian

Paints

Ltd.

4,965

142,958

Fertiglobe

plc

45,010

32,598

PhosAgro

PJSC*‡

1,158

—

Pidilite

Industries

Ltd.

6,430

108,592

284,148

Construction

Engineering

0.1%

Voltas

Ltd.

1,765

24,582

Construction

Materials

0.5%

Holcim

Maroc

475

90,004

Consumer

Finance

0.6%

Muthoot

Finance

Ltd.

3,050

99,720

Consumer

Staples

Distribution

Retail

0.4%

President

Chain

Store

Corp.

8,800

60,992

Containers

Packaging

0.0%(c)

Klabin

(Preference)

1,530

1,096

Diversified

Telecommunication

Services

3.4%

China

Tower

Corp.

Ltd.,

Class

H(b)

52,500

67,151

Chunghwa

Telecom

Co.

Ltd.

25,000

107,909

Emirates

Integrated

Telecommunications

Co.

PJSC

42,915

142,084

Saudi

Telecom

Co.

8,335

95,745

Telefonica

Brasil

11,500

73,858

Telekom

Malaysia

Bhd.

46,500

88,187

574,934

Electric

Utilities

1.1%

CPFL

Energia

8,500

77,193

Korea

Electric

Power

Corp.

4,635

113,136

190,329

Electronic

Equipment,

Instruments

Components

1.0%

Delta

Electronics,

Inc.

1,800

91,339

Hon

Hai

Precision

Industry

Co.

Ltd.

2,000

15,502

Largan

Precision

Co.

Ltd.

500

62,425

169,266

Entertainment

0.6%

Krafton,

Inc.

380

64,768

NetEase,

Inc.,

ADR

330

43,979

108,747

Financial

Services

0.1%

Meritz

Financial

Group,

Inc.*

120

10,437

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Food

Products

3.2%

Britannia

Industries

Ltd.

1,620

91,964

Gruma

SAB

CV,

Class

1,575

23,441

Marico

Ltd.

16,565

151,153

Nestle

India

Ltd.

5,080

80,373

Tingyi

Cayman

Islands

Holding

Corp.

84,000

127,474

Want

China

Holdings

Ltd.

165,000

71,121

545,526

Gas

Utilities

0.8%

Kunlun

Energy

Co.

Ltd.

66,000

60,937

Petronas

Gas

Bhd.

18,000

77,259

138,196

Health

Care

Providers

Services

2.0%

Bangkok

Dusit

Medical

Services

PCL,

NVDR

253,000

145,470

Bumrungrad

Hospital

PCL,

NVDR

14,000

78,610

Sulaiman

Habib

Medical

Services

Group

Co.

1,680

105,126

329,206

Independent

Power

and

Renewable

Electricity

Producers

1.0%

Aboitiz

Power

Corp.

142,000

99,275

Huaneng

Power

International,

Inc.,

Class

H(a)

92,000

70,746

Unipro

PAO*‡

726,000

—

170,021

Industrial

Conglomerates

3.7%

International

Holding

Co.

PJSC*

5,920

615,726

Insurance

1.9%

Seguridade

Participacoes

19,500

158,360

Caixa

Seguridade

Participacoes

35,500

141,493

PICC

Property

Casualty

Co.

Ltd.,

Class

8,000

16,731

316,584

Interactive

Media

Services

2.6%

NAVER

Corp.

8,754

Tencent

Holdings

Ltd.

7,000

424,199

432,953

Services

4.2%

Arabian

Internet

Communications

Services

Co.

1,245

71,242

Elm

Co.

155

27,983

HCL

Technologies

Ltd.

7,300

103,049

Infosys

Ltd.

15,950

188,913

Samsung

SDS

Co.

Ltd.

1,210

174,833

Tata

Consultancy

Services

Ltd.

5,760

142,806

708,826

Life

Sciences

Tools

Services

0.5%

Divi's

Laboratories

Ltd.

925

78,099

Investments

Value

Marine

Transportation

0.3%

MISC

Bhd.

28,500

55,724

Metals

Mining

0.4%

Polyus

PJSC*‡

5,460

—

POSCO

Holdings,

Inc.

200

43,838

Vale

2,000

30,028

73,866

Multi-Utilities

0.4%

Nebras

Energy

14,965

60,748

Office

REITs

0.1%

Embassy

Office

Parks

REIT,

REIT

4,815

22,103

Oil,

Gas

Consumable

Fuels

5.8%

China

Coal

Energy

Co.

Ltd.,

Class

78,000

106,532

China

Shenhua

Energy

Co.

Ltd.,

Class

21,000

116,387

Ecopetrol

130,930

111,307

PetroChina

Co.

Ltd.,

Class

110,000

139,436

Petroleo

Brasileiro

Petrobras

(Preference)

21,500

183,742

PTT

Exploration

Production

PCL,

NVDR

27,500

122,707

Qatar

Fuel

QSC

24,755

94,505

Reliance

Industries

Ltd.

2,410

33,033

Surgutneftegas

PAO

(Preference)*‡

156,600

—

Turkiye

Petrol

Rafinerileri

A/S

10,165

63,151

970,800

Personal

Care

Products

1.4%

Amorepacific

Corp.

1,140

103,949

Colgate-Palmolive

India

Ltd.

230

5,005

Godrej

Consumer

Products

Ltd.

1,420

15,930

Hindustan

Unilever

Ltd.

5,235

115,289

240,173

Pharmaceuticals

2.0%

Cipla

Ltd.

6,240

96,345

Lupin

Ltd.

3,100

78,463

Sun

Pharmaceutical

Industries

Ltd.

6,820

142,275

Torrent

Pharmaceuticals

Ltd.

425

22,818

339,901

Semiconductors

Semiconductor

Equipment

21.9%

MediaTek,

Inc.

1,370

150,696

Novatek

Microelectronics

Corp.

10,000

160,587

Realtek

Semiconductor

Corp.

3,000

63,399

hynix,

Inc.

430

518,159

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

33,900

2,543,628

United

Microelectronics

Corp.

47,000

175,965

WAAREE

Energies

Ltd.

2,785

78,230

3,690,664

Software

0.3%

Oracle

Financial

Services

Software

Ltd.

435

50,997

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Specialty

Retail

2.0%

Abu

Dhabi

National

Oil

Co.

for

Distribution

PJSC

66,970

72,936

FSN

E-Commerce

Ventures

Ltd.*

16,790

58,668

Jarir

Marketing

Co.

32,795

145,135

Petronas

Dagangan

Bhd.

11,500

54,932

331,671

Technology

Hardware,

Storage

Peripherals

8.5%

Samsung

Electronics

Co.

Ltd.

5,925

1,090,911

Samsung

Electronics

Co.

Ltd.

(Preference)

2,540

340,282

1,431,193

Tobacco

1.0%

ITC

Ltd.

23,405

68,928

KT&G

Corp.

830

104,267

173,195

Trading

Companies

Distributors

0.4%

Posco

International

Corp.

1,785

65,355

Transportation

Infrastructure

1.2%

Jiangsu

Expressway

Co.

Ltd.,

Class

70,000

86,768

Promotora

Operadora

Infraestructura

SAB

1,650

26,008

Taiwan

High

Speed

Rail

Corp.

105,000

84,633

197,409

Water

Utilities

1.4%

Emirates

Central

Cooling

Systems

Corp.

215,960

92,903

Guangdong

Investment

Ltd.

130,000

140,418

233,321

Wireless

Telecommunication

Services

4.0%

Advanced

Info

Service

PCL,

NVDR

6,500

73,969

Bharti

Airtel

Ltd.

7,135

147,463

Celcomdigi

Bhd.

82,500

60,162

Far

EasTone

Telecommunications

Co.

Ltd.

42,500

138,077

Mobile

Telecommunications

Co.

KSCP

44,150

85,189

Telecom

Co.

Ltd.

1,510

86,213

Taiwan

Mobile

Co.

Ltd.

25,000

87,023

678,096

Total

Common

Stocks

(Cost

$12,121,306)

16,702,786

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

1.4%(d)

INVESTMENT

COMPANIES

0.0%(c)

BlackRock

Liquidity

FedFund

3.67%,

8/3/2026

133

Investments

Principal

Amount

Value

INVESTMENT

COMPANIES

(continued)

Dreyfus

Treasury

Obligations

Cash

Management

Fund

3.68%,

8/3/2026

133

Invesco

Government

Agency

Portfolio

3.74%,

8/3/2026

133

Morgan

Stanley

Institutional

Liquidity

Fund

Government

Portfolio

3.69%,

8/3/2026

133

Total

Investment

Companies

(Cost

$532)

532

REPURCHASE

AGREEMENTS

1.4%

Secured

LLC

3.63%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$227,587,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

4.88%,

maturing

8/15/2026

2/15/2056;

total

market

value

$230,674

(Cost

$227,587)

$227,587

227,587

Total

Securities

Lending

Reinvestments

(Cost

$228,119)

228,119

Total

Investments

100.6%

(Cost

$12,349,425)

16,930,905

Liabilities

excess

other

assets

(0.6%)

(100,213)

NET

ASSETS

100.0%

$16,830,692

Non-income

producing

security.

‡

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

(a)

The

security

portion

this

security

loan

July

31,

2026.

The

total

value

securities

loan

July

31,

2026

was

$287,915,

collateralized

the

form

cash

with

value

$228,119

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments;

$60,058

collateral

the

form

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.25%

–

6.25%,

and

maturity

dates

ranging

from

January

29,

2027

–

November

22,

2055;

total

value

$288,177.

(b)

Security

exempt

from

registration

pursuant

Regulation

under

the

Securities

Act

1933.

Regulation

applies

securities

offerings

that

are

made

outside

the

United

States

and

not

involve

direct

selling

efforts

the

United

States

and

such

may

have

restrictions

resale.

(c)

Represents

less

than

0.05%

net

assets.

(d)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

July

31,

2026.

The

total

value

securities

purchased

was

$228,119.

Percentages

shown

are

based

Net

Assets.

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund

(cont.)

Abbreviations

ADR

—

American

Depositary

Receipt

NVDR

—

Non-Voting

Depositary

Receipt

PJSC

—

Public

Joint

Stock

Company

Preference

—

special

type

equity

investment

that

the

earnings

the

company,

has

limited

voting

rights,

and

may

have

dividend

preference.

Preference

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

contracts

July

31,

2026:

Number

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Depreciation

Long

Contracts

‌

MSCI

Emerging

Markets

Index

09/18/2026

USD

164,230

(11,361)

Forward

Foreign

Currency

Contracts

FlexShares®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

had

the

following

outstanding

contracts

July

31,

2026:

Contracts

Receive

Counterparty

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

USD

19,390

GOLDMAN

SACHS

AND

CO.

LLC

INR

1,880,000

09/16/2026

(239)

Net

unrealized

depreciation

(239)

Non-deliverable

forward.

Abbreviations:

INR

—

Indian

Rupee

USD

—

Dollar

FlexShares®

Emerging

Markets

Quality

Low

Volatility

Index

invested,

percentage

net

assets,

companies

domiciled

the

following

countries

July

31,

2026:

Brazil

4.4

China

13.9

Colombia

0.7

India

16.4

Kuwait

1.2

Malaysia

4.3

Mexico

0.3

Morocco

0.5

Peru

0.0

†

Philippines

1.4

Qatar

1.5

Saudi

Arabia

3.4

South

Korea

17.3

Taiwan

24.8

Thailand

2.5

Turkey

0.9

United

Arab

Emirates

5.7

Other

0.8

100.0%

†

Amount

represents

less

than

0.05%.

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

Schedule

Investments

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

July

31,

2026

(Unaudited)

Investments

Value

COMMON

STOCKS

99.3%

Aerospace

Defense

2.0%

AAR

Corp.*

2,393

335,116

AeroVironment,

Inc.*(a)

1,738

259,605

Archer

Aviation,

Inc.,

Class

A*(a)

7,426

34,457

ATI,

Inc.*

3,318

621,926

Axon

Enterprise,

Inc.*

1,580

833,861

Beta

Technologies,

Inc.,

Class

A*(a)

3,318

62,810

Boeing

Co.

(The)*

18,012

3,893,114

BWX

Technologies,

Inc.

2,490

420,063

Cadre

Holdings,

Inc.(a)

2,212

68,196

Carpenter

Technology

Corp.

1,296

673,479

Curtiss-Wright

Corp.

810

586,440

Ducommun,

Inc.*(a)

513

91,837

Eve

Holding,

Inc.*(a)

13,215

30,659

Firefly

Aerospace,

Inc.*(a)

3,476

70,667

Aerospace

23,384

8,419,877

General

Dynamics

Corp.

6,802

2,608,023

HEICO

Corp.

1,169

416,585

HEICO

Corp.,

Class

1,710

439,949

Hexcel

Corp.(a)

3,171

326,454

Howmet

Aerospace,

Inc.

8,908

2,514,372

Huntington

Ingalls

Industries,

Inc.

1,422

464,212

Intuitive

Machines,

Inc.,

Class

A*(a)

7,426

91,637

Karman

Holdings,

Inc.*(a)

6,004

289,093

Kratos

Defense

Security

Solutions,

Inc.*

7,584

353,414

L3Harris

Technologies,

Inc.

3,950

1,094,387

Leonardo

DRS,

Inc.

2,268

104,441

Loar

Holdings,

Inc.*(a)

2,370

162,226

Lockheed

Martin

Corp.

5,372

3,130,479

Mercury

Systems,

Inc.*(a)

2,754

267,413

Moog,

Inc.,

Class

1,264

492,770

Northrop

Grumman

Corp.

3,318

1,799,949

Redwire

Corp.*(a)

9,322

80,356

Rocket

Lab

Corp.*(a)

11,850

769,657

RTX

Corp.

37,574

8,086,676

StandardAero,

Inc.*(a)

13,430

393,633

Textron,

Inc.(a)

5,791

493,741

TransDigm

Group,

Inc.

1,202

1,507,765

V2X,

Inc.*

4,582

413,480

Voyager

Technologies,

Inc.,

Class

A*(a)

3,160

77,515

VSE

Corp.(a)

810

157,456

Woodward,

Inc.

1,472

531,024

43,468,814

Air

Freight

Logistics

0.2%

Robinson

Worldwide,

Inc.

2,844

420,144

Expeditors

International

Washington,

Inc.

3,338

560,417

FedEx

Corp.(a)

6,004

1,845,629

GXO

Logistics,

Inc.*(a)

6,744

338,279

Hub

Group,

Inc.,

Class

A(a)

4,536

211,060

Investments

Value

Air

Freight

Logistics

(continued)

United

Parcel

Service,

Inc.,

Class

19,908

2,074,812

5,450,341

Automobile

Components

0.6%

Adient

plc*

17,654

371,440

Aptiv

plc*

42,344

2,391,166

Autoliv,

Inc.(a)

13,430

1,654,173

BorgWarner,

Inc.

41,712

2,658,723

Dana,

Inc.

6,964

187,541

Dauch

Corp.*(a)

49,928

282,093

Dorman

Products,

Inc.*(a)

1,700

226,372

Fox

Factory

Holding

Corp.*(a)

5,214

93,852

Garrett

Motion,

Inc.

31,916

994,184

Gentex

Corp.(a)

39,500

922,720

Gentherm

Inc.*(a)

5,832

236,663

Goodyear

Tire

Rubber

Co.

(The)*

33,338

231,699

LCI

Industries(a)

3,476

355,803

Lear

Corp.

10,852

1,417,705

Mobileye

Global,

Inc.,

Class

A*(a)

11,534

91,580

Patrick

Industries,

Inc.(a)

2,171

179,216

Phinia

Inc.(a)

8,532

627,870

QuantumScape

Corp.,

Class

4,582

23,918

Standard

Motor

Products,

Inc.(a)

3,240

123,865

Visteon

Corp.(a)

4,698

491,129

XPEL,

Inc.*(a)(b)

2,844

126,188

13,687,900

Automobiles

1.2%

Ford

Motor

Co.

109,156

1,602,410

General

Motors

Co.

25,754

2,288,501

Harley-Davidson,

Inc.(a)

7,268

178,357

Lucid

Group,

Inc.,

Class

A*(a)

23,858

176,072

Rivian

Automotive,

Inc.,

Class

A*(a)

20,224

307,809

Tesla,

Inc.*

63,358

19,717,643

Thor

Industries,

Inc.(a)

11,692

876,549

Winnebago

Industries,

Inc.

1,580

47,842

25,195,183

Banks

6.2%

1st

Source

Corp.

2,672

239,785

Amalgamated

Financial

Corp.(a)

4,898

241,863

Ameris

Bancorp(a)

13,604

1,186,405

Associated

Banc-Corp.

35,630

1,100,254

Atlantic

Union

Bankshares

Corp.(a)

26,074

1,106,320

Axos

Financial,

Inc.*

10,744

1,089,549

Banc

California,

Inc.

25,122

481,086

BancFirst

Corp.

1,535

173,179

Bancorp,

Inc.

(The)*

3,338

223,880

Bank

America

Corp.

181,700

11,256,315

Bank

Hawaii

Corp.

1,134

90,607

Bank

OZK

21,864

1,121,623

BankUnited,

Inc.(a)

14,062

655,992

Banner

Corp.

4,740

333,743

BOK

Financial

Corp.(a)

3,792

535,772

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Banks

(continued)

Burke

Herbert

Financial

Services

Corp.(a)

2,430

177,997

Business

First

Bancshares,

Inc.(a)

4,050

128,871

Byline

Bancorp,

Inc.

7,504

294,682

Capitol

Federal

Financial,

Inc.(a)

33,338

294,708

Cathay

General

Bancorp

13,588

858,626

Central

Pacific

Financial

Corp.(a)

2,548

100,391

Citigroup,

Inc.

48,190

6,382,765

Citizens

Financial

Group,

Inc.

12,956

928,297

City

Holding

Co.

342

49,628

CNB

Financial

Corp.(a)

4,536

159,214

Coastal

Financial

Corp.*

1,336

54,763

Columbia

Banking

System,

Inc.

57,986

1,813,222

Commerce

Bancshares,

Inc.

7,450

441,561

Community

Financial

System,

Inc.(a)

2,844

184,320

Community

Trust

Bancorp,

Inc.

1,881

147,564

ConnectOne

Bancorp,

Inc.(a)

6,320

208,181

Cullen/Frost

Bankers,

Inc.

12,634

2,101,540

Customers

Bancorp,

Inc.*(a)

5,243

412,519

CVB

Financial

Corp.(a)

9,361

209,406

Dime

Commercial

Bancshares,

Inc.

(a)

7,450

303,662

East

West

Bancorp,

Inc.

4,424

579,544

Eastern

Bankshares

Inc.(a)

42,270

970,519

Enterprise

Financial

Services

Corp.

7,936

526,236

Equity

Bancshares,

Inc.,

Class

1,106

56,052

Farmers

National

Banc

Corp.(a)

4,266

67,659

Financial

Corp.

1,020

61,588

Fifth

Third

Bancorp

24,490

1,383,685

First

Bancorp/NC(a)

3,262

205,082

First

Bancorp/PR

32,552

941,729

First

Busey

Corp.

13,114

404,698

First

Citizens

BancShares

Inc.,

Class

A(a)

316

690,981

First

Commonwealth

Financial

Corp.

20,698

445,628

First

Financial

Bancorp(a)

17,179

581,166

First

Financial

Bankshares

Inc.

7,126

250,408

First

Hawaiian,

Inc.

25,428

706,644

First

Horizon

Corp.

92,114

2,361,803

First

Interstate

BancSystem

Inc.,

Class

A(a)

16,553

629,345

First

Merchants

Corp.

10,852

468,155

First

Mid

Bancshares,

Inc.

6,691

348,534

Firstsun

Capital

Bancorp*

3,002

116,117

Flagstar

Bank

11,662

165,834

FNB

Corp.

66,724

1,261,084

Fulton

Financial

Corp.(a)

34,010

827,463

German

American

Bancorp,

Inc.(a)

1,620

82,426

Glacier

Bancorp,

Inc.(a)

4,860

239,549

Hancock

Whitney

Corp.(a)

16,196

1,247,092

Hanmi

Financial

Corp.

5,184

165,266

Heritage

Financial

Corp.(a)

5,357

159,264

Hilltop

Holdings,

Inc.

3,160

124,630

Home

BancShares

Inc.(a)

38,236

1,187,992

Investments

Value

Banks

(continued)

Hope

Bancorp,

Inc.(a)

18,486

258,989

Horizon

Bancorp,

Inc.

14,549

297,527

Huntington

Bancshares,

Inc.

56,564

963,851

Independent

Bank

Corp.(a)

9,232

773,919

International

Bancshares

Corp.

11,500

880,210

JPMorgan

Chase

Co.

75,524

26,568,588

KeyCorp

28,342

640,246

Lakeland

Financial

Corp.

486

30,448

Live

Oak

Bancshares,

Inc.

972

41,602

M&T

Bank

Corp.

4,424

1,089,587

Mercantile

Bank

Corp.

2,210

132,777

Metropolitan

Bank

Holding

Corp.

1,580

146,118

National

Bank

Holdings

Corp.,

Class

8,584

370,743

Bancorp,

Inc.

2,686

61,805

NBT

Bancorp,

Inc.(a)

8,260

434,889

Nicolet

Bankshares

Inc.(a)

1,371

234,331

Northeast

Bank(a)

790

98,094

Northwest

Bancshares,

Inc.

23,970

377,288

OceanFirst

Financial

Corp.

13,480

260,299

OFG

Bancorp

9,480

501,113

Old

National

Bancorp(a)

69,836

1,860,431

Old

Second

Bancorp,

Inc.(a)

6,636

167,824

Origin

Bancorp,

Inc.

2,528

138,357

Park

National

Corp.(a)

342

71,187

Pathward

Financial,

Inc.

1,458

128,654

Peapack-Gladstone

Financial

Corp.

1,106

50,854

Peoples

Bancorp,

Inc.(a)

5,022

209,217

Pinnacle

Financial

Partners,

Inc.

28,598

3,009,368

PNC

Financial

Services

Group,

Inc.

(The)

11,060

2,763,562

Popular,

Inc.

12,640

2,214,654

Preferred

Bank(a)

2,686

280,526

Prosperity

Bancshares,

Inc.

20,122

1,506,534

Provident

Financial

Services,

Inc.

21,949

541,701

QCR

Holdings,

Inc.

1,264

130,129

Regions

Financial

Corp.(a)

25,438

787,306

Renasant

Corp.(a)

15,958

695,290

Republic

Bancorp,

Inc.,

Class

A(a)

1,134

112,878

S&T

Bancorp,

Inc.(a)

7,334

382,468

Seacoast

Banking

Corp.

Florida

1,002

34,809

ServisFirst

Bancshares,

Inc.(a)

2,844

254,538

Simmons

First

National

Corp.,

Class

26,702

629,900

Southside

Bancshares,

Inc.(a)

6,156

200,132

SouthState

Bank

Corp.(a)

19,118

2,009,111

Stock

Yards

Bancorp,

Inc.(a)

810

68,931

Texas

Capital

Bancshares,

Inc.

7,268

718,442

Tompkins

Financial

Corp.(a)

3,839

383,286

Towne

Bank(a)

17,222

652,886

TriCo

Bancshares

4,601

264,742

Triumph

Financial,

Inc.*(a)

2,210

167,805

Truist

Financial

Corp.

34,286

1,777,386

TrustCo

Bank

Corp.

NY(a)

5,056

288,091

Trustmark

Corp.

12,640

599,768

UMB

Financial

Corp.

14,220

2,072,281

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Banks

(continued)

United

Bankshares

Inc.(a)

28,180

1,365,321

United

Community

Banks,

Inc.(a)

21,488

761,535

Univest

Financial

Corp.

4,601

203,548

Bancorp

43,450

2,737,784

Valley

National

Bancorp

84,700

1,210,363

WaFd

Inc.(a)

16,682

613,397

Webster

Financial

Corp.

31,916

2,464,554

Wells

Fargo

Co.

84,688

7,321,278

WesBanco,

Inc.(a)

20,406

844,400

Westamerica

Bancorp

5,346

321,562

Western

Alliance

Bancorp(a)

21,488

1,729,569

Wintrust

Financial

Corp.(a)

12,956

2,067,000

WSFS

Financial

Corp.

3,004

240,921

Zions

Bancorp

27,808

1,938,218

135,499,385

Beverages

0.9%

Brown-Forman

Corp.,

Class

A(a)

5,846

170,820

Brown-Forman

Corp.,

Class

B(a)

9,232

265,235

Celsius

Holdings,

Inc.*(a)

4,108

119,995

Coca-Cola

Co.

(The)

88,912

7,787,802

Coca-Cola

Consolidated,

Inc.

1,867

350,809

Constellation

Brands,

Inc.,

Class

A(a)

4,898

637,867

Keurig

Pepper,

Inc.

40,448

1,258,742

Molson

Coors

Beverage

Co.,

Class

B(a)

27,334

1,136,001

Monster

Beverage

Corp.*

15,710

1,514,130

National

Beverage

Corp.

4,050

128,142

PepsiCo,

Inc.

37,604

5,248,014

Primo

Brands

Corp.,

Class

A(a)

51,034

1,158,472

Vita

Coco

Co.,

Inc.

(The)*(a)

3,002

197,952

19,973,981

Biotechnology

2.4%

AbbVie,

Inc.

48,980

12,291,041

ACADIA

Pharmaceuticals,

Inc.*

632

16,350

ADMA

Biologics,

Inc.*

158

1,337

Agios

Pharmaceuticals,

Inc.*

4,553

136,681

Alkermes

plc*(a)

7,774

380,848

Alnylam

Pharmaceuticals,

Inc.*

3,160

649,443

Amgen,

Inc.

14,694

5,659,541

Apogee

Therapeutics,

Inc.*

972

130,335

Arcus

Biosciences,

Inc.*(a)

6,162

173,707

Arcutis

Biotherapeutics,

Inc.*

3,204

86,059

Ardelyx

Inc.*(a)

17,234

85,308

Arrowhead

Pharmaceuticals,

Inc.*

24,490

2,073,078

ARS

Pharmaceuticals,

Inc.*(a)

2,672

13,707

Aurinia

Pharmaceuticals,

Inc.*

8,058

119,903

Beam

Therapeutics,

Inc.*(a)

5,524

140,972

BioCryst

Pharmaceuticals,

Inc.*(a)

632

5,675

Biogen,

Inc.*

4,108

833,719

Biohaven

Ltd.*

1,896

25,596

BioMarin

Pharmaceutical,

Inc.*

9,322

559,506

Bridgebio

Pharma,

Inc.*(a)

6,320

506,169

CareDx

Inc.*

3,171

138,604

Investments

Value

Biotechnology

(continued)

Caris

Life

Sciences,

Inc.*(a)

6,004

94,083

Celldex

Therapeutics,

Inc.*(a)

4,860

184,972

oncology,

Inc.*(a)

2,718

193,494

Cogent

Biosciences,

Inc.*

7,426

289,094

Corvus

Pharmaceuticals,

Inc.*(a)

4,266

56,567

CRISPR

Therapeutics

AG*(a)

5,357

257,082

Cullinan

Therapeutics,

Inc.*(a)

3,792

62,568

Cytokinetics,

Inc.*

5,740

442,726

CytomX

Therapeutics,

Inc.*(a)

16,906

52,409

Denali

Therapeutics,

Inc.*

10,428

240,053

Dianthus

Therapeutics,

Inc.*(a)

810

86,605

Disc

Medicine,

Inc.*(a)

334

25,718

Dyne

Therapeutics,

Inc.*(a)

12,166

306,340

Evommune

Inc.*(a)

2,528

28,440

Exelixis,

Inc.*

11,534

611,648

Geron

Corp.*

3,634

4,688

Gilead

Sciences,

Inc.

33,812

4,402,661

Halozyme

Therapeutics,

Inc.*(a)

23,542

1,943,157

Ideaya

Biosciences,

Inc.*(a)

6,004

213,142

ImmunityBio

Inc.*(a)

948

6,797

Immunome,

Inc.*(a)

2,754

62,681

Immunovant

Inc.*(a)

2,430

93,847

Incyte

Corp.*

4,582

547,641

Insmed

Inc.*

4,108

405,049

Intellia

Therapeutics,

Inc.*(a)

3,240

34,603

Ionis

Pharmaceuticals,

Inc.*(a)

6,110

316,315

Iovance

Biotherapeutics,

Inc.*(a)

74,822

304,526

Janux

Therapeutics,

Inc.*(a)

5,688

86,287

Kiniksa

Pharmaceuticals

International

plc,

Class

A*(a)

1,190

88,465

Krystal

Biotech,

Inc.*(a)

1,296

442,092

Kura

Oncology,

Inc.*

12,714

114,553

Kymera

Therapeutics,

Inc.*(a)

3,058

316,197

Madrigal

Pharmaceuticals,

Inc.*(a)

850

397,222

MannKind

Corp.*(a)

23,700

92,667

Mineralys

Therapeutics,

Inc.*(a)

3,792

96,772

Mirum

Pharmaceuticals,

Inc.*

1,296

137,311

Moderna,

Inc.*(a)

9,796

537,017

Monte

Rosa

Therapeutics,

Inc.*(a)

2,844

46,983

Natera,

Inc.*

3,402

910,920

Neurocrine

Biosciences,

Inc.*

3,888

648,518

Novavax,

Inc.*(a)

12,956

94,838

Nurix

Therapeutics,

Inc.*(a)

8,908

206,755

ORIC

Pharmaceuticals,

Inc.*

7,742

85,704

Praxis

Precision

Medicines,

Inc.*

1,134

349,079

Protagonist

Therapeutics,

Inc.*(a)

1,782

243,492

PTC

Therapeutics,

Inc.*

4,108

279,385

Recursion

Pharmaceuticals,

Inc.,

Class

A*(a)

474

1,422

Regeneron

Pharmaceuticals,

Inc.

2,844

2,168,920

Relay

Therapeutics,

Inc.*(a)

167

3,145

Revolution

Medicines,

Inc.*

4,740

888,892

Rhythm

Pharmaceuticals,

Inc.*

3,058

303,506

Roivant

Sciences

Ltd.*

13,766

466,805

Sana

Biotechnology,

Inc.*(a)

22,436

70,225

Sarepta

Therapeutics,

Inc.*

13,904

206,613

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Biotechnology

(continued)

Savara,

Inc.*(a)

19,118

104,384

Scholar

Rock

Holding

Corp.*(a)

3,402

160,898

Spyre

Therapeutics,

Inc.*

4,212

414,166

Stoke

Therapeutics,

Inc.*

1,738

50,159

Summit

Therapeutics,

Inc.*(a)

5,281

68,759

Syndax

Pharmaceuticals,

Inc.*(a)

6,640

126,492

Taysha

Gene

Therapies,

Inc.*(a)

9,954

58,330

Therapeutics,

Inc.*(a)

5,184

269,724

Travere

Therapeutics,

Inc.*

2,004

112,004

Twist

Bioscience

Corp.*

2,430

222,467

Ultragenyx

Pharmaceutical,

Inc.*

158

3,936

uniQure

NV*

3,792

165,445

United

Therapeutics

Corp.*

1,106

572,587

Vaxcyte

Inc.*

7,426

401,598

Vera

Therapeutics,

Inc.,

Class

5,214

167,369

Veracyte

Inc.*

4,266

197,601

Vericel

Corp.*(a)

1,620

74,455

Vertex

Pharmaceuticals,

Inc.*

7,268

3,467,563

Viking

Therapeutics,

Inc.*

1,106

35,104

Vir

Biotechnology,

Inc.*

10,879

94,212

Viridian

Therapeutics,

Inc.*(a)

19,750

373,670

Xencor

Inc.*(a)

2,268

45,836

Zymeworks

Inc.*

5,508

120,846

51,885,875

Broadline

Retail

3.0%

Amazon.com,

Inc.*

221,042

60,030,586

Coupang,

Inc.,

Class

26,070

426,245

Dillard's,

Inc.,

Class

A(a)

182

107,078

eBay,

Inc.

10,902

1,242,937

Etsy,

Inc.*

3,888

317,572

Kohl's

Corp.(a)

21,488

411,280

Macy's,

Inc.(a)

51,666

1,282,350

MercadoLibre

Inc.*

1,085

2,037,576

Ollie's

Bargain

Outlet

Holdings,

Inc.*(a)

2,528

185,732

Pattern

Group,

Inc.,

Class

3,402

78,314

66,119,670

Building

Products

0.8%

Smith

Corp.(a)

2,686

161,509

AAON,

Inc.

3,240

288,554

Advanced

Drainage

Systems,

Inc.

2,212

306,318

Allegion

plc(a)

3,002

472,515

Apogee

Enterprises,

Inc.(a)

4,212

166,795

Armstrong

World

Industries,

Inc.(a)

1,458

254,654

AZZ,

Inc.

1,422

205,792

Builders

FirstSource

Inc.*(a)

20,698

1,375,175

Carlisle

Cos.,

Inc.

1,422

511,806

Carrier

Global

Corp.

18,788

1,161,286

CSW

Industrials,

Inc.

486

155,000

Fortune

Brands

Innovations,

Inc.(a)

22,910

1,128,547

Gibraltar

Industries,

Inc.*

6,636

280,437

Griffon

Corp.(a)

2,212

190,608

Hayward

Holdings,

Inc.*

11,767

178,035

Investments

Value

Building

Products

(continued)

Johnson

Controls

International

plc

13,272

1,946,472

Lennox

International,

Inc.

632

262,836

Louisiana-Pacific

Corp.(a)

3,078

222,940

Madison

Air

Solutions

Corp.,

Class

1,422

41,323

Masco

Corp.

9,070

648,324

Masterbrand,

Inc.*(a)

41,712

344,124

Modine

Manufacturing

Co.*

2,054

412,977

Owens

Corning

16,748

2,326,297

Resideo

Technologies,

Inc.*

24,174

829,168

Simpson

Manufacturing

Co.,

Inc.

1,539

288,932

Tecnoglass

Holdings,

Inc.(a)

1,896

82,362

Trane

Technologies

plc

4,898

2,228,345

Trex

Co.,

Inc.*

4,374

189,657

UFP

Industries,

Inc.(a)

3,505

304,024

Zurn

Elkay

Water

Solutions

Corp.(a)

5,190

262,147

17,226,959

Capital

Markets

3.4%

Acadian

Asset

Management,

Inc.

2,054

177,650

Affiliated

Managers

Group,

Inc.

5,688

2,085,960

Ameriprise

Financial,

Inc.

2,528

1,379,884

Ares

Management

Corp.,

Class

4,266

546,432

Artisan

Partners

Asset

Management,

Inc.,

Class

A(a)

17,222

675,791

Bank

New

York

Mellon

Corp.

(The)

18,950

2,962,453

BGC

Group,

Inc.,

Class

A(a)

59,408

684,380

Bitgo

Holdings,

Inc.,

Class

A*(a)

25,754

125,164

BlackRock,

Inc.

3,888

4,239,436

Blackstone,

Inc.

21,488

2,745,092

Blue

Owl

Capital,

Inc.,

Class

A(a)

141,410

1,456,523

Carlyle

Group,

Inc.

(The)(a)

3,950

181,779

Charles

Schwab

Corp.

(The)

45,504

4,788,841

CME

Group,

Inc.

7,742

2,073,230

Cohen

Steers,

Inc.(a)

1,134

93,294

Coinbase

Global,

Inc.,

Class

4,424

647,054

DigitalBridge

Group,

Inc.(a)

5,832

92,554

Donnelley

Financial

Solutions,

Inc.*

1,190

56,287

Evercore,

Inc.,

Class

1,580

506,485

FactSet

Research

Systems,

Inc.(a)

1,106

291,099

Federated

Hermes,

Inc.,

Class

B(a)

15,010

900,000

Franklin

Resources,

Inc.(a)

59,274

2,007,018

Galaxy

Digital,

Inc.,

Class

A*(a)

38,078

800,019

Goldman

Sachs

Group,

Inc.

(The)

8,216

8,367,010

Hamilton

Lane,

Inc.,

Class

1,738

154,526

Houlihan

Lokey,

Inc.,

Class

A(a)

1,896

237,929

Interactive

Brokers

Group,

Inc.,

Class

11,014

969,122

Intercontinental

Exchange,

Inc.

15,010

2,288,725

Invesco

Ltd.

67,150

1,987,640

Jefferies

Financial

Group,

Inc.(a)

32,706

1,785,748

KKR

Co.,

Inc.

19,592

1,987,217

Lazard,

Inc.,

Class

A(a)

2,054

87,049

LPL

Financial

Holdings,

Inc.(a)

1,944

687,593

MarketAxess

Holdings,

Inc.(a)

632

102,574

Miami

International

Holdings,

Inc.*(a)

3,634

170,943

Moelis

Co.,

Class

3,262

218,815

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Capital

Markets

(continued)

Moody's

Corp.

3,564

1,704,946

Morgan

Stanley

33,022

6,948,489

Morningstar,

Inc.(a)

474

91,278

MSCI,

Inc.,

Class

1,580

904,139

Nasdaq,

Inc.

8,260

778,009

Northern

Trust

Corp.(c)

5,508

1,003,503

Oppenheimer

Holdings,

Inc.,

Class

648

69,103

Perella

Weinberg

Partners,

Class

A(a)

5,056

89,238

Piper

Sandler

Cos.(a)

3,420

259,236

PJT

Partners,

Inc.,

Class

501

84,323

Raymond

James

Financial,

Inc.

4,698

826,754

Robinhood

Markets,

Inc.,

Class

17,538

1,518,089

S&P

Global,

Inc.(a)

6,964

2,868,681

SEI

Investments

Co.

3,753

386,484

State

Street

Corp.

8,098

1,491,328

StepStone

Group,

Inc.,

Class

790

34,649

Stifel

Financial

Corp.

6,794

563,291

StoneX

Group,

Inc.*(a)

21,566

1,651,309

Rowe

Price

Group,

Inc.(a)

6,478

723,916

TPG,

Inc.,

Class

3,792

165,559

Tradeweb

Markets,

Inc.,

Class

3,792

381,096

Victory

Capital

Holdings,

Inc.,

Class

A(a)

9,070

898,202

Virtu

Financial,

Inc.,

Class

18,069

1,061,192

Virtus

Investment

Partners,

Inc.(a)

1,896

302,128

Wealthfront

Corp.*

11,692

110,957

WisdomTree,

Inc.(a)

171

3,312

73,480,527

Chemicals

1.2%

Air

Products

and

Chemicals,

Inc.

4,740

1,397,779

Albemarle

Corp.

3,318

390,329

Ashland,

Inc.(a)

8,746

635,047

Avient

Corp.

17,978

652,961

Axalta

Coating

Systems

Ltd.*

41,238

1,476,733

Balchem

Corp.

1,881

315,171

Cabot

Corp.(a)

10,366

912,415

Celanese

Corp.,

Class

A(a)

20,382

911,483

Industries

Holdings,

Inc.

5,214

652,741

Chemours

Co.

(The)

11,218

186,331

Corteva,

Inc.

14,062

1,106,820

Dow,

Inc.

17,816

539,647

DuPont

Nemours,

Inc.

3,751

513,887

Eastman

Chemical

Co.

21,172

1,480,981

Ecolab,

Inc.

5,508

1,529,186

Ecovyst

Inc.*

12,324

148,627

Element

Solutions,

Inc.

10,586

388,824

FMC

Corp.(a)

16,116

172,602

Hawkins,

Inc.(a)

513

65,679

Fuller

Co.

972

53,752

Huntsman

Corp.

39,192

382,514

Ingevity

Corp.*

2,686

196,373

Innospec,

Inc.

1,458

125,359

Investments

Value

Chemicals

(continued)

International

Flavors

Fragrances,

Inc.

6,156

487,678

Koppers

Holdings,

Inc.(a)

1,422

69,706

Linde

plc

10,586

5,064,131

LyondellBasell

Industries

NV,

Class

5,530

343,302

Minerals

Technologies,

Inc.

5,346

407,579

Mosaic

Co.

(The)(a)

57,038

1,261,681

NewMarket

Corp.

342

290,755

Olin

Corp.(a)

23,700

438,687

Perimeter

Solutions,

Inc.*

6,478

198,292

PPG

Industries,

Inc.(a)

6,640

733,853

PureCycle

Technologies,

Inc.*(a)

12,380

78,861

Quaker

Chemical

Corp.(a)

162

26,004

RPM

International,

Inc.

5,214

558,263

Scotts

Miracle-Gro

Co.

(The)(a)

9,796

643,401

Sensient

Technologies

Corp.

1,458

180,311

Sherwin-Williams

Co.

(The)

5,056

1,723,338

Stepan

Co.

4,424

283,755

Westlake

Corp.(a)

2,370

167,085

27,191,923

Commercial

Services

Supplies

0.5%

ABM

Industries,

Inc.

12,166

582,873

ACV

Auctions,

Inc.,

Class

A*(a)

948

7,101

Brady

Corp.,

Class

1,026

96,721

BrightView

Holdings,

Inc.*

6,162

80,353

Brink's

Co.

(The)(a)

8,374

991,900

Casella

Waste

Systems,

Inc.,

Class

A*(a)

1,738

155,916

Cimpress

plc*(a)

2,592

255,830

Cintas

Corp.

7,268

1,487,251

Clean

Harbors,

Inc.*

1,422

444,915

Copart,

Inc.*

18,328

533,711

CoreCivic

Inc.*

7,426

222,037

Deluxe

Corp.(a)

10,409

269,281

Enviri

Corp.*

108

2,395

GEO

Group,

Inc.

(The)*

7,268

224,509

Healthcare

Services

Group,

Inc.*

6,301

146,813

HNI

Corp.(a)

10,586

476,476

Interface,

Inc.,

Class

A(a)

5,524

189,252

MillerKnoll

Inc.(a)

6,794

153,001

MSA

Safety,

Inc.(a)

2,040

388,151

OPENLANE,

Inc.*

3,058

121,586

Pitney

Bowes,

Inc.

32,232

565,027

Republic

Services,

Inc.,

Class

4,424

931,473

Rollins,

Inc.

4,898

185,977

Tetra

Tech,

Inc.(a)

7,110

235,768

UniFirst

Corp.(a)

850

249,033

Veralto

Corp.

6,636

624,912

Vestis

Corp.*

9,880

142,865

Waste

Management,

Inc.

10,112

2,290,874

12,056,001

Communications

Equipment

1.1%

ADTRAN

Holdings,

Inc.*(a)

2,672

22,739

Applied

Optoelectronics,

Inc.*(a)

2,686

253,343

Arista

Networks,

Inc.*

22,752

4,103,323

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Communications

Equipment

(continued)

Calix,

Inc.*(a)

3,413

122,527

Ciena

Corp.*

3,318

1,251,052

Cisco

Systems,

Inc.

109,336

12,681,883

Digi

International,

Inc.*(a)

2,686

187,268

Extreme

Networks,

Inc.*

7,742

233,344

F5,

Inc.*

1,190

479,058

Harmonic,

Inc.*(a)

2,080

24,024

Lumentum

Holdings,

Inc.*(a)

1,738

1,240,828

Motorola

Solutions,

Inc.

3,634

1,583,515

NetScout

Systems,

Inc.*

5,372

218,479

Ondas,

Inc.*(a)

13,118

98,254

Viasat

Inc.*(a)

5,214

401,113

Viavi

Solutions,

Inc.*

6,964

257,320

Vistance

Networks,

Inc.(a)

41,136

482,937

23,641,007

Construction

Engineering

0.5%

AECOM

27,176

1,967,271

API

Group

Corp.*

10,902

432,591

Arcosa

Inc.

1,368

198,634

Argan,

Inc.(a)

648

369,639

Centuri

Holdings,

Inc.*

1,360

37,862

Comfort

Systems

USA,

Inc.

790

1,366,455

Construction

Partners,

Inc.,

Class

A*(a)

1,296

133,942

Dycom

Industries,

Inc.*

1,368

548,664

EMCOR

Group,

Inc.

972

775,102

Everus

Construction

Group,

Inc.*(a)

1,503

188,521

Fluor

Corp.*

5,508

276,336

Granite

Construction,

Inc.(a)

2,106

254,763

IES

Holdings,

Inc.*(a)

515

383,438

Legence

Corp.,

Class

632

40,404

MasTec

Inc.*

1,135

298,619

MYR

Group,

Inc.*

790

263,244

Primoris

Services

Corp.

2,754

232,465

Quanta

Services,

Inc.

3,318

2,214,300

Sterling

Infrastructure,

Inc.*

1,264

754,317

Tutor

Perini

Corp.(a)

2,592

217,080

Valmont

Industries,

Inc.

680

327,556

WillScot

Holdings

Corp.(a)

8,098

196,619

11,477,822

Construction

Materials

0.1%

CRH

plc

14,694

1,396,077

Eagle

Materials,

Inc.(a)

1,458

298,802

Knife

River

Corp.*

2,528

184,974

Martin

Marietta

Materials,

Inc.

1,264

663,777

Vulcan

Materials

Co.

2,916

783,150

3,326,780

Consumer

Finance

0.9%

Ally

Financial,

Inc.(a)

54,984

2,382,457

American

Express

Co.

15,010

5,047,112

Atlanticus

Holdings

Corp.*(a)

1,134

119,626

Bread

Financial

Holdings,

Inc.

8,361

903,573

Investments

Value

Consumer

Finance

(continued)

Capital

One

Financial

Corp.

17,854

3,731,665

Credit

Acceptance

Corp.*(a)

286

162,708

Dave,

Inc.*(a)

324

120,752

Encore

Capital

Group,

Inc.*(a)

4,740

445,939

Enova

International,

Inc.*

5,056

1,284,932

EZCORP,

Inc.,

Class

A*(a)

5,530

164,628

Figure

Technology

Solutions,

Inc.,

Class

A*(a)

6,952

173,174

FirstCash

Holdings,

Inc.(a)

1,368

279,086

Happen,

Inc.*

8,216

157,254

Jefferson

Capital,

Inc.(a)

7,900

158,869

Navient

Corp.

474

3,977

Nelnet,

Inc.,

Class

A(a)

1,169

158,832

OneMain

Holdings,

Inc.

23,068

1,443,595

PROG

Holdings,

Inc.(a)

7,936

349,343

SLM

Corp.(a)

41,460

1,077,753

SoFi

Technologies,

Inc.*(a)

32,864

536,012

Synchrony

Financial

9,718

736,527

Upstart

Holdings,

Inc.*(a)

316

8,671

19,446,485

Consumer

Staples

Distribution

Retail

1.4%

Albertsons

Cos.,

Inc.,

Class

A(a)

61,462

711,730

Andersons,

Inc.

(The)(a)

2,268

160,529

BJ's

Wholesale

Club

Holdings,

Inc.*(a)

3,634

355,333

Casey's

General

Stores,

Inc.(a)

810

705,510

Chefs'

Warehouse,

Inc.

(The)*

2,370

273,379

Costco

Wholesale

Corp.

10,112

9,625,512

Dollar

General

Corp.

6,004

762,808

Dollar

Tree,

Inc.*

4,424

562,777

Grocery

Outlet

Holding

Corp.*(a)

6,952

63,889

Ingles

Markets,

Inc.,

Class

2,054

184,881

Kroger

Co.

(The)

16,748

967,030

Maplebear

Inc.*

6,994

311,932

Performance

Food

Group

Co.*

3,753

429,306

PriceSmart

Inc.(a)

632

122,551

Sprouts

Farmers

Market,

Inc.*(a)

4,212

367,118

Sysco

Corp.

12,472

1,063,113

Target

Corp.

12,956

1,872,012

United

Natural

Foods,

Inc.*

4,536

230,565

Foods

Holding

Corp.*

6,004

603,942

Walmart,

Inc.

98,276

10,928,291

Weis

Markets,

Inc.

1,691

130,292

30,432,500

Containers

Packaging

0.4%

Amcor

plc(a)

15,484

694,922

AptarGroup,

Inc.

1,738

232,823

Avery

Dennison

Corp.(a)

2,686

455,895

Ball

Corp.

8,848

574,235

Crown

Holdings,

Inc.

21,804

2,569,601

Graphic

Packaging

Holding

Co.(a)

42,502

456,046

Greif,

Inc.,

Class

A(a)

2,528

218,798

International

Paper

Co.(a)

17,696

722,528

O-I

Glass,

Inc.*

18,012

128,786

Packaging

Corp.

America

2,338

574,774

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Containers

Packaging

(continued)

Silgan

Holdings,

Inc.(a)

14,852

593,783

Smurfit

Westrock

plc

12,166

559,271

Sonoco

Products

Co.(a)

17,064

961,727

TriMas

Corp.

1,198

47,836

8,791,025

Distributors

0.1%

Genuine

Parts

Co.

3,634

451,960

GigaCloud

Technology,

Inc.,

Class

A*(a)

6,478

283,348

LKQ

Corp.

45,662

1,025,112

Pool

Corp.(a)

790

146,711

1,907,131

Diversified

Consumer

Services

0.2%

ADT,

Inc.

97,170

742,379

Bright

Horizons

Family

Solutions,

Inc.*

2,212

164,882

Covista

Inc.*

2,106

262,934

Duolingo,

Inc.,

Class

790

106,500

Frontdoor

Inc.*

2,378

172,714

Graham

Holdings

Co.,

Class

170

204,602

Grand

Canyon

Education,

Inc.*

1,738

252,601

H&R

Block,

Inc.(a)

26,544

1,168,732

Laureate

Education,

Inc.*

7,612

291,616

Matthews

International

Corp.,

Class

A(a)

1,944

53,946

McGraw

Hill,

Inc.*(a)

3,402

37,286

OneSpaWorld

Holdings

Ltd.(a)

6,794

175,013

Perdoceo

Education

Corp.(a)

4,266

135,701

Service

Corp.

International

4,266

367,687

Strategic

Education,

Inc.

3,002

246,164

Stride,

Inc.*(a)

2,844

228,345

Universal

Technical

Institute,

Inc.*(a)

1,134

44,578

4,655,680

Diversified

REITs

0.0%(d)

American

Assets

Trust,

Inc.,

REIT

162

3,822

Broadstone

Net

Lease,

Inc.,

REIT(a)

3,505

75,042

Essential

Properties

Realty

Trust,

Inc.,

REIT(a)

11,338

354,766

Global

Net

Lease,

Inc.,

REIT

19,592

170,842

Carey,

Inc.,

REIT

5,994

441,158

1,045,630

Diversified

Telecommunication

Services

0.7%

AST

SpaceMobile

Inc.,

Class

A*(a)

6,318

372,635

AT&T,

Inc.

190,706

4,433,914

Cogent

Communications

Holdings,

Inc.(a)

14,852

200,502

Comcast

Corp.,

Class

94,958

2,275,194

Globalstar,

Inc.*(a)

2,997

249,890

Iridium

Communications,

Inc.

5,846

276,750

Liberty

Capital

Corp.,

Class

A*(a)

5,688

134,464

Liberty

Capital

Corp.,

Class

C*(a)

1,896

43,930

Investments

Value

Diversified

Telecommunication

Services

(continued)

Liberty

Global

Ltd.,

Class

A*(a)

30,203

320,454

Liberty

Global

Ltd.,

Class

C*(a)

31,916

330,650

Liberty

Latin

America

Ltd.,

Class

158

1,288

Lumen

Technologies,

Inc.*

189,644

1,209,929

Uniti

Group,

Inc.(a)

40,922

397,762

Verizon

Communications,

Inc.

115,340

5,399,065

15,646,427

Electric

Utilities

1.2%

Alliant

Energy

Corp.(a)

6,484

458,938

American

Electric

Power

Co.,

Inc.(a)

12,956

1,656,425

Constellation

Energy

Corp.

7,268

1,909,667

Duke

Energy

Corp.

20,856

2,615,968

Edison

International

10,528

772,439

Entergy

Corp.

10,112

1,088,253

Evergy

Inc.

6,636

550,854

Eversource

Energy

11,218

803,097

Exelon

Corp.

29,072

1,332,079

FirstEnergy

Corp.

15,688

757,887

Hawaiian

Electric

Industries,

Inc.*(a)

15,168

195,971

IDACORP,

Inc.(a)

1,837

262,526

MGE

Energy,

Inc.

1,738

138,223

NextEra

Energy,

Inc.

56,880

4,944,010

NRG

Energy,

Inc.

5,372

721,406

OGE

Energy

Corp.

6,802

322,075

Oklo

Inc.,

Class

A*(a)

6,952

269,946

Otter

Tail

Corp.(a)

2,844

251,466

PG&E

Corp.

54,668

950,130

Pinnacle

West

Capital

Corp.(a)

5,994

605,334

Portland

General

Electric

Co.(a)

22,436

1,106,768

PPL

Corp.(a)

17,816

627,301

Southern

Co.

(The)

32,548

3,077,088

TXNM

Energy,

Inc.

5,524

319,950

Xcel

Energy,

Inc.

15,326

1,198,493

26,936,294

Electrical

Equipment

1.1%

Acuity,

Inc.

1,458

478,793

American

Superconductor

Corp.*(a)

1,134

33,306

AMETEK,

Inc.

4,898

1,183,896

Amprius

Technologies,

Inc.*

3,078

29,549

Array

Technologies,

Inc.*(a)

33,338

174,024

Atkore,

Inc.

2,212

161,388

Bloom

Energy

Corp.,

Class

5,846

1,203,165

Eaton

Corp.

plc

8,532

3,542,486

Emerson

Electric

Co.(a)

12,796

1,917,097

EnerSys

1,738

323,355

Enovix

Corp.*(a)

6,478

26,495

Eos

Energy

Enterprises,

Inc.*(a)

14,062

47,530

Forgent

Power

Solutions,

Inc.,

Class

A*(a)

1,422

47,310

Vernova

Inc.

6,004

5,945,701

Generac

Holdings,

Inc.*

2,528

498,294

Hubbell,

Inc.,

Class

1,106

522,640

NANO

Nuclear

Energy,

Inc.*(a)

11,218

178,478

Nextpower

Inc.,

Class

A*(a)

4,108

369,186

NuScale

Power

Corp.,

Class

A*(a)

2,844

23,946

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Electrical

Equipment

(continued)

nVent

Electric

plc

4,050

623,012

Plug

Power,

Inc.*(a)

51,340

105,760

Powell

Industries,

Inc.(a)

972

202,837

Regal

Rexnord

Corp.

3,002

616,100

Rockwell

Automation,

Inc.

2,430

1,166,594

Sensata

Technologies

Holding

plc(a)

27,856

1,289,454

Shoals

Technologies

Group,

Inc.,

Class

A*(a)

14,378

125,664

Sunrun,

Inc.*

8,848

86,799

Vertiv

Holdings

Co.,

Class

8,216

1,984,739

Vicor

Corp.*

810

167,970

23,075,568

Electronic

Equipment,

Instruments

Components

1.2%

Advanced

Energy

Industries,

Inc.(a)

1,336

386,799

Amphenol

Corp.,

Class

26,860

4,316,402

Arlo

Technologies,

Inc.*

2,754

40,539

Arrow

Electronics,

Inc.*

9,006

1,950,429

Avnet,

Inc.(a)

17,006

1,510,813

Badger

Meter,

Inc.(a)

1,670

224,364

Bel

Fuse,

Inc.,

Class

B(a)

680

184,940

Belden,

Inc.

2,106

261,249

Benchmark

Electronics,

Inc.

1,896

151,244

CDW

Corp.

3,078

454,959

Cognex

Corp.(a)

6,478

422,625

Coherent

Corp.*

3,930

1,033,158

Corning,

Inc.

17,222

2,380,941

Crane

NXT

Co.(a)

4,424

229,827

CTS

Corp.

855

54,823

ePlus

Inc.

2,106

194,615

Fabrinet*

910

396,223

Flex

Ltd.*

8,374

952,542

Ingram

Micro

Holding

Corp.

7,584

213,945

Insight

Enterprises,

Inc.*

5,994

772,806

IPG

Photonics

Corp.*(a)

474

40,318

Itron,

Inc.*(a)

9,480

944,777

Jabil,

Inc.

2,592

816,610

Keysight

Technologies,

Inc.*

3,792

1,209,951

Knowles

Corp.*(a)

2,393

87,560

Littelfuse,

Inc.(a)

835

369,179

Mirion

Technologies,

Inc.,

Class

A*(a)

14,050

210,469

nLight

Inc.*

1,106

76,093

Novanta,

Inc.*(a)

1,296

184,745

OSI

Systems,

Inc.*(a)

510

112,909

Ouster,

Inc.*

1,264

49,309

Connection,

Inc.

171

14,316

Plexus

Corp.*

680

170,911

Ralliant

Corp.

4,212

275,338

Rogers

Corp.*

4,075

Sanmina

Corp.*

2,370

439,777

ScanSource,

Inc.*

3,946

223,423

SYNNEX

Corp.

2,370

606,009

Connectivity

plc

6,640

1,365,782

Teledyne

Technologies,

Inc.*

1,197

784,717

TTM

Technologies,

Inc.*(a)

2,686

310,072

Investments

Value

Electronic

Equipment,

Instruments

Components

(continued)

Vishay

Intertechnology

Inc.(a)

3,792

129,762

Vontier

Corp.(a)

30,968

995,002

Zebra

Technologies

Corp.,

Class

2,054

603,506

26,157,853

Energy

Equipment

Services

0.5%

Archrock

Inc.(a)

9,394

335,929

Atlas

Energy

Solutions,

Inc.,

Class

A(a)

15,224

164,267

Baker

Hughes

Co.,

Class

24,016

1,452,728

Bristow

Group,

Inc.,

Class

A(a)

2,528

114,569

Cactus,

Inc.,

Class

A(a)

4,108

267,061

Halliburton

Co.

20,673

666,704

Helix

Energy

Solutions

Group,

Inc.*

13,048

124,087

Helmerich

Payne,

Inc.

2,592

89,605

Innovex

International,

Inc.*(a)

1,967

55,233

Kodiak

Gas

Services,

Inc.

2,528

148,419

Liberty

Energy,

Inc.,

Class

A(a)

9,070

169,700

Nabors

Industries

Ltd.*

1,738

148,895

Noble

Corp.

plc(a)

6,636

281,366

NOV,

Inc.

71,890

1,396,823

Oceaneering

International,

Inc.*(a)

5,214

254,339

Patterson-UTI

Energy,

Inc.

73,786

773,277

RPC,

Inc.(a)

10,278

57,660

Seadrill

Ltd.*

162

7,264

Select

Water

Solutions,

Inc.,

Class

10,042

185,978

SLB

Ltd.

35,392

1,755,089

Solaris

Energy

Infrastructure,

Inc.,

Class

A(a)

1,296

66,627

TechnipFMC

plc(a)

9,880

708,001

Tidewater,

Inc.*(a)

3,476

260,909

Transocean

Ltd.*

54,220

288,450

Valaris

Ltd.*

3,402

269,404

Weatherford

International

plc(a)

3,634

319,029

10,361,413

Entertainment

0.9%

AMC

Entertainment

Holdings,

Inc.,

Class

A*(a)

145,992

411,698

Atlanta

Braves

Holdings,

Inc.,

Class

324

16,469

Cinemark

Holdings,

Inc.

5,846

213,905

Electronic

Arts,

Inc.

5,508

1,155,909

IMAX

Corp.*(a)

1,881

89,987

Liberty

Media

Corp.-Liberty

Formula

One,

Class

1,336

119,986

Liberty

Media

Corp.-Liberty

Formula

One,

Class

5,022

492,809

Lionsgate

Studios

Corp.*

13,904

184,645

Live

Nation

Entertainment,

Inc.*(a)

3,726

648,808

Madison

Square

Garden

Entertainment

Corp.,

Class

790

61,035

Madison

Square

Garden

Sports

Corp.*

648

255,105

Netflix,

Inc.*

94,010

6,741,457

Playtika

Holding

Corp.

38,236

152,562

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Entertainment

(continued)

ROBLOX

Corp.,

Class

A*(a)

12,324

438,734

Roku,

Inc.,

Class

6,131

889,056

Sphere

Entertainment

Co.*(a)

1,422

203,702

Stubhub

Holdings,

Inc.,

Class

A*(a)

9,954

84,012

Take-Two

Interactive

Software,

Inc.*

3,888

944,473

TKO

Group

Holdings,

Inc.,

Class

A(a)

1,944

353,439

Walt

Disney

Co.

(The)

47,558

4,574,604

Warner

Bros

Discovery,

Inc.*

64,938

1,707,869

Warner

Music

Group

Corp.,

Class

4,424

114,847

19,855,111

Financial

Services

3.6%

Affirm

Holdings,

Inc.,

Class

7,340

524,883

Apollo

Global

Management,

Inc.(a)

12,482

1,567,614

Berkshire

Hathaway,

Inc.,

Class

51,666

26,429,226

Block,

Inc.,

Class

13,430

1,091,053

Burford

Capital

Ltd.(a)

14,852

61,190

Chime

Financial,

Inc.,

Class

A*(a)

12,482

286,961

Corebridge

Financial,

Inc.(a)

48,822

1,522,758

Corpay

Inc.*(a)

1,580

603,734

Enact

Holdings,

Inc.

5,184

245,307

Equitable

Holdings,

Inc.

58,144

2,770,562

Essent

Group

Ltd.

18,012

1,188,072

Euronet

Worldwide,

Inc.*(a)

5,372

383,185

EVERTEC,

Inc.(a)

14,220

432,857

Federal

Agricultural

Mortgage

Corp.,

Class

C(a)

1,422

323,647

Fidelity

National

Information

Services,

Inc.

11,692

523,451

Fiserv,

Inc.*

12,640

681,802

Flywire

Corp.*

3,240

51,872

Global

Payments,

Inc.

4,898

411,824

Sustainable

Infrastructure

Capital,

Inc.(a)

24,016

909,486

Jack

Henry

Associates,

Inc.

2,054

316,398

Jackson

Financial,

Inc.,

Class

13,118

1,604,069

Mastercard,

Inc.,

Class

18,170

10,413,227

Merchants

Bancorp(a)

3,888

214,540

MGIC

Investment

Corp.

42,502

1,276,760

NCR

Atleos

Corp.*

13,272

624,182

NMI

Holdings,

Inc.,

Class

15,168

671,942

Paymentus

Holdings,

Inc.,

Class

A*(a)

6,162

210,124

Payoneer

Global,

Inc.*(a)

9,880

70,840

PayPal

Holdings,

Inc.

22,120

1,265,485

PennyMac

Financial

Services,

Inc.(a)

4,424

333,614

Radian

Group,

Inc.(a)

28,282

1,102,715

Remitly

Global,

Inc.*

10,048

228,793

Rocket

Cos.,

Inc.,

Class

A*(a)

25,319

326,615

Sezzle

Inc.*(a)

486

75,208

Shift4

Payments,

Inc.,

Class

A*(a)

14,062

745,286

Toast,

Inc.,

Class

A*(a)

15,642

504,767

UWM

Holdings

Corp.,

Class

A(a)

101,594

184,901

Visa,

Inc.,

Class

37,762

13,825,801

Voya

Financial,

Inc.

19,118

1,900,903

Investments

Value

Financial

Services

(continued)

Walker

Dunlop,

Inc.

8,532

423,955

Western

Union

Co.

(The)(a)

48,032

305,484

WEX,

Inc.*(a)

7,110

1,329,286

77,964,379

Food

Products

0.9%

Archer-Daniels-Midland

Co.

13,272

1,052,072

Bunge

Global

SA(a)

4,374

464,650

Cal-Maine

Foods,

Inc.(a)

7,742

679,593

Campbell's

Co.

(The)(a)

33,654

739,715

Conagra

Brands,

Inc.

85,794

1,244,871

Darling

Ingredients,

Inc.*

5,184

314,358

Del

Monte

Corp.

5,214

154,908

Dole

plc(a)

18,802

265,860

Flowers

Foods,

Inc.(a)

24,964

175,247

Freshpet

Inc.*

474

28,222

General

Mills,

Inc.(a)

11,850

423,638

Hershey

Co.

(The)(a)

2,686

470,184

Hormel

Foods

Corp.

61,462

1,537,165

Ingredion,

Inc.

11,692

1,162,886

Smucker

Co.

(The)

21,216

2,530,220

Kraft

Heinz

Co.

(The)(a)

19,750

510,538

Lamb

Weston

Holdings,

Inc.

28,124

1,477,916

Marzetti

Co.

(The)

158

16,886

McCormick

Co.,

Inc.

(Non-Voting)

54,036

2,750,432

Mission

Produce,

Inc.*(a)

8,361

105,432

Mondelez

International,

Inc.,

Class

30,968

1,929,616

Pilgrim's

Pride

Corp.

4,740

129,686

Post

Holdings,

Inc.*(a)

6,636

606,597

Seaboard

Corp.

158,877

Seneca

Foods

Corp.,

Class

486

80,428

Simply

Good

Foods

Co.

(The)*

8,374

85,247

Smithfield

Foods,

Inc.(a)

6,952

181,030

Tootsie

Roll

Industries,

Inc.(a)

2,692

105,042

Tyson

Foods,

Inc.,

Class

6,004

347,992

19,729,308

Gas

Utilities

0.3%

Atmos

Energy

Corp.

3,002

518,685

Chesapeake

Utilities

Corp.(a)

1,700

225,726

MDU

Resources

Group,

Inc.(a)

13,280

264,936

National

Fuel

Gas

Co.

18,302

1,506,438

New

Jersey

Resources

Corp.

18,012

1,042,715

Northwest

Natural

Holding

Co.

2,754

134,726

ONE

Gas,

Inc.

3,792

294,449

Southwest

Gas

Holdings,

Inc.

1,944

173,793

Spire,

Inc.(a)

11,850

946,341

UGI

Corp.

40,764

1,472,396

6,580,205

Ground

Transportation

0.9%

ArcBest

Corp.(a)

1,580

228,073

Avis

Budget

Group,

Inc.*

3,564

489,836

CSX

Corp.

42,270

2,130,408

Hertz

Global

Holdings,

Inc.*(a)

34,301

54,367

Hunt

Transport

Services,

Inc.(a)

1,718

466,867

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Ground

Transportation

(continued)

Knight-Swift

Transportation

Holdings,

Inc.,

Class

5,670

394,235

Landstar

System,

Inc.

1,296

226,502

Lyft,

Inc.,

Class

A*(a)

7,584

120,282

Marten

Transport

Ltd.(a)

7,900

116,841

Norfolk

Southern

Corp.

5,022

1,684,781

Old

Dominion

Freight

Line,

Inc.

4,536

962,267

RXO,

Inc.*

6,156

124,659

Ryder

System,

Inc.

8,098

2,076,489

Saia,

Inc.*(a)

1,134

394,212

Schneider

National,

Inc.,

Class

1,907

68,156

Uber

Technologies,

Inc.*

56,090

3,946,492

U-Haul

Holding

Co.*(a)

162

11,487

U-Haul

Holding

Co.

Non

Voting(a)

4,374

273,725

Union

Pacific

Corp.

16,274

4,754,124

Werner

Enterprises,

Inc.

1,944

72,745

XPO,

Inc.*(a)

2,844

571,559

19,168,107

Health

Care

Equipment

Supplies

1.6%

Abbott

Laboratories

47,400

5,010,180

Align

Technology,

Inc.*

3,318

561,273

Artivion

Inc.*(a)

3,634

97,500

Baxter

International,

Inc.(a)

99,540

2,603,966

Becton

Dickinson

Co.

6,952

1,151,390

Boston

Scientific

Corp.*

43,292

2,023,035

CONMED

Corp.

2,844

131,677

Cooper

Cos.,

Inc.

(The)*

8,374

605,608

Dentsply

Sirona,

Inc.(a)

30,178

403,480

Dexcom,

Inc.*

8,908

743,373

Edwards

Lifesciences

Corp.*

13,604

1,170,896

Enovis

Corp.*(a)

5,846

170,411

Envista

Holdings

Corp.*

10,366

283,096

Establishment

Labs

Holdings,

Inc.*(a)

810

74,957

HealthCare

Technologies,

Inc.

14,220

967,244

Glaukos

Corp.*

2,058

343,110

Globus

Medical,

Inc.,

Class

A*(a)

3,476

273,874

Haemonetics

Corp.*

948

81,092

ICU

Medical,

Inc.*(a)

1,530

257,820

IDEXX

Laboratories,

Inc.*

1,782

996,263

Inspire

Medical

Systems,

Inc.*(a)

2,844

142,797

Insulet

Corp.*

3,476

574,757

Integer

Holdings

Corp.*

2,370

287,268

Integra

LifeSciences

Holdings

Corp.*(a)

15,062

250,782

Intuitive

Surgical,

Inc.*

7,742

2,735,481

IRhythm

Holdings,

Inc.*(a)

2,212

259,180

Kestra

Medical

Technologies

Ltd.*(a)

2,171

49,564

Lantheus

Holdings,

Inc.*(a)

3,476

346,349

LivaNova

plc*(a)

3,160

253,242

Medline,

Inc.,

Class

A*(a)

7,426

291,693

Medtronic

plc

34,602

2,954,665

Merit

Medical

Systems,

Inc.*

1,106

94,021

Neogen

Corp.*(a)

17,168

206,703

Novocure

Ltd.*

2,754

40,869

Investments

Value

Health

Care

Equipment

Supplies

(continued)

Omnicell,

Inc.*

3,961

140,101

Penumbra,

Inc.*

1,422

456,732

PROCEPT

BioRobotics

Corp.*(a)

5,056

94,143

QuidelOrtho

Corp.*(a)

6,162

103,337

ResMed,

Inc.(a)

3,634

766,701

Solventum

Corp.*(a)

28,756

2,456,913

STAAR

Surgical

Co.*(a)

162

3,946

STERIS

plc

2,686

613,482

Stryker

Corp.

10,270

3,344,939

Tandem

Diabetes

Care,

Inc.*

2,592

50,544

Teleflex,

Inc.(a)

2,528

345,603

TransMedics

Group,

Inc.*(a)

2,054

157,152

UFP

Technologies,

Inc.*(a)

668

170,193

Zimmer

Biomet

Holdings,

Inc.

4,266

400,705

35,542,107

Health

Care

Providers

Services

1.9%

Acadia

Healthcare

Co.,

Inc.*(a)

7,900

233,998

AdaptHealth

Corp.,

Class

7,268

78,494

Addus

HomeCare

Corp.*

810

93,539

Alignment

Healthcare,

Inc.*

2,688

39,917

AMN

Healthcare

Services,

Inc.*

7,774

261,440

Ardent

Health,

Inc.*

4,536

48,399

Astrana

Health,

Inc.*(a)

3,078

109,454

Aveanna

Healthcare

Holdings,

Inc.*

7,268

68,247

BrightSpring

Health

Services,

Inc.*(a)

4,582

273,591

Brookdale

Senior

Living,

Inc.*(a)

14,694

214,532

Cardinal

Health,

Inc.

6,802

1,564,664

Castle

Biosciences,

Inc.*

948

26,544

Cencora

Inc.

4,582

1,426,560

Centene

Corp.*

12,956

806,122

Chemed

Corp.

316

168,191

Cigna

Group

(The)

7,268

2,028,135

Clover

Health

Investments

Corp.,

Class

486

2,027

Concentra

Group

Holdings

Parent,

Inc.

3,078

97,419

CorVel

Corp.*

1,296

77,838

CVS

Health

Corp.

34,918

3,646,487

DaVita,

Inc.*

7,288

1,749,776

Elevance

Health,

Inc.

6,004

2,256,543

Encompass

Health

Corp.(a)

3,402

377,860

Ensign

Group,

Inc.

(The)

1,896

337,791

GeneDx

Holdings

Corp.,

Class

501

32,620

Guardant

Health,

Inc.*

5,184

839,756

HCA

Healthcare,

Inc.

4,108

1,653,840

HealthEquity,

Inc.*

3,775

379,803

Henry

Schein,

Inc.*(a)

20,224

1,734,208

Hims

Hers

Health,

Inc.*(a)

6,004

166,731

Humana,

Inc.(a)

3,564

1,296,797

Labcorp

Holdings,

Inc.

2,672

826,182

LifeStance

Health

Group,

Inc.*

20,856

218,571

McKesson

Corp.

3,318

2,840,838

Molina

Healthcare,

Inc.*(a)

2,686

525,435

National

HealthCare

Corp.

1,106

249,989

NeoGenomics

Inc.*

4,536

69,356

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Health

Care

Providers

Services

(continued)

Nutex

Health,

Inc.*(a)

790

116,470

Omada

Health,

Inc.*

162

3,214

OPKO

Health,

Inc.*(a)

61,542

81,236

Option

Care

Health,

Inc.*

31,758

731,387

PACS

Group,

Inc.*

2,370

109,044

Pediatrix

Medical

Group,

Inc.*(a)

19,118

506,818

Pennant

Group,

Inc.

(The)*

2,338

94,268

Privia

Health

Group,

Inc.*

6,320

149,594

Progyny,

Inc.*

2,430

75,646

Quest

Diagnostics,

Inc.

2,686

625,865

RadNet,

Inc.*(a)

948

60,463

Surgery

Partners,

Inc.*(a)

3,078

47,401

Tenet

Healthcare

Corp.*

2,528

644,084

UnitedHealth

Group,

Inc.

25,122

10,410,557

Universal

Health

Services,

Inc.,

Class

9,796

1,650,038

Physical

Therapy,

Inc.(a)

486

38,423

42,166,202

Health

Care

REITs

0.4%

Alexandria

Real

Estate

Equities,

Inc.,

REIT

7,584

390,197

American

Healthcare

REIT,

Inc.,

REIT(a)

6,320

351,392

CareTrust

REIT,

Inc.,

REIT(a)

7,208

302,303

Healthcare

Realty

Trust,

Inc.,

Class

REIT

18,170

381,752

Healthpeak

Properties,

Inc.,

REIT

32,552

710,610

LTC

Properties,

Inc.,

REIT

4,698

189,048

Medical

Properties

Trust,

Inc.,

REIT(a)

9,638

44,624

National

Health

Investors,

Inc.,

REIT(a)

1,002

76,803

National

Healthcare

Properties,

Inc.,

Class

REIT

6,794

103,880

Omega

Healthcare

Investors,

Inc.,

REIT

10,428

527,970

Sabra

Health

Care

REIT,

Inc.,

REIT(a)

11,257

238,311

Ventas,

Inc.,

REIT(a)

9,718

908,730

Welltower,

Inc.,

REIT

15,710

3,683,052

7,908,672

Health

Care

Technology

0.1%

Certara,

Inc.*(a)

12,324

99,824

Doximity,

Inc.,

Class

158

3,304

HeartFlow

Inc.*(a)

3,160

79,727

Schrodinger,

Inc.*(a)

474

7,176

Teladoc

Health,

Inc.*(a)

21,330

143,124

Veeva

Systems,

Inc.,

Class

2,844

579,550

Waystar

Holding

Corp.*(a)

33,496

707,101

1,619,806

Hotel

Resort

REITs

0.3%

Apple

Hospitality

REIT,

Inc.,

REIT(a)

46,318

764,710

Investments

Value

Hotel

Resort

REITs

(continued)

DiamondRock

Hospitality

Co.,

REIT

8,308

109,998

Host

Hotels

Resorts,

Inc.,

REIT

140,304

3,525,840

Park

Hotels

Resorts,

Inc.,

REIT(a)

34,658

521,949

Pebblebrook

Hotel

Trust,

REIT(a)

19,434

371,189

RLJ

Lodging

Trust,

REIT

162

1,984

Ryman

Hospitality

Properties,

Inc.,

REIT

2,754

368,072

Service

Properties

Trust,

REIT(a)

25,091

201,481

Sunstone

Hotel

Investors,

Inc.,

REIT

6,802

80,060

Xenia

Hotels

Resorts,

Inc.,

REIT(a)

7,110

146,324

6,091,607

Hotels,

Restaurants

Leisure

1.9%

Accel

Entertainment,

Inc.,

Class

8,422

101,232

Airbnb,

Inc.,

Class

8,374

1,268,828

Aramark

10,204

581,322

BJ's

Restaurants,

Inc.*

716

48,409

Booking

Holdings,

Inc.

21,014

4,053,601

Boyd

Gaming

Corp.(a)

11,376

967,643

Brinker

International,

Inc.*(a)

9,070

1,938,259

Caesars

Entertainment,

Inc.*

40,812

1,214,157

Carnival

Corp.

Ltd.

39,026

1,085,313

Cava

Group,

Inc.*(a)

3,888

253,614

Cheesecake

Factory,

Inc.

(The)(a)

3,058

310,142

Chipotle

Mexican

Grill,

Inc.,

Class

26,386

982,087

Choice

Hotels

International,

Inc.(a)

1,580

176,154

Churchill

Downs,

Inc.(a)

2,054

173,152

Darden

Restaurants,

Inc.

3,240

659,599

Domino's

Pizza,

Inc.

948

329,373

DoorDash,

Inc.,

Class

7,900

1,549,664

DraftKings,

Inc.,

Class

A*(a)

21,172

497,119

Dutch

Bros,

Inc.,

Class

A*(a)

3,950

260,028

Expedia

Group,

Inc.

3,564

1,050,453

First

Watch

Restaurant

Group,

Inc.*

6,162

79,182

Flutter

Entertainment

plc*(a)

2,370

247,594

Hilton

Grand

Vacations,

Inc.*

11,534

532,179

Hilton

Worldwide

Holdings,

Inc.

5,056

1,620,397

Hyatt

Hotels

Corp.,

Class

A(a)

1,944

338,373

Las

Vegas

Sands

Corp.

6,320

308,985

Life

Time

Group

Holdings,

Inc.*

6,484

292,428

Marriott

International,

Inc.,

Class

4,898

1,826,121

Marriott

Vacations

Worldwide

Corp.

(a)

5,994

584,475

McDonald's

Corp.

19,434

5,259,618

MGM

Resorts

International*

9,954

443,650

Navan,

Inc.,

Class

4,108

109,355

Norwegian

Cruise

Line

Holdings

Ltd.*(a)

83,898

1,554,630

Papa

John's

International,

Inc.(a)

4,424

132,278

Penn

Entertainment,

Inc.*

4,698

96,450

Planet

Fitness,

Inc.,

Class

1,106

61,836

Pursuit

Attractions

and

Hospitality,

Inc.*(a)

2,221

112,227

Red

Rock

Resorts,

Inc.,

Class

A(a)

1,882

121,276

Royal

Caribbean

Cruises

Ltd.(a)

7,268

2,313,404

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Hotels,

Restaurants

Leisure

(continued)

Rush

Street

Interactive,

Inc.,

Class

A*(a)

1,738

46,770

Shake

Shack,

Inc.,

Class

316

19,829

Sharplink

Inc.*(a)

27,018

165,350

Six

Flags

Entertainment

Corp.*(a)

22,120

383,340

Starbucks

Corp.

26,544

2,793,756

Target

Hospitality

Corp.*

912

Texas

Roadhouse,

Inc.,

Class

3,002

616,731

Travel

Leisure

Co.

12,634

960,437

United

Parks

Resorts,

Inc.*(a)

5,022

224,132

Vail

Resorts,

Inc.(a)

948

141,612

Wendy's

Co.

(The)(a)

45,978

338,398

Wingstop,

Inc.(a)

632

81,838

Wyndham

Hotels

Resorts,

Inc.

4,108

307,525

Wynn

Resorts

Ltd.(a)

2,212

219,674

Yum!

Brands,

Inc.(a)

6,478

992,948

40,827,859

Household

Durables

0.6%

Cavco

Industries,

Inc.*(a)

340

185,990

Century

Communities,

Inc.(a)

6,190

415,721

Champion

Homes,

Inc.*

2,528

201,254

Horton,

Inc.

7,612

1,088,973

Garmin

Ltd.

3,476

1,021,179

Green

Brick

Partners,

Inc.*(a)

7,504

530,758

Installed

Building

Products,

Inc.(a)

632

140,898

Home(a)

12,956

712,191

La-Z-Boy,

Inc.(a)

6,162

242,660

Leggett

Platt,

Inc.(a)

17,696

173,421

Lennar

Corp.,

Class

A(a)

6,478

533,463

Lennar

Corp.,

Class

B(a)

513

41,399

LGI

Homes,

Inc.*

2,106

114,925

M/I

Homes,

Inc.*(a)

5,508

804,884

Meritage

Homes

Corp.

14,252

1,000,490

Mohawk

Industries,

Inc.*

10,112

1,244,787

Newell

Brands,

Inc.(a)

56,248

314,989

NVR,

Inc.*

411,852

PulteGroup,

Inc.

6,156

778,549

Somnigroup

International,

Inc.

5,357

349,973

Sonos,

Inc.*(a)

850

12,461

Toll

Brothers,

Inc.(a)

18,802

2,743,024

Whirlpool

Corp.(a)

15,326

574,725

13,638,566

Household

Products

0.8%

Central

Garden

Pet

Co.*

1,296

55,793

Central

Garden

Pet

Co.,

Class

10,528

399,116

Church

Dwight

Co.,

Inc.(a)

6,137

606,397

Clorox

Co.

(The)(a)

25,596

2,445,186

Colgate-Palmolive

Co.

18,626

1,700,554

Energizer

Holdings,

Inc.(a)

6,794

142,470

Kimberly-Clark

Corp.(a)

10,270

1,122,614

Procter

Gamble

Co.

(The)

64,148

9,268,745

Reynolds

Consumer

Products,

Inc.

11,662

290,850

Spectrum

Brands

Holdings,

Inc.(a)

5,372

476,872

Investments

Value

Household

Products

(continued)

WD-40

Co.

790

179,441

16,688,038

Independent

Power

and

Renewable

Electricity

Producers

0.2%

AES

Corp.

(The)

140,936

2,068,940

Clearway

Energy,

Inc.,

Class

5,672

179,973

Ormat

Technologies,

Inc.(a)

2,210

215,652

Talen

Energy

Corp.*

1,068

356,819

Vistra

Corp.

7,268

1,077,045

3,898,429

Industrial

Conglomerates

0.2%

Co.

12,324

2,172,475

Honeywell

International,

Inc.

8,690

2,112,104

4,284,579

Industrial

REITs

0.3%

Americold

Realty

Trust,

Inc.,

REIT

8,216

115,764

EastGroup

Properties,

Inc.,

REIT

2,430

507,894

First

Industrial

Realty

Trust,

Inc.,

REIT

5,846

384,901

Innovative

Industrial

Properties,

Inc.,

REIT

7,288

428,607

Lineage,

Inc.,

REIT

4,898

207,528

LXP

Industrial

Trust,

REIT

1,458

88,253

Prologis,

Inc.,

REIT

20,382

2,947,441

Rexford

Industrial

Realty,

Inc.,

REIT

6,320

238,706

STAG

Industrial,

Inc.,

REIT(a)

10,454

399,970

Terreno

Realty

Corp.,

REIT

4,698

336,612

5,655,676

Insurance

3.0%

Accelerant

Holdings,

Class

1,620

19,246

Aflac,

Inc.

11,060

1,409,929

Allstate

Corp.

(The)

7,612

2,010,177

American

Financial

Group,

Inc.(a)

13,904

1,970,475

American

International

Group,

Inc.

15,010

1,179,486

Aon

plc,

Class

5,214

1,879,908

Arch

Capital

Group

Ltd.*

10,690

1,074,666

Arthur

Gallagher

Co.

5,372

1,339,884

Assurant,

Inc.

10,366

2,894,084

Assured

Guaranty

Ltd.

7,426

614,279

Ategrity

Specialty

Holdings

LLC*(a)

1,134

27,239

Axis

Capital

Holdings

Ltd.

14,536

1,530,932

Baldwin

Insurance

Group,

Inc.

(The),

Class

A*(a)

158

4,383

Bowhead

Specialty

Holdings,

Inc.*

3,950

120,830

Brighthouse

Financial,

Inc.*(a)

12,956

802,106

Brown

Brown,

Inc.

6,004

422,682

Chubb

Ltd.

10,112

3,546,076

Cincinnati

Financial

Corp.

3,402

604,467

CNO

Financial

Group,

Inc.

20,382

1,122,844

Employers

Holdings,

Inc.(a)

2,592

131,026

Erie

Indemnity

Co.,

Class

A(a)

1,422

344,181

Everest

Group

Ltd.

6,162

2,305,512

Exzeo

Group,

Inc.*

4,108

63,756

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Insurance

(continued)

F&G

Annuities

Life,

Inc.(a)

4,898

139,936

Fidelity

National

Financial,

Inc.(a)

8,693

448,472

First

American

Financial

Corp.(a)

19,592

1,469,204

Genworth

Financial,

Inc.,

Class

69,836

686,488

Globe

Life,

Inc.

16,116

2,937,141

Hamilton

Insurance

Group

Ltd.,

Class

6,636

238,631

Hanover

Insurance

Group,

Inc.

(The)

6,964

1,620,035

Hartford

Insurance

Group,

Inc.

(The)

7,584

1,076,245

HCI

Group,

Inc.

1,738

304,167

Heritage

Insurance

Holdings,

Inc.*

1,106

32,483

Horace

Mann

Educators

Corp.

7,612

396,661

Kemper

Corp.

6,636

188,330

Kinsale

Capital

Group,

Inc.(a)

632

225,257

Lemonade,

Inc.*(a)

2,356

113,818

Lincoln

National

Corp.

34,602

1,578,197

Loews

Corp.

5,056

586,547

Markel

Group,

Inc.*

334

628,702

Marsh

McLennan

Cos.,

Inc.

10,586

2,008,058

Mercury

General

Corp.

4,108

440,049

MetLife,

Inc.

16,116

1,549,231

Neptune

Insurance

Holdings,

Inc.,

Class

4,740

150,305

Old

Republic

International

Corp.

43,766

1,891,129

Oscar

Health,

Inc.,

Class

12,166

379,822

Palomar

Holdings,

Inc.*(a)

158

21,139

Primerica,

Inc.(a)

1,360

435,146

Principal

Financial

Group,

Inc.

6,478

736,549

Progressive

Corp.

(The)

15,958

3,373,840

Prudential

Financial,

Inc.

10,366

1,265,481

Reinsurance

Group

America,

Inc.

12,798

3,031,206

RenaissanceRe

Holdings

Ltd.(a)

8,058

2,578,399

RLI

Corp.

2,054

125,787

Root,

Inc.,

Class

810

43,861

Ryan

Specialty

Holdings,

Inc.,

Class

A(a)

3,476

153,500

Safety

Insurance

Group,

Inc.

1,422

147,021

Selective

Insurance

Group,

Inc.

12,956

1,228,099

SiriusPoint

Ltd.*(a)

17,006

402,192

Skyward

Specialty

Insurance

Group,

Inc.*

8,216

492,549

Stewart

Information

Services

Corp.

4,266

288,339

Travelers

Cos.,

Inc.

(The)(a)

6,156

2,304,560

Trupanion

Inc.*

5,056

123,821

United

Fire

Group,

Inc.

3,402

174,727

Universal

Insurance

Holdings,

Inc.(a)

4,212

184,106

Unum

Group

30,178

2,598,628

Berkley

Corp.

6,640

481,666

White

Mountains

Insurance

Group

Ltd.(a)

486

1,019,497

Willis

Towers

Watson

plc

2,370

796,130

66,513,319

Interactive

Media

Services

5.7%

Alphabet,

Inc.,

Class

131,298

46,759,157

Investments

Value

Interactive

Media

Services

(continued)

Alphabet,

Inc.,

Class

105,860

37,754,969

Cargurus

Inc.,

Class

A*(a)

5,688

206,133

Grindr,

Inc.*(a)

5,846

101,370

Match

Group,

Inc.

50,402

1,986,343

Meta

Platforms,

Inc.,

Class

61,146

34,040,590

People,

Inc.*

4,108

170,769

Pinterest,

Inc.,

Class

102,068

2,450,653

Reddit,

Inc.,

Class

A*(a)

2,686

377,840

RUM

Group,

Inc.*(a)

9,954

58,131

Snap,

Inc.,

Class

23,226

108,930

Taboola.com

Ltd.*

31,798

159,308

TripAdvisor,

Inc.*(a)

14,062

199,188

Trump

Media

Technology

Group

Corp.*(a)

18,960

186,945

Webtoon

Entertainment,

Inc.*(a)

162

1,477

Yelp,

Inc.,

Class

A*(a)

316

8,352

Ziff

Davis,

Inc.*(a)

4,898

259,986

ZoomInfo

Technologies,

Inc.,

Class

A*(a)

8,216

27,113

124,857,254

Services

1.1%

Accenture

plc,

Class

16,590

2,752,613

Akamai

Technologies,

Inc.*(a)

6,636

764,334

Applied

Digital

Corp.*(a)

9,779

267,847

BigBear.ai

Holdings,

Inc.*(a)

30,652

85,519

Cloudflare,

Inc.,

Class

7,526

2,099,603

Cognizant

Technology

Solutions

Corp.,

Class

A(a)

10,744

594,680

CoreWeave

Inc.,

Class

A*(a)

7,426

532,964

DigitalOcean

Holdings,

Inc.*(a)

3,564

418,770

DXC

Technology

Co.*(a)

21,330

239,749

EPAM

Systems,

Inc.*(a)

11,692

1,234,208

Everforth

Inc.*

2,686

76,390

Fastly,

Inc.,

Class

9,480

214,817

Gartner,

Inc.*(a)

13,746

2,075,921

GoDaddy,

Inc.,

Class

6,794

562,136

International

Business

Machines

Corp.

26,070

5,830,556

Kyndryl

Holdings,

Inc.*(a)

36,814

498,830

MongoDB,

Inc.,

Class

1,580

533,218

Okta,

Inc.,

Class

6,794

964,272

Snowflake,

Inc.,

Class

7,268

2,131,559

Twilio,

Inc.,

Class

3,634

717,170

VeriSign,

Inc.

2,004

581,200

23,176,356

Leisure

Products

0.1%

Acushnet

Holdings

Corp.

1,026

103,903

Brunswick

Corp.(a)

3,634

287,086

Callaway

Golf

Co.*

12,166

224,584

Hasbro,

Inc.

6,524

612,865

Mattel,

Inc.*(a)

49,138

741,492

Peloton

Interactive,

Inc.,

Class

A*(a)

20,066

128,222

Polaris,

Inc.

1,738

116,585

YETI

Holdings,

Inc.*(a)

1,264

61,860

2,276,597

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Life

Sciences

Tools

Services

0.9%

10X

Genomics,

Inc.,

Class

A*(a)

7,900

373,433

Adaptive

Biotechnologies

Corp.*(a)

9,559

215,747

Agilent

Technologies,

Inc.

6,318

874,222

Avantor,

Inc.*(a)

121,976

1,680,829

Azenta

Inc.*(a)

158

4,445

BioLife

Solutions,

Inc.*

5,621

175,825

Bio-Rad

Laboratories,

Inc.,

Class

A*(a)

689

224,256

Bio-Techne

Corp.

6,952

501,170

Bruker

Corp.(a)

3,564

223,962

Charles

River

Laboratories

International,

Inc.*(a)

1,620

376,666

Danaher

Corp.

18,486

3,604,400

Fortrea

Holdings,

Inc.*

7,584

145,385

Illumina,

Inc.*

3,002

615,710

IQVIA

Holdings,

Inc.*

4,108

965,462

Medpace

Holdings,

Inc.*

948

547,100

Mettler-Toledo

International,

Inc.*(a)

513

726,562

Repligen

Corp.*(a)

1,422

200,516

Revvity

Inc.(a)

4,536

510,391

Sotera

Health

Co.*

10,069

179,832

Tempus

AI,

Inc.,

Class

A*(a)

5,846

256,464

Thermo

Fisher

Scientific,

Inc.

10,428

5,988,800

Waters

Corp.*

1,896

715,380

West

Pharmaceutical

Services,

Inc.

1,706

581,678

19,688,235

Machinery

2.0%

AGCO

Corp.(a)

2,839

290,032

Alamo

Group,

Inc.

342

54,405

Albany

International

Corp.,

Class

2,268

168,989

Allison

Transmission

Holdings,

Inc.(a)

4,212

482,442

Astec

Industries,

Inc.

170

8,612

Blue

Bird

Corp.*(a)

2,686

199,812

Caterpillar,

Inc.

10,428

8,496,839

CECO

Environmental

Corp.*

948

62,464

CNH

Industrial

NV(a)

45,346

464,796

Crane

Co.

1,837

392,126

Cummins,

Inc.

3,240

2,054,808

Deere

Co.

5,688

3,371,107

Donaldson

Co.,

Inc.

5,832

549,608

Douglas

Dynamics,

Inc.(a)

2,754

121,534

Dover

Corp.

2,686

549,609

Enerpac

Tool

Group

Corp.,

Class

4,173

149,143

Enpro

Inc.

1,106

347,195

Esab

Corp.(a)

3,004

259,936

ESCO

Technologies,

Inc.

790

249,079

Federal

Signal

Corp.(a)

1,944

242,903

Flowserve

Corp.(a)

6,162

468,250

Fortive

Corp.

6,000

355,260

Franklin

Electric

Co.,

Inc.

1,190

124,617

Gates

Industrial

Corp.

Ltd.*

12,640

353,667

Gorman-Rupp

Co.

(The)(a)

510

41,407

Graco,

Inc.

5,688

451,513

Greenbrier

Cos.,

Inc.

(The)(a)

6,323

311,408

Investments

Value

Machinery

(continued)

Helios

Technologies,

Inc.

668

52,044

Hillman

Solutions

Corp.*(a)

18,788

147,862

IDEX

Corp.

2,754

634,659

Illinois

Tool

Works,

Inc.

6,320

1,813,524

Ingersoll

Rand,

Inc.(a)

7,584

632,354

ITT,

Inc.(a)

2,370

464,473

JBT

Marel

Corp.(a)

2,370

328,174

Kadant

Inc.(a)

324

99,630

Kennametal,

Inc.

5,743

195,090

Lincoln

Electric

Holdings,

Inc.

2,054

536,731

Lindsay

Corp.(a)

342

37,900

Middleby

Corp.

(The)*

2,528

337,690

Mueller

Industries,

Inc.

10,112

671,538

Mueller

Water

Products,

Inc.,

Class

4,970

125,443

Nordson

Corp.

1,896

564,591

Oshkosh

Corp.

12,008

1,710,059

Otis

Worldwide

Corp.

7,584

545,669

PACCAR,

Inc.(a)

11,850

1,572,258

Parker-Hannifin

Corp.

2,754

2,689,364

Pentair

plc

7,110

465,278

Proto

Labs,

Inc.*

1,020

76,551

RBC

Bearings,

Inc.*

790

435,535

Snap-on,

Inc.

1,336

548,308

SPX

Technologies,

Inc.*

1,837

403,442

Standex

International

Corp.

171

50,701

Stanley

Black

Decker,

Inc.

29,862

2,824,348

Symbotic

Inc.,

Class

A*(a)

1,106

47,613

Tennant

Co.(a)

1,530

128,566

Terex

Corp.(a)

21,378

1,343,394

Timken

Co.

(The)

3,002

412,925

Toro

Co.

(The)

3,002

275,794

Trinity

Industries,

Inc.

2,734

85,410

Watts

Water

Technologies,

Inc.,

Class

A(a)

1,002

346,482

Westinghouse

Air

Brake

Technologies

Corp.

3,950

1,148,897

Worthington

Enterprises,

Inc.

2,888

162,334

Xylem,

Inc.

5,530

646,844

43,183,036

Marine

Transportation

0.1%

Genco

Shipping

Trading

Ltd.

3,243

82,826

Kirby

Corp.*

2,686

352,242

Matson,

Inc.

6,323

1,280,977

1,716,045

Media

0.4%

Charter

Communications,

Inc.,

Class

A*(a)

1,580

229,068

Clear

Channel

Outdoor

Holdings,

Inc.*

21,014

50,854

DoubleVerify

Holdings,

Inc.*

10,270

115,538

EchoStar

Corp.,

Class

A*(a)

3,792

318,869

Fox

Corp.,

Class

4,424

257,610

Fox

Corp.,

Class

1,738

90,272

John

Wiley

Sons,

Inc.,

Class

A(a)

7,110

371,142

Liberty

Broadband

Corp.,

Class

1,458

49,659

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Media

(continued)

Liberty

Broadband

Corp.,

Class

C*(a)

27,176

925,071

Magnite

Inc.*

4,212

81,292

New

York

Times

Co.

(The),

Class

7,126

533,666

News

Corp.,

Class

11,060

304,814

News

Corp.,

Class

B(a)

2,920

91,308

Nexstar

Media

Group,

Inc.,

Class

A(a)

5,530

1,053,631

NIQ

Global

Intelligence

plc*(a)

19,276

215,313

Omnicom

Group,

Inc.

8,747

688,389

Paramount

Skydance

Corp.,

Class

B(a)

190,390

1,515,504

Sirius

Holdings,

Inc.(a)

40,002

1,184,859

Stagwell

Inc.,

Class

A*(a)

35,144

296,967

Trade

Desk,

Inc.

(The),

Class

22,278

401,895

8,775,721

Metals

Mining

0.7%

Alcoa

Corp.

8,690

393,309

Alpha

Metallurgical

Resources,

Inc.*(a)

922

126,462

Century

Aluminum

Co.*

12,166

544,672

Cleveland-Cliffs,

Inc.*

112,718

1,298,511

Coeur

Mining,

Inc.(a)

32,010

477,269

Commercial

Metals

Co.

21,540

1,480,229

Compass

Minerals

International,

Inc.*

4,266

125,165

Constellium

SE,

Class

24,092

669,276

Freeport-McMoRan,

Inc.

32,390

2,028,586

Hecla

Mining

Co.(a)

19,276

272,177

Ivanhoe

Electric,

Inc.*(a)

7,693

70,391

Kaiser

Aluminum

Corp.

1,106

176,606

Materion

Corp.

513

108,161

Materials

Corp.*(a)

5,184

214,462

Newmont

Corp.

28,914

2,709,531

Nucor

Corp.

6,478

1,666,725

Reliance,

Inc.

1,422

577,474

Royal

Gold,

Inc.

1,944

385,592

Ryerson

Holding

Corp.

5,214

144,897

Southern

Copper

Corp.(a)

2,068

377,844

Steel

Dynamics,

Inc.

4,050

1,017,603

Worthington

Steel,

Inc.(a)

4,536

163,341

15,028,283

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.4%

Adamas

Trust,

Inc.

15,168

137,574

AGNC

Investment

Corp.(a)

243,478

2,595,475

Annaly

Capital

Management,

Inc.

25,122

570,772

Apollo

Commercial

Real

Estate

Finance,

Inc.(a)

31,442

208,146

Arbor

Realty

Trust,

Inc.(a)

15,168

75,992

ARMOUR

Residential

REIT,

Inc.(a)

23,322

384,113

Blackstone

Mortgage

Trust,

Inc.,

Class

A(a)

38,236

555,951

Chimera

Investment

Corp.

8,690

108,451

Dynex

Capital,

Inc.(a)

35,550

451,841

Ellington

Financial,

Inc.(a)

31,758

421,746

Investments

Value

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(continued)

Ladder

Capital

Corp.,

Class

A(a)

29,862

285,481

MFA

Financial,

Inc.(a)

6,794

61,893

Orchid

Island

Capital,

Inc.(a)

57,196

371,202

PennyMac

Mortgage

Investment

Trust(a)

7,110

67,047

Rithm

Capital

Corp.(a)

105,702

1,044,336

Starwood

Property

Trust,

Inc.(a)

65,570

1,047,809

Two

Harbors

Investment

Corp.

12,008

145,177

8,533,006

Multi-Utilities

0.5%

Ameren

Corp.

6,802

745,567

Avista

Corp.(a)

14,536

587,981

Black

Hills

Corp.

14,414

1,026,421

CenterPoint

Energy,

Inc.(a)

16,116

677,517

CMS

Energy

Corp.(a)

7,450

536,325

Consolidated

Edison,

Inc.

10,428

1,135,088

Dominion

Energy,

Inc.

21,962

1,519,111

DTE

Energy

Co.

6,004

851,787

NiSource,

Inc.

12,218

542,846

Northwestern

Energy

Group,

Inc.

11,534

792,847

Public

Service

Enterprise

Group,

Inc.

12,148

931,509

Sempra

14,852

1,315,145

Unitil

Corp.

1,782

96,121

WEC

Energy

Group,

Inc.

7,742

847,130

11,605,395

Office

REITs

0.1%

BXP,

Inc.,

REIT(a)

4,424

310,211

COPT

Defense

Properties,

REIT(a)

2,888

109,629

Cousins

Properties,

Inc.,

REIT

6,640

209,492

Douglas

Emmett,

Inc.,

REIT(a)

34,444

407,128

Easterly

Government

Properties,

Inc.,

Class

REIT

1,620

39,463

Empire

State

Realty

Trust,

Inc.,

Class

REIT(a)

25,912

131,115

Highwoods

Properties,

Inc.,

REIT(a)

2,528

83,753

Kilroy

Realty

Corp.,

REIT(a)

4,536

176,088

Piedmont

Realty

Trust,

Inc.,

Class

REIT*

21,702

210,292

Green

Realty

Corp.,

REIT(a)

14,694

777,753

Vornado

Realty

Trust,

REIT

9,480

373,417

2,828,341

Oil,

Gas

Consumable

Fuels

3.8%

Antero

Midstream

Corp.(a)

16,844

370,063

Antero

Resources

Corp.*

60,514

2,186,976

APA

Corp.(a)

67,624

2,523,728

BKV

Corp.*(a)

2,718

66,482

California

Resources

Corp.

13,746

723,314

Calumet,

Inc.*

6,320

279,281

Centrus

Energy

Corp.,

Class

A*(a)

158

27,955

Cheniere

Energy,

Inc.

5,022

1,323,649

Chevron

Corp.

51,034

10,045,022

Chord

Energy

Corp.

10,112

1,419,523

CNX

Resources

Corp.*(a)

26,544

950,275

Comstock

Resources,

Inc.*(a)

4,674

61,977

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Oil,

Gas

Consumable

Fuels

(continued)

ConocoPhillips

33,338

4,016,562

Core

Natural

Resources,

Inc.(a)

3,318

264,909

Crescent

Energy

Co.,

Class

A(a)

50,086

574,486

CVR

Energy,

Inc.

3,839

136,745

Delek

Holdings,

Inc.

10,112

686,301

Devon

Energy

Corp.

32,074

1,447,500

Diamondback

Energy,

Inc.

5,214

1,058,181

Diversified

Energy

Co.(a)

16,590

223,301

Dorian

LPG

Ltd.(a)

7,381

350,007

Midstream,

Inc.

4,860

670,680

EOG

Resources,

Inc.

14,062

2,090,879

EQT

Corp.

15,326

816,723

Expand

Energy

Corp.

7,742

727,980

ExxonMobil

Holdings

Corp.*

115,498

17,953,009

Granite

Ridge

Resources,

Inc.(a)

22,278

105,820

Gulfport

Energy

Corp.*(a)

2,528

407,943

Sinclair

Corp.

30,178

2,760,382

HighPeak

Energy,

Inc.(a)

14,252

101,902

International

Seaways,

Inc.(a)

7,900

759,822

Kinder

Morgan,

Inc.

42,976

1,382,968

Kinetik

Holdings,

Inc.,

Class

A(a)

2,370

119,851

Kosmos

Energy

Ltd.*(a)

15,010

40,377

Magnolia

Oil

Gas

Corp.,

Class

47,874

1,230,840

Marathon

Petroleum

Corp.

8,216

2,600,117

Matador

Resources

Co.(a)

21,172

1,056,271

Murphy

Oil

Corp.(a)

24,174

960,675

NextDecade

Corp.*(a)

2,156

14,488

Northern

Oil

Gas,

Inc.(a)

11,850

250,627

Occidental

Petroleum

Corp.

18,486

1,054,996

ONEOK,

Inc.

16,274

1,477,842

Ovintiv

Inc.

9,480

592,121

Par

Pacific

Holdings,

Inc.*

7,900

679,637

PBF

Energy,

Inc.,

Class

A(a)

18,274

1,320,845

Peabody

Energy

Corp.(a)

20,224

431,176

Permian

Resources

Corp.,

Class

26,860

572,387

Phillips

11,060

2,341,181

Range

Resources

Corp.(a)

44,556

1,788,478

Energy

Co.

48,190

1,567,139

Talos

Energy,

Inc.*

26,944

409,010

Tamboran

Resources

Corp.*

2,844

94,563

Targa

Resources

Corp.

4,740

1,281,554

Texas

Pacific

Land

Corp.(a)

1,264

508,861

Uranium

Energy

Corp.*(a)

13,588

130,445

Valero

Energy

Corp.

8,216

2,570,786

Venture

Global,

Inc.,

Class

A(a)

52,140

697,633

Viper

Energy,

Inc.,

Class

A(a)

9,796

437,000

Vitesse

Energy,

Inc.(a)

5,530

86,268

Williams

Cos.,

Inc.

(The)

26,070

1,865,048

World

Kinect

Corp.

11,087

441,928

83,136,489

Paper

Forest

Products

0.0%(d)

Sylvamo

Corp.(a)

4,898

183,234

Investments

Value

Passenger

Airlines

0.3%

Alaska

Air

Group,

Inc.*(a)

21,864

1,037,447

American

Airlines

Group,

Inc.*(a)

132,246

2,019,396

Delta

Air

Lines,

Inc.

18,302

1,600,327

Frontier

Group

Holdings,

Inc.*(a)

26,560

179,280

JetBlue

Airways

Corp.*(a)

58,618

353,467

Joby

Aviation,

Inc.*(a)

29,546

211,254

SkyWest,

Inc.*(a)

6,952

743,655

Southwest

Airlines

Co.(a)

11,692

525,789

United

Airlines

Holdings,

Inc.*(a)

8,422

1,021,841

7,692,456

Personal

Care

Products

0.1%

BellRing

Brands,

Inc.*

10,744

133,118

Coty,

Inc.,

Class

A*(a)

18,960

52,140

Edgewell

Personal

Care

Co.(a)

5,530

150,361

elf

Beauty,

Inc.*(a)

790

65,483

Estee

Lauder

Cos.,

Inc.

(The),

Class

4,424

371,174

Herbalife

Ltd.*(a)

27,370

339,935

Interparfums

Inc.(a)

1,738

216,468

Kenvue

Inc.

54,194

1,042,692

2,371,371

Pharmaceuticals

3.0%

Amneal

Pharmaceuticals,

Inc.*

9,954

182,357

Amphastar

Pharmaceuticals,

Inc.*(a)

948

18,903

ANI

Pharmaceuticals,

Inc.*(a)

3,792

300,478

AtaiBeckley

Inc.*

12,008

86,217

Axsome

Therapeutics,

Inc.*(a)

1,880

409,821

Bristol-Myers

Squibb

Co.

54,984

3,591,005

Collegium

Pharmaceutical,

Inc.*(a)

7,774

275,122

Corcept

Therapeutics,

Inc.*(a)

4,173

477,767

Crinetics

Pharmaceuticals,

Inc.*

1,422

118,766

Edgewise

Therapeutics,

Inc.*

6,190

237,882

Elanco

Animal

Health,

Inc.*(a)

22,278

587,471

Eli

Lilly

Co.

18,012

20,692,906

Enliven

Therapeutics,

Inc.*

1,738

95,260

Harmony

Biosciences

Holdings,

Inc.*(a)

9,954

350,779

Indivior

Pharmaceuticals,

Inc.*

21,330

853,413

Innoviva

Inc.*(a)

6,691

140,310

Jazz

Pharmaceuticals

plc*(a)

12,324

3,116,247

Johnson

66,676

17,092,393

Ligand

Pharmaceuticals,

Inc.*(a)

632

181,725

Liquidia

Corp.*(a)

2,171

182,603

MBX

Biosciences,

Inc.*(a)

1,264

83,336

Merck

Co.,

Inc.

66,202

8,619,500

Nektar

Therapeutics*

810

57,243

Nuvation

Bio,

Inc.*(a)

5,348

33,853

Ocular

Therapeutix

Inc.*(a)

9,322

76,161

Organon

Co.

45,504

616,579

Pacira

BioSciences

Inc.*(a)

7,900

208,639

Perrigo

Co.

plc(a)

16,748

169,322

Pfizer,

Inc.

154,208

3,856,742

Phibro

Animal

Health

Corp.,

Class

A(a)

1,580

57,401

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Pharmaceuticals

(continued)

Prestige

Consumer

Healthcare,

Inc.*(a)

3,004

150,861

Royalty

Pharma

plc,

Class

8,694

507,990

Supernus

Pharmaceuticals,

Inc.*(a)

3,888

173,521

Tarsus

Pharmaceuticals,

Inc.*(a)

1,580

93,283

Theravance

Biopharma,

Inc.*

4,266

71,925

Trevi

Therapeutics,

Inc.*

3,318

60,554

Viatris

Inc.

37,920

665,875

WaVe

Life

Sciences

Ltd.*

8,361

46,069

Zoetis,

Inc.,

Class

8,216

635,015

65,175,294

Professional

Services

0.9%

Amentum

Holdings,

Inc.*(a)

39,974

887,423

Automatic

Data

Processing,

Inc.

9,480

2,526,041

Barrett

Business

Services,

Inc.(a)

2,672

104,315

Booz

Allen

Hamilton

Holding

Corp.,

Class

25,438

1,773,537

Broadridge

Financial

Solutions,

Inc.

1,896

291,889

CACI

International,

Inc.,

Class

790

393,223

CBIZ,

Inc.*(a)

12,166

670,103

Clarivate

plc*(a)

12,324

24,402

Concentrix

Corp.(a)

4,108

101,057

Equifax,

Inc.

2,054

354,561

ExlService

Holdings,

Inc.*

4,266

144,745

Exponent,

Inc.

3,792

253,495

First

Advantage

Corp.*(a)

14,900

295,616

FTI

Consulting,

Inc.*

1,422

226,638

Genpact

Ltd.

24,648

866,870

Huron

Consulting

Group,

Inc.*

948

143,878

ICF

International,

Inc.

4,582

370,775

Innodata,

Inc.*(a)

1,134

71,249

Insperity,

Inc.(a)

810

40,994

Jacobs

Solutions,

Inc.

2,686

362,422

KBR,

Inc.(a)

22,752

832,951

Korn

Ferry

9,880

812,828

Legalzoom.com,

Inc.*

39,184

308,378

Leidos

Holdings,

Inc.

2,528

292,237

ManpowerGroup,

Inc.

10,112

530,071

Maximus,

Inc.(a)

8,690

523,573

Parsons

Corp.*

3,058

135,194

Paychex,

Inc.

8,260

965,098

Paycom

Software,

Inc.

790

129,528

Paylocity

Holding

Corp.*

632

87,150

Planet

Labs

PBC*

12,800

262,144

Robert

Half,

Inc.(a)

6,156

232,697

Science

Applications

International

Corp.(a)

9,718

1,138,269

SS&C

Technologies

Holdings,

Inc.

7,426

572,173

TIC

Solutions,

Inc.*(a)

18,170

132,823

TransUnion

9,480

745,318

TriNet

Group,

Inc.

6,794

447,249

Solutions,

Inc.,

Class

A(a)

2,592

237,531

Upwork,

Inc.*(a)

9,322

85,390

Verisk

Analytics,

Inc.,

Class

3,402

662,880

Investments

Value

Professional

Services

(continued)

Verra

Mobility

Corp.,

Class

27,808

147,104

19,183,819

Real

Estate

Management

Development

0.3%

AGNT,

Inc.(a)

25,596

103,664

CBRE

Group,

Inc.,

Class

5,846

858,251

Compass,

Inc.,

Class

A*(a)

30,652

349,126

CoStar

Group,

Inc.*

5,846

168,131

Cushman

Wakefield

Ltd.*

37,288

500,405

Forestar

Group,

Inc.*

6,131

172,587

Howard

Hughes

Holdings,

Inc.*

2,040

130,397

Jones

Lang

LaSalle,

Inc.*

9,322

3,309,590

Newmark

Group,

Inc.,

Class

29,862

447,781

Opendoor

Technologies,

Inc.*(a)

45,196

170,389

Joe

Co.

(The)

1,580

98,339

Zillow

Group,

Inc.,

Class

A*(a)

162

5,620

Zillow

Group,

Inc.,

Class

10,112

344,415

6,658,695

Residential

REITs

0.2%

American

Homes

Rent,

Class

REIT

10,204

341,018

AvalonBay

Communities,

Inc.,

REIT

3,564

661,514

Camden

Property

Trust,

REIT

4,212

466,732

Centerspace

REIT

324

17,768

Equity

LifeStyle

Properties,

Inc.,

REIT(a)

7,936

516,396

Equity

Residential,

REIT

8,098

538,112

Essex

Property

Trust,

Inc.,

REIT

1,620

460,307

Independence

Realty

Trust,

Inc.,

REIT(a)

4,374

72,740

Invitation

Homes,

Inc.,

REIT

12,324

366,269

Mid-America

Apartment

Communities,

Inc.,

REIT

3,318

439,104

Sun

Communities,

Inc.,

REIT

1,738

214,608

UDR,

Inc.,

REIT(a)

10,528

401,748

UMH

Properties,

Inc.,

REIT

162

2,448

4,498,764

Retail

REITs

0.3%

Acadia

Realty

Trust,

REIT(a)

9,729

218,611

Agree

Realty

Corp.,

REIT(a)

5,056

393,357

Alexander's,

Inc.,

REIT(a)

162

41,310

Brixmor

Property

Group,

Inc.,

REIT

10,366

326,633

CBL

Associates

Properties,

Inc.,

REIT

1,580

92,762

Curbline

Properties

Corp.,

REIT

3,564

109,201

Federal

Realty

Investment

Trust,

REIT

2,754

341,744

Getty

Realty

Corp.,

REIT(a)

5,190

177,187

InvenTrust

Properties

Corp.,

REIT(a)

835

29,567

Kimco

Realty

Corp.,

REIT

19,238

490,184

Kite

Realty

Group

Trust,

REIT(a)

11,534

330,103

Macerich

Co.

(The),

REIT(a)

14,900

385,016

NETSTREIT

Corp.,

REIT(a)

6,162

132,175

NNN

REIT,

Inc.,

REIT(a)

6,478

307,835

Phillips

Edison

Co.,

Inc.,

REIT

3,243

137,795

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Retail

REITs

(continued)

Realty

Income

Corp.,

REIT(a)

18,644

1,190,792

Regency

Centers

Corp.,

REIT

6,964

559,139

Saul

Centers,

Inc.,

REIT(a)

2,212

75,363

Simon

Property

Group,

Inc.,

REIT

7,288

1,671,648

Tanger,

Inc.,

REIT(a)

5,994

243,716

Urban

Edge

Properties,

REIT

4,628

104,870

7,359,008

Semiconductors

Semiconductor

Equipment

11.8%

ACM

Research,

Inc.,

Class

3,160

247,965

Advanced

Micro

Devices,

Inc.*

36,656

17,453,754

Aehr

Test

Systems*(a)

474

37,910

Allegro

MicroSystems

Inc.*(a)

7,110

295,065

Alpha

Omega

Semiconductor

Ltd.*(a)

2,844

90,269

Ambarella,

Inc.*(a)

1,458

125,388

Ambiq

Micro,

Inc.*

632

40,189

Amkor

Technology,

Inc.

3,634

181,228

Analog

Devices,

Inc.

10,902

4,005,504

Applied

Materials,

Inc.

17,854

9,063,940

Astera

Labs,

Inc.*(a)

2,916

907,547

Axcelis

Technologies,

Inc.*

1,837

239,508

AXT,

Inc.*

1,422

85,931

Broadcom,

Inc.

104,754

40,778,637

Cirrus

Logic,

Inc.*(a)

1,700

219,895

Cohu,

Inc.*

954

45,782

Credo

Technology

Group

Holding

Ltd.*

3,540

732,745

Diodes,

Inc.*

1,134

93,351

Enphase

Energy,

Inc.*

5,346

200,689

Entegris

Inc.(a)

3,753

446,795

First

Solar,

Inc.*

2,686

566,827

FormFactor

Inc.*(a)

3,634

385,931

Ichor

Holdings

Ltd.*

810

60,969

Impinj,

Inc.*(a)

1,368

207,060

Intel

Corp.*

98,142

8,852,408

KLA

Corp.

29,388

5,372,714

Kulicke

Soffa

Industries,

Inc.

1,422

126,842

Lam

Research

Corp.

27,966

8,194,597

Lattice

Semiconductor

Corp.*

3,476

431,963

MACOM

Technology

Solutions

Holdings,

Inc.*

1,738

437,003

Marvell

Technology,

Inc.

19,276

3,615,407

MaxLinear

Inc.,

Class

2,686

179,479

Microchip

Technology,

Inc.

11,218

833,385

Micron

Technology,

Inc.

31,442

25,877,709

MKS,

Inc.

1,738

516,968

Monolithic

Power

Systems,

Inc.

1,023

1,458,829

Navitas

Semiconductor

Corp.,

Class

A*(a)

6,156

66,854

NVIDIA

Corp.

528,984

106,193,538

NXP

Semiconductors

5,508

1,262,213

Semiconductor

Corp.*

9,638

786,557

Onto

Innovation,

Inc.*

2,212

571,979

PDF

Solutions,

Inc.*

4,240

Investments

Value

Semiconductors

Semiconductor

Equipment

(continued)

Penguin

Solutions,

Inc.*

3,476

182,942

Photronics

Inc.*

5,688

172,290

Power

Integrations,

Inc.(a)

1,944

118,020

Qnity

Electronics,

Inc.

4,536

595,032

Qorvo,

Inc.*

4,632

419,520

QUALCOMM,

Inc.

29,546

4,361,285

Rambus,

Inc.*

4,771

434,304

Rigetti

Computing,

Inc.*(a)

16,601

248,185

Semtech

Corp.*

4,424

521,236

Silicon

Laboratories,

Inc.*(a)

1,620

352,350

SiTime

Corp.*(a)

844

451,709

Skyworks

Solutions,

Inc.(a)

4,740

295,207

SolarEdge

Technologies,

Inc.*(a)

4,212

173,534

Synaptics,

Inc.*(a)

2,180

233,958

Teradyne,

Inc.

3,564

1,310,447

Texas

Instruments,

Inc.

20,224

5,576,566

Ultra

Clean

Holdings,

Inc.*

2,528

210,608

Universal

Display

Corp.(a)

3,002

240,640

Veeco

Instruments,

Inc.*

1,368

68,400

257,261,797

Software

7.0%

ACI

Worldwide,

Inc.*

2,844

163,047

Adeia

Inc.(a)

7,936

211,494

Adobe,

Inc.*

10,902

2,729,970

Agilysys,

Inc.*

316

33,231

Alarm.com

Holdings,

Inc.*

3,160

173,010

Alkami

Technology,

Inc.*(a)

9,006

163,639

Amplitude,

Inc.,

Class

A*(a)

11,376

101,019

Appfolio

Inc.,

Class

A*(a)

1,106

199,290

Appian

Corp.,

Class

A*(a)

972

26,205

AppLovin

Corp.,

Class

5,056

2,001,670

Asana,

Inc.,

Class

A*(a)

632

5,258

Atlassian

Corp.,

Class

7,584

766,098

Aurora

Innovation,

Inc.,

Class

A*(a)

54,277

350,087

Autodesk,

Inc.*

4,424

1,036,101

AvePoint,

Inc.*

15,958

207,933

Bentley

Systems,

Inc.,

Class

B(a)

948

33,597

BitMine

Immersion

Technologies,

Inc.(a)

114,392

1,976,694

Blackbaud,

Inc.*(a)

10,902

466,606

Box,

Inc.,

Class

A*(a)

9,006

284,139

Braze,

Inc.,

Class

A*(a)

158

3,937

C3.ai,

Inc.,

Class

A*(a)

11,060

101,531

Cadence

Design

Systems,

Inc.*

6,156

2,093,163

CCC

Intelligent

Solutions

Holdings,

Inc.*

474

2,887

Cipher

Digital,

Inc.*(a)

12,166

271,545

Circle

Internet

Group,

Inc.,

Class

A*(a)

4,898

306,664

Cleanspark

Inc.*(a)

15,010

206,538

Clear

Secure,

Inc.,

Class

3,186

175,995

Commvault

Systems,

Inc.*(a)

2,338

275,416

Core

Scientific,

Inc.*

16,274

337,197

Crowdstrike

Holdings,

Inc.,

Class

21,488

4,101,200

Datadog,

Inc.,

Class

7,288

1,952,965

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Software

(continued)

Docusign

Inc.,

Class

42,344

2,321,722

Dolby

Laboratories,

Inc.,

Class

316

18,584

Dropbox,

Inc.,

Class

27,176

884,851

D-Wave

Quantum,

Inc.*(a)

14,414

260,605

Dynatrace,

Inc.*

14,694

651,238

Elastic

NV*

4,424

291,055

Fair

Isaac

Corp.*(a)

571

641,216

Figma,

Inc.,

Class

A*(a)

12,008

292,035

Five9,

Inc.*

17,538

482,470

Fortinet,

Inc.*

14,694

2,379,693

Freshworks

Inc.,

Class

18,960

215,291

Gen

Digital,

Inc.(a)

112,812

3,096,689

Gitlab,

Inc.,

Class

A*(a)

3,318

114,504

Guidewire

Software,

Inc.*(a)

4,266

648,176

HubSpot,

Inc.*

2,528

600,046

Hut

Corp.*(a)

3,564

383,593

Intapp

Inc.*

4,740

154,951

InterDigital

Inc.(a)

835

254,529

Intuit,

Inc.

7,742

2,447,014

JFrog

Ltd.*(a)

5,056

403,418

Keel

Infrastructure

Corp.*(a)

19,276

76,526

Klaviyo

Inc.,

Class

A*(a)

158

2,819

Life360,

Inc.*(a)

1,738

93,939

LiveRamp

Holdings,

Inc.*

1,190

45,065

Manhattan

Associates,

Inc.*

2,212

423,288

MARA

Holdings,

Inc.*(a)

19,592

221,781

Microsoft

Corp.

167,322

77,757,880

N-able,

Inc.*(a)

18,328

85,775

nCino

Inc.*

158

2,917

NCR

Voyix

Corp.*(a)

12,640

104,533

Netskope,

Inc.,

Class

A*(a)

15,168

190,965

Nutanix,

Inc.,

Class

11,692

689,945

Oracle

Corp.

47,716

6,196,877

Pagaya

Technologies

Ltd.,

Class

A*(a)

15,642

301,421

Palantir

Technologies,

Inc.,

Class

49,138

6,046,922

Palo

Alto

Networks,

Inc.*

18,140

6,019,396

Pegasystems,

Inc.

1,106

33,788

Procore

Technologies,

Inc.*

2,212

121,151

Progress

Software

Corp.*(a)

10,744

436,099

PTC,

Inc.*

1,738

238,454

Holdings,

Inc.*

4,898

298,141

Qualys,

Inc.*

632

91,482

RingCentral,

Inc.,

Class

A(a)

15,010

834,856

Riot

Platforms,

Inc.*(a)

13,118

264,590

Roper

Technologies,

Inc.

1,896

743,175

Rubrik,

Inc.,

Class

4,740

342,986

SailPoint,

Inc.*(a)

4,860

81,502

Salesforce,

Inc.

22,594

4,157,748

Samsara,

Inc.,

Class

A*(a)

10,270

382,763

SentinelOne

Inc.,

Class

7,584

144,551

ServiceNow,

Inc.*

22,278

2,477,982

ServiceTitan

Inc.,

Class

A*(a)

948

78,741

SoundHound

AI,

Inc.,

Class

A*(a)

790

4,843

Investments

Value

Software

(continued)

SPS

Commerce,

Inc.*

474

34,787

Strategy,

Inc.,

Class

A*(a)

8,374

781,127

Synopsys,

Inc.*

4,266

1,658,450

Tenable

Holdings,

Inc.*(a)

6,156

200,932

Teradata

Corp.*

2,471

76,576

Terawulf

Inc.*(a)

14,852

262,286

Trimble,

Inc.*(a)

4,266

241,370

Tyler

Technologies,

Inc.*(a)

632

195,667

UiPath,

Inc.,

Class

A*(a)

6,320

80,643

Unity

Software,

Inc.*(a)

15,326

485,988

Varonis

Systems,

Inc.,

Class

B*(a)

4,431

177,018

Vertex,

Inc.,

Class

11,692

150,944

Via

Transportation,

Inc.,

Class

A*(a)

14,694

298,876

Workday,

Inc.,

Class

A*(a)

6,478

1,038,683

Workiva,

Inc.,

Class

474

28,345

Zeta

Global

Holdings

Corp.,

Class

A*(a)

4,740

102,384

Zoom

Communications,

Inc.,

Class

6,320

607,162

Zscaler,

Inc.*

1,580

238,896

152,952,841

Specialized

REITs

0.6%

American

Tower

Corp.,

REIT

10,112

1,753,016

Crown

Castle,

Inc.,

REIT

8,690

663,047

CubeSmart

REIT

9,718

402,908

Digital

Realty

Trust,

Inc.,

REIT

7,742

1,459,522

EPR

Properties,

REIT

4,971

308,550

Equinix,

Inc.,

REIT

2,268

2,311,727

Extra

Space

Storage,

Inc.,

REIT

5,372

795,271

Four

Corners

Property

Trust,

Inc.,

REIT

2,268

58,061

Gaming

and

Leisure

Properties,

Inc.,

REIT

11,176

500,573

Iron

Mountain,

Inc.,

REIT

5,846

715,083

Lamar

Advertising

Co.,

Class

REIT

4,173

667,513

Outfront

Media,

Inc.,

REIT(a)

7,025

223,887

Public

Storage,

REIT

4,179

1,354,706

Rayonier,

Inc.,

REIT(a)

7,426

161,738

Safehold,

Inc.,

REIT

9,394

151,995

SBA

Communications

Corp.,

Class

REIT

2,592

469,100

VICI

Properties,

Inc.,

Class

REIT

25,280

666,128

Weyerhaeuser

Co.,

REIT

11,218

280,787

12,943,612

Specialty

Retail

2.1%

Abercrombie

Fitch

Co.,

Class

A*(a)

8,690

865,003

Academy

Sports

Outdoors,

Inc.(a)

12,166

577,277

Advance

Auto

Parts,

Inc.(a)

2,268

125,965

American

Eagle

Outfitters,

Inc.

33,496

575,461

Asbury

Automotive

Group,

Inc.*

3,888

900,850

AutoNation,

Inc.*

5,372

1,141,013

AutoZone,

Inc.*

384

1,158,240

Bath

Body

Works,

Inc.

34,286

689,834

Best

Buy

Co.,

Inc.(a)

39,342

3,393,641

Boot

Barn

Holdings,

Inc.*

1,360

202,626

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Specialty

Retail

(continued)

Burlington

Stores,

Inc.*

1,360

501,133

CarMax,

Inc.*(a)

27,694

1,585,758

Carvana

Co.,

Class

A*(a)

14,536

906,465

Chewy,

Inc.,

Class

A*(a)

3,792

85,699

Dick's

Sporting

Goods,

Inc.(a)

2,054

402,399

Five

Below,

Inc.*

2,054

445,985

Floor

Decor

Holdings,

Inc.,

Class

A*(a)

2,844

163,729

GameStop

Corp.,

Class

A*(a)

84,688

1,839,423

Gap,

Inc.

(The)(a)

42,186

847,517

Group

Automotive,

Inc.

2,370

679,645

Home

Depot,

Inc.

(The)

27,492

9,126,244

Lithia

Motors,

Inc.,

Class

A(a)

4,582

1,765,994

Lowe's

Cos.,

Inc.

15,168

3,152,062

Murphy

USA,

Inc.

850

516,596

National

Vision

Holdings,

Inc.*(a)

6,524

143,789

O'Reilly

Automotive,

Inc.*

19,750

1,764,663

Penske

Automotive

Group,

Inc.(a)

4,212

915,310

RealReal

Inc.

(The)*

5,056

61,127

Revolve

Group,

Inc.,

Class

1,670

41,934

RH*(a)

648

107,257

Ross

Stores,

Inc.

7,450

1,870,471

Sally

Beauty

Holdings,

Inc.*(a)

11,376

170,299

Signet

Jewelers

Ltd.(a)

7,426

689,875

Sonic

Automotive,

Inc.,

Class

A(a)

3,160

289,393

TJX

Cos.,

Inc.

(The)

24,490

3,853,257

Tractor

Supply

Co.

10,428

320,870

Ulta

Beauty,

Inc.*

790

405,136

Upbound

Group,

Inc.

10,239

198,534

Urban

Outfitters,

Inc.*(a)

10,902

808,710

Valvoline,

Inc.*(a)

7,723

296,640

Victoria's

Secret

Co.*(a)

4,108

364,297

Warby

Parker,

Inc.,

Class

A*(a)

7,844

209,356

Wayfair,

Inc.,

Class

5,111

433,924

Williams-Sonoma,

Inc.

2,916

666,773

45,260,174

Technology

Hardware,

Storage

Peripherals

5.7%

Apple,

Inc.

330,694

102,154,683

Dell

Technologies,

Inc.,

Class

8,058

3,266,471

Diebold

Nixdorf,

Inc.*(a)

2,054

151,154

Eastman

Kodak

Co.*(a)

7,110

59,724

Everpure

Inc.,

Class

8,362

645,296

GPGI,

Inc.,

Class

A(a)

158

2,086

Hewlett

Packard

Enterprise

Co.

39,192

1,877,297

HP,

Inc.

24,806

676,460

IonQ

Inc.*(a)

10,042

365,930

NetApp,

Inc.

4,898

874,293

Quantum

Computing,

Inc.*(a)

13,430

108,783

Sandisk

Corp.*

3,792

4,606,635

Seagate

Technology

Holdings

plc(a)

5,022

4,299,485

Super

Micro

Computer,

Inc.*(a)

14,738

418,559

Western

Digital

Corp.

7,584

4,132,067

123,638,923

Investments

Value

Textiles,

Apparel

Luxury

Goods

0.3%

Capri

Holdings

Ltd.*

1,134

18,065

Carter's,

Inc.

6,156

237,437

Columbia

Sportswear

Co.(a)

162

9,619

Crocs,

Inc.*(a)

10,428

1,334,888

Deckers

Outdoor

Corp.*

6,478

627,589

Figs,

Inc.,

Class

8,908

95,316

G-III

Apparel

Group

Ltd.(a)

8,848

322,156

Kontoor

Brands,

Inc.(a)

11,060

926,164

Levi

Strauss

Co.,

Class

A(a)

2,430

59,584

Lululemon

Athletica,

Inc.*

1,896

225,377

NIKE,

Inc.,

Class

23,858

995,117

PVH

Corp.

10,204

884,279

Ralph

Lauren

Corp.,

Class

1,782

677,766

Steven

Madden

Ltd.

4,266

196,577

Tapestry,

Inc.

5,190

790,800

Under

Armour

Inc.,

Class

A*(a)

790

5,253

Under

Armour

Inc.,

Class

C*(a)

15,326

99,466

Corp.(a)

7,584

108,603

Wolverine

World

Wide,

Inc.

2,592

51,011

7,665,067

Tobacco

0.5%

Altria

Group,

Inc.

45,346

3,098,492

Philip

Morris

International,

Inc.

43,450

8,291,129

Turning

Point

Brands,

Inc.

790

58,942

Universal

Corp.

3,160

166,500

11,615,063

Trading

Companies

Distributors

0.5%

Applied

Industrial

Technologies,

Inc.

1,896

654,518

Boise

Cascade

Co.

2,268

173,230

Core

Main,

Inc.,

Class

A*(a)

4,898

215,365

Custom

Truck

One

Source,

Inc.*

7,693

78,084

DNOW,

Inc.*

14,252

201,238

DXP

Enterprises,

Inc.*(a)

790

124,046

Fastenal

Co.

24,174

1,153,342

Ferguson

Enterprises,

Inc.

3,950

925,603

GATX

Corp.

1,944

347,723

Global

Industrial

Co.

340

12,152

Herc

Holdings,

Inc.(a)

6,162

925,163

McGrath

RentCorp

1,296

149,234

MSC

Industrial

Direct

Co.,

Inc.,

Class

2,370

292,458

QXO,

Inc.*(a)

33,716

448,423

Rush

Enterprises,

Inc.,

Class

A(a)

3,950

315,170

Rush

Enterprises,

Inc.,

Class

766

59,541

SiteOne

Landscape

Supply,

Inc.*(a)

790

74,608

Sunbelt

Rentals

Holdings,

Inc.(a)

8,216

590,895

United

Rentals,

Inc.

1,422

1,534,708

Watsco,

Inc.(a)

648

200,426

WESCO

International,

Inc.

1,264

434,171

Willis

Lease

Finance

Corp.(a)

972

69,333

Grainger,

Inc.

1,026

1,418,158

Xometry

Inc.,

Class

1,360

116,579

10,514,168

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Water

Utilities

0.1%

American

States

Water

Co.

1,944

166,484

American

Water

Works

Co.,

Inc.(a)

3,476

466,375

California

Water

Service

Group

1,620

81,178

Essential

Utilities,

Inc.

12,956

516,296

H2O

America(a)

3,078

188,774

Middlesex

Water

Co.

2,407

1,421,514

Wireless

Telecommunication

Services

0.1%

Telephone

and

Data

Systems,

Inc.(a)

5,372

180,392

T-Mobile

US,

Inc.

14,694

2,537,800

2,718,192

Total

Common

Stocks

(Cost

$1,036,514,363)

2,170,188,894

Number

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

149,609

PREFERRED

STOCKS

0.0%(d)

Diversified

Telecommunication

Services

0.0%(d)

Liberty

Latin

America

Ltd.,

Series

9.00%*(a)(e)

(Cost

$54,134)

2,255

45,649

Number

Rights

RIGHTS

0.0%(d)

Biotechnology

0.0%(d)

Akero

Therapeutics,

Inc.,

CVR*‡

2,876

—

Blueprint

Medicines

Corp.,

CVR,

expiring

12/31/2028*‡

2,790

2,405

OmniAb

Inc.,

expiring

11/1/2027,

price

1.00*‡

281

—

2,405

Health

Care

Equipment

Supplies

0.0%(d)

ABIOMED,

Inc.,

CVR*‡

1,110

Hologic,

Inc.,

CVR,

expiring

12/27/2027*‡

4,611

—

Life

Sciences

Tools

Services

0.0%

OmniAb

Inc.,

expiring

11/1/2027,

price

1.00*‡(a)

281

—

Investments

Number

Rights

Value

Paper

Forest

Products

0.0%

Resolute

Forest

Products,

Inc.,

CVR*‡

6,734

—

Total

Rights

(Cost

$1,132)

2,415

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

7.8%(f)

CERTIFICATES

DEPOSIT

1.2%

Bank

Montreal,

Chicago

(SOFR

0.28%),

3.93%,

11/13/2026(g)

2,000,000

2,000,226

(SOFR

0.35%),

4.00%,

11/18/2026(g)

1,000,000

1,000,317

(SOFR

0.42%),

4.07%,

4/16/2027(g)

2,000,000

2,000,844

(SOFR

0.39%),

4.04%,

5/5/2027(g)

2,000,000

2,000,148

Bank

Nova

Scotia,

Houston

(SOFR

0.30%),

3.95%,

1/21/2027(g)

1,000,000

999,996

BNP

Paribas,

New

York

(SOFR

0.26%),

3.91%,

12/2/2026(g)

2,000,000

2,000,022

Mizuho

Bank

Ltd.,

New

York

(SOFR

0.35%),

4.00%,

9/24/2026(g)

2,000,000

Nordea

Bank

Abp

New

York

Branch

(SOFR

0.31%),

3.96%,

9/24/2026(g)

2,000,000

Oversea-Chinese

Banking

Corp.

Ltd.,

New

York

(SOFR

0.22%),

3.87%,

8/31/2026(g)

3,000,000

Royal

Bank

Canada,

New

York

(SOFR

0.35%),

4.00%,

11/12/2026(g)

2,000,000

2,000,836

(SOFR

0.30%),

3.95%,

1/22/2027(g)

1,000,000

1,000,327

(SOFR

0.32%),

3.97%,

6/3/2027(g)

1,000,000

999,808

Sumitomo

Mitsui

Banking

Corp.,

New

York

(SOFR

0.26%),

3.91%,

11/18/2026(g)

2,000,000

2,000,116

Toronto-Dominion

Bank,

New

York

(SOFR

0.31%),

3.96%,

10/9/2026(g)

2,000,000

2,000,466

Total

Certificates

Deposit

(Cost

$25,000,000)

25,003,106

COMMERCIAL

PAPER

0.1%

Westpac

Banking

Corp.,

New

York

(SOFR

0.30%),

3.95%,

10/15/2026(g)

(Cost

$3,000,000)

3,000,000

3,000,432

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

INVESTMENT

COMPANIES

0.3%

BlackRock

Liquidity

FedFund

3.67%,

8/3/2026

1,600,000

Dreyfus

Treasury

Obligations

Cash

Management

Fund

3.68%,

8/3/2026

1,600,000

Invesco

Government

Agency

Portfolio

3.74%,

8/3/2026

1,600,000

Morgan

Stanley

Institutional

Liquidity

Fund

Government

Portfolio

3.69%,

8/3/2026

1,600,000

Total

Investment

Companies

(Cost

$6,400,000)

6,400,000

REPURCHASE

AGREEMENTS

6.2%

BofA

Securities,

Inc.

4.08%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$6,000,000,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

4.50%,

maturing

12/15/2028

8/15/2041;

total

market

value

$6,067,512

6,000,000

Secured

LLC

3.63%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$3,683,744,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

4.88%,

maturing

8/15/2026

2/15/2056;

total

market

value

$3,733,717

3,683,744

Citigroup

Global

Markets,

Inc.

3.64%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$11,000,000,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

1.38%

3.63%,

maturing

8/31/2029

11/15/2031;

total

market

value

$11,095,665

11,000,000

MetLife,

Inc.

3.64%,

dated

7/31/2026,

due

12/2/2026,

repurchase

price

$60,000,000,

collateralized

various

U.S.

Treasury

Securities,

0.00%,

maturing

2/15/2045

8/15/2046;

total

market

value

$60,421,027

60,000,000

National

Bank

Canada

Financial

Inc.

3.80%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$20,000,000,

collateralized

various

Common

Stocks;

total

market

value

$21,513,046

20,000,000

Investments

Principal

Amount

Value

REPURCHASE

AGREEMENTS

(continued)

Securities

(USA)

LLC

3.98%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$10,000,000,

collateralized

various

Common

Stocks;

total

market

value

$11,011,151

10,000,000

The

Bank

Nova

Scotia,

Toronto

3.80%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$25,010,000,

collateralized

various

Common

Stocks;

total

market

value

$27,518,524

25,010,000

Total

Repurchase

Agreements

(Cost

$135,693,744)

135,693,744

Total

Securities

Lending

Reinvestments

(Cost

$170,093,744)

170,097,282

Total

Investments

107.1%

(Cost

$1,206,684,490)

2,340,483,849

Liabilities

excess

other

assets

(7.1%)

(154,895,875)

NET

ASSETS

100.0%

$2,185,587,974

Non-income

producing

security.

‡

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

(a)

The

security

portion

this

security

loan

July

31,

2026.

The

total

value

securities

loan

July

31,

2026

was

$249,164,458,

collateralized

the

form

cash

with

value

$170,093,744

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments;

$22,679,838

collateral

the

form

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

5.50%,

and

maturity

dates

ranging

from

November

23,

2026

–

November

22,

2055

and

$65,198,934

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

August

11,

2026

–

February

15,

2056;

total

value

$257,972,516.

(b)

Security

exempt

from

registration

pursuant

Regulation

under

the

Securities

Act

1933.

Regulation

applies

securities

offerings

that

are

made

outside

the

United

States

and

not

involve

direct

selling

efforts

the

United

States

and

such

may

have

restrictions

resale.

(c)

Investment

affiliated

company.

Northern

Trust

Investments,

Inc.,

the

Investment

Adviser

the

Fund,

subsidiary

Northern

Trust

Corporation.

(d)

Represents

less

than

0.05%

net

assets.

(e)

Perpetual

security.

The

rate

reflected

was

the

rate

effect

July

31,

2026.

The

maturity

date

reflects

the

call

date.

(f)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

July

31,

2026.

The

total

value

securities

purchased

was

$170,097,282.

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

(cont.)

Abbreviations

CVR

—

Contingent

Value

Rights

REIT

—

Real

Estate

Investment

Trust

SOFR

—

Secured

Overnight

Financing

Rate

Investment

company

which

was

affiliated

for

the

period

ended

July

31,

2026,

was

follows:

Security

Value

October

31,

2025

Purchases

Cost

Sales

Proceeds

July

31,

2026

Value

July

31,

2026

Change

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Realized

Gain

Northern

Trust

Corp.

714,118

109,796

105,489

5,508

1,003,503

261,320

13,291

23,758

Futures

Contracts

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

had

the

following

open

futures

contracts

July

31,

2026:

Number

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

(

Depreciation

)

Long

Contracts

‌

Russell

2000

E-Mini

Index

09/18/2026

USD

1,175,200

(26,593)

S&P

500

E-Mini

Index

09/18/2026

USD

9,399,063

21,146

S&P

Midcap

400

E-Mini

Index

09/18/2026

USD

4,527,480

(57,571)

(63,018)

Abbreviations:

USD

—

Dollar

Security

Type

Net

Assets

Common

Stocks

99.3

Warrants

0.0

†

Preferred

Stocks

0.0

†

Rights

0.0

†

Securities

Lending

Reinvestments

7.8

Others

(1)

(7.1)

100.0%

†

Amount

represents

less

than

0.05%.

(1)

Includes

any

other

net

assets/(liabilities).

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

Schedule

Investments

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

July

31,

2026

(Unaudited)

Investments

Value

COMMON

STOCKS

98.1%

Aerospace

Defense

1.5%

Airbus

7,029

1,635,235

Aryt

Industries

Ltd.(a)

22,605

186,250

Austal

Ltd.*

2,573

6,524

Babcock

International

Group

plc

8,344

125,876

BAE

Systems

plc

36,993

1,042,463

Bet

Shemesh

Engines

Holdings

1997

Ltd.*(a)

297

80,599

Bombardier,

Inc.,

Class

1,221

293,959

CAE,

Inc.*(a)

4,615

118,957

Chemring

Group

plc

6,231

49,516

Cirrus

Aircraft

Ltd.

3,100

17,323

Dassault

Aviation

330

113,221

Elbit

Systems

Ltd.

297

238,772

Exosens

SAS

279

18,361

Hensoldt

825

75,709

Invisio

AB(a)

697

Kongsberg

Gruppen

ASA

5,731

178,984

Leonardo

SpA

4,983

316,013

LISI

880

64,090

MDA

Space

Ltd.*(a)

3,132

94,751

Melrose

Industries

plc

18,753

114,651

Montana

Aerospace

AG*(b)

1,326

39,663

MTU

Aero

Engines

693

288,474

QinetiQ

Group

plc

6,805

46,339

Rheinmetall

627

822,390

Rolls-Royce

Holdings

plc

100,650

1,988,131

Saab

AB,

Class

B(a)

3,894

244,049

Safran

4,290

1,670,295

Singapore

Technologies

Engineering

Ltd.

18,900

148,397

Thales

1,221

345,446

10,365,135

Air

Freight

Logistics

0.6%

AZ-COM

MARUWA

Holdings,

Inc.(a)

3,100

17,931

Deutsche

Post

21,054

1,399,160

DSV

A/S

2,310

499,743

Freightways

Group

Ltd.

7,410

60,310

Hamakyorex

Co.

Ltd.

6,600

76,062

Logistics

Group

SACA*

33,503

InPost

SA*

3,608

64,177

KLN

Logistics

Group

Ltd.

30,000

22,916

Konoike

Transport

Co.

Ltd.(a)

9,900

186,031

Logista

Integral

2,344

99,785

Mainfreight

Ltd.

1,312

53,353

Nippon

Express

Holdings,

Inc.

4,800

159,111

Oesterreichische

Post

136

5,093

Sankyu,

Inc.(a)

1,333

79,298

SBS

Holdings,

Inc.(a)

6,600

184,871

Senko

Group

Holdings

Co.

Ltd.(a)

59,400

822,777

Holdings

Co.

Ltd.(a)

9,900

98,332

Investments

Value

Air

Freight

Logistics

(continued)

Yamato

Holdings

Co.

Ltd.(a)

600

7,798

3,870,251

Automobile

Components

1.9%

Aisin

Corp.

6,600

92,166

Aumovio

SE*

21,450

983,470

Brembo

NV(a)

57,651

701,112

Bridgestone

Corp.

26,400

657,409

CIE

Automotive

15,378

467,984

Cie

Generale

des

Etablissements

Michelin

SCA

13,068

525,788

Continental

1,452

120,049

Denso

Corp.

33,000

407,772

Dometic

Group

AB*(c)

86,691

216,091

Eagle

Industry

Co.

Ltd.(a)

9,900

186,528

Exedy

Corp.(a)

9,900

375,544

FCC

Co.

Ltd.

13,200

310,052

Forvia

SE*

58,608

598,656

Gestamp

Automocion

SA(b)

35,244

118,811

Yuasa

Corp.

3,100

106,731

Hella

GmbH

Co.

KGaA

328

26,681

Johnson

Electric

Holdings

Ltd.(a)

148,000

350,862

Koito

Manufacturing

Co.

Ltd.

3,100

52,499

KYB

Corp.(a)

13,200

374,715

Linamar

Corp.

15,147

1,116,333

Magna

International,

Inc.(a)

4,521

309,833

Musashi

Seimitsu

Industry

Co.

Ltd.(a)

3,200

64,814

NHK

Spring

Co.

Ltd.(a)

6,200

140,568

Nifco,

Inc.

2,400

78,515

Nippon

Seiki

Co.

Ltd.

19,800

303,420

Niterra

Co.

Ltd.

3,300

195,130

NOK

Corp.

4,100

78,459

Opmobility

18,612

274,100

Pirelli

SpA(b)

3,854

29,266

Schaeffler

9,942

81,101

Seiren

Co.

Ltd.(a)

19,800

395,440

Stanley

Electric

Co.

Ltd.

3,400

74,545

Sumitomo

Electric

Industries

Ltd.

39,600

543,171

Sumitomo

Rubber

Industries

Ltd.(a)

3,800

54,414

Tokai

Rika

Co.

Ltd.(a)

16,500

329,016

Topre

Corp.(a)

16,500

292,539

Toyo

Tire

Corp.

4,500

120,961

Toyoda

Gosei

Co.

Ltd.

2,000

69,863

Toyota

Boshoku

Corp.

2,700

37,992

Tech

Co.

Ltd.

6,400

73,878

Valeo

78,111

1,337,275

Yokohama

Rubber

Co.

Ltd.

(The)

3,900

187,842

12,861,395

Automobiles

1.4%

Bayerische

Motoren

Werke

5,181

353,487

Ing

Porsche

(Preference)

(b)

1,265

61,769

Ferrari

1,386

542,345

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Automobiles

(continued)

Honda

Motor

Co.

Ltd.

42,900

437,958

Isuzu

Motors

Ltd.

13,200

199,171

Mazda

Motor

Corp.(a)

3,300

24,383

Mercedes-Benz

Group

13,992

752,283

Nissan

Motor

Co.

Ltd.*(a)

3,300

6,968

Nissan

Shatai

Co.

Ltd.(a)

36,300

220,684

Porsche

Automobil

Holding

(Preference)

1,089

36,060

Renault

3,069

96,256

Stellantis

NV*(a)

31,779

181,427

Subaru

Corp.

6,600

112,560

Suzuki

Motor

Corp.

39,600

518,798

Toyota

Motor

Corp.

250,800

4,830,922

Trigano

SA(a)

2,706

469,810

Volkswagen

(Preference)

3,696

317,487

Volvo

Car

AB,

Class

B*(a)

26,868

56,778

Yamaha

Motor

Co.

Ltd.(a)

16,500

139,171

9,358,317

Banks

15.4%

Bank

Ltd.

(The)

4,500

98,775

ABN

AMRO

Bank

NV,

CVA(b)

10,857

487,169

AIB

Group

plc

48,147

568,081

Aichi

Financial

Group,

Inc.(a)

13,200

144,000

Aktia

Bank

OYJ(a)

18,282

252,412

Sydbank(a)

1,848

177,497

Alandsbanken

Abp,

Class

B(a)

1,331

67,075

Alior

Bank

2,640

97,041

AMCO

Asset

Management

Co.

SpA*‡

239

201

ANZ

Group

Holdings

Ltd.

35,497

930,187

Aozora

Bank

Ltd.(a)

3,100

59,148

Awa

Bank

Ltd.

(The)(a)

13,200

691,399

Banca

Monte

dei

Paschi

Siena

SpA

47,984

638,646

Banco

Bilbao

Vizcaya

Argentaria

123,354

3,434,584

Banco

BPM

SpA

25,928

470,591

Banco

Comercial

Portugues

SA,

Class

195,469

239,515

Banco

Sabadell

101,409

387,948

Banco

Desio

della

Brianza

SpA

7,227

140,524

Banco

Santander

308,550

4,372,917

Bank

Hapoalim

27,489

667,262

Bank

Leumi

Le-Israel

33,924

801,972

Bank

Millennium

SA*

17,360

95,811

Bank

East

Asia

Ltd.

(The)

25,413

54,056

Bank

Ireland

Group

plc

18,678

388,754

Bank

Iwate

Ltd.

(The)(a)

16,500

223,316

Bank

Montreal(a)

9,372

1,679,992

Bank

Nagoya

Ltd.

(The)(a)

18,200

744,117

Bank

Nova

Scotia

(The)

27,324

2,395,147

Bank

Queensland

Ltd.

28,116

131,122

Bank

Polska

Kasa

Opieki

3,993

261,869

Bankinter

12,436

227,930

Banque

Cantonale

Geneve

2,409

96,771

Investments

Value

Banks

(continued)

Banque

Cantonale

Vaudoise

(Registered)(a)

410

64,359

Barclays

plc

297,396

2,035,923

BAWAG

Group

AG(b)

1,830

368,885

Bendigo

Adelaide

Bank

Ltd.(a)

7,372

59,337

BNP

Paribas

22,176

2,797,931

BNPP

Bank

Polska

496

20,537

BPER

Banca

SpA

38,049

615,946

CaixaBank

72,732

1,051,462

Canadian

Imperial

Bank

Commerce

12,144

1,437,352

CCI

Group,

Inc.

69,300

481,803

Chiba

Bank

Ltd.

(The)(a)

9,900

163,337

Chugin

Financial

Group,

Inc.

2,600

54,262

Commerzbank

15,906

689,385

Commonwealth

Bank

Australia

20,460

2,551,121

Credit

Agricole

26,070

578,151

Credito

Emiliano

SpA

678

Dah

Sing

Banking

Group

Ltd.

145,200

279,046

Dah

Sing

Financial

Holdings

Ltd.

66,000

419,654

Daishi

Hokuetsu

Financial

Group,

Inc.

9,300

134,805

Danske

Bank

A/S

14,784

849,254

DBS

Group

Holdings

Ltd.

26,461

1,525,661

DNB

Bank

ASA

16,368

526,374

EQB,

Inc.(a)

1,650

167,123

Erste

Bank

Polska

891

174,944

Erste

Group

Bank

5,940

770,905

FIBI

Holdings

Ltd.

533

52,201

FinecoBank

Banca

Fineco

SpA

7,392

201,480

First

International

Bank

Israel

Ltd.

(The)

1,179

91,020

Fukuoka

Financial

Group,

Inc.

2,800

129,427

Graubuendner

Kantonalbank

20,592

Gunma

Bank

Ltd.

(The)

8,400

133,920

Hachijuni

Nagano

Bank

Ltd.

10,500

165,389

Hirogin

Holdings,

Inc.

9,200

127,376

Hokuhoku

Financial

Group,

Inc.(a)

3,100

145,416

HSBC

Holdings

plc

369,468

7,836,054

Hyakugo

Bank

Ltd.

(The)(a)

9,900

125,409

Hyakujushi

Bank

Ltd.

(The)(a)

39,600

707,813

ING

Bank

Slaski

532

62,958

ING

Groep

64,317

2,252,558

Intesa

Sanpaolo

SpA

322,179

2,423,896

Israel

Discount

Bank

Ltd.,

Class

24,042

250,929

Iyogin

Holdings,

Inc.(a)

6,200

141,503

Japan

Post

Bank

Co.

Ltd.

26,400

515,813

Judo

Capital

Holdings

Ltd.*(a)

32,064

21,845

Juroku

Financial

Group,

Inc.

66,000

980,725

Jyske

Bank

A/S

(Registered)

1,191

188,822

KBC

Ancora

803

81,857

KBC

Group

5,049

724,108

Keiyo

Bank

Ltd.

(The)

6,600

109,845

Kiyo

Bank

Ltd.

(The)(a)

23,100

680,415

Kyoto

Financial

Group,

Inc.(a)

3,100

86,385

Kyushu

Financial

Group,

Inc.

16,500

153,834

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Banks

(continued)

Liechtensteinische

Landesbank

192

26,817

Lion

Finance

Group

plc

1,023

159,835

Lloyds

Banking

Group

plc

1,223,310

1,888,271

Luzerner

Kantonalbank

(Registered)

304

41,858

mBank

SA*

33,576

Mebuki

Financial

Group,

Inc.

27,210

255,823

Mitsubishi

UFJ

Financial

Group,

Inc.

141,900

3,182,446

Miyazaki

Bank

Ltd.

(The)(a)

26,400

387,813

Mizrahi

Tefahot

Bank

Ltd.

2,624

195,119

Mizuho

Financial

Group,

Inc.

52,800

2,708,228

Musashino

Bank

Ltd.

(The)(a)

39,600

640,912

Nanto

Bank

Ltd.

(The)

57,200

617,893

National

Australia

Bank

Ltd.

36,201

1,050,847

National

Bank

Canada

4,635

749,179

NatWest

Group

plc

164,307

1,560,638

Nishi-Nippon

Financial

Holdings,

Inc.

3,800

101,858

Nordea

Bank

Abp

66,924

1,349,003

Norion

Bank

AB*(a)

11,775

72,329

North

Pacific

Bank

Ltd.

16,500

119,896

Oberbank

775

74,009

Ogaki

Kyoritsu

Bank

Ltd.

(The)(a)

16,500

747,150

Oita

Bank

Ltd.

(The)

23,100

372,124

Oversea-Chinese

Banking

Corp.

Ltd.

69,300

1,572,448

Permanent

TSB

Group

Holdings

plc

21,545

73,622

Powszechna

Kasa

Oszczednosci

Bank

Polski

17,589

525,875

Raiffeisen

Bank

International

3,558

243,163

Rakuten

Bank

Ltd.*

400

13,749

Resona

Holdings,

Inc.

29,700

408,777

Ringkjoebing

Landbobank

A/S

507

135,944

Royal

Bank

Canada

17,391

3,637,376

San

Financial

Group,

Inc.(a)

29,700

356,269

San-In

Godo

Bank

Ltd.

(The)

56,100

823,047

Senshu

Ikeda

Holdings,

Inc.(a)

85,800

509,762

Seven

Bank

Ltd.(a)

6,200

12,406

Shawbrook

Group

plc*(b)

23,562

104,004

Shizuoka

Financial

Group,

Inc.

9,900

197,720

Skandinaviska

Enskilda

Banken

AB,

Class

A(a)

28,908

676,641

Skandinaviska

Enskilda

Banken

AB,

Class

C(a)

684

16,275

Societe

Generale

13,992

1,308,969

SpareBank

Nord

Norge

37,587

627,124

Sparebank

Oestlandet

1,329

27,280

SpareBank

SMN

3,103

64,231

SpareBank

Sor-Norge

ASA

5,104

114,090

Sparebanken

Norge

6,138

127,223

Galler

Kantonalbank

(Registered)

32,940

Standard

Chartered

plc

40,458

1,191,286

Sumitomo

Mitsui

Financial

Group,

Inc.

82,500

3,530,570

Sumitomo

Mitsui

Trust

Group,

Inc.

66,000

685,596

Investments

Value

Banks

(continued)

Suruga

Bank

Ltd.(a)

6,200

101,435

Svenska

Handelsbanken

AB,

Class

A(a)

33,924

517,928

Svenska

Handelsbanken

AB,

Class

B(a)

756

Swedbank

AB,

Class

19,404

774,940

TBC

Bank

Group

plc

16,203

1,049,266

Toho

Bank

Ltd.

(The)(a)

69,300

374,301

Tokyo

Kiraboshi

Financial

Group,

Inc.(a)

92,400

988,269

TOMONY

Holdings,

Inc.(a)

62,700

392,601

Toronto-Dominion

Bank

(The)

20,790

2,490,324

Unicaja

Banco

SA(b)

39,732

152,044

UniCredit

SpA

32,934

3,092,384

United

Overseas

Bank

Ltd.

29,700

1,004,035

Valiant

Holding

(Registered)

825

161,115

Walliser

Kantonalbank

(Registered)

186

37,244

Westpac

Banking

Corp.

40,029

1,064,691

Yamaguchi

Financial

Group,

Inc.

4,100

76,631

Yamanashi

Chuo

Bank

Ltd.

(The)(a)

9,900

400,415

Yokohama

Financial

Group,

Inc.

19,800

228,684

103,514,728

Beverages

0.7%

Anheuser-Busch

InBev

SA/NV

11,220

970,770

Asahi

Group

Holdings

Ltd.

23,100

241,772

Budweiser

Brewing

Co.

APAC

Ltd.

(a)(b)

1,400

1,175

Carlsberg

A/S,

Class

1,122

165,137

Coca-Cola

Europacific

Partners

plc

2,618

286,566

Coca-Cola

HBC

3,224

217,369

Davide

Campari-Milano

NV(a)

434

2,944

Diageo

plc

24,189

532,068

Fevertree

Drinks

plc

2,201

25,532

Heineken

Holding

3,465

290,827

Heineken

6,864

620,260

Ito

Ltd.(a)

800

14,993

Kirin

Holdings

Co.

Ltd.

19,800

367,212

Pernod

Ricard

5,346

417,150

Remy

Cointreau

SA(a)

1,848

103,079

Royal

Unibrew

A/S(a)

825

61,893

Sapporo

Breweries

Ltd.(a)

4,000

50,532

Suntory

Beverage

Food

Ltd.(a)

1,800

52,002

Takara

Holdings,

Inc.(a)

6,400

83,987

Treasury

Wine

Estates

Ltd.(a)

36,696

127,063

4,632,331

Biotechnology

0.5%

Abivax

SA*

576

70,447

Argenx

SE*

759

650,584

Bavarian

Nordic

A/S*

2,688

73,605

BioArctic

AB,

Class

B(a)(b)

2,108

71,814

BioGaia

AB,

Class

3,846

46,604

BoneSupport

Holding

AB*(a)(b)

3,520

81,248

CSL

Ltd.

5,049

436,391

Genmab

A/S*

693

198,244

Genus

plc

1,891

55,833

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Biotechnology

(continued)

GNI

Group

Ltd.*

3,200

49,741

Grifols

SA(a)

5,301

60,771

Lakefront

Biotherapeutics

NV*(a)

12,210

335,190

Mesoblast

Ltd.*(a)

22,320

32,137

PeptiDream,

Inc.*

3,300

19,631

Pharma

Mar

217

19,736

Swedish

Orphan

Biovitrum

AB*

2,531

124,852

Telix

Pharmaceuticals

Ltd.*(a)

4,018

40,101

Vitrolife

AB(a)

880

7,942

Zealand

Pharma

A/S,

Class

24,750

1,158,118

3,532,989

Broadline

Retail

0.7%

Allegro.eu

SA*(b)

3,224

38,743

B&M

European

Value

Retail

plc

359,832

1,077,927

Canadian

Tire

Corp.

Ltd.,

Class

A(a)

825

120,323

Dollarama,

Inc.

3,333

453,721

Europris

ASA(b)

7,750

69,703

Harvey

Norman

Holdings

Ltd.(a)

5,586

19,303

Isetan

Mitsukoshi

Holdings

Ltd.

5,000

112,639

Izumi

Co.

Ltd.(a)

36,300

228,207

Front

Retailing

Co.

Ltd.(a)

4,100

76,773

plc

1,650

329,631

Pan

Pacific

International

Holdings

Corp.

33,000

186,984

Prosus

14,256

655,516

Puuilo

OYJ

2,622

51,647

Rakuten

Group,

Inc.*

16,000

83,766

Ryohin

Keikaku

Co.

Ltd.

6,600

173,140

Seria

Co.

Ltd.

1,000

24,180

Takashimaya

Co.

Ltd.(a)

8,600

122,903

Wesfarmers

Ltd.

13,134

824,316

4,649,422

Building

Products

0.6%

AGC,

Inc.

4,200

160,350

Assa

Abloy

AB,

Class

12,936

478,795

Belimo

Holding

(Registered)

126

130,820

Bunka

Shutter

Co.

Ltd.(a)

16,500

197,306

Carel

Industries

SpA(b)

961

29,909

Cie

Saint-Gobain

8,844

827,062

Daikin

Industries

Ltd.(a)

3,600

526,689

dormakaba

Holding

620

44,524

Fletcher

Building

Ltd.*

651

1,396

Geberit

(Registered)

297

195,369

Inrom

Construction

Industries

Ltd.(a)

5,859

46,763

Kingspan

Group

plc(a)

1,716

158,441

Lindab

International

AB(a)

3,472

45,165

Munters

Group

AB(b)

2,720

48,184

Nibe

Industrier

AB,

Class

B(a)

16,399

65,562

Nitto

Boseki

Co.

Ltd.(a)

5,000

87,926

Reliance

Worldwide

Corp.

Ltd.

13,860

34,266

ROCKWOOL

A/S,

Class

880

29,596

ROCKWOOL

A/S,

Class

1,796

57,445

Sanwa

Holdings

Corp.

3,400

73,499

Investments

Value

Building

Products

(continued)

Shin

Nippon

Air

Technologies

Co.

Ltd.(a)

13,200

268,601

Systemair

4,018

35,168

Takara

Standard

Co.

Ltd.

16,500

312,953

TOTO

Ltd.

3,000

132,077

Volution

Group

plc

3,838

31,971

4,019,837

Capital

Markets

3.4%

Group

plc

18,249

703,358

Aberdeen

Group

plc

62,601

202,694

Bell

plc

2,263

17,892

Allfunds

Group

plc

315

Amundi

SA(b)

1,056

114,633

Anima

Holding

SpA(b)

14,850

117,549

Antin

Infrastructure

Partners

311

Ashmore

Group

plc

ASX

Ltd.

754

29,063

Avanza

Bank

Holding

AB(a)

2,464

101,091

Azimut

Holding

SpA

2,616

110,491

Banca

Generali

SpA(a)

1,209

90,903

Brederode

285

33,774

Bridgepoint

Group

plc(a)(b)

12,342

53,249

Brookfield

Asset

Management

Ltd.,

Class

4,488

216,938

Brookfield

Corp.,

Class

23,116

981,752

Bure

Equity

968

26,422

Cie

Financiere

Tradition

11,342

CVC

Capital

Partners

plc(a)(b)

18,744

312,921

Daiwa

Securities

Group,

Inc.

33,000

374,508

Deutsche

Bank

(Registered)

39,138

1,435,338

Deutsche

Boerse

2,376

717,051

EFG

International

AG(a)

1,680

33,390

EQT

AB(a)

8,415

285,528

Euronext

NV(b)

1,214

221,527

Fairfax

India

Holdings

Corp.*(a)(b)

24,255

448,718

flatexDEGIRO

2,128

88,876

Flow

Traders

Ltd.*

9,273

282,516

Generation

Capital

Ltd.

755,073

695,116

Georgia

Capital

plc*

9,207

490,037

Gimv

NV(a)

8,613

442,468

GMO

Financial

Holdings,

Inc.(a)

19,800

135,295

Hong

Kong

Exchanges

Clearing

Ltd.

14,958

779,412

HUB24

Ltd.

1,023

61,224

ICG

plc

4,032

102,444

iFAST

Corp.

Ltd.

10,000

70,805

Group

Holdings

plc

6,942

136,396

IGM

Financial,

Inc.(a)

2,268

140,912

IntegraFin

Holdings

plc(b)

9,734

48,272

Integral

Corp.(a)

3,100

57,065

Investec

plc

14,451

126,214

Japan

Exchange

Group,

Inc.

13,200

181,762

JTC

plc(b)

5,294

94,541

Julius

Baer

Group

Ltd.

3,762

329,585

London

Stock

Exchange

Group

plc

5,214

589,266

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Capital

Markets

(continued)

Macquarie

Group

Ltd.

4,983

885,767

Magellan

Financial

Group

Ltd.(a)

14,586

97,835

Man

Group

plc

426,195

1,733,274

Monex

Group,

Inc.(a)

12,300

54,461

Nihon

M&A

Center

Holdings,

Inc.(a)

2,900

11,613

Nomura

Holdings,

Inc.

62,700

598,549

Nordnet

publ

2,420

92,589

Okasan

Securities

Group,

Inc.(a)

72,600

508,394

Onex

Corp.(a)

684

52,337

Partners

Group

Holding

198

164,460

Perpetual

Ltd.(a)

32,736

435,931

Pinnacle

Investment

Management

Group

Ltd.(a)

736

8,261

Plus500

Ltd.

2,904

152,805

Quilter

plc(b)

53,724

139,682

Rathbones

Group

plc

23,034

517,047

Ratos

AB,

Class

B(a)

69,861

263,480

SBI

Holdings,

Inc.(a)

9,900

188,891

Schroders

plc

17,556

139,039

Singapore

Exchange

Ltd.

12,600

240,065

James's

Place

plc

9,075

128,661

Swissquote

Group

Holding

(Registered)

1,600

82,823

Tamburi

Investment

Partners

SpA(a)

2,546

27,330

Tel

Aviv

Stock

Exchange

Ltd.

2,244

86,473

Tikehau

Capital

SCA(a)

20,526

375,025

TMX

Group

Ltd.

3,630

132,588

Tokai

Tokyo

Financial

Holdings,

Inc.

92,400

465,409

ICAP

Group

plc

283,701

1,308,015

UBS

Group

(Registered)

38,445

2,021,920

UOB-Kay

Hian

Holdings

Ltd.

29,667

94,977

Van

Lanschot

Kempen

NV,

CVA

832

62,270

VIEL

Cie

8,646

188,011

Vontobel

Holding

(Registered)

339

36,161

Holding

285

54,531

XTB

SA(b)

2,360

93,759

22,935,483

Chemicals

3.0%

ADEKA

Corp.

2,300

56,985

Aica

Kogyo

Co.

Ltd.(a)

1,500

34,734

Air

Liquide

7,514

1,475,914

Air

Water,

Inc.(a)

900

14,227

Akzo

Nobel

NV(a)

2,442

170,602

Arkema

1,101

74,612

Artience

Co.

Ltd.(a)

13,200

369,741

Asahi

Kasei

Corp.

23,100

249,896

BASF

9,900

574,078

Borregaard

ASA

1,692

28,188

Uyemura

Co.

Ltd.

600

84,334

Chugoku

Marine

Paints

Ltd.(a)

3,200

72,049

Clariant

(Registered)(a)

83,325

942,369

Croda

International

plc

3,432

148,027

Daicel

Corp.

95,700

871,803

Denka

Co.

Ltd.

3,300

71,088

Investments

Value

Chemicals

(continued)

DIC

Corp.(a)

29,699

825,174

DSM-Firmenich

AG(a)

1,881

202,092

Dyno

Nobel

Ltd.

14,043

37,283

Elkem

ASA(b)

27,970

91,423

EMS-Chemie

Holding

(Registered)(a)

134

135,400

Evonik

Industries

3,467

69,966

FUCHS

711

28,222

FUCHS

(Preference)

1,182

54,616

Fujimi,

Inc.(a)

3,100

74,373

Fuso

Chemical

Co.

Ltd.(a)

3,300

77,617

Givaudan

(Registered)

395,241

Hexpol

5,784

53,778

ICL

Group

Ltd.

3,776

19,298

Israel

Corp.

Ltd.(a)

1,040

27,211

Johnson

Matthey

plc

5,907

158,351

K+S

(Registered)

5,445

91,215

Kaneka

Corp.(a)

19,800

711,047

Kansai

Paint

Co.

Ltd.(a)

3,800

67,587

Kemira

OYJ(a)

2,992

58,556

Keppel

Infrastructure

Trust

153,600

65,206

Kuraray

Co.

Ltd.

8,000

92,448

LANXESS

930

17,698

Lintec

Corp.

3,300

128,497

Methanex

Corp.

2,772

153,948

Mitsubishi

Chemical

Group

Corp.

23,100

172,352

Mitsubishi

Gas

Chemical

Co.,

Inc.(a)

3,300

87,067

Mitsui

Chemicals,

Inc.

9,200

122,407

Nihon

Parkerizing

Co.

Ltd.(a)

42,900

447,523

Nippon

Kayaku

Co.

Ltd.

56,100

677,181

Nippon

Paint

Holdings

Co.

Ltd.(a)

19,800

150,466

Nippon

Sanso

Holdings

Corp.(a)

2,800

101,660

Nippon

Shokubai

Co.

Ltd.

49,500

670,881

Nippon

Soda

Co.

Ltd.

19,878

478,770

Nissan

Chemical

Corp.(a)

2,900

136,654

Nitto

Denko

Corp.

9,200

192,118

NOF

Corp.

3,600

63,047

Novonesis

Novozymes

Class

4,489

291,586

Nutrien

Ltd.

9,669

666,908

Orica

Ltd.

4,446

72,820

Osaka

Soda

Co.

Ltd.(a)

3,100

34,422

Resonac

Holdings

Corp.(a)

3,300

284,456

Shin-Etsu

Chemical

Co.

Ltd.

23,100

841,451

Shin-Etsu

Polymer

Co.

Ltd.

800

10,767

Sika

(Registered)

1,650

370,870

Kaken

Co.

Ltd.

3,300

181,969

SOL

SpA

1,085

71,031

Solvay

23,628

722,039

Sumitomo

Chemical

Co.

Ltd.(a)

42,900

140,454

Symrise

AG,

Class

1,320

135,319

Hasegawa

Co.

Ltd.

900

18,370

Takasago

International

Corp.(a)

19,800

150,466

Teijin

Ltd.

72,600

746,404

Toagosei

Co.

Ltd.

9,900

111,668

Tokai

Carbon

Co.

Ltd.

13,200

127,461

Tokuyama

Corp.(a)

26,400

628,725

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Chemicals

(continued)

Tokyo

Ohka

Kogyo

Co.

Ltd.

2,100

117,144

Toray

Industries,

Inc.

39,600

288,000

Tosoh

Corp.(a)

7,200

122,566

UBE

Corp.(a)

36,300

725,658

Umicore

6,138

152,541

Wacker

Chemie

896

91,234

Yara

International

ASA

2,739

129,005

Zeon

Corp.

69,300

984,062

20,392,416

Commercial

Services

Supplies

0.9%

ALSOK

Co.

Ltd.

6,200

45,675

Befesa

SA(b)

14,289

574,585

Bilfinger

957

90,839

Boyd

Group

Services,

Inc.

198

20,453

Brambles

Ltd.

19,239

264,710

Bravida

Holding

AB(b)

12,045

165,903

Cleanaway

Waste

Management

Ltd.

35,432

58,232

Dai

Nippon

Printing

Co.

Ltd.

9,900

181,648

Daiseki

Co.

Ltd.(a)

1,499

35,775

369

85,760

Downer

EDI

Ltd.

3,616

19,759

Element

Fleet

Management

Corp.

6,204

139,129

Elis

4,281

122,054

GFL

Environmental,

Inc.(a)

2,080

85,833

ISS

A/S

2,508

110,948

Loomis

AB,

Class

984

54,151

Matsuda

Sangyo

Co.

Ltd.(a)

6,600

223,005

Mitie

Group

plc

55,275

153,980

Mitsubishi

Pencil

Co.

Ltd.(a)

1,800

31,325

Okamura

Corp.

23,100

339,482

Park24

Co.

Ltd.(a)

52,800

654,922

Pilot

Corp.(a)

9,900

112,756

Prosegur

Cia

Seguridad

30,620

106,394

Global,

Inc.(a)

2,277

249,572

Rentokil

Initial

plc

20,097

93,253

Secom

Co.

Ltd.

5,500

237,720

Securitas

AB,

Class

9,795

157,090

Serco

Group

plc

45,705

148,602

Societe

BIC

7,392

577,480

SPIE

2,442

130,705

TOPPAN

Holdings,

Inc.

3,900

110,883

Veridis

Environment

Ltd.*

511

Waste

Connections,

Inc.(a)

2,772

464,039

5,847,173

Communications

Equipment

0.2%

Nokia

OYJ

62,106

568,648

Telefonaktiebolaget

Ericsson,

Class

306

3,018

Telefonaktiebolaget

Ericsson,

Class

41,415

407,291

VTech

Holdings

Ltd.(a)

13,200

86,944

1,065,901

Investments

Value

Construction

Engineering

2.1%

Ackermans

van

Haaren

396

122,652

ACS

Actividades

Construccion

Servicios

3,249

412,316

Gruppen

ASA

837

16,715

Ashtrom

Group

Ltd.(a)

238

4,883

AtkinsRealis

Group,

Inc.(a)

2,132

132,052

Balfour

Beatty

plc

12,606

146,319

Bouygues

3,597

201,795

Budimex

17,922

Burkhalter

Holding

5,242

Cadeler

A/S*

19,404

109,764

Chiyoda

Corp.*(a)

46,200

191,212

Chudenko

Corp.

11,400

355,120

COMSYS

Holdings

Corp.

3,100

102,525

Deme

Group

272

51,699

Eiffage

1,320

187,183

Elco

Ltd.(a)

4,158

200,829

Elecnor

2,201

86,607

Electra

Ltd.(a)

1,520

59,070

EXEO

Group,

Inc.

3,100

50,971

Ferrovial

6,038

394,174

Gold

Finance

Holdings

Ltd.*‡

89,827

—

Hazama

Ando

Corp.

49,500

567,202

HOCHTIEF

330

168,275

INFRONEER

Holdings,

Inc.(a)

4,100

66,872

JGC

Holdings

Corp.

6,800

96,496

Kajima

Corp.

6,600

223,129

Keller

Group

plc

25,905

1,054,216

Kinden

Corp.(a)

2,300

102,415

Koninklijke

BAM

Groep

98,274

1,310,471

Koninklijke

Heijmans

N.V,

CVA

1,254

134,829

Kraftia

Corp.

2,000

106,654

Kumagai

Gumi

Co.

Ltd.(a)

9,900

88,974

Kvutzat

Acro

Ltd.*(a)

2,108

28,259

Maire

SpA

1,395

20,689

MIRAIT

ONE

Corp.

3,300

73,617

Monadelphous

Group

Ltd.

6,233

128,137

Morgan

Sindall

Group

plc

1,387

82,688

Mota-Engil

SGPS

SA(a)

14,883

79,317

NCC

AB,

Class

34,650

616,726

Nippon

Densetsu

Kogyo

Co.

Ltd.

3,300

83,731

Nishimatsu

Construction

Co.

Ltd.

9,900

330,342

NRW

Holdings

Ltd.

26,202

128,821

Obayashi

Corp.

10,200

202,687

Okumura

Corp.

9,900

360,000

Peab

AB,

Class

8,060

79,586

Penta-Ocean

Construction

Co.

Ltd.

9,900

93,762

Per

Aarsleff

Holding

A/S

1,023

113,846

Porr

6,237

269,458

Raito

Kogyo

Co.

Ltd.

3,100

73,497

Sacyr

9,265

50,101

Shapir

Engineering

and

Industry

Ltd.

2,525

37,758

Shikun

Binui

Ltd.*

7,872

44,988

Shimizu

Corp.

7,800

116,565

SHO-BOND

Holdings

Co.

Ltd.

4,800

39,868

Skanska

AB,

Class

5,181

144,840

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Construction

Engineering

(continued)

Stantec,

Inc.

1,488

104,935

Sweco

AB,

Class

3,524

49,535

Taihei

Dengyo

Kaisha

Ltd.(a)

3,300

50,197

Taikisha

Ltd.

3,200

85,112

Taisei

Corp.(a)

1,600

131,286

Takamatsu

Construction

Group

Co.

Ltd.(a)

6,600

154,819

Techno

Ryowa

Ltd.(a)

6,600

233,368

TOA

Corp.

16,500

210,984

Toda

Corp.(a)

5,200

48,677

Toenec

Corp.

6,600

84,974

Tokyu

Construction

Co.

Ltd.

23,100

169,161

Veidekke

ASA

3,088

61,277

Ventia

Services

Group

Pty.

Ltd.

2,356

9,631

Vinci

10,725

1,512,224

Webuild

SpA(a)

187,836

485,394

Worley

Ltd.

12,352

91,699

WSP

Global,

Inc.

1,254

153,097

Yokogawa

Bridge

Holdings

Corp.(a)

12,400

230,517

Yurtec

Corp.

9,900

148,725

13,983,478

Construction

Materials

0.7%

Amrize

Ltd.

4,686

229,826

Breedon

Group

plc

81,873

364,698

Buzzi

SpA(a)

2,382

112,666

Cementir

Holding

NV(a)

3,596

62,392

Heidelberg

Materials

1,815

336,208

Holcim

5,874

532,475

Imerys

SA(a)

9,240

250,256

Inmocemento

15,159

66,276

Mitani

Sekisan

Co.

Ltd.

19,800

237,389

RHI

Magnesita

NV(a)

5,115

194,459

SigmaRoc

plc*

51,739

85,781

Sumitomo

Osaka

Cement

Co.

Ltd.

9,900

339,171

Taiheiyo

Cement

Corp.(a)

3,400

86,994

Titan

SA(a)

2,100

126,002

Vicat

SACA

7,029

529,713

Wienerberger

42,933

1,050,171

4,604,477

Consumer

Finance

0.2%

Acom

Co.

Ltd.

20,500

61,374

AEON

Financial

Service

Co.

Ltd.

3,100

30,577

Impact

ASA

54,813

140,150

Cembra

Money

Bank

558

61,935

Credit

Saison

Co.

Ltd.

2,100

60,023

Isracard

Ltd.(a)

24,618

86,022

Jaccs

Co.

Ltd.

6,600

155,233

KRUK

5,874

667,835

Marui

Group

Co.

Ltd.(a)

3,200

59,639

Muninova

Holdings,

Inc.

79,200

222,839

Orient

Corp.(a)

3,300

18,715

Zip

Co.

Ltd.*(a)

33,914

60,740

1,625,082

Investments

Value

Consumer

Staples

Distribution

Retail

1.5%

Aeon

Co.

Ltd.(a)

35,018

299,981

Ain

Holdings,

Inc.(a)

9,900

365,782

Alimentation

Couche-Tard,

Inc.

9,372

608,009

Arcs

Co.

Ltd.(a)

3,200

72,652

Axfood

1,496

38,153

Belc

Co.

Ltd.(a)

4,100

171,493

Carrefour

17,424

319,452

Coles

Group

Ltd.

18,777

317,700

Cosmos

Pharmaceutical

Corp.

400

16,035

Create

Holdings

Co.

Ltd.(a)

13,200

276,062

Dino

Polska

SA*(b)

6,480

55,376

Empire

Co.

Ltd.,

Class

2,314

84,636

Fuji

Co.

Ltd.(a)

6,400

81,555

George

Weston

Ltd.

2,574

192,236

H2O

Retailing

Corp.(a)

36,300

652,819

Heiwado

Co.

Ltd.

13,200

220,767

Sainsbury

plc

25,641

124,016

Jeronimo

Martins

SGPS

4,413

88,143

Kato

Sangyo

Co.

Ltd.(a)

9,900

396,062

Kesko

OYJ,

Class

2,248

54,703

Kesko

OYJ,

Class

4,715

117,068

Kobe

Bussan

Co.

Ltd.(a)

1,900

32,827

Koninklijke

Ahold

Delhaize

19,635

776,228

Kusuri

Aoki

Holdings

Co.

Ltd.(a)

1,800

45,445

Life

Corp.(a)

16,500

267,772

Loblaw

Cos.

Ltd.

7,920

371,540

Marks

Spencer

Group

plc

59,202

322,748

MatsukiyoCocokara

Co.(a)

6,800

108,240

Metcash

Ltd.

413,160

882,156

Metro,

Inc.,

Class

2,904

192,889

North

West

Co.,

Inc.

(The)(a)

2,077

75,286

Olam

Group

Ltd.

55,800

60,851

Seven

Holdings

Co.

Ltd.

49,500

655,648

Sheng

Siong

Group

Ltd.

17,900

46,570

Shufersal

Ltd.

4,983

71,129

Sugi

Holdings

Co.

Ltd.

2,400

42,544

Sundrug

Co.

Ltd.(a)

1,600

37,984

Tesco

plc

88,902

585,637

Tsuruha

Holdings,

Inc.(a)

7,345

111,818

United

Super

Markets

Holdings,

Inc.

(a)

2,000

10,325

Valor

Holdings

Co.

Ltd.

13,200

270,674

Woolworths

Group

Ltd.

15,180

424,015

9,945,026

Containers

Packaging

0.4%

Billerud

3,437

27,363

CCL

Industries,

Inc.,

Class

2,223

147,291

Corp.

19,800

313,741

Fuji

Seal

International,

Inc.(a)

13,200

250,777

Huhtamaki

OYJ

896

31,855

Mayr

Melnhof

Karton

2,079

198,775

Metsa

Board

OYJ,

Class

1,152

3,894

Orora

Ltd.(a)

313,302

321,270

Rengo

Co.

Ltd.(a)

92,400

865,824

Toyo

Seikan

Group

Holdings

Ltd.

3,100

79,279

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Containers

Packaging

(continued)

Verallia

SA(a)(b)

1,881

39,431

Vidrala

SA(a)

561

56,542

Winpak

Ltd.

1,716

53,785

2,389,827

Distributors

0.3%

D'ieteren

Group

119

24,562

Happinet

Corp.(a)

13,200

274,819

Inchcape

plc

121,803

1,374,439

Inter

Cars

594

148,365

1,822,185

Diversified

Consumer

Services

0.1%

AcadeMedia

AB(a)(b)

22,143

231,643

Pearson

plc

10,824

183,099

414,742

Diversified

REITs

0.5%

British

Land

Co.

plc

(The),

REIT

16,000

95,172

CapitaLand

Integrated

Commercial

Trust,

REIT

42,116

81,686

Centuria

Capital

Group,

REIT

9,083

9,346

Charter

Hall

Group,

REIT

4,836

79,242

Charter

Hall

Long

Wale

REIT,

REIT(a)

17,531

46,912

Covivio

SA,

REIT

1,344

81,801

Daiwa

House

REIT

Investment

Corp.,

REIT

49,641

GPT

Group

(The),

REIT

43,131

155,706

Growthpoint

Properties

Australia

Ltd.,

REIT(a)

150,249

235,326

H&R

REIT,

REIT(a)

37,488

294,485

Heiwa

Real

Estate

REIT,

Inc.,

REIT

26,167

ICADE,

REIT(a)

9,174

204,242

KDX

Realty

Investment

Corp.,

REIT(a)

66,665

Land

Securities

Group

plc,

REIT

10,496

99,652

Mapletree

Pan

Asia

Commercial

Trust,

REIT

65,100

67,443

Merlin

Properties

Socimi

SA,

REIT

4,522

78,354

Mirvac

Group,

REIT

150,579

189,309

Nomura

Real

Estate

Master

Fund,

Inc.,

REIT

5,754

NTT

REIT

Investment

Corp.,

REIT

27,594

OUE

REIT,

REIT

151,900

42,004

Reit

Ltd.,

REIT

83,259

589,201

Sekisui

House

REIT,

Inc.,

REIT

45,701

Sella

Capital

Real

Estate

Ltd.,

REIT

85,239

245,516

Shaftesbury

Capital

plc,

REIT(a)

32,397

62,694

Sirius

Real

Estate

Ltd.,

REIT

58,680

78,140

Star

Asia

Investment

Corp.,

REIT(a)

1,155

388,808

Stockland,

REIT(a)

38,263

114,752

Investments

Value

Diversified

REITs

(continued)

Stoneweg

Europe

Stapled

Trust,

REIT

89,100

162,997

3,624,310

Diversified

Telecommunication

Services

1.5%

BCE,

Inc.(a)

8,531

184,929

Bezeq

The

Israeli

Telecommunication

Corp.

Ltd.

39,321

94,022

Group

plc

94,677

256,479

Cellnex

Telecom

SA(b)

4,554

140,788

Chorus

Ltd.(a)

172

Cogeco

Communications,

Inc.(a)

4,752

200,195

Cyfrowy

Polsat

SA*

71,511

326,092

Deutsche

Telekom

(Registered)

75,537

2,325,687

Elisa

OYJ(a)

1,054

42,420

Helios

Towers

plc*

48,489

127,767

HKT

Trust

HKT

Ltd.

53,400

90,367

Infrastrutture

Wireless

Italiane

SpA(a)(b)

5,179

38,285

Koninklijke

KPN

60,225

284,859

NOS

SGPS

79,299

440,677

NTT,

Inc.

501,600

480,099

Orange

Polska

22,374

91,148

Orange

48,213

919,162

PCCW

Ltd.

77,035

57,764

Proximus

SADP(a)

42,075

311,030

Quebecor,

Inc.,

Class

3,465

160,227

RAI

Way

SpA(b)

8,120

43,349

Singapore

Telecommunications

Ltd.

108,900

376,629

Spark

New

Zealand

Ltd.

1,486

1,677

Sunrise

Communications

AG,

Class

A(a)

24,222

1,277,789

Swisscom

(Registered)

363

279,075

Telecom

Italia

SpA*

21,411

181,137

Telefonica

80,322

331,214

Telekom

Austria

AG,

Class

4,091

47,728

Telenor

ASA

3,980

56,149

Telia

Co.

24,024

111,256

Telstra

Group

Ltd.

62,766

221,300

TELUS

Corp.

17,919

170,907

United

Internet

(Registered)

1,720

46,782

Zegona

Communications

plc

1,023

20,127

9,737,288

Electric

Utilities

1.6%

Acciona

SA(a)

561

154,006

BKW

384

63,553

Chubu

Electric

Power

Co.,

Inc.

16,500

288,808

Chugoku

Electric

Power

Co.,

Inc.

(The)(a)

132,000

779,772

Infrastructure

Holdings

Ltd.

11,000

87,814

CLP

Holdings

Ltd.

21,500

214,134

Contact

Energy

Ltd.

15,565

83,236

EDP

54,219

278,846

Elia

Group

SA/NV

465

66,715

Emera,

Inc.(a)

3,267

174,453

Endesa

5,214

254,116

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Electric

Utilities

(continued)

Enea

17,325

90,758

Enel

SpA

158,862

1,791,048

EVN

1,705

57,478

Fortis,

Inc.(a)

6,187

351,943

Fortum

OYJ

4,665

105,870

Genesis

Energy

Ltd.

1,960

2,949

Electric

Investments

Electric

Investments

Ltd.(b)

15,500

12,769

Hokkaido

Electric

Power

Co.,

Inc.(a)

62,700

404,021

Hokuriku

Electric

Power

Co.(a)

66,000

398,549

Hydro

One

Ltd.(b)

3,729

155,237

Iberdrola

77,351

1,837,771

Kansai

Electric

Power

Co.,

Inc.

(The)

(a)

23,100

354,062

Kyushu

Electric

Power

Co.,

Inc.

13,200

147,482

Mercury

Ltd.

12,261

48,275

Naturenergie

Holding

2,673

103,081

Origin

Energy

Ltd.(a)

26,730

202,006

PGE

Polska

Grupa

Energetyczna

SA*

25,070

67,708

Power

Assets

Holdings

Ltd.

20,000

150,607

Redeia

Corp.

SA(a)

1,436

25,312

Romande

Energie

Holding

(Registered)

186

11,403

Shikoku

Electric

Power

Co.,

Inc.

56,100

586,985

SSE

plc

17,160

541,763

Tauron

Polska

Energia

43,428

104,550

Terna

Rete

Elettrica

Nazionale(a)

17,240

197,799

Tohoku

Electric

Power

Co.,

Inc.

3,300

24,466

Tokyo

Electric

Power

Co.

Holdings,

Inc.*(a)

39,600

129,326

Verbund

495

33,915

10,382,586

Electrical

Equipment

1.6%

ABB

Ltd.

(Registered)

18,975

1,865,017

Accelleron

Industries

1,334

120,119

Daihen

Corp.

1,200

103,928

Fuji

Electric

Co.

Ltd.

1,500

134,574

Fujikura

Ltd.

19,800

518,798

Furukawa

Electric

Co.

Ltd.(a)

12,000

237,023

Hammond

Power

Solutions,

Inc.,

Class

160

28,592

Huber

Suhner

(Registered)

396

92,704

Kempower

OYJ*(a)

1,457

17,250

Legrand

3,300

498,901

Mabuchi

Motor

Co.

Ltd.(a)

6,400

66,924

Mitsubishi

Electric

Corp.

26,400

980,228

Nexans

760

115,248

Nidec

Corp.*

19,832

322,718

Nitto

Kogyo

Corp.(a)

3,300

90,155

NKT

A/S*

448

60,958

Nordex

SE*

800

35,382

Prysmian

SpA

3,168

438,122

Rosebank

Industries

plc*

20,512

92,750

Investments

Value

Electrical

Equipment

(continued)

Schneider

Electric

6,699

2,232,102

Siemens

Energy

10,098

1,712,995

Signify

NV(b)

39,897

677,536

Time

Interconnect

Technology

Ltd.(a)

30,000

50,462

TKH

Group

NV,

CVA

2,475

121,194

Vestas

Wind

Systems

A/S

12,936

347,555

10,961,235

Electronic

Equipment,

Instruments

Components

1.3%

Holdings

Corp.

3,100

57,434

Alps

Alpine

Co.

Ltd.

3,100

43,105

ALSO

Holding

(Registered)

7,387

Amano

Corp.

800

19,464

Anritsu

Corp.(a)

3,300

73,865

AT&S

Austria

Technologie

Systemtechnik

AG*

1,023

153,953

Azbil

Corp.(a)

8,400

87,864

Canon

Marketing

Japan,

Inc.(a)

3,000

67,866

Celestica,

Inc.*

1,254

414,651

Citizen

Watch

Co.

Ltd.

6,600

88,415

Codan

Ltd.

3,564

100,327

Comet

Holding

(Registered)

192

77,460

Daiwabo

Holdings

Co.

Ltd.(a)

33,000

741,140

FIH

Mobile

Ltd.(a)

33,000

81,221

FIT

Hon

Teng

Ltd.*(a)(b)

96,000

57,539

Halma

plc

5,247

249,259

Hamamatsu

Photonics

KK(a)

5,400

78,783

Hexagon

AB,

Class

21,450

210,498

Hirose

Electric

Co.

Ltd.

582

100,061

Horiba

Ltd.

800

129,000

Hosiden

Corp.(a)

16,500

297,202

Ibiden

Co.

Ltd.(a)

3,300

345,078

Inficon

Holding

(Registered)

561

112,748

Jenoptik

3,036

130,222

Jeol

Ltd.(a)

3,300

170,425

Kaga

Electronics

Co.

Ltd.

13,400

395,120

Keyence

Corp.

2,300

1,172,209

Kitron

ASA

7,953

72,870

Kyocera

Corp.

13,200

305,990

Lagercrantz

Group

AB,

Class

2,640

61,987

Landis+Gyr

Group

1,073

60,543

Macnica

Holdings,

Inc.(a)

4,800

99,331

Meiko

Electronics

Co.

Ltd.(a)

600

77,927

Murata

Manufacturing

Co.

Ltd.

23,100

1,075,896

Mycronic

1,848

60,786

NCAB

Group

284

2,048

Vision

Stabilized

Systems

Ltd.

5,119

Nohmi

Bosai

Ltd.

2,500

69,870

Oki

Electric

Industry

Co.

Ltd.

6,600

113,990

Omron

Corp.(a)

2,800

95,488

Oxford

Instruments

plc

1,403

51,583

Renishaw

plc

1,333

88,761

Rigaku

Holdings

Corp.

3,100

40,418

Riken

Keiki

Co.

Ltd.

2,400

52,680

Softwareone

Holding

11,649

126,562

Taiyo

Yuden

Co.

Ltd.(a)

2,300

147,700

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Electronic

Equipment,

Instruments

Components

(continued)

TDK

Corp.

23,100

436,394

Vaisala

OYJ,

Class

1,962

Venture

Corp.

Ltd.

3,100

38,611

VSTECS

Holdings

Ltd.

198,000

237,350

Vusion(a)

246

36,766

Yokogawa

Electric

Corp.

3,300

119,834

8,942,762

Energy

Equipment

Services

0.2%

Aker

Solutions

ASA

22,440

99,468

Offshore

Ltd.

17,424

85,704

CES

Energy

Solutions

Corp.

11,979

139,528

DOF

Group

ASA

8,943

117,396

Enerflex

Ltd.(a)

448

9,970

Lapidoth

Capital

Ltd.(a)

986

25,930

Odfjell

Drilling

Ltd.

8,288

79,523

Saipem

SpA(a)

17,440

84,035

SBM

Offshore

4,521

168,221

Subsea

3,720

124,886

Technip

Energies

3,234

111,254

Tecnicas

Reunidas

SA*

2,640

85,899

Tenaris

6,534

187,491

TGS

ASA

7,425

99,739

Vallourec

SACA

4,686

112,197

1,531,241

Entertainment

0.5%

Anycolor,

Inc.

13,200

217,036

Banijay

Group

NV(a)

14,025

140,710

Capcom

Co.

Ltd.

4,000

99,582

Projekt

745

49,734

CTS

Eventim

Co.

KGaA

502

33,788

Daiichikosho

Co.

Ltd.

19,800

225,140

DeNA

Co.

Ltd.(a)

23,100

358,560

Embracer

Group

AB,

Class

B*(a)

62,698

442,566

EVT

Ltd.(a)

6,232

56,289

Koei

Tecmo

Holdings

Co.

Ltd.

2,492

25,190

Konami

Group

Corp.

1,000

129,628

Modern

Times

Group

MTG

AB,

Class

34,320

469,831

Nexon

Co.

Ltd.

3,100

48,693

Nintendo

Co.

Ltd.

14,700

708,942

Paradox

Interactive

952

13,961

Square

Enix

Holdings

Co.

Ltd.

4,500

78,130

Toei

Animation

Co.

Ltd.

1,000

18,452

Toho

Co.

Ltd.(a)

6,000

57,353

Universal

Music

Group

NV(a)

8,877

147,431

Vivendi

6,262

11,499

3,332,515

Financial

Services

1.5%

Adyen

NV*(b)

297

299,648

AMP

Ltd.

65,142

98,368

Banca

IFIS

SpA(a)

7,722

131,047

Investments

Value

Financial

Services

(continued)

Banca

Mediolanum

SpA

4,444

118,469

Challenger

Ltd.

2,852

19,650

Edenred

7,590

249,056

EXOR

1,452

115,773

Financial

Partners

Group

Co.

Ltd.(a)

16,500

177,409

Fuyo

General

Lease

Co.

Ltd.

3,000

85,596

Groupe

Bruxelles

Lambert

510

45,857

HAL

Trust

606

114,904

Helia

Group

Ltd.

96,327

339,629

Industrivarden

AB,

Class

2,574

148,126

Industrivarden

AB,

Class

4,766

272,072

Infratil

Ltd.(a)

11,814

102,610

Investor

AB,

Class

13,959

591,136

Investor

AB,

Class

38,874

1,674,760

Japan

Investment

Adviser

Co.

Ltd.(a)

6,600

88,953

Japan

Securities

Finance

Co.

Ltd.

3,300

49,492

Kinnevik

AB,

Class

171

Lundbergforetagen

AB,

Class

1,178

70,569

M&G

plc

47,586

228,939

Mitsubishi

Capital,

Inc.

13,600

125,814

ORIX

Corp.

24,600

990,334

OSB

Group

plc

127,116

951,984

Paragon

Banking

Group

plc

70,356

792,485

Peugeot

Invest

896

58,349

Pluxee

NV(a)

33,462

545,926

Poste

Italiane

SpA(a)

9,201

277,465

Ricoh

Leasing

Co.

Ltd.(a)

4,600

194,140

Sofina

SA(a)

326

92,195

Sony

Financial

Group,

Inc.(a)

33,000

32,394

Tokyo

Century

Corp.

2,400

39,537

Washington

Soul

Pattinson

Co.

Ltd.(a)

4,156

134,944

Wendel

SE(a)

8,580

827,744

Wise

Group

plc,

Class

8,608

102,590

Zenkoku

Hosho

Co.

Ltd.

1,200

23,589

10,211,724

Food

Products

1.8%

Milk

Co.

Ltd.

(The)(a)

7,139

34,611

AAK

AB(a)

2,771

59,661

Ajinomoto

Co.,

Inc.

13,200

411,606

Ariake

Japan

Co.

Ltd.(a)

800

26,981

Aryzta

AG*(a)

1,551

101,604

Associated

British

Foods

plc(a)

2,937

82,488

Austevoll

Seafood

ASA

3,432

30,759

Bakkafrost

P/F

820

39,132

Barry

Callebaut

(Registered)(a)

86,365

Bell

Food

Group

(Registered)

297

66,738

Bumitama

Agri

Ltd.

58,200

74,348

Calbee,

Inc.

600

10,943

Chocoladefabriken

Lindt

Spruengli

218,874

Chocoladefabriken

Lindt

Spruengli

(Registered)

235,091

Cranswick

plc

1,386

99,789

Danone

8,283

643,466

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Food

Products

(continued)

Ebro

Foods

3,286

69,187

Elders

Ltd.(a)

56,298

222,615

Emmi

(Registered)

43,987

First

Pacific

Co.

Ltd.

62,000

44,277

First

Resources

Ltd.

42,900

113,282

Fraser

and

Neave

Ltd.

24,800

28,011

Fuji

Oil

Co.

Ltd.(a)

16,500

410,777

Glanbia

plc

5,242

138,597

Golden

Agri-Resources

Ltd.

213,400

47,374

GrainCorp

Ltd.,

Class

3,348

13,145

Greencore

Group

plc

7,347

25,746

House

Foods

Group,

Inc.

2,400

58,378

Itoham

Yonekyu

Holdings,

Inc.

1,240

38,199

Kagome

Co.

Ltd.

900

14,753

Kerry

Group

plc,

Class

2,574

245,213

Kikkoman

Corp.(a)

11,800

122,094

Kotobuki

Spirits

Co.

Ltd.(a)

2,500

39,928

KWS

Saat

Co.

KGaA

186

15,387

Leroy

Seafood

Group

ASA

5,456

23,874

Lotus

Bakeries

NV(a)

76,903

Magnum

Ice

Cream

Co.

(The)*(a)

6,369

118,682

Maple

Leaf

Foods,

Inc.

3,893

79,367

Megmilk

Snow

Brand

Co.

Ltd.

16,500

390,155

MEIJI

Holdings

Co.

Ltd.

3,400

80,908

Morinaga

Co.

Ltd.

2,200

36,490

Morinaga

Milk

Industry

Co.

Ltd.(a)

13,200

98,736

Mowi

ASA

7,128

152,267

Nestle

(Registered)

30,657

3,069,679

Neto

Malinda

Trading

Ltd.(a)

2,805

129,251

Nichirei

Corp.

3,200

44,284

Nippn

Corp.(a)

29,700

523,959

Nisshin

Oillio

Group

Ltd.

(The)(a)

29,700

355,523

Nisshin

Seifun

Group,

Inc.(a)

2,690

34,000

Nissin

Foods

Holdings

Co.

Ltd.(a)

4,100

74,301

Nissui

Corp.

8,200

64,992

Orkla

ASA

9,132

101,486

Premier

Foods

plc

3,720

9,727

Premium

Brands

Holdings

Corp.,

Class

A(a)

1,881

124,309

Prima

Meat

Packers

Ltd.

6,600

102,881

Sakata

Seed

Corp.

1,400

37,940

Salmar

ASA

3,587

Saputo,

Inc.

1,091

30,665

Schouw

Co.

A/S

3,927

375,367

Societe

LDC

SADIR

2,244

294,329

Strauss

Group

Ltd.

952

36,001

Suedzucker

7,656

99,713

Tate

Lyle

plc

142,890

1,065,310

Toyo

Suisan

Kaisha

Ltd.(a)

1,800

117,174

Umios

Corp.

49,500

407,565

Viscofan

4,887

Group

Ltd.(b)

148,500

160,022

Wilmar

International

Ltd.

21,700

66,429

Yakult

Honsha

Co.

Ltd.(a)

100

1,770

Investments

Value

Food

Products

(continued)

Yamazaki

Baking

Co.

Ltd.

2,900

61,178

12,367,117

Gas

Utilities

0.4%

AltaGas

Ltd.(a)

4,884

194,197

APA

Group

9,415

67,383

Brookfield

Infrastructure

Corp.,

Class

1,395

58,928

Enagas

3,782

73,625

Hong

Kong

China

Gas

Co.

Ltd.(a)

66,000

59,169

Italgas

SpA

8,939

92,008

K&O

Energy

Group,

Inc.(a)

13,200

151,130

Naturgy

Energy

Group

2,234

74,437

Nippon

Gas

Co.

Ltd.

1,900

34,020

Osaka

Gas

Co.

Ltd.

8,100

280,556

Rubis

SCA

28,644

1,103,379

Snam

SpA

32,340

219,085

Tokyo

Gas

Co.

Ltd.

6,600

257,782

2,665,699

Ground

Transportation

1.0%

Aurizon

Holdings

Ltd.

15,097

44,428

Ayvens

SA(b)

6,498

86,949

Canadian

National

Railway

Co.

7,623

968,599

Canadian

Pacific

Kansas

City

Ltd.

10,362

919,754

Central

Japan

Railway

Co.

19,800

495,917

ComfortDelGro

Corp.

Ltd.

12,400

12,943

East

Japan

Railway

Co.

23,100

533,306

Hankyu

Hanshin

Holdings,

Inc.(a)

6,600

195,440

Jungfraubahn

Holding

(Registered)

191

61,499

Keikyu

Corp.

3,100

30,314

Keio

Corp.

15,500

78,831

Keisei

Electric

Railway

Co.

Ltd.(a)

8,700

69,911

Kintetsu

Group

Holdings

Co.

Ltd.(a)

3,200

69,617

Kyushu

Railway

Co.

3,200

72,270

MTR

Corp.

Ltd.(a)

33,264

140,495

Nagoya

Railroad

Co.

Ltd.(a)

3,100

36,894

NANKAI

Co.

Ltd.(a)

3,000

56,364

Nishi-Nippon

Railroad

Co.

Ltd.

23,100

452,933

Odakyu

Electric

Railway

Co.

Ltd.(a)

1,400

15,523

Seibu

Holdings,

Inc.

3,900

87,246

Seino

Holdings

Co.

Ltd.(a)

3,100

51,282

Sixt

5,544

455,755

Sixt

(Preference)

5,346

367,820

Sotetsu

Holdings,

Inc.(a)

29,700

491,130

Stef

SA(a)

1,122

174,790

TFI

International,

Inc.

1,188

160,384

Tobu

Railway

Co.

Ltd.

500

9,722

Tokyo

Metro

Co.

Ltd.(a)

3,100

28,377

Tokyu

Corp.(a)

6,600

72,415

West

Japan

Railway

Co.(a)

6,600

124,394

6,365,302

Health

Care

Equipment

Supplies

0.8%

Alcon

5,808

397,561

Ambu

A/S,

Class

B(a)

3,468

38,621

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Health

Care

Equipment

Supplies

(continued)

Ansell

Ltd.(a)

2,720

62,642

Asahi

Intecc

Co.

Ltd.(a)

3,200

72,210

BioMerieux

800

63,602

Carl

Zeiss

Meditec

715

25,091

Cochlear

Ltd.(a)

2,780

Coloplast

A/S,

Class

B(a)

462

30,536

Convatec

Group

plc(b)

26,387

79,543

Demant

A/S*(a)

1,879

81,271

DiaSorin

SpA(a)

293

24,225

Draegerwerk

Co.

KGaA

1,716

164,265

Draegerwerk

Co.

KGaA

(Preference)

3,729

469,370

Elekta

AB,

Class

B(a)

148,236

751,746

EssilorLuxottica

4,059

766,127

Fisher

Paykel

Healthcare

Corp.

Ltd.

6,501

155,448

Getinge

AB,

Class

2,980

74,156

Hoya

Corp.

3,900

604,381

Koninklijke

Philips

10,540

275,763

Medacta

Group

SA(b)

336

54,820

Nakanishi,

Inc.

3,300

62,902

Nihon

Kohden

Corp.(a)

4,600

45,949

Nipro

Corp.(a)

4,100

41,843

Olympus

Corp.

13,200

150,881

PHC

Holdings

Corp.(a)

16,500

113,990

Siemens

Healthineers

AG(b)

6,534

277,102

Smith

Nephew

plc

10,890

169,781

Sonova

Holding

(Registered)

384

104,419

Straumann

Holding

(Registered)

1,320

162,958

Sysmex

Corp.(a)

3,200

32,136

Terumo

Corp.

16,500

240,829

Vimian

Group

AB*(a)

10,168

36,238

Ypsomed

Holding

(Registered)(a)

28,091

5,661,277

Health

Care

Providers

Services

0.4%

Amplifon

SpA(a)

2,112

29,524

One

Corp.

1,600

24,167

Asker

Healthcare

Group

3,776

32,060

Chartwell

Retirement

Residences

5,347

86,102

Clariane

SE*(a)

38,907

178,610

EBOS

Group

Ltd.(a)

2,276

29,478

Fagron

3,264

87,125

Fresenius

Medical

Care

4,125

210,961

Fresenius

Co.

KGaA

10,725

549,361

Galenica

AG(b)

842

89,451

Medicover

AB,

Class

2,077

49,095

Medipal

Holdings

Corp.

3,400

61,562

Mediterranean

Towers

Ltd.

19,206

95,147

Neuca

352

72,405

NMC

Health

plc*‡

2,074

—

Raffles

Medical

Group

Ltd.

6,200

4,250

Ramsay

Health

Care

Ltd.(a)

4,554

141,822

Ship

Healthcare

Holdings,

Inc.

1,900

30,560

Sigma

Healthcare

Ltd.

33,495

69,164

Investments

Value

Health

Care

Providers

Services

(continued)

Sonic

Healthcare

Ltd.(a)

4,829

74,142

Summerset

Group

Holdings

Ltd.(a)

101,013

494,471

Suzuken

Co.

Ltd.

1,880

60,110

Terveystalo

OYJ(a)(b)

29,007

252,641

2,722,208

Health

Care

REITs

0.1%

Aedifica

SA,

REIT

2,437

196,973

Parkway

Life

REIT,

REIT

19,000

62,455

Primary

Health

Properties

plc,

REIT

44,558

56,636

Vital

Healthcare

Property

Trust,

REIT

17,666

19,621

335,685

Health

Care

Technology

0.0%(d)

M3,

Inc.(a)

3,100

34,684

Pro

Medicus

Ltd.(a)

1,353

154,145

Sectra

AB,

Class

2,624

73,494

262,323

Hotel

Resort

REITs

0.0%(d)

CapitaLand

Ascott

Trust,

REIT

3,100

2,185

Far

East

Hospitality

Trust,

REIT

3,100

1,389

Hoshino

Resorts

REIT,

Inc.,

REIT

36,778

Invincible

Investment

Corp.,

REIT(a)

23,830

Japan

Hotel

REIT

Investment

Corp.,

REIT

15,848

80,030

Hotels,

Restaurants

Leisure

1.5%

Accor

2,772

143,201

Amadeus

Group

3,828

234,926

Aristocrat

Leisure

Ltd.

8,547

384,731

Basic-Fit

NV*(b)

1,209

48,157

Betsson

AB,

Class

49,985

482,560

Cirsa

Enterprises

6,468

98,827

Colowide

Co.

Ltd.(a)

3,500

45,227

Compass

Group

plc

23,991

760,755

Create

Restaurants

Holdings,

Inc.(a)

8,800

43,054

Delivery

Hero

SE,

Class

A*(b)

2,560

110,276

Domino's

Pizza

Enterprises

Ltd.(a)

700

9,130

Entain

plc

7,424

54,090

Evolution

AB(b)

3,729

284,639

FDJ

UNITED

732

Flight

Centre

Travel

Group

Ltd.(a)

66,528

616,782

Food

Life

Cos.

Ltd.(a)

4,400

153,617

Fuji

Kyuko

Co.

Ltd.(a)

1,000

17,240

Galaxy

Entertainment

Group

Ltd.(a)

35,000

152,647

Genting

Singapore

Ltd.

3,100

1,533

Greggs

plc(a)

33,792

854,941

HBX

Group

International

plc(a)

15,708

139,522

Heiwa

Corp.(a)

18,950

254,690

Ichibanya

Co.

Ltd.(a)

5,000

29,330

InterContinental

Hotels

Group

plc

1,716

275,761

KOMEDA

Holdings

Co.

Ltd.(a)

1,200

21,780

Kyoritsu

Maintenance

Co.

Ltd.(a)

2,200

47,972

Lottery

Corp.

Ltd.

(The)

28,013

109,983

Lottomatica

Group

Spa

3,696

99,847

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Hotels,

Restaurants

Leisure

(continued)

McDonald's

Holdings

Co.

Japan

Ltd.

(a)

1,100

55,820

Melia

Hotels

International

SA(a)

8,481

101,189

MGM

China

Holdings

Ltd.

37,200

53,891

Mitchells

Butlers

plc*

81,840

303,976

Monogatari

Corp.

(The)(a)

1,500

51,625

MOS

Food

Services,

Inc.(a)

2,100

50,843

NagaCorp

Ltd.

528,000

233,646

Ohsho

Food

Service

Corp.

2,112

40,058

Oriental

Land

Co.

Ltd.(a)

11,500

228,736

Restaurant

Brands

International,

Inc.

3,894

287,793

Round

One

Corp.

6,400

48,877

Royal

Holdings

Co.

Ltd.(a)

3,200

26,729

Sands

China

Ltd.

12,000

22,526

Scandic

Hotels

Group

AB(b)

1,824

16,185

Shangri-La

Asia

Ltd.

330,000

174,225

SJM

Holdings

Ltd.*(a)

21,000

4,258

SkiStar

2,828

49,386

Skylark

Holdings

Co.

Ltd.(a)

3,700

72,989

Sodexo

SA(a)

448

29,432

SSP

Group

plc

227,172

609,293

Tabcorp

Holdings

Ltd.

65,100

40,922

Toridoll

Holdings

Corp.(a)

1,100

30,017

TUI

175,197

1,514,216

Whitbread

plc

825

27,867

Wynn

Macau

Ltd.

61,200

44,330

Yoshinoya

Holdings

Co.

Ltd.(a)

3,400

82,061

Zensho

Holdings

Co.

Ltd.

1,800

112,754

9,789,594

Household

Durables

1.7%

Archicom

2,473

34,088

Azorim-Investment

Development

Construction

Co.

Ltd.(a)

5,535

26,065

Barratt

Redrow

plc

2,871

11,332

Bellway

plc

45,309

1,212,175

Berkeley

Group

Holdings

plc*

34,419

1,621,178

Breville

Group

Ltd.(a)

2,420

55,852

Cairn

Homes

plc

247,566

694,643

De'

Longhi

SpA

1,012

47,133

Dom

Development

2,376

163,122

Electrolux

AB,

Class

B*(a)

192,456

560,220

Glenveagh

Properties

plc*(b)

130,977

359,409

Haseko

Corp.

3,500

61,108

Iida

Group

Holdings

Co.

Ltd.(a)

3,400

48,878

JVCKenwood

Corp.(a)

42,900

305,534

Man

Wah

Holdings

Ltd.(a)

382,800

153,772

Nikon

Corp.(a)

3,100

37,167

Open

House

Group

Co.

Ltd.(a)

1,800

96,192

Panasonic

Holdings

Corp.

29,700

799,088

Persimmon

plc

2,666

39,717

Rinnai

Corp.

1,800

40,471

Sangetsu

Corp.(a)

16,456

319,870

SEB

8,811

590,509

Sekisui

House

Ltd.(a)

13,200

289,161

Investments

Value

Household

Durables

(continued)

Sharp

Corp.*(a)

3,300

12,817

Sony

Group

Corp.

72,600

1,726,715

Sumitomo

Forestry

Co.

Ltd.(a)

9,600

81,244

Tamron

Co.

Ltd.(a)

12,800

115,600

Taylor

Wimpey

plc(a)

1,351,482

1,418,630

Token

Corp.(a)

2,400

201,526

Vistry

Group

plc*(a)

90,420

355,070

11,478,286

Household

Products

0.2%

Essity

AB,

Class

1,020

29,723

Essity

AB,

Class

B(a)

16,401

476,557

Henkel

Co.

KGaA

2,937

240,259

Henkel

Co.

KGaA

(Preference)

2,343

203,852

Lion

Corp.

9,900

106,197

Pigeon

Corp.(a)

3,100

39,338

Reckitt

Benckiser

Group

plc

7,128

502,647

Unicharm

Corp.(a)

3,300

20,860

1,619,433

Independent

Power

and

Renewable

Electricity

Producers

0.4%

Boralex,

Inc.,

Class

1,023

27,040

Brookfield

Renewable

Corp.(a)

1,209

40,316

Capital

Power

Corp.

1,280

60,102

Drax

Group

plc

128,073

1,271,113

EDP

Renewables

SA(a)

959

Electric

Power

Development

Co.

Ltd.

3,100

73,983

Energix-Renewable

Energies

Ltd.(a)

8,525

61,805

Enlight

Renewable

Energy

Ltd.*

1,472

124,984

ERG

SpA(a)

1,209

30,630

Grenergy

Renovables

SA*

155

16,443

Meridian

Energy

Ltd.

22,646

75,855

Orsted

A/S*(b)

5,610

125,209

Nofar

Energy

Ltd.*(a)

1,188

69,833

RWE

9,372

616,569

Scatec

ASA*(b)

7,254

70,060

Solaria

Energia

Medio

Ambiente

SA*

639

TransAlta

Corp.

6,634

83,040

2,748,580

Industrial

Conglomerates

1.1%

Aker

ASA,

Class

264

35,463

Bonheur

ASA

5,742

135,919

Hutchison

Holdings

Ltd.

49,856

467,940

CTF

Services

Ltd.

43,636

45,630

Hikari

Tsushin,

Inc.(a)

100

24,607

Hitachi

Ltd.

56,100

1,855,730

Investment

Latour,

Class

B(a)

2,024

42,559

Italmobiliare

SpA

1,024

30,868

Jardine

Matheson

Holdings

Ltd.

3,300

219,153

Keppel

Ltd.

19,000

169,754

Lifco

AB,

Class

B(a)

3,729

126,645

Metlen

Energy

Metals

plc(a)

3,036

161,450

Nisshinbo

Holdings,

Inc.(a)

9,900

135,513

Nolato

AB,

Class

11,029

56,417

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Industrial

Conglomerates

(continued)

Sekisui

Chemical

Co.

Ltd.

6,600

110,466

Siemens

(Registered)

8,844

2,876,095

Smiths

Group

plc

2,752

97,847

Storskogen

Group

AB,

Class

B(a)

465,498

521,367

Swire

Pacific

Ltd.,

Class

10,500

133,232

TOKAI

Holdings

Corp.

52,800

385,326

7,631,981

Industrial

REITs

0.3%

ARGAN

SA,

REIT

7,458

650,425

CapitaLand

Ascendas

REIT,

REIT

35,054

70,173

Centuria

Industrial

REIT,

REIT(a)

Dream

Industrial

REIT,

REIT(a)

318

Frasers

Logistics

Commercial

Trust,

REIT(b)

3,100

2,391

GLP

J-REIT,

REIT

34,605

Goodman

Group,

REIT

22,902

478,857

Goodman

New

Zealand

Ltd.

Goodman

Property

Services

Ltd.,

REIT

19,085

22,431

Granite

REIT,

REIT(a)

1,302

89,293

Industrial

Infrastructure

Fund

Investment

Corp.,

REIT(a)

60,345

LondonMetric

Property

plc,

REIT

4,750

12,542

Mapletree

Industrial

Trust,

REIT

46,589

70,040

Mapletree

Logistics

Trust,

REIT

43,400

41,919

Mitsui

Fudosan

Logistics

Park,

Inc.,

REIT(a)

53,634

Montea

NV,

REIT

1,088

85,122

Nippon

Prologis

REIT,

Inc.,

REIT(a)

11,949

Property

for

Industry

Ltd.,

REIT

26,697

37,025

Segro

plc,

REIT

17,160

222,848

Tritax

Big

Box

REIT

plc,

REIT

50,424

115,427

Warehouses

Pauw

CVA,

REIT

2,883

74,036

2,133,445

Insurance

5.1%

Admiral

Group

plc

3,201

162,488

Aegon

Ltd.

29,305

277,760

Ageas

SA/NV

3,234

267,531

AIA

Group

Ltd.

125,400

1,267,337

Allianz

(Registered)

8,217

4,088,885

Alm

Brand

A/S

27,040

70,880

ASR

Nederland

2,718

221,656

AUB

Group

Ltd.(a)

2,926

57,254

Aviva

plc

56,991

531,808

AXA

35,706

1,846,204

Ayalon

Holdings

Ltd.

2,475

114,287

Beazley

plc

11,187

194,284

CBL

Corp.

Ltd.*‡(e)

102,937

—

Clal

Insurance

Enterprises

Holdings

Ltd.

899

68,053

Coface

39,468

717,477

Daiichi

Life

Group,

Inc.

79,200

954,280

Definity

Financial

Corp.

1,025

58,474

Investments

Value

Insurance

(continued)

E-L

Financial

Corp.

Ltd.(a)

47,421

571,276

Fairfax

Financial

Holdings

Ltd.

396

662,675

Generali(a)

19,668

995,451

Gjensidige

Forsikring

ASA

3,232

96,167

Great-West

Lifeco,

Inc.

7,062

467,864

Hannover

Rueck

1,023

294,959

Harel

Insurance

Investments

Financial

Services

Ltd.(a)

2,904

166,626

Helvetia

Baloise

Holding

1,650

442,148

Hiscox

Ltd.

6,963

169,512

Financial

Corp.,

Inc.

1,683

248,662

IDI

Insurance

Co.

Ltd.

2,112

166,910

Insurance

Australia

Group

Ltd.

45,177

269,388

Intact

Financial

Corp.

2,244

440,290

Japan

Post

Holdings

Co.

Ltd.

39,600

592,415

Japan

Post

Insurance

Co.

Ltd.

13,600

151,268

Lancashire

Holdings

Ltd.

75,009

608,184

Legal

General

Group

plc

118,767

480,131

Lifenet

Insurance

Co.*(a)

3,800

39,975

Mandatum

OYJ

10,146

69,399

Manulife

Financial

Corp.

35,970

1,596,388

Mapfre

23,886

121,855

Medibank

Pvt

Ltd.

39,363

142,933

Menora

Mivtachim

Holdings

Ltd.

492

76,962

Migdal

Insurance

Financial

Holdings

Ltd.*

17,622

100,076

MS&AD

Insurance

Group

Holdings,

Inc.

29,700

918,466

Muenchener

Rueckversicherungs-

Gesellschaft

Muenchen

(Registered)

2,640

1,586,157

nib

holdings

Ltd.(a)

6,172

32,512

Group

5,166

485,009

Phoenix

Financial

Ltd.

5,243

294,498

Power

Corp.

Canada(a)

10,758

734,659

Powszechny

Zaklad

Ubezpieczen

10,015

190,166

Protector

Forsikring

ASA

1,519

78,703

Prudential

plc

30,591

459,433

QBE

Insurance

Group

Ltd.

28,908

502,106

Sampo

OYJ,

Class

30,030

332,519

SCOR

2,204

86,978

Sompo

Holdings,

Inc.

19,800

884,518

Standard

Life

plc

18,546

230,365

Steadfast

Group

Ltd.(a)

18,258

65,528

Storebrand

ASA

10,649

226,135

Sun

Life

Financial,

Inc.

11,517

954,872

Suncorp

Group

Ltd.

25,344

341,589

Swiss

Life

Holding

(Registered)

330

389,449

Swiss

5,643

940,558

T&D

Holdings,

Inc.

9,900

316,352

Talanx

998

132,393

Tokio

Marine

Holdings,

Inc.

42,900

2,186,155

Trisura

Group

Ltd.*

874

25,955

Tryg

A/S

4,240

100,963

Unipol

Assicurazioni

SpA(a)

6,270

195,282

Wuestenrot

Wuerttembergische

11,484

192,644

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Insurance

(continued)

Yunfeng

Financial

Group

Ltd.*(a)

660,000

135,508

Zurich

Insurance

Group

1,848

1,406,586

34,296,230

Interactive

Media

Services

0.1%

Autotrader

Group

plc(b)

11,584

81,656

CAR

Group

Ltd.(a)

5,345

97,568

Hemnet

Group

925

8,145

Kakaku.com,

Inc.(a)

1,600

37,080

Corp.

26,400

74,081

REA

Group

Ltd.(a)

874

98,653

Rightmove

plc

12,138

75,891

Scout24

SE(b)

1,160

99,230

SEEK

Ltd.

4,807

49,596

Vend

Marketplaces

ASA,

Class

4,290

108,107

730,007

Services

1.0%

Alten

9,603

829,760

Atea

ASA

2,420

43,684

Bechtle

1,364

56,653

BIPROGY,

Inc.

1,100

33,630

Capgemini

2,904

342,473

CGI,

Inc.

5,181

378,959

Computacenter

plc

1,092

67,570

Data#3

Ltd.(a)

8,952

61,365

DTS

Corp.

8,400

61,091

Formula

Systems

1985

Ltd.(a)

155

16,345

Fujitsu

Ltd.

19,800

455,005

GMO

internet

group,

Inc.

1,200

32,060

Indra

Sistemas

2,046

133,709

Kontron

2,573

66,194

Macquarie

Technology

Group

Ltd.*(a)

372

15,781

Megaport

Ltd.*(a)

9,210

117,082

NEC

Corp.

16,500

491,192

Netcompany

Group

A/S*(a)(b)

434

21,577

NEXTDC

Ltd.*(a)

12,240

114,853

Nomura

Research

Institute

Ltd.

5,545

163,190

Solutions

Corp.(a)

1,600

39,341

Obic

Co.

Ltd.

4,000

113,676

Otsuka

Corp.

3,100

63,742

OVH

Groupe

SA*

103

SpA

484

61,144

Sakura

Internet,

Inc.(a)

3,200

61,799

Shopify,

Inc.,

Class

16,137

1,888,564

Simplex

Holdings,

Inc.(a)

3,300

23,440

Softcat

plc

1,338

34,752

Sopra

Steria

Group(a)

4,686

986,640

Tieto

OYJ(a)

3,348

71,417

TISI,

Inc.

1,400

33,236

Wavestone

532

19,832

6,899,859

Leisure

Products

0.1%

Asmodee

Group

AB,

Class

961

14,949

Investments

Value

Leisure

Products

(continued)

Bandai

Namco

Holdings,

Inc.

6,600

191,047

BRP,

Inc.(a)

1,178

72,737

Games

Workshop

Group

plc

310

79,765

Mizuno

Corp.(a)

3,000

69,618

Noritsu

Koki

Co.

Ltd.

6,600

80,746

Sanlorenzo

SpA(a)

1,349

Sega

Sammy

Holdings,

Inc.(a)

2,600

44,881

Shimano,

Inc.(a)

1,100

139,033

Technogym

SpA(b)

5,058

78,621

Thule

Group

AB(a)(b)

2,024

46,420

Yamaha

Corp.

6,200

48,420

Yonex

Co.

Ltd.(a)

2,400

39,235

906,821

Life

Sciences

Tools

Services

0.2%

AddLife

AB,

Class

336

5,692

Bachem

Holding

2,866

Eurofins

Scientific

1,452

113,868

Lonza

Group

(Registered)

858

596,215

Oxford

Nanopore

Technologies

plc*(a)

15,624

23,843

QIAGEN

1,428

58,687

Sartorius

(Preference)

330

82,771

Sartorius

Stedim

Biotech

310

59,457

Schott

Pharma

Co.

KGaA

4,338

109,554

Siegfried

Holding

(Registered)(a)

1,155

108,141

SKAN

Group

AG(a)

217

Tecan

Group

(Registered)

224

51,525

Wuxi

Biologics

Cayman,

Inc.*(b)

33,000

163,031

1,375,867

Machinery

3.0%

Aalberts

3,960

193,911

Alfa

Laval

3,960

233,947

Alstom

SA*

3,168

58,611

Amada

Co.

Ltd.

7,400

129,526

ANDRITZ

1,438

134,345

Atlas

Copco

AB,

Class

32,274

680,325

Atlas

Copco

AB,

Class

18,513

341,249

ATS

Corp.*(a)

4,125

112,472

AutoStore

Holdings

Ltd.*(b)

19,262

24,351

Beijer

Alma

2,304

71,970

Bodycote

plc

12,672

123,210

Bucher

Industries

(Registered)(a)

32,028

Burckhardt

Compression

Holding

AG(a)

18,507

Construcciones

Auxiliar

Ferrocarriles

6,798

534,986

Daetwyler

Holding

465

78,970

Daifuku

Co.

Ltd.

3,300

124,000

Daimler

Truck

Holding

10,164

572,314

Danieli

Officine

Meccaniche

SpA(a)

1,056

78,731

Danieli

Officine

Meccaniche

SpA

(Retirement

Savings

Plan)

1,848

94,702

DMG

Mori

Co.

Ltd.(a)

2,100

49,063

Duerr

14,091

289,229

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Machinery

(continued)

Ebara

Corp.

5,600

195,477

Electrolux

Professional

AB,

Class

5,882

29,225

Epiroc

AB,

Class

7,656

195,894

Epiroc

AB,

Class

4,530

99,052

FANUC

Corp.

9,900

443,627

FLSmidth

Co.

A/S

1,353

101,047

Fluidra

912

20,231

Fuji

Corp.

1,000

46,035

GEA

Group

2,277

161,511

Georg

Fischer

(Registered)(a)

1,280

81,874

Glory

Ltd.(a)

19,800

568,415

Harmonic

Drive

Systems,

Inc.

1,500

57,843

Hiab

OYJ,

Class

684

46,274

Hitachi

Construction

Machinery

Co.

Ltd.

2,800

94,854

Hoshizaki

Corp.(a)

2,400

85,976

IHI

Corp.

13,700

243,283

IMI

plc

1,824

72,068

Indutrade

4,254

106,484

Interpump

Group

SpA

1,535

61,354

Iveco

Group

6,336

101,293

Japan

Steel

Works

Ltd.

(The)(a)

900

42,336

Jungheinrich

(Preference)

14,388

402,927

Kanadevia

Corp.

66,000

492,435

Kardex

Holding

(Registered)

18,239

Kawasaki

Heavy

Industries

Ltd.

10,000

173,528

Kitz

Corp.

6,600

91,192

Knorr-Bremse

976

115,550

Komatsu

Ltd.

19,800

869,720

Kone

OYJ,

Class

4,323

249,189

Konecranes

OYJ

4,182

130,106

Krones

246

31,530

KSB

Co.

KGaA

(Preference)

231

221,392

Kubota

Corp.

26,400

455,212

Kurita

Water

Industries

Ltd.(a)

2,500

137,259

Makita

Corp.

3,800

123,695

Metso

OYJ

10,197

189,005

MINEBEA

MITSUMI,

Inc.

6,600

153,451

MISUMI

Group,

Inc.(a)

900

21,824

Mitsubishi

Heavy

Industries

Ltd.

41,500

981,039

Mitsui

E&S

Co.

Ltd.

3,100

94,777

Miura

Co.

Ltd.

2,100

42,429

Namura

Shipbuilding

Co.

Ltd.(a)

3,300

89,948

NFI

Group,

Inc.*

4,826

86,760

NGK

Corp.

3,300

115,938

Nikkiso

Co.

Ltd.

23,100

544,041

Nitta

Corp.(a)

6,600

264,870

Nomura

Micro

Science

Co.

Ltd.(a)

3,100

78,072

Noritake

Co.

Ltd.(a)

3,300

70,466

NSK

Ltd.

3,100

22,429

NTN

Corp.(a)

214,500

526,736

Oerlikon

Corp.

Pfaeffikon

(Registered)(a)

22,143

129,867

OKUMA

Corp.(a)

1,400

43,479

Investments

Value

Machinery

(continued)

OSG

Corp.(a)

3,300

76,187

Palfinger

5,016

169,384

Pfeiffer

Vacuum

Technology

220

41,461

Rational

165

127,953

RENK

Group

1,023

56,320

Rotork

plc

13,640

89,247

Sandvik

12,705

474,107

Schindler

Holding

530

166,786

Schindler

Holding

(Registered)

370

113,188

Seatrium

Ltd.

12,400

20,766

SFS

Group

220

35,894

Shinmaywa

Industries

Ltd.(a)

6,600

81,782

SKF

AB,

Class

A(a)

1,408

38,152

SKF

AB,

Class

B(a)

5,742

155,166

SMC

Corp.

700

309,851

Spirax

Group

plc

744

69,536

Stadler

Rail

AG(a)

3,295

99,699

Sulzer

(Registered)

280

50,667

Sumitomo

Heavy

Industries

Ltd.

3,400

111,849

Tadano

Ltd.(a)

39,600

332,767

Takeuchi

Manufacturing

Co.

Ltd.(a)

1,500

70,184

Techtronic

Industries

Co.

Ltd.

16,500

277,749

Tocalo

Co.

Ltd.

3,800

69,473

TOMRA

Systems

ASA

3,872

42,785

Trelleborg

AB,

Class

1,209

53,556

Tsubakimoto

Chain

Co.(a)

33,000

535,959

Valmet

OYJ(a)

2,784

83,666

VAT

Group

AG(b)

363

270,102

Vesuvius

plc

82,104

409,923

Volvo

AB,

Class

A(a)

4,785

183,174

Volvo

AB,

Class

B(a)

22,473

858,167

Wacker

Neuson

9,636

240,581

Wartsila

OYJ

Abp

5,552

187,420

Weir

Group

plc

(The)

3,498

124,088

YAMABIKO

Corp.(a)

13,200

321,244

Yaskawa

Electric

Corp.(a)

3,100

94,757

20,241,295

Marine

Transportation

0.4%

Moller

Maersk

A/S,

Class

80,640

Moller

Maersk

A/S,

Class

B(a)

176,816

Hoegh

Autoliners

ASA

1,824

32,406

Iino

Kaiun

Kaisha

Ltd.(a)

36,300

338,549

Kawasaki

Kisen

Kaisha

Ltd.(a)

9,900

177,202

Kuehne

Nagel

International

(Registered)

594

151,024

Mitsui

OSK

Lines

Ltd.(a)

7,700

285,029

MPC

Container

Ships

ASA

149,919

385,064

Nippon

Yusen

KK(a)

9,900

379,896

United

Kaiun

Kaisha

Ltd.(a)

3,400

171,682

Odfjell

SE,

Class

8,943

107,495

Pacific

Basin

Shipping

Ltd.

297,000

124,230

SITC

International

Holdings

Co.

Ltd.

24,000

120,833

Stolt-Nielsen

Ltd.

6,501

217,975

Lines

Ltd.(a)

64,000

72,557

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Marine

Transportation

(continued)

Wallenius

Wilhelmsen

ASA

2,952

45,972

2,867,370

Media

1.2%

4imprint

Group

plc

1,023

56,693

Atresmedia

Corp.

Medios

Comunicacion

SA(a)

41,250

247,268

Canal+

264,825

937,301

CyberAgent,

Inc.

6,300

57,589

Dentsu

Group,

Inc.*(a)

3,200

71,245

Eutelsat

Communications

SACA*(a)

10,848

25,624

Hakuhodo

Holdings,

Inc.(a)

12,700

103,889

Havas

27,337

583,445

Informa

plc

15,840

188,823

IPSOS

13,926

572,646

ITV

plc

1,303,236

1,302,219

Metropole

Television

SA(a)

13,431

186,982

MFE-MediaForEurope

NV,

Class

A(a)

75,504

228,471

MFE-MediaForEurope

NV,

Class

B(a)

9,383

37,936

Nine

Entertainment

Co.

Holdings

Ltd.(a)

568,821

383,531

Publicis

Groupe

5,709

608,374

RTL

Group

SA(a)

434

16,204

Sanoma

OYJ

3,895

39,705

SKY

Perfect

JSAT

Corp.

3,100

40,924

Stroeer

Co.

KGaA

9,372

427,436

Television

Francaise

SA(a)

18,975

154,896

Group

205

35,018

WPP

plc

413,127

1,660,669

7,966,888

Metals

Mining

5.9%

Acerinox

SA(a)

9,240

184,768

Agnico

Eagle

Mines

Ltd.

6,501

943,140

Aichi

Steel

Corp.(a)

13,200

245,057

Alamos

Gold,

Inc.,

Class

4,177

116,004

Alkane

Resources

Ltd.*(a)

369,336

345,006

Alleima

AB(a)

9,472

112,195

Allied

Gold

Corp.*

38,742

702,567

Anglo

American

plc

13,804

693,469

Antofagasta

plc

4,666

229,507

Aperam

2,574

134,630

ArcelorMittal

8,019

560,403

ARE

Holdings,

Inc.

33,000

641,451

Aris

Mining

Corp.*

67,485

901,019

Atalaya

Mining

Copper

SA(a)

41,514

494,706

Aurubis

660

137,900

AVZ

Minerals

Ltd.*‡(a)

111,012

2,339

B2Gold

Corp.

27,051

101,235

Barrick

Mining

Corp.

35,706

1,309,530

Bekaert

11,154

511,404

BHP

Group

Ltd.(a)

63,789

2,702,021

BlueScope

Steel

Ltd.

8,217

188,834

Boliden

5,247

262,240

Investments

Value

Metals

Mining

(continued)

Capricorn

Metals

Ltd.(a)

10,385

92,997

Capstone

Copper

Corp.*

11,016

104,518

Catalyst

Metals

Ltd.*(a)

58,575

222,157

Centerra

Gold,

Inc.

73,359

1,260,257

Champion

Iron

Ltd.(a)

152,559

365,381

Daido

Steel

Co.

Ltd.(a)

62,700

895,658

Deterra

Royalties

Ltd.(a)

26,412

80,695

Discovery

Mining

Ltd.*

8,060

50,273

Dowa

Holdings

Co.

Ltd.

1,100

56,891

DPM

Metals,

Inc.

4,554

159,975

Eldorado

Gold

Corp.(a)

5,940

179,151

Emerald

Resources

NL*

21,402

81,021

Endeavour

Mining

plc

3,997

189,447

Endeavour

Silver

Corp.*

6,448

48,308

Resources

Ltd.*(a)

1,426,359

255,460

Equinox

Gold

Corp.(a)

20,626

184,669

ERO

Copper

Corp.*(a)

38,577

1,035,063

Evolution

Mining

Ltd.

29,371

232,486

Falcon

Metals

Ltd.*

—(f)

First

Majestic

Silver

Corp.(a)

8,349

125,219

First

Quantum

Minerals

Ltd.*

10,461

289,778

Fortescue

Ltd.(a)

33,594

436,739

Fortuna

Mining

Corp.*(a)

104,973

883,723

Franco-Nevada

Corp.

2,402

510,655

Fresnillo

plc

1,023

34,073

Mining

Ventures

Corp.*

1,550

47,212

Genesis

Minerals

Ltd.*(a)

25,543

102,438

Glencore

plc

196,218

1,433,848

Granges

6,171

115,916

Greatland

Resources

Ltd.*(a)

14,256

99,626

Grupa

Kety

248

82,812

Hill

Smith

plc

3,178

121,889

Hochschild

Mining

plc

121,242

703,878

Hudbay

Minerals,

Inc.

6,233

141,335

IAMGOLD

Corp.*

14,619

206,751

IGO

Ltd.*(a)

10,323

49,810

Iluka

Resources

Ltd.(a)

26,499

112,600

Ivanhoe

Mines

Ltd.,

Class

A*(a)

11,748

84,330

Jastrzebska

Spolka

Weglowa

SA*

28,413

190,513

JFE

Holdings,

Inc.(a)

6,600

75,337

Advanced

Metals

Corp.(a)

6,200

147,850

K92

Mining,

Inc.*(a)

5,700

91,543

KGHM

Polska

Miedz

2,205

181,394

Kingsgate

Consolidated

Ltd.(a)

96,162

272,859

Kinross

Gold

Corp.

25,410

585,416

Kobe

Steel

Ltd.

10,000

130,444

Labrador

Iron

Ore

Royalty

Corp.

512

9,763

Lundin

Gold,

Inc.

1,327

74,246

Lundin

Mining

Corp.(a)

11,220

277,611

Lynas

Rare

Earths

Ltd.*(a)

14,795

146,413

Maruichi

Steel

Tube

Ltd.(a)

6,000

67,414

Mineral

Resources

Ltd.*(a)

1,267

51,595

Mitsui

Kinzoku

Co.

Ltd.(a)

700

136,065

Montage

Gold

Corp.*(a)

2,496

28,219

Nanshan

Aluminium

International

Holdings

Ltd.

9,600

33,275

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Metals

Mining

(continued)

NGEx

Minerals

Ltd.*

5,511

98,407

Nickel

Industries

Ltd.*(a)

148,467

84,985

Nippon

Light

Metal

Holdings

Co.

Ltd.

19,800

337,617

Nippon

Steel

Corp.(a)

92,475

377,276

Norsk

Hydro

ASA

26,004

237,606

Northern

Star

Resources

Ltd.

34,287

479,221

Novagold

Resources,

Inc.*

7,843

45,621

OceanaGold

Corp.

6,963

167,765

Royalties,

Inc.

651

19,333

Ora

Banda

Mining

Ltd.*(a)

498,828

397,649

Outokumpu

OYJ(a)

7,392

44,140

Pan

African

Resources

plc(a)

779,130

966,206

Pan

American

Silver

Corp.

6,402

275,457

Pantoro

Gold

Ltd.*

173,250

248,232

Perenti

Ltd.

290,532

432,597

Perseus

Mining

Ltd.

33,297

113,423

PLS

Group

Ltd.*(a)

35,838

104,459

Ramelius

Resources

Ltd.(a)

45,936

98,403

Regis

Resources

Ltd.

19,948

85,324

Resolute

Mining

Ltd.*

803,022

524,522

Rio

Tinto

Ltd.(a)

5,313

636,497

Rio

Tinto

plc

22,902

2,211,053

Salzgitter

9,603

569,562

Sandfire

Resources

Ltd.*(a)

10,857

144,502

Seabridge

Gold,

Inc.*

3,716

95,731

Silvercorp

Metals,

Inc.

3,104

28,831

Sims

Ltd.

3,162

56,831

Skeena

Resources

Ltd.*

1,023

27,120

South32

Ltd.

99,363

318,929

SSAB

AB,

Class

6,150

64,530

SSAB

AB,

Class

B(a)

12,333

129,341

SSR

Mining,

Inc.*

6,303

161,029

Stanmore

Resources

Ltd.(a)

24,928

40,444

Sumitomo

Metal

Mining

Co.

Ltd.

3,300

169,637

Teck

Resources

Ltd.,

Class

6,699

402,842

thyssenkrupp

12,276

170,267

Tokyo

Steel

Manufacturing

Co.

Ltd.

(a)

6,600

73,451

Torex

Gold

Resources,

Inc.

34,782

1,337,626

Trekor

Metals

Ltd.*

2,336

15,753

UACJ

Corp.

5,200

76,910

Vault

Minerals

Ltd.

30,591

102,486

voestalpine

1,393

72,090

Vulcan

Energy

Resources

Ltd.*

9,472

16,964

Wesdome

Gold

Mines

Ltd.*(a)

57,057

1,057,884

Westgold

Resources

Ltd.(a)

35,574

118,181

Wheaton

Precious

Metals

Corp.

5,148

559,552

Yamato

Kogyo

Co.

Ltd.(a)

1,300

110,221

Yodoko

Ltd.(a)

42,900

373,161

39,376,089

Multi-Utilities

0.8%

A2A

SpA

30,429

79,438

ACEA

SpA

2,387

57,948

AGL

Energy

Ltd.(a)

17,325

100,753

Investments

Value

Multi-Utilities

(continued)

Algonquin

Power

Utilities

Corp.(a)

1,333

7,792

Atco

Ltd.,

Class

2,014

114,579

Canadian

Utilities

Ltd.,

Class

A(a)

2,278

90,480

Centrica

plc

88,836

185,304

E.ON

45,507

979,881

Engie

38,742

1,208,418

Hera

SpA

20,514

89,500

Iren

SpA

227,832

661,097

National

Grid

plc

65,208

1,044,269

REN

Redes

Energeticas

Nacionais

SGPS

6,188

24,598

Sembcorp

Industries

Ltd.

16,800

72,236

Telecom

Plus

plc

29,997

343,536

Veolia

Environnement

14,091

558,841

5,618,670

Office

REITs

0.1%

Allied

Properties

REIT,

REIT(a)

43,890

307,232

Champion

REIT,

REIT(a)

186,000

55,267

Colonial

SFL

Socimi

SA,

REIT(a)

1,488

9,502

Dexus,

REIT

15,904

66,909

Gecina

SA,

REIT

207

17,850

Global

One

Real

Estate

Investment

Corp.,

REIT

33,764

Great

Portland

Estates

plc,

REIT

7,534

35,385

Ichigo

Office

REIT

Investment

Corp.,

REIT

495

299,378

Japan

Prime

Realty

Investment

Corp.,

REIT(a)

12,322

Japan

Real

Estate

Investment

Corp.,

REIT(a)

23,005

Keppel

REIT,

REIT

48,555

34,796

Nippon

Building

Fund,

Inc.,

REIT(a)

25,379

NIPPON

REIT

Investment

Corp.,

REIT

16,315

Orix

JREIT,

Inc.,

REIT

40,146

Precinct

Properties

Group,

REIT

977,269

Oil,

Gas

Consumable

Fuels

5.5%

Aker

ASA

4,554

160,616

Ampol

Ltd.(a)

2,356

66,024

ARC

Resources

Ltd.

12,111

289,469

Athabasca

Oil

Corp.*

22,770

168,156

Baytex

Energy

Corp.(a)

36,333

165,497

Beach

Energy

Ltd.(a)

439,494

280,898

Birchcliff

Energy

Ltd.

83,523

380,448

Bluenord

ASA

8,745

472,095

Bollore

SE(a)

12,457

55,495

plc

321,981

2,394,015

BRIGHTOIL*‡

50,147

—

Energy

Ltd.*

14,025

76,748

Cameco

Corp.

5,214

449,649

Canadian

Natural

Resources

Ltd.

42,933

2,043,744

Cenovus

Energy,

Inc.

26,994

813,370

China

Aviation

Oil

Singapore

Corp.

Ltd.

79,200

107,344

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Oil,

Gas

Consumable

Fuels

(continued)

CMB

Tech

8,349

135,252

Cosmo

Energy

Holdings

Co.

Ltd.(a)

3,300

82,570

DCC

Energy

plc

1,376

117,216

Deep

Yellow

Ltd.*(a)

25,823

23,941

Denison

Mines

Corp.*(a)

28,036

78,941

DNO

ASA

57,387

101,169

Enbridge,

Inc.

26,202

1,424,734

ENEOS

Holdings,

Inc.

49,500

412,694

Energean

plc(a)

44,583

457,781

Energy

Fuels,

Inc.*(a)

2,144

24,545

Eni

SpA

40,788

1,125,349

Equinor

ASA

15,081

614,422

Equital

Ltd.*

4,488

167,962

Freehold

Royalties

Ltd.(a)

5,060

61,751

Friedrich

Vorwerk

Group

2,442

184,313

Galp

Energia

SGPS

7,854

177,927

Gaztransport

Technigaz

436

98,171

Gibson

Energy,

Inc.(a)

4,785

109,456

Harbour

Energy

plc

36,927

118,969

Idemitsu

Kosan

Co.

Ltd.

23,100

190,197

Imperial

Oil

Ltd.(a)

2,376

307,829

Inpex

Corp.

18,500

421,413

International

Petroleum

Corp.*

4,219

95,035

Ithaca

Energy

plc

22,784

74,262

Itochu

Enex

Co.

Ltd.(a)

16,600

226,233

Iwatani

Corp.(a)

5,588

71,997

Japan

Petroleum

Exploration

Co.

Ltd.(a)

6,600

73,244

Karoon

Energy

Ltd.(a)

190,014

232,214

Keyera

Corp.

3,205

136,073

Koninklijke

Vopak

2,442

137,616

Neste

OYJ

4,686

164,764

New

Hope

Corp.

Ltd.(a)

10,930

39,842

NexGen

Energy

Ltd.*(a)

12,705

116,105

Oil

Refineries

Ltd.

207,702

132,131

Okeanis

Eco

Tankers

Corp.(b)

1,980

120,042

OMV

3,498

254,155

ORLEN

13,266

524,630

Paladin

Energy

Ltd.*(a)

5,712

37,791

Paramount

Resources

Ltd.,

Class

5,940

125,291

Parex

Resources,

Inc.

30,525

528,315

Paz

Retail

And

Energy

Ltd.

473

133,229

Pembina

Pipeline

Corp.

7,854

383,728

Peyto

Exploration

Development

Corp.(a)

73,887

1,355,179

PrairieSky

Royalty

Ltd.(a)

3,853

95,223

Repsol

26,202

795,270

San-Ai

Obbli

Co.

Ltd.(a)

6,600

96,373

Santos

Ltd.

53,262

293,283

Secure

Waste

Infrastructure

Corp.(a)

5,504

94,790

Serica

Energy

plc

75,768

239,821

Shell

plc

119,922

5,460,463

South

Bow

Corp.

1,888

69,956

Strathcona

Resources

Ltd.

837

25,369

Investments

Value

Oil,

Gas

Consumable

Fuels

(continued)

Suncor

Energy,

Inc.

25,839

1,733,958

Tamar

Petroleum

Ltd.(a)(b)

5,115

49,928

Tamarack

Valley

Energy

Ltd.

14,289

136,590

Energy

Corp.

12,639

850,498

Topaz

Energy

Corp.(a)

3,731

84,176

TORM

plc,

Class

22,044

671,491

TotalEnergies

44,979

3,954,780

Tourmaline

Oil

Corp.(a)

5,940

262,142

United

Energy

Group

Ltd.(a)

2,904,000

133,320

Var

Energi

ASA

5,379

26,770

Viva

Energy

Group

Ltd.(a)(b)

72,468

145,059

Whitecap

Resources,

Inc.

30,855

363,789

Whitehaven

Coal

Ltd.

20,196

99,009

Woodside

Energy

Group

Ltd.(a)

37,653

871,382

Yellow

Cake

plc*(a)(b)

85,965

633,388

36,508,874

Paper

Forest

Products

0.2%

Daio

Paper

Corp.(a)

23,100

143,917

Hokuetsu

Corp.(a)

23,100

133,036

Holmen

AB,

Class

1,116

37,785

Mondi

plc(a)

3,200

38,422

Navigator

Co.

(The)(a)

5,269

19,763

Nippon

Paper

Industries

Co.

Ltd.(a)

33,000

285,181

Oji

Holdings

Corp.

11,400

62,991

Semapa-Sociedade

Investimento

Gestao(a)

5,187

119,955

Stella-Jones,

Inc.

1,224

67,480

Stora

Enso

OYJ,

Class

R(a)

1,637

18,718

Svenska

Cellulosa

SCA,

Class

A(a)

2,068

23,411

Svenska

Cellulosa

SCA,

Class

2,883

32,713

UPM-Kymmene

OYJ

8,811

238,434

West

Fraser

Timber

Co.

Ltd.(a)

1,105

71,506

1,293,312

Passenger

Airlines

0.7%

Air

Canada*

5,030

90,965

Air

France-KLM*(a)

44,187

610,581

Air

New

Zealand

Ltd.(a)

888,096

216,584

ANA

Holdings,

Inc.(a)

3,200

62,623

Cathay

Pacific

Airways

Ltd.

38,000

70,751

Deutsche

Lufthansa

(Registered)

14,718

153,014

easyJet

plc

147,147

1,247,545

Israel

Airlines(a)

15,717

69,753

Exchange

Income

Corp.(a)

1,630

145,879

International

Consolidated

Airlines

Group

71,709

416,794

Japan

Airlines

Co.

Ltd.

3,100

57,298

JET2

plc

27,456

569,013

Norwegian

Air

Shuttle

ASA

155,067

212,959

Qantas

Airways

Ltd.

20,691

144,597

Singapore

Airlines

Ltd.

33,099

198,522

Virgin

Australia

Holdings

Ltd.*(a)

48,609

94,911

4,361,789

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Personal

Care

Products

0.5%

Beiersdorf

6,130

Intercos

SpA(a)

476

Interparfums

283

Kao

Corp.(a)

9,400

192,929

Kobayashi

Pharmaceutical

Co.

Ltd.

(a)

900

31,585

Kose

Holdings

Corp.

700

24,993

L'Oreal

2,937

1,307,568

Noevir

Holdings

Co.

Ltd.

1,000

31,214

Pola

Orbis

Holdings,

Inc.

2,000

16,838

Puig

Brands

SA,

Class

3,520

67,593

Rohto

Pharmaceutical

Co.

Ltd.

3,900

58,503

Shiseido

Co.

Ltd.(a)

3,100

61,406

Unilever

plc

26,341

1,681,318

3,480,836

Pharmaceuticals

4.0%

ALK-Abello

A/S,

Class

2,158

73,741

Almirall

4,820

61,557

Astellas

Pharma,

Inc.(a)

42,900

593,285

AstraZeneca

plc

19,998

3,399,563

Bausch

Health

Cos.,

Inc.*

78,045

536,860

Bayer

(Registered)

18,018

996,106

Camurus

AB*(a)

702

45,439

Chugai

Pharmaceutical

Co.

Ltd.

8,700

378,762

Daiichi

Sankyo

Co.

Ltd.

19,800

319,275

Faes

Farma

15,680

82,265

Financiere

Tubize

SA(a)

415

92,631

Galderma

Group

2,178

473,127

GSK

plc

90,189

2,344,297

Lundbeck

A/S,

Class

5,650

31,308

Haleon

plc

96,987

474,180

Haw

Par

Corp.

Ltd.

6,200

77,754

Hikma

Pharmaceuticals

plc

2,890

61,644

Hutchmed

China

Ltd.*

230

526

Ipsen

754

145,048

Kaken

Pharmaceutical

Co.

Ltd.

1,500

35,751

Kissei

Pharmaceutical

Co.

Ltd.

1,400

35,918

Kyowa

Kirin

Co.

Ltd.

4,300

68,986

Laboratorios

Farmaceuticos

Rovi

424

28,563

Merck

KGaA

2,112

347,849

Novartis

(Registered)

24,585

3,847,056

Novo

Nordisk

A/S,

Class

38,346

1,809,066

Ono

Pharmaceutical

Co.

Ltd.

9,900

148,228

Orion

OYJ,

Class

352

32,683

Orion

OYJ,

Class

1,287

120,089

Otsuka

Holdings

Co.

Ltd.

6,700

467,075

Recordati

Industria

Chimica

Farmaceutica

SpA

1,628

96,745

Roche

Holding

8,547

3,735,516

Roche

Holding

462

204,775

Sandoz

Group

4,455

362,105

Sanofi

23,199

1,987,724

Santen

Pharmaceutical

Co.

Ltd.

1,100

13,016

Sawai

Group

Holdings

Co.

Ltd.(a)

36,300

376,280

Investments

Value

Pharmaceuticals

(continued)

Shionogi

Co.

Ltd.

6,600

120,560

Sino

Biopharmaceutical

Ltd.

231,000

148,175

Sumitomo

Pharma

Co.

Ltd.*(a)

3,200

25,081

Takeda

Pharmaceutical

Co.

Ltd.

19,800

685,554

Teva

Pharmaceutical

Industries

Ltd.*

16,368

581,030

Towa

Pharmaceutical

Co.

Ltd.(a)

9,900

249,016

Tsumura

Co.(a)

23,100

553,762

UCB

1,386

355,450

Virbac

SACA

132

51,257

26,674,678

Professional

Services

1.2%

Adecco

Group

(Registered)(a)

65,307

1,816,213

AFRY

33,462

360,576

ALS

Ltd.

8,984

136,357

Arcadis

NV(a)

1,152

53,839

BayCurrent,

Inc.

1,400

62,770

Benefit

Systems

SA*

44,719

Bureau

Veritas

4,059

129,174

Computershare

Ltd.

7,161

205,909

Experian

plc

9,801

367,992

Hilan

Ltd.

646

46,159

Intertek

Group

plc

2,310

181,547

JAC

Recruitment

Co.

Ltd.

5,200

30,797

MEITEC

Group

Holdings,

Inc.

2,400

50,329

Persol

Holdings

Co.

Ltd.(a)

37,200

61,632

Randstad

NV(a)

409

17,176

Recruit

Holdings

Co.

Ltd.

17,100

1,347,810

RELX

plc

23,727

832,431

SGS

(Registered)

2,003

237,127

SMS

Co.

Ltd.(a)

2,000

27,722

Teleperformance

SE(a)

20,295

1,611,178

Thomson

Reuters

Corp.(a)

1,688

165,473

Timee,

Inc.*

3,200

29,463

Transcosmos,

Inc.

9,900

236,269

Wolters

Kluwer

2,442

190,719

8,243,381

Real

Estate

Management

Development

1.9%

AFI

Properties

Ltd.*(a)

578

36,260

Africa

Israel

Residences

Ltd.(a)

510

36,141

Airport

City

Ltd.*

1,928

34,692

Allreal

Holding

(Registered)

429

112,148

Altra

Fastigheter

1,798

14,691

Amot

Investments

Ltd.

5,448

33,074

Aroundtown

251,625

627,651

Atrium

Ljungberg

AB,

Class

3,960

11,021

Aura

Investments

Ltd.(a)

6,930

36,210

Azrieli

Group

Ltd.(a)

532

70,310

Big

Shopping

Centers

Ltd.

287

64,473

Blue

Square

Real

Estate

Ltd.(a)

1,551

162,842

Immobilien

Anlagen

586

16,282

Capitaland

India

Trust

551,100

455,029

CapitaLand

Investment

Ltd.

15,100

31,287

Castellum

AB(a)

5,643

79,174

Catena

924

38,200

Cibus

Real

Estate

publ(a)

3,503

52,784

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Real

Estate

Management

Development

(continued)

City

Developments

Ltd.

15,500

94,777

Asset

Holdings

Ltd.

33,000

201,326

Colliers

International

Group,

Inc.

726

71,335

CPI

Europe

AG*

9,141

163,227

CTP

NV(b)

1,574

28,215

Daito

Trust

Construction

Co.

Ltd.

5,500

116,373

Daiwa

House

Industry

Co.

Ltd.

12,900

378,999

Deutsche

EuroShop

4,587

97,213

Develia

160,281

451,291

Dios

Fastigheter

47,377

326,524

Electra

Real

Estate

Ltd.*(a)

1,476

15,424

Fabege

5,412

42,377

Fastighets

Balder,

Class

B*(a)

278

1,520

FastPartner

AB,

Class

138

FirstService

Corp.(a)

590

83,050

Great

Eagle

Holdings

Ltd.

66,000

133,488

Hang

Lung

Group

Ltd.

32,000

56,397

Hang

Lung

Properties

Ltd.

73,983

68,779

Heiwa

Real

Estate

Co.

Ltd.

2,600

38,455

Henderson

Land

Development

Co.

Ltd.(a)

33,239

120,382

Bee

Land

Ltd.

36,600

58,444

Hufvudstaden

AB,

Class

304

3,862

Hulic

Co.

Ltd.(a)

9,900

109,337

Hysan

Development

Co.

Ltd.

198,000

470,912

Ichigo,

Inc.(a)

33,000

85,803

International

Workplace

Group

plc

29,497

78,240

Intershop

Holding

350

74,495

Israel

Canada

T.R

Ltd.(a)

12,240

62,596

Isras

Investment

Co.

Ltd.(a)

264

72,851

Jeudan

A/S

5,511

173,895

Kasumigaseki

Capital

Co.

Ltd.(a)

6,600

307,979

LEG

Immobilien

297

17,786

Lendlease

Corp.

Ltd.(a)

267,399

569,057

Leopalace21

Corp.

59,400

252,560

Lumo

Kodit

OYJ(a)

1,085

9,831

Mega

Holdings

Ltd.,

REIT

660

107,099

Melisron

Ltd.

460

60,359

Mitsubishi

Estate

Co.

Ltd.

13,200

322,736

Mitsui

Fudosan

Co.

Ltd.

33,000

323,316

Mivne

Real

Estate

Ltd.

14,248

62,815

Mobimo

Holding

(Registered)

235

101,517

New

World

Development

Co.

Ltd.*(a)

528,000

463,252

Nomura

Real

Estate

Holdings,

Inc.(a)

7,000

40,446

NP3

Fastigheter

AB(a)

1,462

40,611

Pandox

AB,

Class

620

11,490

PEXA

Group

Ltd.*(a)

167

Prashkovsky

Investments

and

Construction

Ltd.(a)

1,312

57,028

Property

Building

Corp.

Ltd.(a)

608

62,266

PSP

Swiss

Property

(Registered)

717

129,389

Relo

Group,

Inc.

2,270

28,713

Sagax

AB,

Class

B(a)

2,914

51,102

Savills

plc

43,131

534,001

Investments

Value

Real

Estate

Management

Development

(continued)

Sino

Land

Co.

Ltd.

10,757

14,678

Starts

Corp.,

Inc.(a)

13,200

394,197

Sumitomo

Realty

Development

Co.

Ltd.

13,200

298,694

Summit

Real

Estate

Holdings

Ltd.(a)

17,226

280,654

Sun

Frontier

Fudousan

Co.

Ltd.

6,600

103,959

Sun

Hung

Kai

Properties

Ltd.

21,500

337,788

Swire

Properties

Ltd.

13,600

41,451

Swiss

Prime

Site

(Registered)

1,017

165,677

TAG

Immobilien

2,432

38,642

Tokyo

Tatemono

Co.

Ltd.(a)

5,200

110,613

Tokyu

Fudosan

Holdings

Corp.

11,200

94,010

Tosei

Corp.

26,400

301,596

UOL

Group

Ltd.

3,100

23,906

VGP

NV(a)

465

45,154

Villar

International

Ltd.(a)

640

36,158

Vonovia

21,879

529,386

Wallenstam

AB,

Class

B(a)

4,248

18,435

Wharf

Holdings

Ltd.

(The)

17,000

42,600

Wharf

Real

Estate

Investment

Co.

Ltd.(a)

25,000

84,740

Wihlborgs

Fastigheter

6,293

51,023

Wing

Tai

Holdings

Ltd.

168,300

205,819

Dimri

Construction

Development

Ltd.(a)

452

53,405

12,418,099

Residential

REITs

0.2%

Altarea

SCA,

REIT(a)

763

88,489

Boardwalk

REIT,

REIT

552

26,068

Comforia

Residential

REIT,

Inc.,

REIT

36,550

Daiwa

Securities

Living

Investments

Corp.,

REIT

15,856

Grainger

plc,

REIT

1,485

3,487

Ingenia

Communities

Group,

REIT(a)

8,284

25,426

Killam

Apartment

REIT,

REIT(a)

1,488

19,718

Mitsui

Fudosan

Accommodations

Fund,

Inc.,

REIT(a)

30,849

UNITE

Group

plc

(The),

REIT

162,690

1,177,898

Xior

Student

Housing

NV,

REIT(b)

651

20,673

1,445,014

Retail

REITs

0.5%

BWP

Property

Group

Ltd.,

REIT

14,098

38,518

CapitaLand

China

Trust,

REIT

102,300

52,592

Carmila

SA,

REIT

24,354

473,546

Choice

Properties

REIT,

REIT

3,957

45,018

Eurocommercial

Properties

NV,

REIT

16,282

524,531

First

Capital

REIT,

REIT

2,774

45,342

Frasers

Centrepoint

Trust,

REIT

12,749

22,543

Hammerson

plc,

REIT

21,356

109,786

HomeCo

Daily

Needs

REIT,

REIT(b)

94,816

84,241

Japan

Metropolitan

Fund

Invest,

REIT

165

122,176

Kiwi

Property

Group

Ltd.,

REIT

120,079

65,625

Klepierre

SA,

REIT

3,267

147,873

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Retail

REITs

(continued)

Lendlease

Global

Commercial

REIT,

REIT

3,194

1,468

Link

REIT,

REIT(a)

49,000

244,450

Mitsui

Fudosan

Retail

Fund

Investment

Corp.,

REIT(a)

15,965

Primaris

REIT,

REIT(a)

22,110

361,079

Region

Group,

REIT

78,540

131,287

RioCan

REIT,

REIT

3,472

54,895

Scentre

Group,

REIT

67,320

185,346

Unibail-Rodamco-Westfield,

REIT

2,607

315,846

Vicinity

Ltd.,

REIT

67,250

126,585

Waypoint

REIT

Ltd.,

REIT

33,326

58,282

3,226,994

Semiconductors

Semiconductor

Equipment

2.9%

Advantest

Corp.

9,400

1,918,669

AIXTRON

2,640

110,168

ams-OSRAM

AG*

37,422

737,755

ASM

International

495

456,301

ASML

Holding

4,917

8,113,634

ASMPT

Ltd.

3,100

59,813

Semiconductor

Industries

990

225,816

Camtek

Ltd.*

510

70,967

Disco

Corp.

1,200

440,735

Elmos

Semiconductor

410

68,872

Infineon

Technologies

16,533

1,173,089

Japan

Material

Co.

Ltd.

2,500

35,594

Kioxia

Holdings

Corp.*

4,200

1,226,566

Kokusai

Electric

Corp.

3,100

144,501

Lasertec

Corp.

1,100

261,900

Melexis

495

38,898

Mitsui

High-Tec,

Inc.(a)

9,300

52,742

Nordic

Semiconductor

ASA*

2,324

38,888

Nova

Ltd.*

363

145,264

Renesas

Electronics

Corp.

18,900

408,565

Rohm

Co.

Ltd.(a)

6,200

168,643

Rorze

Corp.(a)

3,100

77,663

SCREEN

Holdings

Co.

Ltd.

2,600

205,747

Siltronic

1,122

98,239

Socionext,

Inc.(a)

3,000

36,034

SOITEC*

198

23,692

STMicroelectronics

7,821

411,004

SUMCO

Corp.(a)

3,100

65,359

Tokyo

Electron

Ltd.

5,500

1,917,099

Tower

Semiconductor

Ltd.*

1,658

366,562

Ulvac,

Inc.

1,000

54,313

19,153,092

Software

0.7%

Asseco

Poland

1,271

67,821

Atoss

Software

352

34,101

BlackBerry

Ltd.*(a)

13,206

112,305

Constellation

Software,

Inc.

231

494,487

Dassault

Systemes

12,606

290,802

Investments

Value

Software

(continued)

Descartes

Systems

Group,

Inc.

(The)*

1,159

86,980

Freee

KK*(a)

3,200

52,233

IRESS

Ltd.

2,263

10,840

Kinaxis,

Inc.*

520

62,273

Nemetschek

884

59,042

Nice

Ltd.*

2,145

208,395

Open

Text

Corp.

1,617

40,965

Oracle

Corp.

Japan

800

44,626

Sage

Group

plc

(The)

12,276

160,777

Sansan,

Inc.(a)

3,400

42,472

SAP

12,507

2,269,004

Sinch

AB*(b)

130

Systena

Corp.

11,400

30,071

Technology

One

Ltd.(a)

4,736

102,318

Temenos

(Registered)(a)

779

64,463

Trend

Micro,

Inc.

1,200

47,789

Vitec

Software

Group

AB,

Class

WiseTech

Global

Ltd.(a)

2,528

64,452

4,346,370

Specialized

REITs

0.0%(d)

Arena

REIT,

REIT(a)

592

1,326

Big

Yellow

Group

plc,

REIT

1,952

23,314

Keppel

REIT,

REIT

24,747

42,986

Safestore

Holdings

plc,

REIT(a)

2,508

20,774

88,400

Specialty

Retail

1.8%

ABC-Mart,

Inc.(a)

2,100

35,913

and

Co.

Ltd.(a)

9,900

210,156

AOKI

Holdings,

Inc.(a)

9,900

107,067

Aritzia,

Inc.*

1,584

157,717

Autobacs

Seven

Co.

Ltd.

33,000

322,487

Avolta

1,980

118,303

Bic

Camera,

Inc.(a)

4,200

46,003

Bilia

AB,

Class

19,899

321,012

Carasso

Motors

Ltd.(a)

7,744

77,386

CECONOMY

AG*

43,776

214,561

Currys

plc

365,178

825,125

DCM

Holdings

Co.

Ltd.(a)

36,300

350,176

Delek

Automotive

Systems

Ltd.(a)

6,435

35,599

Douglas

AG*

2,772

25,674

Dunelm

Group

plc

53,130

621,690

Eagers

Automotive

Ltd.(a)

5,709

94,309

EDION

Corp.(a)

26,400

401,575

Fast

Retailing

Co.

Ltd.

2,300

1,129,452

Fielmann

Group

152

7,109

Fox

Wizel

Ltd.(a)

864

85,295

Frasers

Group

plc*(a)

44,517

485,561

Hennes

Mauritz

AB,

Class

B(a)

2,821

51,511

Hornbach

Holding

Co.

KGaA

3,168

303,624

Hour

Glass

Ltd.

(The)

99,000

212,837

IDOM,

Inc.(a)

19,800

159,668

Industria

Diseno

Textil

13,860

900,028

Hi-Fi

Ltd.

1,722

99,090

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Specialty

Retail

(continued)

Sports

Fashion

plc

40,083

48,256

Joyful

Honda

Co.

Ltd.(a)

2,000

31,314

Kingfisher

plc

24,585

102,101

Komeri

Co.

Ltd.

9,900

240,000

K's

Holdings

Corp.

9,900

117,295

Leon's

Furniture

Ltd.

6,996

122,730

Lovisa

Holdings

Ltd.(a)

1,530

25,640

Luk

Fook

Holdings

International

Ltd.

132,672

416,884

Modivo

SA*

952

23,600

Nextage

Co.

Ltd.

3,100

65,222

Nitori

Holdings

Co.

Ltd.(a)

5,500

87,686

Nojima

Corp.

9,300

76,222

Premier

Investments

Ltd.(a)

491

4,721

Sanrio

Co.

Ltd.(a)

13,000

103,894

Shimamura

Co.

Ltd.

3,000

63,118

Super

Retail

Group

Ltd.(a)

68,937

644,442

USS

Co.

Ltd.

3,600

45,615

Watches

Switzerland

Group

plc*(c)

75,570

741,889

Yamada

Holdings

Co.

Ltd.(a)

224,400

1,004,991

Yellow

Hat

Ltd.

29,700

337,430

Zalando

SE*(b)

2,343

76,182

ZOZO,

Inc.(a)

8,400

60,300

11,838,460

Technology

Hardware,

Storage

Peripherals

0.4%

Brother

Industries

Ltd.

4,000

100,763

Canon,

Inc.(a)

16,500

458,860

Elecom

Co.

Ltd.(a)

1,600

18,701

FUJIFILM

Holdings

Corp.

26,400

625,410

Konica

Minolta,

Inc.(a)

201,300

746,918

Logitech

International

(Registered)

2,112

214,267

Ricoh

Co.

Ltd.(a)

9,600

95,231

Seiko

Epson

Corp.

3,100

57,435

Toshiba

TEC

Corp.

1,100

21,865

2,339,450

Textiles,

Apparel

Luxury

Goods

1.4%

adidas

2,640

484,170

Asics

Corp.

9,600

286,628

Brunello

Cucinelli

SpA(a)

660

66,763

Burberry

Group

plc*

4,681

74,806

Cie

Financiere

Richemont

(Registered)

6,435

1,518,375

Coats

Group

plc

42,191

45,536

Crystal

International

Group

Ltd.(b)

339,500

280,550

Delta

Galil

Ltd.(a)

272

15,722

Gildan

Activewear,

Inc.(a)

2,624

145,149

Goldwin,

Inc.

3,000

43,175

Hermes

International

SCA

396

697,779

HUGO

BOSS

15,906

695,974

Japan

Wool

Textile

Co.

Ltd.

(The)(a)

16,500

198,135

Kering

627

205,020

Kurabo

Industries

Ltd.(a)

6,600

410,363

LPP

110,242

Investments

Value

Textiles,

Apparel

Luxury

Goods

(continued)

LVMH

Moet

Hennessy

Louis

Vuitton

3,201

1,749,935

Moncler

SpA

1,914

108,126

New

Wave

Group

AB,

Class

3,468

34,353

OVS

SpA(b)

57,453

413,802

Pandora

A/S

960

119,986

Puma

5,346

169,148

Salvatore

Ferragamo

SpA*

8,153

95,493

Samsonite

Group

SA(b)

485,100

874,115

Stella

International

Holdings

Ltd.(a)

165,000

306,366

Swatch

Group

(The)

20,725

Swatch

Group

(The)

(Registered)

1,767

78,844

Unitika

Ltd.*(a)

19,800

103,212

Wacoal

Holdings

Corp.(a)

700

19,353

Yue

Yuen

Industrial

Holdings

Ltd.(a)

16,000

28,933

9,400,778

Tobacco

0.6%

British

American

Tobacco

plc

46,398

2,853,513

Imperial

Brands

plc

16,269

618,506

Japan

Tobacco,

Inc.(a)

13,200

591,502

4,063,521

Trading

Companies

Distributors

2.1%

AddTech

AB,

Class

2,432

88,358

Azelis

Group

NV(a)

12,474

162,321

Beijer

Ref

AB,

Class

B(a)

3,876

54,443

Brenntag

1,848

129,997

Bufab

4,840

68,288

Bunzl

plc

3,597

135,635

Diploma

plc

1,921

189,236

DKSH

Holding

660

54,657

Finning

International,

Inc.

2,640

174,827

Hanwa

Co.

Ltd.

72,600

778,321

Howden

Joinery

Group

plc

9,499

100,796

IMCD

768

83,750

Inaba

Denki

Sangyo

Co.

Ltd.

44,700

803,603

Inabata

Co.

Ltd.(a)

16,500

410,881

ITOCHU

Corp.

148,500

1,878,342

Kanamoto

Co.

Ltd.

13,200

434,404

Kanematsu

Corp.

59,400

782,860

Marubeni

Corp.

23,100

754,549

Mitani

Corp.(a)

13,200

240,166

Mitsubishi

Corp.

45,700

1,370,785

Mitsui

Co.

Ltd.

33,000

1,023,212

MonotaRO

Co.

Ltd.(a)

2,400

30,191

Nagase

Co.

Ltd.

8,800

62,895

Nishio

Holdings

Co.

Ltd.(a)

6,900

186,123

Redox

Ltd.(a)

10,323

26,609

Reece

Ltd.(a)

3,087

34,886

Rexel

5,016

206,838

Richelieu

Hardware

Ltd.

899

22,724

GROUP

plc

16,995

160,440

Russel

Metals,

Inc.

3,333

159,802

SGH

Ltd.(a)

3,423

106,335

Sojitz

Corp.

3,999

135,146

Sumitomo

Corp.

105,600

1,107,565

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Trading

Companies

Distributors

(continued)

Toromont

Industries

Ltd.(a)

1,070

160,838

Toyota

Tsusho

Corp.(a)

16,500

696,580

Travis

Perkins

plc(a)

66,396

495,459

Trusco

Nakayama

Corp.(a)

13,200

200,207

Yamazen

Corp.(a)

16,500

184,041

Yuasa

Co.

Ltd.(a)

6,600

240,829

13,936,939

Transportation

Infrastructure

0.3%

Aena

SME

SA(b)

8,250

253,248

Aeroports

Paris

SA(a)

704

97,117

Auckland

International

Airport

Ltd.(a)

18,188

93,094

Dalrymple

Bay

Infrastructure

Ltd.

15,200

59,784

Enav

SpA(b)

12,657

73,686

Flughafen

Zurich

(Registered)

330

96,669

Fraport

Frankfurt

Airport

Services

Worldwide

890

69,273

Getlink

SE(a)

5,544

117,877

Hutchison

Port

Holdings

Trust,

Class

1,699,500

328,003

Japan

Airport

Terminal

Co.

Ltd.

3,300

117,451

Mitsubishi

Logistics

Corp.

8,500

85,574

Port

Tauranga

Ltd.

5,225

24,871

Qube

Holdings

Ltd.

32,835

110,696

SATS

Ltd.

8,200

30,212

Transurban

Group

44,748

465,460

2,023,015

Water

Utilities

0.1%

Pennon

Group

plc

15,972

99,519

Severn

Trent

plc

3,102

125,987

United

Utilities

Group

plc

8,415

156,617

382,123

Wireless

Telecommunication

Services

0.7%

Airtel

Africa

plc(b)

17,896

80,198

Cellcom

Israel

Ltd.

4,930

53,194

Freenet

2,356

65,924

KDDI

Corp.

66,000

1,210,777

Partner

Communications

Co.

Ltd.

775

9,547

Rogers

Communications,

Inc.,

Class

6,501

219,936

SoftBank

Corp.

396,000

555,606

SoftBank

Group

Corp.

45,300

1,496,486

StarHub

Ltd.

49,600

42,499

Tele2

AB,

Class

B(a)

8,303

143,736

Vodafone

Group

plc

369,600

586,173

4,464,076

Total

Common

Stocks

(Cost

$416,303,667)

657,360,382

Investments

Value

CLOSED

END

FUNDS

0.1%

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Renewables

Infrastructure

Group

Ltd.

(The)

(Cost

$883,686)

779,493

798,291

Number

Warrants

WARRANTS

0.0%

Construction

Engineering

0.0%

Webuild

SpA,

expiring

8/31/2030*‡

10,785

—

Software

0.0%

Constellation

Software,

Inc.,

expiring

3/31/2040*‡

280

—

Total

Warrants

(Cost

$–)

—

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

1.1%(g)

INVESTMENT

COMPANIES

0.0%(d)

BlackRock

Liquidity

FedFund

3.67%,

8/3/2026

72,660

Dreyfus

Treasury

Obligations

Cash

Management

Fund

3.68%,

8/3/2026

72,660

Invesco

Government

Agency

Portfolio

3.74%,

8/3/2026

72,660

Morgan

Stanley

Institutional

Liquidity

Fund

Government

Portfolio

3.69%,

8/3/2026

72,660

Total

Investment

Companies

(Cost

$290,640)

290,640

REPURCHASE

AGREEMENTS

1.1%

Secured

LLC

3.63%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$1,152,418,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

4.88%,

maturing

8/15/2026

2/15/2056;

total

market

value

$1,168,051

1,152,418

MetLife,

Inc.

3.64%,

dated

7/31/2026,

due

12/2/2026,

repurchase

price

$5,000,000,

collateralized

various

U.S.

Treasury

Securities,

0.00%,

maturing

2/15/2045

8/15/2046;

total

market

value

$5,035,086

5,000,000

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

REPURCHASE

AGREEMENTS

(continued)

National

Bank

Canada

Financial

Inc.

3.80%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$50,000,

collateralized

various

Common

Stocks;

total

market

value

$53,783

50,000

The

Bank

Nova

Scotia,

Toronto

3.80%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$1,000,000,

collateralized

various

Common

Stocks;

total

market

value

$1,100,301

1,000,000

Total

Repurchase

Agreements

(Cost

$7,202,418)

7,202,418

Total

Securities

Lending

Reinvestments

(Cost

$7,493,058)

7,493,058

Total

Investments

99.3%

(Cost

$424,680,411)

665,651,731

Other

assets

less

liabilities

0.7%

4,441,281

NET

ASSETS

100.0%

$670,093,012

Non-income

producing

security.

‡

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

(a)

The

security

portion

this

security

loan

July

31,

2026.

The

total

value

securities

loan

July

31,

2026

was

$94,795,283,

collateralized

the

form

cash

with

value

$7,493,058

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments;

$47,164,234

collateral

the

form

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

5.55%,

and

maturity

dates

ranging

from

September

14,

2026

–

June

30,

2120

and

$47,453,634

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

August

16,

2026

–

May

15,

2056;

total

value

$102,110,926.

(b)

Security

exempt

from

registration

pursuant

Regulation

under

the

Securities

Act

1933.

Regulation

applies

securities

offerings

that

are

made

outside

the

United

States

and

not

involve

direct

selling

efforts

the

United

States

and

such

may

have

restrictions

resale.

(c)

Security

exempt

from

registration

pursuant

Rule

144A

under

the

Securities

Act

1933,

amended.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

investors.

July

31,

2026,

the

value

these

securities

amounted

approximately

$957,980

0.14%

net

assets.

(d)

Represents

less

than

0.05%

net

assets.

(e)

Security

fair

valued

July

31,

2026

accordance

with

procedures

approved

the

Board

Trustees.

Total

value

all

such

securities

July

31,

2026

amounted

$0,

which

represents

approximately

0.00%

net

assets

the

Fund.

(f)

Amount

less

than

one

dollar.

(g)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

July

31,

2026.

The

total

value

securities

purchased

was

$7,493,058.

Percentages

shown

are

based

Net

Assets.

Abbreviations

CVA

—

Dutch

Certification

OYJ

—

Public

Limited

Company

Preference

—

special

type

equity

investment

that

the

earnings

the

company,

has

limited

voting

rights,

and

may

have

dividend

preference.

Preference

may

also

have

liquidation

preference.

REIT

—

Real

Estate

Investment

Trust

SCA

—

Limited

partnership

with

capital

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

Futures

Contracts

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

had

the

following

open

futures

contracts

July

31,

2026:

Number

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

MSCI

EAFE

Index

09/18/2026

USD

10,024,245

107,544

S&P/TSX

Index

09/17/2026

CAD

1,783,084

18,312

125,856

Forward

Foreign

Currency

Contracts

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

had

the

following

outstanding

contracts

July

31,

2026:

Contracts

Receive

Counterparty

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

JPY

332,521,000

JPMORGAN

BANK,

N.A.

NEW

YORK

USD

2,094,159

09/16/2026

1,509

USD

188,821

BANK

MONTREAL,

THE

CAD

260,000

09/16/2026

3,127

USD

644,387

JPMORGAN

BANK,

N.A.

NEW

YORK

CHF

500,000

09/16/2026

23,395

USD

156,788

JPMORGAN

BANK,

N.A.

NEW

YORK

DKK

1,000,000

09/16/2026

2,512

USD

2,340,181

JPMORGAN

BANK,

N.A.

NEW

YORK

EUR

2,000,000

09/16/2026

35,029

USD

759,483

TORONTO

DOMINION

BANK

JPY

120,000,000

09/16/2026

3,200

Total

unrealized

appreciation

68,772

CAD

2,038,000

JPMORGAN

BANK,

N.A.

NEW

YORK

USD

1,456,903

09/16/2026

(1,347)

USD

640,313

CITIBANK

N.A.

CHF

522,000

09/16/2026

(8,002)

USD

936,463

MORGAN

STANLEY

INC

GBP

696,797

09/16/2026

(1,230)

Total

unrealized

depreciation

(10,579)

Net

unrealized

appreciation

58,193

Abbreviations:

CAD

—

Canadian

Dollar

CHF

—

Swiss

Franc

DKK

—

Danish

Krone

EUR

—

Euro

GBP

—

British

Pound

JPY

—

Japanese

Yen

USD

—

Dollar

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

invested,

percentage

net

assets,

companies

domiciled

the

following

countries

July

31,

2026:

Australia

5.5

Austria

0.8

Belgium

0.9

Brazil

0.4

Burkina

Faso

0.0

†

Cambodia

0.0

†

Canada

9.2

Chile

0.1

China

0.3

Colombia

0.1

Democratic

Republic

the

Congo

0.0

†

Denmark

1.2

Faroe

Islands

0.0

†

Finland

0.8

France

7.3

Gabon

0.0

†

Georgia

0.3

Germany

6.4

Greece

0.0

†

Guernsey

0.1

Hong

Kong

1.5

India

0.1

Indonesia

0.1

Ireland

0.4

Israel

1.6

Italy

2.8

Ivory

Coast

0.0

†

Japan

25.8

Jersey

0.0

†

Liechtenstein

0.0

†

Luxembourg

0.2

Macao

0.0

†

Mexico

0.0

†

Netherlands

3.1

New

Zealand

0.2

Nigeria

0.0

†

Norway

1.0

Peru

0.1

Poland

0.8

Portugal

0.2

Singapore

1.2

South

Africa

0.3

South

Korea

0.0

†

Spain

2.9

Sweden

3.1

Switzerland

3.1

Taiwan

0.0

†

Tanzania

0.0

†

Turkey

0.0

†

United

Kingdom

11.4

United

States

4.9

Zambia

0.0

†

Other

1.8

100.0%

†

Amount

represents

less

than

0.05%.

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

Schedule

Investments

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

July

31,

2026

(Unaudited)

Investments

Value

COMMON

STOCKS

98.2%

Aerospace

Defense

0.4%

AECC

Aero-Engine

Control

Co.

Ltd.,

Class

4,600

12,353

AECC

Aviation

Power

Co.

Ltd.,

Class

4,700

24,184

Apollo

Micro

Systems

Ltd.(a)

5,382

21,993

Aselsan

Elektronik

Sanayi

Ticaret

A/S

15,962

114,950

AviChina

Industry

Technology

Co.

Ltd.,

Class

H(b)

52,000

19,960

Baimtec

Material

Co.

Ltd.,

Class

1,015

7,762

Bharat

Dynamics

Ltd.(a)

1,410

18,518

Bharat

Electronics

Ltd.

48,024

195,211

Colt

Group

SE(b)

460

19,881

Data

Patterns

India

Ltd.

506

22,703

Embraer

9,200

157,340

Garden

Reach

Shipbuilders

Engineers

Ltd.

276

7,524

Hanwha

Aerospace

Co.

Ltd.

471

302,944

Hanwha

Systems

Co.

Ltd.

925

40,550

Hindustan

Aeronautics

Ltd.(a)

2,714

132,166

Korea

Aerospace

Industries

Ltd.

966

86,254

Kuang-Chi

Technologies

Co.

Ltd.,

Class

3,200

14,645

LIG

Defense

Aerospace

Co.

Ltd.

150

73,543

Mazagon

Dock

Shipbuilders

Ltd.

1,034

25,811

Satrec

Initiative

Co.

Ltd.

276

12,448

United

Aircraft

Corp.

PAO*‡

25,155,036

—

Zen

Technologies

Ltd.

1,440

24,512

1,335,252

Air

Freight

Logistics

0.3%

Abu

Dhabi

Aviation

Co.

122,268

171,111

Agility

Global

plc

164,910

75,882

Agility

Public

Warehousing

Co.

KSCC

14,265

6,731

Blue

Dart

Express

Ltd.

360

19,470

Logistics

Corp.

3,286

171,710

Delhivery

Ltd.*

7,452

37,641

Hyundai

Glovis

Co.

Ltd.

782

109,701

J&T

Global

Express

Ltd.*(b)

82,800

106,541

Logistics,

Inc.*(a)

52,000

99,602

Reysas

Tasimacilik

Lojistik

Ticaret

A/S*

44,804

20,929

SAL

Saudi

Logistics

Services

314

14,465

Holding

Co.

Ltd.,

Class

9,200

47,707

Sinotrans

Ltd.,

Class

4,700

4,555

Sinotrans

Ltd.,

Class

47,000

28,290

Xiamen

Xiangyu

Co.

Ltd.,

Class

13,800

13,703

YTO

Express

Group

Co.

Ltd.,

Class

4,700

13,137

YUNDA

Holding

Group

Co.

Ltd.,

Class

13,800

14,153

Investments

Value

Air

Freight

Logistics

(continued)

ZTO

Express

Cayman,

Inc.(b)

4,950

117,917

1,073,245

Automobile

Components

1.3%

Apollo

Tyres

Ltd.

6,531

29,306

Asahi

India

Glass

Ltd.

2,401

22,057

Autel

Intelligent

Technology

Corp.

Ltd.,

Class

3,060

13,301

Balkrishna

Industries

Ltd.

1,137

29,475

Belrise

Industries

Ltd.

8,460

20,990

Bharat

Forge

Ltd.

3,588

82,722

Bosch

Ltd.

42,198

CALB

Group

Co.

Ltd.,

Class

H*(a)

4,500

9,704

Ceat

Ltd.

799

28,722

Cheng

Shin

Rubber

Industry

Co.

Ltd.

35,000

32,976

CIE

Automotive

India

Ltd.

3,233

13,845

Depo

Auto

Parts

Ind

Co.

Ltd.

50,200

208,138

Automotive

Corp.

8,510

240,849

Endurance

Technologies

Ltd.(a)

350

10,118

Exide

Industries

Ltd.

8,016

37,789

Fras-Le

4,700

19,584

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

600

5,309

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

H(a)

9,200

69,690

Gabriel

India

Ltd.

2,451

37,037

Hankook

Co.

Ltd.

8,464

148,121

Hankook

Tire

Technology

Co.

Ltd.

1,656

78,520

Hanon

Systems*

6,289

14,579

Hesai

Group,

ADR*(b)

1,104

18,658

Mando

Co.

Ltd.

12,742

399,500

Huayu

Automotive

Systems

Co.

Ltd.,

Class

4,700

11,744

Hyundai

Mobis

Co.

Ltd.

1,426

476,100

Hyundai

Wia

Corp.

6,210

253,505

JBM

Auto

Ltd.

2,385

16,456

Tyre

Industries

Ltd.

58,696

245,912

Kumho

Tire

Co.,

Inc.*

52,946

270,728

Lumax

Auto

Technologies

Ltd.

1,104

18,146

Minda

Corp.

Ltd.

3,724

27,358

Minth

Group

Ltd.

15,700

55,379

Motherson

Sumi

Wiring

India

Ltd.

45,189

19,233

MRF

Ltd.

66,792

Nan

Kang

Rubber

Tire

Co.

Ltd.

12,321

12,676

Nexteer

Automotive

Group

Ltd.

431,000

230,846

Ningbo

Tuopu

Group

Co.

Ltd.,

Class

2,465

17,042

PATEO

CONNECT

Technology

Shanghai

Corp.,

Class

1,720

28,580

Sailun

Group

Co.

Ltd.,

Class

9,200

19,306

Samhyun

Co.

Ltd.

450

11,884

Samvardhana

Motherson

International

Ltd.

58,443

92,336

Sansera

Engineering

Ltd.(a)

1,518

53,247

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Automobile

Components

(continued)

Schaeffler

India

Ltd.

574

24,540

Sensteed

Hi-tech

Group,

Class

13,300

5,243

Shandong

Linglong

Tyre

Co.

Ltd.,

Class

4,400

7,571

Shenzhen

VMAX

New

Energy

Group

Co.

Ltd.,

Class

1,994

8,824

Corp.

5,796

215,058

Sona

Blw

Precision

Forgings

Ltd.(a)

6,030

48,624

SPR

Auto

Technologies

Ltd.

368

16,952

Sundram

Fasteners

Ltd.

4,784

49,008

Tong

Yang

Industry

Co.

Ltd.

188,788

415,907

Tube

Investments

India

Ltd.

1,610

46,453

TVS

Holdings

Ltd.

150

23,130

UNO

Minda

Ltd.

3,527

43,637

WeRide

Inc.,

ADR*(b)

3,510

20,428

Commercial

Vehicle

Control

Systems

India

Ltd.

552

13,988

4,479,821

Automobiles

1.8%

BAIC

BluePark

New

Energy

Technology

Co.

Ltd.,

Class

5,000

4,461

BAIC

Foton

Motor

Co.

Ltd.,

Class

22,100

10,317

Bajaj

Auto

Ltd.

874

105,528

Brilliance

China

Automotive

Holdings

Ltd.(b)

1,172,000

306,392

BYD

Co.

Ltd.,

Class

6,900

97,934

BYD

Co.

Ltd.,

Class

H(b)

47,300

567,906

China

Automotive

Engineering

Research

Institute

Co.

Ltd.,

Class

4,700

10,239

China

Motor

Corp.

92,000

151,156

Chongqing

Changan

Automobile

Co.

Ltd.,

Class

7,908

9,223

Chongqing

Changan

Automobile

Co.

Ltd.,

Class

18,990

8,670

DongFeng

Automobile

Co.

Ltd.,

Class

13,800

11,658

Eicher

Motors

Ltd.

2,116

173,722

Ford

Otomotiv

Sanayi

A/S

12,282

20,700

Geely

Automobile

Holdings

Ltd.

138,000

348,449

Great

Wall

Motor

Co.

Ltd.,

Class

4,700

11,709

Great

Wall

Motor

Co.

Ltd.,

Class

41,000

47,475

Guangzhou

Automobile

Group

Co.

Ltd.,

Class

4,100

3,354

Guangzhou

Automobile

Group

Co.

Ltd.,

Class

H(b)

14,000

4,196

Hero

MotoCorp

Ltd.

1,794

101,268

Hong

Leong

Industries

Bhd.

32,200

139,627

Hyundai

Motor

Co.

3,358

913,870

Hyundai

Motor

Co.

(2nd

Preference)

506

70,841

Hyundai

Motor

Co.

(3rd

Preference)

828

116,734

Hyundai

Motor

Co.

(Preference)

104

13,831

Hyundai

Motor

India

Ltd.

1,426

32,591

Kia

Corp.

5,612

519,200

Investments

Value

Automobiles

(continued)

Auto,

Inc.,

Class

13,800

93,976

Mahindra

Ltd.

12,972

462,038

Maruti

Suzuki

India

Ltd.

1,748

260,766

NIO,

Inc.,

Class

22,080

109,307

Ola

Electric

Mobility

Ltd.*

77,096

31,238

SAIC

Motor

Corp.

Ltd.,

Class

11,800

19,796

Sanyang

Motor

Co.

Ltd.

267,895

537,133

Seres

Group

Co.

Ltd.,

Class

2,200

20,296

Tata

Motors

Passenger

Vehicles

Ltd.

25,254

89,923

Tofas

Turk

Otomobil

Fabrikasi

A/S

2,655

15,223

TVS

Motor

Co.

Ltd.

3,404

153,873

XPeng,

Inc.,

Class

A*(b)

18,100

116,795

Yadea

Group

Holdings

Ltd.(a)(b)

12,000

16,420

Yulon

Motor

Co.

Ltd.

272,247

235,865

Zhejiang

Leapmotor

Technology

Co.

Ltd.,

Class

H*(a)(b)

9,400

47,901

6,011,601

Banks

12.1%

Absa

Group

Ltd.

19,090

262,868

Abu

Dhabi

Commercial

Bank

PJSC

73,324

299,461

Abu

Dhabi

Islamic

Bank*

193,062

199,479

Abu

Dhabi

Islamic

Bank

PJSC

20,010

115,610

AFFIN

Bank

Bhd.

7,554

4,085

Agricultural

Bank

China

Ltd.,

Class

276,000

282,236

Agricultural

Bank

China

Ltd.,

Class

644,000

518,216

Ahli

Bank

QSC

29,516

32,937

Akbank

TAS

68,356

91,190

Ahli

Bank

Kuwait

KSCP

24,720

21,412

Rajhi

Bank

38,709

644,721

Rayan

Bank

82,984

45,355

Alinma

Bank

34,932

217,284

Alliance

Bank

Malaysia

Bhd.

30,847

35,931

Alpha

Bank

29,762

146,079

AMMB

Holdings

Bhd.

64,400

106,532

Arab

National

Bank

21,298

123,064

Small

Finance

Bank

Ltd.(a)

6,895

75,681

Axis

Bank

Ltd.

30,360

391,213

Banco

Bradesco

33,700

106,062

Banco

Bradesco

(Preference)

124,200

450,534

Banco

Bogota

2,792

34,357

Banco

Chile

662,492

138,217

Banco

Credito

Inversiones

1,288

92,805

Banco

del

Bajio

SA(a)

13,800

45,901

Banco

Brasil

41,400

173,972

Banco

Estado

Rio

Grande

Sul

(Preference),

Class

78,200

216,408

Banco

Itau

Chile

1,943

43,946

Banco

Mercantil

Brasil

(Preference)

8,188

93,312

Banco

Santander

Brasil

9,200

51,825

Banco

Santander

Chile

943,966

82,341

Bandhan

Bank

Ltd.(a)

15,051

27,468

Bangkok

Bank

PCL,

NVDR

13,800

79,141

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Banks

(continued)

Bank

AlBilad

10,810

70,781

Bank

Al-Jazira

8,970

29,020

Bank

Central

Asia

Tbk

703,800

247,390

Bank

Islam

Malaysia

Bhd.

402,900

210,003

Bank

Jago

Tbk

PT*

133,400

9,045

Bank

Mandiri

Persero

Tbk

846,480

197,107

Bank

Negara

Indonesia

Persero

Tbk

322,000

63,169

Bank

OCBC

Nisp

Tbk

1,283,400

92,008

Bank

Baroda

25,712

65,375

Bank

Beijing

Co.

Ltd.,

Class

41,700

32,260

Bank

Changsha

Co.

Ltd.,

Class

9,400

13,276

Bank

Chengdu

Co.

Ltd.,

Class

10,600

29,062

Bank

China

Ltd.,

Class

124,200

111,544

Bank

China

Ltd.,

Class

1,840,000

1,292,899

Bank

Chongqing

Co.

Ltd.,

Class

5,400

9,139

Bank

Chongqing

Co.

Ltd.,

Class

23,000

25,107

Bank

Communications

Co.

Ltd.,

Class

68,500

72,890

Bank

Communications

Co.

Ltd.,

Class

190,000

183,177

Bank

Hangzhou

Co.

Ltd.,

Class

14,100

34,375

Bank

India

21,338

30,850

Bank

Jiangsu

Co.

Ltd.,

Class

36,380

63,782

Bank

Kaohsiung

Co.

Ltd.

46,460

17,394

Bank

Maharashtra

28,294

23,524

Bank

Nanjing

Co.

Ltd.,

Class

26,000

44,813

Bank

Ningbo

Co.

Ltd.,

Class

11,950

56,460

Bank

Shanghai

Co.

Ltd.,

Class

16,800

23,529

Bank

the

Philippine

Islands

54,740

91,651

Bank

Xi'an

Co.

Ltd.,

Class

4,900

2,665

Bank

Pan

Indonesia

Tbk

1,255,800

62,462

Bank

Rakyat

Indonesia

Persero

Tbk

1,426,000

240,916

Bank

Tabungan

Negara

Persero

Tbk

PT*

2,240,200

151,264

Banque

Saudi

Fransi

26,266

138,202

BDO

Unibank,

Inc.

51,434

104,599

BNK

Financial

Group,

Inc.

7,268

77,334

BOC

Hong

Kong

Holdings

Ltd.

85,500

569,157

Boubyan

Bank

KSCP

21,938

45,663

Burgan

Bank

SAK

36,468

22,159

Canara

Bank

45,713

59,877

Capitec

Bank

Holdings

Ltd.

1,288

366,845

Central

Bank

India

Ltd.

22,724

7,376

Chang

Hwa

Commercial

Bank

Ltd.

169,705

132,324

China

Banking

Corp.

27,990

24,255

China

CITIC

Bank

Corp.

Ltd.,

Class

14,500

16,805

China

CITIC

Bank

Corp.

Ltd.,

Class

184,000

181,381

China

Construction

Bank

Corp.,

Class

37,800

60,782

China

Construction

Bank

Corp.,

Class

2,254,000

2,647,335

Investments

Value

Banks

(continued)

China

Everbright

Bank

Co.

Ltd.,

Class

64,400

30,255

China

Everbright

Bank

Co.

Ltd.,

Class

53,000

21,561

China

Merchants

Bank

Co.

Ltd.,

Class

36,800

216,081

China

Merchants

Bank

Co.

Ltd.,

Class

H(b)

62,500

405,689

China

Minsheng

Banking

Corp.

Ltd.,

Class

47,400

25,430

China

Minsheng

Banking

Corp.

Ltd.,

Class

161,000

74,529

China

Zheshang

Bank

Co.

Ltd.,

Class

14,100

6,332

China

Zheshang

Bank

Co.

Ltd.,

Class

H(b)

60,900

18,561

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

Class

18,800

18,835

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

Class

46,000

38,482

CIMB

Group

Holdings

Bhd.

197,840

381,979

City

Union

Bank

Ltd.

23,671

51,229

CNPC

Capital

Co.

Ltd.,

Class

14,700

15,686

Commercial

Bank

PSQC

(The)

71,852

81,305

Commercial

International

Bank

Egypt

(CIB)

61,324

169,046

Commercial

International

Bank

Egypt

(CIB)

(Registered),

GDR(a)

440

1,185

CrediaBank

SA*

7,314

8,415

Credicorp

Ltd.

1,564

626,507

Credit

Bank

Moscow

PJSC*‡

229,590

—

CTBC

Financial

Holding

Co.

Ltd.

446,271

896,160

Doha

Bank

QPSC

941,298

749,212

Dubai

Islamic

Bank

PJSC

69,368

137,308

Dukhan

Bank

22,264

19,873

E.Sun

Financial

Holding

Co.

Ltd.

217,092

259,618

Emirates

NBD

Bank

PJSC

56,948

468,261

Eurobank

57,638

295,104

Far

Eastern

International

Bank

121,884

50,912

Federal

Bank

Ltd.

25,346

95,325

First

Abu

Dhabi

Bank

PJSC

102,209

539,875

First

Financial

Holding

Co.

Ltd.

138,000

156,920

Grupo

Aval

Acciones

Valores

(Preference)

106,455

28,554

Grupo

Cibest

6,302

179,091

Grupo

Cibest

(Preference)

9,798

231,982

Grupo

Financiero

Banorte

SAB

CV,

Class

64,400

744,499

Grupo

Financiero

Inbursa

SAB

CV,

Class

50,600

129,749

Gulf

Bank

KSCP

40,318

45,869

Haci

Omer

Sabanci

Holding

A/S

12,604

22,410

Hana

Financial

Group,

Inc.

6,256

550,258

HDFC

Bank

Ltd.

150,420

1,179,445

Hong

Leong

Bank

Bhd.

18,400

99,238

Hong

Leong

Financial

Group

Bhd.

4,900

22,207

Housing

Development

Bank

6,798

11,031

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Banks

(continued)

Hua

Nan

Financial

Holdings

Co.

Ltd.

144,918

195,950

Huaxia

Bank

Co.

Ltd.,

Class

36,000

37,187

Huishang

Bank

Corp.

Ltd.,

Class

38,000

24,617

ICICI

Bank

Ltd.

68,678

1,033,175

IDFC

First

Bank

Ltd.

80,362

71,321

Financial

Group

Co.

Ltd.

59,340

705,487

Indian

Bank

7,117

62,394

IndusInd

Bank

Ltd.

6,762

71,752

Industrial

Commercial

Bank

China

Ltd.,

Class

197,800

234,222

Industrial

Commercial

Bank

China

Ltd.,

Class

1,748,000

1,674,082

Industrial

Bank

Co.

Ltd.,

Class

36,800

103,077

Industrial

Bank

Korea

5,796

83,950

Intercorp

Financial

Services,

Inc.(a)

856

49,648

Itau

Unibanco

Holding

10,000

89,831

Itau

Unibanco

Holding

(Preference)

123,265

1,040,583

Itausa

21,926

60,073

Itausa

(Preference)

145,626

396,121

Jammu

Kashmir

Bank

Ltd.

(The)

168,912

276,165

Financial

Group

Co.

Ltd.

2,885

53,523

Jiangsu

Changshu

Rural

Commercial

Bank

Co.

Ltd.,

Class

8,917

8,497

Bank

Co.

Ltd.*

4,002

15,691

KakaoBank

Corp.

3,910

60,610

Karur

Vysya

Bank

Ltd.

(The)

15,400

55,272

Kasikornbank

PCL,

NVDR

27,600

201,674

Financial

Group,

Inc.

8,234

973,156

Kiatnakin

Phatra

Bank

PCL,

NVDR

5,100

16,953

Komercni

Banka

A/S

1,702

84,970

Kotak

Mahindra

Bank

Ltd.

70,656

289,022

Krung

Thai

Bank

PCL,

NVDR

78,200

103,627

Kuwait

Finance

House

KSCP

187,726

476,293

Kuwait

International

Bank

KSCP

13,655

11,254

Kuwait

Projects

Co.

Holding

KSCP*

27,462

7,083

Malayan

Banking

Bhd.

179,400

478,517

Mashreqbank

PSC

552

38,626

MBSB

Bhd.

119,900

18,631

Mega

Financial

Holding

Co.

Ltd.

171,964

282,536

Metropolitan

Bank

Trust

Co.

35,250

37,830

Moneta

Money

Bank

A/S(a)

6,992

63,896

National

Bank

Greece

18,998

351,916

National

Bank

Kuwait

SAKP

124,759

345,970

National

Bank

Ras

Al-Khaimah

PSC

(The)

15,272

38,089

Nedbank

Group

Ltd.

10,212

172,536

O-Bank

Co.

Ltd.

92,000

29,178

OTP

Bank

Nyrt

4,646

686,435

Philippine

National

Bank

228,620

232,653

Ping

Bank

Co.

Ltd.,

Class

30,600

52,742

Piraeus

Bank

SA*

16,606

191,060

Postal

Savings

Bank

China

Co.

Ltd.,

Class

H(a)(b)

184,000

119,200

Investments

Value

Banks

(continued)

Public

Bank

Bhd.

354,200

448,113

Punjab

National

Bank

46,368

54,773

Qatar

International

Islamic

Bank

QSC

15,410

45,794

Qatar

Islamic

Bank

QPSC

25,484

151,602

Qatar

National

Bank

QPSC

99,314

451,973

RBL

Bank

Ltd.(a)

18,906

74,403

Regional

SAB

1,197

9,812

RHB

Bank

Bhd.

87,451

182,970

Riyad

Bank

43,485

235,517

Saudi

Awwal

Bank

22,448

202,274

Saudi

Investment

Bank

(The)

12,144

44,819

Saudi

National

Bank

(The)

66,470

693,815

Sberbank

Russia

PJSC*‡

369,050

—

Sberbank

Russia

PJSC

(Preference)*‡

39,708

—

SCB

PCL,

NVDR

18,400

84,306

Shanghai

Commercial

Savings

Bank

Ltd.

(The)

92,920

130,673

Shanghai

Pudong

Development

Bank

Co.

Ltd.,

Class

64,400

90,765

Shanghai

Rural

Commercial

Bank

Co.

Ltd.,

Class

20,000

25,461

Sharjah

Islamic

Bank

53,299

42,084

Shinhan

Financial

Group

Co.

Ltd.

10,488

740,788

SinoPac

Financial

Holdings

Co.

Ltd.

204,531

256,938

South

Indian

Bank

Ltd.

(The)

477,020

233,473

Standard

Bank

Group

Ltd.

29,670

590,164

State

Bank

India

25,300

272,423

Taichung

Commercial

Bank

Co.

Ltd.

62,132

39,410

Taiwan

Business

Bank

184,000

103,617

Taiwan

Cooperative

Financial

Holding

Co.

Ltd.

154,738

132,144

Tamilnad

Mercantile

Bank

Ltd.

28,888

257,862

Thanachart

Capital

PCL,

NVDR

19,300

45,226

Tisco

Financial

Group

PCL,

NVDR

9,400

36,173

TMBThanachart

Bank

PCL,

NVDR

1,117,900

102,441

Financial

Holding

Co.

Ltd.

584,474

650,139

Turkiye

Garanti

Bankasi

A/S

13,019

33,804

Turkiye

Bankasi

A/S,

Class

9,866

Turkiye

Bankasi

A/S,

Class

175,214

45,974

Turkiye

Vakiflar

Bankasi

TAO,

Class

26,299

16,170

Ujjivan

Small

Finance

Bank

Ltd.*(a)

33,442

25,148

Union

Bank

India

Ltd.

37,950

68,108

Union

Bank

Taiwan

63,713

40,906

VTB

Bank

PJSC*‡

27,302

—

Warba

Bank

KSCP

41,674

37,579

Woori

Financial

Group,

Inc.

14,720

346,912

Yapi

Kredi

Bankasi

A/S*

74,579

51,409

Yes

Bank

Ltd.*

243,110

58,016

41,275,601

Beverages

0.6%

Ambev

101,200

318,500

Anadolu

Efes

Biracilik

Malt

Sanayii

A/S,

Class

53,500

24,631

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Beverages

(continued)

Anhui

Gujing

Distillery

Co.

Ltd.,

Class

600

8,443

Anhui

Gujing

Distillery

Co.

Ltd.,

Class

1,100

8,892

Arca

Continental

SAB

10,082

115,321

Becle

SAB

CV(b)

9,200

8,251

Carabao

Group

PCL,

NVDR

18,100

27,779

Carlsberg

Brewery

Malaysia

Bhd.

4,600

17,943

China

Foods

Ltd.

276,000

121,429

China

Resources

Beer

Holdings

Co.

Ltd.

31,107

93,857

Chongqing

Brewery

Co.

Ltd.,

Class

1,800

12,410

Cia

Cervecerias

Unidas

7,263

42,124

Coca-Cola

Icecek

A/S

21,666

41,509

Eastroc

Beverage

Group

Co.

Ltd.,

Class

1,014

20,423

Embotelladora

Andina

(Preference),

Class

4,140

16,052

Embotelladora

Andina

(Preference),

Class

10,506

52,390

Emperador,

Inc.

26,200

6,736

Ginebra

San

Miguel,

Inc.

28,980

126,107

Guangzhou

Zhujiang

Brewery

Co.

Ltd.,

Class

1,700

2,270

Heineken

Malaysia

Bhd.

500

2,347

Hite

Jinro

Co.

Ltd.

13,294

143,598

Jiangsu

Yanghe

Distillery

Co.

Ltd.,

Class

600

3,815

JiuGui

Liquor

Co.

Ltd.,

Class

500

3,101

Kweichow

Moutai

Co.

Ltd.,

Class

1,200

240,194

Lotte

Chilsung

Beverage

Co.

Ltd.

1,564

110,797

Luzhou

Laojiao

Co.

Ltd.,

Class

1,000

13,476

Nongfu

Spring

Co.

Ltd.,

Class

H(a)(b)

26,000

145,159

Osotspa

PCL,

NVDR

31,100

16,392

Radico

Khaitan

Ltd.

1,373

62,463

Shanxi

Xinghuacun

Fen

Wine

Factory

Co.

Ltd.,

Class

960

18,103

Tilaknagar

Industries

Ltd.

3,060

14,918

Tsingtao

Brewery

Co.

Ltd.,

Class

10,000

59,427

United

Breweries

Ltd.

1,379

20,505

United

Spirits

Ltd.

4,968

78,929

Varun

Beverages

Ltd.

18,609

86,263

Wuliangye

Yibin

Co.

Ltd.,

Class

3,600

41,615

ZJLD

Group,

Inc.(a)(b)

7,000

7,115

2,133,284

Biotechnology

0.6%

Abbisko

Cayman

Ltd.*

7,000

9,007

ABLBio

Inc.*

460

21,553

Akeso

Inc.*(a)(b)

7,000

83,867

Alphamab

Oncology*(a)

25,000

23,815

Alteogen

Inc.

506

109,491

APRILBIO

Co.

Ltd.*

690

10,720

Ascentage

Pharma

Group

International*(a)(b)

4,500

19,397

Investments

Value

Biotechnology

(continued)

BeOne

Medicines

Ltd.,

Class

405

15,429

BeOne

Medicines

Ltd.,

Class

10,900

269,664

Biocon

Ltd.

9,395

41,916

CanSino

Biologics,

Inc.,

Class

H*(a)

800

2,375

CARsgen

Therapeutics

Holdings

Ltd.*(a)(b)

9,000

15,391

Celltrion,

Inc.

2,076

271,859

CStone

Pharmaceuticals*(a)

22,500

12,395

D&D

PharmaTech

Inc.*

1,275

45,073

Dizal

Jiangsu

Pharmaceutical

Co.

Ltd.,

Class

1,201

9,086

Duality

Biotherapeutics,

Inc.*

400

9,274

Everest

Medicines

Ltd.*(a)(b)

5,500

17,745

Biopharma

Corp.

138

11,219

Hugel,

Inc.*

194

31,637

InnoCare

Pharma

Ltd.,

Class

H*(a)

20,000

34,789

Innovent

Biologics,

Inc.*(a)

19,500

215,600

Keymed

Biosciences,

Inc.*(a)

4,000

37,288

L&C

Bio

Co.

Ltd.

805

29,305

Lepu

Biopharma

Co.

Ltd.,

Class

H*(a)(b)

45,000

24,561

Naturecell

Co.

Ltd.*

1,980

30,553

OliX

Pharmaceuticals,

Inc.*

598

39,763

Pell

Bio-Med

Technology

Co.

Ltd.*

2,000

49,259

PharmaEssentia

Corp.

4,799

157,389

PharmaResearch

Co.

Ltd.

234

55,558

Qurient

Co.

Ltd.*

1,058

12,363

Remegen

Co.

Ltd.,

Class

450

7,539

Remegen

Co.

Ltd.,

Class

H*(a)

3,000

31,276

Shanghai

Henlius

Biotech,

Inc.,

Class

H*(a)(b)

3,100

22,000

Shanghai

Junshi

Biosciences

Co.

Ltd.,

Class

1,629

8,814

Shanghai

RAAS

Blood

Products

Co.

Ltd.,

Class

13,800

10,594

Sichuan

Kelun

-Biotech

Biopharmaceutical

Co.

Ltd.,

Class

300

18,509

Bioscience

Co.

Ltd.*

1,150

27,304

SunMax

Biotechnology

Co.

Ltd.

1,000

11,851

Voronoi,

Inc.*

135

10,501

Zai

Lab

Ltd.*(b)

18,700

34,102

1,899,831

Broadline

Retail

2.1%

Alibaba

Group

Holding

Ltd.

239,200

3,568,966

CCOOP

Group

Co.

Ltd.,

Class

45,000

9,470

Central

Retail

Corp.

PCL,

NVDR

60,275

48,285

Easyhome

New

Retail

Group

Co.

Ltd.,

Class

14,400

4,844

Puerto

Liverpool

SAB

CV,

Class

5,200

31,184

Falabella

17,756

118,874

Far

Eastern

Department

Stores

Ltd.

368,000

252,211

GoTo

Gojek

Tokopedia

Tbk

PT,

Class

12,906,200

35,862

Hyundai

Department

Store

Co.

Ltd.

4,508

375,640

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Broadline

Retail

(continued)

JD.com,

Inc.,

Class

58,450

947,383

Lotte

Shopping

Co.

Ltd.

4,462

367,113

Magazine

Luiza

153,390

151,861

MINISO

Group

Holding

Ltd.

7,968

26,053

momo.com,

Inc.

1,891

14,364

Naspers

Ltd.,

Class

10,074

527,996

Poya

International

Co.

Ltd.

1,028

22,902

Shinsegae,

Inc.

2,300

682,402

Vishal

Mega

Mart

Ltd.*

34,638

38,880

Woolworths

Holdings

Ltd.

20,680

58,699

7,282,989

Building

Products

0.1%

Astral

Ltd.

1,227

18,628

Beijing

New

Building

Materials

plc,

Class

4,500

12,858

Blue

Star

Ltd.

1,974

34,782

China

Lesso

Group

Holdings

Ltd.

322,000

166,305

Kajaria

Ceramics

Ltd.

2,760

34,662

Sung

Kwang

Bend

Co.

Ltd.

414

7,768

Supreme

Industries

Ltd.

997

36,210

Taiwan

Glass

Industry

Corp.*

31,834

45,014

Xinyi

Glass

Holdings

Ltd.(b)

50,642

60,190

Zhuzhou

Kibing

Group

Co.

Ltd.,

Class

8,800

7,382

423,799

Capital

Markets

2.3%

360

ONE

WAM

Ltd.

4,510

53,662

Aditya

Birla

Sun

Life

Asset

Management

Co.

Ltd.

598

6,341

Administradora

Fondos

Pensiones

Habitat

70,840

102,955

Anand

Rathi

Wealth

Ltd.

1,476

32,079

Angel

One

Ltd.

5,520

17,237

Authum

Investment

Infrastucture

Ltd.

2,530

14,300

Brasil

Bolsa

Balcao

69,000

213,628

Banco

BTG

Pactual

18,400

205,706

Billionbrains

Garage

Ventures

Ltd.*(a)

10,166

20,709

Bolsa

Mexicana

Valores

SAB

18,100

40,153

Boursa

Kuwait

Securities

Co.

KPSC

1,296

11,749

Bursa

Malaysia

Bhd.

9,500

19,993

Caitong

Securities

Co.

Ltd.,

Class

2,820

3,502

Capital

Securities

Co.

Ltd.,

Class

4,400

9,540

Capital

Securities

Corp.

825,503

873,548

China

Bills

Finance

Corp.

343,312

177,929

China

Cinda

Asset

Management

Co.

Ltd.,

Class

H(b)

3,634,000

458,792

China

CITIC

Financial

Asset

Management

Co.

Ltd.,

Class

H*(a)

(b)

423,000

31,826

China

Everbright

Ltd.(b)

284,000

211,508

Investments

Value

Capital

Markets

(continued)

China

Galaxy

Securities

Co.

Ltd.,

Class

14,400

26,954

China

Galaxy

Securities

Co.

Ltd.,

Class

88,000

85,401

China

International

Capital

Corp.

Ltd.,

Class

H(a)(b)

37,600

103,571

China

Merchants

Securities

Co.

Ltd.,

Class

11,820

30,813

China

Merchants

Securities

Co.

Ltd.,

Class

H(a)

7,200

13,378

Choice

International

Ltd.*

3,559

30,696

CITIC

Securities

Co.

Ltd.,

Class

13,800

58,145

CITIC

Securities

Co.

Ltd.,

Class

23,000

80,132

Coronation

Fund

Managers

Ltd.

124,706

319,766

CRISIL

Ltd.

384

17,546

CSC

Financial

Co.

Ltd.,

Class

4,900

18,714

CSC

Financial

Co.

Ltd.,

Class

H(a)

321,500

482,972

Daishin

Securities

Co.

Ltd.

11,500

208,512

Daishin

Securities

Co.

Ltd.

(Preference)

8,418

116,082

Daou

Technology,

Inc.

8,464

217,581

Dubai

Financial

Market

PJSC

26,726

10,260

Edelweiss

Financial

Services

Ltd.

14,628

17,703

EFG

Holding

S.A.E.

411,378

210,716

Everbright

Securities

Co.

Ltd.,

Class

4,700

10,309

Founder

Securities

Co.

Ltd.,

Class

3,000

3,157

Securities

Co.

Ltd.,

Class

14,700

46,534

Securities

Co.

Ltd.,

Class

18,800

40,949

Guangzhou

Yuexiu

Capital

Holdings

Group

Co.

Ltd.,

Class

13,800

16,075

Guolian

Minsheng

Securities

Co.

Ltd.,

Class

9,200

12,285

Guosen

Securities

Co.

Ltd.,

Class

14,600

22,330

Guotai

Haitong

Securities

Co.

Ltd.,

Class

23,014

62,621

Guotai

Haitong

Securities

Co.

Ltd.,

Class

H(a)(b)

55,351

105,385

Guotai

Junan

International

Holdings

Ltd.(b)

92,000

24,403

Hanwha

Investment

Securities

Co.

Ltd.*

45,237

131,678

HDFC

Asset

Management

Co.

Ltd.(a)

2,944

80,710

Hedef

Holdings

A/S*

7,958

50,947

Huatai

Securities

Co.

Ltd.,

Class

9,500

27,623

Huatai

Securities

Co.

Ltd.,

Class

H(a)

27,600

59,448

IBF

Financial

Holdings

Co.

Ltd.

105,424

50,887

Indian

Energy

Exchange

Ltd.(a)

15,730

21,801

Industrial

Securities

Co.

Ltd.,

Class

12,250

10,965

International

Financial

Advisors

KSC*

13,909

16,408

Investec

Ltd.

4,653

40,325

Yatirim

Menkul

Degerler

A/S

14,639

10,639

Financial

Ltd.

185,380

237,342

JSE

Ltd.

31,326

285,225

J-Yuan

Trust

Co.

Ltd.,

Class

22,100

8,385

Kfin

Technologies

Ltd.

3,015

29,636

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Capital

Markets

(continued)

KIWOOM

Securities

Co.

Ltd.

344

70,817

Korea

Investment

Holdings

Co.

Ltd.

966

139,916

Maharashtra

Scooters

Ltd.

12,543

Mirae

Asset

Securities

Co.

Ltd.

2,936

71,150

Mirae

Asset

Securities

Co.

Ltd.

(Preference)

1,702

13,060

Mirae

Asset

Venture

Investment

Co.

Ltd.*

598

5,243

Moscow

Exchange

MICEX-RTS

PJSC*‡

29,911

—

Motilal

Oswal

Financial

Services

Ltd.

2,350

20,983

Multi

Commodity

Exchange

India

Ltd.

1,542

43,509

National

Securities

Depository

Ltd.

2,392

20,444

Investment

Securities

Co.

Ltd.

3,266

65,288

Ninety

One

Ltd.

8,464

23,176

Nippon

Life

India

Asset

Management

Ltd.(a)

2,736

33,303

Noor

Financial

Investment

Co.

KSC

80,776

110,695

Nuvama

Wealth

Management

Ltd.

690

13,044

Orient

Securities

Co.

Ltd.,

Class

12,032

16,387

Orient

Securities

Co.

Ltd.,

Class

H(a)

20,400

14,855

Pihsiang

Machinery

Manufacturing

Co.

Ltd.*‡

5,000

—

Polaris

Bay

Group

Co.

Ltd.,

Class

13,800

12,271

President

Securities

Corp.

410,867

550,467

Prudent

Corporate

Advisory

Services

Ltd.

322

11,110

PSG

Financial

Services

Ltd.

15,750

32,069

Reinet

Investments

SCA

3,404

92,347

Samsung

Securities

Co.

Ltd.

1,564

109,481

Saudi

Tadawul

Group

Holding

Co.

368

11,622

Shenwan

Hongyuan

Group

Co.

Ltd.,

Class

19,700

13,693

Shenwan

Hongyuan

Group

Co.

Ltd.,

Class

H(a)

40,800

13,372

Shinyoung

Securities

Co.

Ltd.

1,886

185,597

Sociedad

Inversiones

Oro

Blanco

1,228,479

13,363

SPIC

Industry-Finance

Holdings

Co.

Ltd.,

Class

10,000

8,151

Tata

Investment

Corp.

Ltd.

2,400

17,090

Tera

Finansal

Yatirimlar

Holding

A/S*

414

16,151

Tera

Yatirim

Menkul

Degerler

A/S*

4,140

15,680

Tianfeng

Securities

Co.

Ltd.,

Class

27,000

14,845

UTI

Asset

Management

Co.

Ltd.

2,576

24,382

Xiangcai

Co.

Ltd.,

Class

4,900

6,332

Yuanta

Futures

Co.

Ltd.

53,924

146,160

Zhejiang

Orient

Holdings

Group

Co.

Ltd.,

Class

13,800

10,635

7,939,397

Chemicals

2.3%

Aarti

Industries

Ltd.

9,246

47,395

Investments

Value

Chemicals

(continued)

Abou

Kir

Fertilizers

Chemical

Industries

7,584

10,824

ADAMA

Ltd.,

Class

4,900

3,871

Advanced

Petrochemical

Co.*

5,566

32,606

Anupam

Rasayan

India

Ltd.*

1,242

15,722

Asian

Paints

Ltd.

9,246

266,222

Atul

Ltd.

495

34,948

Avia

Avian

Tbk

579,600

10,436

Barito

Pacific

Tbk

431,799

44,274

BASF

India

Ltd.

540

20,565

Bayer

CropScience

Ltd.

2,086

Berger

Paints

India

Ltd.

4,632

25,266

Boubyan

Petrochemicals

Co.

KSCP

176,439

353,562

Braskem

(Preference),

Class

69,000

81,078

Carborundum

Universal

Ltd.

4,653

51,877

Castrol

India

Ltd.

13,488

26,182

Cathay

Biotech,

Inc.,

Class

1,518

10,238

Chambal

Fertilisers

and

Chemicals

Ltd.

84,640

389,336

Chandra

Asri

Pacific

Tbk

141,600

16,998

China

Hainan

Rubber

Industry

Group

Co.

Ltd.,

Class

9,600

7,071

China

Lumena

New

Materials

Corp.*‡

22,200

—

China

Petrochemical

Development

Corp.*

1,426,000

334,008

China

Risun

Group

Ltd.(a)(b)

414,000

97,671

China

XLX

Fertiliser

Ltd.

188,000

219,848

Coromandel

International

Ltd.

1,898

41,248

Daxin

Materials

Corp.

1,221

11,768

DCM

Shriram

Ltd.

1,125

12,190

Deepak

Fertilisers

Petrochemicals

Corp.

Ltd.

2,295

37,349

Deepak

Nitrite

Ltd.

1,440

25,086

Holdings

Co.

Ltd.*

4,232

127,491

Dongjin

Semichem

Co.

Ltd.

1,334

36,632

Dongyue

Group

Ltd.

33,000

49,911

EID

Parry

India

Ltd.*

41,078

327,216

Eternal

Materials

Co.

Ltd.

16,388

30,374

Everlight

Chemical

Industrial

Corp.*

18,000

17,711

Fertiglobe

plc

8,602

6,230

Finolex

Industries

Ltd.

4,193

7,135

Formosa

Chemicals

Fibre

Corp.

51,209

90,949

Formosa

Plastics

Corp.

56,985

96,976

Fufeng

Group

Ltd.(b)

46,000

30,387

Ganfeng

Lithium

Group

Co.

Ltd.,

Class

H(a)

6,200

29,112

Grace

Fabric

Technology

Co.

Ltd.,

Class

700

13,292

Grandit

Co.

Ltd.,

Class

3,971

11,494

Guangzhou

Guanggang

Gases

Energy

Co.

Ltd.,

Class

3,870

18,044

Gubre

Fabrikalari

TAS*

1,794

15,043

Gujarat

Fluorochemicals

Ltd.

365

16,705

Han

Kuk

Carbon

Co.

Ltd.

1,284

19,228

Hansol

Chemical

Co.

Ltd.

318

46,394

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Chemicals

(continued)

Hanwha

Solutions

Corp.*

2,508

44,858

Hengli

Petrochemical

Co.

Ltd.,

Class

13,800

34,196

Hextar

Global

Bhd.

70,380

13,261

Himadri

Speciality

Chemical

Ltd.

4,493

35,347

Huabao

International

Holdings

Ltd.

17,000

7,067

Hyosung

TNC

Corp.

828

178,876

Impack

Pratama

Industri

Tbk

PT*

234,600

20,143

Indorama

Ventures

PCL,

NVDR

19,900

13,170

Inner

Mongolia

Berun

Chemical

Co.

Ltd.,

Class

9,200

8,153

ISU

Specialty

Chemical*

782

28,742

Jiangsu

Eastern

Shenghong

Co.

Ltd.,

Class

6,300

10,989

Jinan

Acetate

Chemical

Co.

Ltd.

224,357

334,949

JSW

Dulux

Ltd.

398

12,258

Jubilant

Ingrevia

Ltd.

2,701

20,826

Kansai

Nerolac

Paints

Ltd.

4,002

8,252

KCC

Corp.

106

28,848

Kolon

Industries,

Inc.

920

31,007

KuibyshevAzot

PJSC*‡

9,900

—

Kumho

Petrochemical

Co.

Ltd.

423

33,942

Lake

Materials

Co.

Ltd.

1,440

10,949

Group

Co.

Ltd.,

Class

4,600

11,167

Chem

Ltd.

1,058

191,460

Chem

Ltd.

(Preference)

7,487

Linde

India

Ltd.

282

19,935

Lotte

Chemical

Corp.

517

20,489

LOTTE

Fine

Chemical

Co.

Ltd.

5,428

169,994

Luxi

Chemical

Group

Co.

Ltd.,

Class

1,800

3,372

Meihua

Holdings

Group

Co.

Ltd.,

Class

10,900

13,133

Mesaieed

Petrochemical

Holding

Co.

102,228

30,716

Misr

Fertilizers

Production

Co.

SAE

19,988

14,310

Nan

Pao

Resins

Chemical

Co.

Ltd.

2,000

19,091

Nan

Plastics

Corp.

73,764

364,038

National

Industrialization

Co.*

12,834

29,048

Navin

Fluorine

International

Ltd.

450

35,690

Ningbo

Shanshan

Co.

Ltd.,

Class

4,500

8,490

Ningxia

Baofeng

Energy

Group

Co.

Ltd.,

Class

8,700

30,029

Nizhnekamskneftekhim

PJSC*‡

28,600

—

Nizhnekamskneftekhim

PJSC

(Preference)*‡

26,400

—

OCI

Co.

Ltd.*

184

8,892

OCI

Holdings

Co.

Ltd.

230

30,700

Omnia

Holdings

Ltd.

59,340

378,421

Orbia

Advance

Corp.

SAB

CV*

36,800

51,837

Organichesky

Sintez

PJSC*‡

11,550

—

Paradeep

Phosphates

Ltd.(a)

173,466

267,848

PCBL

Chemical

Ltd.

6,996

23,309

Peric

Special

Gases

Co.

Ltd.,

Class

631

24,875

Petkim

Petrokimya

Holding

A/S*

51,612

20,764

Petronas

Chemicals

Group

Bhd.

31,300

36,612

Investments

Value

Chemicals

(continued)

PhosAgro

PJSC*‡

1,540

—

Industries

Ltd.

1,189

34,284

Pidilite

Industries

Ltd.

6,486

109,538

Privi

Speciality

Chemicals

Ltd.

450

17,059

PTT

Global

Chemical

PCL,

NVDR

21,700

23,882

Qinghai

Salt

Lake

Industry

Co.

Ltd.,

Class

6,500

26,318

Rongsheng

Petrochemical

Co.

Ltd.,

Class

14,600

26,744

SABIC

Agri-Nutrients

Co.

3,174

103,870

Sahara

International

Petrochemical

Co.

1,892

6,413

Sasa

Polyester

Sanayi

A/S*

73,575

3,824

Sasol

Ltd.*

12,374

145,247

Satellite

Chemical

Co.

Ltd.,

Class

4,662

17,542

Saudi

Aramco

Base

Oil

Co.

983

33,164

Saudi

Basic

Industries

Corp.

11,362

150,061

Saudi

Industrial

Investment

Group

4,363

13,883

Saudi

Kayan

Petrochemical

Co.*

7,875

10,485

Scientex

Bhd.

24,900

22,545

Shandong

Hualu

Hengsheng

Chemical

Co.

Ltd.,

Class

1,963

6,269

Shanghai

Chlor-Alkali

Chemical

Co.

Ltd.,

Class

10,000

6,640

Shanghai

Pret

Composites

Co.

Ltd.,

Class

4,400

5,934

Shanghai

Putailai

New

Energy

Technology

Group

Co.

Ltd.,

Class

4,060

14,320

Shinkong

Synthetic

Fibers

Corp.

486,961

312,647

Shiny

Chemical

Industrial

Co.

Ltd.

2,322

10,813

Sichuan

Hebang

Biotechnology

Co.

Ltd.,

Class

18,400

6,463

Sichuan

Yahua

Industrial

Group

Co.

Ltd.,

Class

3,600

9,353

Sinofert

Holdings

Ltd.

1,196,000

198,276

SKC

Co.

Ltd.*

268

13,572

Sociedad

Quimica

Minera

Chile

(Preference),

Class

1,932

130,468

Solar

Applied

Materials

Technology

Corp.

12,078

37,147

Solar

Industries

India

Ltd.

373

71,895

Soulbrain

Co.

Ltd.

184

32,588

SRF

Ltd.

1,780

48,924

Sumitomo

Chemical

India

Ltd.

2,585

13,825

Supreme

Petrochem

Ltd.

2,115

15,808

Taiwan

Fertilizer

Co.

Ltd.

32,360

45,858

Taiwan

Speciality

Chemicals

Corp.

2,000

13,398

Tata

Chemicals

Ltd.

2,679

18,912

Tianqi

Lithium

Corp.,

Class

800

5,377

Tinergy

Chemical

Co.

Ltd.,

Class

7,975

5,484

Tongkun

Group

Co.

Ltd.,

Class

4,600

15,271

Unipar

Carbocloro

(Preference),

Class

3,300

41,043

UPL

Ltd.

12,282

77,787

Vinati

Organics

Ltd.

855

11,690

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Chemicals

(continued)

Wanhua

Chemical

Group

Co.

Ltd.,

Class

4,100

45,274

Yanbu

National

Petrochemical

Co.

4,275

34,947

Yunnan

Yuntianhua

Co.

Ltd.,

Class

4,700

20,806

Zangge

Mining

Co.

Ltd.,

Class

2,400

28,675

Zhejiang

Longsheng

Group

Co.

Ltd.,

Class

9,600

18,894

Zhejiang

NHU

Co.

Ltd.,

Class

4,800

21,348

7,992,154

Commercial

Services

Supplies

0.3%

Catrion

Catering

Holding

Co.

1,912

35,511

China

Everbright

Environment

Group

Ltd.(b)

96,000

62,436

China

Southern

Power

Grid

Energy

Efficiency

Clean

Energy

Co.

Ltd.,

Class

9,400

7,732

Cleanaway

Co.

Ltd.

47,201

36,147

Doms

Industries

Ltd.

368

8,716

Dynagreen

Environmental

Protection

Group

Co.

Ltd.,

Class

H(a)(b)

156,000

110,809

Frontken

Corp.

Bhd.

28,200

35,953

GPS

Participacoes

Empreendimentos

SA(c)

160,930

371,232

Hyundai

Marine

Solution

Co.

Ltd.

276

35,620

Indian

Railway

Catering

Tourism

Corp.

Ltd.

4,635

23,793

KEPCO

Plant

Service

Engineering

Co.

Ltd.

598

18,854

L&K

Engineering

Co.

Ltd.

3,508

76,740

Orizon

Valorizacao

Residuos

SA*

2,800

38,853

Parkin

Co.

PJSC

14,922

22,508

S-1

Corp.

623

31,113

Taiwan

Secom

Co.

Ltd.

12,108

40,836

Tuhu

Car,

Inc.,

Class

A*(a)(b)

14,500

22,319

979,172

Communications

Equipment

0.4%

Accton

Technology

Corp.

6,934

455,916

Arcadyan

Technology

Corp.

58,370

311,545

Astra

Microwave

Products

Ltd.

966

18,847

Browave

Corp.

1,175

19,778

EZconn

Corp.

1,000

35,737

Fiberhome

Telecommunication

Technologies

Co.

Ltd.,

Class

2,500

12,260

FOCI

Fiber

Optic

Communications,

Inc.*

2,144

31,876

Glarun

Technology

Co.

Ltd.,

Class

1,800

6,456

Hengtong

Optic-electric

Co.

Ltd.,

Class

4,700

33,163

Intellian

Technologies,

Inc.

276

11,267

Jiangsu

Etern

Co.

Ltd.,

Class

2,800

13,295

LuxNet

Corp.

3,840

43,962

Seojin

System

Co.

Ltd.*

1,373

31,780

Sercomm

Corp.

92,000

234,277

Investments

Value

Communications

Equipment

(continued)

Sterlite

Technologies

Ltd.*

7,820

45,655

Taihan

Fiberoptics

Co.

Ltd.*

4,830

28,898

WNC

Corp.

6,218

42,712

Yangtze

Optical

Fibre

Cable

Joint

Stock

Ltd.

Co.,

Class

500

20,118

Yangtze

Optical

Fibre

Cable

Joint

Stock

Ltd.

Co.,

Class

H(a)(b)

5,500

67,859

ZTE

Corp.,

Class

3,100

15,533

ZTE

Corp.,

Class

H(b)

10,400

32,971

1,513,905

Construction

Engineering

1.4%

Acter

Group

Corp.

Ltd.

1,810

51,804

Aktor

Holding

Co.

Technical

and

Energy

Projects

SA*(b)

1,395

16,724

BES

Engineering

Corp.*

55,692

20,420

CCCC

Design

Consulting

Group

Co.

Ltd.,

Class

9,400

7,383

Cemindia

Projects

Ltd.

2,070

29,674

Central

New

Energy

Holding

Group

Ltd.*(b)

15,000

15,705

Century

Wind

Power

Co.

Ltd.

30,000

142,950

Karnchang

PCL,

NVDR

169,000

92,617

China

Communications

Services

Corp.

Ltd.,

Class

828,000

450,872

China

Conch

Venture

Holdings

Ltd.

(b)

46,000

51,798

China

Energy

Engineering

Corp.

Ltd.,

Class

84,700

32,637

China

Energy

Engineering

Corp.

Ltd.,

Class

H(b)

104,000

14,589

China

Railway

Group

Ltd.,

Class

44,300

30,266

China

Railway

Group

Ltd.,

Class

H(b)

74,000

34,067

China

Southern

Power

Grid

Technology

Co.

Ltd.,

Class

926

5,750

CTCI

Corp.

310,015

338,130

Daewoo

Engineering

Construction

Co.

Ltd.*

3,128

28,039

E&C

Co.

Ltd.

11,292

463,339

Engineers

India

Ltd.

9,696

22,598

Enka

Insaat

Sanayi

A/S

13,946

25,706

Estithmar

Holding

QPSC*

28,333

32,839

Gamuda

Bhd.

80,200

83,801

GEK

Terna

1,042

54,213

Engineering

Construction

Corp.

26,864

441,861

Guangdong

Construction

Engineering

Group

Co.

Ltd.,

Class

27,900

13,728

HDC

Holdings

Co.

Ltd.

7,498

104,973

Hwang

Chang

General

Contractor

Co.

Ltd.

15,578

17,834

Hyundai

Engineering

Construction

Co.

Ltd.

1,038

68,875

Hyundai

Movex

Co.

Ltd.

1,627

24,307

IJM

Corp.

Bhd.

67,500

39,643

IPARK

Hyundai

Development

Co.,

Class

13,340

185,733

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Construction

Engineering

(continued)

IRB

Infrastructure

Developers

Ltd.

78,878

16,534

IRCON

International

Ltd.(a)

7,912

10,447

Kalpataru

Projects

International

Ltd.

2,050

27,707

KEC

International

Ltd.

3,398

16,701

Kelington

Group

Bhd.

23,000

46,771

KEPCO

Engineering

Construction

Co.,

Inc.

235

14,670

Kerjaya

Prospek

Group

Bhd.

133,400

82,916

Larsen

Toubro

Ltd.

8,924

368,399

Metallurgical

Corp.

China

Ltd.,

Class

42,300

17,052

Metallurgical

Corp.

China

Ltd.,

Class

106,000

20,277

NBCC

India

Ltd.

21,225

21,088

NCC

Ltd.

198,804

293,950

NMDC

Group

PJSC

3,404

21,187

Power

Construction

Corp.

China

Ltd.,

Class

35,600

25,800

Rail

Vikas

Nigam

Ltd.(a)

8,864

20,947

Ruentex

Engineering

Construction

Co.

3,108

15,723

Run

Long

Construction

Co.

Ltd.

11,324

11,563

Samsung

E&A

Co.

Ltd.

2,392

73,486

Shanghai

Tunnel

Engineering

Co.

Ltd.,

Class

14,100

11,807

Sichuan

Road

and

Bridge

Group

Co.

Ltd.,

Class

9,200

12,312

Sinoma

International

Engineering

Co.,

Class

9,200

10,867

Sinopec

Engineering

Group

Co.

Ltd.,

Class

552,000

381,534

Sunway

Construction

Group

Bhd.

9,200

17,830

Techno

Electric

Engineering

Co.

Ltd.

1,479

15,195

Tekfen

Holding

A/S

6,026

19,590

United

Integrated

Services

Co.

Ltd.

2,550

86,791

Voltas

Ltd.

2,852

39,721

Waaree

Renewable

Technologies

Ltd.*

1,242

11,887

Waskita

Karya

Persero

Tbk

PT*‡

173,900

—

Yankey

Engineering

Co.

Ltd.

1,277

25,683

4,681,310

Construction

Materials

0.9%

ACC

Ltd.

1,141

16,232

Ambuja

Cements

Ltd.

11,362

51,466

Anhui

Conch

Cement

Co.

Ltd.,

Class

5,100

14,028

Anhui

Conch

Cement

Co.

Ltd.,

Class

H(b)

28,000

66,022

Apex

Investment

Co.

PSC*

10,350

9,074

Asia

Cement

Corp.

67,631

69,056

Baticim

Bati

Anadolu

Sanayi

Ticaret

A/S*

1,193,746

123,080

Baticim

Cimento

Sanayi

A/S*

10,492

7,850

Investments

Value

Construction

Materials

(continued)

BBMG

Corp.,

Class

50,600

10,649

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.

Ltd.,

Class

9,200

16,198

Berkah

Beton

Sadaya

Tbk

PT*‡

425,000

Cementos

Argos

10,643

37,274

Cemex

SAB

333,888

394,691

China

National

Building

Material

Co.

Ltd.,

Class

H(b)

94,462

44,933

China

Resources

Building

Materials

Technology

Holdings

Ltd.(b)

920,000

131,402

CSG

Holding

Co.

Ltd.,

Class

62,100

11,721

Dalmia

Bharat

Ltd.

1,564

29,500

EMSTEEL

Building

Materials

PJSC*

324,392

98,038

GCC

SAB

2,953

33,965

Goldsun

Building

Materials

Co.

Ltd.

342,000

330,159

Grasim

Industries

Ltd.

5,198

168,925

Grupo

Argos

4,950

26,586

Grupo

Argos

(Preference)

4,140

16,946

Hanil

Cement

Co.

Ltd.

10,580

103,151

Huaxin

Building

Materials

Group

Co.

Ltd.,

Class

3,700

12,228

Huaxin

Building

Materials

Group

Co.

Ltd.,

Class

H(b)

9,200

17,411

India

Cements

Ltd.

(The)*

2,773

11,567

Indocement

Tunggal

Prakarsa

Tbk

510,600

132,516

Cement

Ltd.

530

30,240

Kuwait

Cement

Co.

KSC

10,845

13,845

Malayan

Cement

Bhd.

9,200

14,634

Nuh

Cimento

Sanayi

A/S

2,068

9,429

Nuvoco

Vistas

Corp.

Ltd.*

830

2,998

Oyak

Cimento

Fabrikalari

A/S

17,222

7,356

Qassim

Cement

Co.

(The)

2,806

32,278

Ramco

Cements

Ltd.

(The)

2,289

22,029

Saudi

Cement

Co.

2,852

21,567

Shree

Cement

Ltd.

230

62,806

Siam

Cement

PCL

(The),

NVDR

9,200

69,980

Siam

City

Cement

PCL,

NVDR

26,000

116,014

TCC

Group

Holdings

Co.

Ltd.

174,430

131,150

TianShan

Material

Co.

Ltd.,

Class

18,400

10,444

UltraTech

Cement

Ltd.

1,656

206,586

Universal

Cement

Corp.

174,776

144,930

West

China

Cement

Ltd.(b)

80,000

18,262

Yamama

Cement

Co.

38,548

232,284

3,131,540

Consumer

Finance

0.8%

AEON

Credit

Service

Bhd.

78,200

107,354

Arzan

Financial

Group

for

Financing

Investment

KPSC

18,269

18,600

Bajaj

Finance

Ltd.

37,260

445,644

Capri

Global

Capital

Ltd.

10,598

25,811

Cholamandalam

Financial

Holdings

Ltd.

2,198

35,342

Cholamandalam

Investment

and

Finance

Co.

Ltd.

6,026

116,832

CreditAccess

Grameen

Ltd.*

855

14,273

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Consumer

Finance

(continued)

Five-Star

Business

Finance

Ltd.

6,850

39,338

Gentera

SAB

CV(b)

26,588

61,527

HDB

Financial

Services

Ltd.

1,845

13,272

Hotai

Finance

Co.

Ltd.

84,357

160,262

Katilimevim

Tasarruf

Finansman

A/S

19,826

64,912

Krungthai

Card

PCL,

NVDR

18,900

21,649

L&T

Finance

Ltd.

11,562

37,716

Lufax

Holding

Ltd.*‡

18,800

11,669

Mahindra

Financial

Services

Ltd.

9,024

36,483

Manappuram

Finance

Ltd.

10,668

41,575

Muangthai

Capital

PCL,

NVDR

200

205

Muthoot

Finance

Ltd.

1,435

46,917

Optasia

Ltd.*(b)

34,868

30,694

Poonawalla

Fincorp

Ltd.*

5,720

27,789

Qfin

Holdings,

Inc.,

Class

78,300

538,203

Samsung

Card

Co.

Ltd.

539

17,769

SBFC

Finance

Ltd.*

8,004

7,583

SBI

Cards

Payment

Services

Ltd.

2,990

20,687

Shriram

Finance

Ltd.

17,940

196,801

Srisawad

Corp.

PCL,

NVDR

314,280

232,469

Sundaram

Finance

Ltd.

1,518

74,227

Taiwan

Acceptance

Corp.

132,260

335,571

Tata

Capital

Ltd.

3,726

14,269

Yixin

Group

Ltd.(a)(b)

644,000

110,049

2,905,492

Consumer

Staples

Distribution

Retail

0.9%

Speed

Mart

Retail

Holdings

Bhd.

18,000

16,121

Abdullah

Othaim

Markets

Co.

8,914

12,200

Alibaba

Health

Information

Technology

Ltd.*(b)

52,000

23,806

Almacenes

Exito

59,156

88,454

Avenue

Supermarts

Ltd.*(a)

2,024

83,175

Berli

Jucker

PCL

500

243

Berli

Jucker

PCL,

NVDR

600

291

BGF

retail

Co.

Ltd.

3,588

314,582

Bid

Corp.

Ltd.

4,554

124,580

BIM

Birlesik

Magazalar

A/S

20,608

169,223

Boxer

Retail

Ltd.(b)

4,094

19,299

Cencosud

32,568

68,572

Clicks

Group

Ltd.

3,680

49,035

ALL

PCL,

NVDR

104,700

150,501

Axtra

PCL,

NVDR

792

353

DaShenLin

Pharmaceutical

Group

Co.

Ltd.,

Class

4,320

12,068

Dis-Chem

Pharmacies

Ltd.(a)(b)

24,268

44,031

Dongsuh

Cos.,

Inc.

859

15,364

East

Buy

Holding

Ltd.*(a)(b)

8,500

23,240

E-MART,

Inc.

7,314

409,383

Grainturk

Tarim

A/S

1,058

5,472

Grupo

Comercial

Chedraui

4,623

24,100

Grupo

Mateus

184,000

145,950

Retail

Co.

Ltd.

13,110

227,588

Investments

Value

Consumer

Staples

Distribution

Retail

(continued)

Guoquan

Food

Shanghai

Co.

Ltd.,

Class

36,000

9,320

InRetail

Peru

Corp.(a)

1,058

39,485

Health

International,

Inc.*(a)

11,500

57,782

Lulu

Retail

Holdings

plc

83,252

21,761

Magnit

PJSC*‡

2,296

—

Medplus

Health

Services

Ltd.*

1,880

13,890

Migros

Ticaret

A/S

1,380

18,163

Nahdi

Medical

Co.

628

15,894

Pick

Pay

Stores

Ltd.*(b)

22,356

25,677

Ping

Healthcare

and

Technology

Co.

Ltd.*(a)(b)

13,500

13,463

President

Chain

Store

Corp.

8,000

55,447

Puregold

Price

Club,

Inc.

26,700

17,881

Raia

Drogasil

18,825

68,473

Sendas

Distribuidora

31,700

53,035

Shanghai

Bailian

Group

Co.

Ltd.,

Class

9,200

11,003

Shoprite

Holdings

Ltd.

5,842

101,301

SPAR

Group

Ltd.

(The)*(b)

77,096

228,289

Spinneys

1961

Holding

plc

357,343

123,564

Sumber

Alfaria

Trijaya

Tbk

289,600

21,325

Sun

Art

Retail

Group

Ltd.(b)

851,000

129,143

Wal-Mart

Mexico

SAB

CV(b)

68,600

198,678

Yonghui

Superstores

Co.

Ltd.,

Class

14,100

6,854

3,258,059

Containers

Packaging

0.2%

Cheng

Loong

Corp.

26,600

17,243

Klabin

18,425

66,184

SCG

Packaging

PCL,

NVDR

27,600

25,209

Taiwan

Hon

Chuan

Enterprise

Co.

Ltd.

105,029

415,969

Ton

Industrial

Corp.

256,100

118,862

643,467

Distributors

0.0%(d)

China

Tobacco

International

Co.

Ltd.(a)(b)

6,000

18,486

Silicon2

Co.

Ltd.

1,288

30,671

Wuchan

Zhongda

Group

Co.

Ltd.,

Class

13,800

10,308

Zhejiang

China

Commodities

City

Group

Co.

Ltd.,

Class

7,800

14,796

74,261

Diversified

Consumer

Services

0.3%

Advtech

Ltd.

16,748

48,156

Alef

Education

Holding

plc

90,804

24,377

China

East

Education

Holdings

Ltd.

(a)

23,000

13,345

Cogna

Educacao

773,700

347,207

Humansoft

Holding

Co.

KSC

37,352

289,617

National

Co.

for

Learning

Education

736

24,850

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Diversified

Consumer

Services

(continued)

New

Oriental

Education

Technology

Group,

Inc.

18,400

106,247

Offcn

Education

Technology

Co.

Ltd.,

Class

4,700

1,470

Urban

Co.

Ltd.*(a)

6,394

8,671

863,940

Diversified

REITs

0.1%

Axis

REIT,

REIT

69,644

32,721

Concentradora

Fibra

Danhos

CV,

REIT

28,200

47,638

Fibra

Uno

Administracion

CV,

REIT

59,800

107,500

Growthpoint

Properties

Ltd.,

REIT

70,886

75,720

KLCCP

Stapled

Group,

REIT

9,600

20,720

Peker

Gayrimenkul

Yatirim

Ortakligi

A/S,

REIT*

56,494

17,510

Redefine

Properties

Ltd.,

REIT

161,690

63,792

REITs

Co.

Ltd.,

REIT

4,738

18,212

Ziraat

Gayrimenkul

Yatirim

Ortakligi

A/S,

REIT

16,698

6,570

390,383

Diversified

Telecommunication

Services

1.1%

Chief

Telecom,

Inc.

1,104

11,290

China

Tower

Corp.

Ltd.,

Class

H(a)

101,400

129,698

Chunghwa

Telecom

Co.

Ltd.

50,609

218,446

CITIC

Telecom

International

Holdings

Ltd.

598,000

212,003

Converge

Information

and

Communications

Technology

Solutions,

Inc.

893,400

157,315

Dayamitra

Telekomunikasi

414,000

10,630

Ekamas

Mora

Republik

Tbk

PT*

133,400

46,335

Emirates

Integrated

Telecommunications

Co.

PJSC

19,429

64,326

Emirates

Telecommunications

Group

Co.

PJSC

79,028

438,088

Grupo

Televisa

SAB,

Series

CPO

924,600

522,773

Hellenic

Telecommunications

Organization

4,370

100,659

HFCL

Ltd.

41,400

84,141

Indus

Towers

Ltd.*

15,732

64,484

Uplus

Corp.

4,373

45,334

Magyar

Telekom

Telecommunications

plc

7,007

60,719

Ooredoo

QPSC

28,106

96,491

Operadora

Sites

Mexicanos

SAB

CV,

Class

Series

13,800

14,014

Railtel

Corp.

India

Ltd.

3,796

11,319

Rostelecom

PJSC*‡

33,770

—

Rostelecom

PJSC

(Preference)*‡

15,392

—

Sarana

Menara

Nusantara

Tbk

7,314,084

164,215

Saudi

Telecom

Co.

25,162

289,040

Space42

plc*

44,482

19,620

Investments

Value

Diversified

Telecommunication

Services

(continued)

Tata

Communications

Ltd.

1,610

29,637

Telecom

Egypt

Co.

14,030

28,417

Telefonica

Brasil

17,560

112,778

Telekom

Malaysia

Bhd.

27,600

52,343

Telkom

Indonesia

Persero

Tbk

1,154,600

168,756

Telkom

SOC

Ltd.

107,502

354,567

TIME

dotCom

Bhd.

15,400

22,611

True

Corp.

PCL,

NVDR

192,000

82,797

Turk

Telekomunikasyon

A/S*

14,732

15,809

3,628,655

Electric

Utilities

0.8%

Adani

Energy

Solutions

Ltd.*

4,600

79,326

Alupar

Investimento

4,600

29,534

Axia

Energia

25,560

265,730

Celsia

177,422

282,491

CESC

Ltd.

14,301

24,816

CEZ

A/S(b)

2,208

142,041

Cia

Energetica

Minas

Gerais

6,110

19,651

Cia

Energetica

Minas

Gerais

(Preference)

43,412

96,896

Cia

Paranaense

Energia

Copel

27,500

80,270

CPFL

Energia

4,800

43,591

Enel

Americas

316,204

29,966

Enel

Chile

603,998

53,337

Energisa

5,180

50,784

Enerjisa

Enerji

A/S(a)

7,676

17,589

Engie

Energia

Chile

158,654

314,753

Equatorial

16,213

123,369

Federal

Grid

Co.

Rosseti

PJSC

(Registered),

Class

D*‡

22,532,366

—

Inter

RAO

UES

PJSC*‡

1,596,292

—

Interconexion

Electrica

ESP

10,718

101,846

Isa

Energia

Brasil

(Preference)

9,300

49,221

Korea

Electric

Power

Corp.

5,980

145,966

Manila

Electric

Co.

4,600

36,067

Mosenergo

PJSC*‡

4,455,000

—

Power

Grid

Corp.

India

Ltd.

61,778

184,042

Public

Power

Corp.

6,118

156,971

Reliance

Infrastructure

Ltd.*

76,084

47,876

RusHydro

PJSC*‡

2,361,000

—

Saudi

Energy

Co.

16,422

74,119

SJVN

Ltd.

13,152

9,459

Synergy

Grid

Development

Phils,

Inc.

46,000

21,415

Tata

Power

Co.

Ltd.

(The)

24,426

97,458

Tenaga

Nasional

Bhd.

64,400

230,084

Torrent

Power

Ltd.

1,932

28,617

Transmissora

Alianca

Energia

Eletrica

5,000

39,030

2,876,315

Electrical

Equipment

1.3%

ABB

India

Ltd.

843

64,359

AcBel

Polytech,

Inc.

35,683

46,813

Allis

Electric

Co.

Ltd.

6,738

20,348

Amara

Raja

Energy

Mobility

Ltd.

3,735

35,639

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Electrical

Equipment

(continued)

Astor

Transformator

Enerji

Turizm

Insaat

Petrol

Sanayi

Ticaret

A/S,

Class

5,760

35,815

Bharat

Heavy

Electricals

Ltd.

17,388

74,170

Bizlink

Holding,

Inc.

2,893

187,979

Cenergy

Holdings

966

23,807

Power

Industrial

Solutions

Ltd.

9,660

87,412

Chicony

Power

Technology

Co.

Ltd.

46,000

108,883

China

Electric

Co.

Ltd.,

Class

5,000

9,885

Chung-Hsin

Electric

Machinery

Manufacturing

Corp.

7,728

36,704

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

H(b)

2,600

206,399

Wind

Corp.

552

14,442

Enerji

Muhendislik

Ticaret

Sanayi

A/S*

189,566

135,619

Dongfang

Electric

Corp.

Ltd.,

Class

5,000

18,599

Dongfang

Electric

Corp.

Ltd.,

Class

9,200

25,248

Doosan

Enerbility

Co.

Ltd.*

5,934

279,281

Doosan

Fuel

Cell

Co.

Ltd.*

690

11,882

Ecopro

Co.

Ltd.

690

50,091

Ecopro

Co.

Ltd.

1,289

71,516

Ecopro

Materials

Co.

Ltd.*

506

11,428

Elecon

Engineering

Co.

Ltd.

3,552

15,600

Electrical

Industries

Co.

7,222

27,211

Fangda

Carbon

New

Material

Co.

Ltd.,

Class

5,300

4,069

Farasis

Energy

Gan

Zhou

Co.

Ltd.,

Class

784

1,184

Finolex

Cables

Ltd.

2,760

28,568

Fortune

Electric

Co.

Ltd.

3,543

77,286

Vernova

T&D

India

Ltd.

1,564

70,866

GEM

Co.

Ltd.,

Class

7,300

7,249

Goldwind

Science

Technology

Co.

Ltd.,

Class

4,400

11,992

Goldwind

Science

Technology

Co.

Ltd.,

Class

H(b)

8,800

10,942

Graphite

India

Ltd.

2,629

18,086

Gulf

Cables

Electrical

Industries

Group

Co.

KSCP

3,008

16,226

Harbin

Electric

Co.

Ltd.,

Class

266,000

534,944

Havells

India

Ltd.

3,404

44,976

HBL

Engineering

Ltd.

2,565

19,320

Hyundai

Electric

Co.

Ltd.

276

132,415

HEG

Ltd.

2,565

17,669

Hitachi

Energy

India

Ltd.

195

65,756

Hyosung

Heavy

Industries

Corp.

79,679

Iljin

Electric

Co.

Ltd.

473

17,252

Inox

Wind

Ltd.*

45,854

37,552

Jiangsu

Zhongtian

Technology

Co.

Ltd.,

Class

4,500

19,020

KEI

Industries

Ltd.

968

50,716

L&F

Co.

Ltd.*

408

20,977

Energy

Solution

Ltd.*

598

137,577

Corp.

322

60,303

Investments

Value

Electrical

Equipment

(continued)

Eco

Energy

Ltd.

585

16,557

Electric

Co.

Ltd.

1,012

131,176

Materials

Ltd.

1,794

13,024

Ming

Yang

Smart

Energy

Group

Ltd.,

Class

4,500

7,436

Minmetals

New

Energy

Materials

Hunan

Co.

Ltd.,

Class

7,067

7,981

NARI

Technology

Co.

Ltd.,

Class

9,700

35,005

Ningbo

Deye

Technology

Corp.,

Class

2,469

29,935

Ningbo

Ronbay

New

Energy

Technology

Co.

Ltd.,

Class

1,978

8,193

Ningbo

Sanxing

Medical

Electric

Co.

Ltd.,

Class

4,500

11,051

Polycab

India

Ltd.

828

79,025

POSCO

Future

Co.

Ltd.

514

49,644

REPT

BATTERO

Energy

Co.

Ltd.,

Class

23,800

32,749

Riyadh

Cables

Group

Co.

720

19,134

Kabel

Ltd.

1,380

37,645

Sanil

Electric

Co.

Ltd.

276

27,722

Schneider

Electric

Infrastructure

Ltd.*

1,400

19,886

Shanghai

Electric

Group

Co.

Ltd.,

Class

14,800

15,134

Shanghai

Electric

Group

Co.

Ltd.,

Class

52,000

21,353

Shenzhen

Megmeet

Electrical

Co.

Ltd.,

Class

1,000

15,776

Shihlin

Electric

Engineering

Corp.

5,136

30,989

Shinsung

Delta

Tech

Co.

Ltd.

368

7,485

Sichuan

Huafeng

Technology

Co.

Ltd.,

Class

927

18,945

Siemens

Energy

India

Ltd.

950

32,167

Sieyuan

Electric

Co.

Ltd.,

Class

900

20,876

Technology

Co.

Ltd.*(a)

644

5,990

Solarvest

Holdings

Bhd.*

18,400

13,553

SPG

Co.

Ltd.*

552

36,627

State

Grid

Yingda

Co.

Ltd.,

Class

4,600

3,484

Suzhou

Veichi

Electric

Co.

Ltd.,

Class

1,305

9,214

Suzlon

Energy

Ltd.*

175,168

88,139

Electric

Wire

Cable

16,625

17,413

Taihan

Cable

Solution

Co.

Ltd.*

1,021

16,614

Tatung

Co.

Ltd.

70,161

52,753

TBEA

Co.

Ltd.,

Class

4,550

14,120

Power

Systems

Ltd.

4,837

57,335

Teco

Electric

and

Machinery

Co.

Ltd.

22,000

44,110

Transformers

Rectifiers

India

Ltd.

4,443

13,807

Triveni

Turbine

Ltd.

4,356

27,470

V-Guard

Industries

Ltd.

4,754

15,670

Vitzrocell

Co.

Ltd.

1,104

21,295

Voltamp

Transformers

Ltd.

230

23,920

Voltronic

Power

Technology

Corp.

1,000

29,611

Walsin

Lihwa

Corp.

50,376

49,021

WEG

22,700

210,886

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Electrical

Equipment

(continued)

Xi'An

Shaangu

Power

Co.

Ltd.,

Class

9,200

13,089

XTC

New

Energy

Materials

Xiamen

Co.

Ltd.,

Class

1,021

6,974

Zhejiang

Chint

Electrics

Co.

Ltd.,

Class

4,500

16,819

Zhejiang

Huayou

Cobalt

Co.

Ltd.,

Class

5,040

29,810

Zhejiang

Rongtai

Electric

Material

Co.

Ltd.,

Class

2,730

18,514

Zhuhai

CosMX

Battery

Co.

Ltd.,

Class

2,622

5,693

4,614,573

Electronic

Equipment,

Instruments

Components

4.5%

AAC

Technologies

Holdings,

Inc.

13,000

63,893

Accelink

Technologies

Co.

Ltd.,

Class

1,100

26,352

Aditya

Infotech

Ltd.

322

11,444

All

Ring

Tech

Co.

Ltd.

2,000

57,489

Anhui

XDLK

Microsystem

Corp.

Ltd.,

Class

1,665

9,305

Asia

Optical

Co.,

Inc.

7,296

28,896

AUO

Corp.

138,000

103,332

Avary

Holding

Shenzhen

Co.

Ltd.,

Class

4,100

49,522

BOE

Technology

Group

Co.

Ltd.,

Class

56,400

46,056

BYD

Electronic

International

Co.

Ltd.

21,500

64,377

Cal-Comp

Electronics

Thailand

PCL,

NVDR

81,000

20,133

CCP

Contact

Probes

Co.

Ltd.*

3,000

10,304

Chang

Wah

Electromaterials

Inc.

10,200

14,407

China

Railway

Signal

Communication

Corp.

Ltd.,

Class

21,630

16,381

China

Railway

Signal

Communication

Corp.

Ltd.,

Class

H(a)(b)

52,000

22,347

Chroma

ATE,

Inc.

5,583

362,768

Chunghwa

Precision

Test

Tech

Co.

Ltd.

272

20,998

Compeq

Manufacturing

Co.

Ltd.

17,571

91,881

Coretronic

Corp.

9,168

20,907

Cowell

Holdings,

Inc.(b)

6,000

15,762

Daeduck

Electronics

Co.

Ltd.

555

37,682

Daejoo

Electronic

Materials

Co.

Ltd.

460

22,876

DataTec

Ltd.

77,421

396,992

Delta

Electronics

Thailand

PCL,

NVDR

59,900

498,681

Delta

Electronics,

Inc.

25,287

1,283,167

Delton

Technology

Guangzhou,

Inc.,

Class

1,200

25,222

Dynamic

Holding

Co.

Ltd.

9,320

28,809

Investments

Value

Electronic

Equipment,

Instruments

Components

(continued)

Dynapack

International

Technology

Corp.

6,399

57,815

Ink

Holdings,

Inc.

13,429

78,532

Elite

Material

Co.

Ltd.

4,163

611,202

Everdisplay

Optronics

Shanghai

Co.

Ltd.,

Class

19,986

7,168

First

Hi-Tec

Enterprise

Co.

Ltd.

2,000

12,346

FLEXium

Interconnect,

Inc.*

8,432

12,836

Fositek

Corp.

1,000

41,771

Foxconn

Industrial

Internet

Co.

Ltd.,

Class

9,200

77,308

Foxconn

Technology

Co.

Ltd.

464,479

812,001

Fulltech

Fiber

Glass

Corp.*

20,959

42,996

General

Interface

Solution

GIS

Holding

Ltd.*

11,191

19,010

Genius

Electronic

Optical

Co.

Ltd.

2,150

31,998

Global

Brands

Manufacture

Ltd.

10,211

25,781

GoerTek

Inc.,

Class

3,800

13,009

Gold

Circuit

Electronics

Ltd.

5,240

128,572

Hannstar

Board

Corp.

92,000

190,439

HannStar

Display

Corp.*

71,288

27,462

Holy

Stone

Enterprise

Co.

Ltd.

5,426

75,550

Hon

Hai

Precision

Industry

Co.

Ltd.

279,504

2,166,396

Honeywell

Automation

India

Ltd.

18,395

Ichia

Technologies,

Inc.

11,000

17,630

I-

Chiun

Precision

Industry

Co.

Ltd.

8,192

47,653

Innolux

Corp.

102,479

144,274

IRICO

Display

Devices

Co.

Ltd.,

Class

9,200

10,635

IsuPetasys

Co.

Ltd.

828

43,267

ITEQ

Corp.

6,096

49,607

ITMAX

SYSTEM

Bhd.

13,800

16,041

Kaynes

Technology

India

Ltd.*

535

21,333

KCE

Electronics

PCL,

NVDR

30,900

38,865

Kingboard

Holdings

Ltd.

18,000

89,982

Kingboard

Laminates

Holdings

Ltd.

(b)

13,000

48,773

Korea

Circuit

Co.

Ltd.

322

10,491

Largan

Precision

Co.

Ltd.

1,309

163,428

Lelon

Electronics

Corp.

5,308

36,132

Display

Co.

Ltd.*

6,625

42,797

Innotek

Co.

Ltd.

329

118,613

Lingyi

iTech

Guangdong

Co.,

Class

6,500

11,945

Lotes

Co.

Ltd.

1,500

86,095

Lotte

Energy

Materials

Corp.*

675

12,949

Luxshare

Precision

Industry

Co.

Ltd.,

Class

8,300

70,705

Development

Ltd.*‡

22,000

—

Mloptic

Corp.,

Class

177

8,329

Nan

Printed

Circuit

Board

Corp.

1,664

47,368

Nichidenbo

Corp.

10,677

41,295

Pan-International

Industrial

Corp.

20,845

26,541

Park

Systems

Corp.

138

24,683

Electroplast

Ltd.

4,320

27,770

Primax

Electronics

Ltd.

180,390

365,033

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Electronic

Equipment,

Instruments

Components

(continued)

Technology

Group

Co.

Ltd.(a)

166,000

145,644

Raytron

Technology

Co.

Ltd.,

Class

343

7,200

Redington

Ltd.

226,688

764,180

RoboSense

Technology

Co.

Ltd.*(b)

4,900

14,884

Robotis

Co.

Ltd.*

11,603

Samsung

Electro-Mechanics

Co.

Ltd.

690

552,697

Samsung

Electro-Mechanics

Co.

Ltd.

(Preference)

13,422

Samsung

SDI

Co.

Ltd.*

782

217,755

Scientech

Corp.

1,000

20,112

Shanghai

BOCHU

Electronic

Technology

Corp.

Ltd.,

Class

1,030

15,984

Shengyi

Electronics

Co.

Ltd.,

Class

1,349

18,893

Shengyi

Technology

Co.

Ltd.,

Class

4,100

64,190

Shennan

Circuits

Co.

Ltd.,

Class

900

41,082

Shenzhen

Kinwong

Electronic

Co.

Ltd.,

Class

1,800

19,394

Shenzhen

SEICHI

Technologies

Co.

Ltd.,

Class

218

13,301

Simplo

Technology

Co.

Ltd.

66,839

729,006

Sinbon

Electronics

Co.

Ltd.

9,267

84,874

Solomon

Technology

Corp.

3,078

11,524

Sungho

Electronics

Co.

Ltd.*

1,058

11,087

Sunny

Optical

Technology

Group

Co.

Ltd.(b)

10,400

74,337

SUPCON

Technology

Co.

Ltd.,

Class

1,439

19,859

Supreme

Electronics

Co.

Ltd.

188,780

469,044

Suzhou

Dongshan

Precision

Manufacturing

Co.

Ltd.,

Class

1,000

25,414

Synnex

Technology

International

Corp.

36,401

105,535

Syrma

SGS

Technology

Ltd.

2,530

36,242

Liang

Technology

Co.

Ltd.

2,000

30,075

Taiflex

Scientific

Co.

Ltd.

7,793

41,836

Taiwan

Surface

Mounting

Technology

Corp.

10,188

44,133

Taiwan

Union

Technology

Corp.

4,128

141,777

TCL

Technology

Group

Corp.,

Class

36,260

25,418

Test

Research,

Inc.

4,350

36,139

Thinking

Electronic

Industrial

Co.

Ltd.

2,688

18,173

Tong

Hsing

Electronic

Industries

Ltd.

6,403

31,699

Topoint

Technology

Co.

Ltd.

6,000

59,965

TPK

Holding

Co.

Ltd.

128,842

218,065

Tripod

Technology

Corp.

7,930

90,540

TXC

Corp.

4,608

21,315

Unimicron

Technology

Corp.

17,756

432,376

Unisplendour

Corp.

Ltd.,

Class

4,600

23,785

Unitech

Printed

Circuit

Board

Corp.

28,849

32,403

Universal

Microwave

Technology,

Inc.

1,032

30,942

Universal

Scientific

Industrial

Shanghai

Co.

Ltd.,

Class

4,200

13,675

Investments

Value

Electronic

Equipment,

Instruments

Components

(continued)

Victory

Giant

Technology

Huizhou

Co.

Ltd.,

Class

H*(b)

1,100

25,867

Wah

Lee

Industrial

Corp.

69,810

243,003

Walsin

Technology

Corp.

11,445

77,199

Wasion

Holdings

Ltd.

12,000

27,086

Wintek

Corp.*‡

64,000

—

Woori

Technology,

Inc.*

5,796

36,710

WPG

Holdings

Ltd.

38,158

132,825

Microelectronics

Co.

Ltd.

19,672

119,606

Wuhan

Guide

Infrared

Co.

Ltd.,

Class

4,500

8,410

WUS

Printed

Circuit

Co.

Ltd.

5,000

21,968

WUS

Printed

Circuit

Kunshan

Co.

Ltd.,

Class

2,400

36,902

Yageo

Corp.

24,325

377,832

Zhejiang

Dahua

Technology

Co.

Ltd.,

Class

5,200

12,885

Zhen

Ding

Technology

Holding

Ltd.

10,467

133,918

15,456,594

Energy

Equipment

Services

0.2%

Ades

Holding

Co.

4,621

20,475

ADNOC

Drilling

Co.

PJSC

32,649

51,736

Arabian

Drilling

Co.*

598

12,850

China

Oilfield

Services

Ltd.,

Class

5,000

9,359

China

Oilfield

Services

Ltd.,

Class

46,000

41,532

China

Petroleum

Engineering

Corp.,

Class

27,800

14,008

Dialog

Group

Bhd.

79,100

38,326

Gulf

International

Services

QSC

555,542

277,695

NMDC

Energy

PJSC

31,579

23,989

Offshore

Oil

Engineering

Co.

Ltd.,

Class

14,300

12,122

Yantai

Jereh

Oilfield

Services

Group

Co.

Ltd.,

Class

2,200

43,918

Yinson

Holdings

Bhd.

39,688

18,939

564,949

Entertainment

0.4%

China

Ruyi

Holdings

Ltd.*(b)

132,000

24,240

Damai

Entertainment

Holdings

Ltd.*(b)

130,000

8,621

HYBE

Co.

Ltd.

276

32,678

International

Games

System

Co.

Ltd.

3,640

87,399

JYP

Entertainment

Corp.

1,170

35,452

Kingsoft

Corp.

Ltd.

16,400

55,966

Krafton,

Inc.

460

78,404

Entertainment

Tbk

PT*

256,555

15,113

MNC

Digital

Entertainment

Tbk

PT*

377,700

8,396

Corp.

138

22,698

NetEase

Cloud

Music,

Inc.*(a)

950

15,434

NetEase,

Inc.

23,000

609,493

Netmarble

Corp.(a)

276

7,414

NHN

Corp.

5,244

136,461

Pearl

Abyss

Corp.*

969

22,565

Perfect

World

Co.

Ltd.,

Class

4,100

6,666

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Entertainment

(continued)

Prime

Focus

Ltd.*

3,675

11,058

PVR

Inox

Ltd.*

2,385

28,261

SHIFT

Corp.*

900

19,948

Entertainment

Co.

Ltd.

374

17,943

SMI

Holdings

Group

Ltd.*‡

72,000

—

Tencent

Music

Entertainment

Group,

Class

28,354

139,210

XD,

Inc.(a)(b)

6,000

36,375

XPEC

Entertainment,

Inc.*‡

14,800

—

1,419,795

Financial

Services

1.3%

Aavas

Financiers

Ltd.*

1,853

26,408

Aditya

Birla

Capital

Ltd.*

13,950

59,110

Aptus

Value

Housing

Finance

India

Ltd.

6,532

17,881

Bajaj

Finserv

Ltd.

5,520

117,389

Bajaj

Holdings

Investment

Ltd.

449

53,377

Bajaj

Housing

Finance

Ltd.*

21,375

19,270

BICECORP

48,852

21,099

Borusan

Yatirim

Pazarlama

A/S

230

8,271

Can

Fin

Homes

Ltd.

2,250

19,351

Chailease

Holding

Co.

Ltd.

39,605

136,635

Corp.

Financiera

Colombiana

SA*

41,584

270,919

CSSC

Hong

Kong

Shipping

Co.

Ltd.

(a)(b)

552,000

154,866

E-Finance

for

Digital

Financial

Investments

67,298

29,801

Far

East

Horizon

Ltd.(b)

51,000

44,746

Fawry

for

Banking

Payment

Technology

Services

SAE*

44,933

16,489

FirstRand

Ltd.

127,282

758,866

Grupo

Inversiones

Suramericana

3,229

56,399

Grupo

Inversiones

Suramericana

(Preference)

3,772

53,584

Home

First

Finance

Co.

India

Ltd.(a)

3,036

37,833

Housing

Urban

Development

Corp.

Ltd.

7,450

15,233

IFCI

Ltd.*

20,654

16,568

IIFL

Finance

Ltd.

99,554

635,053

Indian

Railway

Finance

Corp.

Ltd.(a)

25,619

23,937

Indian

Renewable

Energy

Development

Agency

Ltd.

12,600

15,792

Inversiones

Construccion

12,190

284,900

Jio

Financial

Services

Ltd.

42,136

113,255

JSW

Holdings

Ltd.*

11,090

Kakaopay

Corp.*

495

14,791

LIC

Housing

Finance

Ltd.

7,544

41,359

Meritz

Financial

Group,

Inc.*

1,702

148,031

National

Investments

Co.

KSCP

26,496

22,009

One

Communications

Ltd.*

5,014

70,574

Piramal

Finance

Ltd.

1,058

22,792

PNB

Housing

Finance

Ltd.(a)

2,390

26,379

Power

Finance

Corp.

Ltd.

31,970

142,184

Investments

Value

Financial

Services

(continued)

REC

Ltd.

28,152

110,038

Remgro

Ltd.

11,270

132,363

Sammaan

Capital

Ltd.*

33,396

56,852

Holdings

Group

Ltd.(a)(b)

12,000

10,942

Turkiye

Sinai

Kalkinma

Bankasi

A/S

458,482

105,541

Yuanta

Financial

Holding

Co.

Ltd.

172,708

363,916

4,285,893

Food

Products

1.8%

Alicorp

SAA

28,888

107,569

Almarai

Co.

JSC

5,842

72,179

Anjoy

Foods

Group

Co.

Ltd.,

Class

500

6,661

Avanti

Feeds

Ltd.

424

3,998

AVI

Ltd.

9,380

51,005

AWL

Agri

Business

Ltd.

3,312

6,576

Balrampur

Chini

Mills

Ltd.

3,850

23,653

Beijing

Dabeinong

Technology

Group

Co.

Ltd.,

Class

27,000

12,204

Betagro

PCL

288,800

185,081

Bikaji

Foods

International

Ltd.

1,845

12,407

Bombay

Burmah

Trading

Co.

6,992

109,707

Britannia

Industries

Ltd.

1,840

104,453

CCL

Products

India

Ltd.

2,597

31,445

Century

Pacific

Food,

Inc.

17,700

9,064

Charoen

Pokphand

Enterprise

4,272

13,747

Charoen

Pokphand

Foods

PCL,

NVDR

79,100

53,298

Charoen

Pokphand

Indonesia

Tbk

133,980

24,497

Cherkizovo

Group

PJSC*‡

2,594

—

China

Feihe

Ltd.(a)(b)

92,000

38,599

China

Huiyuan

Juice

Group

Ltd.*‡

24,000

—

China

Mengniu

Dairy

Co.

Ltd.

73,000

175,946

China

Modern

Dairy

Holdings

Ltd.(b)

90,000

16,986

China

Youran

Dairy

Group

Ltd.*(a)(b)

46,000

25,048

Chongqing

Fuling

Zhacai

Group

Co.

Ltd.,

Class

3,120

5,636

Cisarua

Mountain

Dairy

Tbk

36,800

9,408

CheilJedang

Corp.

141

18,929

Dekon

Food

and

Agriculture

Group,

Class

H*(b)

3,000

19,435

Dharma

Satya

Nusantara

Tbk

1,232,800

91,463

Dongwon

Industries

Co.

Ltd.

3,910

97,085

Farm

Fresh

Bhd.

23,000

12,607

Foshan

Haitian

Flavouring

Food

Co.

Ltd.,

Class

5,280

30,080

Genting

Plantations

Bhd.

13,800

19,418

Godrej

Agrovet

Ltd.(a)

414

2,416

Great

Wall

Enterprise

Co.

Ltd.

288,770

500,360

Gruma

SAB

CV,

Class

3,680

54,770

Grupo

Bimbo

SAB

CV,

Class

Series

A(b)

16,468

58,809

Grupo

Herdez

SAB

CV(b)

41,400

125,653

Guangdong

Haid

Group

Co.

Ltd.,

Class

1,900

13,927

Health

Happiness

H&H

International

Holdings

Ltd.

86,500

167,560

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Food

Products

(continued)

Heilongjiang

Agriculture

Co.

Ltd.,

Class

5,500

10,067

Henan

Shuanghui

Investment

Development

Co.

Ltd.,

Class

2,700

10,400

Huishan

Dairy*‡

158,000

—

Indofood

CBP

Sukses

Makmur

Tbk

42,400

16,435

Indofood

Sukses

Makmur

Tbk

81,000

31,398

Inner

Mongolia

Yili

Industrial

Group

Co.

Ltd.,

Class

5,700

22,893

IOI

Corp.

Bhd.

32,900

35,665

Japfa

Comfeed

Indonesia

Tbk

2,047,000

244,584

Johor

Plantations

Group

Bhd.

423,200

207,121

Jonjee

Hi-Tech

Industrial

and

Commercial

Holding

Co.

Ltd.,

Class

4,600

13,846

Kim

Loong

Resources

Bhd.

23,000

15,759

Kuala

Lumpur

Kepong

Bhd.

4,692

24,135

Leong

Hup

International

Bhd.(a)

570,400

107,478

Lian

HWA

Food

Corp.

2,435

6,141

Lien

Hwa

Industrial

Holdings

Corp.

20,012

24,984

Foods

Ltd.

3,911

16,820

Dias

Branco

46,000

155,275

Marico

Ltd.

9,430

86,048

Mayora

Indah

Tbk

121,500

11,377

MBRF

Global

Foods

Co.

18,400

63,523

Mezzan

Holding

Co.

KSCC

3,330

11,742

Monde

Nissin

Corp.(a)

150,400

17,000

Muyuan

Foods

Group

Co.

Ltd.,

Class

9,320

54,228

Muyuan

Foods

Group

Co.

Ltd.,

Class

4,600

19,429

National

Agriculture

Development

Co.

(The)*

5,393

20,176

Nestle

India

Ltd.

9,982

157,929

Nestle

Malaysia

Bhd.

700

17,318

New

Hope

Liuhe

Co.

Ltd.,

Class

4,300

4,461

NongShim

Co.

Ltd.

1,341

360,246

Orion

Corp.

627

57,963

Orion

Holdings

Corp.

7,866

140,691

Otoki

Corp.

644

146,127

Patanjali

Foods

Ltd.

3,036

11,283

PPB

Group

Bhd.

18,680

42,923

Premier

Group

Ltd.(b)

3,243

34,932

Resources

Bhd.

33,392

32,685

Samyang

Foods

Co.

Ltd.

42,601

San

Miguel

Food

and

Beverage,

Inc.

28,060

22,344

Sarawak

Oil

Palms

Bhd.

78,200

97,786

Saudia

Dairy

Foodstuff

Co.

708

38,308

Savola

Group

(The)

4,680

32,475

Guthrie

Bhd.

28,203

45,343

Sigma

Foods

SAB

CV,

Class

87,400

88,960

SLC

Agricola

86,175

226,944

Standard

Foods

Corp.

1,350

1,222

Tata

Consumer

Products

Ltd.

9,371

106,375

Investments

Value

Food

Products

(continued)

Thai

Union

Group

PCL,

NVDR

702,800

256,769

Thaifoods

Group

PCL,

NVDR

101,200

29,852

Tiger

Brands

Ltd.

3,818

63,614

Tingyi

Cayman

Islands

Holding

Corp.

36,000

54,632

Tres

Tentos

Agroindustrial

46,000

106,837

Triputra

Agro

Persada

151,200

14,705

Ulker

Biskuvi

Sanayi

A/S

75,670

137,409

Uni-President

China

Holdings

Ltd.(b)

28,000

26,923

Uni-President

Enterprises

Corp.

116,053

265,005

United

Plantations

Bhd.

3,200

26,405

Universal

Robina

Corp.

13,770

13,293

Want

China

Holdings

Ltd.

47,000

20,259

Yihai

International

Holding

Ltd.

15,000

29,745

Zad

Holding

Co.

4,815

16,478

Zydus

Wellness

Ltd.

4,410

26,694

6,335,739

Gas

Utilities

0.4%

Adani

Total

Gas

Ltd.

2,567

17,526

Aygaz

A/S

3,358

18,707

Beijing

Enterprises

Holdings

Ltd.

8,500

34,297

China

Gas

Holdings

Ltd.(b)

55,200

43,011

China

Resources

Gas

Group

Ltd.

18,400

39,256

ENN

Energy

Holdings

Ltd.

15,400

92,185

ENN

Natural

Gas

Co.

Ltd.,

Class

9,000

23,742

GAIL

India

Ltd.

64,584

122,812

Gas

Malaysia

Bhd.

9,200

11,752

Grupo

Energia

Bogota

ESP

64,952

59,139

Gujarat

Energy

Ltd.

11,090

31,905

Indraprastha

Gas

Ltd.

4,710

7,502

Korea

Gas

Corp.

9,785

236,441

Kunlun

Energy

Co.

Ltd.

92,000

84,942

Mahanagar

Gas

Ltd.(a)

1,150

13,505

National

Gas

Industrialization

Co.

1,155

19,637

Perusahaan

Gas

Negara

Persero

Tbk

154,790

12,903

Petronas

Gas

Bhd.

13,800

59,232

Promigas

ESP

144,578

305,092

Towngas

Smart

Energy

Co.

Ltd.(b)

414,290

184,913

1,418,499

Ground

Transportation

0.2%

BTS

Group

Holdings

PCL,

NVDR*

275,448

17,652

Caocao

Inc.*(b)

36,800

69,596

China

Railway

Special

Cargo

Logistics

Co.

Ltd.,

Class

18,400

9,790

Container

Corp.

India

Ltd.

3,326

18,318

Daqin

Railway

Co.

Ltd.,

Class

37,400

27,548

Dubai

Taxi

Co.

PJSC

21,690

12,579

Guangshen

Railway

Co.

Ltd.,

Class

27,600

12,598

GUR-Sel

Turizm

Tasimacilik

Servis

Ticaret

A/S

12,650

94,759

Localiza

Rent

Car

22,706

168,083

Lotte

Rental

Co.

Ltd.

5,060

139,658

Rumo

27,600

78,444

Transfar

Zhilian

Co.

Ltd.,

Class

5,000

3,579

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Ground

Transportation

(continued)

United

International

Transportation

Co.

1,349

9,986

662,590

Health

Care

Equipment

Supplies

0.1%

Angelalign

Technology,

Inc.(a)

2,000

20,379

Classys

Inc.

144

4,156

Hartalega

Holdings

Bhd.

85,500

21,341

HLB

Co.

Ltd.*

1,886

40,479

Kossan

Rubber

Industries

Bhd.

35,000

8,993

Lifetech

Scientific

Corp.*(b)

184,000

34,493

Poly

Medicure

Ltd.

1,104

19,693

Seers

Co.

Ltd.*

675

11,245

Shandong

Weigao

Group

Medical

Polymer

Co.

Ltd.,

Class

54,000

23,138

Shanghai

Conant

Optical

Co.

Ltd.,

Class

H(b)

3,500

14,113

Shanghai

MicroPort

MedBot

Group

Co.

Ltd.,

Class

H*(b)

8,500

22,568

Shanghai

United

Imaging

Healthcare

Co.

Ltd.,

Class

890

15,237

Top

Glove

Corp.

Bhd.

41,400

6,737

242,572

Health

Care

Providers

Services

0.9%

Hammadi

Holding

1,840

12,709

Apollo

Hospitals

Enterprise

Ltd.

1,426

133,864

Aster

Quality

Care

Ltd.(a)

2,392

20,611

Bangkok

Dusit

Medical

Services

PCL,

NVDR

53,200

30,589

Bradsaude

9,290

29,110

Bumrungrad

Hospital

PCL,

NVDR

4,900

27,514

Burjeel

Holdings

plc

55,935

18,885

Chabiotech

Co.

Ltd.*

2,025

12,002

Dallah

Healthcare

Co.

585

16,387

Lal

PathLabs

Ltd.(a)

1,644

32,827

Sulaiman

Habib

Medical

Services

Group

Co.

1,426

89,232

Fleury

110,400

372,444

Fortis

Healthcare

Ltd.

7,288

72,181

Genertec

Universal

Medical

Group

Co.

Ltd.(a)(b)

322,000

200,388

Global

Health

Ltd.

1,426

21,007

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co.

Ltd.,

Class

4,600

15,189

Hanmi

Science

Co.

Ltd.

552

13,880

Hapvida

Participacoes

Investimentos

SA*(a)

81,233

180,352

IHH

Healthcare

Bhd.

27,600

56,395

Jointown

Pharmaceutical

Group

Co.

Ltd.,

Class

18,400

14,044

KPJ

Healthcare

Bhd.

30,224

22,928

Krishna

Institute

Medical

Sciences

Ltd.*(a)

4,320

36,433

Investments

Value

Health

Care

Providers

Services

(continued)

Life

Healthcare

Group

Holdings

Ltd.

516,948

352,310

Max

Healthcare

Institute

Ltd.

9,568

110,155

Medikaloka

Hermina

Tbk

PT(a)

360,094

16,009

Mitra

Keluarga

Karyasehat

Tbk

PT(a)

100,200

9,828

MLP

Saglik

Hizmetleri

A/S,

Class

B*(a)

21,344

181,891

Mouwasat

Medical

Services

Co.

1,080

17,887

Narayana

Hrudayalaya

Ltd.(a)

1,200

25,520

National

Medical

Care

Co.

782

23,530

Netcare

Ltd.

443,348

507,066

New

Horizon

Health

Ltd.,

Class

D*‡

4,000

133

Pure

Health

Holding

PJSC

74,871

46,071

Rainbow

Children's

Medicare

Ltd.

1,794

28,681

Rede

D'Or

Sao

Luiz

SA(a)

18,400

125,452

Saudi

Chemical

Co.

Holding

13,754

29,702

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.,

Class

14,600

22,380

Sinopharm

Group

Co.

Ltd.,

Class

25,200

55,853

Sunway

Healthcare

Holdings

Bhd.*

138,000

65,175

Topchoice

Medical

Corp.,

Class

700

3,826

Vijaya

Diagnostic

Centre

Ltd.

1,564

22,037

3,072,477

Health

Care

Technology

0.0%(d)

Inventurus

Knowledge

Solutions

Ltd.*

506

9,805

Lunit

Inc.*

2,400

15,571

Sphere

Corp.*

1,150

12,422

37,798

Hotels,

Restaurants

Leisure

1.5%

Abu

Dhabi

National

Hotels

3,246,036

351,754

Allwyn

AG(b)

2,524

38,739

Alsea

SAB

193,200

469,014

Americana

Restaurants

International

plc

57,895

34,206

Asset

World

Corp.

PCL,

NVDR

126,000

11,169

Ballys

Intralot

SA(b)

7,896

9,948

Bukit

Uluwatu

Villa

Tbk

PT*

483,000

23,621

Central

Plaza

Hotel

PCL

1,600

1,845

Central

Plaza

Hotel

PCL,

NVDR

15,100

17,410

Chalet

Hotels

Ltd.

2,045

17,390

Devyani

International

Ltd.*

15,732

18,826

DoubleUGames

Co.

Ltd.

3,772

159,008

EIH

Ltd.

4,500

15,422

Eternal

Ltd.*

62,560

198,305

Genting

Bhd.

31,500

16,342

Genting

Malaysia

Bhd.

36,000

15,417

Guming

Holdings

Ltd.(b)

6,800

20,274

World

Group

Ltd.(b)

23,000

97,613

Haidilao

International

Holding

Ltd.

(a)(b)

12,164

18,444

Hanjin

Kal

Corp.

358

28,048

Indian

Hotels

Co.

Ltd.

(The),

Class

12,190

94,355

ITC

Hotels

Ltd.

10,350

17,613

Jabal

Omar

Development

Co.*

14,018

59,723

Jollibee

Foods

Corp.

8,100

19,688

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Hotels,

Restaurants

Leisure

(continued)

Jubilant

Foodworks

Ltd.

6,968

32,005

Kangwon

Land,

Inc.

40,416

416,718

Leejam

Sports

Co.

JSC

444

9,423

Leela

Palaces

Hotels

Resorts

Ltd.*

2,760

14,307

Lotte

Tour

Development

Co.

Ltd.*

966

7,873

Meituan

Class

B*(a)

70,800

835,161

Minor

International

PCL,

NVDR

44,400

31,380

Mixue

Group,

Class

H*(b)

400

11,559

Paradise

Co.

Ltd.

2,099

14,281

Petrokent

Turizm

A/S*

2,070

5,540

Seera

Group

Holding*

6,298

34,144

Smartfit

Escola

Ginastica

Danca

175,249

679,520

Southern

Sun

Ltd.

273,194

169,186

Swiggy

Ltd.*

20,987

62,656

TAB

Gida

Sanayi

Ticaret

A/S

2,346

12,000

Talabat

Holding

plc

50,738

14,505

Tbo

Tek

Ltd.*

828

13,288

Tongcheng

Travel

Holdings

Ltd.(a)

35,200

64,101

Travellers

International

Hotel

Group,

Inc.*‡

209,900

—

TravelSky

Technology

Ltd.,

Class

368,000

405,468

Trip.com

Group

Ltd.*

7,550

352,775

Yum

China

Holdings,

Inc.

4,508

217,195

5,157,259

Household

Durables

0.8%

Ability

Enterprise

Co.

Ltd.

6,904

13,650

Amber

Enterprises

India

Ltd.*

239

18,637

Arcelik

A/S*

2,915

5,965

Aux

Electric

Co.

Ltd.*(b)

92,000

126,709

Beijing

Roborock

Technology

Co.

Ltd.,

Class

515

8,496

Coway

Co.

Ltd.

1,242

79,710

Crompton

Greaves

Consumer

Electricals

Ltd.

20,194

55,070

Cury

Construtora

Incorporadora

55,200

326,921

Cyrela

Brazil

Realty

Empreendimentos

Participacoes

87,400

367,618

Direcional

Engenharia

147,200

328,840

Dixon

Technologies

India

Ltd.(a)

499

73,473

Gree

Electric

Appliances,

Inc.

Zhuhai,

Class

9,200

57,674

Haier

Smart

Home

Co.

Ltd.,

Class

9,000

30,931

Haier

Smart

Home

Co.

Ltd.,

Class

55,200

159,090

Hisense

Home

Appliances

Group

Co.

Ltd.,

Class

10,000

29,994

Hisense

Visual

Technology

Co.

Ltd.,

Class

4,700

18,925

Electronics

India

Ltd.*

900

14,059

Electronics,

Inc.

2,484

282,427

Electronics,

Inc.

(Preference)

446

18,488

Merry

Electronics

Co.

Ltd.

74,281

184,329

Midea

Group

Co.

Ltd.,

Class

13,800

179,158

Midea

Group

Co.

Ltd.,

Class

H(b)

12,200

154,569

Investments

Value

Household

Durables

(continued)

Nien

Made

Enterprise

Co.

Ltd.

3,000

35,366

PIK-

Spetsializirovannyy

Zastroyshchik

PAO*‡

4,646

—

Shenzhen

MTC

Co.

Ltd.,

Class

9,600

10,571

Sichuan

Changhong

Electric

Co.

Ltd.,

Class

9,200

9,463

Skyworth

Group

Ltd.*

226,000

125,370

TCL

Electronics

Holdings

Ltd.

30,000

61,863

Whirlpool

India

Ltd.

3,465

29,157

2,806,523

Household

Products

0.0%(d)

Blue

Moon

Group

Holdings

Ltd.(a)(b)

25,000

10,139

Kimberly-Clark

Mexico

SAB

CV,

Class

A(b)

19,918

46,149

Unilever

Indonesia

Tbk

115,000

11,216

67,504

Independent

Power

and

Renewable

Electricity

Producers

0.8%

Aboitiz

Equity

Ventures,

Inc.

64,730

37,535

Aboitiz

Power

Corp.

29,900

20,904

ACEN

Corp.

368,000

17,492

Acme

Solar

Holdings

Ltd.

1,932

7,342

ACWA

Power

Co.*

1,932

96,510

Adani

Green

Energy

Ltd.*

4,596

66,617

Adani

Power

Ltd.*

68,126

150,875

Aksa

Enerji

Uretim

A/S,

Class

3,760

7,449

Auren

Energia

SA*

9,200

19,883

Grimm

Power

PCL,

NVDR

33,700

18,973

Barito

Renewables

Energy

Tbk

188,600

35,112

Beijing

Jingneng

Power

Co.

Ltd.,

Class

18,400

15,707

CECEP

Solar

Energy

Co.

Ltd.,

Class

13,800

9,265

CGN

New

Energy

Holdings

Co.

Ltd.

(b)

460,000

136,681

CGN

Power

Co.

Ltd.,

Class

34,600

21,178

CGN

Power

Co.

Ltd.,

Class

H(a)

230,000

84,766

China

Longyuan

Power

Group

Corp.

Ltd.,

Class

H(b)

59,000

43,413

China

National

Nuclear

Power

Co.

Ltd.,

Class

20,700

27,794

China

Power

International

Development

Ltd.

94,000

34,044

China

Resources

Power

Holdings

Co.

Ltd.(b)

50,000

123,317

China

Three

Gorges

Renewables

Group

Co.

Ltd.,

Class

40,500

23,409

China

Yangtze

Power

Co.

Ltd.,

Class

27,600

118,989

Clean

Max

Enviro

Energy

Solutions

Ltd.*

552

7,727

Colbun

169,138

25,319

Datang

International

Power

Generation

Co.

Ltd.,

Class

18,000

15,766

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Independent

Power

and

Renewable

Electricity

Producers

(continued)

Datang

International

Power

Generation

Co.

Ltd.,

Class

H(b)

36,000

11,569

Electricity

Generating

PCL,

NVDR

4,900

19,736

Eneva

SA*

18,400

95,284

Engie

Brasil

Energia

3,240

19,004

Fujian

Funeng

Co.

Ltd.,

Class

3,340

5,381

Power

Development

Co.

Ltd.,

Class

42,500

31,997

Global

Power

Synergy

PCL,

NVDR

4,600

7,129

Guangdong

Electric

Power

Development

Co.

Ltd.,

Class

4,900

4,052

Guangdong

Electric

Power

Development

Co.

Ltd.,

Class

14,400

3,507

Gulf

Development

PCL,

NVDR

93,071

186,044

Huadian

Power

International

Corp.

Ltd.,

Class

26,500

18,891

Huadian

Power

International

Corp.

Ltd.,

Class

H(b)

38,000

20,159

Huaneng

Lancang

River

Hydropower,

Inc.,

Class

13,800

20,697

Huaneng

Power

International,

Inc.,

Class

23,700

25,254

Huaneng

Power

International,

Inc.,

Class

H(b)

94,000

72,284

Hubei

Energy

Group

Co.

Ltd.,

Class

8,700

6,086

Inner

Mongolia

MengDian

HuaNeng

Thermal

Power

Corp.

Ltd.,

Class

9,800

7,160

Jaiprakash

Power

Ventures

Ltd.*

229,494

43,991

JSW

Energy

Ltd.

8,510

49,469

Malakoff

Corp.

Bhd.

995,400

196,084

Margun

Enerji

Uretim

Sanayi

Ticaret

A/S*

11,070

8,595

Mega

First

Corp.

Bhd.

243,800

178,383

NHPC

Ltd.

53,314

43,991

NLC

India

Ltd.

6,668

20,818

NTPC

Green

Energy

Ltd.*

8,050

7,596

NTPC

Ltd.

65,366

237,891

OGK-2

PJSC*‡

11,431,280

—

Pertamina

Geothermal

Energy

PT(a)

166,704

9,357

Ratch

Group

PCL,

NVDR

14,800

17,064

Reliance

Power

Ltd.*

67,528

16,568

SDIC

Power

Holdings

Co.

Ltd.,

Class

8,600

19,437

Shaanxi

Energy

Investment

Co.

Ltd.,

Class

8,900

13,810

Shenergy

Co.

Ltd.,

Class

4,900

6,209

Shenzhen

Energy

Group

Co.

Ltd.,

Class

10,600

10,195

Sichuan

Chuantou

Energy

Co.

Ltd.,

Class

9,400

22,025

New

Energy

Corp.*

874,000

19,987

SPIC

Green

Energy

Co.

Ltd.,

Class

10,200

8,239

Investments

Value

Independent

Power

and

Renewable

Electricity

Producers

(continued)

Taiwan

Cogeneration

Corp.

22,486

41,049

Unipro

PAO*‡

5,337,000

—

Xinyi

Energy

Holdings

Ltd.(b)

1,012,031

116,153

Zhejiang

Zheneng

Electric

Power

Co.

Ltd.,

Class

19,600

14,727

2,821,939

Industrial

Conglomerates

1.7%

India

Ltd.

19,228

Aamal

Co.

663,975

128,200

Anadolu

Grubu

Holding

A/S

34,780

25,980

Alarko

Holding

A/S

5,336

11,340

Alliance

Global

Group,

Inc.

1,200,600

168,657

Alpha

Dhabi

Holding

PJSC

31,234

62,250

AntarChile

1,748

14,127

Apar

Industries

Ltd.

240

36,090

Astra

Industrial

Group

Co.

693

22,402

Astra

International

Tbk

386,400

109,517

Ayala

Corp.

5,890

49,212

Bidvest

Group

Ltd.

6,854

102,728

China

Baoan

Group

Co.

Ltd.,

Class

9,200

10,730

CITIC

Ltd.

121,000

190,876

Corp.

322

29,226

DMCI

Holdings,

Inc.

121,000

14,448

Doosan

Co.

Ltd.

75,500

Doosan

Co.

Ltd.

(Preference)

14,180

Dubai

Investments

PJSC

33,435

32,772

Far

Eastern

New

Century

Corp.

92,000

77,286

Fosun

International

Ltd.

70,500

42,795

Godrej

Industries

Ltd.*

1,296

17,897

Grupo

Carso

SAB

CV,

Series

9,200

78,614

Holdings

Corp.

1,610

100,505

Capital

Holdings,

Inc.

2,700

21,390

Hanwha

Corp.

782

45,965

HAP

Seng

Consolidated

Bhd.

9,000

6,101

Hyosung

Corp.

316

32,028

Industries

Qatar

QSC

37,490

108,526

International

Holding

Co.

PJSC*

9,660

1,004,716

Summit

Holdings,

Inc.

54,011

19,630

Kiler

Holding

A/S*

2,790

4,303

KOC

Holding

A/S

16,928

70,134

Corp.

1,470

104,241

Lotte

Corp.

10,913

172,991

Group,

Inc.

98,000

23,435

Modon

Holding

PSC*

82,708

64,179

National

Industries

Group

Holding

SAK

39,530

29,002

Nava

Ltd.

7,314

42,424

Quinenco

4,414

21,203

Samsung

C&T

Corp.

1,104

272,186

San

Miguel

Corp.

4,500

4,925

Shanghai

Industrial

Holdings

Ltd.(b)

10,000

17,637

Siemens

Ltd.

1,380

54,381

Sigdo

Koppers

134,918

240,926

Sime

Darby

Bhd.

91,100

48,153

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Industrial

Conglomerates

(continued)

Square

Co.

Ltd.

1,932

1,406,619

SK,

Inc.

782

305,516

Investments

Corp.

11,500

111,675

Sunway

Bhd.

32,200

41,604

Tanco

Holdings

Bhd.*

33,840

2,153

Turkiye

Sise

Cam

Fabrikalari

A/S

21,206

18,625

Two

Point

Zero

Group

PJSC*

212,498

115,714

5,844,942

Industrial

REITs

0.4%

Equites

Property

Fund

Ltd.,

REIT

323,932

349,350

FIBRA

Macquarie

Mexico,

REIT(a)

294,400

762,877

Frasers

Property

Thailand

Industrial

Freehold

Leasehold

REIT,

REIT

60,000

23,359

Prologis

Property

Mexico

CV,

REIT

15,567

69,785

Reysas

Gayrimenkul

Yatirim

Ortakligi

A/S,

REIT*

28,244

22,762

WHA

Premium

Growth

Freehold

Leasehold

Real

Estate

InvestmentTrust

Class

REIT

60,000

20,484

1,248,617

Insurance

3.5%

Abu

Dhabi

National

Insurance

Co.

PSC

111,136

214,538

Agesa

Hayat

Emeklilik

A/S

12,834

65,595

Rajhi

Co.

for

Co-operative

Insurance*

644

8,317

Allianz

Malaysia

Bhd.

27,600

141,833

Anadolu

Anonim

Turk

Sigorta

Sirketi

26,496

15,165

Seguridade

Participacoes

14,100

114,506

BKI

Holdings

PCL,

NVDR

18,400

204,980

Bupa

Arabia

for

Cooperative

Insurance

Co.

966

40,384

Caixa

Seguridade

Participacoes

10,300

41,053

Canara

HSBC

Life

Insurance

Co.

Ltd.*

5,520

8,472

Capital

Financial

Indonesia

Tbk

PT*

252,022

25,631

Cathay

Financial

Holding

Co.

Ltd.

220,942

693,883

Central

Reinsurance

Co.

Ltd.

161,794

172,712

China

Life

Insurance

Co.

Ltd.,

Class

4,600

26,942

China

Life

Insurance

Co.

Ltd.,

Class

173,000

644,205

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

13,800

66,182

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

61,600

240,065

China

Reinsurance

Group

Corp.,

Class

2,530,000

442,014

China

Taiping

Insurance

Holdings

Co.

Ltd.

31,200

87,613

Co.

for

Cooperative

Insurance

(The)

990

32,319

Investments

Value

Insurance

(continued)

COFCO

Capital

Holdings

Co.

Ltd.,

Class

4,900

6,732

Insurance

Co.

Ltd.

1,104

121,574

Discovery

Ltd.

7,452

118,034

Fubon

Financial

Holding

Co.

Ltd.

230,244

926,134

Hanwha

Life

Insurance

Co.

Ltd.*

103,362

320,446

HDFC

Life

Insurance

Co.

Ltd.(a)

11,546

66,373

Hyundai

Marine

Fire

Insurance

Co.

Ltd.*

22,770

614,089

ICICI

Lombard

General

Insurance

Co.

Ltd.(a)

3,726

63,406

ICICI

Prudential

Life

Insurance

Co.

Ltd.(a)

5,220

28,197

KGI

Financial

Holding

Co.

Ltd.

386,584

369,013

Korean

Reinsurance

Co.

56,396

544,696

LPI

Capital

Bhd.

4,900

17,986

Maase,

Inc.,

Class

ADR*(b)

2,484

44,190

Max

Financial

Services

Ltd.*

3,864

60,705

Mercuries

Life

Insurance

Co.

Ltd.*

104,278

31,943

Mirae

Asset

Life

Insurance

Co.

Ltd.*

7,544

81,964

Momentum

Group

Ltd.

26,864

66,287

New

China

Life

Insurance

Co.

Ltd.,

Class

4,800

44,916

New

China

Life

Insurance

Co.

Ltd.,

Class

23,000

141,843

Old

Mutual

Ltd.

89,286

72,071

OUTsurance

Group

Ltd.

10,264

51,223

Fintech

Ltd.*

4,738

79,525

People's

Insurance

Co.

Group

China

Ltd.

(The),

Class

213,000

148,309

PICC

Property

Casualty

Co.

Ltd.,

Class

158,000

330,443

Ping

Insurance

Group

Co.

China

Ltd.,

Class

18,500

150,521

Ping

Insurance

Group

Co.

China

Ltd.,

Class

H(b)

144,500

1,080,765

Porto

Seguro

4,800

51,678

Qatar

Insurance

Co.

SAQ

981,640

518,724

Qualitas

Controladora

SAB

CV(b)

4,900

44,712

Rasan

Information

Technology

Co.*

736

25,517

Samsung

Fire

Marine

Insurance

Co.

Ltd.

644

285,479

Samsung

Fire

Marine

Insurance

Co.

Ltd.

(Preference)

12,626

Samsung

Life

Insurance

Co.

Ltd.

2,254

492,475

Sanlam

Ltd.

40,664

215,908

Santam

Ltd.

723

17,648

Saudi

Reinsurance

Co.*

2,126

13,530

SBI

Life

Insurance

Co.

Ltd.(a)

5,934

117,044

Seoul

Guarantee

Insurance

Co.

4,462

134,420

Shinkong

Insurance

Co.

Ltd.

88,381

440,278

Star

Health

Allied

Insurance

Co.

Ltd.*

2,475

15,590

Sunshine

Insurance

Group

Co.

Ltd.,

Class

713,000

333,696

Syarikat

Takaful

Malaysia

Keluarga

Bhd.

225,400

176,503

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Insurance

(continued)

Thai

Life

Insurance

PCL,

NVDR

30,700

10,757

Tongyang

Life

Insurance

Co.

Ltd.*

14,402

84,147

Turkiye

Sigorta

A/S

99,360

13,150

ZhongAn

Online

P&C

Insurance

Co.

Ltd.,

Class

H*(a)

28,900

40,872

11,912,548

Interactive

Media

Services

1.9%

Baidu,

Inc.,

Class

28,600

386,240

Bilibili

Inc.,

Class

2,760

51,986

Info

Edge

India

Ltd.

6,210

79,809

Kakao

Corp.

4,342

113,902

Kuaishou

Technology(a)

64,400

358,891

Meitu

Inc.(a)

48,000

28,892

NAVER

Corp.

1,886

275,155

Newborn

Town,

Inc.*(b)

20,000

20,787

Tencent

Holdings

Ltd.

80,700

4,890,410

Weibo

Corp.,

Class

A(b)

37,720

304,248

6,510,320

Services

0.8%

4iG

Nyrt

.*(b)

1,886

10,433

Moammar

Information

Systems

Co.

505

32,434

Arabian

Internet

Communications

Services

Co.

180

10,300

Chinasoft

International

Ltd.(b)

884,000

443,037

Clobot

Co.

Ltd.*

405

6,590

Coforge

Ltd.

5,060

91,267

Elm

Co.

368

66,437

GDS

Holdings

Ltd.,

Class

A*(b)

13,600

53,938

HCL

Technologies

Ltd.

14,260

201,297

Hexaware

Technologies

Ltd.

1,150

6,769

Hyundai

Autoever

Corp.

24,032

Infosys

Ltd.

53,130

629,274

Kingsoft

Cloud

Holdings

Ltd.*

26,000

19,264

CNS

Co.

Ltd.

1,179

51,685

LTM

Ltd.(a)

1,426

65,193

Mphasis

Ltd.

1,492

36,626

Odine

Solutions

Teknoloji

Ticaret

Sanayi

A/S*

460

24,198

Persistent

Systems

Ltd.

1,588

92,353

Posco

Co.

Ltd.

769

10,389

Presight

Holding

plc*

17,894

16,565

Samsung

SDS

Co.

Ltd.

552

79,759

Systex

Corp.

9,484

45,191

Tata

Consultancy

Services

Ltd.

12,788

317,050

Tata

Technologies

Ltd.

1,472

11,534

Tech

Mahindra

Ltd.

8,602

148,871

WellCell

Holdings

Co.

Ltd.*(b)

22,400

526

Wipro

Ltd.

40,020

77,029

Zensar

Technologies

Ltd.

2,950

15,705

2,587,746

Investments

Value

Leisure

Products

0.3%

Bloks

Group

Ltd.*

900

5,939

Fusheng

Precision

Co.

Ltd.

43,077

338,549

Giant

Manufacturing

Co.

Ltd.

132,807

347,232

Johnson

Health

Tech

Co.

Ltd.

37,332

142,079

Thunder

Tiger

Corp.*

7,440

37,984

871,783

Life

Sciences

Tools

Services

0.2%

Anthem

Biosciences

Ltd.

874

7,412

Curiox

Biosystems

Co.

Ltd.*

270

7,111

Divi's

Laboratories

Ltd.

1,932

163,121

Genscript

Biotech

Corp.*

14,000

32,244

Indegene

Ltd.

1,564

8,444

LigaChem

Biosciences,

Inc.*

368

22,585

MGI

Tech

Co.

Ltd.,

Class

1,665

12,293

Peptron

Inc.*

276

24,741

SAI

Life

Sciences

Ltd.*(a)

2,648

36,497

Samsung

Biologics

Co.

Ltd.*(a)

168

174,988

Syngene

International

Ltd.(a)

4,876

19,721

WuXi

AppTec

Co.

Ltd.,

Class

2,860

54,436

WuXi

AppTec

Co.

Ltd.,

Class

H(a)

5,418

111,033

XtalPi

Holdings

Ltd.*(b)

41,000

35,763

710,389

Machinery

1.5%

Action

Construction

Equipment

Ltd.

1,488

16,691

AIA

Engineering

Ltd.

600

28,870

Airtac

International

Group

1,913

78,428

Anhui

Heli

Co.

Ltd.,

Class

4,600

12,448

Ashok

Leyland

Ltd.

40,940

71,303

Azad

Engineering

Ltd.*

828

19,894

BEML

Ltd.

1,380

25,316

BHI

Co.

Ltd.*

681

19,250

Sun

Manufacturing

Ltd.

2,828

41,870

China

CSSC

Holdings

Ltd.,

Class

5,000

26,069

China

International

Marine

Containers

Group

Co.

Ltd.,

Class

9,600

12,335

China

International

Marine

Containers

Group

Co.

Ltd.,

Class

H(b)

9,400

9,110

China

Railway

Construction

Heavy

Industry

Corp.

Ltd.,

Class

21,060

13,421

China

Yuchai

International

Ltd.

4,728

222,973

CIMC

Enric

Holdings

Ltd.

20,000

19,843

Cochin

Shipyard

Ltd.(a)

1,450

21,625

Craftsman

Automation

Ltd.

343

35,494

CSBC

Corp.

Taiwan*

29,992

17,632

Cummins

India

Ltd.

1,794

103,769

Daehan

Shipbuilding

Co.

Ltd.

460

16,165

Doosan

Bobcat,

Inc.

950

39,847

Doosan

Robotics,

Inc.*

322

13,913

Elgi

Equipments

Ltd.

8,280

49,434

Escorts

Kubota

Ltd.

564

18,241

Eternal

Precision

Mechanics

Co.

Ltd.

1,000

10,845

Farsoon

Technologies

Co.

Ltd.,

Class

1,150

11,913

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Machinery

(continued)

First

Tractor

Co.

Ltd.,

Class

162,000

183,039

Force

Motors

Ltd.

16,698

Shank

Enterprise

Co.

Ltd.

4,472

15,705

Grindwell

Norton

Ltd.

1,755

38,998

Haitian

International

Holdings

Ltd.(b)

22,000

58,412

Hangcha

Group

Co.

Ltd.,

Class

4,600

19,150

Hanwha

Engine*

966

26,459

Hanwha

Ocean

Co.

Ltd.*

1,610

96,214

Construction

Equipment

Co.

Ltd.

506

44,329

Hyundai

Heavy

Industries

Co.

Ltd.

414

139,675

Korea

Shipbuilding

Offshore

Engineering

Co.

Ltd.

1,104

297,740

HD-Hyundai

Marine

Engine*

360

12,487

Hefei

Meiya

Optoelectronic

Technology,

Inc.,

Class

4,600

10,792

Hiwin

Technologies

Corp.

4,535

42,727

Shipbuilding

Construction

Co.

Ltd.*

1,840

20,262

Hyulim

ROBOT

Co.

Ltd.*

4,600

19,972

Hyundai

Elevator

Co.

Ltd.

524

24,956

Hyundai

Rotem

Co.

Ltd.

966

90,590

Ingersoll

Rand

India

Ltd.

141

6,407

INOX

India

Ltd.

736

14,718

Jiangsu

Hengli

Hydraulic

Co.

Ltd.,

Class

2,000

32,145

Jupiter

Wagons

Ltd.*

6,716

18,244

Jyoti

CNC

Automation

Ltd.*(a)

3,970

33,646

Kaori

Heat

Treatment

Co.

Ltd.

1,214

32,116

Keda

Industrial

Group

Co.

Ltd.,

Class

4,900

11,975

Kinik

Co.

2,800

55,447

Kirloskar

Brothers

Ltd.

700

13,720

Kirloskar

Oil

Engines

Ltd.

1,711

39,268

KSB

Ltd.

1,944

17,438

Lonking

Holdings

Ltd.

736,000

292,838

Marcopolo

85,950

82,894

Marcopolo

(Preference)

294,400

307,690

Mega

Union

Technology,

Inc.

3,575

79,754

Morimatsu

International

Holdings

Co.

Ltd.(a)

186,000

155,364

MTAR

Technologies

Ltd.*(a)

736

44,169

North

Industries

Group

Red

Arrow

Co.

Ltd.,

Class

4,600

9,810

Olectra

Greentech

Ltd.

1,485

20,609

Otokar

Otomotiv

Savunma

Sanayi

A/S*

1,440

9,242

Pentamaster

Corp.

Bhd.*

23,000

29,774

People

Technology,

Inc.

7,222

143,356

Precision

Tsugami

China

Corp.

Ltd.

(a)(b)

9,000

59,682

Rainbow

Robotics*

27,941

Sam

Engineering

Equipment

Bhd.

5,100

5,678

Samsung

Heavy

Industries

Co.

Ltd.*

8,832

132,260

Investments

Value

Machinery

(continued)

Sany

Heavy

Equipment

International

Holdings

Co.

Ltd.

28,000

26,530

Sany

Heavy

Industry

Co.

Ltd.,

Class

4,700

14,314

SFA

Nexel

Co.

Ltd.*

2,392

11,140

Shaily

Engineering

Plastics

Ltd.

907

29,101

Shanghai

Zhenhua

Heavy

Industries

Co.

Ltd.,

Class

18,400

11,808

Shanghai

Zhenhua

Heavy

Industries

Co.

Ltd.,

Class

4,800

1,238

Shin

Shing

Co.

Ltd.

8,278

43,799

Sinotruk

Hong

Kong

Ltd.

18,500

95,878

oceanplant

Co.

Ltd.*

828

7,271

STX

Engine

Co.

Ltd.*

552

8,924

Sunonwealth

Electric

Machine

Industry

Co.

Ltd.

5,208

21,110

Syntec

Technology

Co.

Ltd.

1,000

62,966

Taiwan

Microloops

Corp.

2,000

32,489

Tata

Motors

Ltd.

26,174

119,822

Tega

Industries

Ltd.

598

9,310

Thermax

Ltd.

576

25,994

Tian

Science

Technology

Co.

Ltd.,

Class

18,700

13,663

Timken

India

Ltd.

329

10,846

Titagarh

Rail

System

Ltd.

3,150

27,243

Turk

Traktor

Ziraat

Makineleri

A/S*

788

6,835

UBTech

Robotics

Corp.

Ltd.,

Class

H*(b)

2,350

24,439

UWC

Bhd.*

18,400

28,592

Weichai

Power

Co.

Ltd.,

Class

13,800

57,163

Weichai

Power

Co.

Ltd.,

Class

46,000

193,231

XCMG

Construction

Machinery

Co.

Ltd.,

Class

20,200

26,823

Yangzijiang

Shipbuilding

Holdings

Ltd.

59,800

182,595

Yantai

Eddie

Precision

Machinery

Co.

Ltd.,

Class

100

290

Yuil

Robotics

Co.

Ltd.*

225

9,832

Yutong

Bus

Co.

Ltd.,

Class

4,500

21,474

ZCZL

Industrial

Technology

Group

Co.

Ltd.,

Class

4,600

11,010

Zhejiang

Sanhua

Intelligent

Controls

Co.

Ltd.,

Class

4,500

25,029

Zhejiang

Sanhua

Intelligent

Controls

Co.

Ltd.,

Class

H(b)

4,500

15,024

Zhuzhou

CRRC

Times

Electric

Co.

Ltd.,

Class

4,500

19,316

Zoomlion

Heavy

Industry

Science

and

Technology

Co.

Ltd.,

Class

17,400

19,598

Zoomlion

Heavy

Industry

Science

and

Technology

Co.

Ltd.,

Class

H(b)

29,200

28,189

5,033,975

Marine

Transportation

0.6%

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

18,300

42,390

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Marine

Transportation

(continued)

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H(b)

60,500

121,670

COSCO

SHIPPING

Specialized

Carriers

Co.

Ltd.,

Class

4,600

7,710

Etihad

Energy

Holding

PJSC*

75,371

60,949

Evergreen

Marine

Corp.

Taiwan

Ltd.

26,814

169,252

Far-Eastern

Shipping

Co.

plc*‡

302,500

—

Hainan

Strait

Shipping

Co.

Ltd.,

Class

4,500

4,482

HMM

Co.

Ltd.

6,373

93,648

MISC

Bhd.

32,200

62,958

Orient

Overseas

International

Ltd.

3,500

68,334

Pan

Ocean

Co.

Ltd.

91,862

352,448

Qatar

Navigation

QSC

24,656

67,061

Shanghai

Zhonggu

Logistics

Co.

Ltd.,

Class

2,552

4,077

Shipping

Corp.

India

Ltd.

63,253

193,209

U-Ming

Marine

Transport

Corp.

163,984

317,627

Wan

Hai

Lines

Ltd.

34,121

89,423

Wisdom

Marine

Lines

Co.

Ltd.

184,416

446,789

Yang

Ming

Marine

Transport

Corp.

38,380

60,327

2,162,354

Media

0.2%

Affle

Ltd.*

1,628

27,061

Arabian

Contracting

Services

Co.*

828

17,671

Cheil

Worldwide,

Inc.

27,830

369,518

China

Literature

Ltd.*(a)

4,200

10,830

China

South

Publishing

Media

Group

Co.

Ltd.,

Class

4,900

7,981

Elang

Mahkota

Teknologi

Tbk

211,506

6,230

Focus

Media

Information

Technology

Co.

Ltd.,

Class

14,900

12,410

Jiangsu

Broadcasting

Cable

Information

Network

Corp.

Ltd.,

Class

23,000

10,635

Leo

Group

Co.

Ltd.,

Class

8,400

5,801

Megacable

Holdings

SAB

18,400

62,601

Mobvista

Inc.*(a)

19,000

27,016

Saudi

Research

Media

Group*

1,249

19,639

Shandong

Publishing

Media

Co.

Ltd.,

Class

4,300

4,786

Sun

Network

Ltd.

1,380

7,356

Surya

Citra

Media

Tbk

5,464,800

63,170

Wasu

Media

Holding

Co.

Ltd.,

Class

9,200

9,544

662,249

Metals

Mining

4.2%

African

Rainbow

Minerals

Ltd.

2,392

24,473

Masane

Kobra

Mining

Co.

1,403

27,421

Alamtri

Minerals

Indonesia

Tbk

193,200

16,266

Alrosa

PJSC*‡

85,800

—

Aluminum

Corp.

China

Ltd.,

Class

19,600

27,798

Investments

Value

Metals

Mining

(continued)

Aluminum

Corp.

China

Ltd.,

Class

92,000

99,255

Amman

Mineral

Internasional

PT*

123,400

28,117

Angang

Steel

Co.

Ltd.,

Class

H*(b)

38,000

5,960

ANTAM

Persero

Tbk

193,000

30,890

Apex

Mining

Co.,

Inc.

621,000

144,447

APL

Apollo

Tubes

Ltd.

2,467

47,044

Baoshan

Iron

Steel

Co.

Ltd.,

Class

46,000

41,790

Beijing

Shougang

Co.

Ltd.,

Class

10,600

6,111

Borusan

Birlesik

Boru

Fabrikalari

Sanayi

Ticaret

A/S*

720

7,901

Bradespar

(Preference)

101,200

438,212

Bumi

Resources

Minerals

Tbk

PT*

1,262,400

39,288

CAP

SA*

966

6,169

Century

Iron

Steel

Industrial

Co.

Ltd.

73,250

236,846

China

Gold

International

Resources

Corp.

Ltd.

3,800

85,240

China

Hongqiao

Group

Ltd.(b)

90,000

281,652

China

Metal

Recycling

Holdings

Ltd.*‡

51,000

—

China

Nonferrous

Mining

Corp.

Ltd.

37,000

69,597

China

Northern

Rare

Earth

Group

High-Tech

Co.

Ltd.,

Class

4,600

27,065

China

Steel

Corp.

172,050

100,880

China

Tungsten

and

Hightech

Materials

Co.

Ltd.,

Class

3,000

22,012

China

Zhongwang

Holdings

Ltd.*‡

699,600

—

Chung

Hung

Steel

Corp.*

23,000

11,813

Cia

Brasileira

Aluminio

4,600

10,032

Cia

Siderurgica

Nacional

SA*

15,300

14,575

CMOC

Group

Ltd.,

Class

16,500

47,733

CMOC

Group

Ltd.,

Class

48,000

103,387

CSN

Mineracao

9,600

10,789

CVK

Maden

Isletmeleri

Sanayi

Ticaret

A/S*

18,998

15,118

Darma

Henwa

Tbk

1,081,000

27,635

DRDGOLD

Ltd.

10,054

20,586

East

Pipes

Integrated

Co.

for

Industry

6,026

295,243

ElvalHalcor

SA(b)

20,792

89,469

Eregli

Demir

Celik

Fabrikalari

TAS

51,613

46,199

EVERGREEN

Steel

Corp.

89,281

240,337

Feng

Hsin

Steel

Co.

Ltd.

22,970

46,339

Gerdau

(Preference)

25,764

126,674

GMK

Norilskiy

Nickel

PAO*‡

209,000

—

Godawari

Power

and

Ispat

Ltd.

13,606

34,566

Gold

Fields

Ltd.

20,516

666,627

Gravita

India

Ltd.

552

9,351

Grupo

Mexico

SAB

CV,

Series

41,400

495,643

Guangdong

HEC

Technology

Holding

Co.

Ltd.,

Class

4,700

19,754

Guangxi

Huaxi

Nonferrous

Metal

Co.

Ltd.,

Class

100

610

Hangzhou

Iron

Steel

Co.,

Class

9,400

9,125

Harmony

Gold

Mining

Co.

Ltd.

13,064

205,662

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Metals

Mining

(continued)

Henan

Shenhuo

Coal

Industry

Electricity

Power

Co.

Ltd.,

Class

4,700

18,159

Hindalco

Industries

Ltd.

33,304

340,126

Hindustan

Copper

Ltd.

5,462

28,141

Hindustan

Zinc

Ltd.

7,173

40,535

Huaibei

Mining

Holdings

Co.

Ltd.,

Class

4,600

10,301

Hunan

Valin

Steel

Co.

Ltd.,

Class

23,500

13,687

Hyundai

Steel

Co.

1,748

32,307

Impala

Platinum

Holdings

Ltd.

20,010

217,107

Industrias

Penoles

SAB

2,530

116,261

Inner

Mongolia

BaoTou

Steel

Union

Co.

Ltd.,

Class

70,500

23,300

Inner

Mongolia

ERDOS

Resources

Co.

Ltd.,

Class

10,388

12,185

Jayaswal

NECO

Industries

Ltd.*

11,914

10,742

Jiangxi

Copper

Co.

Ltd.,

Class

4,700

30,147

Jiangxi

Copper

Co.

Ltd.,

Class

27,000

121,131

Jinchuan

Group

International

Resources

Co.

Ltd.‡(b)

235,000

5,907

Jindal

Saw

Ltd.

14,996

40,384

Jindal

Stainless

Ltd.

5,612

43,219

Jindal

Steel

Ltd.

5,152

59,525

Jinduicheng

Molybdenum

Co.

Ltd.,

Class

4,800

14,932

JSW

Steel

Ltd.

16,468

219,194

Kardemir

Karabuk

Demir

Celik

Sanayi

Ticaret

A/S,

Class

8,280

7,401

Kardemir

Karabuk

Demir

Celik

Sanayi

Ticaret

A/S,

Class

34,110

29,570

Korea

Zinc

Co.

Ltd.

138

96,698

Kumba

Iron

Ore

Ltd.(b)

1,215

19,266

Lianyou

Metals

Co.

Ltd.

1,200

44,558

Lingbao

Gold

Group

Co.

Ltd.,

Class

H(b)

18,500

45,533

Lloyds

Metals

Energy

Ltd.

2,064

44,280

Maanshan

Iron

Steel

Co.

Ltd.,

Class

22,000

4,797

Magnitogorsk

Iron

Steel

Works

PJSC*‡

45,174

—

Merdeka

Battery

Materials

Tbk

PT*

391,000

10,973

Merdeka

Copper

Gold

Tbk

183,462

27,732

Merdeka

Gold

Resources

Tbk

PT*

56,100

20,577

Metalurgica

Gerdau

45,898

88,532

Metalurgica

Gerdau

(Preference)

323,492

695,291

Minsur

355,672

723,342

MMG

Ltd.*

92,000

98,434

Nanjing

Iron

Steel

Co.

Ltd.,

Class

18,400

13,716

National

Aluminium

Co.

Ltd.

18,936

69,471

Nexa

Resources

Peru

SAA,

Class

91,402

108,428

NMDC

Ltd.

70,656

62,973

NMDC

Steel

Ltd.*

439,346

198,089

Northam

Platinum

Holdings

Ltd.

8,418

120,101

Novolipetsk

Steel

PJSC*‡

51,150

—

OceanaGold

Philippines,

Inc.

170,200

92,996

Investments

Value

Metals

Mining

(continued)

Pangang

Group

Vanadium

Titanium

Resources

Co.

Ltd.,

Class

18,400

8,399

Petrosea

Tbk

54,012

14,138

PMB

Technology

Bhd.*

41,500

18,178

Polyus

PJSC*‡

11,550

—

Poongsan

Corp.

6,480

323,614

POSCO

Holdings,

Inc.

1,656

362,980

Press

Metal

Aluminium

Holdings

Bhd.

59,800

116,483

TIMAH

Persero

Tbk

147,200

31,086

PTC

Industries

Ltd.*

100

18,589

Qatar

Aluminum

Manufacturing

Co.

1,086,934

423,907

Ramkrishna

Forgings

Ltd.

3,910

26,683

Raspadskaya

PAO*‡

4,240

—

Sarda

Energy

Minerals

Ltd.

3,700

20,033

Saudi

Arabian

Mining

Co.*

17,894

269,685

SeAH

Besteel

Holdings

Corp.

828

19,340

Severstal

PAO*‡

5,995

—

Shandong

Gold

Mining

Co.

Ltd.,

Class

5,200

21,732

Shandong

Gold

Mining

Co.

Ltd.,

Class

H(a)

12,250

31,494

Shandong

Hongqiao

Aluminum

Industry

Holding

Co.

Ltd.,

Class

9,200

28,319

Shandong

Nanshan

Aluminum

Co.

Ltd.,

Class

18,800

13,151

Shanxi

Meijin

Energy

Co.

Ltd.,

Class

9,200

4,922

Shanxi

Taigang

Stainless

Steel

Co.

Ltd.,

Class

15,900

8,554

Shougang

Fushan

Resources

Group

Ltd.

90,000

27,431

Shyam

Metalics

Energy

Ltd.

1,950

21,077

Sibanye

Stillwater

Ltd.(b)

66,424

143,995

Sociedad

Punta

del

Cobre

SA,

Class

13,156

230,821

Steel

Authority

India

Ltd.

29,968

53,089

Chen

Stainless

Pipe

48,920

65,390

Tata

Steel

Ltd.

114,080

226,797

Tianshan

Aluminum

Group

Co.

Ltd.,

Class

6,100

11,933

Tongguan

Gold

Group

Ltd.

90,000

23,528

Tongling

Nonferrous

Metals

Group

Co.

Ltd.,

Class

22,500

20,707

Anadolu

Metal

Madencilik

Isletmeleri

A/S*

7,083

18,555

Trimegah

Bangun

Persada

Tbk

230,000

11,440

Tung

Steel

Enterprise

Corp.

192,514

444,368

Turk

Altin

Isletmeleri

A/S*

14,797

13,749

United

Co.

RUSAL

International

PJSC*‡

75,100

—

Usha

Martin

Ltd.

6,762

35,148

Usinas

Siderurgicas

Minas

Gerais

Usiminas

(Preference),

Class

184,000

266,549

Vale

Indonesia

Tbk

64,400

18,879

Vale

82,800

1,243,145

Valterra

Platinum

Ltd.

3,450

258,420

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Metals

Mining

(continued)

Vedanta

Ltd.

38,272

105,994

Volcan

Cia

Minera

SAA,

Class

909,742

209,949

VSMPO-AVISMA

Corp.

PJSC*‡

—

Wanguo

Gold

Group

Ltd.(b)

15,500

20,814

Welspun

Corp.

Ltd.

2,613

45,203

Western

Mining

Co.

Ltd.,

Class

4,800

27,345

Xiamen

Tungsten

Co.

Ltd.,

Class

2,600

18,129

Yieh

Phui

Enterprise

Co.

Ltd.*

322,000

135,997

Yunnan

Aluminium

Co.

Ltd.,

Class

6,300

24,854

Yunnan

Copper

Co.

Ltd.,

Class

4,800

11,254

Yunnan

Tin

Co.

Ltd.,

Class

300

1,516

Zhaojin

Mining

Industry

Co.

Ltd.,

Class

24,000

64,885

Zhejiang

JIULI

Hi-tech

Metals

Co.

Ltd.,

Class

100

299

Zhongjin

Gold

Corp.

Ltd.,

Class

1,900

6,479

Zijin

Mining

Group

Co.

Ltd.,

Class

18,400

89,852

Zijin

Mining

Group

Co.

Ltd.,

Class

76,000

322,159

14,362,786

Multi-Utilities

0.1%

Dubai

Electricity

Water

Authority

PJSC

130,824

97,598

Nebras

Energy

11,994

48,688

Power

Water

Utility

Co.

for

Jubail

Yanbu

690

6,908

YTL

Corp.

Bhd.

120,520

57,215

YTL

Power

International

Bhd.

47,037

48,113

258,522

Office

REITs

0.0%(d)

AREIT,

Inc.,

REIT

18,400

11,421

Brookfield

India

Real

Estate

Trust,

REIT(a)

9,879

35,356

Embassy

Office

Parks

REIT,

REIT

5,719

26,252

Commercial

REIT,

Inc.,

REIT

189,000

22,537

95,566

Oil,

Gas

Consumable

Fuels

3.2%

Adaro

Andalan

Indonesia

84,300

43,218

Adnoc

Gas

plc

79,488

71,420

ADNOC

Logistics

Services

34,960

59,015

Aegis

Logistics

Ltd.

2,650

35,572

AKR

Corporindo

Tbk

3,680

300

Alamtri

Resources

Indonesia

Tbk

334,892

45,784

Bangchak

Corp.

PCL,

NVDR

116,500

156,124

Banpu

PCL,

NVDR

110,300

19,158

Bashneft

PJSC*‡

1,305

—

Bashneft

PJSC

(Preference)*‡

1,163

—

Bharat

Petroleum

Corp.

Ltd.

44,602

149,468

Brava

Energia

179,450

699,342

Bukit

Asam

Persero

Tbk

161,082

20,769

Bumi

Resources

Tbk

PT*

2,320,998

21,283

CGN

Mining

Co.

Ltd.(b)

75,000

23,146

Chennai

Petroleum

Corp.

Ltd.

18,170

240,058

Investments

Value

Oil,

Gas

Consumable

Fuels

(continued)

China

Coal

Energy

Co.

Ltd.,

Class

11,400

23,315

China

Coal

Energy

Co.

Ltd.,

Class

47,000

64,192

China

Coal

Xinji

Energy

Co.

Ltd.,

Class

4,600

6,674

China

Merchants

Energy

Shipping

Co.

Ltd.,

Class

9,500

23,639

China

Petroleum

Chemical

Corp.,

Class

64,400

50,202

China

Petroleum

Chemical

Corp.,

Class

552,000

311,844

China

Shenhua

Energy

Co.

Ltd.,

Class

9,200

62,296

China

Shenhua

Energy

Co.

Ltd.,

Class

H(b)

46,500

257,714

China

Suntien

Green

Energy

Corp.

Ltd.,

Class

H(b)

50,000

20,978

Coal

India

Ltd.

52,762

229,014

COSCO

SHIPPING

Energy

Transportation

Co.

Ltd.,

Class

8,600

21,501

COSCO

SHIPPING

Energy

Transportation

Co.

Ltd.,

Class

H(b)

32,000

56,764

Dana

Gas

PJSC

2,135,412

496,526

Dian

Swastatika

Sentosa

Tbk

PT*

575,000

27,162

Ecopetrol

116,426

98,977

Energi

Mega

Persada

Tbk

PT*

193,200

13,851

Exxaro

Resources

Ltd.(b)

6,164

75,877

Formosa

Petrochemical

Corp.

20,736

45,426

Gansu

Energy

Chemical

Co.

Ltd.,

Class

28,200

10,824

Gazprom

PJSC*‡

412,500

—

Golden

Energy

Mines

Tbk

18,400

6,621

Great

Eastern

Shipping

Co.

Ltd.

(The)

4,370

61,848

Gspl

Transmission

Ltd.*

3,696

5,810

Guanghui

Energy

Co.

Ltd.,

Class

13,800

11,146

Guangzhou

Development

Group,

Inc.,

Class

7,400

7,019

Gujarat

Mineral

Development

Corp.

Ltd.

2,208

13,057

Hyundai

Co.

Ltd.

874

122,361

HELLENiQ

ENERGY

Holdings

1,316

19,684

Hindustan

Petroleum

Corp.

Ltd.

22,678

92,635

Indian

Oil

Corp.

Ltd.

89,976

132,180

Indo

Tambangraya

Megah

Tbk

142,600

194,753

Inner

Mongolia

Dian

Tou

Energy

Corp.

Ltd.,

Class

5,500

21,992

Inner

Mongolia

Yitai

Coal

Co.

Ltd.,

Class

20,116

57,914

Jiangsu

Xukuang

Energy

Co.

Ltd.,

Class

17,600

11,451

Jinneng

Holding

Shanxi

Coal

Industry

Co.

Ltd.,

Class

4,900

11,946

Jizhong

Energy

Resources

Co.

Ltd.,

Class

5,280

3,709

Kinetic

Development

Group

Ltd.

92,000

19,828

LUKOIL

PJSC*‡

12,265

—

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Oil,

Gas

Consumable

Fuels

(continued)

Mangalore

Refinery

Petrochemicals

Ltd.

5,520

9,831

Medco

Energi

Internasional

Tbk

78,218

5,586

MOL

Hungarian

Oil

Gas

plc

8,234

117,706

Motor

Oil

Hellas

Corinth

Refineries

1,443

84,340

Novatek

PJSC*‡

20,020

—

Oil

Natural

Gas

Corp.

Ltd.

96,646

245,659

Oil

India

Ltd.

15,261

73,350

Petrindo

Jaya

Kreasi

Tbk

189,980

7,021

PetroChina

Co.

Ltd.,

Class

55,200

90,643

PetroChina

Co.

Ltd.,

Class

500,000

633,799

Petroleo

Brasileiro

Petrobras

87,400

843,612

Petroleo

Brasileiro

Petrobras

(Preference)

105,800

904,183

Petronet

LNG

Ltd.

20,146

59,278

Pingdingshan

Tianan

Coal

Mining

Co.

Ltd.,

Class

4,300

5,092

PRIO

SA*

18,600

222,769

PTT

Exploration

Production

PCL

469

2,093

PTT

Exploration

Production

PCL,

NVDR

31,731

141,586

PTT

PCL,

NVDR

197,800

228,054

Qatar

Fuel

QSC

18,354

70,069

Qatar

Gas

Transport

Co.

Ltd.

54,142

61,413

Rabigh

Refining

Petrochemical

Co.*

6,436

25,483

Raharja

Energi

Cepu

27,000

7,728

Reliance

Industries

Ltd.

99,360

1,361,872

Rosneft

Oil

Co.

PJSC*‡

72,122

—

Rosneft

Oil

Co.

PJSC,

GDR*‡(a)

1,920

—

Rukun

Raharja

Tbk

225,000

11,129

Saudi

Arabian

Oil

Co.(a)

75,164

529,981

Semirara

Mining

Power

Corp.,

Class

9,400

3,140

Shaanxi

Coal

Industry

Co.

Ltd.,

Class

18,400

67,627

Shan

Hua

Yang

Group

New

Energy

Co.

Ltd.,

Class

7,050

9,006

Shanxi

Coking

Coal

Energy

Group

Co.

Ltd.,

Class

13,800

13,294

Shanxi

Lu'an

Environmental

Energy

Development

Co.

Ltd.,

Class

4,500

10,070

Sinopec

Kantons

Holdings

Ltd.(b)

294,000

139,471

Gas

Ltd.

830

130,115

Innovation

Co.

Ltd.*

1,702

131,915

S-Oil

Corp.

898

80,182

Surgutneftegas

PAO*‡

319,000

—

Surgutneftegas

PAO

(Preference)*‡

225,500

—

Tatneft

PJSC*‡

22,094

—

Tatneft

PJSC,

ADR*‡

4,806

—

Tatneft

PJSC

(Preference)*‡

3,870

—

Thai

Oil

PCL,

NVDR

14,402

28,250

Transneft

PJSC

(Preference)*‡

5,500

—

Turkiye

Petrol

Rafinerileri

A/S

18,768

116,597

Investments

Value

Oil,

Gas

Consumable

Fuels

(continued)

United

Tractors

Tbk

27,600

36,736

Vista

Energy

SAB

CV,

ADR*

2,024

142,591

Yancoal

Australia

Ltd.(a)(b)

4,800

18,621

Yankuang

Energy

Group

Co.

Ltd.,

Class

5,735

17,160

Yankuang

Energy

Group

Co.

Ltd.,

Class

41,699

63,067

11,025,506

Paper

Forest

Products

0.3%

Empresas

CMPC

19,872

22,580

Indah

Kiat

Pulp

Paper

Tbk

56,420

26,338

Lee

Man

Paper

Manufacturing

Ltd.

874,000

446,942

Nine

Dragons

Paper

Holdings

Ltd.*

41,000

39,475

Pabrik

Kertas

Tjiwi

Kimia

Tbk

506,000

182,783

Shandong

Sun

Paper

Industry

JSC

Ltd.,

Class

9,200

19,852

Suzano

15,300

130,455

YFY,

Inc.

22,472

20,199

888,624

Passenger

Airlines

0.6%

Aegean

Airlines

SA(b)

13,478

188,412

Aeroflot

PJSC*‡

74,029

—

Air

Arabia

PJSC

55,982

74,687

AirAsia

Group

Bhd.*

906,200

232,842

Asiana

Airlines,

Inc.*

2,576

12,576

Azul

SA*

130,042

567,197

Bangkok

Airways

PCL,

NVDR

245,000

142,337

China

Airlines

Ltd.

61,000

42,279

China

Eastern

Airlines

Corp.

Ltd.,

Class

14,300

7,926

China

Eastern

Airlines

Corp.

Ltd.,

Class

46,000

19,241

China

Southern

Airlines

Co.

Ltd.,

Class

14,100

10,971

China

Southern

Airlines

Co.

Ltd.,

Class

24,000

10,773

Eva

Airways

Corp.

70,566

94,542

flynas

Co.

SJSC*

279

3,658

InterGlobe

Aviation

Ltd.(a)

2,760

149,578

Jazeera

Airways

Co.

KSCP

3,358

17,973

Korean

Air

Lines

Co.

Ltd.

3,772

68,524

Latam

Airlines

Group

8,063,754

214,866

Pegasus

Hava

Tasimaciligi

A/S*

5,171

16,647

Thai

Airways

International

PCL,

NVDR

195,000

32,702

Tigerair

Taiwan

Co.

Ltd.

67,540

119,954

Turk

Hava

Yollari

15,640

103,335

2,131,020

Personal

Care

Products

0.3%

Amorepacific

Corp.

455

41,488

Amorepacific

Holdings

Corp.

11,132

199,106

APR

Corp.

376

84,394

Bloomage

Biotechnology

Corp.

Ltd.,

Class

2,475

14,683

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Personal

Care

Products

(continued)

Colgate-Palmolive

India

Ltd.

1,927

41,929

Cosmax

Inc.

144

18,655

Cupid

Ltd.*

20,838

50,366

Dabur

India

Ltd.

8,037

35,500

D'Alba

Global

Co.

Ltd.

364

56,424

Emami

Ltd.

7,406

30,896

Giant

Biogene

Holding

Co.

Ltd.(a)

7,800

30,617

Gillette

India

Ltd.

192

15,341

Godrej

Consumer

Products

Ltd.

5,704

63,989

Hengan

International

Group

Co.

Ltd.

(b)

12,000

37,890

Hindustan

Unilever

Ltd.

11,546

254,275

Honasa

Consumer

Ltd.*

5,152

24,274

Hyundai

Bioscience

Co.

Ltd.*

3,910

16,181

Kolmar

Korea

Co.

Ltd.

562

37,527

H&H

Co.

Ltd.

19,527

Mao

Geping

Cosmetics

Co.

Ltd.,

Class

H(b)

3,300

24,724

Natura

Cosmeticos

SA*

23,058

38,032

Procter

Gamble

Hygiene

Health

Care

Ltd.

8,286

Sarantis

SA(b)

1,316

21,955

Shanghai

Chicmax

Cosmetic

Co.

Ltd.,

Class

H(b)

1,900

7,206

1,173,265

Pharmaceuticals

1.0%

Abbott

India

Ltd.

13,402

Acutaas

Chemicals

Ltd.

1,440

46,859

Aether

Industries

Ltd.*

1,518

24,494

Ajanta

Pharma

Ltd.

576

20,919

Alembic

Pharmaceuticals

Ltd.

2,000

16,707

Alivus

Life

Sciences

Ltd.

874

10,626

Alkem

Laboratories

Ltd.

782

47,138

Aspen

Pharmacare

Holdings

Ltd.

8,035

72,382

Asymchem

Laboratories

Tianjin

Co.

Ltd.,

Class

700

15,836

Aurobindo

Pharma

Ltd.

4,094

67,802

Bora

Pharmaceuticals

Co.

Ltd.

3,542

41,920

BrightGene

Bio-Medical

Technology

Co.

Ltd.,

Class

1,334

6,512

Caliway

Biopharmaceuticals

Co.

Ltd.*

11,299

36,010

Caplin

Point

Laboratories

Ltd.

912

24,056

Caregen

Co.

Ltd.

225

8,775

Celltrion

Pharm,

Inc.

1,018

28,704

Center

Laboratories,

Inc.

12,026

14,047

Changchun

High-Tech

Industry

Group

Co.

Ltd.,

Class

600

7,203

China

Medical

System

Holdings

Ltd.

21,000

31,922

China

Resources

Jiangzhong

Pharmaceutical

Co.

Ltd.,

Class

100

391

China

Resources

Pharmaceutical

Group

Ltd.(a)

28,000

17,318

China

Traditional

Chinese

Medicine

Holdings

Co.

Ltd.

920,000

168,945

Investments

Value

Pharmaceuticals

(continued)

Cipla

Ltd.

8,280

127,842

Cohance

Lifesciences

Ltd.*

5,155

22,964

Concord

Biotech

Ltd.

1,288

19,179

Consun

Pharmaceutical

Group

Ltd.

168,000

293,297

CSPC

Pharmaceutical

Group

Ltd.

124,080

135,764

Daewoong

Pharmaceutical

Co.

Ltd.

3,911

Reddy's

Laboratories

Ltd.

7,912

95,203

Eris

Lifesciences

Ltd.(a)

1,575

22,362

Gland

Pharma

Ltd.(a)

920

24,133

GlaxoSmithKline

Pharmaceuticals

Ltd.

376

10,464

Glenmark

Pharmaceuticals

Ltd.

2,208

51,695

Grand

Pharmaceutical

Group

Ltd.

28,500

18,754

Granules

India

Ltd.

5,580

48,227

Hanall

Biopharma

Co.

Ltd.*

1,126

34,277

Hanmi

Pharm

Co.

Ltd.

103

24,094

Hansoh

Pharmaceutical

Group

Co.

Ltd.(a)

14,000

57,453

inno

Corp.

192

4,862

Hua

Han

Health

Industry

Holdings

Ltd.*‡

3,780,000

—

Hypera

10,296

43,104

Ipca

Laboratories

Ltd.

2,208

40,446

Jamjoom

Pharmaceuticals

Factory

Co.

480

17,485

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.,

Class

5,000

40,074

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.,

Class

H(b)

1,400

10,194

Jilin

Aodong

Pharmaceutical

Group

Co.

Ltd.,

Class

4,600

12,523

Jubilant

Pharmova

Ltd.,

Class

2,208

21,640

Kalbe

Farma

Tbk

252,494

10,173

Kangmei

Pharmaceutical

Co.

Ltd.,

Class

58,500

11,791

Laurus

Labs

Ltd.(a)

4,733

90,091

Livzon

Pharmaceutical

Group,

Inc.,

Class

3,930

13,010

Lotus

Pharmaceutical

Co.

Ltd.

2,000

10,830

Lumosa

Therapeutics

Co.

Ltd.*

2,188

5,890

Lupin

Ltd.

3,220

81,500

Luye

Pharma

Group

Ltd.*(a)(b)

90,000

23,299

Mankind

Pharma

Ltd.

1,125

29,118

Mega

Lifesciences

PCL,

NVDR

4,000

4,552

Mezzion

Pharma

Co.

Ltd.*

874

36,169

Nanjing

King-Friend

Biochemical

Pharmaceutical

Co.

Ltd.,

Class

9,200

11,030

Natco

Pharma

Ltd.

2,479

23,825

Neuland

Laboratories

Ltd.

286

57,080

Oneness

Biotech

Co.

Ltd.*

4,406

5,692

Oscotec

Inc.*

855

18,021

Pfizer

Ltd.

341

17,240

Pharmally

International

Holding

Co.

Ltd.*‡

2,564

—

Piramal

Pharma

Ltd.

13,309

27,285

Richter

Gedeon

Nyrt

3,121

116,216

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Pharmaceuticals

(continued)

Rubicon

Research

Ltd.*

966

15,095

Sam

Chun

Dang

Pharm

Co.

Ltd.

235

24,659

Shandong

Buchang

Pharmaceuticals

Co.

Ltd.,

Class

4,600

10,744

Shanghai

Fosun

Pharmaceutical

Group

Co.

Ltd.,

Class

2,200

7,574

Shanghai

Fosun

Pharmaceutical

Group

Co.

Ltd.,

Class

11,500

24,081

Sichuan

Biokin

Pharmaceutical

Co.

Ltd.,

Class

851

37,584

Sihuan

Pharmaceutical

Holdings

Group

Ltd.

135,000

15,494

Simcere

Pharmaceutical

Group

Ltd.

(a)

19,000

29,924

Biopharmaceuticals

Co.

Ltd.*

480

26,597

Pharm

Co.

Ltd.

499

30,975

Sun

Pharmaceutical

Industries

Ltd.

14,904

310,920

Tianjin

Pharmaceutical

Tang

Group

Corp.

Ltd.,

Class

4,900

13,671

Tonghua

Dongbao

Pharmaceutical

Co.

Ltd.,

Class

9,200

11,412

Torrent

Pharmaceuticals

Ltd.

2,059

110,547

United

Laboratories

International

Holdings

Ltd.

(The)(b)

24,000

27,301

Wockhardt

Ltd.*

1,511

31,034

Yuhan

Corp.

828

42,686

Yunnan

Baiyao

Group

Co.

Ltd.,

Class

2,600

20,368

Zhangzhou

Pientzehuang

Pharmaceutical

Co.

Ltd.,

Class

600

12,399

Zydus

Lifesciences

Ltd.

3,642

43,010

3,340,802

Professional

Services

0.1%

BLS

International

Services

Ltd.

7,965

19,985

Computer

Age

Management

Services

Ltd.

7,194

60,027

eClerx

Services

Ltd.

1,640

31,721

Firstsource

Solutions

Ltd.

11,270

35,685

International

Gemological

Institute

Ltd.

2,346

8,690

Kanzhun

Ltd.(b)

13,800

110,870

L&T

Technology

Services

Ltd.(a)

138

5,142

RITES

Ltd.

4,200

9,424

Sagility

Ltd.(a)

61,962

28,184

Sporton

International,

Inc.

1,595

9,500

Zetrix

Bhd.

93,407

17,029

336,257

Real

Estate

Management

Development

2.6%

Aditya

Birla

Real

Estate

Ltd.

1,050

15,606

Aldar

Properties

PJSC

88,826

179,693

Allos

4,600

24,527

Anant

Raj

Ltd.

5,711

37,379

Arabian

Centres

Co.(a)

88,219

365,749

Investments

Value

Real

Estate

Management

Development

(continued)

Arriyadh

Development

Co.

3,496

15,062

Ayala

Land,

Inc.

136,300

37,626

Barwa

Real

Estate

Co.

65,344

41,798

Brigade

Enterprises

Ltd.

5,610

34,113

Bumi

Serpong

Damai

Tbk

PT*

2,497,800

79,123

C&D

International

Investment

Group

Ltd.(b)

14,196

27,825

Cathay

Real

Estate

Development

Co.

Ltd.

322,000

219,190

Cencosud

Shopping

6,030

15,165

Central

Pattana

PCL,

NVDR

33,700

69,635

China

Dili

Group,

Class

D*‡

50,001

—

China

Enterprise

Co.

Ltd.,

Class

28,200

9,445

China

Jinmao

Holdings

Group

Ltd.(b)

96,000

16,894

China

Merchants

Shekou

Industrial

Zone

Holdings

Co.

Ltd.,

Class

4,500

4,635

China

Overseas

Grand

Oceans

Group

Ltd.(b)

644,000

201,209

China

Overseas

Land

Investment

Ltd.(b)

92,000

158,503

China

Overseas

Property

Holdings

Ltd.

475,000

208,376

China

Resources

Land

Ltd.

69,000

292,134

China

Resources

Mixc

Lifestyle

Services

Ltd.(a)(b)

9,600

48,872

China

Vanke

Co.

Ltd.,

Class

H*(b)

18,000

5,693

Chong

Hong

Development

Co.

Ltd.

96,063

230,653

Commercial

Real

Estate

Co.

KSC

56,094

34,991

Corp.

Inmobiliaria

Vesta

SAB

10,300

35,648

Country

Garden

Services

Holdings

Co.

Ltd.

50,000

35,707

Da-Li

Development

Co.

Ltd.

100,182

146,620

Dar

Arkan

Real

Estate

Development

Co.*

7,331

35,899

DLF

Ltd.

10,810

74,695

Eco

World

Development

Group

Bhd.

42,300

21,323

Emaar

Development

PJSC

20,968

73,989

Emaar

Economic

City*

14,711

36,822

Emaar

Properties

PJSC

143,474

429,703

Evergrande

Property

Services

Group

Ltd.*(a)

144,000

19,833

Farglory

Land

Development

Co.

Ltd.

92,000

184,746

Fortress

Real

Estate

Investments

Ltd.,

Class

467,790

715,340

Genus

Prime

Infra

Ltd.*

848

263

Godrej

Properties

Ltd.

1,974

43,564

Greater

Bay

Area

Computing

Tech

Co.

Ltd.*

22,000

25,839

Greenland

Holdings

Corp.

Ltd.,

Class

46,000

8,862

Greentown

China

Holdings

Ltd.(b)

24,500

22,277

Greentown

Service

Group

Co.

Ltd.(a)

460,000

254,004

Hainan

Airport

Infrastructure

Co.

Ltd.,

Class

23,000

9,987

Hangzhou

Binjiang

Real

Estate

Group

Co.

Ltd.,

Class

4,300

5,914

Hanson

International

Tbk

PT*‡

2,409,275

—

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Real

Estate

Management

Development

(continued)

Highwealth

Construction

Corp.

32,559

44,327

Hopson

Development

Holdings

Ltd.*‡(b)

32,200

10,557

Huaku

Development

Co.

Ltd.

114,595

345,356

Iguatemi

9,200

44,962

IOI

Properties

Group

Bhd.

29,500

27,360

Jaya

Sukses

Makmur

Sentosa

Tbk

PT*

39,960

2,210

JHSF

Participacoes

110,400

240,328

JSL

Construction

Development

Co.

Ltd.

15,676

29,587

Holdings,

Inc.,

Class

27,611

152,886

KSL

Holdings

Bhd.

142,600

101,197

Kuwait

Real

Estate

Co.

KSC*

14,149

15,137

LAMDA

Development

SA*(b)

31,648

229,946

Land

Houses

PCL,

NVDR

1,391,000

159,126

Lodha

Developers

Ltd.(a)

4,230

55,148

Longfor

Group

Holdings

Ltd.(a)(b)

48,995

42,862

LSR

Group

PJSC,

Class

A*‡

21,295

—

Lydia

Holding

A/S*

3,780

14,834

Mabanee

Co.

KPSC

10,930

32,783

Mah

Sing

Group

Bhd.

625,600

159,213

Makkah

Construction

Development

Co.

1,595

34,805

Matrix

Concepts

Holdings

Bhd.

524,450

155,288

Megaworld

Corp.

3,128,000

113,430

Multiplan

Empreendimentos

Imobiliarios

5,000

27,683

Nanjing

Gaoke

Co.

Ltd.,

Class

4,900

5,744

National

Real

Estate

Co.

KPSC*

42,964

18,191

Oberoi

Realty

Ltd.

1,935

37,065

Onewo

Inc.,

Class

H(b)

5,000

10,776

OSK

Holdings

Bhd.

55,200

26,746

Pantai

Indah

Kapuk

Dua

Tbk

25,721

8,934

Parque

Arauco

9,821

41,707

Phoenix

Mills

Ltd.

(The)

3,068

60,878

Plaza

9,995

40,583

PNB

Holdings

Corp.*‡

46,815

50,600

Poly

Developments

and

Holdings

Group

Co.

Ltd.,

Class

17,100

13,381

Poly

Property

Services

Co.

Ltd.,

Class

H(a)

56,600

202,823

Prestige

Estates

Projects

Ltd.

2,031

34,402

Retal

Urban

Development

Co.,

Class

7,936

21,470

Robinsons

Land

Corp.

630,200

175,822

Ruentex

Development

Co.

Ltd.

775,428

649,009

Sakura

Development

Co.

Ltd.

167,562

221,124

Salhia

Real

Estate

Co.

KSCP

15,840

19,608

Saudi

Real

Estate

Co.*

7,165

30,411

Seazen

Group

Ltd.*(b)

94,000

17,262

Shanghai

Jinqiao

Export

Processing

Zone

Development

Co.

Ltd.,

Class

92,092

66,951

Investments

Value

Real

Estate

Management

Development

(continued)

Shanghai

Lujiazui

Finance

Trade

Zone

Development

Co.

Ltd.,

Class

9,200

10,949

Shanghai

Lujiazui

Finance

Trade

Zone

Development

Co.

Ltd.,

Class

4,900

1,891

Shenzhen

Overseas

Chinese

Town

Co.

Ltd.,

Class

32,200

8,399

Sichuan

Languang

Justbon

Services

Group

Co.

Ltd.,

Class

H*‡

26,500

—

SignatureGlobal

India

Ltd.*

1,472

12,657

Sime

Darby

Property

Bhd.

67,600

22,332

Sinic

Holdings

Group

Co.

Ltd.*‡

318,000

—

Prime

Holdings,

Inc.

181,900

54,374

Sobha

Ltd.

1,104

15,877

Setia

Bhd.

Group

989,000

225,075

Sunac

China

Holdings

Ltd.*(b)

184,000

12,905

Supalai

PCL,

NVDR

253,800

120,848

Talaat

Moustafa

Group

19,728

37,528

TECOM

Group

PJSC

14,398

13,250

Tera

Yatirim

Teknoloji

Holding

A/S,

REIT*

62,962

63,592

Tropicana

Corp.

Bhd.*

50,600

14,982

UEM

Sunrise

Bhd.

64,400

9,298

UOA

Development

Bhd.

10,300

4,285

WHA

Corp.

PCL,

NVDR

227,890

33,167

Youngor

Fashion

Co.

Ltd.,

Class

14,400

16,753

Yuexiu

Property

Co.

Ltd.(b)

19,079

8,808

9,034,413

Residential

REITs

0.0%(d)

Dubai

Residential

REIT,

REIT(a)

76,866

26,370

Emlak

Konut

Gayrimenkul

Yatirim

Ortakligi

A/S,

REIT

51,117

19,264

45,634

Retail

REITs

0.7%

Axtra

Future

City

Freehold

and

Leasehold

REIT,

REIT

41,000

16,207

CPN

Retail

Growth

Leasehold

REIT,

REIT

849,000

340,693

Fairvest

Ltd.,

Class

REIT

85,514

37,975

Hyprop

Investments

Ltd.,

REIT(b)

156,262

575,057

IGB

REIT,

REIT

39,800

26,783

LOTTE

REIT

Co.

Ltd.,

REIT

2,174

5,512

Pavilion

REIT,

REIT

15,000

6,534

Resilient

REIT

Ltd.,

REIT

12,466

62,506

Sunway

REIT,

REIT

30,900

16,787

Vukile

Property

Fund

Ltd.,

REIT

553,518

843,424

Yeni

Gimat

Gayrimenkul

Ortakligi

A/S,

REIT

71,418

317,833

2,249,311

Semiconductors

Semiconductor

Equipment

15.1%

3peak,

Inc.,

Class

322

10,642

AblePrint

Technology

Co.

Ltd.

580

60,478

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Semiconductors

Semiconductor

Equipment

(continued)

ACM

Research

Shanghai,

Inc.,

Class

460

18,536

ADATA

Technology

Co.

Ltd.

6,526

80,467

Advanced

Echem

Materials

Co.

Ltd.

1,017

22,720

Advanced

Wireless

Semiconductor

Co.

5,104

17,372

Airoha

Technology

Corp.

1,250

20,112

Alchip

Technologies

Ltd.

1,100

104,149

Amlogic

Shanghai

Co.

Ltd.,

Class

1,104

15,936

Anji

Microelectronics

Technology

Shanghai

Co.

Ltd.,

Class

278

9,780

Memory

Technology

Corp.

2,224

45,899

Apacer

Technology,

Inc.

3,000

20,700

Ardentec

Corp.

7,040

38,556

ASE

Technology

Holding

Co.

Ltd.

46,105

791,741

ASMedia

Technology,

Inc.

464

18,879

ASPEED

Technology,

Inc.

440

197,747

ASR

Microelectronics

Co.

Ltd.,

Class

987

13,705

Beijing

Jingyi

Automation

Equipment

Co.

Ltd.,

Class

666

12,671

Biwin

Storage

Technology

Co.

Ltd.,

Class

662

22,172

Black

Sesame

International

Holding

Ltd.*(b)

18,400

27,712

Brite

Semiconductor

Shanghai

Co.

Ltd.,

Class

484

4,297

Cambricon

Technologies

Corp.

Ltd.,

Class

730

119,655

Chang

Wah

Technology

Co.

Ltd.

20,844

41,921

Chengdu

Sino

Microelectronics

Technology

Co.

Ltd.,

Class

1,320

4,869

China

Micro

Semicon

Shenzhen

Ltd.,

Class

1,949

10,188

China

Resources

Microelectronics

Ltd.,

Class

1,610

12,956

Chipbond

Technology

Corp.

9,497

38,201

ChipMOS

Technologies,

Inc.

24,098

54,133

CSI

Solar

Co.

Ltd.,

Class

9,200

14,303

HiTek

Co.

Ltd.

460

26,812

Doosan

Tesna

Inc.

448

20,142

Dosilicon

Co.

Ltd.,

Class

553

8,372

Duk

San

Neolux

Co.

Ltd.*

506

10,647

Elan

Microelectronics

Corp.

9,036

42,218

Elite

Advanced

Laser

Corp.

4,903

56,435

Elite

Semiconductor

Microelectronics

Technology,

Inc.

102,718

572,086

eMemory

Technology,

Inc.

900

68,922

Emmvee

Photovoltaic

Power

Ltd.*(a)

51,612

171,797

Ennostar

Inc.

27,316

40,612

Technics

Co.

Ltd.

17,855

Episil

Technologies,

Inc.*

6,292

10,221

Episil

-Precision,

Inc.

4,306

10,645

Etron

Technology,

Inc.*

11,332

25,491

Eugene

Technology

Co.

Ltd.

503

39,620

Investments

Value

Semiconductors

Semiconductor

Equipment

(continued)

Everlight

Electronics

Co.

Ltd.

138,000

266,871

Faraday

Technology

Corp.

4,154

19,215

Flat

Glass

Group

Co.

Ltd.,

Class

H(b)

1,000

886

Formosa

Sumco

Technology

Corp.

3,787

31,813

Foxsemicon

Integrated

Technology,

Inc.

2,650

24,435

GalaxyCore

Inc.,

Class

5,014

11,087

GCL

System

Integration

Technology

Co.

Ltd.,

Class

9,800

3,689

GCL

Technology

Holdings

Ltd.*(b)

322,000

25,048

GCS

Holdings,

Inc.*

4,000

43,689

GigaDevice

Semiconductor,

Inc.,

Class

800

44,887

GigaDevice

Semiconductor,

Inc.,

Class

300

17,560

GigaVis

Co.

Ltd.

6,679

Global

Mixed

Mode

Technology,

Inc.

2,448

18,633

Global

Unichip

Corp.

1,432

168,593

Globalwafers

Co.

Ltd.

3,187

84,312

Grand

Process

Technology

Corp.

500

36,666

Greatech

Technology

Bhd.*

26,700

15,550

Greatek

Electronics,

Inc.

13,849

43,065

Gudeng

Precision

Industrial

Co.

Ltd.

1,812

22,370

Guobo

Electronics

Co.

Ltd.,

Class

889

9,549

HAESUNG

Co.

Ltd.

276

9,331

Hana

Materials,

Inc.

184

6,789

Hana

Micron,

Inc.

1,932

40,247

Hangzhou

First

Applied

Material

Co.

Ltd.,

Class

4,600

10,001

Hanmi

Semiconductor

Co.

Ltd.

598

89,971

Hyundai

Energy

Solutions

Co.

Ltd.*

138

10,851

Hon

Precision,

Inc.

1,327

253,747

HPSP

Co.

Ltd.

765

18,566

Hua

Hong

Grace

Semiconductor

Ltd.,

Class

H*(a)(b)

9,000

147,253

Hwatsing

Technology

Co.

Ltd.,

Class

1,629

62,040

Hygon

Information

Technology

Co.

Ltd.,

Class

2,235

91,751

Inari

Amertron

Bhd.

16,200

8,801

ISC

Co.

Ltd.

133

12,090

ITE

Technology,

Inc.

4,100

15,858

Solar

Technology

Co.

Ltd.,

Class

9,200

10,240

Jeju

Semiconductor

Corp.*

1,012

46,210

Jentech

Precision

Industrial

Co.

Ltd.

1,287

137,186

Jusung

Engineering

Co.

Ltd.

438

38,249

King

Yuan

Electronics

Co.

Ltd.

17,677

122,242

Kinsus

Interconnect

Technology

Corp.

4,459

87,610

Koh

Young

Technology,

Inc.

1,932

36,927

KoMiCo

Ltd.

470

17,934

LandMark

Optoelectronics

Corp.

1,489

75,117

LEENO

Industrial,

Inc.

530

23,829

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

Investments

Value

COMMON

STOCKS

(continued)

Semiconductors

Semiconductor

Equipment

(continued)

LONGi

Green

Energy

Technology

Co.

Ltd.,

Class

5,848

11,258

M31

Technology

Corp.

460

5,587

Machvision

Inc.

1,235

23,463

Macronix

International

Co.

Ltd.*

26,711

83,061

Marketech

International

Corp.

2,489

36,042

Materials

Analysis

Technology,

Inc.

2,182

14,077

MediaTek,

Inc.

20,290

2,231,844

Technovation

Bhd.

9,200

12,562

Montage

Technology

Co.

Ltd.,

Class

1,408

42,756

Montage

Technology

Co.

Ltd.,

Class

H(b)

700

24,013

MPI

Corp.

1,106

180,689

Myson

Century,

Inc.

82,579

132,611

Nanya

Technology

Corp.

16,681

186,067

NAURA

Technology

Group

Co.

Ltd.,

Class

980

99,778

Nexchip

Semiconductor

Corp.,

Class

9,200

50,789

Novatek

Microelectronics

Corp.

9,312

149,538

Nuvoton

Technology

Corp.

4,000

14,481

OmniVision

Integrated

Circuits

Group,

Inc.,

Class

900

11,831

Orient

Semiconductor

Electronics

Ltd.

14,256

17,887

Pan

Jit

International,

Inc.

11,187

40,672

Parade

Technologies

Ltd.

2,574

44,760

Phison

Electronics

Corp.

2,776

140,866

Phoenix

Silicon

International

Corp.

4,061

30,785

Piotech

Inc.,

Class

387

38,139

Pixart

Imaging,

Inc.

5,853

34,771

Powerchip

Semiconductor

Manufacturing

Corp.*

53,000

89,375

Powertech

Technology,

Inc.

14,550

106,022

Primarius

Technologies

Co.

Ltd.,

Class

1,908

8,992

PSK

Holdings,

Inc.

414

28,400

PSK,

Inc.

772

70,177

Radiant

Opto-Electronics

Corp.

181,894

463,191

Realtek

Semiconductor

Corp.

6,724

142,099

RFHIC

Corp.*

506

15,155

S&S

Tech

Corp.

495

14,183

Sanan

Optoelectronics

Co.

Ltd.,

Class

9,200

16,689

SDI

Corp.

1,781

8,018

SFA

Semicon

Co.

Ltd.*

1,472

5,028

Shanghai

Awinic

Technology

Co.

Ltd.,

Class

1,104

8,788

Shanghai

Biren

Technology

Co.

Ltd.,

Class

4,800

19,086

Shanghai

Fudan

Microelectronics

Group

Co.

Ltd.,

Class

1,564

11,276

Shanghai

Fudan

Microelectronics

Group

Co.

Ltd.,

Class

4,000

12,222

Investments

Value

Semiconductors

Semiconductor

Equipment

(continued)

ShunSin

Technology

Holding

Ltd.

1,592

16,797

Sigurd

Microelectronics

Corp.

7,736

44,641

Silergy

Corp.

4,000

51,115

Silicon

Integrated

Systems

Corp.

5,959

9,072

SIMMTECH

Co.

Ltd.

772

44,889

Sino-American

Silicon

Products,

Inc.

16,352

79,435

Sitronix

Technology

Corp.

5,674

46,787

hynix

Inc.

12,839

15,471,279

Skytech

Inc.

1,000

7,859

Skyverse

Technology

Co.

Ltd.,

Class

612

31,436

Smartsens

Technology

Shanghai

Co.

Ltd.,

Class

1,170

15,958

Southchip

Semiconductor

Technology

Shanghai

Co.

Ltd.,

Class

1,641

8,283

Suzhou

Centec

Communications

Co.

Ltd.,

Class

618

31,350

Suzhou

Novosense

Microelectronics

Co.

Ltd.,

Class

398

10,978

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

318,989

23,934,785

TCL

Zhonghuan

Renewable

Energy

Technology

Co.

Ltd.,

Class

4,300

5,627

Team

Group,

Inc.*

31,000

223,970

TechWing

Inc.

1,126

32,737

TES

Co.

Ltd.

368

33,555

Tokai

Carbon

Korea

Co.

Ltd.

184

21,359

Tongwei

Co.

Ltd.,

Class

4,600

7,963

Topco

Scientific

Co.

Ltd.

2,704

41,833

Trina

Solar

Co.

Ltd.,

Class

4,502

9,054

TSE

Co.

Ltd.

138

18,062

Unisem

Bhd.

8,800

9,820

United

Microelectronics

Corp.

161,276

603,806

United

Nova

Technology

Co.

Ltd.,

Class

17,701

20,462

Vanguard

International

Semiconductor

Corp.

15,078

70,680

Verisilicon

Microelectronics

Shanghai

Co.

Ltd.,

Class

1,233

35,267

Via

Technologies,

Inc.

15,876

34,632

VisEra

Technologies

Co.

Ltd.

1,392

18,240

Visual

Photonics

Epitaxy

Co.

Ltd.

5,947

53,731

ViTrox

Corp.

Bhd.

9,400

20,012

VM,

Inc.*

644

29,587

WAAREE

Energies

Ltd.

1,058

29,719

Wafer

Works

Corp.*

20,967

57,739

Wafer

Works

Shanghai

Co.

Ltd.,

Class

3,020

10,652

Walton

Advanced

Engineering,

Inc.

9,000

10,331

Win

Semiconductors

Corp.

5,452

49,680

Winbond

Electronics

Corp.

71,491

287,566

WinWay

Technology

Co.

Ltd.

385

69,271

Wonik

Holdings

Co.

Ltd.*

855

9,164

WONIK

IPS

Co.

Ltd.

395

27,041

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

100

Investments

Value

COMMON

STOCKS

(continued)

Semiconductors

Semiconductor

Equipment

(continued)

Xinjiang

Daqo

New

Energy

Co.

Ltd.,

Class

4,462

11,989

XinTec

Inc.

3,000

25,712

Xinyi

Solar

Holdings

Ltd.

123,637

34,687

Corp.*

1,575

9,545

Yuanjie

Semiconductor

Technology

Co.

Ltd.,

Class

173

28,000

51,672,994

Software

0.2%

360

Security

Technology,

Inc.,

Class

9,200

12,721

Beijing

Kingsoft

Office

Software,

Inc.,

Class

151

6,033

Beijing

Shiji

Information

Technology

Co.

Ltd.,

Class

9,200

11,617

Birlasoft

Ltd.

6,026

19,098

BlackBuck

Ltd.*

4,177

23,749

CETC

Cyberspace

Security

Technology

Co.

Ltd.,

Class

4,600

9,933

Fractal

Analytics

Ltd.*

920

7,830

Horizon

Robotics*(b)

138,000

90,984

Intellect

Design

Arena

Ltd.

2,484

18,742

Intelligo

Technology,

Inc.

1,000

9,901

Intsig

Information

Co.

Ltd.,

Class

657

11,186

Kingdee

International

Software

Group

Co.

Ltd.*

40,000

42,491

KPIT

Technologies

Ltd.

2,330

14,613

Marketingforce

Management

Ltd.*

4,500

25,250

NavInfo

Co.

Ltd.,

Class

13,500

13,365

Oracle

Financial

Services

Software

Ltd.

322

37,750

Phancy

Group

Co.

Ltd.,

Class

H*(b)

9,100

33,979

Phoenix

Group

plc*

16,033

2,073

Pony

AI,

Inc.,

ADR*(b)

2,208

17,377

Xin

Technology

Group,

Inc.,

Class

2,254

9,029

Shanghai

Baosight

Software

Co.

Ltd.,

Class

3,200

8,816

Shanghai

Stonehill

Technology

Co.

Ltd.,

Class

13,800

13,907

Shenzhen

Intellifusion

Technologies

Co.

Ltd.,

Class

2,151

18,135

Tata

Elxsi

Ltd.

506

19,478

TOTVS

8,200

50,130

Tuya,

Inc.,

Class

9,200

15,604

Venustech

Group,

Inc.,

Class

4,700

9,745

Wuhan

Dameng

Database

Co.

Ltd.,

Class

355

12,571

566,107

Specialty

Retail

0.9%

Abu

Dhabi

National

Oil

Co.

for

Distribution

PJSC

28,106

30,610

Aditya

Birla

Lifestyle

Brands

Ltd.*

10,575

10,492

Investments

Value

Specialty

Retail

(continued)

Aldrees

Petroleum

and

Transport

Services

Co.

768

23,497

Ali

Alghanim

Sons

Automotive

Co.

KSCC

3,762

10,895

BrainBees

Solutions

Ltd.*

3,369

7,495

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

Class

900

7,738

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

Class

H(a)(b)

2,100

14,354

Chow

Tai

Fook

Jewellery

Group

Ltd.

(b)

18,000

28,395

Com7

PCL,

NVDR

400

365

Cosan

SA*

36,800

29,480

Dogan

Sirketler

Grubu

Holding

A/S

42,918

18,892

Dogus

Otomotiv

Servis

Ticaret

A/S

28,152

112,786

Empresas

Copec

8,418

57,572

Foschini

Group

Ltd.(b)

124,982

427,248

FSN

E-Commerce

Ventures

Ltd.*

18,240

63,734

HLA

Group

Corp.

Ltd.,

Class

5,200

4,855

Home

Product

Center

PCL,

NVDR

800

156

Hotai

Motor

Co.

Ltd.

10,755

185,689

Hotel

Shilla

Co.

Ltd.*

1,314

40,138

Jarir

Marketing

Co.

6,498

28,757

JUMBO

2,576

71,724

Lenskart

Solutions

Ltd.*

1,564

9,202

Lojas

Renner

21,220

56,802

M.Video

PJSC*‡

31,680

—

Map

Aktif

Adiperkasa

3,233,882

116,818

Metro

Brands

Ltd.

1,409

15,308

Motus

Holdings

Ltd.

52,670

333,944

DIY

Group

Bhd.(a)

57,600

22,270

Price

Group

Ltd.

6,532

67,119

Oriental

Holdings

Bhd.

101,200

170,132

Pepkor

Holdings

Ltd.(a)

77,514

99,707

Petronas

Dagangan

Bhd.

4,900

23,406

Pop

Mart

International

Group

Ltd.

(a)(b)

9,200

190,767

PTT

Oil

Retail

Business

PCL,

NVDR

13,500

5,175

Shanghai

Yuyuan

Tourist

Mart

Group

Co.

Ltd.,

Class

13,800

9,510

Siam

Global

House

PCL,

NVDR

37,343

8,275

Thanga

Mayil

Jewellery

Ltd.

414

22,678

Topsports

International

Holdings

Ltd.

(a)

52,000

9,019

Trent

Ltd.

3,519

110,861

Truworths

International

Ltd.

135,194

434,058

Ultrapar

Participacoes

13,800

89,770

United

Electronics

Co.

874

15,395

Vibra

Energia

24,599

174,543

Buy

Cars

Holdings

Ltd.(b)

8,372

16,687

Zhongsheng

Group

Holdings

Ltd.

12,000

6,932

3,183,250

Technology

Hardware,

Storage

Peripherals

8.6%

Acer,

Inc.

58,750

52,444

Advantech

Co.

Ltd.

7,541

131,365

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

101

Investments

Value

COMMON

STOCKS

(continued)

Technology

Hardware,

Storage

Peripherals

(continued)

AIC,

Inc.

1,808

25,006

Asia

Vital

Components

Co.

Ltd.

4,136

296,900

Asrock

Rack,

Inc.

1,000

9,050

ASROCK,

Inc.

19,355

116,481

Asustek

Computer,

Inc.

16,728

419,248

AURAS

Technology

Co.

Ltd.

1,550

43,259

Catcher

Technology

Co.

Ltd.

7,418

42,003

Chenbro

Micom

Co.

Ltd.

1,000

32,334

Chenming

Electronic

Technology

Corp.

3,654

8,694

Chicony

Electronics

Co.

Ltd.

13,050

42,802

China

Greatwall

Technology

Group

Co.

Ltd.,

Class

5,500

11,200

Clevo

Co.

22,230

28,855

Compal

Electronics,

Inc.

94,000

104,706

CosmoAM&T

Co.

Ltd.*

874

19,893

Ennoconn

Corp.

40,572

508,421

Getac

Holdings

Corp.

165,094

582,342

Gigabyte

Technology

Co.

Ltd.

13,285

138,321

HTC

Corp.

23,276

28,772

Huaqin

Co.

Ltd.,

Class

2,540

30,597

IEIT

Systems

Co.

Ltd.,

Class

2,600

27,670

Innodisk

Corp.

2,347

94,043

Inventec

Corp.

61,230

117,083

JPC

connectivity,

Inc.

1,842

16,471

King

Slide

Works

Co.

Ltd.

1,104

268,152

Kinpo

Electronics

511,767

475,046

Legend

Holdings

Corp.,

Class

H(a)

230,000

385,993

Lenovo

Group

Ltd.(b)

124,000

377,301

Lintes

Technology

Co.

Ltd.

1,000

9,623

Lite-On

Technology

Corp.

28,902

186,903

Micro-Star

International

Co.

Ltd.

16,000

70,299

Mitac

Holdings

Corp.

15,734

42,549

Netweb

Technologies

India

Ltd.

225

10,668

Pegatron

Corp.

54,304

141,813

Qisda

Corp.

483,971

409,561

QNAP

Systems,

Inc.*

6,000

112,504

Quanta

Computer,

Inc.

63,733

574,837

Quanta

Storage,

Inc.

5,200

10,667

Samsung

Electronics

Co.

Ltd.

105,938

19,505,313

Samsung

Electronics

Co.

Ltd.

(Preference)

18,538

2,483,523

Shanghai

Longcheer

Technology

Co.

Ltd.

2,500

13,498

Shenzhen

Transsion

Holdings

Co.

Ltd.,

Class

1,303

12,450

Wistron

Corp.

71,031

386,814

Wiwynn

Corp.

1,650

275,179

Xiaomi

Corp.,

Class

B*(a)(b)

220,800

810,373

29,491,026

Textiles,

Apparel

Luxury

Goods

1.4%

361

Degrees

International

Ltd.

276,000

164,370

Aksa

Akrilik

Kimya

Sanayii

A/S

38,400

10,504

Alpargatas

(Preference)

4,500

10,868

Investments

Value

Textiles,

Apparel

Luxury

Goods

(continued)

ANTA

Sports

Products

Ltd.

18,400

185,253

Bosideng

International

Holdings

Ltd.

(b)

92,000

57,958

China

National

Gold

Group

Gold

Jewellery

Co.

Ltd.,

Class

9,200

10,512

Eclat

Textile

Co.

Ltd.

3,546

37,963

F&F

Co.

Ltd.

5,428

306,484

Feng

TAY

Enterprise

Co.

Ltd.

264,496

559,780

Group*‡

3,536

—

Formosa

Taffeta

Co.

Ltd.

46,000

24,552

Fuguiniao

Group

Ltd.*‡

334,800

—

Isiklar

Enerji

Yapi

Holding

A/S*

16,284

57,393

JNBY

Design

Ltd.(a)

65,500

173,072

Kalyan

Jewellers

India

Ltd.

5,934

38,099

KPR

Mill

Ltd.

1,754

19,298

Lai

Yih

Footwear

Co.

Ltd.

19,522

101,479

Lao

Feng

Xiang

Co.

Ltd.,

Class

7,400

22,407

Laopu

Gold

Co.

Ltd.,

Class

H(b)

700

28,994

Ning

Co.

Ltd.

48,500

93,702

Makalot

Industrial

Co.

Ltd.

4,420

30,019

Mavi

Giyim

Sanayi

Ticaret

A/S,

Class

B(a)

209,070

172,096

Misto

Holdings

Corp.

12,144

384,584

Page

Industries

Ltd.

39,776

Pou

Chen

Corp.

75,600

56,023

Ruentex

Industries

Ltd.

317,636

513,029

Shenzhou

International

Group

Holdings

Ltd.

18,900

107,448

Shinkong

Textile

Co.

Ltd.

7,600

15,897

Star

Shine

Holdings

Group

Ltd.*(a)

15,000

24,600

Swan

Corp.

Ltd.

9,024

29,111

Tainan

Spinning

Co.

Ltd.

46,000

17,293

Titan

Co.

Ltd.

5,336

272,641

Trident

Ltd.

71,865

18,611

Vardhman

Textiles

Ltd.

5,982

36,726

Vedant

Fashions

Ltd.

4,320

18,774

Vivara

Participacoes

46,700

203,873

Welspun

Living

Ltd.

7,370

12,045

Wiselink

Co.

Ltd.

13,409

36,801

Xtep

International

Holdings

Ltd.(b)

581,449

280,284

Youngone

Corp.

7,564

474,308

Youngone

Holdings

Co.

Ltd.

1,748

235,404

4,882,031

Tobacco

0.2%

Eastern

Co.

SAE

16,785

11,945

Godfrey

Phillips

India

Ltd.

414

9,257

Gudang

Garam

Tbk

183,382

193,634

ITC

Ltd.

40,986

120,705

KT&G

Corp.

1,472

184,916

Smoore

International

Holdings

Ltd.

(a)(b)

31,000

36,370

556,827

Trading

Companies

Distributors

0.3%

Adani

Enterprises

Ltd.

5,888

185,715

BOC

Aviation

Ltd.(a)

5,000

49,352

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

102

Investments

Value

COMMON

STOCKS

(continued)

Trading

Companies

Distributors

(continued)

Bohai

Leasing

Co.

Ltd.,

Class

18,800

12,677

Brighton-Best

International

Taiwan,

Inc.

154,624

177,019

Chin

Hin

Group

Bhd.*

18,800

9,661

CITIC

Metal

Co.

Ltd.,

Class

9,000

15,846

COSCO

SHIPPING

Development

Co.

Ltd.,

Class

37,600

13,764

Hyundai

Holdings

12,558

103,762

IndiaMart

InterMesh

Ltd.(a)

715

13,487

Lloyds

Enterprises

Ltd.

19,044

15,959

International

Corp.

9,660

253,408

Posco

International

Corp.

1,013

37,090

Realord

Technology

Co.

Ltd.*(b)

14,000

12,533

Shanxi

Coal

International

Energy

Group

Co.

Ltd.,

Class

6,800

12,728

Sinochem

International

Corp.,

Class

9,600

6,516

Networks

Co.

Ltd.

41,262

211,852

Xiamen

Inc.,

Class

9,400

12,510

Xiamen

ITG

Group

Corp.

Ltd.,

Class

13,800

12,067

1,155,946

Transportation

Infrastructure

0.7%

Abu

Dhabi

Ports

Co.

PJSC*

22,050

29,418

Adani

Ports

Special

Economic

Zone

Ltd.

11,408

202,837

Airports

Thailand

PCL

54,000

103,092

Airports

Thailand

PCL,

NVDR

5,800

11,073

Athens

International

Airport

598

7,266

Bangkok

Expressway

Metro

PCL,

NVDR

18,200

3,679

Beibuwan

Port

Co.

Ltd.,

Class

4,900

9,012

Beijing-Shanghai

High

Speed

Railway

Co.

Ltd.,

Class

49,400

37,558

China

Merchants

Expressway

Network

Technology

Holdings

Co.

Ltd.,

Class

9,600

14,384

China

Merchants

Port

Holdings

Co.

Ltd.

34,521

67,311

COSCO

SHIPPING

International

Hong

Kong

Co.

Ltd.

122,000

93,037

COSCO

SHIPPING

Ports

Ltd.

12,544

8,526

EcoRodovias

Infraestrutura

Logistica

124,200

169,409

Evergreen

International

Storage

Transport

Corp.

2,718

3,965

GMR

Airports

Ltd.*

40,146

44,288

Grindrod

Ltd.

217,488

350,845

Grupo

Aeroportuario

del

Centro

Norte

SAB

CV,

Class

3,680

49,065

Grupo

Aeroportuario

del

Pacifico

SAB

CV,

Class

5,060

109,810

Grupo

Aeroportuario

del

Sureste

SAB

CV,

Class

2,400

66,345

Investments

Value

Transportation

Infrastructure

(continued)

Guangdong

Provincial

Expressway

Development

Co.

Ltd.,

Class

9,800

12,347

Huaihe

Energy

Group

Co.

Ltd.,

Class

23,000

11,896

International

Container

Terminal

Services,

Inc.

11,040

173,661

Jasa

Marga

Persero

Tbk

791,223

120,482

Jiangsu

Expressway

Co.

Ltd.,

Class

H(b)

32,000

39,665

JSW

Infrastructure

Ltd.

3,818

12,501

Motiva

Infraestrutura

Mobilidade

23,782

69,090

Ningbo

Zhoushan

Port

Co.

Ltd.,

Class

23,500

12,120

Novorossiysk

Commercial

Sea

Port

PJSC*‡

189,696

—

Piraeus

Port

Authority

2,484

127,179

Promotora

Operadora

Infraestructura

SAB

3,635

57,298

Qingdao

Port

International

Co.

Ltd.,

Class

5,200

6,967

Qingdao

Port

International

Co.

Ltd.,

Class

H(a)

23,000

20,854

Salik

Co.

PJSC

26,389

38,224

Saudi

Ground

Services

Co.

4,391

31,592

Shanghai

International

Port

Group

Co.

Ltd.,

Class

19,300

15,131

Shenzhen

Expressway

Corp.

Ltd.,

Class

18,000

15,609

Shenzhen

International

Holdings

Ltd.

26,562

20,663

Shenzhen

Yan

Tian

Port

Holding

Co.

Ltd.,

Class

13,200

8,764

Sociedad

Matriz

SAAM

178,802

25,888

Taiwan

High

Speed

Rail

Corp.

48,000

38,689

TangShan

Port

Group

Co.

Ltd.,

Class

23,300

16,748

TAV

Havalimanlari

Holding

A/S

4,067

23,255

Westports

Holdings

Bhd.

17,648

30,792

Zhejiang

Expressway

Co.

Ltd.,

Class

52,000

46,087

2,356,422

Water

Utilities

0.4%

Aguas

Andinas

SA,

Class

69,842

25,538

AlKhorayef

Water

Power

Technologies

Co.

593

15,790

Athens

Water

Supply

Sewage

Co.

SA*(b)

598

7,830

Beijing

Capital

Eco-Environment

Protection

Group

Co.

Ltd.,

Class

24,000

10,493

Beijing

Enterprises

Water

Group

Ltd.

(b)

132,000

38,885

Cia

Saneamento

Basico

Estado

Sao

Paulo

SABESP

29,788

162,406

Cia

Saneamento

Minas

Gerais

Copasa

3,500

44,206

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

103

Investments

Value

COMMON

STOCKS

(continued)

Water

Utilities

(continued)

Cia

Saneamento

Parana

Sanepar

92,600

660,329

Emirates

Central

Cooling

Systems

Corp.

15,594

6,708

Guangdong

Investment

Ltd.

56,000

60,488

Luenmei

Quantum

Co.

Ltd.,

Class

13,800

11,964

Manila

Water

Co.,

Inc.

36,800

21,339

National

Central

Cooling

Co.

PJSC

226,044

153,248

1,219,224

Wireless

Telecommunication

Services

0.9%

Advanced

Info

Service

PCL,

NVDR

13,800

157,041

America

Movil

SAB

CV,

Series

B(b)

234,600

298,415

Axiata

Group

Bhd.

18,004

8,767

Bharti

Airtel

Ltd.

41,308

853,738

Bharti

Hexacom

Ltd.

874

14,725

Celcomdigi

Bhd.

36,000

26,252

Empresa

Nacional

Telecomunicaciones

48,346

189,015

Etihad

Etisalat

Co.

5,244

86,783

Far

EasTone

Telecommunications

Co.

Ltd.

27,936

90,760

Globe

Telecom,

Inc.

675

19,957

Indosat

Tbk

127,200

13,431

Kuwait

Telecommunications

Co.

5,658

11,466

Maxis

Bhd.

43,800

39,658

Mobile

Telecommunications

Co.

KSCP

51,474

99,321

Mobile

Telecommunications

Co.

Saudi

Arabia

6,750

18,603

Mobile

TeleSystems

PJSC*‡

31,356

—

MTN

Group

Ltd.

38,686

479,086

PLDT,

Inc.

2,500

49,657

Sistema

AFK

PAO*‡

122,643

—

Telecom

Co.

Ltd.

1,518

86,670

Taiwan

Mobile

Co.

Ltd.

20,000

69,619

TIM

18,400

70,367

Turkcell

Iletisim

Hizmetleri

A/S

26,726

56,208

Vodacom

Group

Ltd.

13,570

131,213

Vodafone

Idea

Ltd.*

373,484

50,925

Vodafone

Qatar

PQSC

35,044

24,842

XLSMART

Telecom

Sejahtera

Tbk

127,502

17,289

2,963,808

Total

Common

Stocks

(Cost

$208,008,216)

336,292,441

Investments

Number

Rights

Value

RIGHTS

0.0%

(d)

Services

0.0%(d)

Clobot

Co.

Ltd.,

expiring

8/14/2026,

price

20,600.00

KRW*

134

Metals

Mining

0.0%

Lianyou

Metals

Co.

Ltd.,

expiring

8/24/2026,

price

1,400.00

TWD*‡

—

Technology

Hardware,

Storage

Peripherals

0.0%(d)

Lintes

Technology

Co.

Ltd.,

expiring

8/13/2026,

price

310.00

TWD

Total

Rights

(Cost

$–)

136

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

0.7%(e)

INVESTMENT

COMPANIES

0.0%(d)

BlackRock

Liquidity

FedFund

3.67%,

8/3/2026

18,370

Dreyfus

Treasury

Obligations

Cash

Management

Fund

3.68%,

8/3/2026

18,370

Invesco

Government

Agency

Portfolio

3.74%,

8/3/2026

18,370

Morgan

Stanley

Institutional

Liquidity

Fund

Government

Portfolio

3.69%,

8/3/2026

18,370

Total

Investment

Companies

(Cost

$73,480)

73,480

REPURCHASE

AGREEMENTS

0.7%

Secured

LLC

3.63%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$2,357,380,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

4.88%,

maturing

8/15/2026

2/15/2056;

total

market

value

$2,389,360

2,357,380

National

Bank

Canada

Financial

Inc.

3.80%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$10,000,

collateralized

various

Common

Stocks;

total

market

value

$10,757

10,000

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

104

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

REPURCHASE

AGREEMENTS

(continued)

The

Bank

Nova

Scotia,

Toronto

3.80%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$100,000,

collateralized

various

Common

Stocks;

total

market

value

$110,030

100,000

Total

Repurchase

Agreements

(Cost

$2,467,380)

2,467,380

Total

Securities

Lending

Reinvestments

(Cost

$2,540,860)

2,540,860

Total

Investments

98.9%

(Cost

$210,549,076)

338,833,437

Other

assets

less

liabilities

1.1%

3,658,335

NET

ASSETS

100.0%

$342,491,772

Non-income

producing

security.

‡

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

(a)

Security

exempt

from

registration

pursuant

Regulation

under

the

Securities

Act

1933.

Regulation

applies

securities

offerings

that

are

made

outside

the

United

States

and

not

involve

direct

selling

efforts

the

United

States

and

such

may

have

restrictions

resale.

(b)

The

security

portion

this

security

loan

July

31,

2026.

The

total

value

securities

loan

July

31,

2026

was

$10,200,033,

collateralized

the

form

cash

with

value

$2,540,860

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments;

$4,616,915

collateral

the

form

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

September

14,

2026

–

June

30,

2120

and

$4,001,249

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

August

06,

2026

–

May

15,

2056;

total

value

$11,159,024.

(c)

Security

exempt

from

registration

pursuant

Rule

144A

under

the

Securities

Act

1933,

amended.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

investors.

July

31,

2026,

the

value

these

securities

amounted

approximately

$371,232

0.11%

net

assets.

(d)

Represents

less

than

0.05%

net

assets.

(e)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

July

31,

2026.

The

total

value

securities

purchased

was

$2,540,860.

Percentages

shown

are

based

Net

Assets.

Abbreviations

ADR

—

American

Depositary

Receipt

GDR

—

Global

Depositary

Receipt

NVDR

—

Non-Voting

Depositary

Receipt

PJSC

—

Public

Joint

Stock

Company

Preference

—

special

type

equity

investment

that

the

earnings

the

company,

has

limited

voting

rights,

and

may

have

dividend

preference.

Preference

may

also

have

liquidation

preference.

REIT

—

Real

Estate

Investment

Trust

SCA

—

Limited

partnership

with

capital

Futures

Contracts

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

had

the

following

open

futures

contracts

July

31,

2026:

Number

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Depreciation

Long

Contracts

‌

MSCI

Emerging

Markets

Index

09/18/2026

USD

7,308,235

(514,991)

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

105

Forward

Foreign

Currency

Contracts

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

had

the

following

outstanding

contracts

July

31,

2026:

Contracts

Receive

Counterparty

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

USD

734,102

BANK

MONTREAL,

THE

HKD

5,731,137

09/16/2026

2,111

USD

347,116

GOLDMAN

SACHS

BANK

USA

TWD

10,950,120

09/16/2026

7,398

USD

57,568

BNP-PARIBAS

ZAR

950,000

09/16/2026

369

Total

unrealized

appreciation

9,878

USD

258,895

GOLDMAN

SACHS

BANK

USA

BRL

1,332,000

09/16/2026

(490)

USD

171,989

GOLDMAN

SACHS

BANK

USA

INR

16,675,500

09/16/2026

(2,119)

USD

163,150

GOLDMAN

SACHS

BANK

USA

KRW

244,793,590

09/16/2026

(8,651)

USD

23,132

UBS

STAMFORD

BRANCH

MXN

404,000

09/17/2026

(65)

Total

unrealized

depreciation

(11,325)

Net

unrealized

depreciation

(1,447)

Non-deliverable

forward.

Abbreviations:

BRL

—

Brazilian

Real

HKD

—

Hong

Kong

Dollar

INR

—

Indian

Rupee

KRW

—

Korean

Won

MXN

—

Mexican

Peso

TWD

—

Taiwan

Dollar

USD

—

Dollar

ZAR

—

South

African

Rand

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

106

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

invested,

percentage

net

assets,

companies

domiciled

the

following

countries

July

31,

2026:

Australia

0.0

†

Belgium

0.0

†

Brazil

5.4

Chile

0.8

China

18.1

Colombia

0.5

Czech

Republic

0.1

Egypt

0‌

Germany

0.0

†

Greece

0.7

Hong

Kong

0.2

Hungary

0.3

India

10.3

Indonesia

1.2

Kuwait

0.7

Luxembourg

0.0

†

Malaysia

2.0

Mexico

1.6

North

Korea

0.0

†

Peru

0.5

Philippines

0.7

Qatar

1.0

Saudi

Arabia

1.9

South

Africa

4.1

South

Korea

21.0

Taiwan

22.4

Thailand

1.5

Turkey

1.0

United

Arab

Emirates

1.9

United

States

0.1

Other

1.8

100.0%

†

Amount

represents

less

than

0.05%.

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

Net

Assets

Common

Stocks

98.2

Rights

0.0

†

Securities

Lending

Reinvestments

0.7

Others

(1)

1.1

100.0%

†

Amount

represents

less

than

0.05%.

(1)

Includes

any

other

net

assets/(liabilities).

107

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares®

Trust

Schedule

Investments

FlexShares

Quality

Large

Cap

Index

Fund

July

31,

2026

(Unaudited)

Investments

Value

COMMON

STOCKS

99.7%

Aerospace

Defense

1.8%

Aerospace

34,048

12,259,663

General

Dynamics

Corp.

2,240

858,861

Lockheed

Martin

Corp.

8,064

4,699,215

17,817,739

Air

Freight

Logistics

1.1%

Robinson

Worldwide,

Inc.

26,432

3,904,799

Expeditors

International

Washington,

Inc.

32,704

5,490,675

United

Parcel

Service,

Inc.,

Class

21,056

2,194,456

11,589,930

Automobile

Components

0.3%

Aptiv

plc*

56,000

3,162,320

Automobiles

0.9%

Ford

Motor

Co.

102,144

1,499,474

Tesla,

Inc.*

23,296

7,249,948

8,749,422

Banks

5.9%

Bank

America

Corp.

238,336

14,764,915

Citigroup,

Inc.

127,232

16,851,879

East

West

Bancorp,

Inc.

2,240

293,440

JPMorgan

Chase

Co.

56,896

20,015,444

Bancorp

60,928

3,839,073

Wells

Fargo

Co.

44,800

3,872,960

59,637,711

Biotechnology

1.4%

AbbVie,

Inc.

8,064

2,023,580

Amgen,

Inc.(a)

14,784

5,694,205

Gilead

Sciences,

Inc.

35,840

4,666,726

United

Therapeutics

Corp.*

3,136

1,623,539

14,008,050

Broadline

Retail

3.1%

Amazon.com,

Inc.*

96,768

26,280,254

eBay,

Inc.

47,936

5,465,183

31,745,437

Building

Products

0.4%

Carlisle

Cos.,

Inc.(a)

5,824

2,096,174

Masco

Corp.

22,400

1,601,152

3,697,326

Capital

Markets

3.9%

Bank

New

York

Mellon

Corp.

(The)

51,072

7,984,086

Franklin

Resources,

Inc.

158,592

5,369,925

Goldman

Sachs

Group,

Inc.

(The)

11,648

11,862,090

Morgan

Stanley

37,632

7,918,526

State

Street

Corp.

35,840

6,600,294

39,734,921

Investments

Value

Chemicals

0.8%

Industries

Holdings,

Inc.

41,664

5,215,916

DuPont

Nemours,

Inc.

17,761

2,433,257

7,649,173

Communications

Equipment

2.4%

Arista

Networks,

Inc.*

21,504

3,878,246

Cisco

Systems,

Inc.

161,728

18,758,831

F5,

Inc.*

3,136

1,262,460

23,899,537

Construction

Engineering

0.1%

EMCOR

Group,

Inc.

1,792

1,428,995

Consumer

Finance

0.7%

Capital

One

Financial

Corp.

9,856

2,060,003

Synchrony

Financial(a)

71,680

5,432,627

7,492,630

Consumer

Staples

Distribution

Retail

0.8%

Dollar

General

Corp.

10,304

1,309,123

Dollar

Tree,

Inc.*

24,192

3,077,465

Kroger

Co.

(The)(a)

59,584

3,440,380

Target

Corp.

3,584

517,852

8,344,820

Diversified

REITs

0.0%(b)

Carey,

Inc.,

REIT

3,584

263,782

Diversified

Telecommunication

Services

0.7%

AT&T,

Inc.

254,912

5,926,704

Comcast

Corp.,

Class

46,144

1,105,610

7,032,314

Electric

Utilities

2.4%

Edison

International

68,992

5,061,943

Evergy,

Inc.

59,136

4,908,879

Exelon

Corp.

127,232

5,829,770

FirstEnergy

Corp.(a)

37,632

1,818,002

NRG

Energy,

Inc.

16,128

2,165,829

PPL

Corp.

54,656

1,924,438

Southern

Co.

(The)

28,224

2,668,297

24,377,158

Electrical

Equipment

0.4%

Emerson

Electric

Co.

10,304

1,543,745

Vernova,

Inc.

2,688

2,661,900

4,205,645

Electronic

Equipment,

Instruments

Components

1.1%

Amphenol

Corp.,

Class

23,744

3,815,661

Flex

Ltd.*

13,440

1,528,800

Jabil,

Inc.

16,128

5,081,126

Zebra

Technologies

Corp.,

Class

3,136

921,420

11,347,007

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Quality

Large

Cap

Index

Fund

(cont.)

108

Investments

Value

COMMON

STOCKS

(continued)

Energy

Equipment

Services

0.0%(b)

Halliburton

Co.

16,128

520,128

Entertainment

1.0%

Electronic

Arts,

Inc.

8,960

1,880,346

Netflix,

Inc.*

58,688

4,208,516

Spotify

Technology

SA*

6,720

3,359,597

Warner

Bros

Discovery,

Inc.*

44,800

1,178,240

10,626,699

Financial

Services

2.2%

Berkshire

Hathaway,

Inc.,

Class

25,088

12,833,515

Fidelity

National

Information

Services,

Inc.

32,704

1,464,158

Fiserv,

Inc.*(a)

17,024

918,275

Global

Payments,

Inc.

53,760

4,520,141

PayPal

Holdings,

Inc.

37,184

2,127,297

21,863,386

Food

Products

0.5%

Archer-Daniels-Midland

Co.

27,776

2,201,803

Tyson

Foods,

Inc.,

Class

48,384

2,804,337

5,006,140

Ground

Transportation

0.0%(b)

Uber

Technologies,

Inc.*

4,032

283,691

Health

Care

Equipment

Supplies

0.6%

IDEXX

Laboratories,

Inc.*

2,240

1,252,317

Medtronic

plc

5,824

497,311

ResMed,

Inc.(a)

19,264

4,064,319

5,813,947

Health

Care

Providers

Services

2.9%

Cardinal

Health,

Inc.

18,368

4,225,191

Cencora,

Inc.

10,304

3,208,047

Centene

Corp.*

29,568

1,839,721

Cigna

Group

(The)

17,472

4,875,562

CVS

Health

Corp.

8,960

935,693

HCA

Healthcare,

Inc.

9,856

3,967,927

McKesson

Corp.

8,960

7,671,462

Tenet

Healthcare

Corp.*

8,512

2,168,687

28,892,290

Health

Care

REITs

0.5%

Alexandria

Real

Estate

Equities,

Inc.,

REIT

107,520

5,531,904

Health

Care

Technology

0.1%

Veeva

Systems,

Inc.,

Class

3,136

639,054

Hotels,

Restaurants

Leisure

1.6%

Booking

Holdings,

Inc.

31,360

6,049,344

Expedia

Group,

Inc.

16,576

4,885,610

Las

Vegas

Sands

Corp.

81,088

3,964,393

Royal

Caribbean

Cruises

Ltd.(a)

4,480

1,425,984

16,325,331

Investments

Value

Household

Durables

0.0%(b)

NVR,

Inc.*

307,352

Household

Products

0.8%

Colgate-Palmolive

Co.

25,984

2,372,339

Kimberly-Clark

Corp.(a)

23,744

2,595,457

Procter

Gamble

Co.

(The)

20,608

2,977,650

7,945,446

Industrial

Conglomerates

0.4%

Co.

21,952

3,869,699

Insurance

1.1%

Aflac,

Inc.

39,872

5,082,882

American

International

Group,

Inc.

64,064

5,034,149

Prudential

Financial,

Inc.

9,408

1,148,529

11,265,560

Interactive

Media

Services

9.2%

Alphabet,

Inc.,

Class

116,480

41,482,022

Alphabet,

Inc.,

Class

103,936

37,068,774

Meta

Platforms,

Inc.,

Class

25,536

14,216,147

92,766,943

Services

0.6%

Accenture

plc,

Class

14,784

2,452,961

Cognizant

Technology

Solutions

Corp.,

Class

33,600

1,859,760

Gartner,

Inc.*

2,240

338,285

Twilio,

Inc.,

Class

6,720

1,326,192

5,977,198

Life

Sciences

Tools

Services

0.4%

ICON

plc*(a)

5,376

879,326

Medpace

Holdings,

Inc.*

5,376

3,102,543

3,981,869

Machinery

1.9%

Caterpillar,

Inc.

8,512

6,935,663

Cummins,

Inc.

6,272

3,977,702

Fortive

Corp.

38,080

2,254,717

Illinois

Tool

Works,

Inc.

20,160

5,784,912

Snap-on,

Inc.

896

367,727

19,320,721

Media

0.5%

Fox

Corp.,

Class

A(a)

3,584

208,696

Omnicom

Group,

Inc.(a)

57,344

4,512,973

4,721,669

Metals

Mining

1.0%

Agnico

Eagle

Mines

Ltd.

16,576

2,407,996

Newmont

Corp.

78,848

7,388,846

9,796,842

Multi-Utilities

0.9%

Consolidated

Edison,

Inc.

51,968

5,656,717

Public

Service

Enterprise

Group,

Inc.

48,384

3,710,085

9,366,802

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Quality

Large

Cap

Index

Fund

(cont.)

109

Investments

Value

COMMON

STOCKS

(continued)

Oil,

Gas

Consumable

Fuels

2.3%

Devon

Energy

Corp.

62,720

2,830,554

EOG

Resources,

Inc.

42,560

6,328,246

Marathon

Petroleum

Corp.

14,336

4,536,914

Occidental

Petroleum

Corp.

41,664

2,377,764

Valero

Energy

Corp.

23,744

7,429,498

23,502,976

Pharmaceuticals

4.8%

Bristol-Myers

Squibb

Co.

145,152

9,479,877

Eli

Lilly

Co.

9,856

11,322,967

Johnson

71,680

18,375,168

Merck

Co.,

Inc.

28,672

3,733,094

Pfizer,

Inc.

32,704

817,927

Royalty

Pharma

plc,

Class

78,848

4,607,089

48,336,122

Professional

Services

1.0%

Automatic

Data

Processing,

Inc.

9,408

2,506,856

Broadridge

Financial

Solutions,

Inc.

27,776

4,276,115

Leidos

Holdings,

Inc.

1,344

155,366

Paychex,

Inc.

7,616

889,854

Paycom

Software,

Inc.

12,992

2,130,168

9,958,359

Real

Estate

Management

Development

1.1%

CBRE

Group,

Inc.,

Class

32,704

4,801,274

Jones

Lang

LaSalle,

Inc.*

17,920

6,362,138

11,163,412

Residential

REITs

0.0%(b)

AvalonBay

Communities,

Inc.,

REIT

2,240

415,766

Retail

REITs

0.6%

Kimco

Realty

Corp.,

REIT

9,856

251,131

Regency

Centers

Corp.,

REIT

2,240

179,850

Simon

Property

Group,

Inc.,

REIT

25,536

5,857,192

6,288,173

Semiconductors

Semiconductor

Equipment

15.6%

Advanced

Micro

Devices,

Inc.*

13,888

6,612,771

Analog

Devices,

Inc.

5,376

1,975,196

Applied

Materials,

Inc.

22,848

11,599,244

Broadcom,

Inc.

76,608

29,821,962

Intel

Corp.*

23,296

2,101,299

KLA

Corp.

59,881

10,947,445

Lam

Research

Corp.

27,776

8,138,924

Micron

Technology,

Inc.

13,440

11,061,523

NVIDIA

Corp.

358,400

71,948,800

QUALCOMM,

Inc.

29,120

4,298,403

158,505,567

Software

6.5%

Adobe,

Inc.*

12,096

3,028,960

AppLovin

Corp.,

Class

4,928

1,950,995

Check

Point

Software

Technologies

Ltd.*(a)

18,368

2,335,124

Investments

Value

Software

(continued)

Fair

Isaac

Corp.*(a)

896

1,006,181

Fortinet,

Inc.*

21,056

3,410,019

Intuit,

Inc.

11,648

3,681,583

Microsoft

Corp.

92,736

43,096,274

Oracle

Corp.

1,344

174,545

Palantir

Technologies,

Inc.,

Class

24,640

3,032,199

PTC,

Inc.*

13,440

1,843,968

Roper

Technologies,

Inc.

2,688

1,053,615

Salesforce,

Inc.

6,272

1,154,174

Zoom

Communications,

Inc.,

Class

5,376

516,472

66,284,109

Specialized

REITs

0.5%

Gaming

and

Leisure

Properties,

Inc.,

REIT

3,136

140,461

VICI

Properties,

Inc.,

Class

REIT

189,056

4,981,626

5,122,087

Specialty

Retail

0.7%

Best

Buy

Co.,

Inc.

18,368

1,584,423

Home

Depot,

Inc.

(The)

4,480

1,487,181

Lowe's

Cos.,

Inc.

896

186,198

Ulta

Beauty,

Inc.*

448

229,748

Williams-Sonoma,

Inc.

13,888

3,175,630

6,663,180

Technology

Hardware,

Storage

Peripherals

9.5%

Apple,

Inc.

240,576

74,316,332

Dell

Technologies,

Inc.,

Class

18,816

7,627,442

NetApp,

Inc.

34,496

6,157,536

Seagate

Technology

Holdings

plc

896

767,093

Western

Digital

Corp.

12,992

7,078,561

95,946,964

Textiles,

Apparel

Luxury

Goods

1.2%

Deckers

Outdoor

Corp.*

34,944

3,385,375

Ralph

Lauren

Corp.,

Class

6,272

2,385,493

Tapestry,

Inc.

40,320

6,143,558

11,914,426

Tobacco

1.3%

Altria

Group,

Inc.

105,280

7,193,783

Philip

Morris

International,

Inc.

31,360

5,984,115

13,177,898

Trading

Companies

Distributors

0.2%

Grainger,

Inc.

1,344

1,857,704

Total

Common

Stocks

(Cost

$783,022,876)

1,010,143,331

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Quality

Large

Cap

Index

Fund

(cont.)

110

Investments

Number

Rights

Value

RIGHTS

0.0%

Health

Care

Equipment

Supplies

0.0%

Hologic,

Inc.,

CVR,

expiring

12/27/2027*‡

(Cost

$–)

5,796

—

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

0.9%(c)

INVESTMENT

COMPANIES

0.0%(b)

BlackRock

Liquidity

FedFund

3.67%,

8/3/2026

100,000

Dreyfus

Treasury

Obligations

Cash

Management

Fund

3.68%,

8/3/2026

100,000

Invesco

Government

Agency

Portfolio

3.74%,

8/3/2026

100,000

Morgan

Stanley

Institutional

Liquidity

Fund

Government

Portfolio

3.69%,

8/3/2026

100,000

Total

Investment

Companies

(Cost

$400,000)

400,000

REPURCHASE

AGREEMENTS

0.9%

Secured

LLC

3.63%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$1,484,203,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

4.88%,

maturing

8/15/2026

2/15/2056;

total

market

value

$1,504,338

1,484,203

MetLife,

Inc.

3.64%,

dated

7/31/2026,

due

12/2/2026,

repurchase

price

$5,000,000,

collateralized

various

U.S.

Treasury

Securities,

0.00%,

maturing

2/15/2045

8/15/2046;

total

market

value

$5,035,086

5,000,000

Investments

Principal

Amount

Value

REPURCHASE

AGREEMENTS

(continued)

The

Bank

Nova

Scotia,

Toronto

3.80%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$2,000,000,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

4.88%,

maturing

8/15/2026

2/15/2056;

total

market

value

$1,504,338

2,000,000

Total

Repurchase

Agreements

(Cost

$8,484,203)

8,484,203

Total

Securities

Lending

Reinvestments

(Cost

$8,884,203)

8,884,203

Total

Investments

100.6%

(Cost

$791,907,079)

1,019,027,534

Liabilities

excess

other

assets

(0.6%)

(5,747,200)

NET

ASSETS

100.0%

$1,013,280,334

Non-income

producing

security.

‡

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

(a)

The

security

portion

this

security

loan

July

31,

2026.

The

total

value

securities

loan

July

31,

2026

was

$18,110,587,

collateralized

the

form

cash

with

value

$8,884,203

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments

and

$9,801,847

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

August

31,

2026

–

May

15,

2056;

total

value

$18,686,050.

(b)

Represents

less

than

0.05%

net

assets.

(c)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

July

31,

2026.

The

total

value

securities

purchased

was

$8,884,203.

Percentages

shown

are

based

Net

Assets.

Abbreviations

CVR

—

Contingent

Value

Rights

REIT

—

Real

Estate

Investment

Trust

Futures

Contracts

FlexShares®

Quality

Large

Cap

Index

Fund

had

the

following

open

futures

contracts

July

31,

2026:

Number

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

S&P

500

E-Mini

Index

09/18/2026

USD

3,007,700

15,416

Abbreviations:

USD

—

Dollar

112

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

Schedule

Investments

FlexShares

STOXX

ESG

Select

Index

Fund

July

31,

2026

(Unaudited)

Investments

Value

COMMON

STOCKS

99.4%

Aerospace

Defense

0.1%

Carpenter

Technology

Corp.

180

93,539

Air

Freight

Logistics

0.4%

Robinson

Worldwide,

Inc.

210

31,023

FedEx

Corp.

600

184,440

United

Parcel

Service,

Inc.,

Class

3,360

350,179

565,642

Automobile

Components

0.0%(a)

Aptiv

plc*

630

35,576

Automobiles

1.7%

General

Motors

Co.

4,170

370,546

Tesla,

Inc.*

6,210

1,932,614

2,303,160

Banks

8.0%

Bank

America

Corp.

24,540

1,520,253

Citigroup,

Inc.

9,540

1,263,573

Citizens

Financial

Group,

Inc.

1,590

113,924

Fifth

Third

Bancorp

1,920

108,480

Huntington

Bancshares,

Inc.

4,500

76,680

JPMorgan

Chase

Co.

14,880

5,234,635

KeyCorp

3,570

80,646

Regions

Financial

Corp.

2,850

88,208

Truist

Financial

Corp.

3,720

192,845

Bancorp

5,940

374,279

Wells

Fargo

Co.

17,040

1,473,108

10,526,631

Beverages

2.5%

Coca-Cola

Co.

(The)

21,780

1,907,710

Coca-Cola

Europacific

Partners

plc

1,230

134,636

Keurig

Pepper,

Inc.

5,880

182,986

Monster

Beverage

Corp.*

2,010

193,724

PepsiCo,

Inc.

6,240

870,854

3,289,910

Biotechnology

1.6%

AbbVie,

Inc.

3,270

820,574

Amgen,

Inc.

990

381,308

Gilead

Sciences,

Inc.

2,220

289,066

Moderna,

Inc.*(b)

750

41,115

Vertex

Pharmaceuticals,

Inc.*

1,200

572,520

2,104,583

Broadline

Retail

3.9%

Amazon.com,

Inc.*

18,240

4,953,619

eBay,

Inc.

2,010

229,160

5,182,779

Building

Products

0.5%

Masco

Corp.

1,290

92,209

Investments

Value

Building

Products

(continued)

Trane

Technologies

plc

1,230

559,589

651,798

Capital

Markets

3.2%

Bank

New

York

Mellon

Corp.

(The)

3,120

487,750

BlackRock,

Inc.

810

883,216

Goldman

Sachs

Group,

Inc.

(The)

810

824,888

Intercontinental

Exchange,

Inc.

3,060

466,589

Morgan

Stanley

2,190

460,820

MSCI,

Inc.,

Class

270

154,505

Nasdaq,

Inc.

2,100

197,799

Northern

Trust

Corp.(c)

390

71,054

S&P

Global,

Inc.

1,110

457,242

State

Street

Corp.

960

176,793

4,180,656

Chemicals

1.5%

Air

Products

and

Chemicals,

Inc.

810

238,861

Albemarle

Corp.

330

38,821

Industries

Holdings,

Inc.

330

41,313

Corteva,

Inc.

2,400

188,904

Dow,

Inc.

960

29,078

DuPont

Nemours,

Inc.

510

69,870

Ecolab,

Inc.

1,080

299,841

International

Flavors

Fragrances,

Inc.(b)

1,290

102,194

Linde

plc

1,290

617,110

LyondellBasell

Industries

NV,

Class

750

46,560

PPG

Industries,

Inc.

720

79,574

RPM

International,

Inc.

330

35,333

Sherwin-Williams

Co.

(The)

630

214,736

2,002,195

Commercial

Services

Supplies

0.3%

Cintas

Corp.

1,860

380,612

Communications

Equipment

0.8%

Arista

Networks,

Inc.*

2,970

535,639

Lumentum

Holdings,

Inc.*(b)

360

257,018

Motorola

Solutions,

Inc.

750

326,813

1,119,470

Construction

Engineering

0.0%(a)

EMCOR

Group,

Inc.

47,846

Construction

Materials

0.2%

CRH

plc

2,490

236,575

Vulcan

Materials

Co.

240

64,457

301,032

Consumer

Finance

0.2%

Capital

One

Financial

Corp.

1,200

250,812

Consumer

Staples

Distribution

Retail

4.1%

Costco

Wholesale

Corp.

2,040

1,941,855

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

ESG

Select

Index

Fund

(cont.)

113

Investments

Value

COMMON

STOCKS

(continued)

Consumer

Staples

Distribution

Retail

(continued)

Dollar

General

Corp.

300

38,115

Dollar

Tree,

Inc.*

810

103,040

Kroger

Co.

(The)

3,240

187,078

Sysco

Corp.

2,550

217,362

Target

Corp.

750

108,367

Foods

Holding

Corp.*(b)

1,140

114,673

Walmart,

Inc.

24,600

2,735,520

5,446,010

Containers

Packaging

0.2%

Avery

Dennison

Corp.

270

45,827

Ball

Corp.

750

48,675

International

Paper

Co.(b)

1,680

68,594

Smurfit

Westrock

plc

2,520

115,845

278,941

Diversified

REITs

0.1%

Carey,

Inc.,

REIT

1,200

88,320

Diversified

Telecommunication

Services

0.4%

Verizon

Communications,

Inc.

11,310

529,421

Electric

Utilities

0.0%(a)

Edison

International

720

52,826

Electrical

Equipment

0.8%

Vernova

Inc.

750

742,718

nVent

Electric

plc

900

138,447

Rockwell

Automation,

Inc.

300

144,024

1,025,189

Electronic

Equipment,

Instruments

Components

0.5%

CDW

Corp.

510

75,383

Corning,

Inc.

2,160

298,620

Flex

Ltd.*

660

75,075

SYNNEX

Corp.

210

53,697

Connectivity

plc

780

160,438

663,213

Energy

Equipment

Services

0.4%

SLB

Ltd.

7,110

352,585

TechnipFMC

plc(b)

2,010

144,036

496,621

Entertainment

0.4%

Electronic

Arts,

Inc.

630

132,212

Walt

Disney

Co.

(The)(b)

4,710

453,055

585,267

Financial

Services

5.2%

Apollo

Global

Management,

Inc.(b)

2,520

316,487

Berkshire

Hathaway,

Inc.,

Class

7,770

3,974,666

Fidelity

National

Information

Services,

Inc.

1,590

71,184

Mastercard,

Inc.,

Class

1,500

859,650

Investments

Value

Financial

Services

(continued)

Visa,

Inc.,

Class

4,590

1,680,537

6,902,524

Food

Products

0.8%

Archer-Daniels-Midland

Co.(b)

2,280

180,736

Bunge

Global

810

86,046

General

Mills,

Inc.

2,580

92,235

Hershey

Co.

(The)

780

136,539

Kraft

Heinz

Co.

(The)

2,640

68,244

Mondelez

International,

Inc.,

Class

6,120

381,337

Tyson

Foods,

Inc.,

Class

1,740

100,850

1,045,987

Ground

Transportation

0.8%

CSX

Corp.

3,600

181,440

Hunt

Transport

Services,

Inc.

150

40,763

Uber

Technologies,

Inc.*

5,490

386,276

Union

Pacific

Corp.

1,140

333,028

XPO,

Inc.*

330

66,320

1,007,827

Health

Care

Equipment

Supplies

2.1%

Abbott

Laboratories

8,190

865,683

Becton

Dickinson

Co.

840

139,121

Boston

Scientific

Corp.*

4,350

203,275

HealthCare

Technologies,

Inc.

1,800

122,436

IDEXX

Laboratories,

Inc.*

300

167,721

Intuitive

Surgical,

Inc.*

1,650

582,995

Stryker

Corp.

1,980

644,886

2,726,117

Health

Care

Providers

Services

1.5%

Cardinal

Health,

Inc.

1,320

303,640

Cencora

Inc.

540

168,124

Cigna

Group

(The)

480

133,944

CVS

Health

Corp.

4,650

485,599

Elevance

Health,

Inc.

990

372,082

Labcorp

Holdings,

Inc.

300

92,760

McKesson

Corp.

540

462,342

2,018,491

Health

Care

REITs

0.6%

Ventas,

Inc.,

REIT(b)

2,160

201,982

Welltower,

Inc.,

REIT

2,610

611,888

813,870

Hotels,

Restaurants

Leisure

1.6%

Booking

Holdings,

Inc.

2,820

543,978

Carnival

Corp.

Ltd.

4,710

130,985

Chipotle

Mexican

Grill,

Inc.,

Class

4,350

161,907

Expedia

Group,

Inc.

450

132,633

Flutter

Entertainment

plc*(b)

540

56,414

Hilton

Worldwide

Holdings,

Inc.

870

278,826

Marriott

International,

Inc.,

Class

1,110

413,841

McDonald's

Corp.

1,290

349,126

Yum!

Brands,

Inc.

570

87,370

2,155,080

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

ESG

Select

Index

Fund

(cont.)

114

Investments

Value

COMMON

STOCKS

(continued)

Household

Durables

0.0%(a)

Somnigroup

International,

Inc.

810

52,917

Household

Products

1.9%

Church

Dwight

Co.,

Inc.

570

56,322

Colgate-Palmolive

Co.

4,560

416,328

Kimberly-Clark

Corp.(b)

1,740

190,199

Procter

Gamble

Co.

(The)

12,840

1,855,252

2,518,101

Industrial

REITs

0.2%

Prologis,

Inc.,

REIT

1,770

255,960

Insurance

2.0%

Aflac,

Inc.

2,220

283,006

Allstate

Corp.

(The)

990

261,439

American

International

Group,

Inc.

2,790

219,238

Aon

plc,

Class

390

140,614

Hartford

Insurance

Group,

Inc.

(The)

1,170

166,035

Marsh

McLennan

Cos.,

Inc.

1,260

239,009

MetLife,

Inc.

2,130

204,757

Principal

Financial

Group,

Inc.

990

112,563

Progressive

Corp.

(The)

3,180

672,316

Prudential

Financial,

Inc.

1,710

208,757

Willis

Towers

Watson

plc

390

131,009

2,638,743

Services

1.4%

Accenture

plc,

Class

A(b)

3,330

552,514

International

Business

Machines

Corp.

5,250

1,174,162

Twilio,

Inc.,

Class

330

65,126

1,791,802

Life

Sciences

Tools

Services

0.6%

Illumina,

Inc.*

420

86,142

IQVIA

Holdings,

Inc.*

630

148,063

Mettler-Toledo

International,

Inc.*

120

169,956

Thermo

Fisher

Scientific,

Inc.

690

396,267

West

Pharmaceutical

Services,

Inc.

120

40,915

841,343

Machinery

2.0%

Caterpillar,

Inc.

1,710

1,393,325

Cummins,

Inc.

390

247,338

Deere

Co.

750

444,502

Fortive

Corp.

750

44,407

Ingersoll

Rand,

Inc.(b)

1,290

107,560

Nordson

Corp.

120

35,734

Otis

Worldwide

Corp.

1,620

116,559

Westinghouse

Air

Brake

Technologies

Corp.

630

183,242

Xylem,

Inc.

780

91,237

2,663,904

Media

0.1%

Omnicom

Group,

Inc.(b)

1,680

132,216

Investments

Value

Metals

Mining

1.1%

Alcoa

Corp.

510

23,083

Coeur

Mining,

Inc.(b)

4,110

61,280

Freeport-McMoRan,

Inc.

6,720

420,874

Newmont

Corp.

5,040

472,298

Nucor

Corp.

1,080

277,873

Royal

Gold,

Inc.

240

47,604

Southern

Copper

Corp.(b)

330

60,294

Steel

Dynamics,

Inc.

270

67,840

1,431,146

Oil,

Gas

Consumable

Fuels

3.2%

ExxonMobil

Holdings

Corp.*

22,920

3,562,685

Marathon

Petroleum

Corp.

540

170,894

Targa

Resources

Corp.

780

210,888

Valero

Energy

Corp.

810

253,449

4,197,916

Passenger

Airlines

0.1%

United

Airlines

Holdings,

Inc.*

900

109,197

Personal

Care

Products

0.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

780

65,442

Kenvue

Inc.

9,960

191,630

257,072

Pharmaceuticals

7.8%

Bristol-Myers

Squibb

Co.

5,790

378,145

Eli

Lilly

Co.

3,930

4,514,941

Johnson

13,320

3,414,582

Merck

Co.,

Inc.

13,800

1,796,760

Zoetis,

Inc.,

Class

2,010

155,353

10,259,781

Professional

Services

0.5%

Automatic

Data

Processing,

Inc.

1,890

503,609

Broadridge

Financial

Solutions,

Inc.

450

69,278

Verisk

Analytics,

Inc.,

Class

300

58,455

631,342

Real

Estate

Management

Development

0.3%

CBRE

Group,

Inc.,

Class

1,620

237,832

CoStar

Group,

Inc.*

1,500

43,140

Jones

Lang

LaSalle,

Inc.*

150

53,255

334,227

Residential

REITs

0.2%

Equity

Residential,

REIT

810

53,824

Essex

Property

Trust,

Inc.,

REIT

390

110,815

Mid-America

Apartment

Communities,

Inc.,

REIT

390

51,613

Sun

Communities,

Inc.,

REIT

390

48,157

264,409

Semiconductors

Semiconductor

Equipment

16.5%

Advanced

Micro

Devices,

Inc.*

3,030

1,442,734

Broadcom,

Inc.

16,800

6,539,904

Entegris

Inc.(b)

540

64,287

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

ESG

Select

Index

Fund

(cont.)

115

Investments

Value

COMMON

STOCKS

(continued)

Semiconductors

Semiconductor

Equipment

(continued)

Intel

Corp.*

12,840

1,158,168

Lattice

Semiconductor

Corp.*

210

26,097

Micron

Technology,

Inc.

6,241

5,136,530

MKS,

Inc.(b)

26,771

NVIDIA

Corp.

31,560

6,335,670

NXP

Semiconductors

930

213,119

Semiconductor

Corp.*

690

56,311

QUALCOMM,

Inc.

3,900

575,679

Teradyne,

Inc.

570

209,583

21,784,853

Software

7.4%

Adobe,

Inc.*

690

172,783

Atlassian

Corp.,

Class

540

54,548

Autodesk,

Inc.*

930

217,806

Cadence

Design

Systems,

Inc.*

510

173,410

Crowdstrike

Holdings,

Inc.,

Class

2,760

526,774

Fortinet,

Inc.*

2,280

369,246

Gen

Digital,

Inc.

2,280

62,586

Microsoft

Corp.

16,590

7,709,705

PTC,

Inc.*

270

37,044

ServiceNow,

Inc.*

2,760

306,995

Synopsys,

Inc.*

360

139,953

9,770,850

Specialized

REITs

1.5%

American

Tower

Corp.,

REIT

2,520

436,867

Crown

Castle,

Inc.,

REIT

1,740

132,762

Digital

Realty

Trust,

Inc.,

REIT

1,230

231,880

Equinix,

Inc.,

REIT

540

550,411

Extra

Space

Storage,

Inc.,

REIT

660

97,706

Iron

Mountain,

Inc.,

REIT

1,140

139,445

Public

Storage,

REIT

600

194,502

SBA

Communications

Corp.,

Class

REIT

210

38,006

VICI

Properties,

Inc.,

Class

REIT

4,590

120,947

Weyerhaeuser

Co.,

REIT

3,480

87,104

2,029,630

Specialty

Retail

1.0%

Burlington

Stores,

Inc.*

180

66,326

Ross

Stores,

Inc.

630

158,174

TJX

Cos.,

Inc.

(The)

5,160

811,875

Tractor

Supply

Co.(b)

2,010

61,848

Ulta

Beauty,

Inc.*

240

123,079

Williams-Sonoma,

Inc.

570

130,336

1,351,638

Technology

Hardware,

Storage

Peripherals

6.1%

Apple,

Inc.

21,900

6,765,129

Hewlett

Packard

Enterprise

Co.

7,380

353,502

HP,

Inc.

4,620

125,988

Sandisk

Corp.*

270

328,004

Super

Micro

Computer,

Inc.*(b)

2,520

71,568

Investments

Value

Technology

Hardware,

Storage

Peripherals

(continued)

Western

Digital

Corp.

630

343,249

7,987,440

Textiles,

Apparel

Luxury

Goods

0.3%

Deckers

Outdoor

Corp.*

450

43,596

Lululemon

Athletica,

Inc.*

450

53,491

NIKE,

Inc.,

Class

3,060

127,633

Tapestry,

Inc.

960

146,275

370,995

Trading

Companies

Distributors

0.5%

Fastenal

Co.

4,230

201,813

Ferguson

Enterprises,

Inc.

1,080

253,076

Sunbelt

Rentals

Holdings,

Inc.

2,280

163,978

618,867

Water

Utilities

0.1%

American

Water

Works

Co.,

Inc.(b)

810

108,678

Total

Common

Stocks

(Cost

$93,311,758)

131,274,972

Number

Rights

RIGHTS

0.0%

Health

Care

Equipment

Supplies

0.0%

Hologic,

Inc.,

CVR,

expiring

12/27/2027*‡

(Cost

$–)

1,333

—

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

0.8%(d)

INVESTMENT

COMPANIES

0.0%(a)

BlackRock

Liquidity

FedFund

3.67%,

8/3/2026

10,312

Dreyfus

Treasury

Obligations

Cash

Management

Fund

3.68%,

8/3/2026

10,312

Invesco

Government

Agency

Portfolio

3.74%,

8/3/2026

10,312

Morgan

Stanley

Institutional

Liquidity

Fund

Government

Portfolio

3.69%,

8/3/2026

10,312

Total

Investment

Companies

(Cost

$41,248)

41,248

REPURCHASE

AGREEMENTS

0.8%

Secured

LLC

3.63%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$937,626,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

4.88%,

maturing

8/15/2026

2/15/2056;

total

market

value

$950,346

937,626

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

ESG

Select

Index

Fund

(cont.)

116

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

REPURCHASE

AGREEMENTS

(continued)

The

Bank

Nova

Scotia,

Toronto

3.80%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$50,000,

collateralized

various

Common

Stocks;

total

market

value

$55,015

50,000

Total

Repurchase

Agreements

(Cost

$987,626)

987,626

Total

Securities

Lending

Reinvestments

(Cost

$1,028,874)

1,028,874

Total

Investments

100.2%

(Cost

$94,340,632)

132,303,846

Liabilities

excess

other

assets

(0.2%)

(247,467)

NET

ASSETS

100.0%

$132,056,379

Non-income

producing

security.

‡

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

(a)

Represents

less

than

0.05%

net

assets.

(b)

The

security

portion

this

security

loan

July

31,

2026.

The

total

value

securities

loan

July

31,

2026

was

$2,142,380,

collateralized

the

form

cash

with

value

$1,028,874

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments

and

$1,146,595

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.12%,

and

maturity

dates

ranging

from

August

13,

2026

–

May

15,

2056;

total

value

$2,175,469.

(c)

Investment

affiliated

company.

Northern

Trust

Investments,

Inc.,

the

Investment

Adviser

the

Fund,

subsidiary

Northern

Trust

Corporation.

(d)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

July

31,

2026.

The

total

value

securities

purchased

was

$1,028,874.

Percentages

shown

are

based

Net

Assets.

Abbreviations

CVR

—

Contingent

Value

Rights

REIT

—

Real

Estate

Investment

Trust

Investment

company

which

was

affiliated

for

the

period

ended

July

31,

2026,

was

follows:

Security

Value

October

31,

2025

Purchases

Cost

Sales

Proceeds

July

31,

2026

Value

July

31,

2026

Change

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Realized

Gain

Northern

Trust

Corp.

42,461

55,810

49,065

390

71,054

20,173

1,137

1,675

118

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

Schedule

Investments

FlexShares

STOXX

Global

ESG

Select

Index

Fund

July

31,

2026

(Unaudited)

Investments

Value

COMMON

STOCKS

98.6%

Air

Freight

Logistics

0.2%

Deutsche

Post

340

22,595

DSV

A/S

323

69,877

Nippon

Express

Holdings,

Inc.(a)

200

6,630

United

Parcel

Service,

Inc.,

Class

1,368

142,573

241,675

Automobile

Components

0.1%

Bridgestone

Corp.

1,900

47,314

Cie

Generale

des

Etablissements

Michelin

SCA

1,729

69,566

Niterra

Co.

Ltd.(a)

700

41,391

158,271

Automobiles

0.5%

Bayerische

Motoren

Werke

2,593

Ing

Porsche

(Preference)

(b)

280

13,672

General

Motors

Co.

2,964

263,381

Honda

Motor

Co.

Ltd.

7,600

77,587

Mercedes-Benz

Group

532

28,603

Nissan

Motor

Co.

Ltd.*(a)

9,500

20,059

Renault

540

16,937

Stellantis

NV*(a)

108

Suzuki

Motor

Corp.

3,800

49,784

Volkswagen

(Preference)

285

24,481

Yamaha

Motor

Co.

Ltd.(a)

1,900

16,026

513,231

Banks

13.5%

ABN

AMRO

Bank

NV,

CVA(b)

1,634

73,320

AIB

Group

plc

3,800

44,836

Sydbank

228

21,899

ANZ

Group

Holdings

Ltd.

5,639

147,768

Banca

Monte

dei

Paschi

Siena

SpA

2,740

36,468

Banco

Bilbao

Vizcaya

Argentaria

17,898

498,339

Banco

BPM

SpA

2,261

41,037

Banco

Comercial

Portugues

SA,

Class

9,140

11,199

Banco

Santander

39,140

554,711

Bank

Ireland

Group

plc

1,805

37,568

Bank

Polska

Kasa

Opieki

340

22,298

Bankinter

2,375

43,530

Banque

Cantonale

Vaudoise

(Registered)

13,657

Barclays

plc

23,959

164,019

BAWAG

Group

AG(b)

133

26,810

BNP

Paribas

2,755

347,596

BPER

Banca

SpA

2,793

45,214

CaixaBank

8,417

121,682

Canadian

Imperial

Bank

Commerce

2,356

278,854

Citigroup,

Inc.

7,049

933,640

Investments

Value

Banks

(continued)

Commonwealth

Bank

Australia

3,439

428,803

Danske

Bank

A/S

893

51,298

DBS

Group

Holdings

Ltd.

1,580

91,098

DNB

Bank

ASA

931

29,940

Erste

Bank

Polska

9,032

Erste

Group

Bank

399

51,783

FinecoBank

Banca

Fineco

SpA

1,482

40,394

HSBC

Holdings

plc

35,321

749,124

Intesa

Sanpaolo

SpA

9,386

70,615

Japan

Post

Bank

Co.

Ltd.

3,800

74,246

JPMorgan

Chase

Co.

16,435

5,781,669

KBC

Group

266

38,149

Lloyds

Banking

Group

plc

119,849

184,996

Mitsubishi

UFJ

Financial

Group,

Inc.

24,700

553,956

National

Australia

Bank

Ltd.

4,503

130,714

National

Bank

Canada

475

76,777

NatWest

Group

plc

17,309

164,406

Nordea

Bank

Abp

4,693

94,492

Oversea-Chinese

Banking

Corp.

Ltd.

3,800

86,224

Resona

Holdings,

Inc.(a)

3,800

52,301

Ringkjoebing

Landbobank

A/S

21,451

Skandinaviska

Enskilda

Banken

AB,

Class

A(a)

2,888

67,598

Societe

Generale

1,862

174,192

SpareBank

Sor-Norge

ASA

126

2,816

Standard

Chartered

plc

3,363

99,023

Sumitomo

Mitsui

Financial

Group,

Inc.

5,600

239,651

Svenska

Handelsbanken

AB,

Class

A(a)

3,249

49,603

Swedbank

AB,

Class

A(a)

1,501

59,946

Toronto-Dominion

Bank

(The)

2,394

286,765

UniCredit

SpA

1,539

144,506

Wells

Fargo

Co.

15,789

1,364,959

Westpac

Banking

Corp.

7,049

187,489

14,922,461

Beverages

1.4%

Anheuser-Busch

InBev

SA/NV

665

57,537

Asahi

Group

Holdings

Ltd.

3,800

39,772

Carlsberg

A/S,

Class

152

22,371

Coca-Cola

Co.

(The)

12,141

1,063,430

Coca-Cola

Europacific

Partners

plc

665

72,791

Coca-Cola

HBC

391

26,362

Diageo

plc

4,066

89,437

Heineken

Holding

149

12,506

Heineken

475

42,923

Kirin

Holdings

Co.

Ltd.

1,700

31,528

Pernod

Ricard

323

25,204

Treasury

Wine

Estates

Ltd.(a)

6,680

23,130

1,506,991

Biotechnology

0.4%

CSL

Ltd.

988

85,394

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

Global

ESG

Select

Index

Fund

(cont.)

119

Investments

Value

COMMON

STOCKS

(continued)

Biotechnology

(continued)

Genmab

A/S*

5,435

Vertex

Pharmaceuticals,

Inc.*

741

353,531

444,360

Broadline

Retail

0.6%

Allegro.eu

SA*(b)

240

Dollarama,

Inc.

247

33,624

eBay,

Inc.

1,387

158,132

Isetan

Mitsukoshi

Holdings

Ltd.

1,500

33,792

Front

Retailing

Co.

Ltd.(a)

1,300

24,343

plc

200

39,955

Prosus

1,900

87,365

Rakuten

Group,

Inc.*

3,800

19,895

Ryohin

Keikaku

Co.

Ltd.

1,900

49,843

Wesfarmers

Ltd.

2,698

169,332

616,521

Building

Products

0.6%

Assa

Abloy

AB,

Class

1,463

54,149

Belimo

Holding

(Registered)

21,803

Cie

Saint-Gobain

1,311

122,600

Geberit

(Registered)

37,495

Lixil

Corp.(a)

1,300

14,166

Masco

Corp.

1,045

74,697

ROCKWOOL

A/S,

Class

200

6,397

Trane

Technologies

plc

703

319,830

651,137

Capital

Markets

2.1%

Group

plc

1,140

43,938

Aberdeen

Group

plc

3,700

11,980

Allfunds

Group

plc

824

8,381

Amundi

SA(b)

4,342

Bank

New

York

Mellon

Corp.

(The)

2,109

329,700

BlackRock,

Inc.

608

662,957

CVC

Capital

Partners

plc(a)(b)

418

6,978

Daiwa

Securities

Group,

Inc.

5,700

64,688

EQT

AB(a)

380

12,894

Euronext

NV(b)

120

21,897

Hong

Kong

Exchanges

Clearing

Ltd.

1,600

83,371

Group

Holdings

plc

853

16,760

Intercontinental

Exchange,

Inc.

2,774

422,980

Julius

Baer

Group

Ltd.

363

31,802

London

Stock

Exchange

Group

plc

817

92,334

Macquarie

Group

Ltd.

855

151,983

Man

Group

plc

2,576

10,476

Nasdaq,

Inc.

1,102

103,797

Netwealth

Group

Ltd.

1,026

15,551

Nomura

Holdings,

Inc.

5,700

54,414

Partners

Group

Holding

31,563

Schroders

plc

680

5,385

Swissquote

Group

Holding

(Registered)

200

10,353

Investments

Value

Capital

Markets

(continued)

UBS

Group

(Registered)

3,116

163,878

2,362,402

Chemicals

0.4%

Air

Liquide

513

100,765

Akzo

Nobel

NV(a)

437

30,529

Arkema

120

8,132

Asahi

Kasei

Corp.

2,000

21,636

BASF

1,121

65,004

Croda

International

plc

200

8,626

DSM-Firmenich

AG(a)

171

18,372

Dyno

Nobel

Ltd.

3,726

9,892

FUCHS

(Preference)

924

Nippon

Sanso

Holdings

Corp.(a)

500

18,154

Nitto

Denko

Corp.

1,400

29,235

Novonesis

Novozymes

Class

400

25,982

Orica

Ltd.

1,198

19,622

Resonac

Holdings

Corp.(a)

200

17,240

Syensqo

SA(a)

4,863

Yara

International

ASA

492

23,173

402,149

Commercial

Services

Supplies

0.5%

Brambles

Ltd.

3,553

48,886

Cintas

Corp.

1,501

307,149

Downer

EDI

Ltd.

2,477

13,535

ISS

A/S

598

26,454

Rentokil

Initial

plc

4,964

23,034

Securitas

AB,

Class

1,131

18,139

SPIE

466

24,942

TOPPAN

Holdings,

Inc.

600

17,059

Waste

Connections,

Inc.(a)

456

76,335

555,533

Communications

Equipment

0.4%

Lumentum

Holdings,

Inc.*(a)

228

162,778

Motorola

Solutions,

Inc.

532

231,819

Nokia

OYJ

3,610

33,054

427,651

Construction

Engineering

0.4%

Ackermans

van

Haaren

16,416

ACS

Actividades

Construccion

Servicios

462

58,630

Balfour

Beatty

plc

1,015

11,781

Bouygues

480

26,928

Eiffage

211

29,921

Ferrovial

939

61,300

HOCHTIEF

9,689

Obayashi

Corp.

1,800

35,768

Skanska

AB,

Class

616

17,221

Sweco

AB,

Class

632

8,884

Vinci

1,463

206,283

Worley

Ltd.

380

2,821

WSP

Global,

Inc.(a)

4,639

490,281

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

Global

ESG

Select

Index

Fund

(cont.)

120

Investments

Value

COMMON

STOCKS

(continued)

Construction

Materials

0.2%

Buzzi

SpA

244

11,541

Holcim

1,691

153,289

Wienerberger

285

6,971

171,801

Consumer

Finance

0.0%(c)

Cembra

Money

Bank

AG(a)

4,218

Marui

Group

Co.

Ltd.

900

16,773

20,991

Consumer

Staples

Distribution

Retail

2.9%

Aeon

Co.

Ltd.

3,800

32,553

Axfood

485

Carrefour

1,120

20,534

Costco

Wholesale

Corp.

1,368

1,302,186

Dollar

Tree,

Inc.*

646

82,178

Endeavour

Group

Ltd.(a)

1,672

4,087

Sainsbury

plc

3,108

15,032

Jeronimo

Martins

SGPS

703

14,041

Kesko

OYJ,

Class

472

11,719

Koninklijke

Ahold

Delhaize

2,527

99,900

Marks

Spencer

Group

plc

3,280

17,881

Walmart,

Inc.

13,756

1,529,667

Woolworths

Group

Ltd.

3,192

89,160

3,219,423

Containers

Packaging

0.1%

Smurfit

Westrock

plc

2,527

116,166

Distributors

0.0%(c)

D'ieteren

Group

11,352

Inchcape

plc

1,147

12,943

24,295

Diversified

Consumer

Services

0.0%(c)

Pearson

plc

1,344

22,735

Diversified

REITs

0.1%

British

Land

Co.

plc

(The),

REIT

2,348

13,966

CapitaLand

Integrated

Commercial

Trust,

REIT

16,600

32,197

Charter

Hall

Group,

REIT

722

11,830

Covivio

SA,

REIT

2,982

Land

Securities

Group

plc,

REIT

900

8,545

Mirvac

Group,

REIT

1,260

1,584

Shaftesbury

Capital

plc,

REIT

2,147

4,155

Stockland,

REIT(a)

4,556

13,664

88,923

Diversified

Telecommunication

Services

0.6%

BCE,

Inc.(a)

475

10,297

Group

plc

10,000

27,090

Cellnex

Telecom

SA(b)

570

17,622

Deutsche

Telekom

(Registered)

5,149

158,531

Elisa

OYJ(a)

805

Koninklijke

KPN

8,892

42,058

Investments

Value

Diversified

Telecommunication

Services

(continued)

NTT,

Inc.

159,600

152,759

Orange

1,180

22,496

Singapore

Telecommunications

Ltd.

13,300

45,998

Swisscom

(Registered)

43,822

Telenor

ASA

1,605

22,643

Telia

Co.

AB(a)

4,722

21,868

Telstra

Group

Ltd.

28,272

99,681

TELUS

Corp.

4,674

44,579

710,249

Electric

Utilities

0.8%

Acciona

SA(a)

26,080

BKW

6,951

Edison

International

931

68,307

EDP

5,740

29,521

Elia

Group

SA/NV

152

21,808

Emera,

Inc.(a)

665

35,510

Endesa

743

36,212

Fortis,

Inc.(a)

1,666

94,769

Fortum

OYJ

460

10,440

Iberdrola

SA(a)

17,363

412,525

Kansai

Electric

Power

Co.,

Inc.

(The)

(a)

1,900

29,122

Origin

Energy

Ltd.

4,921

37,189

Redeia

Corp.

SA(a)

580

10,223

SSE

plc

2,253

71,130

889,787

Electrical

Equipment

1.8%

ABB

Ltd.

(Registered)

3,496

343,615

Accelleron

Industries

105

9,455

Vernova,

Inc.

817

809,067

Legrand

646

97,664

Mitsubishi

Electric

Corp.

2,500

92,825

Nexans

103

15,619

nVent

Electric

plc

589

90,606

Prysmian

SpA

418

57,808

Schneider

Electric

760

253,231

Siemens

Energy

1,178

199,832

Vestas

Wind

Systems

A/S

1,554

41,752

2,011,474

Electronic

Equipment,

Instruments

Components

0.9%

CDW

Corp.

399

58,976

Celestica,

Inc.*

228

75,391

Corning,

Inc.

1,596

220,647

Flex

Ltd.*

703

79,966

Halma

plc

280

13,302

Hexagon

AB,

Class

266

2,610

Ibiden

Co.

Ltd.(a)

600

62,742

Kyocera

Corp.

1,900

44,044

Lagercrantz

Group

AB,

Class

218

5,119

Murata

Manufacturing

Co.

Ltd.

3,800

176,987

Taiyo

Yuden

Co.

Ltd.(a)

400

25,687

SYNNEX

Corp.

190

48,583

Connectivity

plc

551

113,335

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

Global

ESG

Select

Index

Fund

(cont.)

121

Investments

Value

COMMON

STOCKS

(continued)

Electronic

Equipment,

Instruments

Components

(continued)

Yokogawa

Electric

Corp.

700

25,419

952,808

Energy

Equipment

Services

0.3%

SLB

Ltd.

4,598

228,015

Technip

Energies

138

4,748

TechnipFMC

plc(a)

1,064

76,246

Vallourec

SACA

420

10,056

319,065

Entertainment

0.0%(c)

Universal

Music

Group

1,406

23,351

Financial

Services

2.5%

Adyen

NV*(b)

114

115,017

AMP

Ltd.

4,000

6,040

Apollo

Global

Management,

Inc.(a)

1,805

226,690

Banca

Mediolanum

SpA

1,020

27,191

Berkshire

Hathaway,

Inc.,

Class

4,294

2,196,553

Edenred

779

25,562

EXOR

200

15,947

Fidelity

National

Information

Services,

Inc.

608

27,220

Industrivarden

AB,

Class

480

27,401

Infratil

Ltd.(a)

2,526

21,940

M&G

plc

4,540

21,842

Nexi

SpA(b)

3,140

15,325

Poste

Italiane

SpA(a)

952

28,708

2,755,436

Food

Products

0.6%

AAK

AB(a)

553

11,906

Ajinomoto

Co.,

Inc.

2,900

90,429

Associated

British

Foods

plc(a)

603

16,936

Mowi

ASA

1,158

24,737

Nestle

(Registered)

4,655

466,104

Orkla

ASA

1,914

21,271

Salmar

ASA

147

7,990

639,373

Gas

Utilities

0.1%

APA

Group

1,656

11,852

Italgas

SpA

1,900

19,556

Naturgy

Energy

Group

596

19,859

Rubis

SCA

276

10,632

Snam

SpA

5,111

34,624

Tokyo

Gas

Co.

Ltd.

500

19,529

116,052

Ground

Transportation

0.2%

Ayvens

SA(b)

756

10,116

Canadian

National

Railway

Co.

1,653

210,035

ComfortDelGro

Corp.

Ltd.

4,500

4,697

Investments

Value

Ground

Transportation

(continued)

Hankyu

Hanshin

Holdings,

Inc.(a)

300

8,883

233,731

Health

Care

Equipment

Supplies

1.8%

Abbott

Laboratories

5,130

542,241

Alcon

912

62,427

Ansell

Ltd.

1,178

27,129

Convatec

Group

plc(b)

8,531

25,717

Demant

A/S*(a)

865

EssilorLuxottica

361

68,138

HealthCare

Technologies,

Inc.

665

45,233

Getinge

AB,

Class

358

8,909

Hoya

Corp.

1,000

154,969

IDEXX

Laboratories,

Inc.*

133

74,356

Intuitive

Surgical,

Inc.*

1,045

369,230

Koninklijke

Philips

1,710

44,740

Olympus

Corp.

3,800

43,435

Siemens

Healthineers

AG(b)

190

8,058

Sonova

Holding

(Registered)

20,666

Straumann

Holding

(Registered)

399

49,258

Stryker

Corp.

1,425

464,123

2,009,494

Health

Care

Providers

Services

0.4%

Elevance

Health,

Inc.

627

235,652

Fresenius

Medical

Care

476

24,344

Fresenius

Co.

KGaA

703

36,009

Galenica

AG(b)

152

16,148

Labcorp

Holdings,

Inc.

228

70,498

Ramsay

Health

Care

Ltd.(a)

592

Sigma

Healthcare

Ltd.

6,631

13,692

Sonic

Healthcare

Ltd.(a)

969

14,877

411,812

Health

Care

REITs

0.0%(c)

Aedifica

SA,

REIT

3,233

Hotel

Resort

REITs

0.0%(c)

Invincible

Investment

Corp.,

REIT

7,687

Hotels,

Restaurants

Leisure

1.3%

Accor

580

29,963

Amadeus

Group

1,121

68,796

Aristocrat

Leisure

Ltd.

1,501

67,566

Booking

Holdings,

Inc.

1,501

289,543

Carnival

Corp.

Ltd.

3,388

94,220

Chipotle

Mexican

Grill,

Inc.,

Class

2,090

77,790

Compass

Group

plc

3,534

112,063

Delivery

Hero

SE,

Class

A*(b)

200

8,615

Entain

plc

1,577

11,490

Expedia

Group,

Inc.

266

78,401

FDJ

UNITED

479

Food

Life

Cos.

Ltd.(a)

800

27,930

Hilton

Worldwide

Holdings,

Inc.

513

164,411

InterContinental

Hotels

Group

plc

247

39,693

Lottery

Corp.

Ltd.

(The)

7,752

30,435

Lottomatica

Group

Spa

140

3,782

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

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Global

ESG

Select

Index

Fund

(cont.)

122

Investments

Value

COMMON

STOCKS

(continued)

Hotels,

Restaurants

Leisure

(continued)

Marriott

International,

Inc.,

Class

760

283,351

Oriental

Land

Co.

Ltd.(a)

1,900

37,791

Sodexo

SA(a)

300

19,709

TUI

714

6,171

Whitbread

plc

300

10,134

1,462,333

Household

Durables

0.5%

Bellway

plc

931

24,907

Breville

Group

Ltd.(a)

1,007

23,241

Persimmon

plc

1,330

19,814

Sekisui

House

Ltd.(a)

2,000

43,812

Somnigroup

International,

Inc.

646

42,203

Sony

Group

Corp.

15,400

366,273

Taylor

Wimpey

plc(a)

520,270

Household

Products

0.2%

Essity

AB,

Class

B(a)

1,104

Henkel

Co.

KGaA

(Preference)

399

34,715

Kimberly-Clark

Corp.(a)

513

56,076

Reckitt

Benckiser

Group

plc

1,064

75,030

166,925

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Drax

Group

plc

897

8,903

EDP

Renewables

SA(a)

1,372

21,231

Meridian

Energy

Ltd.(a)

2,732

9,151

Orsted

A/S*(b)

880

19,641

58,926

Industrial

Conglomerates

0.2%

Hutchison

Holdings

Ltd.

3,500

32,850

Hitachi

Ltd.

6,400

211,705

Investment

Latour,

Class

B(a)

400

Keppel

Ltd.

2,000

17,869

262,824

Industrial

REITs

0.1%

CapitaLand

Ascendas

REIT,

REIT

7,093

14,199

Goodman

Group,

REIT

3,458

72,303

Mapletree

Logistics

Trust,

REIT

12,000

11,591

Segro

plc,

REIT

2,888

37,505

Tritax

Big

Box

REIT

plc,

REIT

5,198

11,899

147,497

Insurance

2.5%

Aegon

Ltd.

1,341

12,710

Aflac,

Inc.

1,064

135,639

Ageas

SA/NV

399

33,007

Allianz

(Registered)

285

141,820

American

International

Group,

Inc.

1,938

152,288

ASR

Nederland

240

19,572

AUB

Group

Ltd.(a)

228

4,461

Investments

Value

Insurance

(continued)

Aviva

plc

5,339

49,821

AXA

4,579

236,761

Beazley

plc

972

16,881

Generali(a)

1,786

90,394

Gjensidige

Forsikring

ASA

294

8,748

Hannover

Rueck

114

32,869

Hartford

Insurance

Group,

Inc.

(The)

722

102,459

Helvetia

Baloise

Holding

25,457

Hiscox

Ltd.

768

18,697

Insurance

Australia

Group

Ltd.

2,960

17,650

Japan

Post

Holdings

Co.

Ltd.

1,900

28,424

Legal

General

Group

plc

5,631

22,764

Manulife

Financial

Corp.

3,173

140,821

Mapfre

3,971

20,258

Medibank

Pvt

Ltd.

3,009

10,926

MS&AD

Insurance

Group

Holdings,

Inc.

3,200

98,959

Muenchener

Rueckversicherungs-

Gesellschaft

Muenchen

(Registered)

171

102,740

nib

holdings

Ltd.

Group

251

23,565

Power

Corp.

Canada(a)

1,616

110,356

Principal

Financial

Group,

Inc.

570

64,809

Progressive

Corp.

(The)

1,710

361,528

Prudential

Financial,

Inc.

1,216

148,449

Prudential

plc

2,166

32,530

QBE

Insurance

Group

Ltd.(a)

1,440

25,012

Standard

Life

plc

1,239

15,390

Steadfast

Group

Ltd.

2,204

7,910

Sun

Life

Financial,

Inc.

969

80,340

Suncorp

Group

Ltd.

600

8,087

Swiss

Life

Holding

(Registered)

67,269

Swiss

741

123,508

Tryg

A/S

742

17,669

Unipol

Assicurazioni

SpA(a)

640

19,933

Willis

Towers

Watson

plc

133

44,677

Zurich

Insurance

Group

152

115,693

2,790,856

Interactive

Media

Services

0.1%

Autotrader

Group

plc(b)

4,484

31,608

CAR

Group

Ltd.(a)

1,349

24,625

Corp.

9,500

26,658

REA

Group

Ltd.(a)

114

12,868

Rightmove

plc

4,313

26,966

Vend

Marketplaces

ASA,

Class

120

3,024

125,749

Services

1.7%

Accenture

plc,

Class

A(a)

3,648

605,276

Capgemini

323

38,092

CGI,

Inc.(a)

513

37,523

Fujitsu

Ltd.

5,000

114,900

International

Business

Machines

Corp.

3,857

862,618

NEC

Corp.

3,800

113,123

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

Global

ESG

Select

Index

Fund

(cont.)

123

Investments

Value

COMMON

STOCKS

(continued)

Services

(continued)

Nomura

Research

Institute

Ltd.

600

17,658

Obic

Co.

Ltd.

400

11,368

SpA

100

12,633

Sopra

Steria

Group

16,844

Twilio,

Inc.,

Class

323

63,744

1,893,779

Leisure

Products

0.0%(c)

Games

Workshop

Group

plc

19,555

Yamaha

Corp.

1,900

14,839

34,394

Life

Sciences

Tools

Services

0.2%

Eurofins

Scientific

405

31,761

IQVIA

Holdings,

Inc.*

247

58,050

Mettler-Toledo

International,

Inc.*

114

161,458

Sartorius

(Preference)

5,016

Siegfried

Holding

(Registered)(a)

114

10,674

266,959

Machinery

0.9%

Aalberts

100

4,897

Alfa

Laval

342

20,205

Alstom

SA*

323

5,976

Atlas

Copco

AB,

Class

2,907

61,279

Daimler

Truck

Holding

4,505

Ebara

Corp.

1,500

52,360

Epiroc

AB,

Class

1,159

29,655

FANUC

Corp.

1,900

85,141

Georg

Fischer

(Registered)(a)

440

28,144

IMI

plc

120

4,741

Indutrade

476

KION

Group

108

4,837

Knorr-Bremse

10,892

Komatsu

Ltd.

1,400

61,495

Kone

OYJ,

Class

665

38,332

Konecranes

OYJ

648

20,160

Kurita

Water

Industries

Ltd.(a)

400

21,961

Metso

OYJ

1,078

19,981

MINEBEA

MITSUMI,

Inc.

1,500

34,875

NGK

Corp.

800

28,106

Otis

Worldwide

Corp.

931

66,985

Rotork

plc

2,384

15,599

Sandvik

1,368

51,049

Schindler

Holding

18,881

SKF

AB,

Class

B(a)

516

13,944

Spirax

Group

plc

194

18,132

Techtronic

Industries

Co.

Ltd.

1,500

25,250

Trelleborg

AB,

Class

426

18,871

Valmet

OYJ(a)

225

6,762

VAT

Group

AG(b)

29,763

Volvo

AB,

Class

B(a)

2,280

87,065

Weir

Group

plc

(The)

380

13,480

Xylem,

Inc.

342

40,004

943,803

Investments

Value

Marine

Transportation

0.1%

Kuehne

Nagel

International

(Registered)

100

25,425

Mitsui

OSK

Lines

Ltd.(a)

500

18,509

Nippon

Yusen

KK(a)

1,000

38,373

82,307

Media

0.2%

Dentsu

Group,

Inc.*(a)

400

8,906

Informa

plc

2,050

24,437

ITV

plc

10,219

10,211

Omnicom

Group,

Inc.

1,235

97,194

Publicis

Groupe

494

52,643

193,391

Metals

Mining

1.5%

Alamos

Gold,

Inc.,

Class

969

26,911

Anglo

American

plc

1,615

81,133

Antofagasta

plc

688

33,841

ArcelorMittal

969

67,718

Aurubis

12,536

BHP

Group

Ltd.(a)

12,426

526,350

BlueScope

Steel

Ltd.

613

14,087

Boliden

380

18,992

Fortescue

Ltd.(a)

4,123

53,601

Freeport-McMoRan,

Inc.

3,059

191,585

IGO

Ltd.*(a)

1,622

7,826

Liontown

Ltd.*

2,299

1,558

Lynas

Rare

Earths

Ltd.*(a)

2,383

23,582

Nippon

Steel

Corp.(a)

7,600

31,006

Norsk

Hydro

ASA

3,196

29,203

Northern

Star

Resources

Ltd.

2,973

41,553

Pan

American

Silver

Corp.

532

22,935

PLS

Group

Ltd.*(a)

7,760

22,618

Rio

Tinto

Ltd.(a)

855

102,429

Rio

Tinto

plc

1,957

188,937

South32

Ltd.

10,581

33,962

SSAB

AB,

Class

B(a)

1,242

13,025

Teck

Resources

Ltd.,

Class

1,311

78,837

voestalpine

283

14,646

Wheaton

Precious

Metals

Corp.

551

59,890

1,698,761

Multi-Utilities

0.3%

A2A

SpA

3,990

10,416

Engie

4,199

130,973

Hera

SpA

2,055

8,966

National

Grid

plc

7,467

119,580

Public

Service

Enterprise

Group,

Inc.

798

61,190

Veolia

Environnement

931

36,923

368,048

Office

REITs

0.0%(c)

Dexus,

REIT

1,596

6,715

Oil,

Gas

Consumable

Fuels

4.4%

Bollore

SE(a)

4,320

19,245

plc

19,912

148,051

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

Global

ESG

Select

Index

Fund

(cont.)

124

Investments

Value

COMMON

STOCKS

(continued)

Oil,

Gas

Consumable

Fuels

(continued)

Enbridge,

Inc.

6,175

335,766

Eni

SpA

3,382

93,310

Equinor

ASA

1,444

58,831

ExxonMobil

Holdings

Corp.

21,090

3,278,230

Galp

Energia

SGPS

440

9,968

Imperial

Oil

Ltd.(a)

304

39,385

Pembina

Pipeline

Corp.

1,102

53,841

Santos

Ltd.

6,156

33,898

Shell

plc

11,400

520,978

Energy

Corp.

1,178

79,269

TotalEnergies

1,919

168,728

4,839,500

Passenger

Airlines

0.1%

ANA

Holdings,

Inc.(a)

700

13,699

International

Consolidated

Airlines

Group

6,119

35,565

Qantas

Airways

Ltd.

4,237

29,610

Ryanair

Holdings

plc

1,482

41,366

Singapore

Airlines

Ltd.

1,900

11,396

131,636

Personal

Care

Products

0.4%

Beiersdorf

114

10,587

Estee

Lauder

Cos.,

Inc.

(The),

Class

589

49,417

L'Oreal

475

211,473

Shiseido

Co.

Ltd.(a)

1,200

23,770

Unilever

plc

2,793

178,274

473,521

Pharmaceuticals

11.0%

ALK-Abello

A/S,

Class

105

3,588

Astellas

Pharma,

Inc.(a)

7,600

105,104

AstraZeneca

plc

3,192

542,624

Bayer

(Registered)

475

26,260

Chugai

Pharmaceutical

Co.

Ltd.

1,000

43,536

Eli

Lilly

Co.

3,458

3,972,689

Galderma

Group

380

82,547

GSK

plc

7,904

205,450

Haleon

plc

14,839

72,550

Ipsen

14,620

Johnson

14,706

3,769,883

Merck

Co.,

Inc.

10,203

1,328,431

Merck

KGaA

228

37,552

Novartis

(Registered)

4,560

713,548

Novo

Nordisk

A/S,

Class

2,147

101,290

Orion

OYJ,

Class

282

26,313

Roche

Holding

1,349

589,588

Sandoz

Group

608

49,419

Sanofi

2,945

252,332

Santen

Pharmaceutical

Co.

Ltd.

1,700

20,115

Shionogi

Co.

Ltd.

3,800

69,413

UCB

24,363

Investments

Value

Pharmaceuticals

(continued)

Zoetis,

Inc.,

Class

1,064

82,237

12,133,452

Professional

Services

0.8%

Adecco

Group

(Registered)(a)

528

ALS

Ltd.

1,192

18,092

Arcadis

228

10,656

Automatic

Data

Processing,

Inc.

741

197,447

Bureau

Veritas

751

23,900

Computershare

Ltd.

1,140

32,780

Experian

plc

133

4,994

Intertek

Group

plc

300

23,577

Randstad

NV(a)

340

14,278

Recruit

Holdings

Co.

Ltd.

3,100

244,340

RELX

plc

3,952

138,651

SGS

(Registered)

375

44,395

Teleperformance

300

23,816

Wolters

Kluwer

703

54,904

832,358

Real

Estate

Management

Development

0.2%

Castellum

AB(a)

267

CBRE

Group,

Inc.,

Class

1,064

156,206

Asset

Holdings

Ltd.

3,000

18,302

Hulic

Co.

Ltd.

1,900

20,984

Nomura

Real

Estate

Holdings,

Inc.

1,900

10,978

PSP

Swiss

Property

(Registered)

3,429

Swiss

Prime

Site

(Registered)

171

27,857

Tokyu

Fudosan

Holdings

Corp.

1,600

13,430

Vonovia

266

6,436

Wihlborgs

Fastigheter

154

258,043

Residential

REITs

0.1%

Essex

Property

Trust,

Inc.,

REIT

304

86,378

UNITE

Group

plc

(The),

REIT

1,311

9,492

95,870

Retail

REITs

0.1%

Klepierre

SA,

REIT

651

29,466

Link

REIT,

REIT(a)

5,300

26,441

Unibail-Rodamco-Westfield,

REIT

361

43,736

99,643

Semiconductors

Semiconductor

Equipment

19.3%

Advanced

Micro

Devices,

Inc.*

3,306

1,574,152

Advantest

Corp.

2,000

408,227

ASM

International

133

122,602

ASML

Holding

836

1,379,499

ASMPT

Ltd.

500

9,647

Semiconductor

Industries

152

34,671

Broadcom,

Inc.

13,870

5,399,314

Disco

Corp.

300

110,184

Entegris,

Inc.(a)

513

61,073

Infineon

Technologies

1,045

74,147

Intel

Corp.*

9,481

855,186

Lattice

Semiconductor

Corp.*

228

28,333

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

Global

ESG

Select

Index

Fund

(cont.)

125

Investments

Value

COMMON

STOCKS

(continued)

Semiconductors

Semiconductor

Equipment

(continued)

Micron

Technology,

Inc.

5,358

4,409,795

NVIDIA

Corp.

25,973

5,214,080

NXP

Semiconductors

741

169,808

Semiconductor

Corp.*

931

75,979

QUALCOMM,

Inc.

3,211

473,976

Renesas

Electronics

Corp.

7,600

164,291

Rohm

Co.

Ltd.(a)

900

24,480

SOITEC*

2,273

STMicroelectronics

700

36,790

Teradyne,

Inc.

456

167,667

Tokyo

Electron

Ltd.

1,600

557,701

21,353,875

Software

8.2%

Adobe,

Inc.*

741

185,554

Atlassian

Corp.,

Class

646

65,256

Autodesk,

Inc.*

779

182,442

Cadence

Design

Systems,

Inc.*

589

200,272

Crowdstrike

Holdings,

Inc.,

Class

3,116

594,720

Dassault

Systemes

836

19,285

Fortinet,

Inc.*

1,938

313,859

Gen

Digital,

Inc.

2,375

65,194

Microsoft

Corp.

13,699

6,366,199

Palo

Alto

Networks,

Inc.*

1,710

567,429

PTC,

Inc.*

380

52,136

Sage

Group

plc

(The)

1,272

16,659

ServiceNow,

Inc.*

1,938

215,564

Synopsys,

Inc.*

418

162,501

Technology

One

Ltd.(a)

627

13,546

Temenos

(Registered)

1,572

Xero

Ltd.*

934

9,023,122

Specialized

REITs

0.4%

American

Tower

Corp.,

REIT

874

151,517

Equinix,

Inc.,

REIT

209

213,029

Keppel

REIT,

REIT

2,696

4,683

VICI

Properties,

Inc.,

Class

REIT

1,672

44,057

Weyerhaeuser

Co.,

REIT

2,964

74,189

487,475

Specialty

Retail

1.0%

Auto1

Group

SE*(b)

240

6,235

Hennes

Mauritz

AB,

Class

B(a)

1,596

29,143

Industria

Diseno

Textil

1,558

101,172

Hi-Fi

Ltd.

437

25,146

Kingfisher

plc

3,203

13,302

Nitori

Holdings

Co.

Ltd.(a)

700

11,160

TJX

Cos.,

Inc.

(The)

3,477

547,071

Tractor

Supply

Co.

1,045

32,155

Ulta

Beauty,

Inc.*

190

97,438

USS

Co.

Ltd.

2,200

27,876

Williams-Sonoma,

Inc.

551

125,992

Zalando

SE*(b)

414

13,461

Investments

Value

Specialty

Retail

(continued)

ZOZO,

Inc.(a)

3,800

27,278

1,057,429

Technology

Hardware,

Storage

Peripherals

6.3%

Apple,

Inc.

18,088

5,587,564

FUJIFILM

Holdings

Corp.

3,800

90,021

Hewlett

Packard

Enterprise

Co.

6,707

321,265

HP,

Inc.

4,351

118,652

Logitech

International

(Registered)

280

28,407

Ricoh

Co.

Ltd.(a)

1,700

16,864

Sandisk

Corp.*

304

369,308

Seiko

Epson

Corp.

1,100

20,380

Super

Micro

Computer,

Inc.*(a)

1,615

45,866

Western

Digital

Corp.(a)

684

372,671

6,970,998

Textiles,

Apparel

Luxury

Goods

0.7%

Asics

Corp.

1,900

56,729

Brunello

Cucinelli

SpA(a)

2,023

Burberry

Group

plc*

1,216

19,433

Hermes

International

SCA

47,576

Kering

190

62,127

LPP

5,802

Lululemon

Athletica,

Inc.*

266

31,619

LVMH

Moet

Hennessy

Louis

Vuitton

703

384,319

Moncler

SpA

329

18,586

Pandora

A/S

180

22,497

PRADA

SpA(a)

2,000

11,034

Puma

608

19,237

Swatch

Group

(The)

17,828

Tapestry,

Inc.

722

110,011

808,821

Trading

Companies

Distributors

0.8%

AddTech

AB,

Class

398

14,460

Diploma

plc

229

22,559

DKSH

Holding

3,313

Ferguson

Enterprises,

Inc.

950

222,614

Howden

Joinery

Group

plc

722

7,661

IMCD

140

15,267

Marubeni

Corp.

2,500

81,661

Mitsubishi

Corp.

6,500

194,969

MonotaRO

Co.

Ltd.(a)

1,900

23,901

Rexel

677

27,917

GROUP

plc

418

3,946

Sojitz

Corp.

399

13,484

Sunbelt

Rentals

Holdings,

Inc.

1,786

128,449

Sunbelt

Rentals

Holdings,

Inc.

(London

Stock

Exchange)

912

64,950

Toyota

Tsusho

Corp.

1,600

67,547

892,698

Transportation

Infrastructure

0.2%

Aena

SME

SA(b)

1,254

38,494

Aeroports

Paris

SA(a)

2,621

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

Global

ESG

Select

Index

Fund

(cont.)

126

Investments

Value

COMMON

STOCKS

(continued)

Transportation

Infrastructure

(continued)

Auckland

International

Airport

Ltd.(a)

4,143

21,206

Flughafen

Zurich

(Registered)

13,475

Getlink

SE(a)

1,080

22,963

SATS

Ltd.

2,300

8,474

Transurban

Group

6,650

69,172

176,405

Water

Utilities

0.1%

American

Water

Works

Co.,

Inc.(a)

665

89,223

Pennon

Group

plc

118

Severn

Trent

plc

779

31,639

United

Utilities

Group

plc

1,512

28,141

149,121

Wireless

Telecommunication

Services

0.2%

KDDI

Corp.

5,700

104,567

Tele2

AB,

Class

B(a)

1,093

18,921

Vodafone

Group

plc

40,147

63,672

187,160

Total

Common

Stocks

(Cost

$72,982,784)

109,035,213

Number

Rights

RIGHTS

0.0%

Health

Care

Equipment

Supplies

0.0%

Hologic,

Inc.,

CVR,

expiring

12/27/2027*‡

(Cost

$–)

1,260

—

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

1.0%(d)

INVESTMENT

COMPANIES

0.0%(c)

BlackRock

Liquidity

FedFund

3.67%,

8/3/2026

10,718

Dreyfus

Treasury

Obligations

Cash

Management

Fund

3.68%,

8/3/2026

10,718

Invesco

Government

Agency

Portfolio

3.74%,

8/3/2026

10,718

Morgan

Stanley

Institutional

Liquidity

Fund

Government

Portfolio

3.69%,

8/3/2026

10,718

Total

Investment

Companies

(Cost

$42,872)

42,872

Investments

Principal

Amount

Value

REPURCHASE

AGREEMENTS

1.0%

Secured

LLC

3.63%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$912,730,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

4.88%,

maturing

8/15/2026

2/15/2056;

total

market

value

$925,112

912,730

The

Bank

Nova

Scotia,

Toronto

3.80%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$100,000,

collateralized

various

Common

Stocks;

total

market

value

$110,030

100,000

Total

Repurchase

Agreements

(Cost

$1,012,730)

1,012,730

Total

Securities

Lending

Reinvestments

(Cost

$1,055,602)

1,055,602

Total

Investments

99.6%

(Cost

$74,038,386)

110,090,815

Other

assets

less

liabilities

0.4%

423,484

NET

ASSETS

100.0%

$110,514,299

Non-income

producing

security.

‡

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

(a)

The

security

portion

this

security

loan

July

31,

2026.

The

total

value

securities

loan

July

31,

2026

was

$3,879,299,

collateralized

the

form

cash

with

value

$1,055,602

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments;

$988,699

collateral

the

form

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

September

14,

2026

–

November

2086

and

$2,001,448

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

August

06,

2026

–

May

15,

2056;

total

value

$4,045,749.

(b)

Security

exempt

from

registration

pursuant

Regulation

under

the

Securities

Act

1933.

Regulation

applies

securities

offerings

that

are

made

outside

the

United

States

and

not

involve

direct

selling

efforts

the

United

States

and

such

may

have

restrictions

resale.

(c)

Represents

less

than

0.05%

net

assets.

(d)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

July

31,

2026.

The

total

value

securities

purchased

was

$1,055,602.

Percentages

shown

are

based

Net

Assets.

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

Global

ESG

Select

Index

Fund

(cont.)

127

Abbreviations

CVA

—

Dutch

Certification

CVR

—

Contingent

Value

Rights

OYJ

—

Public

Limited

Company

Preference

—

special

type

equity

investment

that

the

earnings

the

company,

has

limited

voting

rights,

and

may

have

dividend

preference.

Preference

may

also

have

liquidation

preference.

REIT

—

Real

Estate

Investment

Trust

SCA

—

Limited

partnership

with

capital

Futures

Contracts

FlexShares®

STOXX®

Global

ESG

Select

Index

Fund

had

the

following

open

futures

contracts

July

31,

2026:

Number

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

EURO

STOXX

Index

09/18/2026

EUR

293,298

2,917

MSCI

EAFE

Index

09/18/2026

USD

159,115

2,105

S&P

500

E-Mini

Index

09/18/2026

USD

751,925

4,004

S&P

500

Micro

E-Mini

Index

09/18/2026

USD

225,578

579

9,605

Forward

Foreign

Currency

Contracts

FlexShares®

STOXX®

Global

ESG

Select

Index

Fund

had

the

following

outstanding

contracts

July

31,

2026:

Contracts

Receive

Counterparty

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

EUR

93,000

TORONTO

DOMINION

BANK

USD

107,042

09/16/2026

147

GBP

52,000

TORONTO

DOMINION

BANK

USD

68,793

09/16/2026

1,184

USD

21,787

BANK

MONTREAL,

THE

CAD

30,000

09/16/2026

361

USD

38,663

JPMORGAN

BANK,

N.A.

NEW

YORK

CHF

30,000

09/16/2026

1,404

USD

110,378

JPMORGAN

BANK,

N.A.

NEW

YORK

DKK

704,000

09/16/2026

1,768

USD

167,323

JPMORGAN

BANK,

N.A.

NEW

YORK

EUR

143,000

09/16/2026

2,504

USD

130,164

MORGAN

STANLEY

INC

SEK

1,196,000

09/16/2026

4,502

Total

unrealized

appreciation

11,870

AUD

15,000

MORGAN

STANLEY

INC

USD

10,678

09/16/2026

(151)

JPY

16,647,000

TORONTO

DOMINION

BANK

USD

105,359

09/16/2026

(444)

USD

116,893

BANK

MONTREAL,

THE

NOK

1,133,000

09/16/2026

(2,491)

USD

72,163

BANK

MONTREAL,

THE

SEK

688,000

09/16/2026

(124)

Total

unrealized

depreciation

(3,210)

Net

unrealized

appreciation

8,660

Abbreviations:

AUD

—

Australian

Dollar

CAD

—

Canadian

Dollar

CHF

—

Swiss

Franc

DKK

—

Danish

Krone

EUR

—

Euro

GBP

—

British

Pound

JPY

—

Japanese

Yen

NOK

—

Norwegian

Krone

SEK

—

Swedish

Krona

USD

—

Dollar

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

Global

ESG

Select

Index

Fund

(cont.)

128

FlexShares®

STOXX®

Global

ESG

Select

Index

invested,

percentage

net

assets,

companies

domiciled

the

following

countries

July

31,

2026:

Australia

2.9

Austria

0.1

Belgium

0.2

Brazil

0.1

Canada

1.9

Chile

0.0

†

China

0.1

Denmark

0.4

Finland

0.2

France

2.8

Germany

1.0

Hong

Kong

0.2

Ireland

0.1

Italy

0.8

Japan

6.1

Luxembourg

0.1

Netherlands

2.2

New

Zealand

0.0

†

Norway

0.2

Poland

0.0

†

Portugal

0.1

Singapore

0.3

South

Africa

0.1

South

Korea

0.0

†

Spain

1.8

Sweden

0.7

Switzerland

1.4

United

Kingdom

3.7

United

States

71.1

Other

1.4

100.0%

†

Amount

represents

less

than

0.05%.

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

Net

Assets

Common

Stocks

99.6

Rights

–‌

Securities

Lending

Reinvestments

0.0

Others

(1)

0.4

100.0%

(1)

Includes

any

other

net

assets/(liabilities).

129

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares®

Trust

Schedule

Investments

FlexShares

ESG &

Climate

Large

Cap

Core

Index

Fund

July

31,

2026

(Unaudited)

Investments

Value

COMMON

STOCKS

99.4%

Aerospace

Defense

0.9%

Axon

Enterprise,

Inc.*

616

325,100

Carpenter

Technology

Corp.

440

228,651

FTAI

Aviation

Ltd.(a)

880

181,280

Rocket

Lab

Corp.*

3,355

217,907

952,938

Automobiles

1.7%

Rivian

Automotive,

Inc.,

Class

1,568

23,865

Tesla,

Inc.*

6,105

1,899,937

1,923,802

Banks

3.5%

Bank

America

Corp.

9,185

569,011

Citigroup,

Inc.

6,765

896,024

Fifth

Third

Bancorp

495

27,968

JPMorgan

Chase

Co.

6,985

2,457,253

3,950,256

Beverages

0.6%

Keurig

Pepper,

Inc.

10,505

326,916

PepsiCo,

Inc.

2,090

291,680

618,596

Biotechnology

1.1%

AbbVie,

Inc.

110

27,603

Amgen,

Inc.

2,915

1,122,742

Gilead

Sciences,

Inc.

952

123,960

1,274,305

Broadline

Retail

4.7%

Amazon.com,

Inc.*

17,765

4,824,619

eBay,

Inc.

3,740

426,397

5,251,016

Building

Products

1.1%

Carrier

Global

Corp.

385

23,797

Johnson

Controls

International

plc

4,565

669,503

Trane

Technologies

plc

1,265

575,511

1,268,811

Capital

Markets

3.9%

Bank

New

York

Mellon

Corp.

(The)

5,775

902,806

BlackRock,

Inc.

415

452,512

Goldman

Sachs

Group,

Inc.

(The)

1,210

1,232,240

Moody's

Corp.

825

394,663

Morgan

Stanley

2,750

578,655

MSCI,

Inc.,

Class

495

283,259

S&P

Global,

Inc.

275

113,281

State

Street

Corp.

2,310

425,409

4,382,825

Chemicals

1.4%

DuPont

Nemours,

Inc.

1,137

155,769

Investments

Value

Chemicals

(continued)

Ecolab,

Inc.

2,145

595,516

LyondellBasell

Industries

NV,

Class

1,870

116,090

Sherwin-Williams

Co.

(The)

1,925

656,136

1,523,511

Commercial

Services

Supplies

1.0%

Cintas

Corp.

2,970

607,751

Republic

Services,

Inc.,

Class

275

57,901

Waste

Management,

Inc.

2,200

498,410

1,164,062

Communications

Equipment

1.5%

Ciena

Corp.*

20,738

Cisco

Systems,

Inc.

13,805

1,601,242

1,621,980

Construction

Engineering

0.5%

Quanta

Services,

Inc.

825

550,572

Consumer

Finance

0.0%(b)

American

Express

Co.

110

36,988

Consumer

Staples

Distribution

Retail

2.3%

Kroger

Co.

(The)

5,225

301,692

Sysco

Corp.

3,960

337,550

Target

Corp.

3,740

540,393

Walmart,

Inc.

12,760

1,418,912

2,598,547

Diversified

Telecommunication

Services

1.2%

AST

SpaceMobile,

Inc.,

Class

A*(a)

385

22,707

Comcast

Corp.,

Class

29,205

699,752

Verizon

Communications,

Inc.

13,805

646,212

1,368,671

Electric

Utilities

1.0%

Edison

International

3,246

238,159

Eversource

Energy

3,080

220,497

NextEra

Energy,

Inc.

4,455

387,229

PG&E

Corp.

18,040

313,535

1,159,420

Electrical

Equipment

1.2%

Emerson

Electric

Co.

4,510

675,688

Vernova,

Inc.

288

285,204

Hubbell,

Inc.,

Class

440

207,922

nVent

Electric

plc

1,375

211,516

1,380,330

Electronic

Equipment,

Instruments

Components

0.3%

Jabil,

Inc.

880

277,244

Keysight

Technologies,

Inc.*

17,549

294,793

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Large

Cap

Core

Index

Fund

(cont.)

130

Investments

Value

COMMON

STOCKS

(continued)

Energy

Equipment

Services

0.9%

Baker

Hughes

Co.,

Class

6,985

422,523

Halliburton

Co.

5,720

184,470

SLB

Ltd.

6,875

340,931

947,924

Entertainment

0.6%

Electronic

Arts,

Inc.

1,265

265,473

Netflix,

Inc.*

990

70,993

TKO

Group

Holdings,

Inc.,

Class

A(a)

392

71,269

Walt

Disney

Co.

(The)

1,045

100,519

Warner

Bros

Discovery,

Inc.*

5,995

157,668

665,922

Financial

Services

4.1%

Berkshire

Hathaway,

Inc.,

Class

825

422,021

Fiserv,

Inc.*

4,062

219,104

Global

Payments,

Inc.

1,980

166,478

Mastercard,

Inc.,

Class

2,695

1,544,505

PayPal

Holdings,

Inc.

7,315

418,491

Visa,

Inc.,

Class

5,060

1,852,618

4,623,217

Food

Products

0.5%

Mondelez

International,

Inc.,

Class

9,570

596,307

Ground

Transportation

1.6%

CSX

Corp.

13,585

684,684

Norfolk

Southern

Corp.

1,815

608,896

Union

Pacific

Corp.

1,540

449,880

1,743,460

Health

Care

Equipment

Supplies

1.7%

Abbott

Laboratories

8,415

889,465

Becton

Dickinson

Co.

1,155

191,291

Medtronic

plc

9,405

803,093

Stryker

Corp.

168

54,718

1,938,567

Health

Care

Providers

Services

2.1%

Cigna

Group

(The)

2,200

613,910

CVS

Health

Corp.

10,395

1,085,550

Elevance

Health,

Inc.

1,815

682,149

2,381,609

Health

Care

REITs

0.3%

Ventas,

Inc.,

REIT(a)

2,970

277,725

Hotels,

Restaurants

Leisure

1.9%

Airbnb,

Inc.,

Class

3,520

533,350

Booking

Holdings,

Inc.

5,005

965,465

Expedia

Group,

Inc.

990

291,793

Las

Vegas

Sands

Corp.

2,915

142,514

Restaurant

Brands

International,

Inc.

2,475

183,199

2,116,321

Investments

Value

Household

Durables

0.2%

PulteGroup,

Inc.

1,320

166,940

Household

Products

0.8%

Church

Dwight

Co.,

Inc.

1,980

195,644

Clorox

Co.

(The)(a)

990

94,575

Colgate-Palmolive

Co.

6,325

577,472

867,691

Industrial

REITs

0.9%

Prologis,

Inc.,

REIT

6,600

954,426

Insurance

0.9%

Hartford

Insurance

Group,

Inc.

(The)

2,310

327,812

MetLife,

Inc.

4,675

449,408

Travelers

Cos.,

Inc.

(The)

385

144,129

Unum

Group

1,375

118,401

1,039,750

Interactive

Media

Services

8.1%

Alphabet,

Inc.,

Class

10,670

3,799,907

Alphabet,

Inc.,

Class

9,185

3,275,830

Meta

Platforms,

Inc.,

Class

3,575

1,990,239

9,065,976

Services

1.0%

Cognizant

Technology

Solutions

Corp.,

Class

4,030

223,060

GoDaddy,

Inc.,

Class

1,232

101,936

International

Business

Machines

Corp.

3,685

824,150

1,149,146

Life

Sciences

Tools

Services

0.2%

Illumina,

Inc.*

1,320

270,732

Machinery

1.4%

Caterpillar,

Inc.

1,155

941,105

CNH

Industrial

7,095

72,724

Cummins,

Inc.

275

174,405

Ingersoll

Rand,

Inc.

3,190

265,982

Xylem,

Inc.

1,176

137,557

1,591,773

Metals

Mining

0.4%

Agnico

Eagle

Mines

Ltd.

1,100

159,797

Anglogold

Ashanti

plc

1,430

113,428

Freeport-McMoRan,

Inc.

605

37,891

Newmont

Corp.

1,320

123,697

434,813

Multi-Utilities

0.5%

Consolidated

Edison,

Inc.

3,025

329,271

Public

Service

Enterprise

Group,

Inc.

3,080

236,175

Sempra

275

24,351

589,797

Oil,

Gas

Consumable

Fuels

2.7%

ConocoPhillips

7,095

854,806

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Large

Cap

Core

Index

Fund

(cont.)

131

Investments

Value

COMMON

STOCKS

(continued)

Oil,

Gas

Consumable

Fuels

(continued)

Devon

Energy

Corp.

9,185

414,519

ExxonMobil

Holdings

Corp.*

770

119,689

Occidental

Petroleum

Corp.

6,050

345,273

ONEOK,

Inc.

5,060

459,499

Phillips

168

35,562

Valero

Energy

Corp.

2,530

791,637

3,020,985

Personal

Care

Products

0.1%

Estee

Lauder

Cos.,

Inc.

(The),

Class

1,925

161,508

Pharmaceuticals

4.0%

Bristol-Myers

Squibb

Co.

3,465

226,299

Eli

Lilly

Co.

550

631,862

Johnson

6,985

1,790,605

Merck

Co.,

Inc.

8,800

1,145,760

Pfizer,

Inc.

26,840

671,268

4,465,794

Professional

Services

1.2%

Automatic

Data

Processing,

Inc.

3,300

879,318

Broadridge

Financial

Solutions,

Inc.

935

143,943

Mobility

Global,

Inc.*

275

5,604

Paychex,

Inc.

440

51,410

Paycom

Software,

Inc.

275

45,089

Verisk

Analytics,

Inc.,

Class

1,155

225,052

1,350,416

Real

Estate

Management

Development

0.0%(b)

Zillow

Group,

Inc.,

Class

1,485

50,579

Residential

REITs

0.2%

AvalonBay

Communities,

Inc.,

REIT

1,210

224,588

Semiconductors

Semiconductor

Equipment

15.4%

Advanced

Micro

Devices,

Inc.*

2,145

1,021,342

Applied

Materials,

Inc.

1,155

586,359

Broadcom,

Inc.

6,380

2,483,606

First

Solar,

Inc.*

825

174,100

GLOBALFOUNDRIES,

Inc.

825

41,242

Intel

Corp.*

12,265

1,106,303

KLA

Corp.

550

100,551

Lam

Research

Corp.

1,815

531,831

Microchip

Technology,

Inc.

275

20,430

Micron

Technology,

Inc.

2,012

1,655,936

NVIDIA

Corp.

42,460

8,523,845

NXP

Semiconductors

1,870

428,529

QUALCOMM,

Inc.

3,575

527,706

17,201,780

Software

8.7%

Adobe,

Inc.*

2,365

592,220

Autodesk,

Inc.*

1,760

412,192

Cadence

Design

Systems,

Inc.*

2,240

761,645

Fortinet,

Inc.*

5,170

837,281

Investments

Value

Software

(continued)

Microsoft

Corp.

13,200

6,134,304

Oracle

Corp.

825

107,143

Salesforce,

Inc.

2,420

445,328

ServiceNow,

Inc.*

3,630

403,765

9,693,878

Specialized

REITs

0.7%

Equinix,

Inc.,

REIT

809

824,598

Specialty

Retail

0.9%

Best

Buy

Co.,

Inc.

1,595

137,585

Home

Depot,

Inc.

(The)

660

219,094

Lowe's

Cos.,

Inc.

715

148,584

Tractor

Supply

Co.

4,180

128,619

Ulta

Beauty,

Inc.*

385

197,439

Williams-Sonoma,

Inc.

990

226,373

1,057,694

Technology

Hardware,

Storage

Peripherals

9.0%

Apple,

Inc.

26,565

8,206,194

Dell

Technologies,

Inc.,

Class

2,520

1,021,532

Hewlett

Packard

Enterprise

Co.

10,890

521,631

HP,

Inc.

7,480

203,980

NetApp,

Inc.

220

39,270

Seagate

Technology

Holdings

plc

47,087

10,039,694

Textiles,

Apparel

Luxury

Goods

0.3%

Amer

Sports,

Inc.*(a)

1,210

42,967

Lululemon

Athletica,

Inc.*

935

111,144

Ralph

Lauren

Corp.,

Class

336

127,794

281,905

Trading

Companies

Distributors

0.0%(b)

QXO,

Inc.*

1,430

19,019

Water

Utilities

0.2%

American

Water

Works

Co.,

Inc.(a)

1,595

214,001

Total

Common

Stocks

(Cost

$93,834,739)

111,349,958

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

0.0%(b)(c)

INVESTMENT

COMPANIES

0.0%(b)

BlackRock

Liquidity

FedFund

3.67%,

8/3/2026

272

Dreyfus

Treasury

Obligations

Cash

Management

Fund

3.68%,

8/3/2026

272

Invesco

Government

Agency

Portfolio

3.74%,

8/3/2026

272

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Large

Cap

Core

Index

Fund

(cont.)

132

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

INVESTMENT

COMPANIES

(continued)

Morgan

Stanley

Institutional

Liquidity

Fund

Government

Portfolio

3.69%,

8/3/2026

272

Total

Investment

Companies

(Cost

$1,088)

1,088

REPURCHASE

AGREEMENTS

0.0%(b)

Secured

LLC

3.63%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$6,645,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

4.88%,

maturing

8/15/2026

2/15/2056;

total

market

value

$6,735

(Cost

$6,645)

$6,645

6,645

Total

Securities

Lending

Reinvestments

(Cost

$7,733)

7,733

SHORT-TERM

INVESTMENTS

0.1%(d)

U.S.

TREASURY

OBLIGATIONS

0.1%

U.S.

Treasury

Bills

3.66%,

10/15/2026

Investments

Principal

Amount

Value

U.S.

TREASURY

OBLIGATIONS

(continued)

(Cost

$41,685)

42,000

41,686

Total

Investments

99.5%

(Cost

$93,884,157)

111,399,377

Other

assets

less

liabilities

0.5%

582,119

NET

ASSETS

100.0%

$111,981,496

Non-income

producing

security.

(a)

The

security

portion

this

security

loan

July

31,

2026.

The

total

value

securities

loan

July

31,

2026

was

$811,884,

collateralized

the

form

cash

with

value

$7,733

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments;

$2,585

collateral

the

form

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

5.50%,

and

maturity

dates

ranging

from

November

30,

2026

–

December

07,

2055

and

$817,491

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.12%,

and

maturity

dates

ranging

from

August

13,

2026

–

May

15,

2056;

total

value

$827,809.

(b)

Represents

less

than

0.05%

net

assets.

(c)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

July

31,

2026.

The

total

value

securities

purchased

was

$7,733.

(d)

The

rate

shown

was

the

current

yield

July

31,

2026.

Percentages

shown

are

based

Net

Assets.

Abbreviations

REIT

—

Real

Estate

Investment

Trust

Futures

Contracts

FlexShares®

ESG &

Climate

Large

Cap

Core

Index

Fund

had

the

following

open

futures

contracts

July

31,

2026:

Number

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

S&P

500

Micro

E-Mini

Index

09/18/2026

USD

601,540

390

Abbreviations:

USD

—

Dollar

Security

Type

Net

Assets

Common

Stocks

99.4

Securities

Lending

Reinvestments

0.0

†

Short-Term

Investments

0.1

†

Others

(1)

0.5

100.0%

†

Amount

represents

less

than

0.05%.

(1)

Includes

any

other

net

assets/(liabilities).

133

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares®

Trust

Schedule

Investments

FlexShares

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

July

31,

2026

(Unaudited)

Investments

Value

COMMON

STOCKS

99.2%

Air

Freight

Logistics

0.6%

Deutsche

Post

7,546

501,475

Automobile

Components

0.6%

Bridgestone

Corp.

18,500

460,685

Automobiles

0.7%

Ing

Porsche

(Preference)

(a)

980

47,853

Mercedes-Benz

Group

4,900

263,449

Nissan

Motor

Co.

Ltd.*(b)

34,300

72,424

Toyota

Motor

Corp.

7,900

152,170

535,896

Banks

17.1%

ABN

AMRO

Bank

NV,

CVA(a)

7,203

323,209

Banco

Bilbao

Vizcaya

Argentaria

43,169

1,201,968

Banco

Santander

57,379

813,202

Bank

Montreal(b)

931

166,888

Barclays

plc

56,105

384,085

BNP

Paribas

2,107

265,839

Canadian

Imperial

Bank

Commerce

7,987

945,334

Commonwealth

Bank

Australia

8,869

1,105,860

Danske

Bank

A/S

7,791

447,547

DBS

Group

Holdings

Ltd.

1,100

63,423

HSBC

Holdings

plc

37,338

791,902

ING

Groep

17,934

628,098

Intesa

Sanpaolo

SpA

126,077

948,534

KBC

Group

3,675

527,054

Lloyds

Banking

Group

plc

64,190

99,082

Mediobanca

Banca

Credito

Finanziario

SpA

1,519

48,795

Mitsubishi

UFJ

Financial

Group,

Inc.

46,400

1,040,631

Mizuho

Financial

Group,

Inc.

4,100

210,298

National

Australia

Bank

Ltd.

2,891

83,920

National

Bank

Canada

1,666

269,284

NatWest

Group

plc

49,980

474,725

Royal

Bank

Canada

7,497

1,568,019

Standard

Chartered

plc

11,711

344,830

Svenska

Handelsbanken

AB,

Class

A(b)

23,128

353,102

UniCredit

SpA

686

64,413

Westpac

Banking

Corp.

13,377

355,801

13,525,843

Beverages

1.2%

Asahi

Group

Holdings

Ltd.

24,500

256,425

Carlsberg

A/S,

Class

784

115,390

Diageo

plc

22,491

494,718

Heineken

1,323

119,552

986,085

Investments

Value

Biotechnology

0.4%

CSL

Ltd.

1,666

143,994

Swedish

Orphan

Biovitrum

AB*

3,038

149,862

293,856

Broadline

Retail

1.1%

Dollarama,

Inc.

2,646

360,200

plc

1,862

371,984

Rakuten

Group,

Inc.*

24,500

128,266

860,450

Building

Products

1.1%

Cie

Saint-Gobain

6,811

636,943

Kingspan

Group

plc(b)

2,401

221,688

858,631

Capital

Markets

4.3%

Group

plc

13,132

506,137

Amundi

SA(a)

1,029

111,702

Brookfield

Asset

Management

Ltd.,

Class

3,087

149,217

Daiwa

Securities

Group,

Inc.(b)

21,200

240,593

Deutsche

Boerse

931

280,966

EQT

AB(b)

7,742

262,692

Hong

Kong

Exchanges

Clearing

Ltd.

13,100

682,598

IGM

Financial,

Inc.(b)

1,372

85,243

London

Stock

Exchange

Group

plc

147

16,613

Macquarie

Group

Ltd.

2,597

461,637

Nomura

Holdings,

Inc.

47,200

450,583

SBI

Holdings,

Inc.

4,900

93,492

Schroders

plc

11,466

90,808

3,432,281

Chemicals

3.0%

Akzo

Nobel

NV(b)

2,695

188,276

Asahi

Kasei

Corp.

16,000

173,088

Givaudan

(Registered)

147

586,874

Nippon

Paint

Holdings

Co.

Ltd.

7,500

56,995

Nitto

Denko

Corp.

10,800

225,530

Novonesis

Novozymes

Class

5,537

359,659

Shin-Etsu

Chemical

Co.

Ltd.

400

14,571

Sika

(Registered)

2,450

550,686

Symrise

AG,

Class

2,107

215,997

Toray

Industries,

Inc.

2,600

18,909

2,390,585

Commercial

Services

Supplies

1.0%

Brambles

Ltd.

17,395

239,338

Rentokil

Initial

plc

40,474

187,805

Secom

Co.

Ltd.

6,300

272,298

TOPPAN

Holdings,

Inc.

3,800

108,040

807,481

Communications

Equipment

0.6%

Nokia

OYJ

48,167

441,021

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

(cont.)

134

Investments

Value

COMMON

STOCKS

(continued)

Construction

Engineering

0.2%

WSP

Global,

Inc.

1,127

137,592

Consumer

Staples

Distribution

Retail

2.0%

Carrefour

9,359

171,588

Jeronimo

Martins

SGPS

4,312

86,126

Loblaw

Cos.

Ltd.

2,842

133,323

Tesco

plc

100,744

663,646

Woolworths

Group

Ltd.

18,620

520,102

1,574,785

Diversified

REITs

0.2%

CapitaLand

Integrated

Commercial

Trust,

REIT

83,300

161,565

Diversified

Telecommunication

Services

1.3%

Deutsche

Telekom

(Registered)

16,317

502,379

Singapore

Telecommunications

Ltd.

19,600

67,786

Swisscom

(Registered)

418

321,360

Telefonica

19,502

80,418

TELUS

Corp.

7,840

74,776

1,046,719

Electric

Utilities

2.0%

EDP

50,127

257,801

Enel

SpA

39,249

442,503

Iberdrola

27,089

643,604

Terna

Rete

Elettrica

Nazionale

22,687

260,294

1,604,202

Electrical

Equipment

3.8%

Legrand

3,430

518,555

Mitsubishi

Electric

Corp.

4,100

152,232

Schneider

Electric

3,528

1,175,527

Siemens

Energy

4,165

706,539

Vestas

Wind

Systems

A/S

16,121

433,128

2,985,981

Electronic

Equipment,

Instruments

Components

1.6%

Celestica,

Inc.*

1,372

453,669

Murata

Manufacturing

Co.

Ltd.

8,100

377,262

TDK

Corp.

21,800

411,835

1,242,766

Energy

Equipment

Services

0.2%

TechnipFMC

plc

196

14,045

Tenaris

5,831

167,319

181,364

Financial

Services

0.1%

Mitsubishi

Capital,

Inc.

12,800

118,414

Food

Products

1.1%

Nestle

(Registered)

8,673

868,426

Gas

Utilities

0.0%(c)

Hong

Kong

China

Gas

Co.

Ltd.(b)

20,000

17,930

Investments

Value

Ground

Transportation

1.6%

Canadian

National

Railway

Co.

6,615

840,520

Central

Japan

Railway

Co.

9,800

245,454

East

Japan

Railway

Co.

4,900

113,125

MTR

Corp.

Ltd.(b)

24,500

103,479

1,302,578

Health

Care

Equipment

Supplies

1.0%

Koninklijke

Philips

12,054

315,375

Olympus

Corp.

6,700

76,584

Siemens

Healthineers

AG(a)

5,292

224,430

Sonova

Holding

(Registered)

784

213,188

829,577

Hotels,

Restaurants

Leisure

1.3%

Amadeus

Group

7,154

439,043

Aristocrat

Leisure

Ltd.

3,234

145,574

Galaxy

Entertainment

Group

Ltd.

19,000

82,866

Oriental

Land

Co.

Ltd.(b)

14,700

292,384

Sands

China

Ltd.

39,200

73,585

1,033,452

Household

Durables

1.2%

Panasonic

Holdings

Corp.

6,500

174,885

Sekisui

House

Ltd.(b)

6,300

138,008

Sony

Group

Corp.

25,900

616,004

928,897

Household

Products

0.6%

Reckitt

Benckiser

Group

plc

6,517

459,561

Independent

Power

and

Renewable

Electricity

Producers

0.3%

EDP

Renewables

SA(b)

4,992

77,251

Orsted

A/S*(a)

8,281

184,822

262,073

Industrial

Conglomerates

3.0%

Hitachi

Ltd.

31,700

1,048,604

Siemens

(Registered)

3,969

1,290,730

2,339,334

Industrial

REITs

0.3%

Segro

plc,

REIT

20,041

260,262

Insurance

7.3%

Aegon

Ltd.

7,938

75,238

AIA

Group

Ltd.

32,000

323,403

Allianz

(Registered)

1,715

853,406

ASR

Nederland

2,548

207,792

Aviva

plc

48,216

449,924

AXA

5,047

260,959

Japan

Post

Holdings

Co.

Ltd.

15,900

237,863

Manulife

Financial

Corp.

20,139

893,791

Muenchener

Rueckversicherungs-

Gesellschaft

Muenchen

(Registered)

392

235,520

QBE

Insurance

Group

Ltd.

18,473

320,860

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

(cont.)

135

Investments

Value

COMMON

STOCKS

(continued)

Insurance

(continued)

Sompo

Holdings,

Inc.

12,500

558,408

Swiss

1,274

212,347

Tokio

Marine

Holdings,

Inc.

3,400

173,262

Zurich

Insurance

Group

1,246

948,380

5,751,153

Interactive

Media

Services

0.2%

Corp.

44,100

123,749

Services

1.7%

Capgemini

2,401

283,153

CGI,

Inc.(b)

3,038

222,212

Fujitsu

Ltd.

28,000

643,442

Nomura

Research

Institute

Ltd.

6,000

176,580

1,325,387

Leisure

Products

0.2%

Shimano,

Inc.(b)

1,100

139,033

Machinery

1.8%

Atlas

Copco

AB,

Class

12,250

258,226

Daifuku

Co.

Ltd.

1,800

67,636

Daimler

Truck

Holding

833

46,905

Epiroc

AB,

Class

6,468

165,497

GEA

Group

2,303

163,355

Komatsu

Ltd.

3,400

149,346

Kone

OYJ,

Class

1,764

101,682

Kubota

Corp.

13,600

234,503

Makita

Corp.

400

13,021

SKF

AB,

Class

B(b)

5,439

146,978

Weir

Group

plc

(The)

1,372

48,670

1,395,819

Media

0.4%

Publicis

Groupe

2,744

292,411

Metals

Mining

3.2%

Anglo

American

plc

9,310

467,705

Antofagasta

plc

735

36,153

BHP

Group

Ltd.(b)

3,479

147,366

Evolution

Mining

Ltd.(b)

32,683

258,702

Fortescue

Ltd.(b)

5,537

71,984

Fresnillo

plc

3,430

114,244

Kinross

Gold

Corp.

19,257

443,658

Lundin

Gold,

Inc.

1,127

63,056

Northern

Star

Resources

Ltd.

21,364

298,600

Rio

Tinto

Ltd.(b)

294

35,221

Wheaton

Precious

Metals

Corp.

5,341

580,529

2,517,218

Multi-Utilities

0.4%

National

Grid

plc

17,591

281,710

Oil,

Gas

Consumable

Fuels

5.3%

Enbridge,

Inc.

16,807

913,881

ENEOS

Holdings,

Inc.

35,900

299,308

Investments

Value

Oil,

Gas

Consumable

Fuels

(continued)

Imperial

Oil

Ltd.(b)

1,078

139,663

Pembina

Pipeline

Corp.

9,310

454,865

Repsol

17,934

544,324

Shell

plc

27,146

1,236,051

Energy

Corp.

392

26,378

TotalEnergies

6,664

585,933

4,200,403

Personal

Care

Products

1.3%

Kao

Corp.(b)

14,600

299,656

L'Oreal

1,617

719,897

1,019,553

Pharmaceuticals

7.6%

Astellas

Pharma,

Inc.

24,500

338,822

AstraZeneca

plc

6,223

1,057,880

Daiichi

Sankyo

Co.

Ltd.

9,800

158,025

GSK

plc

12,838

333,700

Novartis

(Registered)

7,742

1,211,467

Novo

Nordisk

A/S,

Class

12,593

594,105

Roche

Holding

392

171,326

Sanofi

7,644

654,949

Takeda

Pharmaceutical

Co.

Ltd.

15,900

550,521

Teva

Pharmaceutical

Industries

Ltd.*

13,426

476,595

UCB

1,960

502,657

6,050,047

Professional

Services

2.5%

Recruit

Holdings

Co.

Ltd.

13,500

1,064,061

RELX

plc

23,275

816,573

Wolters

Kluwer

1,421

110,979

1,991,613

Real

Estate

Management

Development

0.6%

CapitaLand

Investment

Ltd.

9,800

20,305

Asset

Holdings

Ltd.

9,000

54,907

Mitsubishi

Estate

Co.

Ltd.

16,600

405,865

481,077

Retail

REITs

0.6%

Scentre

Group,

REIT

74,382

204,789

Unibail-Rodamco-Westfield,

REIT

1,960

237,460

442,249

Semiconductors

Semiconductor

Equipment

4.5%

Advantest

Corp.

5,200

1,061,391

ASML

Holding

1,404

2,316,767

Tokyo

Electron

Ltd.

500

174,282

3,552,440

Software

1.3%

SAP

5,096

924,510

Xero

Ltd.*

1,911

93,953

1,018,463

Specialty

Retail

1.1%

Fast

Retailing

Co.

Ltd.(b)

500

245,533

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

(cont.)

136

Investments

Value

COMMON

STOCKS

(continued)

Specialty

Retail

(continued)

Industria

Diseno

Textil

9,800

636,383

881,916

Textiles,

Apparel

Luxury

Goods

1.5%

Asics

Corp.

4,900

146,300

Cie

Financiere

Richemont

(Registered)

1,029

242,798

Hermes

International

SCA

118,058

Kering

980

320,447

LVMH

Moet

Hennessy

Louis

Vuitton

637

348,238

1,175,841

Trading

Companies

Distributors

1.3%

Bunzl

plc

5,096

192,160

Ferguson

Enterprises,

Inc.

147

34,446

ITOCHU

Corp.

62,400

789,283

1,015,889

Transportation

Infrastructure

1.0%

Aena

SME

SA(a)

6,370

195,538

Getlink

SE(b)

4,704

100,017

Transurban

Group

44,198

459,739

755,294

Water

Utilities

0.3%

Severn

Trent

plc

4,361

177,121

United

Utilities

Group

plc

5,341

99,405

276,526

Wireless

Telecommunication

Services

1.6%

SoftBank

Corp.

455,700

639,368

SoftBank

Group

Corp.

6,600

218,031

Vodafone

Group

plc

275,331

436,666

1,294,065

Total

Common

Stocks

(Cost

$59,315,871)

78,431,623

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

0.1%(d)

INVESTMENT

COMPANIES

0.0%(c)

BlackRock

Liquidity

FedFund

3.67%,

8/3/2026

800

Dreyfus

Treasury

Obligations

Cash

Management

Fund

3.68%,

8/3/2026

800

Invesco

Government

Agency

Portfolio

3.74%,

8/3/2026

800

Investments

Principal

Amount

Value

INVESTMENT

COMPANIES

(continued)

Morgan

Stanley

Institutional

Liquidity

Fund

Government

Portfolio

3.69%,

8/3/2026

800

Total

Investment

Companies

(Cost

$3,200)

3,200

REPURCHASE

AGREEMENTS

0.1%

Secured

LLC

3.63%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$68,598,

collateralized

various

Common

Stocks;

total

market

value

$10,757

68,598

National

Bank

Canada

Financial

Inc.

3.80%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$10,000,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

4.88%,

maturing

8/15/2026

2/15/2056;

total

market

value

$69,530

10,000

Total

Repurchase

Agreements

(Cost

$78,598)

78,598

Total

Securities

Lending

Reinvestments

(Cost

$81,798)

81,798

Total

Investments

99.3%

(Cost

$59,397,669)

78,513,421

Other

assets

less

liabilities

0.7%

591,426

NET

ASSETS

100.0%

$79,104,847

Non-income

producing

security.

(a)

Security

exempt

from

registration

pursuant

Regulation

under

the

Securities

Act

1933.

Regulation

applies

securities

offerings

that

are

made

outside

the

United

States

and

not

involve

direct

selling

efforts

the

United

States

and

such

may

have

restrictions

resale.

(b)

The

security

portion

this

security

loan

July

31,

2026.

The

total

value

securities

loan

July

31,

2026

was

$3,079,168,

collateralized

the

form

cash

with

value

$81,799

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments;

$1,554,626

collateral

the

form

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

5.50%,

and

maturity

dates

ranging

from

September

14,

2026

–

November

2086

and

$1,698,232

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

August

06,

2026

–

May

15,

2056;

total

value

$3,334,657.

(c)

Represents

less

than

0.05%

net

assets.

(d)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

July

31,

2026.

The

total

value

securities

purchased

was

$81,798.

Percentages

shown

are

based

Net

Assets.

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

(cont.)

137

Abbreviations

CVA

—

Dutch

Certification

OYJ

—

Public

Limited

Company

Preference

—

special

type

equity

investment

that

the

earnings

the

company,

has

limited

voting

rights,

and

may

have

dividend

preference.

Preference

may

also

have

liquidation

preference.

REIT

—

Real

Estate

Investment

Trust

SCA

—

Limited

partnership

with

capital

Futures

Contracts

FlexShares

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

had

the

following

open

futures

contracts

July

31,

2026:

Number

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

MSCI

EAFE

Index

09/18/2026

USD

636,460

9,760

Forward

Foreign

Currency

Contracts

FlexShares

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

had

the

following

outstanding

contracts

July

31,

2026:

Contracts

Receive

Counterparty

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

JPY

15,607,000

BANK

MONTREAL

USD

97,692

09/16/2026

669

USD

14,287

MORGAN

STANLEY

CO.

INCORPORATED

AUD

20,070

09/16/2026

203

USD

84,875

JPMORGAN

BANK

CHF

65,857

09/16/2026

3,081

USD

18,260

JPMORGAN

BANK

EUR

15,606

09/16/2026

273

USD

63,892

BNP

PARIBAS

HKD

499,000

09/16/2026

159

USD

305,047

TORONTO

DOMINION

BANK

JPY

48,198,090

09/16/2026

1,285

USD

27,764

TORONTO

DOMINION

BANK

NOK

257,473

09/16/2026

634

USD

21,396

BANK

MONTREAL

NZD

36,099

09/16/2026

154

USD

16,564

MORGAN

STANLEY

CO.

INCORPORATED

SEK

152,201

09/16/2026

573

USD

18,928

MORGAN

STANLEY

CO.

INCORPORATED

SGD

24,000

09/16/2026

175

Total

unrealized

appreciation

7,206

CAD

36,291

BANK

MONTREAL

USD

26,356

09/16/2026

(437)

CAD

122,000

TORONTO

DOMINION

BANK

USD

88,966

09/16/2026

(1,833)

HKD

68,972

BANK

MONTREAL

USD

8,835

09/16/2026

(25)

JPY

17,162,000

CITIGROUP

GLOBAL

MARKETS

INC

USD

108,728

09/16/2026

(566)

USD

67,533

BANK

MONTREAL

CAD

95,000

09/16/2026

(317)

USD

8,078

MORGAN

STANLEY

CO.

INCORPORATED

GBP

6,011

09/16/2026

(11)

Total

unrealized

depreciation

(3,189)

Net

unrealized

appreciation

4,017

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

Abbreviations:

(continued)

USD

—

Dollar

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

(cont.)

138

FlexShares®

ESG &

Climate

Developed

Markets ex-US Core

Index

invested,

percentage

net

assets,

companies

domiciled

the

following

countries

July

31,

2026:

Australia

6.1

Belgium

1.3

Canada

11.3

Denmark

2.7

Finland

0.7

France

8.6

Germany

7.9

Hong

Kong

1.7

Ireland

0.3

Israel

0.6

Italy

2.5

Japan

21.1

Netherlands

5.4

New

Zealand

0.1

Portugal

0.5

Singapore

0.4

Spain

5.8

Sweden

1.7

Switzerland

6.7

United

Kingdom

13.8

Other

0.8

100.0%

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

Net

Assets

Common

Stocks

99.2

Securities

Lending

Reinvestments

0.1

Others

(1)

0.7

100.0%

(1)

Includes

any

other

net

assets/(liabilities).

139

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares®

Trust

Schedule

Investments

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

July

31,

2026

(Unaudited)

Investments

Value

COMMON

STOCKS

Building

Products

Simpson

Manufacturing

Co.,

Inc.

149,634

28,092,287

UFP

Industries,

Inc.(a)

191,199

16,584,602

44,676,889

Chemicals

Asia

Potash

International

Investment

Guangzhou

Co.

Ltd.,

Class

2,493,900

19,167,498

Industries

Holdings,

Inc.

1,025,270

128,353,551

Corteva,

Inc.

4,533,356

356,820,451

ICL

Group

Ltd.

7,913,976

40,446,655

K+S

(Registered)

1,815,005

30,404,978

Mosaic

Co.

(The)(a)

2,211,258

48,913,027

Nutrien

Ltd.

4,538,898

313,065,382

PhosAgro

PJSC*‡

308,581

—

Industries

Ltd.

1,025,270

29,562,677

Qinghai

Salt

Lake

Industry

Co.

Ltd.,

Class

16,071,800

65,072,741

SABIC

Agri-Nutrients

Co.

2,316,556

75,810,074

UPL

Ltd.

5,852,352

37,065,203

Yara

International

ASA

1,673,684

78,829,489

Yunnan

Yuntianhua

Co.

Ltd.,

Class

5,542,000

24,533,281

1,248,045,007

Commercial

Services

Supplies

Chengdu

Xingrong

Environment

Co.

Ltd.,

Class

4,156,500

4,533,770

Containers

Packaging

Klabin

4,710,700

16,921,117

Food

Products

Archer-Daniels-Midland

Co.

2,948,344

233,715,229

Bakkafrost

P/F

534,803

25,521,587

Bunge

Global

SA(a)

856,239

90,958,269

Cal-Maine

Foods,

Inc.(a)

279,871

24,567,076

Charoen

Pokphand

Foods

PCL,

NVDR

29,095,500

19,604,664

Charoen

Pokphand

Indonesia

Tbk.

92,828,500

16,972,644

Golden

Agri-Resources

Ltd.

59,299,400

13,164,301

Heilongjiang

Agriculture

Co.

Ltd.,

Class

4,983,734

9,121,698

Mowi

ASA

4,563,837

97,491,974

Muyuan

Foods

Group

Co.

Ltd.,

Class

17,176,125

99,937,706

New

Hope

Liuhe

Co.

Ltd.,

Class

14,128,047

14,656,628

PPB

Group

Bhd.

6,927,500

15,918,078

Resources

Bhd.

16,348,900

16,002,839

Salmar

ASA

778,651

42,322,451

Tyson

Foods,

Inc.,

Class

1,961,868

113,709,869

United

Plantations

Bhd.

2,612,800

21,559,676

855,224,689

Investments

Value

Industrial

Conglomerates

Industries

Qatar

QSC

29,946,197

86,688,524

Metals

Mining

Agnico

Eagle

Mines

Ltd.

853,468

123,817,805

Alcoa

Corp.(a)

324,207

14,673,609

Anglo

American

plc

1,557,302

78,233,943

Antofagasta

plc

540,345

26,578,037

Barrick

Mining

Corp.

2,712,809

99,493,191

BHP

Group

Ltd.(a)

7,880,724

333,817,448

Coeur

Mining,

Inc.

1,443,691

21,525,433

Evolution

Mining

Ltd.(a)

3,194,963

25,289,680

First

Quantum

Minerals

Ltd.*

1,083,461

30,012,684

Fortescue

Ltd.(a)

2,632,450

34,223,162

Franco-Nevada

Corp.

310,352

65,979,528

Freeport-McMoRan,

Inc.

1,790,066

112,111,834

Glencore

plc

13,730,305

100,333,140

GMK

Norilskiy

Nickel

PAO*‡

4,615,800

—

GMK

Norilskiy

Nickel

PAO,

ADR*‡

1,231,473

—

Gold

Fields

Ltd.

1,474,172

47,900,292

Grupo

Mexico

SAB

CV,

Series

4,987,800

59,714,232

Kinross

Gold

Corp.

2,111,502

48,646,501

Lundin

Mining

Corp.(a)

1,116,713

27,630,259

Newmont

Corp.

1,432,607

134,249,602

Northern

Star

Resources

Ltd.

2,011,746

28,117,701

Pan

American

Silver

Corp.

734,315

31,595,148

Rio

Tinto

plc

1,695,852

163,724,513

Royal

Gold,

Inc.

110,840

21,985,114

Saudi

Arabian

Mining

Co.*

2,175,235

32,783,464

Southern

Copper

Corp.(a)

133,008

24,301,892

Teck

Resources

Ltd.,

Class

739,857

44,491,098

Vale

5,819,100

87,366,961

Valterra

Platinum

Ltd.

468,299

35,077,615

Wheaton

Precious

Metals

Corp.

795,277

86,441,057

Zijin

Mining

Group

Co.

Ltd.,

Class

9,975,600

48,713,388

1,988,828,331

Oil,

Gas

Consumable

Fuels

plc

16,379,381

121,785,100

Cameco

Corp.

667,811

57,591,171

Canadian

Natural

Resources

Ltd.

2,219,571

105,658,446

Cenovus

Energy,

Inc.

1,427,065

42,999,635

Chevron

Corp.

1,368,874

269,435,469

ConocoPhillips

897,804

108,167,426

Devon

Energy

Corp.

803,590

36,266,017

Diamondback

Energy,

Inc.

135,779

27,556,348

Eni

SpA

1,981,265

54,663,476

EOG

Resources,

Inc.

387,940

57,682,799

EQT

Corp.

490,467

26,136,986

Equinor

ASA

834,071

33,981,257

Expand

Energy

Corp.

188,428

17,717,885

ExxonMobil

Holdings

Corp.

2,366,434

367,838,501

Gazprom

PJSC*‡

15,937,700

—

Imperial

Oil

Ltd.(a)

157,947

20,463,248

Inpex

Corp.

965,600

21,995,486

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

(cont.)

140

Investments

Value

COMMON

STOCKS

(continued)

Oil,

Gas

Consumable

Fuels

(continued)

LUKOIL

PJSC*‡

214,305

—

LUKOIL

PJSC,

ADR*‡

269,035

—

Novatek

PJSC*‡

1,237,715

—

Occidental

Petroleum

Corp.

548,658

31,311,912

ORLEN

640,101

25,314,033

Ovintiv,

Inc.

199,512

12,461,519

Permian

Resources

Corp.,

Class

562,513

11,987,152

PetroChina

Co.

Ltd.,

Class

23,618,000

29,938,140

Petroleo

Brasileiro

Petrobras

(Preference)

5,264,900

44,994,628

Repsol

1,183,217

35,912,421

Rosneft

Oil

Co.

PJSC*‡

2,926,433

—

Santos

Ltd.

3,460,979

19,057,618

Saudi

Arabian

Oil

Co.(b)

6,575,583

46,364,382

Shell

plc

5,985,360

272,534,098

Suncor

Energy,

Inc.

1,291,286

86,653,359

Tatneft

PJSC*‡

2,021,036

—

Texas

Pacific

Land

Corp.(a)

44,336

17,848,787

TotalEnergies

2,288,846

201,246,856

Tourmaline

Oil

Corp.(a)

401,795

17,731,852

Woodside

Energy

Group

Ltd.(a)

2,119,815

49,057,675

2,272,353,682

Paper

Forest

Products

Holmen

AB,

Class

349,146

11,821,191

Mondi

plc(a)

2,136,441

25,651,780

Oji

Holdings

Corp.(a)

4,156,500

22,966,800

Shandong

Sun

Paper

Industry

JSC

Ltd.,

Class

4,156,500

8,968,980

Stella-Jones,

Inc.

218,909

12,068,590

Suzano

3,325,200

28,352,212

Svenska

Cellulosa

SCA,

Class

B(a)

2,344,266

26,600,293

UPM-Kymmene

OYJ

2,496,671

67,562,254

West

Fraser

Timber

Co.

Ltd.(a)

260,474

16,855,565

Zhongfu

Straits

Pingtan

Development

Co.

Ltd.,

Class

3,048,100

2,633,611

223,481,276

Specialized

REITs

Rayonier,

Inc.,

REIT(a)

1,066,835

23,235,667

Weyerhaeuser

Co.,

REIT

2,477,274

62,006,168

85,241,835

Water

Utilities

Aguas

Andinas

SA,

Class

12,865,753

4,704,406

American

Water

Works

Co.,

Inc.(a)

656,727

88,113,062

Beijing

Enterprises

Water

Group

Ltd.

(a)

22,168,000

6,530,310

Cia

Saneamento

Basico

Estado

Sao

Paulo

SABESP

11,361,100

61,941,380

Cia

Saneamento

Minas

Gerais

Copasa

831,300

10,499,546

Cia

Saneamento

Parana

Sanepar

1,108,400

7,903,975

Investments

Value

Water

Utilities

(continued)

Emirates

Central

Cooling

Systems

Corp.

9,379,835

4,035,107

Essential

Utilities,

Inc.

992,018

39,531,917

Grandblue

Environment

Co.

Ltd.,

Class

1,104,370

5,067,216

Guangdong

Investment

Ltd.

12,558,000

13,564,357

Maynilad

Water

Services,

Inc.

9,975,600

3,063,399

Pennon

Group

plc(a)

2,161,380

13,467,175

Severn

Trent

plc

1,235,866

50,194,370

United

Utilities

Group

plc

3,519,170

65,497,815

374,114,035

Total

Common

Stocks

(Cost

$5,502,460,532)

7,200,109,155

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

(c)

CERTIFICATES

DEPOSIT

Bank

Montreal,

Chicago

(SOFR

0.28%),

3.93%,

11/13/2026(d)

3,000,000

3,000,339

(SOFR

0.35%),

4.00%,

11/18/2026(d)

2,000,000

2,000,634

(SOFR

0.42%),

4.07%,

4/16/2027(d)

2,000,000

2,000,844

(SOFR

0.39%),

4.04%,

5/5/2027(d)

2,000,000

2,000,148

Bank

Nova

Scotia,

Houston

(SOFR

0.30%),

3.95%,

1/21/2027(d)

1,000,000

999,996

BNP

Paribas,

New

York

(SOFR

0.26%),

3.91%,

12/2/2026(d)

2,000,000

2,000,022

Mizuho

Bank

Ltd.,

New

York

(SOFR

0.35%),

4.00%,

9/24/2026(d)

2,000,000

Nordea

Bank

Abp,

New

York

Branch

(SOFR

0.31%),

3.96%,

9/24/2026(d)

2,000,000

Oversea-Chinese

Banking

Corp.

Ltd.,

New

York

(SOFR

0.22%),

3.87%,

8/31/2026(d)

1,000,000

Royal

Bank

Canada,

New

York

(SOFR

0.35%),

4.00%,

11/12/2026(d)

3,000,000

3,001,254

(SOFR

0.30%),

3.95%,

1/22/2027(d)

1,000,000

1,000,327

(SOFR

0.32%),

3.97%,

6/3/2027(d)

1,000,000

999,808

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

(cont.)

141

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

CERTIFICATES

DEPOSIT

(continued)

Sumitomo

Mitsui

Banking

Corp.,

New

York

(SOFR

0.26%),

3.91%,

11/18/2026(d)

3,000,000

3,000,174

Toronto-Dominion

Bank,

New

York

(SOFR

0.31%),

3.96%,

10/9/2026(d)

2,000,000

2,000,466

Total

Certificates

Deposit

(Cost

$27,000,000)

27,004,012

COMMERCIAL

PAPER

(e)

Westpac

Banking

Corp.,

New

York

(SOFR

0.30%),

3.95%,

10/15/2026(d)

(Cost

$2,000,000)

2,000,000

2,000,288

INVESTMENT

COMPANIES

BlackRock

Liquidity

FedFund

3.67%,

8/3/2026

1,400,000

Dreyfus

Treasury

Obligations

Cash

Management

Fund

3.68%,

8/3/2026

1,400,000

Invesco

Government

Agency

Portfolio

3.74%,

8/3/2026

1,400,000

Morgan

Stanley

Institutional

Liquidity

Fund

Government

Portfolio

3.69%,

8/3/2026

1,400,000

Total

Investment

Companies

(Cost

$5,600,000)

5,600,000

REPURCHASE

AGREEMENTS

BofA

Securities,

Inc.

4.08%,

dated

7/31/2026,

due

9/24/2026,

repurchase

price

$8,000,000,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

4.50%,

maturing

12/15/2028

8/15/2041;

total

market

value

$8,090,016

8,000,000

Secured

LLC

3.63%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$22,462,384,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

4.88%,

maturing

8/15/2026

2/15/2056;

total

market

value

$22,767,107

22,462,384

Citigroup

Global

Markets,

Inc.

3.64%,

dated

7/31/2026,

due

1/21/2027,

repurchase

price

$49,000,000,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

1.38%

3.63%,

maturing

8/31/2029

11/15/2031;

total

market

value

$49,426,145

49,000,000

Investments

Principal

Amount

Value

REPURCHASE

AGREEMENTS

(continued)

MetLife,

Inc.

3.64%,

dated

7/31/2026,

due

12/2/2026,

repurchase

price

$30,000,000,

collateralized

various

U.S.

Treasury

Securities,

0.00%,

maturing

2/15/2045

8/15/2046;

total

market

value

$30,210,513

30,000,000

National

Bank

Canada

Financial

Inc.

3.80%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$2,000,000,

collateralized

various

Common

Stocks;

total

market

value

$2,151,305

2,000,000

Securities

(USA)

LLC

3.98%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$5,000,000,

collateralized

various

Common

Stocks;

total

market

value

$5,505,576

5,000,000

The

Bank

Nova

Scotia,

Toronto

3.80%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$15,000,000,

collateralized

various

Common

Stocks;

total

market

value

$16,504,513

15,000,000

Total

Repurchase

Agreements

(Cost

$131,462,384)

131,462,384

Total

Securities

Lending

Reinvestments

(Cost

$166,062,384)

166,066,684

Total

Investments

101.8%

(Cost

$5,668,522,916)

7,366,175,839

Liabilities

excess

other

assets

(1.8%)

(127,487,421)

NET

ASSETS

100.0%

$7,238,688,418

Non-income

producing

security.

‡

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

(a)

The

security

portion

this

security

loan

July

31,

2026.

The

total

value

securities

loan

July

31,

2026

was

$432,047,806,

collateralized

the

form

cash

with

value

$166,062,384

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments;

$125,983,997

collateral

the

form

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

September

14,

2026

–

June

30,

2120

and

$165,011,342

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

August

06,

2026

–

May

15,

2056;

total

value

$457,057,723.

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

(cont.)

142

(b)

Security

exempt

from

registration

pursuant

Regulation

under

the

Securities

Act

1933.

Regulation

applies

securities

offerings

that

are

made

outside

the

United

States

and

not

involve

direct

selling

efforts

the

United

States

and

such

may

have

restrictions

resale.

(c)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

July

31,

2026.

The

total

value

securities

purchased

was

$166,066,684.

(d)

Variable

floating

rate

security,

linked

the

referenced

benchmark.

The

interest

rate

shown

the

rate

effect

July

31,

2026.

(e)

Represents

less

than

0.05%

net

assets.

Percentages

shown

are

based

Net

Assets.

Abbreviations

ADR

—

American

Depositary

Receipt

NVDR

—

Non-Voting

Depositary

Receipt

OYJ

—

Public

Limited

Company

PJSC

—

Public

Joint

Stock

Company

Preference

—

special

type

equity

investment

that

the

earnings

the

company,

has

limited

voting

rights,

and

may

have

dividend

preference.

Preference

may

also

have

liquidation

preference.

REIT

—

Real

Estate

Investment

Trust

SCA

—

Limited

partnership

with

capital

SOFR

—

Secured

Overnight

Financing

Rate

Futures

Contracts

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

had

the

following

open

futures

contracts

July

31,

2026:

Number

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

(

Depreciation

)

Long

Contracts

‌

FTSE

100

Index

09/18/2026

GBP

7,310,787

192,228

FTSE/JSE

Top

Index

09/17/2026

ZAR

4,427,406

(

171,804

)

Hang

Seng

Index

08/28/2026

HKD

4,465,798

121,667

MSCI

Emerging

Markets

Index

09/18/2026

USD

164,230

(

9,636

)

S&P

Midcap

400

E-Mini

Index

09/18/2026

USD

6,413,930

(

51,044

)

S&P/TSX

Index

09/17/2026

CAD

16,047,760

215,239

SPI

200

Index

09/17/2026

AUD

1,256,223

10,288

306,938

Forward

Foreign

Currency

Contracts

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

had

the

following

outstanding

contracts

July

31,

2026:

Contracts

Receive

Counterparty

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

INR

53,715,711

GOLDMAN

SACHS

BANK

USA

USD

554,016

09/16/2026

6,827

Total

unrealized

appreciation

6,827

CAD

5,908,000

BANK

MONTREAL,

THE

USD

4,290,598

09/16/2026

(

71,059

)

USD

1,982,520

TORONTO

DOMINION

BANK

CAD

2,800,000

09/16/2026

(

17,262

)

Total

unrealized

depreciation

(

88,321

)

Net

unrealized

depreciation

(

81,494

)

Non-deliverable

forward.

Abbreviations:

AUD

—

Australian

Dollar

CAD

—

Canadian

Dollar

GBP

—

British

Pound

HKD

—

Hong

Kong

Dollar

INR

—

Indian

Rupee

USD

—

Dollar

ZAR

—

South

African

Rand

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

(cont.)

143

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

invested,

percentage

net

assets,

companies

domiciled

the

following

countries

July

31,

2026:

Australia

10‌

Austria

0‌

Brazil

5‌

Canada

15‌

Chile

0‌

China

4‌

Faroe

Islands

0‌

Finland

0‌

France

2‌

Germany

0‌

India

0‌

Indonesia

0‌

Israel

0‌

Italy

0‌

Japan

0‌

Malaysia

0‌

Mexico

1‌

Norway

2‌

Philippines

0‌

†

Poland

0‌

Qatar

1‌

Saudi

Arabia

2‌

South

Africa

2‌

Spain

0‌

Sweden

0‌

Thailand

0‌

United

Arab

Emirates

0‌

United

Kingdom

1‌

United

States

40‌

Zambia

0‌

Other

0‌

100.0%

†

Amount

represents

less

than

0.05%.

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

Net

Assets

Common

Stocks

99‌

Securities

Lending

Reinvestments

2‌

Others

(1)

(

1‌

)

100‌

(1)

Includes

any

other

net

assets/(liabilities).

144

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

Schedule

Investments

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

July

31,

2026

(Unaudited)

Investments

Value

COMMON

STOCKS

99.3%

Air

Freight

Logistics

3.1%

CTT-Correios

Portugal

93,021

659,276

Deutsche

Post

1,344,660

89,360,413

Oesterreichische

Post

46,971

1,759,083

PostNL

NV(a)

361,953

373,759

Singapore

Post

Ltd.

2,394,600

634,183

Viettel

Post

Joint

Stock

Corp.

153,975

281,014

93,067,728

Chemicals

0.0%(b)

PureCycle

Technologies,

Inc.*(a)

77,364

492,809

Commercial

Services

Supplies

5.1%

Befesa

SA(c)

47,892

1,925,820

Casella

Waste

Systems,

Inc.,

Class

A*(a)

26,709

2,396,064

Clean

Harbors,

Inc.*

20,262

6,339,575

Cleanaway

Co.

Ltd.

1,487,000

1,138,750

Cleanaway

Waste

Management

Ltd.

(a)

3,055,878

5,022,333

CoreCivic,

Inc.*

42,366

1,266,743

Daiei

Kankyo

Co.

Ltd.(a)

61,700

1,449,257

Daiseki

Co.

Ltd.(a)

65,660

1,567,015

GEO

Group,

Inc.

(The)*

56,181

1,735,431

GFL

Environmental,

Inc.

363,795

15,032,009

Republic

Services,

Inc.,

Class

81,969

17,258,573

Sunny

Friend

Environmental

Technology

Co.

Ltd.

149,000

352,226

TRE

Holdings

Corp.(a)

47,200

598,208

Veridis

Environment

Ltd.*

110,520

1,822,661

Waste

Connections,

Inc.(a)

361,953

60,591,683

Waste

Management,

Inc.

154,728

35,053,628

153,549,976

Communications

Equipment

0.1%

Viasat,

Inc.*(a)

52,497

4,038,594

Construction

Engineering

0.0%(b)

Envision

Greenwise

Holdings

Ltd.*(a)

(c)

2,321,000

1,420,731

Diversified

Telecommunication

Services

14.1%

AST

SpaceMobile,

Inc.,

Class

A*(a)

116,967

6,898,714

AT&T,

Inc.

2,884,572

67,066,299

BCE,

Inc.(a)

693,513

15,033,489

Group

plc

5,075,631

13,749,858

Cellnex

Telecom

SA(c)

393,267

12,157,959

China

Tower

Corp.

Ltd.,

Class

H(c)

3,322,500

4,249,729

Comcast

Corp.,

Class

1,477,284

35,395,724

Deutsche

Telekom

(Registered)

2,761,158

85,012,515

Helios

Towers

plc*

843,636

2,222,963

HKT

Trust

HKT

Ltd.

2,763,000

4,675,705

Indus

Towers

Ltd.*

979,944

4,016,728

Investments

Value

Diversified

Telecommunication

Services

(continued)

Infrastrutture

Wireless

Italiane

SpA(a)(c)

184,200

1,361,659

Koninklijke

KPN

3,085,350

14,593,431

Lumen

Technologies,

Inc.*(a)

396,030

2,526,671

NTT,

Inc.

41,537,100

39,756,659

Quebecor,

Inc.,

Class

B(a)

123,414

5,706,858

Swisscom

(Registered)

20,262

15,577,485

Telecom

Italia

SpA*(a)

1,388,868

11,749,815

Verizon

Communications,

Inc.

1,733,322

81,136,803

422,889,064

Electric

Utilities

13.8%

American

Electric

Power

Co.,

Inc.

227,487

29,084,213

Constellation

Energy

Corp.

140,913

37,024,891

Duke

Energy

Corp.

324,192

40,663,403

Enel

SpA

3,612,162

40,724,379

Entergy

Corp.

190,647

20,517,430

Exelon

Corp.(a)

422,739

19,369,901

Iberdrola

2,911,281

69,168,710

NextEra

Energy,

Inc.

866,661

75,330,174

Southern

Co.

(The)

466,026

44,058,098

SSE

plc

560,889

17,707,992

Xcel

Energy,

Inc.(a)

257,880

20,166,216

413,815,407

Gas

Utilities

0.7%

AltaGas

Ltd.(a)

149,202

5,932,557

APA

Group

610,623

4,370,196

Enagas

101,310

1,972,233

Petronas

Gas

Bhd.

276,300

1,185,930

Snam

SpA

980,865

6,644,809

20,105,725

Ground

Transportation

16.1%

Aurizon

Holdings

Ltd.

2,370,654

6,976,471

Canadian

National

Railway

Co.

791,139

100,524,309

Canadian

Pacific

Kansas

City

Ltd.

1,267,296

112,487,934

Central

Japan

Railway

Co.

1,417,500

35,503,156

CSX

Corp.

769,956

38,805,782

East

Japan

Railway

Co.(a)

1,617,400

37,340,634

Keisei

Electric

Railway

Co.

Ltd.(a)

704,500

5,661,220

Kyushu

Railway

Co.

222,800

5,031,803

MTR

Corp.

Ltd.(a)

2,302,500

9,724,903

Norfolk

Southern

Corp.

93,021

31,206,685

Odakyu

Electric

Railway

Co.

Ltd.(a)

504,800

5,597,264

Rumo

1,934,100

5,497,014

Tobu

Railway

Co.

Ltd.

276,300

5,372,428

Union

Pacific

Corp.

246,828

72,105,863

West

Japan

Railway

Co.(a)

644,700

12,151,011

483,986,477

Health

Care

Providers

Services

4.7%

Acadia

Healthcare

Co.,

Inc.*(a)

38,682

1,145,761

Apollo

Hospitals

Enterprise

Ltd.

166,701

15,648,911

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

(cont.)

145

Investments

Value

COMMON

STOCKS

(continued)

Health

Care

Providers

Services

(continued)

Bangkok

Dusit

Medical

Services

PCL,

NVDR

18,880,500

10,855,899

Bumrungrad

Hospital

PCL,

NVDR

1,105,200

6,205,735

Encompass

Health

Corp.

41,445

4,603,296

Fresenius

Co.

KGaA

582,993

29,862,351

HCA

Healthcare,

Inc.(a)

62,628

25,213,407

IHH

Healthcare

Bhd.

2,855,100

5,833,864

Max

Healthcare

Institute

Ltd.

1,052,703

12,119,627

Ramsay

Health

Care

Ltd.(a)

270,774

8,432,498

Rede

D'Or

Sao

Luiz

SA(c)

1,105,200

7,535,281

Tenet

Healthcare

Corp.*

35,919

9,151,443

Universal

Health

Services,

Inc.,

Class

20,262

3,412,931

140,021,004

Independent

Power

and

Renewable

Electricity

Producers

1.3%

RWE

298,404

19,631,536

Vistra

Corp.

131,703

19,517,068

39,148,604

Services

0.6%

CoreWeave,

Inc.,

Class

A*(a)

165,780

11,898,031

Fastly,

Inc.,

Class

62,628

1,419,150

NEXTDC

Ltd.*(a)

624,438

5,859,349

19,176,530

Media

0.5%

Charter

Communications,

Inc.,

Class

A*(a)

34,998

5,074,010

EchoStar

Corp.,

Class

A*(a)

58,944

4,956,601

Liberty

Broadband

Corp.,

Class

C*(a)

48,813

1,661,594

Sirius

Holdings,

Inc.(a)

79,206

2,346,082

14,038,287

Multi-Utilities

6.4%

Dominion

Energy,

Inc.

362,874

25,099,995

E.ON

1,048,098

22,568,216

Engie

909,027

28,353,834

National

Grid

plc

2,417,625

38,716,874

Public

Service

Enterprise

Group,

Inc.

205,383

15,748,768

Sempra

269,853

23,895,483

Veolia

Environnement

949,551

37,658,679

192,041,849

Oil,

Gas

Consumable

Fuels

9.0%

Antero

Midstream

Corp.(a)

136,308

2,994,687

Cheniere

Energy,

Inc.

86,574

22,818,309

Midstream,

Inc.(a)

41,445

5,719,410

Enbridge,

Inc.

1,014,021

55,137,414

Hess

Midstream

LP,

Class

A(a)

52,497

2,143,453

Keyera

Corp.

126,177

5,357,025

Kinder

Morgan,

Inc.

815,085

26,229,435

Kinetik

Holdings,

Inc.,

Class

A(a)

23,025

1,164,374

Koninklijke

Vopak

NV(a)

28,551

1,608,961

Investments

Value

Oil,

Gas

Consumable

Fuels

(continued)

ONEOK,

Inc.(a)

259,722

23,585,355

Pembina

Pipeline

Corp.

272,616

13,319,386

Santos

Ltd.

1,542,675

8,494,623

Secure

Waste

Infrastructure

Corp.(a)

307,614

5,297,754

South

Bow

Corp.(a)

101,310

3,753,854

Targa

Resources

Corp.

88,416

23,905,034

Energy

Corp.

484,446

32,599,139

Transneft

PJSC

(Preference)*‡

147,300

—

Williams

Cos.,

Inc.

(The)

506,550

36,238,587

270,366,800

Software

0.6%

Nebius

Group

NV,

Class

A*(a)

91,179

17,361,393

Specialized

REITs

4.2%

American

Tower

Corp.,

REIT

193,410

33,529,558

Crown

Castle,

Inc.,

REIT

182,358

13,913,915

Digital

Realty

Trust,

Inc.,

REIT

137,229

25,870,411

Equinix,

Inc.,

REIT

41,131

41,924,006

Fermi,

Inc.,

REIT*(a)

124,335

707,466

Keppel

REIT,

REIT

1,565,700

2,719,669

SBA

Communications

Corp.,

Class

REIT

44,208

8,000,764

126,665,789

Transportation

Infrastructure

8.1%

Adani

Ports

Special

Economic

Zone

Ltd.

1,268,217

22,549,181

Aena

SME

SA(c)

1,044,414

32,060,036

Airports

Thailand

PCL,

NVDR

6,078,600

11,604,724

Atlas

Arteria

Ltd.

672,330

2,375,221

Auckland

International

Airport

Ltd.(a)

2,399,205

12,280,167

Bangkok

Expressway

Metro

PCL,

NVDR

8,473,200

1,712,783

China

Merchants

Port

Holdings

Co.

Ltd.

1,842,000

3,591,637

Dalrymple

Bay

Infrastructure

Ltd.

711,012

2,796,524

Flughafen

Zurich

(Registered)

26,709

7,824,032

Gemadept

Group

Corp.

644,700

1,887,489

Getlink

SE(a)

364,716

7,754,651

GMR

Airports

Ltd.*

5,273,646

5,817,785

Grupo

Aeroportuario

del

Centro

Norte

SAB

CV,

Class

391,425

5,218,805

Grupo

Aeroportuario

del

Pacifico

SAB

CV,

Class

580,230

12,591,871

Grupo

Aeroportuario

del

Sureste

SAB

CV,

Class

B(a)

248,670

6,874,170

International

Container

Terminal

Services,

Inc.

2,155,140

33,900,683

Jiangsu

Expressway

Co.

Ltd.,

Class

H(a)

1,842,000

2,283,238

Kamigumi

Co.

Ltd.

132,500

4,309,735

Motiva

Infraestrutura

Mobilidade

1,565,700

4,548,578

Promotora

Operadora

Infraestructura

SAB

257,880

4,064,898

Qube

Holdings

Ltd.

2,541,942

8,569,598

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

(cont.)

146

Investments

Value

COMMON

STOCKS

(continued)

Transportation

Infrastructure

(continued)

Shenzhen

International

Holdings

Ltd.

(a)

1,842,000

1,432,896

Transurban

Group

4,427,247

46,051,353

Westports

Holdings

Bhd.

1,381,500

2,410,399

244,510,454

Water

Utilities

3.0%

Aguas

Andinas

SA,

Class

3,786,231

1,384,448

American

States

Water

Co.

17,499

1,498,614

American

Water

Works

Co.,

Inc.(a)

81,048

10,874,210

Beijing

Enterprises

Water

Group

Ltd.

(a)

6,152,000

1,812,273

California

Water

Service

Group

26,709

1,338,388

Cia

Saneamento

Basico

Estado

Sao

Paulo

SABESP

3,328,043

18,144,684

Cia

Saneamento

Minas

Gerais

Copasa

276,300

3,489,745

Cia

Saneamento

Parana

Sanepar

(Preference)

1,565,700

2,191,083

Essential

Utilities,

Inc.

108,678

4,330,818

Guangdong

Investment

Ltd.

3,684,000

3,979,224

H2O

America(a)

14,736

903,759

Maynilad

Water

Services,

Inc.

3,776,100

1,159,599

Middlesex

Water

Co.(a)

9,210

527,733

Pennon

Group

plc

659,436

4,108,829

Severn

Trent

plc

380,373

15,448,749

United

Utilities

Group

plc

1,045,335

19,455,485

90,647,641

Wireless

Telecommunication

Services

7.9%

Bharti

Airtel

Ltd.

2,664,453

55,067,875

KDDI

Corp.

2,302,500

42,239,614

SoftBank

Group

Corp.

3,191,200

105,421,334

T-Mobile

US,

Inc.

208,146

35,948,896

238,677,719

Total

Common

Stocks

(Cost

$2,376,765,317)

2,986,022,581

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

3.4%(d)

CERTIFICATES

DEPOSIT

0.3%

Bank

Montreal,

Chicago

(SOFR

0.35%),

4.00%,

11/18/2026(e)

1,000,000

1,000,317

(SOFR

0.42%),

4.07%,

4/16/2027(e)

2,000,000

2,000,844

(SOFR

0.39%),

4.04%,

5/5/2027(e)

2,000,000

2,000,148

Nordea

Bank

Abp,

New

York

Branch

(SOFR

0.31%),

3.96%,

9/24/2026(e)

2,000,000

Investments

Principal

Amount

Value

CERTIFICATES

DEPOSIT

(continued)

Royal

Bank

Canada,

New

York

(SOFR

0.32%),

3.97%,

6/3/2027(e)

1,000,000

999,808

Total

Certificates

Deposit

(Cost

$8,000,000)

8,001,117

COMMERCIAL

PAPER

0.1%

Westpac

Banking

Corp.,

New

York

(SOFR

0.30%),

3.95%,

10/15/2026(e)

(Cost

$2,000,000)

2,000,000

2,000,288

INVESTMENT

COMPANIES

0.1%

BlackRock

Liquidity

FedFund

3.67%,

8/3/2026

800,000

Dreyfus

Treasury

Obligations

Cash

Management

Fund

3.68%,

8/3/2026

800,000

Invesco

Government

Agency

Portfolio

3.74%,

8/3/2026

800,000

Morgan

Stanley

Institutional

Liquidity

Fund

Government

Portfolio

3.69%,

8/3/2026

800,000

Total

Investment

Companies

(Cost

$3,200,000)

3,200,000

REPURCHASE

AGREEMENTS

2.9%

BofA

Securities,

Inc.

4.08%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$2,000,000,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

4.50%,

maturing

12/15/2028

8/15/2041;

total

market

value

$2,022,504

2,000,000

Secured

LLC

3.63%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$19,963,347,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

4.88%,

maturing

8/15/2026

2/15/2056;

total

market

value

$20,234,168

19,963,347

Citigroup

Global

Markets,

Inc.

3.64%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$20,000,000,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

1.38%

3.63%,

maturing

8/31/2029

11/15/2031;

total

market

value

$20,173,937

20,000,000

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

(cont.)

147

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

REPURCHASE

AGREEMENTS

(continued)

MetLife,

Inc.

3.64%,

dated

7/31/2026,

due

12/2/2026,

repurchase

price

$39,000,000,

collateralized

various

U.S.

Treasury

Securities,

0.00%,

maturing

2/15/2045

8/15/2046;

total

market

value

$39,273,668

39,000,000

The

Bank

Nova

Scotia,

Toronto

3.80%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$7,000,000,

collateralized

various

Common

Stocks;

total

market

value

$7,702,106

7,000,000

Total

Repurchase

Agreements

(Cost

$87,963,347)

87,963,347

Total

Securities

Lending

Reinvestments

(Cost

$101,163,347)

101,164,752

Total

Investments

102.7%

(Cost

$2,477,928,664)

3,087,187,333

Liabilities

excess

other

assets

(2.7%)

(81,186,616)

NET

ASSETS

100.0%

$3,006,000,717

Non-income

producing

security.

‡

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

(a)

The

security

portion

this

security

loan

July

31,

2026.

The

total

value

securities

loan

July

31,

2026

was

$248,194,608,

collateralized

the

form

cash

with

value

$101,163,347

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments;

$46,239,154

collateral

the

form

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

September

14,

2026

–

June

30,

2120

and

$112,673,034

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

August

06,

2026

–

May

15,

2056;

total

value

$260,075,535.

(b)

Represents

less

than

0.05%

net

assets.

(c)

Security

exempt

from

registration

pursuant

Regulation

under

the

Securities

Act

1933.

Regulation

applies

securities

offerings

that

are

made

outside

the

United

States

and

not

involve

direct

selling

efforts

the

United

States

and

such

may

have

restrictions

resale.

(d)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

July

31,

2026.

The

total

value

securities

purchased

was

$101,164,752.

(e)

Variable

floating

rate

security,

linked

the

referenced

benchmark.

The

interest

rate

shown

the

rate

effect

July

31,

2026.

Percentages

shown

are

based

Net

Assets.

Abbreviations

NVDR

—

Non-Voting

Depositary

Receipt

PJSC

—

Public

Joint

Stock

Company

Preference

—

special

type

equity

investment

that

the

earnings

the

company,

has

limited

voting

rights,

and

may

have

dividend

preference.

Preference

may

also

have

liquidation

preference.

REIT

—

Real

Estate

Investment

Trust

SOFR

—

Secured

Overnight

Financing

Rate

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

(cont.)

148

Futures

Contracts

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

Fund

had

the

following

open

futures

contracts

July

31,

2026:

Number

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

FTSE

100

Index

09/18/2026

GBP

13,013,201

350,500

S&P

500

E-Mini

Index

09/18/2026

USD

4,887,512

23,312

S&P/TSX

Index

09/17/2026

CAD

9,212,603

85,585

SPI

200

Index

09/17/2026

AUD

4,867,865

54,980

514,377

Forward

Foreign

Currency

Contracts

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

Fund

had

the

following

outstanding

contracts

July

31,

2026:

Contracts

Receive

Counterparty

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

CAD

2,049,000

TORONTO

DOMINION

BANK

USD

1,449,843

09/16/2026

13,568

GBP

575,000

JPMORGAN

BANK,

N.A.

NEW

YORK

USD

772,041

09/16/2026

1,748

JPY

250,000,000

MORGAN

STANLEY

INC

USD

1,552,431

09/16/2026

23,159

Total

unrealized

appreciation

38,475

CAD

1,350,000

JPMORGAN

BANK,

N.A.

NEW

YORK

USD

965,073

09/16/2026

(892)

USD

5,196,456

BANK

NEW

YORK

DTC00901

AUD

7,500,000

09/16/2026

(66,871)

USD

9,929,138

TORONTO

DOMINION

BANK

AUD

14,370,000

09/16/2026

(155,396)

USD

806,426

BANK

MONTREAL,

THE

GBP

600,000

09/16/2026

(1,005)

USD

926,066

TORONTO

DOMINION

BANK

GBP

700,000

09/16/2026

(15,937)

Total

unrealized

depreciation

(240,101)

Net

unrealized

depreciation

(201,626)

Abbreviations:

AUD

—

Australian

Dollar

CAD

—

Canadian

Dollar

GBP

—

British

Pound

JPY

—

Japanese

Yen

USD

—

Dollar

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

STOXX

Global

Broad

Infrastructure

Index

Fund

(cont.)

149

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

invested,

percentage

net

assets,

companies

domiciled

the

following

countries

July

31,

2026:

Australia

3.3

Austria

0.1

Brazil

1.4

Canada

11.8

Chile

0.0

†

China

0.6

France

2.5

Germany

8.2

Hong

Kong

0.5

India

3.8

Israel

0.1

Italy

2.0

Japan

10.0

Malaysia

0.3

Mexico

1.0

Netherlands

1.1

New

Zealand

0.4

Philippines

1.2

Portugal

0.0

†

Singapore

0.1

Spain

3.9

Switzerland

0.8

Taiwan

0.0

†

Tanzania

0.1

Thailand

1.0

United

Kingdom

3.6

United

States

41.4

Vietnam

0.1

Other

0.7

100.0%

†

Amount

represents

less

than

0.05%.

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

Net

Assets

Common

Stocks

99.3

Securities

Lending

Reinvestments

3.4

Others

(1)

(2.7)

100.0%

(1)

Includes

any

other

net

assets/(liabilities).

150

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

Schedule

Investments

FlexShares

Global

Quality

Real

Estate

Index

Fund

July

31,

2026

(Unaudited)

Investments

Value

COMMON

STOCKS

Diversified

REITs

American

Assets

Trust,

Inc.,

REIT

46,800

1,104,012

Broadstone

Net

Lease,

Inc.,

REIT(a)

98,540

2,109,741

Charter

Hall

Group,

REIT

233,610

3,827,893

Covivio

SA,

REIT

25,220

1,534,992

Daiwa

House

REIT

Investment

Corp.,

REIT

2,272

1,762,236

H&R

REIT,

REIT(a)

129,870

1,020,186

Mapletree

Pan

Asia

Commercial

Trust,

REIT

1,227,700

1,271,881

Shaftesbury

Capital

plc,

REIT(a)

758,030

1,466,931

Sirius

Real

Estate

Ltd.,

REIT(a)

856,960

1,141,145

Stockland,

REIT(a)

152,230

456,543

Carey,

Inc.,

REIT

113,230

8,333,728

24,029,288

Health

Care

REITs

CareTrust

REIT,

Inc.,

REIT(a)

116,740

4,896,075

LTC

Properties,

Inc.,

REIT

29,510

1,187,482

Medical

Properties

Trust,

Inc.,

REIT(a)

265,460

1,229,080

National

Health

Investors,

Inc.,

REIT(a)

24,180

1,853,397

Omega

Healthcare

Investors,

Inc.,

REIT

153,530

7,773,224

Sabra

Health

Care

REIT,

Inc.,

REIT(a)

129,610

2,743,844

Welltower,

Inc.,

REIT

81,250

19,048,250

38,731,352

Hotel

Resort

REITs

Apple

Hospitality

REIT,

Inc.,

REIT(a)

116,740

1,927,377

CapitaLand

Ascott

Trust,

REIT

1,521,000

1,072,211

DiamondRock

Hospitality

Co.,

REIT

112,450

1,488,838

Host

Hotels

Resorts,

Inc.,

REIT

359,450

9,032,979

Park

Hotels

Resorts,

Inc.,

REIT(a)

107,900

1,624,974

RLJ

Lodging

Trust,

REIT(a)

111,800

1,369,550

Sunstone

Hotel

Investors,

Inc.,

REIT

108,940

1,282,224

Xenia

Hotels

Resorts,

Inc.,

REIT(a)

66,560

1,369,805

19,167,958

Household

Durables

Iida

Group

Holdings

Co.

Ltd.(a)

88,400

1,270,828

Open

House

Group

Co.

Ltd.(a)

36,300

1,939,876

3,210,704

Industrial

REITs

ARGAN

SA,

REIT

2,340

204,075

Centuria

Industrial

REIT,

REIT(a)

434,720

919,030

Dream

Industrial

REIT,

REIT(a)

106,730

1,094,803

EastGroup

Properties,

Inc.,

REIT

27,560

5,760,316

First

Industrial

Realty

Trust,

Inc.,

REIT

69,290

4,562,054

GLP

J-REIT,

REIT

2,340

2,130,947

Investments

Value

Industrial

REITs

(continued)

Granite

REIT,

REIT(a)

17,420

1,194,695

Innovative

Industrial

Properties,

Inc.,

REIT

19,760

1,162,086

LXP

Industrial

Trust,

REIT

30,940

1,872,798

Mitsui

Fudosan

Logistics

Park,

Inc.,

REIT(a)

1,762

1,196,245

Montea

NV,

REIT

12,740

996,744

Prologis,

Inc.,

REIT

134,420

19,438,476

STAG

Industrial,

Inc.,

REIT(a)

96,980

3,710,455

Terreno

Realty

Corp.,

REIT

54,080

3,874,832

Tritax

Big

Box

REIT

plc,

REIT

1,263,990

2,893,426

51,010,982

Office

REITs

Colonial

SFL

Socimi

SA,

REIT(a)

33,020

210,851

COPT

Defense

Properties,

REIT(a)

58,890

2,235,465

Cousins

Properties,

Inc.,

REIT

86,840

2,739,802

Great

Portland

Estates

plc,

REIT(a)

239,460

1,124,664

Highwoods

Properties,

Inc.,

REIT(a)

57,070

1,890,729

Japan

Excellent,

Inc.,

REIT(a)

1,040

941,209

JBG

SMITH

Properties,

REIT(a)

62,400

876,720

Keppel

REIT,

REIT

1,807,000

1,294,937

Kilroy

Realty

Corp.,

REIT(a)

58,760

2,281,063

NIPPON

REIT

Investment

Corp.,

REIT

1,580

831,553

Piedmont

Realty

Trust,

Inc.,

Class

REIT*(a)

123,890

1,200,494

Tokyu

REIT,

Inc.,

REIT(a)

727

867,058

Vornado

Realty

Trust,

REIT

85,280

3,359,179

19,853,724

Real

Estate

Management

Development

Allreal

Holding

(Registered)

7,670

2,005,074

Amot

Investments

Ltd.

142,350

864,192

Aroundtown

399,230

995,836

Big

Shopping

Centers

Ltd.

8,320

1,869,055

Capitaland

India

Trust

988,000

815,766

City

Developments

Ltd.

260,000

1,589,812

Asset

Holdings

Ltd.

994,500

6,067,241

CTP

NV(b)

69,185

1,240,180

Daito

Trust

Construction

Co.

Ltd.

153,000

3,237,287

Grand

City

Properties

75,140

836,859

Hang

Lung

Group

Ltd.(a)

520,000

916,446

Hongkong

Land

Holdings

Ltd.

560,564

4,551,780

Howard

Hughes

Holdings,

Inc.*

17,030

1,088,558

Ichigo,

Inc.(a)

299,000

777,428

Intershop

Holding

4,680

996,102

Investis

Holding

SA(b)

417

78,344

Isras

Investment

Co.

Ltd.(a)

2,860

789,217

Katitas

Co.

Ltd.(a)

45,000

959,491

Mega

Holdings

Ltd.,

REIT(a)

12,350

2,004,054

Melisron

Ltd.

12,220

1,603,447

Mobimo

Holding

(Registered)

3,770

1,628,595

Nomura

Real

Estate

Holdings,

Inc.(a)

279,100

1,612,636

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Global

Quality

Real

Estate

Index

Fund

(cont.)

151

Investments

Value

COMMON

STOCKS

(continued)

Real

Estate

Management

Development

(continued)

PSP

Swiss

Property

(Registered)

23,660

4,269,650

Singapore

Land

Group

Ltd.

26,000

66,833

Sino

Land

Co.

Ltd.

1,870,633

2,552,511

Joe

Co.

(The)

19,240

1,197,498

Sumitomo

Realty

Development

Co.

Ltd.

315,900

7,148,298

Sun

Hung

Kai

Properties

Ltd.(a)

703,500

11,052,744

Tokyo

Tatemono

Co.

Ltd.(a)

95,900

2,039,964

Tokyu

Fudosan

Holdings

Corp.

299,000

2,509,741

UOL

Group

Ltd.

238,400

1,838,417

VGP

NV(a)

11,050

1,073,026

Zug

Estates

Holding

AG,

Class

109,758

70,385,840

Residential

REITs

American

Homes

Rent,

Class

REIT

173,030

5,782,663

AvalonBay

Communities,

Inc.,

REIT

73,450

13,633,054

Boardwalk

REIT,

REIT(a)

21,060

994,565

Camden

Property

Trust,

REIT

55,120

6,107,847

Centerspace,

REIT

14,950

819,858

Equity

Residential,

REIT

187,720

12,473,994

Independence

Realty

Trust,

Inc.,

REIT(a)

124,150

2,064,614

41,876,595

Retail

REITs

Brixmor

Property

Group,

Inc.,

REIT

160,030

5,042,545

BWP

Property

Group

Ltd.,

REIT

408,070

1,114,905

Carmila

SA,

REIT

50,050

973,187

REIT,

REIT(a)

73,840

981,130

Eurocommercial

Properties

NV,

REIT

34,737

1,119,066

First

Capital

REIT,

REIT

66,690

1,090,068

Fukuoka

REIT

Corp.,

REIT(a)

824

925,819

Getty

Realty

Corp.,

REIT(a)

34,320

1,171,685

HomeCo

Daily

Needs

REIT,

REIT(b)

1,225,250

1,088,601

InvenTrust

Properties

Corp.,

REIT(a)

40,300

1,427,023

Japan

Metropolitan

Fund

Invest,

REIT

3,689

2,731,563

Kimco

Realty

Corp.,

REIT(a)

353,990

9,019,665

Kite

Realty

Group

Trust,

REIT

113,360

3,244,363

Klepierre

SA,

REIT

111,410

5,042,710

NNN

REIT,

Inc.,

REIT(a)

97,240

4,620,845

Primaris

REIT,

REIT(a)

69,420

1,133,701

Realty

Income

Corp.,

REIT

32,630

2,084,078

Regency

Centers

Corp.,

REIT

90,740

7,285,515

Retail

Estates

NV,

REIT

2,190

166,301

RioCan

REIT,

REIT

78,000

1,233,232

Simon

Property

Group,

Inc.,

REIT

72,280

16,578,864

SmartCentres

REIT,

REIT(a)

52,000

1,095,342

Starhill

Global

REIT,

REIT

265,700

114,865

Tanger,

Inc.,

REIT(a)

60,190

2,447,325

Unibail-Rodamco-Westfield,

REIT

63,700

7,717,441

Vicinity

Ltd.,

REIT

2,007,330

3,778,393

Investments

Value

Retail

REITs

(continued)

Waypoint

REIT

Ltd.,

REIT

560,170

979,654

84,207,886

Specialized

REITs

American

Tower

Corp.,

REIT

35,620

6,175,083

Big

Yellow

Group

plc,

REIT(a)

105,690

1,262,312

Digital

Realty

Trust,

Inc.,

REIT

16,640

3,136,973

EPR

Properties,

REIT

39,000

2,420,730

Equinix,

Inc.,

REIT

27,170

27,693,838

Millrose

Properties,

Inc.,

REIT(a)

64,090

1,793,238

Outfront

Media,

Inc.,

REIT(a)

78,260

2,494,146

Public

Storage,

REIT

3,900

1,264,263

Rayonier,

Inc.,

REIT(a)

79,560

1,732,817

Safestore

Holdings

plc,

REIT(a)

116,090

961,584

Shurgard

Self

Storage

Ltd.,

REIT

27,560

803,827

VICI

Properties,

Inc.,

Class

REIT

554,840

14,620,034

64,358,845

Total

Common

Stocks

(Cost

$365,503,672)

416,833,174

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

(c)

INVESTMENT

COMPANIES

BlackRock

Liquidity

FedFund

3.67%,

8/3/2026

200,000

Dreyfus

Treasury

Obligations

Cash

Management

Fund

3.68%,

8/3/2026

200,000

Invesco

Government

Agency

Portfolio

3.74%,

8/3/2026

200,000

Morgan

Stanley

Institutional

Liquidity

Fund

Government

Portfolio

3.69%,

8/3/2026

200,000

Total

Investment

Companies

(Cost

$800,000)

800,000

REPURCHASE

AGREEMENTS

Secured

LLC

3.63%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$9,928,548,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

4.88%,

maturing

8/15/2026

2/15/2056;

total

market

value

$10,063,238

9,928,548

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Global

Quality

Real

Estate

Index

Fund

(cont.)

152

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

REPURCHASE

AGREEMENTS

(continued)

Citigroup

Global

Markets,

Inc.

3.64%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$7,000,000,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

1.38%

3.63%,

maturing

8/31/2029

11/15/2031;

total

market

value

$7,060,878

7,000,000

National

Bank

Canada

Financial

Inc.

3.80%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$3,000,000,

collateralized

various

Common

Stocks;

total

market

value

$3,226,957

3,000,000

The

Bank

Nova

Scotia,

Toronto

3.80%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$2,000,000,

collateralized

various

Common

Stocks;

total

market

value

$2,200,602

2,000,000

Total

Repurchase

Agreements

(Cost

$21,928,548)

21,928,548

Total

Securities

Lending

Reinvestments

(Cost

$22,728,548)

22,728,548

Total

Investments

103.4%

(Cost

$388,232,220)

439,561,722

Liabilities

excess

other

assets

(3.4%)

(14,644,320)

NET

ASSETS

100.0%

$424,917,402

Non-income

producing

security.

(a)

The

security

portion

this

security

loan

July

31,

2026.

The

total

value

securities

loan

July

31,

2026

was

$55,595,475,

collateralized

the

form

cash

with

value

$22,728,548

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments;

$9,541,255

collateral

the

form

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

September

14,

2026

–

June

30,

2120

and

$26,049,120

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

August

06,

2026

–

May

15,

2056;

total

value

$58,318,923.

(b)

Security

exempt

from

registration

pursuant

Regulation

under

the

Securities

Act

1933.

Regulation

applies

securities

offerings

that

are

made

outside

the

United

States

and

not

involve

direct

selling

efforts

the

United

States

and

such

may

have

restrictions

resale.

(c)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

July

31,

2026.

The

total

value

securities

purchased

was

$22,728,548.

Percentages

shown

are

based

Net

Assets.

Abbreviations

REIT

—

Real

Estate

Investment

Trust

Futures

Contracts

FlexShares

Global

Quality

Real

Estate

Index

Fund

had

the

following

open

futures

contracts

July

31,

2026:

Number

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

(

Depreciation

)

Long

Contracts

‌

EURO

STOXX

Index

09/18/2026

EUR

586,596

1,197

S&P

Midcap

400

E-Mini

Index

09/18/2026

USD

4,904,770

(

62,725

)

SPI

200

Index

09/17/2026

AUD

2,512,447

33,756

(

27,772

)

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Global

Quality

Real

Estate

Index

Fund

(cont.)

153

Forward

Foreign

Currency

Contracts

FlexShares

Global

Quality

Real

Estate

Index

Fund

had

the

following

outstanding

contracts

July

31,

2026:

Contracts

Receive

Counterparty

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

GBP

20,000

MORGAN

STANLEY

INC

USD

26,879

09/16/2026

USD

140,482

BANK

MONTREAL,

THE

AUD

200,000

09/16/2026

127

USD

51,551

JPMORGAN

BANK,

N.A.

NEW

YORK

CHF

40,000

09/16/2026

1,872

USD

195,952

BANK

MONTREAL,

THE

EUR

170,000

09/16/2026

USD

257,847

CITIBANK

N.A.

EUR

220,000

09/16/2026

4,281

USD

188,657

CITIBANK

N.A.

GBP

140,000

09/16/2026

257

USD

250,959

BNP-PARIBAS

HKD

1,960,000

09/16/2026

624

USD

179,116

JPMORGAN

BANK,

N.A.

NEW

YORK

HKD

1,400,000

09/16/2026

305

USD

237,577

CITIBANK

N.A.

JPY

37,500,000

09/16/2026

1,238

USD

89,035

MORGAN

STANLEY

INC

SGD

112,894

09/16/2026

823

Total

unrealized

appreciation

9,575

AUD

75,641

MORGAN

STANLEY

INC

USD

53,847

09/16/2026

(

764

)

CAD

169,730

BANK

MONTREAL,

THE

USD

123,264

09/16/2026

(

2,041

)

CHF

80,000

UBS

STAMFORD

BRANCH

USD

103,548

09/16/2026

(

4,189

)

EUR

135,645

JPMORGAN

BANK,

N.A.

NEW

YORK

USD

158,717

09/16/2026

(

2,376

)

HKD

3,070,000

BANK

MONTREAL,

THE

USD

393,237

09/16/2026

(

1,131

)

HKD

1,850,000

JPMORGAN

BANK,

N.A.

NEW

YORK

USD

236,533

09/16/2026

(

248

)

ILS

108,154

MORGAN

STANLEY

INC

USD

37,939

09/16/2026

(

2,568

)

JPY

66,213,000

TORONTO

DOMINION

BANK

USD

419,064

09/16/2026

(

1,765

)

SGD

250,000

BNP-PARIBAS

USD

197,481

09/16/2026

(

2,140

)

USD

127,957

BANK

MONTREAL,

THE

CAD

180,000

09/16/2026

(

600

)

USD

212,304

JPMORGAN

BANK,

N.A.

NEW

YORK

CAD

300,000

09/16/2026

(

1,959

)

USD

79,508

BANK

MONTREAL,

THE

GBP

60,000

09/16/2026

(

1,235

)

USD

316,917

BANK

MONTREAL,

THE

JPY

50,630,000

09/16/2026

(

2,171

)

Total

unrealized

depreciation

(

23,187

)

Net

unrealized

depreciation

(

13,612

)

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

—

Dollar

155

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares®

Trust

Schedule

Investments

FlexShares

Quality

Dividend

Index

Fund

July

31,

2026

(Unaudited)

Investments

Value

COMMON

STOCKS

Aerospace

Defense

Aerospace

161,205

58,045,084

Automobile

Components

Autoliv,

Inc.(a)

47,873

5,896,517

Banks

Bank

America

Corp.

30,287

1,876,279

Cullen/Frost

Bankers,

Inc.(a)

80,114

13,326,163

East

West

Bancorp,

Inc.

89,884

11,774,804

JPMorgan

Chase

Co.

161,205

56,710,307

Prosperity

Bancshares,

Inc.(a)

187,786

14,059,538

Truist

Financial

Corp.

234,480

12,155,443

Bancorp

243,273

15,328,632

125,231,166

Beverages

(b)

Coca-Cola

Co.

(The)

2,931

256,726

Biotechnology

AbbVie,

Inc.

259,882

65,214,789

Gilead

Sciences,

Inc.

189,538

24,679,743

89,894,532

Broadline

Retail

Dillard's,

Inc.,

Class

A(a)

19,540

11,496,163

eBay,

Inc.

107,470

12,252,655

23,748,818

Building

Products

Smith

Corp.(a)

126,033

7,578,365

Trane

Technologies

plc

34,195

15,557,015

23,135,380

Capital

Markets

Ameriprise

Financial,

Inc.

25,402

13,865,428

Blue

Owl

Capital

Corp.(a)

990,678

10,649,788

Invesco

Ltd.

395,685

11,712,276

State

Street

Corp.

76,206

14,034,097

Rowe

Price

Group,

Inc.(a)

108,447

12,118,952

62,380,541

Chemicals

Scotts

Miracle-Gro

Co.

(The)(a)

185,630

12,192,178

Commercial

Services

Supplies

Cintas

Corp.

30,287

6,197,629

Communications

Equipment

Cisco

Systems,

Inc.

565,683

65,613,571

Construction

Engineering

Comfort

Systems

USA,

Inc.

6,839

11,829,350

Investments

Value

Consumer

Finance

Ally

Financial,

Inc.

159,251

6,900,346

OneMain

Holdings,

Inc.(a)

104,539

6,542,050

Synchrony

Financial

157,297

11,921,540

25,363,936

Consumer

Staples

Distribution

Retail

Costco

Wholesale

Corp.

3,908

3,719,986

Diversified

Consumer

Services

H&R

Block,

Inc.(a)

281,376

12,388,985

Diversified

Telecommunication

Services

Comcast

Corp.,

Class

566,660

13,577,174

Electric

Utilities

Edison

International(a)

67,413

4,946,092

Electrical

Equipment

Vernova,

Inc.

32,241

31,927,940

Rockwell

Automation,

Inc.

27,611

13,255,489

Vertiv

Holdings

Co.,

Class

55,689

13,452,792

58,636,221

Energy

Equipment

Services

(b)

Weatherford

International

plc(a)

11,724

1,029,250

Entertainment

Electronic

Arts,

Inc.

58,620

12,301,993

Warner

Music

Group

Corp.,

Class

16,609

431,170

12,733,163

Financial

Services

Corebridge

Financial,

Inc.(a)

388,846

12,128,107

Jackson

Financial,

Inc.,

Class

95,746

11,707,821

Mastercard,

Inc.,

Class

3,908

2,239,675

PayPal

Holdings,

Inc.

260,859

14,923,743

Visa,

Inc.,

Class

21,494

7,869,598

48,868,944

Gas

Utilities

UGI

Corp.

313,617

11,327,846

Ground

Transportation

Union

Pacific

Corp.

89,884

26,257,813

Health

Care

Equipment

Supplies

ResMed,

Inc.(a)

36,149

7,626,716

Health

Care

Providers

Services

(b)

UnitedHealth

Group,

Inc.

977

404,869

Hotel

Resort

REITs

Host

Hotels

Resorts,

Inc.,

REIT

510,971

12,840,701

Hotels,

Restaurants

Leisure

Booking

Holdings,

Inc.

122,125

23,557,913

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Quality

Dividend

Index

Fund

(cont.)

156

Investments

Value

COMMON

STOCKS

(continued)

Hotels,

Restaurants

Leisure

(continued)

Domino's

Pizza,

Inc.

7,146

2,482,806

Expedia

Group,

Inc.

52,758

15,549,893

Starbucks

Corp.

44,942

4,730,146

Vail

Resorts,

Inc.(a)

20,517

3,064,829

49,385,587

Household

Durables

Installed

Building

Products,

Inc.(a)

29,310

6,534,371

Household

Products

Clorox

Co.

(The)(a)

73,275

6,999,961

Colgate-Palmolive

Co.

30,287

2,765,203

Procter

Gamble

Co.

(The)

350,743

50,678,856

60,444,020

Industrial

REITs

First

Industrial

Realty

Trust,

Inc.,

REIT

172,929

11,385,645

Insurance

Aflac,

Inc.

94,769

12,081,152

Kemper

Corp.

357,582

10,148,177

MetLife,

Inc.

144,596

13,900,014

Old

Republic

International

Corp.(a)

271,606

11,736,095

Principal

Financial

Group,

Inc.

80,114

9,108,962

Prudential

Financial,

Inc.

115,286

14,074,115

71,048,515

Interactive

Media

Services

Alphabet,

Inc.,

Class

149,481

53,234,669

Alphabet,

Inc.,

Class

121,148

43,207,434

Match

Group,

Inc.

296,031

11,666,582

108,108,685

Services

Accenture

plc,

Class

93,792

15,561,969

Amdocs

Ltd.

91,838

5,117,213

Cognizant

Technology

Solutions

Corp.,

Class

A(a)

223,722

12,383,013

33,062,195

Leisure

Products

Hasbro,

Inc.

118,217

11,105,305

Machinery

Caterpillar,

Inc.

1,954

1,592,138

Illinois

Tool

Works,

Inc.

50,804

14,578,208

Snap-on,

Inc.

25,402

10,425,235

26,595,581

Media

New

York

Times

Co.

(The),

Class

A(a)

141,665

10,609,292

Metals

Mining

Anglogold

Ashanti

plc(a)

126,033

9,996,938

Investments

Value

Metals

Mining

(continued)

Southern

Copper

Corp.(a)

63,505

11,602,998

21,599,936

Mortgage

Real

Estate

Investment

Trusts

(REITs)

Starwood

Property

Trust,

Inc.(a)

552,005

8,821,040

Oil,

Gas

Consumable

Fuels

APA

Corp.(a)

276,048

10,302,112

ExxonMobil

Holdings

Corp.*

64,482

10,023,082

20,325,194

Pharmaceuticals

Bristol-Myers

Squibb

Co.

310,686

20,290,903

Eli

Lilly

Co.

13,678

15,713,833

Johnson

243,273

62,363,034

Zoetis,

Inc.,

Class

67,413

5,210,351

103,578,121

Professional

Services

Automatic

Data

Processing,

Inc.

62,528

16,661,211

Booz

Allen

Hamilton

Holding

Corp.,

Class

15,632

1,089,863

Broadridge

Financial

Solutions,

Inc.

22,471

3,459,410

21,210,484

Residential

REITs

American

Homes

Rent,

Class

REIT(a)

51,781

1,730,521

AvalonBay

Communities,

Inc.,

REIT

60,574

11,243,140

Camden

Property

Trust,

REIT

104,539

11,583,967

24,557,628

Retail

REITs

Brixmor

Property

Group,

Inc.,

REIT

243,273

7,665,532

Federal

Realty

Investment

Trust,

REIT

95,746

11,881,121

Regency

Centers

Corp.,

REIT

132,872

10,668,293

30,214,946

Semiconductors

Semiconductor

Equipment

Broadcom,

Inc.

228,618

88,996,415

KLA

Corp.

199,812

36,529,630

Lam

Research

Corp.

194,423

56,969,827

NVIDIA

Corp.

699,532

140,431,049

QUALCOMM,

Inc.

165,113

24,372,330

347,299,251

Software

Clear

Secure,

Inc.,

Class

110,653

6,112,472

Intuit,

Inc.

42,011

13,278,417

Microsoft

Corp.

189,538

88,082,099

107,472,988

Specialized

REITs

EPR

Properties,

REIT(a)

175,860

10,915,630

Public

Storage,

REIT(a)

41,034

13,301,992

VICI

Properties,

Inc.,

Class

REIT

407,409

10,735,227

34,952,849

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Quality

Dividend

Index

Fund

(cont.)

157

Investments

Value

COMMON

STOCKS

(continued)

Specialty

Retail

Bath

Body

Works,

Inc.

662,406

13,327,609

Best

Buy

Co.,

Inc.(a)

190,515

16,433,824

TJX

Cos.,

Inc.

(The)

1,954

307,442

Williams-Sonoma,

Inc.

65,459

14,967,855

45,036,730

Technology

Hardware,

Storage

Peripherals

Apple,

Inc.

622,349

192,249,830

NetApp,

Inc.

94,769

16,916,266

Western

Digital

Corp.

51,781

28,212,360

237,378,456

Textiles,

Apparel

Luxury

Goods

Tapestry,

Inc.

85,976

13,100,163

Tobacco

Altria

Group,

Inc.

257,928

17,624,220

Philip

Morris

International,

Inc.

220,802

42,133,438

59,757,658

Trading

Companies

Distributors

Fastenal

Co.

225,687

10,767,527

Total

Common

Stocks

(Cost

$1,453,065,424)

2,198,495,355

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

(c)

CERTIFICATES

DEPOSIT

Bank

Montreal,

Chicago

(SOFR

0.35%),

4.00%,

11/18/2026(d)

1,000,000

1,000,317

(SOFR

0.42%),

4.07%,

4/16/2027(d)

2,000,000

2,000,844

(SOFR

0.39%),

4.04%,

5/5/2027(d)

2,000,000

2,000,148

BNP

Paribas,

New

York

(SOFR

0.26%),

3.91%,

12/2/2026(d)

2,000,000

2,000,022

Nordea

Bank

Abp,

New

York

Branch

(SOFR

0.31%),

3.96%,

9/24/2026(d)

2,000,000

Royal

Bank

Canada,

New

York

(SOFR

0.32%),

3.97%,

6/3/2027(d)

1,000,000

999,808

Toronto-Dominion

Bank,

New

York

(SOFR

0.31%),

3.96%,

10/9/2026(d)

2,000,000

2,000,466

Total

Certificates

Deposit

(Cost

$12,000,000)

12,001,605

Investments

Principal

Amount

Value

COMMERCIAL

PAPER

Westpac

Banking

Corp.,

New

York

(SOFR

0.30%),

3.95%,

10/15/2026(d)

(Cost

$2,000,000)

2,000,000

2,000,288

INVESTMENT

COMPANIES

BlackRock

Liquidity

FedFund

3.67%,

8/3/2026

600,000

Dreyfus

Treasury

Obligations

Cash

Management

Fund

3.68%,

8/3/2026

600,000

Invesco

Government

Agency

Portfolio

3.74%,

8/3/2026

600,000

Morgan

Stanley

Institutional

Liquidity

Fund

Government

Portfolio

3.69%,

8/3/2026

600,000

Total

Investment

Companies

(Cost

$2,400,000)

2,400,000

REPURCHASE

AGREEMENTS

BofA

Securities,

Inc.

4.08%,

dated

7/31/2026,

due

4/16/2027,

repurchase

price

$8,000,000,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

4.50%,

maturing

12/15/2028

8/15/2041;

total

market

value

$8,090,016

8,000,000

Secured

LLC

3.63%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$19,128,814,

collateralized

various

Common

Stocks,

U.S.

Treasury

Securities,

ranging

from

0.00%

4.88%,

maturing

8/15/2026

2/15/2056;

total

market

value

$19,388,315

19,128,814

Citigroup

Global

Markets,

Inc.

3.64%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$15,000,000,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

1.38%

3.63%,

maturing

8/31/2029

11/15/2031;

total

market

value

$15,130,453

15,000,000

MetLife,

Inc.

3.64%,

dated

7/31/2026,

due

12/2/2026,

repurchase

price

$10,000,000,

collateralized

various

U.S.

Treasury

Securities,

0.00%,

maturing

2/15/2045

8/15/2046;

total

market

value

$10,070,171

10,000,000

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Quality

Dividend

Index

Fund

(cont.)

158

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

REPURCHASE

AGREEMENTS

(continued)

National

Bank

Canada

Financial

Inc.

3.80%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$10,000,000,

collateralized

various

Common

Stocks;

total

market

value

$10,756,523

10,000,000

Securities

(USA)

LLC

3.98%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$2,000,000,

collateralized

various

Common

Stocks;

total

market

value

$2,202,231

2,000,000

The

Bank

Nova

Scotia,

Toronto

3.80%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$15,000,000,

collateralized

various

Common

Stocks;

total

market

value

$16,504,513

15,000,000

Total

Repurchase

Agreements

(Cost

$79,128,814)

79,128,814

Total

Securities

Lending

Reinvestments

(Cost

$95,528,814)

95,530,707

Total

Investments

103.4%

(Cost

$1,548,594,238)

2,294,026,062

Liabilities

excess

other

assets

(3.4%)

(76,190,330)

NET

ASSETS

100.0%

$2,217,835,732

Non-income

producing

security.

(a)

The

security

portion

this

security

loan

July

31,

2026.

The

total

value

securities

loan

July

31,

2026

was

$144,591,594,

collateralized

the

form

cash

with

value

$95,528,814

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments;

$2,355,214

collateral

the

form

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

5.75%,

and

maturity

dates

ranging

from

November

30,

2026

–

December

07,

2055

and

$52,128,033

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

August

13,

2026

–

November

15,

2055;

total

value

$150,012,061.

(b)

Represents

less

than

0.05%

net

assets.

(c)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

July

31,

2026.

The

total

value

securities

purchased

was

$95,530,707.

(d)

Variable

floating

rate

security,

linked

the

referenced

benchmark.

The

interest

rate

shown

the

rate

effect

July

31,

2026.

Percentages

shown

are

based

Net

Assets.

Abbreviations

REIT

—

Real

Estate

Investment

Trust

SOFR

—

Secured

Overnight

Financing

Rate

160

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

Schedule

Investments

FlexShares

Quality

Dividend

Defensive

Index

Fund

July

31,

2026

(Unaudited)

Investments

Value

COMMON

STOCKS

Aerospace

Defense

Aerospace

512

184,356

Lockheed

Martin

Corp.

7,872

4,587,329

4,771,685

Air

Freight

Logistics

Robinson

Worldwide,

Inc.

15,006

2,216,837

Expeditors

International

Washington,

Inc.

15,498

2,601,959

4,818,796

Banks

Bank

America

Corp.

7,626

472,431

Citigroup,

Inc.

11,316

1,498,804

Commerce

Bancshares,

Inc.

48,954

2,901,504

Cullen/Frost

Bankers,

Inc.

17,958

2,987,134

East

West

Bancorp,

Inc.

22,386

2,932,566

JPMorgan

Chase

Co.

32,718

11,509,865

Prosperity

Bancshares,

Inc.

42,312

3,167,899

Truist

Financial

Corp.

58,794

3,047,881

Bancorp

61,008

3,844,114

32,362,198

Beverages

(a)

Coca-Cola

Co.

(The)

1,280

112,115

Biotechnology

AbbVie,

Inc.

65,928

16,543,972

Amgen,

Inc.

10,086

3,884,724

Gilead

Sciences,

Inc.

44,772

5,829,762

26,258,458

Broadline

Retail

Dillard's,

Inc.,

Class

A(b)

3,936

2,315,706

eBay,

Inc.

26,568

3,029,018

5,344,724

Building

Products

Carlisle

Cos.,

Inc.

5,166

1,859,347

Masco

Corp.

12,546

896,788

Trane

Technologies

plc

8,364

3,805,202

6,561,337

Capital

Markets

Blue

Owl

Capital

Corp.(b)

244,278

2,625,989

Invesco

Ltd.

12,054

356,798

2,982,787

Chemicals

Industries

Holdings,

Inc.

22,386

2,802,503

NewMarket

Corp.

3,198

2,718,812

5,521,315

Investments

Value

Commercial

Services

Supplies

Rollins,

Inc.

10,749

408,140

Communications

Equipment

Cisco

Systems,

Inc.

106,764

12,383,556

Consumer

Finance

OneMain

Holdings,

Inc.

39,114

2,447,754

Consumer

Staples

Distribution

Retail

Costco

Wholesale

Corp.

984

936,660

Containers

Packaging

Avery

Dennison

Corp.

11,562

1,962,418

Diversified

Consumer

Services

H&R

Block,

Inc.(b)

69,126

3,043,618

Diversified

Telecommunication

Services

Comcast

Corp.,

Class

139,728

3,347,883

Electric

Utilities

Duke

Energy

Corp.

29,520

3,702,694

Edison

International

38,376

2,815,647

Evergy,

Inc.

32,718

2,715,921

9,234,262

Electrical

Equipment

Vernova,

Inc.

4,182

4,141,393

Entertainment

Electronic

Arts,

Inc.

14,514

3,045,908

Financial

Services

Mastercard,

Inc.,

Class

1,012

579,977

MGIC

Investment

Corp.(b)

83,148

2,497,766

Visa,

Inc.,

Class

5,412

1,981,496

5,059,239

Food

Products

Cal-Maine

Foods,

Inc.(b)

27,060

2,375,327

Hershey

Co.

(The)(b)

12,546

2,196,177

4,571,504

Ground

Transportation

Landstar

System,

Inc.

12,054

2,106,678

Health

Care

Equipment

Supplies

ResMed,

Inc.(b)

9,348

1,972,241

Health

Care

Providers

Services

Chemed

Corp.

1,536

817,536

McKesson

Corp.

3,198

2,738,096

UnitedHealth

Group,

Inc.

246

101,942

3,657,574

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Quality

Dividend

Defensive

Index

Fund

(cont.)

161

Investments

Value

COMMON

STOCKS

(continued)

Hotel

Resort

REITs

Host

Hotels

Resorts,

Inc.,

REIT

44,772

1,125,120

Hotels,

Restaurants

Leisure

Booking

Holdings,

Inc.

18,204

3,511,552

Domino's

Pizza,

Inc.

4,674

1,623,935

Expedia

Group,

Inc.

7,134

2,102,675

Las

Vegas

Sands

Corp.

55,350

2,706,061

Starbucks

Corp.

984

103,566

Vail

Resorts,

Inc.(b)

14,514

2,168,101

Yum!

Brands,

Inc.(b)

17,958

2,752,602

14,968,492

Household

Products

Clorox

Co.

(The)(b)

7,421

708,928

Colgate-Palmolive

Co.

15,498

1,414,967

Kimberly-Clark

Corp.(b)

25,830

2,823,477

Procter

Gamble

Co.

(The)

88,560

12,796,035

17,743,407

Independent

Power

and

Renewable

Electricity

Producers

AES

Corp.

(The)

160,392

2,354,554

Vistra

Corp.

2,952

437,457

2,792,011

Insurance

Aflac,

Inc.

24,600

3,136,008

American

Financial

Group,

Inc.

17,466

2,475,282

American

International

Group,

Inc.

35,670

2,802,949

Globe

Life,

Inc.

17,466

3,183,178

MetLife,

Inc.

35,424

3,405,309

Prudential

Financial,

Inc.

14,022

1,711,806

Unum

Group

32,718

2,817,347

Willis

Towers

Watson

plc

7,872

2,644,362

22,176,241

Interactive

Media

Services

Alphabet,

Inc.,

Class

37,394

13,317,125

Alphabet,

Inc.,

Class

30,258

10,791,516

Match

Group,

Inc.

75,522

2,976,322

27,084,963

Services

Accenture

plc,

Class

15,744

2,612,245

Amdocs

Ltd.

37,638

2,097,189

Cognizant

Technology

Solutions

Corp.,

Class

55,104

3,050,006

7,759,440

Leisure

Products

Hasbro,

Inc.

29,274

2,750,000

Machinery

Caterpillar,

Inc.

492

400,886

Illinois

Tool

Works,

Inc.

10,824

3,105,947

Investments

Value

Machinery

(continued)

Toro

Co.

(The)

22,140

2,034,002

5,540,835

Media

New

York

Times

Co.

(The),

Class

A(b)

35,424

2,652,903

Metals

Mining

Agnico

Eagle

Mines

Ltd.

19,188

2,787,441

Anglogold

Ashanti

plc

28,044

2,224,450

Newmont

Corp.

41,820

3,918,952

Southern

Copper

Corp.(b)

11,071

2,022,783

10,953,626

Mortgage

Real

Estate

Investment

Trusts

(REITs)

Starwood

Property

Trust,

Inc.(b)

121,278

1,938,022

Multi-Utilities

Consolidated

Edison,

Inc.

25,092

2,731,264

Oil,

Gas

Consumable

Fuels

APA

Corp.

68,634

2,561,421

Cheniere

Energy,

Inc.

11,070

2,917,720

ConocoPhillips

47,970

5,779,425

Devon

Energy

Corp.

61,992

2,797,699

ExxonMobil

Holdings

Corp.*

16,236

2,523,724

Range

Resources

Corp.(b)

64,206

2,577,229

Valero

Energy

Corp.

12,546

3,925,643

23,082,861

Pharmaceuticals

Bristol-Myers

Squibb

Co.

77,490

5,060,872

Eli

Lilly

Co.

3,936

4,521,834

Johnson

58,794

15,071,842

Zoetis,

Inc.,

Class

1,148

88,729

24,743,277

Professional

Services

Automatic

Data

Processing,

Inc.

15,498

4,129,597

Booz

Allen

Hamilton

Holding

Corp.,

Class

36,162

2,521,215

Broadridge

Financial

Solutions,

Inc.

6,150

946,792

Maximus,

Inc.(b)

3,198

192,679

Paycom

Software,

Inc.

19,434

3,186,399

Solutions,

Inc.,

Class

A(b)

18,204

1,668,215

Verisk

Analytics,

Inc.,

Class

8,445

1,645,508

14,290,405

Residential

REITs

American

Homes

Rent,

Class

REIT

14,268

476,837

AvalonBay

Communities,

Inc.,

REIT

15,252

2,830,924

Camden

Property

Trust,

REIT

24,108

2,671,407

5,979,168

Retail

REITs

Brixmor

Property

Group,

Inc.,

REIT

17,658

556,404

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Quality

Dividend

Defensive

Index

Fund

(cont.)

162

Investments

Value

COMMON

STOCKS

(continued)

Retail

REITs

(continued)

Federal

Realty

Investment

Trust,

REIT(b)

23,616

2,930,509

Regency

Centers

Corp.,

REIT

34,194

2,745,436

6,232,349

Semiconductors

Semiconductor

Equipment

Broadcom,

Inc.

65,436

25,472,926

KLA

Corp.

50,485

9,229,668

Lam

Research

Corp.

25,338

7,424,541

NVIDIA

Corp.

173,922

34,914,841

QUALCOMM,

Inc.

41,082

6,064,114

83,106,090

Software

Bentley

Systems,

Inc.,

Class

B(b)

45,018

1,595,438

Clear

Secure,

Inc.,

Class

12,546

693,041

Gen

Digital,

Inc.

79,212

2,174,369

Intuit,

Inc.

8,856

2,799,116

Microsoft

Corp.

47,478

22,063,976

Pegasystems,

Inc.(b)

11,070

338,189

29,664,129

Specialized

REITs

Public

Storage,

REIT(b)

9,594

3,110,087

VICI

Properties,

Inc.,

Class

REIT

100,368

2,644,697

5,754,784

Specialty

Retail

Bath

Body

Works,

Inc.

37,884

762,226

Best

Buy

Co.,

Inc.

39,852

3,437,634

TJX

Cos.,

Inc.

(The)

42,312

6,657,370

10,857,230

Technology

Hardware,

Storage

Peripherals

Apple,

Inc.

146,862

45,367,140

Western

Digital

Corp.

5,658

3,082,705

48,449,845

Textiles,

Apparel

Luxury

Goods

Tapestry,

Inc.

17,958

2,736,261

Tobacco

Altria

Group,

Inc.

63,960

4,370,387

Philip

Morris

International,

Inc.

59,286

11,312,954

15,683,341

Trading

Companies

Distributors

Fastenal

Co.

68,634

3,274,528

Wireless

Telecommunication

Services

T-Mobile

US,

Inc.

7,677

1,325,895

Total

Common

Stocks

(Cost

$387,893,967)

542,448,730

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(c)

INVESTMENT

COMPANIES

BlackRock

Liquidity

FedFund

3.67%,

8/3/2026

200,000

Dreyfus

Treasury

Obligations

Cash

Management

Fund

3.68%,

8/3/2026

200,000

Invesco

Government

Agency

Portfolio

3.74%,

8/3/2026

200,000

Morgan

Stanley

Institutional

Liquidity

Fund

Government

Portfolio

3.69%,

8/3/2026

200,000

Total

Investment

Companies

(Cost

$800,000)

800,000

REPURCHASE

AGREEMENTS

BofA

Securities,

Inc.

4.08%,

dated

7/31/2026,

due

9/24/2026,

repurchase

price

$1,000,000,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

4.50%,

maturing

12/15/2028

8/15/2041;

total

market

value

$1,011,252

1,000,000

Secured

LLC

3.63%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$11,843,206,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

4.88%,

maturing

8/15/2026

2/15/2056;

total

market

value

$12,003,870

11,843,206

MetLife,

Inc.

3.64%,

dated

7/31/2026,

due

12/2/2026,

repurchase

price

$1,000,000,

collateralized

various

Common

Stocks,

U.S.

Treasury

Securities,

0.00%,

maturing

2/15/2045

8/15/2046;

total

market

value

$13,010,887

1,000,000

National

Bank

Canada

Financial

Inc.

3.80%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$5,000,000,

collateralized

various

Common

Stocks;

total

market

value

$5,378,262

5,000,000

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Quality

Dividend

Defensive

Index

Fund

(cont.)

163

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

REPURCHASE

AGREEMENTS

(continued)

The

Bank

Nova

Scotia,

Toronto

3.80%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$2,000,000,

collateralized

various

Common

Stocks;

total

market

value

$2,200,602

2,000,000

Total

Repurchase

Agreements

(Cost

$20,843,206)

20,843,206

Total

Securities

Lending

Reinvestments

(Cost

$21,643,206)

21,643,206

Total

Investments

103.3%

(Cost

$409,537,173)

564,091,936

Liabilities

excess

other

assets

(3.3%)

(18,242,870)

NET

ASSETS

100.0%

$545,849,066

Non-income

producing

security.

(a)

Represents

less

than

0.05%

net

assets.

(b)

The

security

portion

this

security

loan

July

31,

2026.

The

total

value

securities

loan

July

31,

2026

was

$35,806,708,

collateralized

the

form

cash

with

value

$21,643,206

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments;

$291,926

collateral

the

form

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

5.75%,

and

maturity

dates

ranging

from

November

30,

2026

–

December

07,

2055

and

$14,900,795

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.12%,

and

maturity

dates

ranging

from

August

13,

2026

–

November

15,

2056;

total

value

$36,835,927.

(c)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

July

31,

2026.

The

total

value

securities

purchased

was

$21,643,206.

Percentages

shown

are

based

Net

Assets.

Abbreviations

REIT

—

Real

Estate

Investment

Trust

Futures

Contracts

FlexShares

Quality

Dividend

Defensive

Index

Fund

had

the

following

open

futures

contracts

July

31,

2026:

Number

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

(

Depreciation

)

Long

Contracts

‌

S&P

500

E-Mini

Index

09/18/2026

USD

3,007,700

16,013

S&P

500

Micro

E-Mini

Index

09/18/2026

USD

300,770

(

711

)

15,302

Abbreviations:

USD

—

Dollar

Security

Type

Net

Assets

Common

Stocks

99‌

Securities

Lending

Reinvestments

4‌

Others

(1)

(

3‌

)

100‌

(1)

Includes

any

other

net

assets/(liabilities).

164

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

Schedule

Investments

FlexShares

International

Quality

Dividend

Index

Fund

July

31,

2026

(Unaudited)

Investments

Value

COMMON

STOCKS

Air

Freight

Logistics

Deutsche

Post

73,920

4,912,410

Automobile

Components

Continental

63,360

5,238,511

Magna

International,

Inc.(a)

26,400

1,809,243

7,047,754

Automobiles

Ing

Porsche

(Preference)

(b)

21,120

1,031,276

Hero

MotoCorp

Ltd.

22,440

1,266,696

Kia

Corp.

27,720

2,564,542

Mercedes-Benz

Group

59,730

3,211,396

Renault

70,950

2,225,275

Subaru

Corp.

165,000

2,813,990

13,113,175

Banks

Banco

BPM

SpA

185,130

3,360,096

Bank

Hapoalim

292,050

7,089,162

Bank

Mandiri

Persero

Tbk.

21,153,000

4,925,590

Bank

Negara

Indonesia

Persero

Tbk.

8,382,000

1,644,351

Bank

Polska

Kasa

Opieki

136,620

8,959,825

Bank

Rakyat

Indonesia

Persero

Tbk.

15,246,000

2,575,739

BNP

Paribas

80,190

10,117,517

CaixaBank

770,880

11,144,351

Danske

Bank

A/S

63,360

3,639,659

DBS

Group

Holdings

Ltd.

60,300

3,476,714

DNB

Bank

ASA

99,000

3,183,716

Erste

Bank

Polska

52,470

10,302,252

FinecoBank

Banca

Fineco

SpA

80,850

2,203,690

Grupo

Cibest

(Preference)

15,840

375,035

Grupo

Financiero

Banorte

SAB

CV,

Class

858,000

9,918,944

HSBC

Holdings

plc

239,580

5,081,257

ING

Bank

Slaski

2,970

351,475

Intesa

Sanpaolo

SpA

2,215,620

16,669,098

Japan

Post

Bank

Co.

Ltd.

33,000

644,767

KBC

Group

64,020

9,181,496

Komercni

Banka

A/S

49,830

2,487,697

Krung

Thai

Bank

PCL,

NVDR

2,186,600

2,897,568

Mitsubishi

UFJ

Financial

Group,

Inc.

363,000

8,141,140

National

Australia

Bank

Ltd.

245,190

7,117,406

NatWest

Group

plc

1,351,680

12,838,667

Nordea

Bank

Abp

247,500

4,983,320

Powszechna

Kasa

Oszczednosci

Bank

Polski

151,140

4,518,777

Royal

Bank

Canada

34,650

7,247,144

Sberbank

Russia

PJSC*‡

1,227,390

—

Skandinaviska

Enskilda

Banken

AB,

Class

A(a)

416,790

9,755,682

Investments

Value

Banks

(continued)

Swedbank

AB,

Class

A(a)

265,980

10,622,472

Toronto-Dominion

Bank

(The)

101,640

12,174,919

UniCredit

SpA

143,550

13,478,826

211,108,352

Beverages

Ambev

2,772,000

8,724,136

Broadline

Retail

Alibaba

Group

Holding

Ltd.,

ADR(a)

33,660

4,114,935

Capital

Markets

Brookfield

Asset

Management

Ltd.,

Class

A(a)

186,450

9,012,492

Daiwa

Securities

Group,

Inc.

264,000

2,996,062

IGM

Financial,

Inc.(a)

150,150

9,328,919

Japan

Exchange

Group,

Inc.

396,000

5,452,850

Julius

Baer

Group

Ltd.

30,690

2,688,718

Korea

Investment

Holdings

Co.

Ltd.

44,550

6,452,672

Moscow

Exchange

MICEX-RTS

PJSC*‡

775,590

—

Nomura

Holdings,

Inc.

330,000

3,150,259

Partners

Group

Holding

AG(a)

4,950

4,111,489

Schroders

plc

122,760

972,227

44,165,688

Chemicals

Mitsubishi

Chemical

Group

Corp.

1,023,000

7,632,746

Nitto

Denko

Corp.

114,600

2,393,123

10,025,869

Construction

Engineering

Bouygues

44,220

2,480,778

Enka

Insaat

Sanayi

A/S

1,100,880

2,029,197

HOCHTIEF

5,280

2,692,398

7,202,373

Consumer

Staples

Distribution

Retail

Alibaba

Health

Information

Technology

Ltd.*(a)

4,620,000

2,115,104

Carrefour

130,680

2,395,889

4,510,993

Diversified

REITs

Fibra

Uno

Administracion

CV,

REIT

693,000

1,245,774

Stockland,

REIT(a)

3,092,760

9,275,294

10,521,068

Diversified

Telecommunication

Services

BCE,

Inc.(a)

119,460

2,589,893

Deutsche

Telekom

(Registered)

89,760

2,763,595

Telefonica

SA(a)

571,890

2,358,229

Telenor

ASA

492,360

6,946,054

Telkom

Indonesia

Persero

Tbk.

29,172,000

4,263,775

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

International

Quality

Dividend

Index

Fund

(cont.)

165

Investments

Value

COMMON

STOCKS

(continued)

Diversified

Telecommunication

Services

(continued)

Telstra

Group

Ltd.

683,430

2,409,636

TELUS

Corp.

191,730

1,828,668

23,159,850

Electric

Utilities

Enel

SpA

1,280,070

14,431,816

Fortum

OYJ

339,240

7,698,916

Origin

Energy

Ltd.

323,400

2,444,026

24,574,758

Electrical

Equipment

Fujikura

Ltd.

198,000

5,187,979

Financial

Services

Banca

Mediolanum

SpA

376,530

10,037,628

Chailease

Holding

Co.

Ltd.

673,200

2,322,529

ORIX

Corp.

246,800

9,935,550

22,295,707

Food

Products

China

Feihe

Ltd.(a)(b)

5,610,000

2,353,716

Nestle

(Registered)

117,810

11,796,290

Group

Ltd.(b)

7,095,000

7,645,474

21,795,480

Gas

Utilities

China

Gas

Holdings

Ltd.(a)

8,976,000

6,993,899

Hong

Kong

China

Gas

Co.

Ltd.(a)

2,171,000

1,946,303

8,940,202

Health

Care

Equipment

Supplies

Cochlear

Ltd.(a)

34,980

2,946,710

Coloplast

A/S,

Class

B(a)

135,300

8,942,598

Siemens

Healthineers

AG(b)

65,670

2,785,017

14,674,325

Hotels,

Restaurants

Leisure

Allwyn

AG(a)

605,550

9,294,186

World

Group

Ltd.,

ADR(a)

188,430

8,044,077

Haidilao

International

Holding

Ltd.

(a)(b)

3,836,000

5,816,420

Talabat

Holding

plc

35,441,010

10,132,068

33,286,751

Household

Products

Unilever

Indonesia

Tbk.

82,797,000

8,075,399

Independent

Power

and

Renewable

Electricity

Producers

Datang

International

Power

Generation

Co.

Ltd.,

Class

H(a)

5,940,000

1,908,896

Huaneng

Power

International,

Inc.,

Class

H(a)

1,320,000

1,015,048

Unipro

PAO*‡

125,500,000

—

2,923,944

Investments

Value

Industrial

Conglomerates

Astra

International

Tbk.

18,084,000

5,125,508

Hitachi

Ltd.

198,000

6,549,637

Quinenco

1,883,970

9,049,793

20,724,938

Industrial

REITs

CapitaLand

Ascendas

REIT,

REIT

1,254,000

2,510,344

Insurance

Admiral

Group

plc

48,510

2,462,450

Aviva

plc

365,640

3,411,944

Seguridade

Participacoes

1,254,000

10,183,744

Caixa

Seguridade

Participacoes

2,376,000

9,470,048

China

Taiping

Insurance

Holdings

Co.

Ltd.

792,000

2,224,016

Legal

General

Group

plc

2,536,050

10,252,319

MS&AD

Insurance

Group

Holdings,

Inc.

89,000

2,752,306

Powszechny

Zaklad

Ubezpieczen

408,540

7,757,393

Tokio

Marine

Holdings,

Inc.

18,400

937,652

49,451,872

Interactive

Media

Services

Tencent

Holdings

Ltd.

106,100

6,429,647

Services

HCL

Technologies

Ltd.

617,760

8,720,442

Infosys

Ltd.

81,180

961,500

9,681,942

Machinery

FANUC

Corp.

26,200

1,174,043

GEA

Group

8,250

585,184

Komatsu

Ltd.

198,000

8,697,202

Kone

OYJ,

Class

111,870

6,448,473

Makita

Corp.(a)

243,200

7,916,505

24,821,407

Marine

Transportation

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H(a)

4,516,000

9,081,988

Evergreen

Marine

Corp.

Taiwan

Ltd.

1,356,164

8,560,211

Nippon

Yusen

KK(a)

66,000

2,532,643

Orient

Overseas

International

Ltd.(a)

129,500

2,528,368

22,703,210

Metals

Mining

Barrick

Mining

Corp.

113,850

4,175,487

BHP

Group

Ltd.(a)

394,350

16,704,165

China

Hongqiao

Group

Ltd.(a)

2,145,000

6,712,699

Fortescue

Ltd.(a)

576,180

7,490,627

GMK

Norilskiy

Nickel

PAO*‡

1,631,500

—

Kumba

Iron

Ore

Ltd.(a)

436,920

6,928,157

Lundin

Gold,

Inc.

134,640

7,533,160

Rio

Tinto

Ltd.(a)

29,700

3,558,055

Rio

Tinto

plc

87,450

8,442,782

Severstal

PAO*‡

58,985

—

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

International

Quality

Dividend

Index

Fund

(cont.)

166

Investments

Value

COMMON

STOCKS

(continued)

Metals

Mining

(continued)

Vedanta

Ltd.

724,350

2,006,073

63,551,205

Oil,

Gas

Consumable

Fuels

plc

1,222,980

9,093,185

Canadian

Natural

Resources

Ltd.

163,020

7,760,256

Equinor

ASA

114,510

4,665,303

PetroChina

Co.

Ltd.,

Class

H(a)

2,818,000

3,572,093

PTT

Exploration

Production

PCL,

NVDR

1,782,000

7,951,426

Shell

plc

56,430

2,569,453

Suncor

Energy,

Inc.

33,330

2,236,651

TotalEnergies

129,030

11,344,967

United

Tractors

Tbk.

4,686,000

6,237,062

Var

Energi

ASA

470,250

2,340,292

Woodside

Energy

Group

Ltd.(a)

159,060

3,681,035

61,451,723

Paper

Forest

Products

UPM-Kymmene

OYJ

296,670

8,028,168

Passenger

Airlines

Cathay

Pacific

Airways

Ltd.

5,431,000

10,111,789

Eva

Airways

Corp.

5,940,000

7,958,229

Qantas

Airways

Ltd.

381,810

2,668,234

20,738,252

Pharmaceuticals

Astellas

Pharma,

Inc.(a)

198,000

2,738,238

AstraZeneca

plc

19,140

3,253,707

Novartis

(Registered)

23,430

3,666,322

Novo

Nordisk

A/S,

Class

398,640

18,806,813

Roche

Holding

33,660

14,711,299

Sanofi

1,980

169,649

43,346,028

Professional

Services

Bureau

Veritas

172,590

5,492,541

Intertek

Group

plc

116,820

9,181,094

SGS

(Registered)

40,920

4,844,345

Wolters

Kluwer

117,810

9,200,883

28,718,863

Real

Estate

Management

Development

China

Resources

Land

Ltd.(a)

537,000

2,273,567

Asset

Holdings

Ltd.

495,000

3,019,894

Emaar

Properties

PJSC

951,060

2,848,415

Vonovia

107,910

2,610,997

10,752,873

Retail

REITs

Klepierre

SA,

REIT

207,570

9,395,166

Link

REIT,

REIT(a)

495,000

2,469,445

11,864,611

Investments

Value

Semiconductors

Semiconductor

Equipment

Advantest

Corp.

120,700

24,636,521

ASML

Holding

8,580

14,158,019

Lasertec

Corp.

2,900

690,463

MediaTek,

Inc.

208,775

22,964,669

Novatek

Microelectronics

Corp.

573,528

9,210,094

Realtek

Semiconductor

Corp.

455,500

9,626,118

hynix,

Inc.

12,870

15,508,634

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

702,052

52,677,252

Tokyo

Electron

Ltd.

69,500

24,225,153

173,696,923

Software

SAP

5,610

1,017,759

Specialty

Retail

Chow

Tai

Fook

Jewellery

Group

Ltd.

(a)

3,828,000

6,038,609

Hennes

Mauritz

AB,

Class

B(a)

128,700

2,350,057

8,388,666

Technology

Hardware,

Storage

Peripherals

Asustek

Computer,

Inc.

130,828

3,278,897

Quanta

Computer,

Inc.

330,000

2,976,423

Samsung

Electronics

Co.

Ltd.

120,450

22,177,264

28,432,584

Textiles,

Apparel

Luxury

Goods

Bosideng

International

Holdings

Ltd.

(a)

15,840,000

9,978,780

LVMH

Moet

Hennessy

Louis

Vuitton

1,980

1,082,434

Shenzhou

International

Group

Holdings

Ltd.

396,000

2,251,285

13,312,499

Tobacco

British

American

Tobacco

plc

153,120

9,416,999

Imperial

Brands

plc

209,550

7,966,554

Japan

Tobacco,

Inc.(a)

93,600

4,194,291

21,577,844

Trading

Companies

Distributors

Mitsubishi

Corp.

176,400

5,291,169

Transportation

Infrastructure

Aena

SME

SA(b)

186,780

5,733,525

Grupo

Aeroportuario

del

Pacifico

SAB

CV,

Class

B(a)

100,650

2,184,257

7,917,782

Wireless

Telecommunication

Services

Mobile

Telecommunications

Co.

KSCP

1,258,620

2,428,559

Tele2

AB,

Class

B(a)

405,570

7,020,952

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

International

Quality

Dividend

Index

Fund

(cont.)

167

Investments

Value

COMMON

STOCKS

(continued)

Wireless

Telecommunication

Services

(continued)

Vodafone

Group

plc

2,033,790

3,225,523

12,675,034

Total

Common

Stocks

(Cost

$904,723,145)

1,147,446,491

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

(c)

INVESTMENT

COMPANIES

(d)

BlackRock

Liquidity

FedFund

3.67%,

8/3/2026

200,000

Dreyfus

Treasury

Obligations

Cash

Management

Fund

3.68%,

8/3/2026

200,000

Invesco

Government

Agency

Portfolio

3.74%,

8/3/2026

200,000

Morgan

Stanley

Institutional

Liquidity

Fund

Government

Portfolio

3.69%,

8/3/2026

200,000

Total

Investment

Companies

(Cost

$800,000)

800,000

REPURCHASE

AGREEMENTS

Secured

LLC

3.63%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$19,016,947,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

4.88%,

maturing

8/15/2026

2/15/2056;

total

market

value

$19,274,930

19,016,947

National

Bank

Canada

Financial

Inc.

3.80%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$4,000,000,

collateralized

various

Common

Stocks;

total

market

value

$4,302,609

4,000,000

Investments

Principal

Amount

Value

REPURCHASE

AGREEMENTS

(continued)

The

Bank

Nova

Scotia,

Toronto

3.80%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$1,000,000,

collateralized

various

Common

Stocks;

total

market

value

$1,100,301

1,000,000

Total

Repurchase

Agreements

(Cost

$24,016,947)

24,016,947

Total

Securities

Lending

Reinvestments

(Cost

$24,816,947)

24,816,947

Total

Investments

101.4%

(Cost

$929,540,092)

1,172,263,438

Liabilities

excess

other

assets

(1.4%)

(15,806,264)

NET

ASSETS

100.0%

$1,156,457,174

Non-income

producing

security.

‡

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

(a)

The

security

portion

this

security

loan

July

31,

2026.

The

total

value

securities

loan

July

31,

2026

was

$163,954,042,

collateralized

the

form

cash

with

value

$24,816,947

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments;

$82,767,715

collateral

the

form

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

September

14,

2026

–

June

30,

2120

and

$66,013,048

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

August

06,

2026

–

May

15,

2056;

total

value

$173,597,710.

(b)

Security

exempt

from

registration

pursuant

Regulation

under

the

Securities

Act

1933.

Regulation

applies

securities

offerings

that

are

made

outside

the

United

States

and

not

involve

direct

selling

efforts

the

United

States

and

such

may

have

restrictions

resale.

(c)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

July

31,

2026.

The

total

value

securities

purchased

was

$24,816,947.

(d)

Represents

less

than

0.05%

net

assets.

Percentages

shown

are

based

Net

Assets.

Abbreviations

ADR

—

American

Depositary

Receipt

NVDR

—

Non-Voting

Depositary

Receipt

OYJ

—

Public

Limited

Company

PJSC

—

Public

Joint

Stock

Company

Preference

—

special

type

equity

investment

that

the

earnings

the

company,

has

limited

voting

rights,

and

may

have

dividend

preference.

Preference

may

also

have

liquidation

preference.

REIT

—

Real

Estate

Investment

Trust

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

International

Quality

Dividend

Index

Fund

(cont.)

168

Futures

Contracts

FlexShares

International

Quality

Dividend

Index

Fund

had

the

following

open

futures

contracts

July

31,

2026:

Number

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

(

Depreciation

)

Long

Contracts

MSCI

EAFE

Index

09/18/2026

USD

6,364,600

88,409

MSCI

Emerging

Markets

Index

09/18/2026

USD

2,463,450

(

125,681

)

(

37,272

)

Forward

Foreign

Currency

Contracts

FlexShares

International

Quality

Dividend

Index

Fund

had

the

following

outstanding

contracts

July

31,

2026:

Contracts

Receive

Counterparty

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

INR

336,419,000

GOLDMAN

SACHS

BANK

USA

USD

3,498,825

09/16/2026

13,706

JPY

202,735,000

BANK

MONTREAL,

THE

USD

1,269,015

09/16/2026

8,695

USD

424,990

MORGAN

STANLEY

INC

AUD

597,000

09/16/2026

6,029

USD

137,757

BANK

MONTREAL,

THE

CAD

191,000

09/16/2026

1,343

USD

1,652,677

JPMORGAN

BANK,

N.A.

NEW

YORK

CHF

1,282,364

09/16/2026

60,002

USD

450,433

UBS

STAMFORD

BRANCH

CHF

348,000

09/16/2026

18,222

USD

407,456

JPMORGAN

BANK,

N.A.

NEW

YORK

DKK

2,598,779

09/16/2026

6,527

USD

2,394,955

JPMORGAN

BANK,

N.A.

NEW

YORK

EUR

2,046,812

09/16/2026

35,849

USD

1,181,170

BNP-PARIBAS

HKD

9,225,000

09/16/2026

2,937

USD

2,322,921

TORONTO

DOMINION

BANK

JPY

367,026,715

09/16/2026

9,786

USD

162,464

MORGAN

STANLEY

INC

SGD

206,000

09/16/2026

1,503

Total

unrealized

appreciation

164,599

AUD

782,000

BANK

MONTREAL,

THE

USD

561,396

09/16/2026

(

12,607

)

CAD

621,313

BANK

MONTREAL,

THE

USD

451,220

09/16/2026

(

7,473

)

DKK

2,224,000

BARCLAYS

LONDON

USD

346,078

09/16/2026

(

2,968

)

EUR

513,000

TORONTO

DOMINION

BANK

USD

596,081

09/16/2026

(

4,810

)

HKD

5,033,000

BANK

MONTREAL,

THE

USD

644,677

09/16/2026

(

1,854

)

USD

37,543

GOLDMAN

SACHS

BANK

USA

BRL

193,155

09/16/2026

(

)

USD

1,267,288

MORGAN

STANLEY

INC

GBP

942,955

09/16/2026

(

1,664

)

USD

3,834,205

GOLDMAN

SACHS

BANK

USA

INR

371,753,000

09/16/2026

(

47,246

)

USD

371,450

GOLDMAN

SACHS

BANK

USA

KRW

557,330,039

09/16/2026

(

19,697

)

Total

unrealized

depreciation

(

98,390

)

Net

unrealized

appreciation

66,209

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

—

Dollar

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

International

Quality

Dividend

Index

Fund

(cont.)

169

FlexShares®

International

Quality

Dividend

Index

invested,

percentage

net

assets,

companies

domiciled

the

following

countries

July

31,

2026:

Australia

5‌

Belgium

0‌

Brazil

2‌

Canada

5‌

Chile

0‌

China

7‌

Colombia

0‌

†

Czech

Republic

0‌

Denmark

2‌

Finland

1‌

France

3‌

Germany

2‌

Greece

0‌

Hong

Kong

2‌

India

1‌

Indonesia

2‌

Israel

0‌

Italy

5‌

Japan

12‌

Kuwait

0‌

Mexico

1‌

Netherlands

2‌

Norway

1‌

Poland

2‌

Singapore

0‌

South

Africa

0‌

South

Korea

4‌

Spain

1‌

Sweden

3‌

Switzerland

3‌

Taiwan

10‌

Thailand

0‌

Turkey

0‌

United

Arab

Emirates

1‌

United

Kingdom

7‌

Other

0‌

100.0%

†

Amount

represents

less

than

0.05%.

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

Net

Assets

Common

Stocks

99‌

Securities

Lending

Reinvestments

2‌

Others

(1)

(

1‌

)

100‌

(1)

Includes

any

other

net

assets/(liabilities).

170

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

Schedule

Investments

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

July

31,

2026

(Unaudited)

Investments

Value

COMMON

STOCKS

Air

Freight

Logistics

Deutsche

Post

7,098

471,703

Automobile

Components

Continental

10,140

838,360

Magna

International,

Inc.

4,004

274,402

Sumitomo

Electric

Industries

Ltd.

20,800

285,302

1,398,064

Automobiles

Ing

Porsche

(Preference)

(a)

4,082

199,321

Isuzu

Motors

Ltd.

11,500

173,520

Kia

Corp.

2,730

252,569

Mercedes-Benz

Group

5,616

301,946

Renault

6,968

218,544

1,145,900

Banks

Banco

BPM

SpA

16,510

299,655

Bank

Mandiri

Persero

Tbk.

907,400

211,293

Bank

Negara

Indonesia

Persero

Tbk.

764,400

149,957

Bank

Polska

Kasa

Opieki

12,974

850,862

Bank

Rakyat

Indonesia

Persero

Tbk.

1,424,800

240,713

Barclays

plc

102,024

698,439

BNP

Paribas

7,488

944,756

CaixaBank

39,598

572,455

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

Class

78,000

65,252

Danske

Bank

A/S

6,006

345,009

DBS

Group

Holdings

Ltd.

13,000

749,541

DNB

Bank

ASA

2,574

82,777

Erste

Bank

Polska

4,732

929,107

FinecoBank

Banca

Fineco

SpA

17,576

479,061

Grupo

Cibest

(Preference)

10,400

246,235

Grupo

Financiero

Banorte

SAB

CV,

Class

80,600

931,780

HSBC

Holdings

plc

110,838

2,350,765

ING

Bank

Slaski

1,950

230,766

Intesa

Sanpaolo

SpA

208,104

1,565,659

KBC

Group

6,006

861,357

Komercni

Banka

A/S

3,354

167,444

Mitsubishi

UFJ

Financial

Group,

Inc.

96,200

2,157,514

NatWest

Group

plc

116,948

1,110,808

Nordea

Bank

Abp

23,764

478,479

Powszechna

Kasa

Oszczednosci

Bank

Polski

25,038

748,585

Royal

Bank

Canada

4,446

929,893

Sberbank

Russia

PJSC

(Preference)*‡

31,920

—

Skandinaviska

Enskilda

Banken

AB,

Class

A(b)

38,428

899,473

Investments

Value

Banks

(continued)

Swedbank

AB,

Class

A(b)

22,646

904,416

UniCredit

SpA

1,612

151,361

20,353,412

Beverages

Ambev

262,600

826,464

Broadline

Retail

Alibaba

Group

Holding

Ltd.,

ADR(b)

2,054

251,102

JD.com,

Inc.,

ADR(b)

11,544

381,067

632,169

Building

Products

Cie

Saint-Gobain

3,874

362,284

Capital

Markets

Brookfield

Asset

Management

Ltd.,

Class

A(b)

17,420

842,036

CVC

Capital

Partners

plc(a)(b)

52,754

880,701

Daiwa

Securities

Group,

Inc.

10,400

118,027

EQT

AB(b)

5,798

196,731

Hong

Kong

Exchanges

Clearing

Ltd.

8,400

437,696

Julius

Baer

Group

Ltd.

3,146

275,618

Korea

Investment

Holdings

Co.

Ltd.

4,992

723,047

Nomura

Holdings,

Inc.

36,400

347,483

Partners

Group

Holding

AG(b)

754

626,275

4,447,614

Chemicals

Shin-Etsu

Chemical

Co.

Ltd.

10,000

364,264

Construction

Engineering

Bouygues

4,186

234,838

Construction

Materials

Holcim

9,776

886,190

Consumer

Staples

Distribution

Retail

Alibaba

Health

Information

Technology

Ltd.*(b)

416,000

190,451

Carrefour

2,990

54,819

245,270

Diversified

Telecommunication

Services

BCE,

Inc.(b)

6,760

146,557

Telefonica

56,290

232,116

Telkom

Indonesia

Persero

Tbk.

4,630,600

676,807

TELUS

Corp.

17,862

170,363

1,225,843

Electric

Utilities

Enel

SpA

116,740

1,316,155

Origin

Energy

Ltd.(b)

28,340

214,173

1,530,328

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

(cont.)

171

Investments

Value

COMMON

STOCKS

(continued)

Electrical

Equipment

Fujikura

Ltd.

26,000

681,250

Siemens

Energy

1,144

194,065

875,315

Electronic

Equipment,

Instruments

Components

Hon

Hai

Precision

Industry

Co.

Ltd.

93,000

720,830

Energy

Equipment

Services

Tenaris

25,818

740,840

Financial

Services

Banca

Mediolanum

SpA

35,984

959,270

Chailease

Holding

Co.

Ltd.

64,260

221,696

1,180,966

Food

Products

Charoen

Pokphand

Foods

PCL,

NVDR

296,400

199,716

China

Feihe

Ltd.(a)(b)

208,000

87,268

Nestle

(Registered)

286

28,637

Group

Ltd.(a)

637,000

686,422

1,002,043

Gas

Utilities

China

Gas

Holdings

Ltd.(b)

598,000

465,948

ENN

Energy

Holdings

Ltd.

13,000

77,818

Grupo

Energia

Bogota

ESP

167,440

152,456

Hong

Kong

China

Gas

Co.

Ltd.(b)

78,000

69,927

766,149

Health

Care

Equipment

Supplies

Cochlear

Ltd.(b)

3,354

282,541

Coloplast

A/S,

Class

B(b)

832

54,991

Koninklijke

Philips

10,192

266,658

Siemens

Healthineers

AG(a)

6,110

259,121

Sonova

Holding

(Registered)

1,664

452,481

Straumann

Holding

(Registered)

2,210

272,832

1,588,624

Hotels,

Restaurants

Leisure

Accor

4,654

240,424

Allwyn

AG(b)

58,110

891,892

World

Group

Ltd.,

ADR

17,680

754,759

Haidilao

International

Holding

Ltd.

(a)(b)

364,000

551,923

Talabat

Holding

plc

3,391,414

969,556

3,408,554

Household

Products

Unilever

Indonesia

Tbk.

7,878,000

768,361

Industrial

Conglomerates

Astra

International

Tbk.

546,000

154,752

Hitachi

Ltd.

63,400

2,097,207

Quinenco

178,152

855,767

Investments

Value

Industrial

Conglomerates

(continued)

Square

Co.

Ltd.

702

511,100

3,618,826

Insurance

Aegon

Ltd.

4,602

43,619

Ageas

SA/NV

1,066

88,184

Seguridade

Participacoes

117,000

950,158

Caixa

Seguridade

Participacoes

184,600

735,762

Daiichi

Life

Group,

Inc.

31,200

375,928

Legal

General

Group

plc

236,444

955,856

Manulife

Financial

Corp.

12,714

564,261

Ping

Insurance

Group

Co.

China

Ltd.,

Class

H(b)

48,000

359,008

Powszechny

Zaklad

Ubezpieczen

36,972

702,028

Tokio

Marine

Holdings,

Inc.

5,200

264,989

5,039,793

Interactive

Media

Services

Tencent

Holdings

Ltd.

5,200

315,119

Services

HCL

Technologies

Ltd.

40,352

569,618

Infosys

Ltd.

13,910

164,751

Tech

Mahindra

Ltd.

15,262

264,132

998,501

Machinery

FANUC

Corp.

18,200

815,557

Komatsu

Ltd.

18,200

799,440

Kone

OYJ,

Class

7,384

425,633

Makita

Corp.(b)

23,400

761,703

Metso

OYJ

13,234

245,297

SKF

AB,

Class

B(b)

9,152

247,315

Techtronic

Industries

Co.

Ltd.

52,000

875,331

VAT

Group

AG(a)

1,144

851,230

5,021,506

Marine

Transportation

Moller

Maersk

A/S,

Class

208,964

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H(b)

429,000

862,749

Evergreen

Marine

Corp.

Taiwan

Ltd.

130,000

820,570

Orient

Overseas

International

Ltd.(b)

13,000

253,813

Yang

Ming

Marine

Transport

Corp.

130,000

204,338

2,350,434

Media

Publicis

Groupe

2,990

318,626

Metals

Mining

Barrick

Mining

Corp.

23,582

864,878

BHP

Group

Ltd.(b)

37,336

1,581,506

China

Hongqiao

Group

Ltd.(b)

208,000

650,928

Fortescue

Ltd.(b)

54,496

708,475

GMK

Norilskiy

Nickel

PAO*‡

212,800

—

Kumba

Iron

Ore

Ltd.(b)

34,918

553,688

Lundin

Gold,

Inc.

12,896

721,536

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

(cont.)

172

Investments

Value

COMMON

STOCKS

(continued)

Metals

Mining

(continued)

Lundin

Mining

Corp.(b)

9,126

225,800

NMDC

Ltd.

221,806

197,688

Rio

Tinto

plc

8,216

793,206

Severstal

PAO*‡

7,952

—

Vedanta

Ltd.

50,388

139,549

6,437,254

Oil,

Gas

Consumable

Fuels

plc

90,506

672,936

Cameco

Corp.

104

8,969

Canadian

Natural

Resources

Ltd.

15,574

741,371

Cenovus

Energy,

Inc.

11,414

343,921

Ovintiv,

Inc.

4,420

276,073

PTT

Exploration

Production

PCL,

NVDR

171,600

765,693

TotalEnergies

10,582

930,423

United

Tractors

Tbk.

317,200

422,193

Var

Energi

ASA

45,474

226,310

Woodside

Energy

Group

Ltd.(b)

15,288

353,802

4,741,691

Paper

Forest

Products

UPM-Kymmene

OYJ

8,008

216,704

Passenger

Airlines

Cathay

Pacific

Airways

Ltd.

520,000

968,170

Eva

Airways

Corp.

624,000

836,016

Qantas

Airways

Ltd.

35,282

246,564

Singapore

Airlines

Ltd.

41,600

249,509

2,300,259

Pharmaceuticals

AstraZeneca

plc

416

70,718

Novartis

(Registered)

4,498

703,846

Novo

Nordisk

A/S,

Class

48,412

2,283,954

Roche

Holding

494

215,906

Sanofi

8,164

699,503

3,973,927

Professional

Services

Bureau

Veritas

18,148

577,546

Intertek

Group

plc

8,892

698,838

1,276,384

Real

Estate

Management

Development

Asset

Holdings

Ltd.

130,000

793,103

Emaar

Properties

PJSC

85,904

257,282

Sun

Hung

Kai

Properties

Ltd.(b)

5,000

78,555

Vonovia

10,296

249,123

1,378,063

Semiconductors

Semiconductor

Equipment

Advantest

Corp.

8,800

1,796,200

ASML

Holding

624

1,029,674

Semiconductor

Industries

936

213,498

Disco

Corp.

700

257,095

Investments

Value

Semiconductors

Semiconductor

Equipment

(continued)

Lasertec

Corp.

3,500

833,318

MediaTek,

Inc.

22,300

2,452,938

Novatek

Microelectronics

Corp.

54,000

867,168

Realtek

Semiconductor

Corp.

13,000

274,730

Renesas

Electronics

Corp.

13,900

300,479

hynix,

Inc.

1,014

1,221,893

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

63,000

4,727,096

Tokyo

Electron

Ltd.

6,600

2,300,518

United

Microelectronics

Corp.

14,000

52,415

16,327,022

Software

SAP

312

56,603

Specialty

Retail

Chow

Tai

Fook

Jewellery

Group

Ltd.

(b)

343,200

541,392

Hennes

Mauritz

AB,

Class

B(b)

12,428

226,935

Industria

Diseno

Textil

15,236

989,381

1,757,708

Technology

Hardware,

Storage

Peripherals

Asustek

Computer,

Inc.

13,000

325,815

Gigabyte

Technology

Co.

Ltd.

22,000

229,060

Inventec

Corp.

52,000

99,434

Lenovo

Group

Ltd.(b)

156,000

474,668

Lite-On

Technology

Corp.

39,000

252,205

Logitech

International

(Registered)

4,004

406,215

Pegatron

Corp.

89,000

232,421

Quanta

Computer,

Inc.

31,000

279,603

Samsung

Electronics

Co.

Ltd.

10,010

1,843,042

4,142,463

Textiles,

Apparel

Luxury

Goods

Bosideng

International

Holdings

Ltd.

(b)

1,040,000

655,172

Cie

Financiere

Richemont

(Registered)

1,560

368,091

LVMH

Moet

Hennessy

Louis

Vuitton

182

99,496

Shenzhou

International

Group

Holdings

Ltd.

39,000

221,718

1,344,477

Tobacco

British

American

Tobacco

plc

1,248

76,753

Imperial

Brands

plc

10,400

395,381

Japan

Tobacco,

Inc.

600

26,887

499,021

Trading

Companies

Distributors

Marubeni

Corp.

10,400

339,711

Rexel

5,746

236,940

576,651

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

(cont.)

173

Investments

Value

COMMON

STOCKS

(continued)

Transportation

Infrastructure

Grupo

Aeroportuario

del

Pacifico

SAB

CV,

Class

9,490

205,947

Wireless

Telecommunication

Services

Mobile

Telecommunications

Co.

KSCP

123,396

238,098

SoftBank

Group

Corp.

2,600

85,891

Tele2

AB,

Class

B(b)

20,462

354,224

Vodafone

Group

plc

193,336

306,624

984,837

Total

Common

Stocks

(Cost

$83,644,450)

109,057,841

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

(c)

INVESTMENT

COMPANIES

(d)

BlackRock

Liquidity

FedFund

3.67%,

8/3/2026

11,570

Dreyfus

Treasury

Obligations

Cash

Management

Fund

3.68%,

8/3/2026

11,570

Invesco

Government

Agency

Portfolio

3.74%,

8/3/2026

11,570

Morgan

Stanley

Institutional

Liquidity

Fund

Government

Portfolio

3.69%,

8/3/2026

11,570

Total

Investment

Companies

(Cost

$46,280)

46,280

REPURCHASE

AGREEMENTS

Secured

LLC

3.63%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$954,335,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

4.88%,

maturing

8/15/2026

2/15/2056;

total

market

value

$967,281

954,335

National

Bank

Canada

Financial

Inc.

3.80%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$25,000,

collateralized

various

Common

Stocks;

total

market

value

$26,891

25,000

Investments

Principal

Amount

Value

REPURCHASE

AGREEMENTS

(continued)

The

Bank

Nova

Scotia,

Toronto

3.80%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$100,000,

collateralized

various

Common

Stocks;

total

market

value

$110,030

100,000

Total

Repurchase

Agreements

(Cost

$1,079,335)

1,079,335

Total

Securities

Lending

Reinvestments

(Cost

$1,125,615)

1,125,615

Total

Investments

99.2%

(Cost

$84,770,065)

110,183,456

Other

assets

less

liabilities

0.8%

863,886

NET

ASSETS

100.0%

$111,047,342

Non-income

producing

security.

‡

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

(a)

Security

exempt

from

registration

pursuant

Regulation

under

the

Securities

Act

1933.

Regulation

applies

securities

offerings

that

are

made

outside

the

United

States

and

not

involve

direct

selling

efforts

the

United

States

and

such

may

have

restrictions

resale.

(b)

The

security

portion

this

security

loan

July

31,

2026.

The

total

value

securities

loan

July

31,

2026

was

$12,345,786,

collateralized

the

form

cash

with

value

$1,125,615

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments;

$6,502,802

collateral

the

form

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

September

14,

2026

–

June

30,

2120

and

$5,474,342

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.00%,

and

maturity

dates

ranging

from

August

06,

2026

–

May

15,

2056;

total

value

$13,102,759.

(c)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

July

31,

2026.

The

total

value

securities

purchased

was

$1,125,615.

(d)

Represents

less

than

0.05%

net

assets.

Percentages

shown

are

based

Net

Assets.

Abbreviations

ADR

—

American

Depositary

Receipt

NVDR

—

Non-Voting

Depositary

Receipt

OYJ

—

Public

Limited

Company

PJSC

—

Public

Joint

Stock

Company

Preference

—

special

type

equity

investment

that

the

earnings

the

company,

has

limited

voting

rights,

and

may

have

dividend

preference.

Preference

may

also

have

liquidation

preference.

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

(cont.)

174

Futures

Contracts

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

had

the

following

open

futures

contracts

July

31,

2026:

Number

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

(

Depreciation

)

Long

Contracts

‌

MSCI

EAFE

Index

09/18/2026

USD

1,272,920

14,677

MSCI

Emerging

Markets

Index

09/18/2026

USD

656,920

(

45,229

)

(

30,552

)

Forward

Foreign

Currency

Contracts

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

had

the

following

outstanding

contracts

July

31,

2026:

Contracts

Receive

Counterparty

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

GBP

30,000

BANK

MONTREAL,

THE

USD

39,596

09/16/2026

775

JPY

11,400,000

MORGAN

STANLEY

INC

USD

70,946

09/16/2026

901

JPY

6,000,000

UBS

STAMFORD

BRANCH

USD

37,280

09/16/2026

534

USD

148,209

JPMORGAN

BANK,

N.A.

NEW

YORK

CHF

115,000

09/16/2026

5,381

USD

58,011

JPMORGAN

BANK,

N.A.

NEW

YORK

DKK

370,000

09/16/2026

929

USD

152,112

JPMORGAN

BANK,

N.A.

NEW

YORK

EUR

130,000

09/16/2026

2,277

USD

152,086

TORONTO

DOMINION

BANK

JPY

24,030,000

09/16/2026

641

Total

unrealized

appreciation

11,438

USD

147,835

MORGAN

STANLEY

INC

GBP

110,000

09/16/2026

(

194

)

Total

unrealized

depreciation

(

194

)

Net

unrealized

appreciation

11,244

Abbreviations:

CHF

—

Swiss

Franc

DKK

—

Danish

Krone

EUR

—

Euro

GBP

—

British

Pound

JPY

—

Japanese

Yen

USD

—

Dollar

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

(cont.)

175

FlexShares®

International

Quality

Dividend

Dynamic

Index

invested,

percentage

net

assets,

companies

domiciled

the

following

countries

July

31,

2026:

Australia

3‌

Belgium

0‌

Brazil

2‌

Canada

5‌

Chile

0‌

China

6‌

Colombia

0‌

Czech

Republic

0‌

Denmark

2‌

Finland

0‌

France

4‌

Germany

2‌

Greece

0‌

Hong

Kong

3‌

India

1‌

Indonesia

2‌

Italy

5‌

Japan

13‌

Kuwait

0‌

Mexico

1‌

Netherlands

2‌

Norway

0‌

Poland

3‌

Singapore

0‌

South

Africa

0‌

South

Korea

4‌

Spain

1‌

Sweden

3‌

Switzerland

4‌

Taiwan

11‌

Thailand

0‌

United

Arab

Emirates

1‌

United

Kingdom

7‌

Other

1‌

100.0%

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

Net

Assets

Common

Stocks

98‌

Securities

Lending

Reinvestments

1‌

Others

(1)

0‌

100‌

(1)

Includes

any

other

net

assets/(liabilities).

176

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

Schedule

Investments

FlexShares

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund

July

31,

2026

(Unaudited)

Investments

Principal

Amount

Value

U.S.

TREASURY

OBLIGATIONS

U.S.

Treasury

Inflation

Linked

Bonds

1.75%,

1/15/2028

42,810,101

42,334,472

3.63%,

4/15/2028

59,348,010

60,460,399

2.50%,

1/15/2029

38,185,613

38,421,054

3.88%,

4/15/2029

227,717,149

237,256,289

3.38%,

4/15/2032

16,178,443

17,200,888

U.S.

Treasury

Inflation

Linked

Notes

1.63%,

10/15/2027

77,548,352

76,860,522

0.50%,

1/15/2028

90,192,683

87,639,374

1.25%,

4/15/2028

76,379,929

74,852,071

0.75%,

7/15/2028

83,605,462

81,433,367

2.38%,

10/15/2028

78,626,746

79,042,838

0.88%,

1/15/2029

278,144,727

269,246,849

2.13%,

4/15/2029

269,665,610

268,675,425

0.25%,

7/15/2029

301,882,775

286,507,644

1.63%,

10/15/2029

286,097,991

282,212,380

0.13%,

1/15/2030

91,589,403

85,494,430

1.63%,

4/15/2030

92,985,027

91,134,188

0.13%,

7/15/2030

94,223,476

87,413,333

1.13%,

10/15/2030

95,864,892

92,267,418

0.13%,

1/15/2031

94,790,340

86,828,435

1.25%,

4/15/2031

102,656,843

98,509,773

0.13%,

7/15/2031(a)

98,582,133

89,668,968

Total

U.S.

Treasury

Obligations

(Cost

$2,580,123,479)

2,533,460,117

Total

Investments

99.6%

(Cost

$2,580,123,479)

2,533,460,117

Other

assets

less

liabilities

0.4%

9,414,864

NET

ASSETS

100.0%

$2,542,874,981

(a)

The

security

portion

this

security

loan

July

31,

2026.

The

total

value

securities

loan

July

31,

2026

was

$43,273,562,

collateralized

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.25%,

and

maturity

dates

ranging

from

October

10,

2028

–

February

15,

2039;

total

value

$44,140,874.

Percentages

shown

are

based

Net

Assets.

Security

Type

Net

Assets

U.S.

Treasury

Obligations

99‌

Others

(1)

0‌

100‌

177

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares®

Trust

Schedule

Investments

FlexShares

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund

July

31,

2026

(Unaudited)

Investments

Principal

Amount

Value

U.S.

TREASURY

OBLIGATIONS

99.8%

U.S.

Treasury

Inflation

Linked

Bonds

3.38%,

4/15/2032

21,914,248

23,299,185

U.S.

Treasury

Inflation

Linked

Notes

1.63%,

10/15/2029

44,492,464

43,888,194

0.13%,

1/15/2030

48,149,694

44,945,490

1.63%,

4/15/2030

48,885,963

47,912,903

0.13%,

7/15/2030(a)

49,535,718

45,955,449

1.13%,

10/15/2030

50,396,643

48,505,434

0.13%,

1/15/2031

128,298,007

117,521,629

1.25%,

4/15/2031

135,649,279

130,169,401

0.13%,

7/15/2031(a)

133,288,376

121,237,294

0.13%,

1/15/2032(a)

140,651,661

126,072,230

0.63%,

7/15/2032

49,600,520

45,443,426

1.13%,

1/15/2033

50,422,043

47,114,604

1.38%,

7/15/2033

46,789,166

44,272,742

1.75%,

1/15/2034

50,447,750

48,570,710

1.88%,

7/15/2034

52,809,890

51,220,366

2.13%,

1/15/2035

56,866,869

55,796,674

Total

U.S.

Treasury

Obligations

(Cost

$1,069,212,400)

1,041,925,731

Total

Investments

99.8%

(Cost

$1,069,212,400)

1,041,925,731

Other

assets

less

liabilities

0.2%

1,782,544

NET

ASSETS

100.0%

$1,043,708,275

(a)

The

security

portion

this

security

loan

July

31,

2026.

The

total

value

securities

loan

July

31,

2026

was

$179,402,529,

$157,262,574

collateral

the

form

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

December

2026

–

June

30,

2120

and

$40,365,880

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.75%,

and

maturity

dates

ranging

from

August

11,

2026

–

May

15,

2056;

total

value

$197,628,454.

Percentages

shown

are

based

Net

Assets.

Security

Type

Net

Assets

U.S.

Treasury

Obligations

99.8

Others

(1)

0.2

100.0%

(1)

Includes

any

other

net

assets/(liabilities).

178

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

Schedule

Investments

FlexShares

Disciplined

Duration

MBS

Index

Fund

July

31,

2026

(Unaudited)

Investments

Principal

Amount

Value

MORTGAGE-BACKED

SECURITIES

99.3%

FHLMC

2.50%,

4/1/2028

274,651

271,761

2.50%,

5/1/2028

124,367

122,517

2.50%,

6/1/2028

144,035

141,787

3.00%,

6/1/2029

222,621

218,595

3.00%,

8/1/2029

119,241

118,644

2.50%,

12/1/2030

432,059

415,943

3.00%,

1/1/2032

565,133

545,643

2.50%,

2/1/2032

698,797

667,603

3.00%,

9/1/2032

375,436

361,787

5.00%,

5/1/2034

23,701

23,456

5.00%,

7/1/2035

6,512

6,500

5.00%,

10/1/2035

10,683

10,629

5.00%,

12/1/2035

48,005

47,769

6.00%,

1/1/2037

35,618

36,995

6.00%,

4/1/2037

20,540

21,334

6.00%,

5/1/2037

31,484

32,702

5.00%,

2/1/2038

25,410

25,329

5.00%,

7/1/2038

30,358

30,194

5.00%,

10/1/2038

26,442

26,299

5.00%,

2/1/2039

60,749

60,447

5.00%,

5/1/2039

33,554

33,368

5.00%,

6/1/2039

11,236

11,176

5.00%,

7/1/2039

32,773

32,590

5.00%,

9/1/2039

3,050

3,034

6.00%,

11/1/2039

20,243

21,024

5.00%,

1/1/2040

9,079

9,027

6.00%,

4/1/2040

23,659

24,483

6.00%,

5/1/2040

57,449

59,613

6.00%,

7/1/2040

83,634

86,861

4.00%,

1/1/2041

8,597

8,215

5.00%,

5/1/2041

77,155

76,713

3.50%,

11/1/2041

42,319

39,413

3.00%,

3/1/2042

7,233

6,518

3.00%,

4/1/2042

54,688

49,265

3.00%,

6/1/2042

45,942

41,318

3.50%,

7/1/2042

429,389

399,414

3.00%,

8/1/2042

25,194

22,686

3.00%,

12/1/2042

53,710

48,321

3.00%,

1/1/2043

28,864

25,914

3.00%,

2/1/2043

13,807

12,476

3.00%,

4/1/2043

18,804

16,858

3.00%,

6/1/2043

10,395

9,341

3.50%,

8/1/2043

481,395

445,485

3.00%,

10/1/2043

37,806

33,925

4.00%,

8/1/2044

8,249

7,756

5.00%,

8/1/2044

20,350

20,241

4.00%,

1/1/2045

25,064

23,573

4.00%,

2/1/2045

52,508

49,507

4.00%,

8/1/2045

60,430

56,768

4.00%,

9/1/2045

10,188

9,567

4.00%,

10/1/2045

105,078

98,620

4.00%,

11/1/2045

21,238

19,923

4.00%,

12/1/2045

8,785

8,244

Investments

Principal

Amount

Value

4.00%,

1/1/2046

27,490

25,834

2.50%,

9/1/2046

17,324

14,589

3.00%,

11/1/2046

15,747

13,957

FHLMC

UMBS

3.00%,

8/1/2026

294

293

3.00%,

1/1/2027

4,127

4,109

3.00%,

2/1/2027

2,724

2,710

3.00%,

4/1/2027

18,612

18,504

2.50%,

6/1/2027

3,253

3,225

2.50%,

3/1/2028

163,186

160,825

2.50%,

7/1/2028

582,537

572,363

2.50%,

8/1/2030

391,668

377,841

2.50%,

11/1/2030

9,287

9,086

3.00%,

5/1/2031

9,545

9,351

2.00%,

8/1/2031

14,303

13,566

2.00%,

11/1/2031

22,779

21,564

2.00%,

1/1/2032

46,227

43,732

2.00%,

2/1/2032

50,829

47,864

2.00%,

12/1/2032

202,016

190,772

3.00%,

4/1/2033

420,356

413,195

2.50%,

12/1/2033

1,863,331

1,785,337

2.50%,

8/1/2034

857,643

805,014

2.00%,

10/1/2035

701,244

636,121

1.50%,

11/1/2035

426,150

379,183

1.50%,

2/1/2036

474,456

420,680

2.00%,

3/1/2036

255,966

232,989

1.50%,

4/1/2036

209,028

185,254

2.50%,

4/1/2037

532,717

492,669

4.50%,

9/1/2037

591,429

579,872

5.00%,

3/1/2038

31,566

31,361

5.00%,

7/1/2039

51,500

51,146

3.00%,

9/1/2039

73,755

67,923

3.00%,

10/1/2039

20,685

19,045

4.00%,

10/1/2039

750,605

720,018

5.00%,

10/1/2039

15,095

14,991

3.00%,

11/1/2039

81,770

75,170

5.00%,

1/1/2040

13,951

13,904

5.00%,

3/1/2040

25,326

25,150

5.00%,

5/1/2040

34,274

34,034

6.00%,

5/1/2040

564,088

589,726

2.00%,

7/1/2040

80,370

69,614

1.50%,

10/1/2040

422,948

352,139

3.50%,

12/1/2040

30,844

28,694

2.00%,

1/1/2041

128,662

110,796

2.00%,

2/1/2041

401,891

345,796

1.50%,

3/1/2041

554,328

461,208

2.00%,

3/1/2041

465,983

400,657

4.50%,

3/1/2041

52,968

51,456

4.50%,

4/1/2041

10,512

10,214

1.50%,

5/1/2041

457,077

379,667

2.00%,

6/1/2041

627,916

538,725

2.50%,

6/1/2041

353,959

312,959

2.00%,

10/1/2041

395,417

337,691

4.00%,

1/1/2042

37,909

36,057

5.00%,

2/1/2042

30,424

30,206

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Disciplined

Duration

MBS

Index

Fund

(cont.)

179

Investments

Principal

Amount

Value

MORTGAGE-BACKED

SECURITIES

(continued)

3.50%,

11/1/2042

59,111

54,783

3.50%,

1/1/2043

24,819

23,071

3.50%,

2/1/2043

18,253

16,950

2.50%,

6/1/2043

289,115

249,226

4.00%,

12/1/2043

8,381

7,920

4.50%,

3/1/2044

38,564

37,307

4.00%,

6/1/2044

2,923

2,743

4.50%,

7/1/2044

13,076

12,562

4.00%,

8/1/2044

8,913

8,370

4.50%,

12/1/2044

8,788

8,446

4.00%,

2/1/2045

10,502

9,888

4.50%,

9/1/2045

7,921

7,614

4.00%,

10/1/2045

28,702

26,900

4.00%,

12/1/2045

14,007

13,178

4.50%,

12/1/2045

373,891

359,455

3.00%,

1/1/2046

29,516

26,286

4.00%,

1/1/2046

23,479

22,061

4.00%,

2/1/2046

175,593

166,523

4.50%,

4/1/2046

22,227

21,487

4.00%,

11/1/2046

125,091

116,950

4.50%,

3/1/2047

314,710

301,955

2.00%,

6/1/2051

702,750

551,306

2.00%,

5/1/2052

1,182,839

925,289

6.50%,

2/1/2053

57,342

59,459

6.00%,

10/1/2053

253,736

257,450

7.00%,

12/1/2053

195,210

204,314

6.50%,

4/1/2054

116,093

119,711

6.50%,

8/1/2054

249,639

257,362

6.50%,

6/1/2055

1,249,718

1,307,357

FNMA

UMBS

3.00%,

11/1/2026

24,873

24,779

3.00%,

12/1/2026

8,690

8,654

3.00%,

1/1/2027

3,462

3,446

3.00%,

2/1/2027

5,469

5,443

3.00%,

4/1/2027

174,980

173,947

3.00%,

6/1/2027

29,156

28,953

3.00%,

8/1/2027

35,861

35,565

3.00%,

10/1/2027

13,876

13,757

3.00%,

11/1/2027

12,186

12,080

2.50%,

12/1/2027

34,561

34,138

2.50%,

1/1/2028

187,412

184,715

2.50%,

4/1/2028

11,511

11,345

2.00%,

5/1/2028

54,333

53,261

2.50%,

9/1/2028

8,459

8,354

3.00%,

2/1/2029

29,703

29,251

2.50%,

3/1/2029

47,807

47,086

2.50%,

6/1/2029

14,647

14,466

3.00%,

8/1/2029

687,920

674,696

2.50%,

7/1/2030

44,643

43,970

3.00%,

7/1/2030

169,095

166,520

2.50%,

8/1/2030

220,690

212,971

3.00%,

9/1/2030

271,536

267,855

3.00%,

12/1/2030

664,060

645,930

2.50%,

2/1/2031

208,625

202,464

2.50%,

3/1/2031

101,463

99,196

2.00%,

9/1/2031

11,770

11,155

Investments

Principal

Amount

Value

2.00%,

11/1/2031

28,337

26,836

3.50%,

12/1/2031

256,851

249,664

2.00%,

2/1/2032

300,119

291,983

3.50%,

2/1/2032

757,774

735,933

3.00%,

12/1/2032

796,596

771,199

6.00%,

12/1/2032

4,908

4,996

6.00%,

4/1/2033

3,866

3,925

6.00%,

8/1/2034

19,770

20,100

6.50%,

9/1/2034

42,979

44,324

6.00%,

12/1/2034

81,606

83,173

3.50%,

1/1/2035

89,689

86,196

2.50%,

2/1/2035

1,280,969

1,227,503

3.00%,

2/1/2035

266,319

259,768

3.00%,

7/1/2035

437,812

423,549

5.00%,

8/1/2035

12,310

12,233

1.50%,

10/1/2035

105,655

94,012

6.00%,

11/1/2035

17,029

17,344

5.00%,

12/1/2035

27,513

27,342

1.50%,

1/1/2036

656,138

582,394

6.00%,

6/1/2036

25,464

26,027

2.00%,

7/1/2036

605,990

548,525

5.00%,

7/1/2036

12,198

12,122

6.50%,

8/1/2036

7,782

8,023

2.00%,

9/1/2036

1,277,771

1,157,201

2.50%,

11/1/2036

231,063

211,691

6.00%,

11/1/2036

25,594

26,552

2.50%,

4/1/2037

550,699

502,465

1.50%,

8/1/2037

215,628

190,505

6.00%,

8/1/2037

80,491

82,070

6.00%,

9/1/2037

11,667

12,073

6.50%,

10/1/2037

22,391

23,441

5.00%,

3/1/2038

31,890

31,676

5.00%,

5/1/2038

23,537

23,391

6.00%,

5/1/2038

9,204

9,548

4.50%,

7/1/2038

557,484

546,587

6.00%,

9/1/2038

17,019

17,653

5.50%,

11/1/2038

585,362

596,546

5.50%,

2/1/2039

677,349

685,518

5.00%,

6/1/2039

27,321

27,141

6.00%,

9/1/2039

1,062,679

1,087,764

5.00%,

10/1/2039

28,146

27,953

3.00%,

1/1/2040

25,883

23,776

5.00%,

2/1/2040

24,028

24,084

3.00%,

6/1/2040

305,780

279,276

5.00%,

6/1/2040

8,480

8,421

6.00%,

6/1/2040

654,468

670,452

4.00%,

8/1/2040

1,247,398

1,196,548

3.00%,

9/1/2040

268,896

245,720

3.50%,

1/1/2041

23,371

21,744

1.50%,

2/1/2041

610,164

508,181

3.50%,

2/1/2041

15,800

14,698

1.50%,

4/1/2041

331,789

275,883

4.50%,

5/1/2041

27,789

26,997

5.00%,

5/1/2041

21,326

21,174

6.00%,

5/1/2041

15,246

15,814

4.50%,

6/1/2041

8,260

8,024

2.50%,

7/1/2041

432,255

381,932

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Disciplined

Duration

MBS

Index

Fund

(cont.)

180

Investments

Principal

Amount

Value

MORTGAGE-BACKED

SECURITIES

(continued)

5.00%,

7/1/2041

290,724

288,663

6.00%,

7/1/2041

16,747

17,373

4.50%,

8/1/2041

78,915

76,669

5.00%,

8/1/2041

41,754

41,465

4.00%,

9/1/2041

117,531

111,820

4.50%,

9/1/2041

49,072

47,670

3.50%,

10/1/2041

90,611

84,285

4.00%,

10/1/2041

36,896

34,890

5.00%,

10/1/2041

42,651

42,346

4.00%,

11/1/2041

50,508

48,048

4.00%,

12/1/2041

12,698

12,062

4.00%,

1/1/2042

105,495

99,181

4.50%,

1/1/2042

12,658

12,297

6.00%,

1/1/2042

41,395

42,946

3.00%,

3/1/2042

18,287

16,455

4.00%,

3/1/2042

55,329

52,786

3.00%,

4/1/2042

34,323

30,854

4.50%,

4/1/2042

47,036

45,698

3.50%,

5/1/2042

16,710

15,412

4.50%,

5/1/2042

43,780

42,342

3.50%,

6/1/2042

28,384

26,377

3.50%,

7/1/2042

85,263

79,264

4.00%,

7/1/2042

71,443

67,867

3.50%,

8/1/2042

28,688

26,655

3.00%,

9/1/2042

49,180

44,192

3.50%,

9/1/2042

9,287

8,635

4.00%,

9/1/2042

44,965

42,644

3.00%,

10/1/2042

92,027

82,854

3.50%,

10/1/2042

17,309

16,079

2.50%,

12/1/2042

174,311

150,534

3.00%,

12/1/2042

93,271

83,715

2.50%,

1/1/2043

6,130

5,294

3.00%,

1/1/2043

98,823

88,577

3.50%,

1/1/2043

27,917

25,889

4.00%,

1/1/2043

47,780

45,406

4.50%,

1/1/2043

123,226

119,709

2.50%,

2/1/2043

228,312

196,140

3.00%,

2/1/2043

128,263

115,045

3.50%,

2/1/2043

49,256

45,768

3.50%,

3/1/2043

56,651

52,681

2.50%,

5/1/2043

9,159

7,881

2.50%,

6/1/2043

4,839

4,213

4.00%,

8/1/2043

27,286

25,787

4.00%,

9/1/2043

66,022

62,514

4.50%,

9/1/2043

20,615

19,849

4.00%,

10/1/2043

78,245

73,951

4.00%,

11/1/2043

174,571

164,954

4.50%,

11/1/2043

58,316

56,129

4.50%,

12/1/2043

47,530

45,875

4.00%,

1/1/2044

62,791

59,313

4.50%,

2/1/2044

11,893

11,445

4.50%,

3/1/2044

73,244

71,675

5.00%,

3/1/2044

11,794

11,635

4.00%,

4/1/2044

612,920

576,083

4.50%,

4/1/2044

133,666

128,602

5.00%,

6/1/2044

21,542

21,347

Investments

Principal

Amount

Value

4.00%,

10/1/2044

24,504

23,174

4.50%,

10/1/2044

5,603

5,387

4.50%,

12/1/2044

22,733

21,879

4.00%,

2/1/2045

19,098

17,943

4.50%,

2/1/2045

78,919

75,957

4.00%,

4/1/2045

16,579

15,564

4.00%,

8/1/2045

8,426

7,911

5.00%,

9/1/2045

424,073

416,299

4.00%,

11/1/2045

50,632

47,374

4.50%,

11/1/2045

51,795

49,823

4.00%,

12/1/2045

100,162

94,823

4.00%,

2/1/2046

5,404

5,056

4.50%,

3/1/2046

81,598

78,476

4.00%,

4/1/2046

7,738

7,273

2.50%,

6/1/2046

55,225

47,562

4.50%,

6/1/2046

60,799

58,470

4.50%,

7/1/2046

12,495

11,996

4.50%,

8/1/2046

9,412

9,051

2.50%,

10/1/2046

45,618

38,363

4.50%,

10/1/2046

20,975

20,116

2.50%,

12/1/2046

15,106

12,687

4.50%,

1/1/2047

19,442

18,664

4.00%,

2/1/2047

21,360

20,019

4.50%,

2/1/2047

23,586

22,751

4.50%,

5/1/2047

354,329

337,349

4.50%,

7/1/2047

48,365

46,481

5.00%,

7/1/2047

18,704

18,577

5.00%,

8/1/2048

894,858

880,798

5.50%,

2/1/2049

1,068,428

1,087,580

6.00%,

2/1/2049

50,287

52,278

4.50%,

7/1/2049

331,398

315,744

4.50%,

11/1/2049

338,401

323,880

4.00%,

1/1/2050

448,230

415,550

3.50%,

7/1/2050

795,046

725,779

4.00%,

7/1/2050

551,998

510,549

4.50%,

9/1/2050

799,191

776,163

4.50%,

10/1/2050

903,990

864,637

1.50%,

2/1/2051

598,682

446,277

1.50%,

10/1/2051

1,153,695

860,025

2.50%,

2/1/2052

976,423

803,288

6.50%,

11/1/2052

59,376

62,250

6.50%,

1/1/2053

133,386

137,552

6.50%,

2/1/2053

663,245

685,541

6.50%,

11/1/2053

399,737

412,193

7.00%,

12/1/2053

271,806

284,483

7.00%,

3/1/2054

302,618

316,740

6.50%,

8/1/2054

184,277

190,020

7.00%,

11/1/2054

705,067

738,088

7.00%,

3/1/2055

589,501

617,064

6.50%,

5/1/2055

384,756

396,790

5.50%,

6/1/2055

814,084

806,412

6.50%,

4/1/2056

1,087,476

1,131,536

FNMA/FHLMC

UMBS,

Year,

Single

Family

TBA

3.50%,

9/25/2041(a)(a)

400,000

375,789

TBA

4.50%,

9/25/2041

100,000

97,599

TBA

6.00%,

9/25/2041

300,000

306,536

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Disciplined

Duration

MBS

Index

Fund

(cont.)

181

Investments

Principal

Amount

Value

MORTGAGE-BACKED

SECURITIES

(continued)

FNMA/FHLMC

UMBS,

Year,

Single

Family

TBA

3.00%,

9/25/2056

1,125,000

958,183

TBA

3.50%,

9/25/2056

500,000

443,164

TBA

4.00%,

9/25/2056

2,100,000

1,915,479

TBA

5.00%,

9/25/2056

400,000

385,549

TBA

6.50%,

9/25/2056

2,200,000

2,264,281

TBA

7.00%,

9/25/2056

1,000,000

1,045,991

GNMA

5.50%,

8/20/2033

14,535

14,662

5.50%,

11/20/2033

14,082

14,207

5.50%,

3/20/2034

17,001

17,302

5.50%,

7/20/2034

11,055

11,184

5.50%,

9/20/2034

5,096

5,190

5.50%,

3/20/2036

38,572

39,238

5.50%,

9/20/2038

25,504

25,945

5.50%,

2/20/2039

42,477

43,212

4.50%,

5/15/2039

1,389,654

1,347,446

5.00%,

8/15/2039

699,831

695,712

4.00%,

6/15/2040

204,311

189,974

4.00%,

8/15/2040

212,629

197,706

4.00%,

11/15/2040

161,936

150,568

5.50%,

12/20/2040

11,999

12,147

5.50%,

1/20/2041

11,375

11,572

4.00%,

9/15/2041

653,898

603,963

5.50%,

12/20/2041

30,823

30,810

5.50%,

2/20/2042

8,696

8,847

3.00%,

4/15/2042

735,760

659,277

3.50%,

6/15/2042

333,991

304,180

2.50%,

3/20/2043

28,800

24,918

2.50%,

5/20/2043

40,921

35,341

5.50%,

3/20/2044

33,328

33,903

4.50%,

10/20/2044

85,463

81,982

2.50%,

11/20/2044

28,610

24,813

5.00%,

6/20/2045

98,799

97,935

4.00%,

8/15/2045

638,213

591,070

4.50%,

12/20/2045

178,914

171,624

4.50%,

4/20/2046

210,154

201,615

5.00%,

5/20/2046

248,013

245,847

3.50%,

6/15/2046

1,232,923

1,133,040

3.50%,

10/20/2047

288,145

256,855

4.00%,

2/20/2048

668,664

617,821

5.00%,

5/20/2048

91,485

90,294

5.50%,

1/20/2049

206,525

208,743

5.50%,

7/20/2049

5,396

5,473

3.00%,

11/20/2049

1,197,787

1,042,338

2.50%,

10/20/2050

930,510

777,438

2.00%,

12/20/2051

1,033,527

829,271

4.00%,

12/20/2051

297,346

273,477

2.00%,

2/20/2052

1,063,115

852,904

2.50%,

3/20/2052

927,039

774,498

3.00%,

3/20/2052

1,214,261

1,054,862

5.50%,

12/20/2052

402,393

403,246

6.00%,

12/20/2052

251,088

257,271

6.50%,

12/20/2052

673,047

700,066

7.50%,

2/20/2053

90,224

93,931

7.50%,

3/20/2053

123,933

129,039

Investments

Principal

Amount

Value

6.50%,

6/20/2053

341,437

354,635

7.00%,

8/20/2053

282,600

294,479

6.50%,

10/20/2053

479,124

497,371

7.00%,

10/20/2053

78,920

82,209

7.50%,

2/20/2054

163,316

169,734

6.50%,

7/20/2054

222,352

229,704

7.00%,

7/20/2054

458,720

476,707

6.50%,

8/20/2054

189,931

196,211

7.50%,

8/20/2054

96,331

99,850

7.00%,

9/20/2054

420,836

437,041

7.50%,

9/20/2054

1,807,733

1,877,949

7.00%,

5/20/2055

332,699

345,398

TBA

6.50%,

9/15/2056

300,000

309,171

Total

Mortgage-Backed

Securities

(Cost

$91,514,533)

88,049,476

Total

Investments

99.3%

(Cost

$91,514,533)

88,049,476

Other

assets

less

liabilities

0.7%

597,533

NET

ASSETS

100.0%

$88,647,009

(a)

When

issued

security.

Total

market

value

all

such

securities

amounts

$375,789,

which

represents

approximately

0.42%

net

assets

the

fund.

Percentages

shown

are

based

Net

Assets.

Abbreviations

FHLMC

—

Federal

Home

Loan

Mortgage

Corp.

FNMA

—

Federal

National

Mortgage

Association

GNMA

—

Government

National

Mortgage

Association

TBA

—

Announced;

Security

subject

delayed

delivery.

UMBS

—

Uniform

Mortgage-Backed

Securities

Security

Type

Net

Assets

Mortgage-Backed

Securities

99.3

Others

(1)

0.7

100.0%

(1)

Includes

any

other

net

assets/(liabilities).

182

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

Schedule

Investments

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

July

31,

2026

(Unaudited)

Investments

Principal

Amount

Value

CORPORATE

BONDS

97.7%

Aerospace

Defense

1.3%

General

Dynamics

Corp.

2.63%,

11/15/2027

25,000

24,473

3.63%,

4/1/2030

95,000

91,274

4.95%,

8/15/2035(a)

880,000

864,507

HEICO

Corp.

5.25%,

8/1/2028(a)

490,000

495,091

5.35%,

8/1/2033(a)

400,000

400,134

Hexcel

Corp.

5.88%,

2/26/2035(a)

200,000

203,014

Honeywell

Aerospace,

Inc.

4.30%,

3/16/2031(b)

320,000

311,344

Howmet

Aerospace,

Inc.

6.75%,

1/15/2028

349,000

359,460

3.00%,

1/15/2029(a)

1,200,000

1,152,625

4.85%,

10/15/2031

400,000

396,971

4.55%,

11/15/2032

225,000

218,168

L3Harris

Technologies,

Inc.

5.05%,

6/1/2029

70,000

70,481

5.40%,

7/31/2033

1,050,000

1,055,460

Leidos,

Inc.

4.38%,

5/15/2030

662,000

645,099

2.30%,

2/15/2031

725,000

640,485

5.40%,

3/15/2032

395,000

397,207

5.75%,

3/15/2033

750,000

761,329

5.50%,

3/15/2035

260,000

256,742

5.00%,

3/15/2036(a)

210,000

198,340

RTX

Corp.

6.10%,

3/15/2034

350,000

369,018

Textron,

Inc.

3.90%,

9/17/2029

200,000

194,188

3.00%,

6/1/2030(a)

150,000

139,885

6.10%,

11/15/2033

150,000

155,981

5.50%,

5/15/2035

250,000

249,487

9,650,763

Air

Freight

Logistics

0.1%

Robinson

Worldwide,

Inc.

4.20%,

4/15/2028(a)

500,000

495,501

Automobile

Components

0.1%

Lear

Corp.

3.80%,

9/15/2027

100,000

99,027

4.25%,

5/15/2029

280,000

274,710

373,737

Banks

23.4%

Banco

Bilbao

Vizcaya

Argentaria

6.14%,

9/14/2028(c)

300,000

304,897

7.88%,

11/15/2034(d)

700,000

784,120

6.03%,

3/13/2035(d)

700,000

716,714

5.13%,

3/3/2036(a)

400,000

381,657

Banco

Santander

4.38%,

4/12/2028

400,000

397,417

6.92%,

8/8/2033

200,000

213,290

6.94%,

11/7/2033

200,000

219,744

6.35%,

3/14/2034(a)

550,000

570,478

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

23.4%

(continued)

Bank

America

Corp.

3.59%,

7/21/2028(a)(d)

1,010,000

1,000,285

4.95%,

7/22/2028(c)

585,000

586,637

6.20%,

11/10/2028(a)(d)

1,039,000

1,059,108

3.97%,

3/5/2029(d)

90,000

88,934

5.20%,

4/25/2029(d)

390,000

393,154

4.27%,

7/23/2029(c)

765,000

757,914

5.82%,

9/15/2029(d)

280,000

285,645

3.97%,

2/7/2030(c)

240,000

234,689

(SOFR

0.87%),

4.48%,

4/23/2030(e)

2,640,000

2,611,093

3.19%,

7/23/2030(c)

1,460,000

1,391,221

2.88%,

10/22/2030(a)(d)

10,000

9,390

2.59%,

4/29/2031(c)

525,000

481,646

1.90%,

7/23/2031(a)(c)

990,000

878,038

1.92%,

10/24/2031(d)

440,000

387,625

Series

2.65%,

3/11/2032(c)

90,000

80,814

2.69%,

4/22/2032(c)

980,000

879,024

2.30%,

7/21/2032(c)

830,000

726,339

2.57%,

10/20/2032(c)

690,000

608,299

5.02%,

7/22/2033(a)(d)

100,000

98,985

5.29%,

4/25/2034(d)

641,000

639,295

5.87%,

9/15/2034(d)

160,000

164,564

5.47%,

1/23/2035(d)

430,000

431,717

5.43%,

8/15/2035(d)

885,000

870,205

5.52%,

10/25/2035(d)

1,470,000

1,453,567

5.74%,

2/12/2036(d)

60,000

60,038

2.48%,

9/21/2036(d)

755,000

651,596

3.85%,

3/8/2037(a)(c)

1,575,000

1,447,881

Bank

Montreal

Series

4.44%,

1/14/2032(d)

450,000

437,911

3.80%,

12/15/2032(a)(c)

1,565,000

1,538,243

7.70%,

5/26/2084(d)

700,000

725,964

7.30%,

11/26/2084(d)

690,000

714,003

Bank

Nova

Scotia

(The)

4.40%,

9/8/2028(d)

40,000

39,895

4.93%,

2/14/2029(d)

40,000

40,098

5.13%,

2/14/2031(d)

120,000

120,393

2.15%,

8/1/2031

100,000

87,534

2.45%,

2/2/2032

30,000

26,274

8.63%,

10/27/2082(c)

3,605,000

3,732,544

8.00%,

1/27/2084(a)(d)

870,000

912,577

7.35%,

4/27/2085(d)

480,000

495,044

Barclays

plc

7.44%,

11/2/2033(a)(d)

190,000

209,484

(SOFR

2.98%),

6.22%,

5/9/2034(e)

200,000

206,964

7.12%,

6/27/2034(a)(d)

270,000

290,882

6.69%,

9/13/2034(d)

500,000

530,610

5.34%,

9/10/2035(d)

400,000

389,586

3.56%,

9/23/2035(d)

300,000

279,436

5.21%,

2/24/2037(d)

10,000

9,516

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

183

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

23.4%

(continued)

Canadian

Imperial

Bank

Commerce

5.99%,

10/3/2028

50,000

51,291

4.86%,

3/30/2029(d)

1,460,000

1,462,027

5.26%,

4/8/2029

120,000

121,333

4.63%,

9/11/2030(a)(d)

750,000

742,760

5.25%,

1/13/2031(d)

400,000

402,637

4.58%,

9/8/2031(d)

810,000

794,538

6.09%,

10/3/2033(a)

500,000

522,740

6.95%,

1/28/2085(d)

400,000

402,960

7.00%,

10/28/2085(a)(d)

600,000

607,606

Capital

One

4.65%,

9/13/2028

427,000

427,083

Citigroup,

Inc.

4.45%,

9/29/2027

1,740,000

1,735,585

3.07%,

2/24/2028(a)(d)

10,000

9,917

4.64%,

5/7/2028(d)

10,000

10,001

4.66%,

5/24/2028(d)

10,000

10,001

3.67%,

7/24/2028(a)(c)

20,000

19,808

4.08%,

4/23/2029(a)(d)

10,000

9,888

5.17%,

2/13/2030(d)

113,000

113,647

4.54%,

9/19/2030(a)(d)

520,000

513,804

2.98%,

11/5/2030(c)

550,000

516,417

2.67%,

1/29/2031(c)

976,000

901,233

2.57%,

6/3/2031(c)

875,000

798,995

2.56%,

5/1/2032(c)

750,000

668,335

3.06%,

1/25/2033(c)

291,000

260,923

3.79%,

3/17/2033(d)

580,000

539,340

4.91%,

5/24/2033(a)(d)

450,000

442,858

6.27%,

11/17/2033(d)

133,000

139,929

6.17%,

5/25/2034(a)(d)

2,220,000

2,278,395

5.59%,

11/19/2034(d)

80,000

80,607

5.83%,

2/13/2035(d)

1,750,000

1,754,809

5.45%,

6/11/2035(a)(d)

475,000

474,318

6.02%,

1/24/2036(a)(d)

860,000

870,546

5.17%,

9/11/2036(d)

300,000

292,297

5.41%,

9/19/2039(d)

800,000

775,531

Citizens

Bank

4.58%,

8/9/2028(c)

420,000

419,469

Citizens

Financial

Group,

Inc.

5.84%,

1/23/2030(a)(d)

1,290,000

1,315,989

2.50%,

2/6/2030

50,000

45,977

5.25%,

3/5/2031(a)(d)

100,000

100,292

5.72%,

7/23/2032(a)(d)

880,000

894,385

6.65%,

4/25/2035(a)(d)

300,000

317,058

5.64%,

5/21/2037(d)

50,000

49,555

Cooperatieve

Rabobank

4.80%,

1/9/2029

250,000

251,402

4.49%,

10/17/2029

250,000

248,850

Fifth

Third

Bancorp

6.36%,

10/27/2028(c)

1,065,000

1,084,966

4.00%,

2/1/2029(a)(b)

583,000

570,146

6.34%,

7/27/2029(a)(d)

575,000

591,066

(SOFR

2.16%),

5.98%,

1/30/2030(b)(e)

370,000

378,686

4.77%,

7/28/2030(c)

776,000

771,728

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

23.4%

(continued)

Fifth

Third

Bancorp

(continued)

4.90%,

9/6/2030(a)(d)

400,000

398,822

5.63%,

1/29/2032(a)(d)

800,000

813,515

4.57%,

4/29/2032(d)

300,000

291,519

4.34%,

4/25/2033(a)(d)

150,000

142,636

5.14%,

1/29/2037(a)(d)

580,000

557,259

Fifth

Third

Bank

5.33%,

8/25/2033(d)

110,000

108,573

First

Citizens

BancShares,

Inc.

5.23%,

3/12/2031(d)

350,000

346,007

6.25%,

3/12/2040(d)

640,000

620,406

First

Horizon

Corp.

5.51%,

3/7/2031(d)

350,000

351,363

FNB

Corp.

5.72%,

12/11/2030(d)

700,000

701,014

HSBC

Holdings

plc

4.04%,

3/13/2028(c)

874,000

870,795

4.76%,

6/9/2028(d)

1,925,000

1,925,380

5.21%,

8/11/2028(a)(d)

1,000,000

1,004,734

2.01%,

9/22/2028(d)

2,750,000

2,667,815

7.39%,

11/3/2028(c)

883,000

910,452

6.16%,

3/9/2029(d)

300,000

306,154

4.58%,

6/19/2029(a)(c)

1,120,000

1,114,988

2.21%,

8/17/2029(d)

1,560,000

1,479,712

5.55%,

3/4/2030(a)(d)

400,000

405,482

3.97%,

5/22/2030(a)(c)

1,603,000

1,557,903

5.29%,

11/19/2030(d)

400,000

402,249

5.13%,

3/3/2031(d)

110,000

109,839

2.85%,

6/4/2031(d)

600,000

552,243

2.36%,

8/18/2031(c)

250,000

224,450

5.73%,

5/17/2032(a)(d)

650,000

662,670

2.80%,

5/24/2032(c)

410,000

366,654

2.87%,

11/22/2032(a)(d)

360,000

319,874

4.76%,

3/29/2033(a)(c)

602,000

579,966

5.40%,

8/11/2033(a)(c)

450,000

451,070

6.25%,

3/9/2034(d)

550,000

573,504

6.55%,

6/20/2034(d)

400,000

418,263

5.87%,

11/18/2035(d)

350,000

350,629

5.45%,

3/3/2036(d)

300,000

295,786

5.79%,

5/13/2036(a)(d)

700,000

705,409

5.74%,

9/10/2036(d)

570,000

563,288

5.13%,

11/6/2036(a)(d)

50,000

48,080

5.28%,

3/10/2037(a)(d)

60,000

58,059

Huntington

Bancshares,

Inc.

4.44%,

8/4/2028(d)

381,000

379,766

6.21%,

8/21/2029(d)

855,000

877,269

5.27%,

1/15/2031(d)

110,000

110,473

5.02%,

5/17/2033(d)

300,000

294,838

5.71%,

2/2/2035(d)

1,015,000

1,018,566

6.14%,

11/18/2039(d)

200,000

200,294

Huntington

National

Bank

(The)

5.65%,

1/10/2030

344,000

351,119

ING

Groep

4.55%,

10/2/2028(a)

100,000

99,685

4.86%,

3/25/2029(d)

70,000

70,114

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

184

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

23.4%

(continued)

ING

Groep

(continued)

5.34%,

3/19/2030(d)

50,000

50,563

2.73%,

4/1/2032(d)

50,000

45,034

6.11%,

9/11/2034(d)

200,000

207,860

5.55%,

3/19/2035(a)(d)

705,000

706,659

5.42%,

3/23/2037(d)

490,000

480,846

JPMorgan

Chase

Co.

4.32%,

4/26/2028(d)

1,062,000

1,059,806

2.18%,

6/1/2028(d)

995,000

975,697

4.85%,

7/25/2028(c)

1,308,000

1,310,454

4.51%,

10/22/2028(d)

850,000

848,137

3.51%,

1/23/2029(a)(c)

700,000

688,188

4.01%,

4/23/2029(a)(c)

350,000

345,857

2.07%,

6/1/2029(a)(d)

600,000

571,928

4.20%,

7/23/2029(c)

1,650,000

1,632,645

5.30%,

7/24/2029(a)(d)

1,250,000

1,262,892

6.09%,

10/23/2029(d)

1,600,000

1,642,971

4.45%,

12/5/2029(c)

2,570,000

2,550,400

5.01%,

1/23/2030(d)

600,000

601,662

(SOFR

0.85%),

4.86%,

7/23/2030(e)

100,000

99,786

1.95%,

2/4/2032(c)

350,000

305,963

2.58%,

4/22/2032(c)

750,000

669,940

(SOFR

1.02%),

5.04%,

7/23/2032(e)

10,000

9,956

2.55%,

11/8/2032(d)

210,000

184,611

5.72%,

9/14/2033(d)

825,000

840,213

5.35%,

6/1/2034(a)(d)

1,720,000

1,722,512

6.25%,

10/23/2034(d)

750,000

787,288

5.34%,

1/23/2035(d)

500,000

498,505

5.77%,

4/22/2035(d)

1,035,000

1,057,413

5.29%,

7/22/2035(d)

600,000

594,899

5.50%,

1/24/2036(a)(d)

400,000

400,571

4.81%,

10/22/2036(d)

230,000

218,379

5.19%,

2/5/2037(d)

250,000

240,079

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.25%),

5.80%,

7/23/2041(e)

30,000

29,697

KeyBank

5.85%,

11/15/2027

550,000

557,580

4.90%,

8/8/2032

200,000

194,012

5.00%,

1/26/2033(a)

550,000

535,847

KeyCorp

4.10%,

4/30/2028(a)

100,000

99,019

5.12%,

4/4/2031(a)(d)

600,000

599,838

4.79%,

6/1/2033(d)

600,000

581,688

6.40%,

3/6/2035(d)

750,000

782,948

5.31%,

1/28/2037(a)(d)

420,000

406,494

Lloyds

Banking

Group

plc

4.55%,

8/16/2028

400,000

399,179

3.57%,

11/7/2028(a)(d)

350,000

345,227

M&T

Bank

Corp.

4.55%,

8/16/2028(a)(c)

811,000

809,420

4.83%,

1/16/2029(d)

250,000

250,222

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

23.4%

(continued)

M&T

Bank

Corp.

(continued)

7.41%,

10/30/2029(d)

1,100,000

1,158,518

5.18%,

7/8/2031(a)(d)

380,000

380,344

6.08%,

3/13/2032(a)(d)

595,000

614,899

5.05%,

1/27/2034(d)

800,000

779,802

5.39%,

1/16/2036(d)

700,000

685,557

Manufacturers

Traders

Trust

Co.

4.70%,

1/27/2028

402,000

402,226

4.76%,

7/6/2028(d)

260,000

260,083

Mitsubishi

UFJ

Financial

Group,

Inc.

3.74%,

3/7/2029

100,000

97,692

3.20%,

7/18/2029(a)

100,000

95,548

5.26%,

4/17/2030(d)

375,000

378,001

2.31%,

7/20/2032(a)(c)

200,000

174,633

2.49%,

10/13/2032(a)(d)

200,000

175,228

5.62%,

4/24/2036(a)(d)

300,000

301,326

Mizuho

Financial

Group,

Inc.

5.67%,

5/27/2029(d)

375,000

380,938

5.78%,

7/6/2029(d)

300,000

305,662

4.25%,

9/11/2029(c)

50,000

49,489

2.17%,

5/22/2032(d)

50,000

43,608

National

Bank

Canada

5.60%,

12/18/2028

90,000

91,856

4.50%,

10/10/2029

200,000

198,133

NatWest

Group

plc

4.89%,

5/18/2029(a)(d)

330,000

330,779

5.81%,

9/13/2029(d)

20,000

20,387

5.08%,

1/27/2030(c)

443,000

444,391

4.45%,

5/8/2030(a)(c)

425,000

419,296

3.03%,

11/28/2035(a)(d)

360,000

328,124

Pinnacle

Bank

5.63%,

2/15/2028

350,000

352,312

Pinnacle

Financial

Partners,

Inc.

6.17%,

11/1/2030(a)(d)

250,000

254,262

(SOFR

1.70%),

5.60%,

5/19/2032(e)

40,000

39,656

PNC

Bank

4.05%,

7/26/2028

250,000

246,793

PNC

Financial

Services

Group,

Inc.

(The)

3.45%,

4/23/2029

250,000

242,149

5.49%,

5/14/2030(a)(d)

70,000

71,043

4.81%,

10/21/2032(d)

400,000

393,722

4.63%,

6/6/2033(c)

70,000

67,100

6.04%,

10/28/2033(d)

1,890,000

1,960,580

6.88%,

10/20/2034(a)(d)

920,000

997,675

5.68%,

1/22/2035(d)

460,000

464,712

5.40%,

7/23/2035(d)

50,000

49,664

5.58%,

1/29/2036(d)

705,000

708,116

5.37%,

7/21/2036(d)

535,000

528,766

Regions

Bank

(SOFR

0.81%),

4.76%,

7/27/2029(e)

460,000

459,137

Regions

Financial

Corp.

5.72%,

6/6/2030(a)(d)

500,000

510,228

5.50%,

9/6/2035(a)(d)

790,000

780,689

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

185

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

23.4%

(continued)

Royal

Bank

Canada

4.52%,

10/18/2028(d)

85,000

84,865

4.97%,

1/24/2029(d)

880,000

884,053

4.50%,

8/6/2029(a)(d)

590,000

587,151

(SOFR

0.84%),

4.40%,

4/17/2030(e)

700,000

690,879

4.97%,

8/2/2030(a)(d)

1,227,000

1,229,770

4.65%,

10/18/2030(d)

1,460,000

1,447,770

5.15%,

2/4/2031(d)

580,000

582,167

4.70%,

8/6/2031(d)

1,440,000

1,421,551

2.30%,

11/3/2031(a)

480,000

422,455

3.88%,

5/4/2032(a)

55,000

51,901

5.15%,

2/1/2034

50,000

50,105

7.50%,

5/2/2084(d)

900,000

929,506

6.35%,

11/24/2084(d)

840,000

797,871

6.75%,

8/24/2085(d)

840,000

851,392

Santander

Holdings

USA,

Inc.

6.50%,

3/9/2029(d)

645,000

660,019

6.57%,

6/12/2029(d)

400,000

411,089

6.17%,

1/9/2030(d)

650,000

665,052

(SOFR

1.10%),

5.04%,

6/5/2030(e)

280,000

278,610

5.35%,

9/6/2030(a)(d)

1,290,000

1,296,705

5.74%,

3/20/2031(a)(d)

200,000

202,666

7.66%,

11/9/2031(a)(d)

350,000

379,716

(SOFR

1.28%),

5.22%,

6/5/2032(e)

10,000

9,868

6.34%,

5/31/2035(a)(d)

500,000

518,239

(SOFR

1.60%),

5.70%,

6/5/2037(e)

300,000

292,422

Santander

Group

Holdings

plc

2.47%,

1/11/2028(d)

20,000

19,805

3.82%,

11/3/2028(c)

300,000

296,402

6.53%,

1/10/2029(c)

100,000

102,253

4.32%,

9/22/2029(d)

600,000

592,440

5.69%,

4/15/2031(d)

200,000

202,848

Sumitomo

Mitsui

Financial

Group,

Inc.

5.71%,

1/13/2030

200,000

204,460

2.14%,

9/23/2030(a)

50,000

44,489

5.42%,

7/9/2031

400,000

404,984

5.81%,

9/14/2033(a)

220,000

225,401

Toronto-Dominion

Bank

(The)

5.52%,

7/17/2028(a)

1,400,000

1,422,341

2.00%,

9/10/2031

115,000

100,602

5.30%,

1/30/2032(a)

50,000

50,559

4.93%,

10/15/2035

440,000

422,140

8.13%,

10/31/2082(c)

2,285,000

2,354,581

7.25%,

7/31/2084(d)

740,000

762,620

6.35%,

10/31/2085(a)(d)

650,000

649,848

Truist

Bank

4.14%,

10/23/2029(a)(d)

630,000

620,669

Truist

Financial

Corp.

4.87%,

1/26/2029(a)(d)

855,000

856,444

1.89%,

6/7/2029(c)

250,000

237,144

7.16%,

10/30/2029(a)(d)

975,000

1,021,000

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

23.4%

(continued)

Truist

Financial

Corp.

(continued)

5.44%,

1/24/2030(a)(d)

820,000

829,366

Series

(SOFR

0.88%),

4.96%,

7/23/2030(e)

1,010,000

1,008,476

4.92%,

7/28/2033(a)(d)

50,000

48,445

5.12%,

1/26/2034(d)

850,000

836,030

5.87%,

6/8/2034(d)

1,644,000

1,679,043

5.71%,

1/24/2035(d)

1,750,000

1,767,725

4.96%,

10/23/2036(a)(d)

735,000

699,438

Bancorp

5.38%,

1/23/2030(a)(d)

650,000

658,060

1.38%,

7/22/2030

55,000

48,088

(SOFR

1.25%),

5.10%,

7/23/2030(a)(e)

120,000

120,853

(SOFR

0.78%),

4.86%,

7/27/2030(e)

500,000

499,029

(SOFR

1.30%),

5.08%,

5/15/2031(e)

370,000

370,521

(SOFR

0.87%),

4.48%,

1/26/2032(e)

290,000

282,662

4.97%,

7/22/2033(c)

251,000

245,372

5.84%,

6/12/2034(d)

485,000

496,986

5.68%,

1/23/2035(d)

260,000

263,610

(SOFR

1.25%),

5.47%,

7/27/2037(e)

1,000,000

990,087

Webster

Financial

Corp.

4.10%,

3/25/2029

815,000

792,331

Wells

Fargo

Co.

3.53%,

3/24/2028(c)

5,000

4,966

3.58%,

5/22/2028(c)

690,000

684,367

4.15%,

1/24/2029

150,000

148,065

5.57%,

7/25/2029(d)

50,000

50,755

6.30%,

10/23/2029(a)(d)

1,360,000

1,402,292

5.20%,

1/23/2030(a)(d)

500,000

503,880

2.88%,

10/30/2030(c)

50,000

46,922

2.57%,

2/11/2031(c)

730,000

672,234

4.90%,

7/25/2033(d)

300,000

294,671

6.49%,

10/23/2034(d)

100,000

106,162

5.50%,

1/23/2035(d)

50,000

50,101

Western

Alliance

Bank

6.54%,

11/15/2035(a)(d)

150,000

148,021

Westpac

Banking

Corp.

3.40%,

1/25/2028

25,000

24,648

5.54%,

11/17/2028(a)

50,000

51,155

5.05%,

4/16/2029(a)

25,000

25,290

6.82%,

11/17/2033

400,000

429,052

3.02%,

11/18/2036(d)

550,000

486,711

Zions

Bancorp

3.25%,

10/29/2029

502,000

471,608

6.82%,

11/19/2035(d)

250,000

258,608

172,381,883

Beverages

0.5%

Coca-Cola

Co.

(The)

3.45%,

3/25/2030(a)

368,000

354,556

1.65%,

6/1/2030

750,000

672,489

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

186

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Beverages

0.5%

(continued)

Coca-Cola

Co.

(The)

(continued)

2.00%,

3/5/2031

100,000

89,081

5.00%,

5/13/2034(a)

350,000

352,708

4.65%,

8/14/2034(a)

620,000

610,689

Coca-Cola

Consolidated,

Inc.

5.25%,

6/1/2029(a)

385,000

390,161

Keurig

Pepper,

Inc.

3.95%,

4/15/2029

470,000

459,013

Pepsico

Singapore

Financing

Pte.

Ltd.

4.70%,

2/16/2034(a)

150,000

146,296

PepsiCo,

Inc.

2.75%,

3/19/2030

15,000

14,034

1.63%,

5/1/2030(a)

300,000

268,704

5.00%,

7/23/2035(a)

150,000

148,093

3,505,824

Biotechnology

0.7%

AbbVie,

Inc.

3.20%,

11/21/2029

260,000

247,839

5.05%,

3/15/2034

450,000

446,620

4.50%,

5/14/2035(a)

220,000

207,897

Gilead

Sciences,

Inc.

1.20%,

10/1/2027(a)

500,000

482,129

4.40%,

5/20/2029

570,000

566,377

4.80%,

11/15/2029(a)

310,000

311,096

1.65%,

10/1/2030

50,000

44,060

4.60%,

5/20/2031

940,000

928,658

4.90%,

5/20/2034

720,000

705,669

5.10%,

6/15/2035

310,000

306,773

Regeneron

Pharmaceuticals,

Inc.

1.75%,

9/15/2030

865,000

760,466

5,007,584

Broadline

Retail

1.5%

Amazon.com,

Inc.

3.90%,

11/20/2028(a)

200,000

196,803

4.00%,

3/13/2029

490,000

481,909

4.60%,

7/9/2029

2,590,000

2,581,137

1.50%,

6/3/2030

180,000

159,194

4.10%,

11/20/2030(a)

200,000

193,752

2.10%,

5/12/2031(a)

2,090,000

1,838,231

4.80%,

7/9/2031

490,000

485,352

4.35%,

3/20/2033

150,000

143,234

5.10%,

7/9/2033

280,000

277,398

4.65%,

11/20/2035

770,000

725,530

4.88%,

3/13/2036

590,000

564,663

5.30%,

7/9/2036

780,000

766,385

eBay,

Inc.

5.95%,

11/22/2027

300,000

304,528

4.25%,

3/6/2029(a)

130,000

128,310

2.70%,

3/11/2030

950,000

877,661

2.60%,

5/10/2031(a)

640,000

572,314

6.30%,

11/22/2032(a)

300,000

316,241

MercadoLibre,

Inc.

3.13%,

1/14/2031

450,000

410,286

11,022,928

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Building

Products

0.8%

Allegion

plc

3.50%,

10/1/2029(a)

352,000

337,236

Carlisle

Cos.,

Inc.

3.75%,

12/1/2027

350,000

345,794

2.75%,

3/1/2030(a)

525,000

487,620

2.20%,

3/1/2032

350,000

299,188

Johnson

Controls

International

plc

5.50%,

4/19/2029(a)

620,000

630,595

4.90%,

12/1/2032

600,000

593,449

Lennox

International,

Inc.

5.50%,

9/15/2028

450,000

456,710

Masco

Corp.

3.50%,

11/15/2027

150,000

147,969

1.50%,

2/15/2028(a)

401,000

382,375

2.00%,

10/1/2030

300,000

265,810

2.00%,

2/15/2031(a)

500,000

438,228

Trane

Technologies

Financing

Ltd.

3.80%,

3/21/2029

712,000

695,806

5.10%,

6/13/2034

790,000

782,754

Trane

Technologies

Holdco,

Inc.

3.75%,

8/21/2028(a)

350,000

344,850

6,208,384

Capital

Markets

5.4%

Ameriprise

Financial,

Inc.

5.70%,

12/15/2028(a)

300,000

306,990

5.15%,

5/15/2033(a)

275,000

274,322

5.20%,

4/15/2035(a)

450,000

441,639

Apollo

Debt

Solutions

BDC

5.20%,

12/8/2028(b)

370,000

364,366

6.90%,

4/13/2029

525,000

536,804

5.88%,

8/30/2030

100,000

98,278

5.70%,

1/23/2031(a)(b)

160,000

155,737

6.70%,

7/29/2031

950,000

960,109

6.55%,

3/15/2032

520,000

521,619

Ares

Capital

Corp.

5.88%,

3/1/2029

610,000

612,638

5.95%,

7/15/2029

300,000

302,427

5.55%,

1/15/2030

400,000

395,850

5.50%,

9/1/2030

250,000

245,447

5.80%,

3/8/2032(a)

300,000

295,231

Bank

New

York

Mellon

Corp.

(The)

Series

4.97%,

4/26/2034(a)

(d)

100,000

98,356

BlackRock

Finance,

Inc.

1.90%,

1/28/2031

50,000

44,245

Blackstone

Private

Credit

Fund

4.95%,

9/26/2027

150,000

149,517

7.30%,

11/27/2028

350,000

361,434

4.00%,

1/15/2029(a)

625,000

598,873

5.95%,

7/16/2029(a)

630,000

629,422

5.60%,

11/22/2029

250,000

245,737

5.25%,

4/1/2030(a)

250,000

241,458

5.05%,

9/10/2030(a)

250,000

238,992

6.25%,

1/25/2031

365,000

363,727

5.35%,

3/12/2031(a)

120,000

114,717

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

187

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Capital

Markets

5.4%

(continued)

Blackstone

Private

Credit

Fund

(continued)

5.95%,

5/15/2031(a)

290,000

283,966

6.00%,

1/29/2032(a)

900,000

880,055

6.00%,

11/22/2034

650,000

617,762

Blackstone

Reg

Finance

Co.

LLC

5.00%,

12/6/2034(a)

650,000

629,518

Blackstone

Secured

Lending

Fund

5.35%,

4/13/2028(a)

550,000

547,120

Brookfield

Asset

Management

Ltd.

5.80%,

4/24/2035

250,000

249,786

Brookfield

Finance

plc

2.34%,

1/30/2032(a)

25,000

21,647

Brookfield

Finance,

Inc.

6.35%,

1/5/2034(a)

570,000

594,705

Carlyle

Secured

Lending,

Inc.

6.75%,

2/18/2030

75,000

74,990

Cboe

Global

Markets,

Inc.

1.63%,

12/15/2030

351,000

303,294

3.00%,

3/16/2032

200,000

178,818

Charles

Schwab

Corp.

(The)

2.00%,

3/20/2028

1,100,000

1,055,957

5.64%,

5/19/2029(a)(d)

500,000

508,517

6.20%,

11/17/2029(d)

150,000

154,630

5.85%,

5/19/2034(a)(d)

870,000

895,149

6.14%,

8/24/2034(d)

995,000

1,039,184

4.91%,

11/14/2036(a)(d)

250,000

238,850

CME

Group,

Inc.

3.75%,

6/15/2028

100,000

98,824

4.40%,

3/15/2030

250,000

247,214

2.65%,

3/15/2032(a)

250,000

223,230

Deutsche

Bank

5.88%,

7/8/2031(d)

200,000

202,187

3.55%,

9/18/2031(c)

120,000

112,251

3.73%,

1/14/2032(d)

630,000

582,200

4.88%,

12/1/2032(c)

240,000

238,240

3.74%,

1/7/2033(c)

650,000

591,846

FactSet

Research

Systems,

Inc.

3.45%,

3/1/2032(a)

480,000

431,880

Franklin

Resources,

Inc.

1.60%,

10/30/2030

50,000

43,746

Goldman

Sachs

Group,

Inc.

(The)

3.81%,

4/23/2029(d)

740,000

727,624

4.22%,

5/1/2029(d)

540,000

534,374

5.73%,

4/25/2030(d)

490,000

498,817

5.05%,

7/23/2030(a)(d)

20,000

20,037

5.33%,

7/23/2035(d)

350,000

344,029

5.02%,

10/23/2035(a)(d)

460,000

442,632

4.94%,

10/21/2036(d)

810,000

766,103

(SOFR

1.19%),

5.07%,

1/21/2037(e)

850,000

809,585

(SOFR

1.31%),

5.43%,

6/3/2037(e)

720,000

703,388

Golub

Capital

BDC,

Inc.

7.05%,

12/5/2028

175,000

179,465

6.00%,

7/15/2029(a)

150,000

150,155

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Capital

Markets

5.4%

(continued)

HPS

Corporate

Lending

Fund

5.85%,

6/5/2030(a)

50,000

48,911

5.65%,

4/2/2031(a)(b)

80,000

77,050

6.30%,

8/19/2031(b)

80,000

79,085

5.95%,

4/14/2032(a)

530,000

512,226

Jefferies

Financial

Group,

Inc.

6.20%,

4/14/2034

250,000

252,262

5.50%,

2/15/2036

100,000

94,629

LPL

Holdings,

Inc.

5.20%,

3/15/2030(a)

150,000

149,809

6.00%,

5/20/2034(a)

210,000

211,603

Main

Street

Capital

Corp.

5.40%,

8/15/2028

170,000

169,558

6.95%,

3/1/2029(a)

300,000

308,385

Moody's

Corp.

3.25%,

1/15/2028

290,000

285,375

4.25%,

2/1/2029

302,000

298,911

2.00%,

8/19/2031(a)

353,000

308,084

4.25%,

8/8/2032

575,000

551,908

5.00%,

8/5/2034(a)

350,000

342,570

Morgan

Stanley

0.00%),

3.59%,

7/22/2028(e)

50,000

49,453

7.25%,

4/1/2032(a)

910,000

1,011,361

Series

4.89%,

10/22/2036(d)

270,000

255,966

(United

States

SOFR

Compounded

Index

1.41%),

5.30%,

4/10/2037(e)

500,000

485,235

Morgan

Stanley

Direct

Lending

Fund

6.00%,

5/19/2030

250,000

246,269

MSCI,

Inc.

5.25%,

9/1/2035

610,000

585,356

5.15%,

3/15/2036

90,000

85,399

Nasdaq,

Inc.

5.35%,

6/28/2028(a)

278,000

281,345

5.55%,

2/15/2034(a)

917,000

927,027

Nomura

Holdings,

Inc.

5.61%,

7/6/2029

740,000

752,175

2.68%,

7/16/2030

250,000

227,251

5.78%,

7/3/2034(a)

175,000

177,575

Raymond

James

Financial,

Inc.

4.65%,

4/1/2030(a)

40,000

39,775

4.90%,

9/11/2035

290,000

276,685

S&P

Global,

Inc.

4.75%,

8/1/2028

100,000

100,281

2.95%,

3/1/2029(a)(f)

1,262,000

1,209,056

4.25%,

5/1/2029(a)

1,200,000

1,184,922

2.50%,

12/1/2029

250,000

232,528

1.25%,

8/15/2030

200,000

173,566

4.25%,

1/15/2031(b)

350,000

340,010

2.90%,

3/1/2032(a)

1,125,000

1,011,188

5.25%,

9/15/2033(a)

500,000

504,035

Sixth

Street

Specialty

Lending,

Inc.

6.13%,

3/1/2029

50,000

50,420

5.63%,

8/15/2030

160,000

157,686

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

188

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Capital

Markets

5.4%

(continued)

State

Street

Corp.

4.54%,

4/24/2028(a)(d)

60,000

60,018

5.82%,

11/4/2028(d)

50,000

50,772

2.40%,

1/24/2030

25,000

23,218

2.20%,

3/3/2031

50,000

44,216

4.42%,

5/13/2033(d)

150,000

145,157

5.16%,

5/18/2034(d)

300,000

298,410

6.12%,

11/21/2034(d)

10,000

10,410

Stifel

Financial

Corp.

4.00%,

5/15/2030

446,000

428,870

39,935,711

Chemicals

0.8%

Cabot

Corp.

5.00%,

6/30/2032(a)

150,000

148,501

Industries,

Inc.

5.15%,

3/15/2034(a)

667,000

652,615

5.30%,

11/26/2035(a)

600,000

586,541

Ecolab,

Inc.

3.25%,

12/1/2027

370,000

364,698

4.30%,

6/15/2028(a)

1,010,000

1,006,639

4.80%,

3/24/2030

150,000

149,799

1.30%,

1/30/2031(a)

150,000

128,498

EIDP,

Inc.

5.13%,

5/15/2032

250,000

250,347

4.80%,

5/15/2033(a)

315,000

305,580

Lubrizol

Corp.

(The)

6.50%,

10/1/2034

250,000

272,229

NewMarket

Corp.

2.70%,

3/18/2031

400,000

359,398

RPM

International,

Inc.

4.55%,

3/1/2029(a)

150,000

148,868

2.95%,

1/15/2032

150,000

133,881

Sherwin-Williams

Co.

(The)

2.95%,

8/15/2029(a)

701,000

664,644

2.30%,

5/15/2030(a)

400,000

363,883

4.80%,

9/1/2031(a)

55,000

54,457

2.20%,

3/15/2032(a)

250,000

215,930

5,806,508

Commercial

Services

Supplies

0.7%

Cintas

Corp.

No.

4.20%,

5/1/2028

390,000

387,400

4.00%,

5/1/2032(a)

515,000

492,128

RELX

Capital,

Inc.

4.00%,

3/18/2029

1,052,000

1,031,864

4.75%,

3/27/2030

50,000

49,709

3.00%,

5/22/2030

552,000

514,940

4.75%,

5/20/2032(a)

500,000

492,366

5.25%,

3/27/2035(a)

500,000

493,647

Republic

Services,

Inc.

4.88%,

4/1/2029

345,000

346,424

2.30%,

3/1/2030(a)

250,000

229,381

5.00%,

4/1/2034(a)

20,000

19,751

Rollins,

Inc.

5.25%,

2/24/2035

325,000

317,453

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Commercial

Services

Supplies

0.7%

(continued)

Veralto

Corp.

5.35%,

9/18/2028

485,000

490,681

5.45%,

9/18/2033

500,000

504,064

Waste

Management,

Inc.

4.95%,

3/15/2035(a)

50,000

48,986

5,418,794

Communications

Equipment

0.8%

Cisco

Systems,

Inc.

4.95%,

2/24/2032

2,000

5.05%,

2/26/2034

1,423,000

1,409,981

5.10%,

2/24/2035

200,000

197,794

Motorola

Solutions,

Inc.

4.60%,

2/23/2028

11,000

11,001

5.00%,

4/15/2029(a)

300,000

301,564

4.60%,

5/23/2029(a)

258,000

256,523

2.30%,

11/15/2030(a)

552,000

493,378

2.75%,

5/24/2031(a)

650,000

584,449

5.60%,

6/1/2032(a)

1,330,000

1,352,666

5.40%,

4/15/2034

600,000

594,970

5.55%,

8/15/2035

470,000

468,705

5,673,031

Construction

Engineering

0.3%

MasTec,

Inc.

5.90%,

6/15/2029

600,000

613,314

Quanta

Services,

Inc.

4.75%,

8/9/2027

150,000

150,243

2.90%,

10/1/2030

50,000

46,051

4.50%,

1/15/2031(a)

500,000

488,255

5.25%,

8/9/2034(a)

150,000

148,177

5.10%,

8/9/2035

500,000

485,508

1,931,548

Construction

Materials

0.2%

Martin

Marietta

Materials,

Inc.

Series

CB,

2.50%,

3/15/2030(a)

220,000

201,973

2.40%,

7/15/2031

203,000

178,625

5.15%,

12/1/2034(a)

180,000

176,129

Vulcan

Materials

Co.

4.95%,

12/1/2029

420,000

421,728

3.50%,

6/1/2030

175,000

165,971

5.35%,

12/1/2034(a)

380,000

378,612

1,523,038

Consumer

Finance

1.3%

AerCap

Ireland

Capital

DAC

6.15%,

9/30/2030(a)

230,000

238,218

4.95%,

9/10/2034

150,000

143,581

6.95%,

3/10/2055(a)(d)

550,000

562,673

American

Express

Co.

4.73%,

4/25/2029(a)(d)

350,000

350,239

5.28%,

7/27/2029(a)(d)

200,000

202,102

5.53%,

4/25/2030(a)(d)

900,000

915,590

5.09%,

1/30/2031(d)

250,000

251,173

5.02%,

4/25/2031(a)(d)

150,000

150,479

6.49%,

10/30/2031(d)

1,050,000

1,109,212

4.92%,

7/20/2033(d)

20,000

19,724

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

189

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Consumer

Finance

1.3%

(continued)

American

Express

Co.

(continued)

5.04%,

5/1/2034(d)

50,000

49,316

5.92%,

4/25/2035(d)

230,000

234,923

5.28%,

7/26/2035(d)

340,000

337,554

(SOFR

1.24%),

4.80%,

10/24/2036(e)

170,000

161,107

Capital

One

Financial

Corp.

7.62%,

10/30/2031(d)

100,000

108,747

5.27%,

5/10/2033(a)(c)

500,000

495,424

5.40%,

1/30/2037(a)(d)

180,000

174,166

Ford

Motor

Credit

Co.

LLC

7.35%,

11/4/2027

200,000

205,146

7.20%,

6/10/2030(a)

100,000

104,638

Synchrony

Financial

3.95%,

12/1/2027

705,000

697,015

5.15%,

3/19/2029

752,000

750,026

5.94%,

8/2/2030(d)

340,000

345,063

5.45%,

3/6/2031(d)

500,000

498,175

2.88%,

10/28/2031

1,075,000

940,881

6.00%,

7/29/2036(d)

215,000

211,974

9,257,146

Consumer

Staples

Distribution

Retail

0.6%

Ahold

Finance

USA

LLC

6.88%,

5/1/2029(a)

580,000

609,838

Costco

Wholesale

Corp.

1.60%,

4/20/2030(a)

340,000

305,352

1.75%,

4/20/2032

520,000

445,140

Dollar

Tree,

Inc.

4.20%,

5/15/2028

900,000

891,918

Kroger

Co.

(The)

Series

7.70%,

6/1/2029

100,000

107,563

8.00%,

9/15/2029

50,000

54,825

7.50%,

4/1/2031

50,000

55,313

5.00%,

9/15/2034

150,000

145,378

Sysco

Corp.

2.40%,

2/15/2030

70,000

64,062

5.95%,

4/1/2030

45,000

46,232

2.45%,

12/14/2031(a)

100,000

87,826

6.00%,

1/17/2034

375,000

387,675

5.40%,

3/23/2035

350,000

345,512

5.38%,

9/21/2035

1,100,000

1,076,274

4.95%,

3/25/2036

40,000

37,703

4,660,611

Containers

Packaging

0.3%

AptarGroup,

Inc.

3.60%,

3/15/2032(a)

310,000

286,857

Avery

Dennison

Corp.

4.88%,

12/6/2028

536,000

537,061

2.65%,

4/30/2030

350,000

322,298

2.25%,

2/15/2032

100,000

86,280

5.75%,

3/15/2033

400,000

411,059

Packaging

Corp.

America

3.00%,

12/15/2029

198,000

186,570

5.70%,

12/1/2033(a)

350,000

357,285

2,187,410

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Distributors

0.3%

Genuine

Parts

Co.

6.50%,

11/1/2028

360,000

371,396

4.95%,

8/15/2029(a)

740,000

735,097

2.75%,

2/1/2032(a)

235,000

204,222

6.88%,

11/1/2033(a)

250,000

267,353

LKQ

Corp.

5.75%,

6/15/2028(a)

600,000

607,096

6.25%,

6/15/2033(a)

50,000

50,926

2,236,090

Diversified

REITs

1.5%

American

Assets

Trust

REIT,

6.15%,

10/1/2034(a)

250,000

248,302

Broadstone

Net

Lease

LLC

REIT,

2.60%,

9/15/2031

250,000

219,848

Digital

Realty

Trust

REIT,

3.70%,

8/15/2027

240,000

238,039

GLP

Capital

REIT,

5.75%,

6/1/2028

450,000

453,528

REIT,

5.30%,

1/15/2029

600,000

600,592

REIT,

4.00%,

1/15/2030

415,000

396,095

REIT,

4.00%,

1/15/2031

1,200,000

1,123,956

REIT,

3.25%,

1/15/2032

655,000

579,336

REIT,

6.75%,

12/1/2033

635,000

661,028

REIT,

5.63%,

9/15/2034(a)

550,000

535,630

Rayonier

REIT,

2.75%,

5/17/2031

350,000

312,329

Simon

Property

Group

REIT,

6.25%,

1/15/2034

40,000

42,117

REIT,

4.75%,

9/26/2034(a)

450,000

430,826

VICI

Properties

REIT,

4.75%,

2/15/2028(a)

955,000

953,122

REIT,

4.75%,

4/1/2028

350,000

349,080

REIT,

4.95%,

2/15/2030

703,000

695,010

REIT,

5.13%,

11/15/2031(a)

500,000

490,531

REIT,

5.13%,

5/15/2032(a)

1,040,000

1,014,328

REIT,

5.75%,

4/1/2034

300,000

298,226

REIT,

5.63%,

4/1/2035(a)

735,000

720,006

Carey,

Inc.

REIT,

2.40%,

2/1/2031(a)

100,000

89,225

REIT,

2.25%,

4/1/2033(a)

640,000

530,027

REIT,

5.38%,

6/30/2034(a)

300,000

297,773

11,278,954

Diversified

Telecommunication

Services

0.5%

AT&T,

Inc.

1.65%,

2/1/2028(a)

140,000

133,881

4.10%,

2/15/2028

10,000

9,909

2.25%,

2/1/2032

180,000

154,577

Deutsche

Telekom

International

Finance

0.00%),

8.25%,

6/15/2030(e)(f)

400,000

445,295

Koninklijke

KPN

8.38%,

10/1/2030(a)

326,000

367,484

Space

Exploration

Technologies

Corp.

5.35%,

7/15/2031(a)(b)

1,730,000

1,683,860

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

190

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Diversified

Telecommunication

Services

0.5%

(continued)

Sprint

Capital

Corp.

6.88%,

11/15/2028

600,000

626,258

8.75%,

3/15/2032(a)

380,000

442,174

3,863,438

Electric

Utilities

2.3%

AEP

Texas,

Inc.

Series

6.65%,

2/15/2033

50,000

53,178

5.70%,

5/15/2034

300,000

303,451

American

Electric

Power

Co.,

Inc.

5.63%,

3/1/2033

50,000

51,049

6.95%,

12/15/2054(d)

300,000

315,444

7.05%,

12/15/2054(d)

700,000

722,888

3.88%,

2/15/2062(c)

91,000

90,206

Appalachian

Power

Co.

5.65%,

4/1/2034(a)

150,000

151,402

Arizona

Public

Service

Co.

6.35%,

12/15/2032

235,000

247,958

Duke

Energy

Carolinas

LLC

6.45%,

10/15/2032

40,000

42,678

Duke

Energy

Corp.

6.45%,

9/1/2054(d)

882,000

903,315

Emera

Finance

2.64%,

6/15/2031

150,000

133,638

Evergy

Kansas

Central,

Inc.

4.70%,

3/13/2028

150,000

149,947

5.25%,

3/15/2035(a)

260,000

256,209

Evergy,

Inc.

2.90%,

9/15/2029(a)

640,000

602,812

6.65%,

6/1/2055(a)(d)

100,000

101,402

Interstate

Power

and

Light

Co.

5.70%,

10/15/2033

280,000

284,547

4.95%,

9/30/2034

250,000

241,264

5.60%,

6/29/2035(a)

195,000

196,060

MidAmerican

Energy

Co.

3.65%,

4/15/2029(a)

853,000

831,542

6.75%,

12/30/2031

550,000

596,218

5.35%,

1/15/2034(a)

380,000

383,217

Nevada

Power

Co.

Series

CC,

3.70%,

5/1/2029

702,000

683,399

Series

DD,

2.40%,

5/1/2030(a)

445,000

407,595

6.25%,

5/15/2055(a)(d)

50,000

49,806

OGE

Energy

Corp.

5.45%,

5/15/2029

150,000

152,320

Ohio

Power

Co.

Series

1.63%,

1/15/2031

150,000

129,909

Series

6.60%,

2/15/2033

50,000

53,155

Series

6.60%,

3/1/2033

200,000

212,508

Oklahoma

Gas

and

Electric

Co.

5.40%,

1/15/2033

270,000

272,550

PacifiCorp

5.10%,

2/15/2029

400,000

402,303

3.50%,

6/15/2029(a)

200,000

192,546

2.70%,

9/15/2030

440,000

400,570

5.30%,

2/15/2031(a)

550,000

553,017

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Electric

Utilities

2.3%

(continued)

PacifiCorp

(continued)

7.70%,

11/15/2031

650,000

720,788

5.45%,

2/15/2034

1,250,000

1,243,798

5.25%,

6/15/2035

200,000

193,314

Pinnacle

West

Capital

Corp.

4.90%,

5/15/2028(a)

350,000

351,051

Progress

Energy,

Inc.

7.75%,

3/1/2031

620,000

685,873

Public

Service

Co.

Oklahoma

5.25%,

1/15/2033

250,000

248,671

5.20%,

1/15/2035

1,080,000

1,052,765

Southern

California

Edison

Co.

6.65%,

4/1/2029

150,000

155,342

Southern

Co.

(The)

5.11%,

8/1/2027(f)

25,000

25,109

5.50%,

3/15/2029(a)

20,000

20,347

5.20%,

6/15/2033

377,000

374,074

5.70%,

3/15/2034

230,000

234,301

4.85%,

3/15/2035

163,000

155,857

Series

2025,

6.38%,

3/15/2055(a)(d)

350,000

354,364

Southwestern

Electric

Power

Co.

5.30%,

4/1/2033

150,000

149,314

Tucson

Electric

Power

Co.

3.25%,

5/15/2032(a)

400,000

362,655

5.20%,

9/15/2034

100,000

99,218

Wisconsin

Electric

Power

Co.

5.00%,

5/15/2029

300,000

302,606

16,897,550

Electrical

Equipment

0.4%

Acuity

Brands

Lighting,

Inc.

2.15%,

12/15/2030

350,000

310,878

Eaton

Corp.

4.20%,

3/6/2031

930,000

901,948

Vernova,

Inc.

4.88%,

2/4/2036

330,000

317,085

Hubbell,

Inc.

3.15%,

8/15/2027

200,000

197,259

3.50%,

2/15/2028(a)

405,000

398,315

5.15%,

6/15/2036

120,000

116,632

Rockwell

Automation,

Inc.

6.70%,

1/15/2028

400,000

411,765

2,653,882

Electronic

Equipment,

Instruments

Components

1.9%

Allegion

Holding

Co.,

Inc.

3.55%,

10/1/2027(a)

250,000

247,043

5.41%,

7/1/2032(a)

400,000

403,790

5.60%,

5/29/2034

550,000

552,649

Amphenol

Corp.

4.38%,

6/12/2028(a)

150,000

149,566

3.90%,

11/15/2028(a)

150,000

147,910

5.05%,

4/5/2029(a)

300,000

303,067

2.80%,

2/15/2030

50,000

46,655

2.20%,

9/15/2031(a)

350,000

308,455

5.25%,

4/5/2034(a)

300,000

300,593

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

191

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Electronic

Equipment,

Instruments

Components

1.9%

(continued)

Amphenol

Corp.

(continued)

5.00%,

1/15/2035(a)

100,000

97,781

Arrow

Electronics,

Inc.

3.88%,

1/12/2028(a)

295,000

290,745

5.15%,

8/21/2029

550,000

551,768

Avnet,

Inc.

6.25%,

3/15/2028(a)

250,000

254,708

3.00%,

5/15/2031(a)

150,000

134,860

CDW

LLC

4.25%,

4/1/2028(a)

392,000

386,710

3.28%,

12/1/2028(a)

357,000

342,693

3.25%,

2/15/2029

420,000

400,136

5.10%,

3/1/2030(a)

450,000

445,361

3.57%,

12/1/2031

720,000

652,776

5.55%,

8/22/2034(a)

400,000

387,999

Flex

Ltd.

6.00%,

1/15/2028

230,000

233,191

4.88%,

6/15/2029

200,000

199,324

4.88%,

5/12/2030

262,000

258,313

Jabil,

Inc.

3.95%,

1/12/2028(a)

280,000

276,706

3.60%,

1/15/2030

450,000

427,435

3.00%,

1/15/2031(a)

250,000

227,440

Keysight

Technologies,

Inc.

3.00%,

10/30/2029(a)

350,000

330,554

5.35%,

7/30/2030

500,000

506,479

4.95%,

10/15/2034

500,000

483,374

nVent

Finance

Sarl

4.55%,

4/15/2028

170,000

169,037

5.65%,

5/15/2033(a)

330,000

334,220

SYNNEX

Corp.

2.38%,

8/9/2028

52,000

49,456

4.30%,

1/17/2029

330,000

324,423

2.65%,

8/9/2031(a)

370,000

325,981

6.10%,

4/12/2034

400,000

407,485

Teledyne

Technologies,

Inc.

2.25%,

4/1/2028(a)

357,000

343,141

2.75%,

4/1/2031

700,000

632,996

Tyco

Electronics

Group

3.13%,

8/15/2027

20,000

19,737

4.63%,

2/1/2030

200,000

198,416

4.50%,

2/9/2031(a)

240,000

236,413

2.50%,

2/4/2032

725,000

636,008

Vontier

Corp.

2.40%,

4/1/2028

402,000

385,881

2.95%,

4/1/2031(a)

475,000

428,889

13,840,164

Energy

Equipment

Services

0.1%

Baker

Hughes

Holdings

LLC

3.34%,

12/15/2027(a)

370,000

364,384

Entertainment

0.8%

Netflix,

Inc.

4.88%,

4/15/2028(a)

1,065,000

1,070,485

5.88%,

11/15/2028(a)

15,000

15,411

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Entertainment

0.8%

(continued)

Netflix,

Inc.

(continued)

6.38%,

5/15/2029(a)

650,000

678,534

4.90%,

8/15/2034(a)

700,000

686,062

5.25%,

8/15/2036

2,000,000

1,971,947

Take-Two

Interactive

Software,

Inc.

4.95%,

3/28/2028(a)

350,000

351,593

4.00%,

4/14/2032(a)

411,000

387,965

5.60%,

6/12/2034

100,000

100,743

Tencent

Music

Entertainment

Group

2.00%,

9/3/2030

600,000

536,736

5,799,476

Financial

Services

2.3%

Apollo

Global

Management,

Inc.

6.38%,

11/15/2033(a)

655,000

687,094

5.15%,

8/12/2035

190,000

181,701

6.00%,

12/15/2054(a)(d)

300,000

287,235

Block

Financial

LLC

2.50%,

7/15/2028

380,000

362,411

3.88%,

8/15/2030

485,000

458,369

Corebridge

Financial,

Inc.

6.88%,

12/15/2052(a)(d)

365,000

369,194

Enact

Holdings,

Inc.

6.25%,

5/28/2029

200,000

205,152

Equitable

Holdings,

Inc.

4.35%,

4/20/2028

150,000

148,912

6.70%,

3/28/2055(d)

90,000

91,391

Essent

Group

Ltd.

6.25%,

7/1/2029

300,000

308,288

Fiserv,

Inc.

5.45%,

3/2/2028

300,000

302,377

5.60%,

3/2/2033(a)

50,000

49,816

5.63%,

8/21/2033

350,000

347,345

5.45%,

3/15/2034(a)

50,000

48,735

5.25%,

8/11/2035

110,000

105,034

Global

Payments,

Inc.

3.20%,

8/15/2029

50,000

47,180

5.30%,

8/15/2029

100,000

100,140

2.90%,

5/15/2030(a)

200,000

182,684

5.40%,

8/15/2032(a)

265,000

261,116

5.55%,

11/15/2035

100,000

95,237

Mastercard,

Inc.

4.88%,

3/9/2028

50,000

50,314

4.55%,

3/15/2028

200,000

200,232

2.95%,

6/1/2029(a)

931,000

891,316

4.43%,

6/8/2029

130,000

129,249

3.35%,

3/26/2030(a)

1,603,000

1,528,784

2.00%,

11/18/2031

275,000

240,113

4.35%,

1/15/2032(a)

2,200,000

2,141,769

4.85%,

3/9/2033(a)

600,000

595,446

4.88%,

5/9/2034(a)

1,000,000

985,826

4.55%,

1/15/2035(a)

410,000

392,729

MGIC

Investment

Corp.

5.25%,

8/15/2028

790,000

788,756

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

192

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Financial

Services

2.3%

(continued)

National

Rural

Utilities

Cooperative

Finance

Corp.

Series

4.15%,

8/25/2028

80,000

79,239

Series

8.00%,

3/1/2032

400,000

454,021

NMI

Holdings,

Inc.

6.00%,

8/15/2029

600,000

608,706

ORIX

Corp.

5.00%,

9/13/2027

50,000

50,244

Radian

Group,

Inc.

6.20%,

5/15/2029

400,000

411,745

Synchrony

Bank

5.63%,

8/23/2027

404,000

407,873

Visa,

Inc.

0.75%,

8/15/2027

10,000

9,646

2.75%,

9/15/2027

410,000

403,287

2.05%,

4/15/2030(a)

325,000

296,623

1.10%,

2/15/2031(a)

50,000

42,939

4.40%,

2/12/2033(a)

90,000

87,413

4.70%,

2/12/2036(a)

750,000

725,750

Woodside

Finance

Ltd.

4.90%,

5/19/2028(a)

250,000

250,483

5.10%,

9/12/2034(a)

450,000

435,626

6.00%,

5/19/2035

440,000

449,195

17,296,735

Food

Products

0.9%

Flowers

Foods,

Inc.

2.40%,

3/15/2031(a)

250,000

214,965

General

Mills,

Inc.

4.95%,

3/29/2033(a)

285,000

279,072

Hormel

Foods

Corp.

1.80%,

6/11/2030(a)

440,000

393,162

Ingredion,

Inc.

2.90%,

6/1/2030

800,000

744,184

McCormick

Co.,

Inc.

3.40%,

8/15/2027(a)

290,000

286,693

1.85%,

2/15/2031

150,000

131,074

4.70%,

10/15/2034

250,000

237,498

Mondelez

International,

Inc.

4.25%,

5/6/2028(a)

360,000

357,800

4.75%,

2/20/2029(a)

50,000

50,064

2.75%,

4/13/2030

623,000

578,335

1.50%,

2/4/2031

250,000

215,902

6.50%,

11/1/2031

150,000

160,839

3.00%,

3/17/2032(a)

550,000

495,060

4.75%,

8/28/2034(a)

150,000

144,500

5.13%,

5/6/2035(a)

250,000

245,581

Tyson

Foods,

Inc.

4.35%,

3/1/2029(a)

690,000

682,209

5.70%,

3/15/2034(a)

350,000

355,429

Unilever

Capital

Corp.

3.50%,

3/22/2028

462,000

455,402

2.13%,

9/6/2029

135,000

125,598

5.00%,

12/8/2033(a)

190,000

189,980

4.63%,

8/12/2034

600,000

582,491

6,925,838

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Gas

Utilities

0.5%

Atmos

Energy

Corp.

2.63%,

9/15/2029

250,000

235,886

1.50%,

1/15/2031(a)

500,000

433,616

5.45%,

10/15/2032

300,000

305,377

5.90%,

11/15/2033

500,000

521,123

National

Fuel

Gas

Co.

3.95%,

9/15/2027

240,000

237,880

4.75%,

5/15/2029

270,000

268,038

2.95%,

3/1/2031(a)

250,000

226,557

5.95%,

3/15/2035

590,000

599,878

5.50%,

5/15/2036

50,000

48,501

Southwest

Gas

Corp.

5.80%,

12/1/2027

250,000

253,072

5.45%,

3/23/2028(a)

210,000

211,710

3,341,638

Ground

Transportation

0.5%

Burlington

Northern

Santa

LLC

7.95%,

8/15/2030(a)

330,000

367,063

Canadian

Pacific

Railway

Co.

7.13%,

10/15/2031

60,000

65,602

Fedex

Freight

Holding

Co.,

Inc.

5.25%,

3/15/2036(b)

120,000

114,495

Uber

Technologies,

Inc.

4.30%,

1/15/2030(a)

1,830,000

1,794,299

4.80%,

9/15/2034

1,645,000

1,574,766

4.80%,

9/15/2035

100,000

94,760

4,010,985

Health

Care

Equipment

Supplies

1.3%

Abbott

Laboratories

3.70%,

3/9/2029(a)

490,000

478,799

4.30%,

3/15/2033

100,000

95,820

4.65%,

3/15/2036

1,150,000

1,092,444

Augusta

SpinCo

Corp.

4.32%,

9/23/2027

50,000

49,839

Boston

Scientific

Corp.

4.00%,

3/1/2029

120,000

117,807

2.65%,

6/1/2030(a)

755,000

697,168

Europe

Finance

Sarl

2.60%,

11/15/2029(a)

152,000

142,071

Edwards

Lifesciences

Corp.

4.30%,

6/15/2028(a)

650,000

645,857

Medtronic

Global

Holdings

SCA

4.25%,

3/30/2028(a)

740,000

737,320

4.50%,

3/30/2033(a)

150,000

144,835

Medtronic,

Inc.

4.38%,

3/15/2035(a)

550,000

518,524

Smith

Nephew

plc

2.03%,

10/14/2030(a)

400,000

353,566

STERIS

Irish

FinCo.

UnLtd

Co.

2.70%,

3/15/2031

400,000

360,245

Stryker

Corp.

3.65%,

3/7/2028

400,000

394,177

4.85%,

12/8/2028

600,000

601,973

4.25%,

9/11/2029(a)

150,000

148,094

4.85%,

2/10/2030

50,000

49,995

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

193

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Health

Care

Equipment

Supplies

1.3%

(continued)

Stryker

Corp.

(continued)

1.95%,

6/15/2030(a)

1,374,000

1,234,710

4.63%,

9/11/2034

775,000

742,674

5.20%,

2/10/2035(a)

680,000

674,332

9,280,250

Health

Care

Providers

Services

2.2%

Cardinal

Health,

Inc.

5.13%,

2/15/2029

700,000

705,547

5.00%,

11/15/2029(a)

450,000

451,830

5.45%,

2/15/2034

475,000

476,770

5.35%,

11/15/2034

550,000

545,761

5.15%,

9/15/2035(a)

85,000

83,028

Cencora,

Inc.

3.45%,

12/15/2027(a)

861,000

848,424

4.63%,

12/15/2027(a)

40,000

40,041

4.85%,

12/15/2029

40,000

40,046

2.80%,

5/15/2030(a)

370,000

343,133

2.70%,

3/15/2031(a)

880,000

797,384

5.13%,

2/15/2034

400,000

394,588

5.15%,

2/15/2035(a)

290,000

285,097

4.90%,

2/13/2036

280,000

268,014

Centene

Corp.

4.63%,

12/15/2029

77,000

74,700

3.38%,

2/15/2030

390,000

360,707

3.00%,

10/15/2030

125,000

112,331

2.50%,

3/1/2031

160,000

139,118

CommonSpirit

Health

6.07%,

11/1/2027

830,000

842,942

Elevance

Health,

Inc.

4.00%,

9/15/2028

20,000

19,732

4.75%,

2/15/2033

200,000

194,178

HCA,

Inc.

5.20%,

6/1/2028(a)

190,000

191,488

5.63%,

9/1/2028(a)

200,000

202,580

3.50%,

9/1/2030

200,000

188,520

5.45%,

4/1/2031(a)

200,000

202,520

5.50%,

6/1/2033(a)

150,000

150,676

7.50%,

11/6/2033

50,000

55,568

5.60%,

4/1/2034

125,000

125,687

5.45%,

9/15/2034(a)

280,000

278,106

Laboratory

Corp.

America

Holdings

2.95%,

12/1/2029(a)

400,000

377,065

4.35%,

4/1/2030

220,000

215,635

4.80%,

10/1/2034(a)

900,000

862,842

McKesson

Corp.

4.90%,

7/15/2028

200,000

201,150

4.25%,

9/15/2029(a)

530,000

522,410

4.65%,

5/30/2030(a)

450,000

446,873

5.10%,

7/15/2033(a)

450,000

450,074

5.25%,

5/30/2035(a)

850,000

847,358

OhioHealth

Corp.

2.30%,

11/15/2031

200,000

175,738

Quest

Diagnostics,

Inc.

4.60%,

12/15/2027(a)

780,000

780,805

2.95%,

6/30/2030(a)

120,000

111,665

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Health

Care

Providers

Services

2.2%

(continued)

Quest

Diagnostics,

Inc.

(continued)

6.40%,

11/30/2033

560,000

597,534

UnitedHealth

Group,

Inc.

5.35%,

2/15/2033

450,000

454,802

4.50%,

4/15/2033

130,000

125,021

5.15%,

7/15/2034

20,000

19,838

5.30%,

6/15/2035

400,000

400,213

Universal

Health

Services,

Inc.

4.63%,

10/15/2029

400,000

393,693

2.65%,

10/15/2030

600,000

537,028

2.65%,

1/15/2032(a)

350,000

303,185

16,241,445

Health

Care

REITs

0.9%

Alexandria

Real

Estate

Equities,

Inc.

REIT,

1.88%,

2/1/2033(a)

550,000

441,351

REIT,

2.95%,

3/15/2034

153,000

127,401

REIT,

5.50%,

10/1/2035(a)

30,000

29,326

Healthcare

Realty

Holdings

REIT,

3.10%,

2/15/2030

50,000

46,753

Healthpeak

LLC

REIT,

3.50%,

7/15/2029

200,000

192,603

REIT,

3.00%,

1/15/2030

50,000

46,794

National

Health

Investors,

Inc.

REIT,

3.00%,

2/1/2031

300,000

269,936

Omega

Healthcare

Investors,

Inc.

REIT,

4.75%,

1/15/2028

761,000

759,044

REIT,

3.63%,

10/1/2029

352,000

336,125

REIT,

5.20%,

7/1/2030

410,000

407,734

REIT,

3.38%,

2/1/2031

635,000

583,784

REIT,

3.25%,

4/15/2033(a)

475,000

413,477

Sabra

Health

Care

REIT,

3.90%,

10/15/2029

151,000

145,590

REIT,

3.20%,

12/1/2031

600,000

538,803

Welltower

LLC

REIT,

3.10%,

1/15/2030

395,000

373,223

REIT,

4.50%,

7/1/2030(a)

620,000

611,269

REIT,

2.75%,

1/15/2031(a)

100,000

91,343

REIT,

2.80%,

6/1/2031(a)

443,000

402,774

REIT,

5.13%,

7/1/2035

680,000

670,405

6,487,735

Health

Care

Technology

0.0%(g)

IQVIA,

Inc.

6.25%,

2/1/2029

80,000

82,152

Hotel

Resort

REITs

0.4%

Host

Hotels

Resorts

Series

REIT,

3.38%,

12/15/2029

103,000

97,657

Series

REIT,

3.50%,

9/15/2030(a)

650,000

609,469

Series

REIT,

2.90%,

12/15/2031

250,000

221,095

REIT,

5.70%,

6/15/2032

670,000

678,582

REIT,

5.70%,

7/1/2034(a)

570,000

569,571

REIT,

5.50%,

4/15/2035

600,000

590,182

2,766,556

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

194

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Hotels,

Restaurants

Leisure

1.8%

Airbnb,

Inc.

4.40%,

3/16/2029

20,000

19,834

4.65%,

3/16/2031

190,000

187,316

5.25%,

3/16/2036(a)

660,000

643,100

Booking

Holdings,

Inc.

3.55%,

3/15/2028(a)

425,000

418,361

Choice

Hotels

International,

Inc.

3.70%,

12/1/2029(a)

288,000

276,302

3.70%,

1/15/2031

425,000

398,450

5.85%,

8/1/2034(a)

415,000

414,319

Darden

Restaurants,

Inc.

4.35%,

10/15/2027

30,000

29,909

4.55%,

10/15/2029

10,000

9,894

Hyatt

Hotels

Corp.

4.38%,

9/15/2028

40,000

39,588

5.25%,

6/30/2029

10,000

10,081

Marriott

International,

Inc.

5.00%,

10/15/2027(a)

188,000

188,928

Series

4.00%,

4/15/2028

102,000

100,979

5.55%,

10/15/2028

850,000

864,522

Series

AA,

4.65%,

12/1/2028

100,000

99,849

4.90%,

4/15/2029

500,000

501,489

4.88%,

5/15/2029(a)

200,000

200,572

4.80%,

3/15/2030

800,000

796,002

Series

FF,

4.63%,

6/15/2030

827,000

817,599

Series

HH,

2.85%,

4/15/2031

1,250,000

1,137,849

Series

GG,

3.50%,

10/15/2032(a)

565,000

514,027

4.50%,

5/1/2033(a)

190,000

181,283

Series

II,

2.75%,

10/15/2033(a)

100,000

85,411

5.30%,

5/15/2034

50,000

49,451

5.35%,

3/15/2035(a)

820,000

810,950

5.25%,

10/15/2035(a)

250,000

244,619

McDonald's

Corp.

4.80%,

8/14/2028(a)

390,000

391,568

2.63%,

9/1/2029(a)

1,145,000

1,079,295

2.13%,

3/1/2030

551,000

503,154

3.60%,

7/1/2030(a)

395,000

379,395

4.60%,

9/9/2032

530,000

522,240

4.95%,

8/14/2033(a)

540,000

538,029

5.20%,

5/17/2034

220,000

220,596

4.95%,

3/3/2035(a)

650,000

633,521

13,308,482

Household

Durables

0.6%

Horton,

Inc.

1.40%,

10/15/2027(a)

910,000

876,759

5.00%,

10/15/2034

660,000

640,716

Lennar

Corp.

5.20%,

7/30/2030(a)

500,000

502,337

NVR,

Inc.

3.00%,

5/15/2030

627,000

582,949

PulteGroup,

Inc.

7.88%,

6/15/2032

250,000

283,250

6.38%,

5/15/2033

570,000

602,696

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Household

Durables

0.6%

(continued)

Sekisui

House

US,

Inc.

3.85%,

1/15/2030

250,000

236,814

Toll

Brothers

Finance

Corp.

4.35%,

2/15/2028

260,000

258,478

3.80%,

11/1/2029(a)

250,000

241,220

4,225,219

Household

Products

0.7%

Church

Dwight

Co.,

Inc.

3.15%,

8/1/2027(a)

605,000

597,628

2.30%,

12/15/2031

300,000

262,347

5.60%,

11/15/2032(a)

400,000

412,733

Clorox

Co.

(The)

4.40%,

5/1/2029

440,000

435,087

1.80%,

5/15/2030

300,000

267,377

4.60%,

5/1/2032(a)

350,000

339,576

Colgate-Palmolive

Co.

4.60%,

3/1/2028

200,000

200,700

4.20%,

5/1/2030(a)

200,000

198,103

3.25%,

8/15/2032(a)

200,000

185,240

4.60%,

3/1/2033

200,000

199,225

Kimberly-Clark

Corp.

3.10%,

3/26/2030

12,000

11,336

Procter

Gamble

Co.

(The)

2.85%,

8/11/2027

50,000

49,301

3.00%,

3/25/2030(a)

1,444,000

1,367,279

1.20%,

10/29/2030

200,000

173,915

4.55%,

1/29/2034(a)

375,000

367,331

5.50%,

2/1/2034

220,000

226,167

4.35%,

11/3/2035

80,000

75,933

5,369,278

Independent

Power

and

Renewable

Electricity

Producers

0.0%(g)

Southern

Power

Co.

Series

4.90%,

10/1/2035

195,000

185,406

Industrial

Conglomerates

0.2%

Co.

3.38%,

3/1/2029

500,000

484,010

4.80%,

3/15/2030

310,000

309,913

5.15%,

3/15/2035

220,000

217,422

Pentair

Finance

Sarl

4.50%,

7/1/2029

200,000

197,656

5.90%,

7/15/2032(a)

450,000

458,749

1,667,750

Industrial

REITs

0.0%(g)

LXP

Industrial

Trust

REIT,

2.38%,

10/1/2031(a)

200,000

176,129

Insurance

4.9%

ACE

Capital

Trust

9.70%,

4/1/2030

170,000

195,502

Alleghany

Corp.

3.63%,

5/15/2030

425,000

406,953

Allstate

Corp.

(The)

5.05%,

6/24/2029(a)

150,000

151,241

5.25%,

3/30/2033

50,000

50,180

5.35%,

6/1/2033

195,000

196,363

5.95%,

4/1/2036(a)

1,690,000

1,748,200

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

195

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Insurance

4.9%

(continued)

American

Financial

Group,

Inc.

5.25%,

4/2/2030

325,000

326,213

American

National

Group,

Inc.

5.75%,

10/1/2029(a)

250,000

253,200

Aon

Corp.

4.50%,

12/15/2028

360,000

358,348

3.75%,

5/2/2029(a)

475,000

461,763

2.80%,

5/15/2030(a)

487,000

451,087

2.05%,

8/23/2031(a)

200,000

173,522

2.60%,

12/2/2031(a)

315,000

278,126

5.00%,

9/12/2032

275,000

272,755

5.35%,

2/28/2033(a)

574,000

576,545

Aon

North

America,

Inc.

5.15%,

3/1/2029

500,000

503,972

5.30%,

3/1/2031(a)

650,000

656,553

5.45%,

3/1/2034

1,855,000

1,857,620

Arch

Capital

Group

Ltd.

7.35%,

5/1/2034

200,000

223,710

Arthur

Gallagher

Co.

2.40%,

11/9/2031

70,000

61,256

6.50%,

2/15/2034(a)

300,000

317,773

5.45%,

7/15/2034

80,000

79,680

Assurant,

Inc.

4.90%,

3/27/2028

250,000

250,033

3.70%,

2/22/2030

51,000

48,516

2.65%,

1/15/2032

575,000

499,730

Assured

Guaranty

Holdings,

Inc.

6.13%,

9/15/2028(a)

170,000

174,198

Athene

Holding

Ltd.

4.13%,

1/12/2028(a)

650,000

641,904

6.15%,

4/3/2030

475,000

489,424

3.50%,

1/15/2031(a)

750,000

695,766

6.65%,

2/1/2033

450,000

468,986

5.88%,

1/15/2034

500,000

498,461

6.63%,

10/15/2054(d)

300,000

282,740

6.88%,

6/28/2055(a)(d)

320,000

302,259

AXIS

Specialty

Finance

LLC

3.90%,

7/15/2029

200,000

194,465

4.90%,

1/15/2040(a)(c)

352,000

344,613

AXIS

Specialty

Finance

plc

4.00%,

12/6/2027

110,000

108,964

Brighthouse

Financial,

Inc.

5.63%,

5/15/2030(a)

10,000

10,072

Brown

Brown,

Inc.

4.50%,

3/15/2029

420,000

414,518

2.38%,

3/15/2031

402,000

354,312

4.20%,

3/17/2032

10,000

9,394

5.55%,

6/23/2035

360,000

353,004

Chubb

INA

Holdings

LLC

5.00%,

3/15/2034(a)

350,000

344,993

4.90%,

8/15/2035(a)

810,000

782,407

Cincinnati

Financial

Corp.

6.92%,

5/15/2028(a)

200,000

207,678

6.13%,

11/1/2034

550,000

566,277

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Insurance

4.9%

(continued)

CNA

Financial

Corp.

3.45%,

8/15/2027

760,000

751,790

2.05%,

8/15/2030(a)

565,000

503,287

5.50%,

6/15/2033

450,000

450,939

F&G

Annuities

Life,

Inc.

7.40%,

1/13/2028(a)

595,000

609,349

6.50%,

6/4/2029

545,000

555,799

6.25%,

10/4/2034

70,000

67,738

Fairfax

Financial

Holdings

Ltd.

4.85%,

4/17/2028

940,000

940,435

3.38%,

3/3/2031

400,000

370,635

5.63%,

8/16/2032(a)

630,000

637,920

6.00%,

12/7/2033(a)

400,000

411,110

Fidelity

National

Financial,

Inc.

4.50%,

8/15/2028

10,000

9,932

Globe

Life,

Inc.

2.15%,

8/15/2030(a)

250,000

224,339

4.80%,

6/15/2032

200,000

195,586

5.85%,

9/15/2034

1,060,000

1,074,288

Hanover

Insurance

Group,

Inc.

(The)

2.50%,

9/1/2030

250,000

226,001

5.50%,

9/1/2035

400,000

393,797

Hartford

Insurance

Group,

Inc.

(The)

2.80%,

8/19/2029(a)

302,000

284,828

Horace

Mann

Educators

Corp.

7.25%,

9/15/2028

200,000

208,483

Loews

Corp.

3.20%,

5/15/2030

150,000

141,300

Manulife

Financial

Corp.

4.06%,

2/24/2032(c)

101,000

100,367

4.99%,

12/11/2035

300,000

289,071

Markel

Group,

Inc.

3.50%,

11/1/2027

300,000

295,733

Marsh

McLennan

Cos.,

Inc.

4.38%,

3/15/2029(a)

520,000

515,750

4.65%,

3/15/2030(a)

500,000

496,403

2.25%,

11/15/2030(a)

150,000

134,706

4.85%,

11/15/2031

270,000

267,826

2.38%,

12/15/2031(a)

250,000

219,420

5.88%,

8/1/2033

10,000

10,361

5.40%,

9/15/2033(a)

260,000

262,847

5.15%,

3/15/2034

945,000

935,423

5.00%,

3/15/2035

1,510,000

1,467,794

Old

Republic

International

Corp.

5.75%,

3/28/2034

250,000

250,757

Primerica,

Inc.

2.80%,

11/19/2031(a)

400,000

356,104

Principal

Financial

Group,

Inc.

3.70%,

5/15/2029

160,000

155,413

Progressive

Corp.

(The)

3.20%,

3/26/2030

51,000

48,222

3.00%,

3/15/2032

10,000

9,039

6.25%,

12/1/2032

100,000

106,622

4.95%,

6/15/2033(a)

10,000

9,916

5.15%,

3/26/2036(a)

120,000

117,480

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

196

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Insurance

4.9%

(continued)

Prudential

Financial,

Inc.

6.00%,

9/1/2052(c)

20,000

20,129

6.50%,

3/15/2054(d)

630,000

644,532

Reinsurance

Group

America,

Inc.

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.39%),

6.65%,

9/15/2055(e)

80,000

79,794

RenaissanceRe

Holdings

Ltd.

3.60%,

4/15/2029(a)

900,000

870,995

5.75%,

6/5/2033(a)

600,000

604,581

5.80%,

4/1/2035

200,000

201,241

Travelers

Cos.,

Inc.

(The)

4.95%,

7/24/2031

500,000

499,530

Unum

Group

4.00%,

6/15/2029(a)

100,000

97,641

Willis

North

America,

Inc.

4.50%,

9/15/2028

240,000

238,726

2.95%,

9/15/2029

284,000

267,755

4.55%,

3/15/2031

460,000

447,337

5.35%,

5/15/2033(a)

485,000

483,859

36,206,206

Interactive

Media

Services

3.1%

Alphabet,

Inc.

1.10%,

8/15/2030(a)

1,440,000

1,250,926

4.10%,

2/15/2031(a)

1,210,000

1,172,974

4.38%,

11/15/2032

406,000

392,291

4.50%,

5/15/2035

740,000

704,665

4.70%,

11/15/2035

2,670,000

2,542,191

4.80%,

2/15/2036(a)

2,935,000

2,816,077

Meta

Platforms,

Inc.

4.80%,

5/15/2030(a)

260,000

259,492

4.20%,

11/15/2030(a)

800,000

775,383

4.55%,

5/15/2031(a)

1,480,000

1,444,293

4.55%,

8/15/2031(a)

465,000

453,300

3.85%,

8/15/2032

1,940,000

1,797,565

4.60%,

11/15/2032(a)

1,150,000

1,106,993

4.95%,

5/15/2033

1,854,000

1,811,072

4.75%,

8/15/2034(a)

2,330,000

2,216,957

4.88%,

11/15/2035

2,880,000

2,701,647

5.25%,

5/15/2036(a)

1,390,000

1,332,688

22,778,514

Services

0.8%

Accenture

Capital,

Inc.

4.05%,

10/4/2029

550,000

538,896

4.25%,

10/4/2031

450,000

433,339

4.50%,

10/4/2034(a)

1,037,000

974,120

Amdocs

Ltd.

2.54%,

6/15/2030(a)

450,000

405,009

Booz

Allen

Hamilton,

Inc.

5.95%,

8/4/2033(a)

500,000

497,187

5.95%,

4/15/2035(a)

400,000

392,994

CGI,

Inc.

2.30%,

9/14/2031

495,000

425,531

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Services

0.8%

(continued)

Gartner,

Inc.

5.60%,

11/20/2035(a)

600,000

564,429

Genpact

Luxembourg

Sarl

6.00%,

6/4/2029

5,000

5,090

Genpact

Finco

plc

4.95%,

11/18/2030(a)

470,000

460,220

IBM

International

Capital

Pte.

Ltd.

4.90%,

2/5/2034(a)

355,000

341,729

International

Business

Machines

Corp.

6.50%,

1/15/2028

70,000

71,909

VeriSign,

Inc.

2.70%,

6/15/2031(a)

790,000

706,045

5.25%,

6/1/2032(a)

290,000

289,322

6,105,820

Leisure

Products

0.0%(g)

Hasbro,

Inc.

6.05%,

5/14/2034

150,000

154,470

Life

Sciences

Tools

Services

0.2%

Agilent

Technologies,

Inc.

4.20%,

9/9/2027

200,000

199,271

2.75%,

9/15/2029

332,000

312,506

2.10%,

6/4/2030(a)

450,000

405,677

2.30%,

3/12/2031(a)

751,000

668,539

4.75%,

9/9/2034(a)

250,000

240,363

1,826,356

Machinery

1.2%

Cummins,

Inc.

7.13%,

3/1/2028

100,000

104,027

Dover

Corp.

2.95%,

11/4/2029

450,000

424,554

Flowserve

Corp.

3.50%,

10/1/2030(a)

300,000

281,034

2.80%,

1/15/2032

225,000

197,058

IDEX

Corp.

4.95%,

9/1/2029

505,000

505,780

3.00%,

5/1/2030(a)

350,000

325,494

2.63%,

6/15/2031(a)

300,000

269,024

Ingersoll

Rand,

Inc.

5.18%,

6/15/2029(a)

300,000

304,000

5.70%,

8/14/2033

75,000

76,708

Nordson

Corp.

5.60%,

9/15/2028(a)

250,000

253,965

4.50%,

12/15/2029

990,000

978,354

5.80%,

9/15/2033

200,000

204,629

Oshkosh

Corp.

4.60%,

5/15/2028

25,000

24,914

Otis

Worldwide

Corp.

5.25%,

8/16/2028

770,000

777,973

4.49%,

5/7/2029

250,000

248,455

2.57%,

2/15/2030(a)

798,000

736,488

Parker-Hannifin

Corp.

4.25%,

9/15/2027(a)

230,000

229,468

3.25%,

6/14/2029

835,000

802,043

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

197

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Machinery

1.2%

(continued)

Westinghouse

Air

Brake

Technologies

Corp.

0.00%),

4.70%,

9/15/2028(a)(e)(f)

864,000

862,790

4.90%,

5/29/2030

120,000

119,637

5.61%,

3/11/2034(a)

300,000

303,292

5.50%,

5/29/2035

450,000

450,428

Xylem,

Inc.

1.95%,

1/30/2028(a)

350,000

336,878

2.25%,

1/30/2031(a)

350,000

313,345

9,130,338

Marine

Transportation

0.0%(g)

Kirby

Corp.

4.20%,

3/1/2028

250,000

247,935

Media

0.3%

Fox

Corp.

4.71%,

1/25/2029

1,655,000

1,647,258

3.50%,

4/8/2030(a)

350,000

333,369

1,980,627

Metals

Mining

1.3%

AngloGold

Ashanti

Holdings

plc

3.75%,

10/1/2030(a)

500,000

472,268

BHP

Billiton

Finance

USA

Ltd.

5.25%,

9/8/2030(a)

220,000

223,041

4.90%,

2/28/2033

250,000

246,439

5.25%,

9/8/2033

1,650,000

1,655,167

5.30%,

2/21/2035(a)

475,000

473,711

Kinross

Gold

Corp.

6.25%,

7/15/2033

175,000

182,794

Newmont

Corp.

3.25%,

5/13/2030(a)

350,000

332,122

Reliance,

Inc.

2.15%,

8/15/2030

350,000

313,324

Rio

Tinto

Alcan,

Inc.

6.13%,

12/15/2033

550,000

577,091

Rio

Tinto

Finance

USA

Ltd.

7.13%,

7/15/2028(a)

282,000

295,125

Rio

Tinto

Finance

USA

plc

4.50%,

3/14/2028

40,000

40,039

4.88%,

3/14/2030

225,000

225,320

5.00%,

3/9/2033

150,000

148,790

5.25%,

3/14/2035

810,000

805,460

Southern

Copper

Corp.

7.50%,

7/27/2035

850,000

961,244

Steel

Dynamics,

Inc.

3.45%,

4/15/2030

430,000

408,054

3.25%,

1/15/2031(a)

150,000

139,297

5.38%,

8/15/2034(a)

540,000

537,988

5.25%,

5/15/2035

150,000

147,482

Vale

Canada

Ltd.

7.20%,

9/15/2032

150,000

161,325

Vale

Overseas

Ltd.

3.75%,

7/8/2030

545,000

518,487

6.13%,

6/12/2033(a)

525,000

544,307

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Metals

Mining

1.3%

(continued)

Yamana

Gold,

Inc.

2.63%,

8/15/2031

285,000

250,931

9,659,806

Multi-Utilities

1.8%

Ameren

Corp.

5.00%,

1/15/2029(a)

320,000

321,674

5.38%,

3/15/2035

420,000

415,885

Berkshire

Hathaway

Energy

Co.

8.48%,

9/15/2028

375,000

402,220

3.70%,

7/15/2030

2,323,000

2,228,854

1.65%,

5/15/2031(a)

1,050,000

902,813

Black

Hills

Corp.

6.00%,

1/15/2035

360,000

365,749

CenterPoint

Energy,

Inc.

Series

7.00%,

2/15/2055(d)

200,000

206,148

6.70%,

5/15/2055(d)

150,000

152,511

CMS

Energy

Corp.

3.45%,

8/15/2027(a)

50,000

49,416

4.75%,

6/1/2050(c)

135,000

131,308

3.75%,

12/1/2050(d)

150,000

138,202

6.50%,

6/1/2055(d)

250,000

252,936

Dominion

Energy,

Inc.

Series

7.00%,

6/1/2054(d)

230,000

239,970

6.63%,

5/15/2055(d)

95,000

95,713

DTE

Energy

Co.

5.20%,

4/1/2030(a)

250,000

251,583

National

Grid

plc

5.60%,

6/12/2028(a)

75,000

76,227

5.81%,

6/12/2033

130,000

133,150

5.42%,

1/11/2034

290,000

289,626

NiSource,

Inc.

5.25%,

3/30/2028(a)

450,000

453,889

5.20%,

7/1/2029

620,000

627,438

5.40%,

6/30/2033(a)

590,000

594,505

5.35%,

7/15/2035(a)

300,000

296,393

6.95%,

11/30/2054(d)

140,000

143,872

Public

Service

Enterprise

Group,

Inc.

5.85%,

11/15/2027

700,000

711,006

5.88%,

10/15/2028

1,320,000

1,348,931

5.20%,

4/1/2029(a)

150,000

151,356

6.13%,

10/15/2033

350,000

363,712

5.45%,

4/1/2034(a)

350,000

350,359

5.40%,

3/15/2035

200,000

198,392

Sempra

4.13%,

4/1/2052(c)

200,000

198,468

Southern

Co.

Gas

Capital

Corp.

5.15%,

9/15/2032(a)

50,000

50,142

4.95%,

9/15/2034(a)

95,000

92,316

WEC

Energy

Group,

Inc.

5.15%,

10/1/2027(a)

700,000

704,051

12,938,815

Office

REITs

0.3%

Boston

Properties

REIT,

3.40%,

6/21/2029

200,000

191,798

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

198

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Office

REITs

0.3%

(continued)

COPT

Defense

Properties

REIT,

2.00%,

1/15/2029(a)

375,000

350,098

REIT,

4.50%,

10/15/2030(a)

230,000

224,599

REIT,

2.75%,

4/15/2031(a)

50,000

44,873

REIT,

2.90%,

12/1/2033

300,000

252,256

Kilroy

Realty

REIT,

4.75%,

12/15/2028(a)

60,000

59,453

REIT,

2.65%,

11/15/2033

910,000

725,644

1,848,721

Oil,

Gas

Consumable

Fuels

5.1%

Boardwalk

Pipelines

4.80%,

5/3/2029

400,000

399,336

3.40%,

2/15/2031(a)

250,000

231,663

3.60%,

9/1/2032(a)

270,000

247,279

Burlington

Resources

LLC

7.20%,

8/15/2031

150,000

164,882

Canadian

Natural

Resources

Ltd.

5.00%,

12/15/2029(a)

220,000

221,238

2.95%,

7/15/2030(a)

300,000

278,527

7.20%,

1/15/2032

225,000

245,853

6.45%,

6/30/2033(a)

200,000

212,851

5.40%,

12/15/2034

900,000

894,625

5.85%,

2/1/2035(a)

150,000

153,441

Cheniere

Corpus

Christi

Holdings

LLC

3.70%,

11/15/2029

715,000

689,570

Cheniere

Energy

Partners

4.50%,

10/1/2029(a)

350,000

346,193

3.25%,

1/31/2032

700,000

633,321

5.95%,

6/30/2033

80,000

82,377

5.75%,

8/15/2034

350,000

354,242

5.55%,

10/30/2035

100,000

99,343

Cheniere

Energy,

Inc.

5.65%,

4/15/2034(a)

660,000

666,447

Chevron

Corp.

2.24%,

5/11/2030

755,000

690,827

Chevron

USA,

Inc.

4.69%,

4/15/2030

750,000

749,760

ConocoPhillips

Co.

5.00%,

1/15/2035(a)

200,000

195,875

Continental

Resources,

Inc.

4.38%,

1/15/2028

300,000

297,707

DCP

Midstream

Operating

3.25%,

2/15/2032

100,000

90,966

Diamondback

Energy,

Inc.

6.25%,

3/15/2033

205,000

214,927

5.40%,

4/18/2034(a)

100,000

99,687

Eastern

Energy

Gas

Holdings

LLC

5.80%,

1/15/2035

300,000

304,663

Eastern

Gas

Transmission

Storage,

Inc.

3.00%,

11/15/2029

252,000

237,294

Paso

Natural

Gas

Co.

LLC

8.38%,

6/15/2032(f)

100,000

115,142

Enbridge,

Inc.

5.70%,

3/8/2033

5,000

5,099

7.38%,

3/15/2055(a)(d)

25,000

26,104

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

Consumable

Fuels

5.1%

(continued)

Enbridge,

Inc.

(continued)

Series

20-A,

5.75%,

7/15/2080(c)

35,000

34,939

7.63%,

1/15/2083(c)

60,000

64,613

8.50%,

1/15/2084(a)(d)

240,000

271,208

Eni

USA,

Inc.

7.30%,

11/15/2027

200,000

206,236

Enterprise

Products

Operating

LLC

5.35%,

1/31/2033

92,000

93,230

Series

6.88%,

3/1/2033(a)

200,000

218,931

4.85%,

1/31/2034

25,000

24,395

4.95%,

2/15/2035

500,000

487,462

Series

5.75%,

3/1/2035

100,000

101,566

Series

5.25%,

8/16/2077(c)

702,000

700,317

5.38%,

2/15/2078(c)

150,000

149,351

EOG

Resources,

Inc.

4.40%,

7/15/2028(a)

300,000

299,266

4.38%,

4/15/2030(a)

802,000

790,752

4.40%,

1/15/2031

50,000

49,031

5.00%,

7/15/2032

350,000

348,901

3.90%,

4/1/2035(a)

100,000

89,809

5.35%,

1/15/2036

1,030,000

1,021,907

EQT

Corp.

7.00%,

2/1/2030(a)(f)

1,280,000

1,349,880

4.75%,

1/15/2031

100,000

98,314

5.75%,

2/1/2034(a)

650,000

655,970

Expand

Energy

Corp.

5.38%,

3/15/2030

240,000

240,693

4.75%,

2/1/2032(a)

750,000

726,867

Exxon

Mobil

Corp.

2.61%,

10/15/2030(a)

780,000

719,616

Hess

Corp.

7.88%,

10/1/2029

250,000

272,225

7.30%,

8/15/2031

375,000

413,019

7.13%,

3/15/2033

350,000

388,426

Sinclair

Corp.

5.00%,

2/1/2028(a)

430,000

429,536

Kinder

Morgan

Energy

Partners

5.80%,

3/15/2035(a)

70,000

71,343

Kinder

Morgan,

Inc.

5.40%,

2/1/2034(a)

255,000

255,756

5.55%,

8/1/2036

2,000,000

1,986,437

MPLX

4.80%,

2/15/2029

140,000

139,938

2.65%,

8/15/2030

20,000

18,288

4.80%,

2/15/2031

90,000

88,847

5.00%,

3/1/2033

40,000

39,126

5.50%,

6/1/2034

505,000

502,959

5.40%,

4/1/2035(a)

550,000

540,123

5.40%,

9/15/2035(a)

340,000

333,252

Occidental

Petroleum

Corp.

3.50%,

8/15/2029

100,000

95,667

6.13%,

1/1/2031

100,000

103,215

7.50%,

5/1/2031

85,000

92,987

7.88%,

9/15/2031

50,000

55,777

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

199

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

Consumable

Fuels

5.1%

(continued)

Occidental

Petroleum

Corp.

(continued)

5.55%,

10/1/2034(a)

250,000

250,681

Pioneer

Natural

Resources

Co.

1.90%,

8/15/2030(a)

750,000

669,222

2.15%,

1/15/2031

875,000

779,633

Plains

All

American

Pipeline

3.55%,

12/15/2029(a)

130,000

124,748

3.80%,

9/15/2030

265,000

252,894

5.70%,

9/15/2034

550,000

553,580

5.95%,

6/15/2035

50,000

50,600

5.60%,

1/15/2036

340,000

334,896

Sabine

Pass

Liquefaction

LLC

4.20%,

3/15/2028(a)

190,000

188,590

4.50%,

5/15/2030

490,000

481,798

South

Bow

USA

Infrastructure

Holdings

LLC

4.91%,

9/1/2027

300,000

300,486

5.03%,

10/1/2029

410,000

408,747

5.58%,

10/1/2034

222,375

218,451

Suncor

Energy,

Inc.

7.15%,

2/1/2032

450,000

490,575

5.95%,

12/1/2034(a)

350,000

358,764

Targa

Resources

Corp.

4.35%,

1/15/2029

530,000

524,311

6.15%,

3/1/2029

15,000

15,454

4.35%,

4/15/2031

150,000

145,233

6.13%,

3/15/2033

645,000

669,846

6.50%,

3/30/2034

335,000

354,714

5.55%,

8/15/2035

165,000

163,675

5.65%,

2/15/2036(a)

200,000

199,548

Targa

Resources

Partners

4.00%,

1/15/2032

600,000

562,855

Tennessee

Gas

Pipeline

Co.

LLC

7.00%,

10/15/2028(a)

310,000

324,330

Texas

Eastern

Transmission

7.00%,

7/15/2032

25,000

27,169

TotalEnergies

Capital

5.15%,

4/5/2034

230,000

229,752

Transcanada

Trust

5.30%,

3/15/2077(a)(c)

540,000

538,220

5.50%,

9/15/2079(a)(c)

310,000

306,580

Valero

Energy

Corp.

2.15%,

9/15/2027

170,000

165,601

7.50%,

4/15/2032

300,000

335,007

Viper

Energy

Partners

LLC

4.90%,

8/1/2030(a)

300,000

296,100

Western

Midstream

Operating

4.50%,

3/1/2028

300,000

298,482

4.75%,

8/15/2028(a)

100,000

99,907

6.35%,

1/15/2029

250,000

257,551

4.05%,

2/1/2030(a)(f)

375,000

361,356

4.80%,

3/1/2031

73,000

71,614

6.15%,

4/1/2033

1,070,000

1,100,555

5.45%,

11/15/2034(a)

540,000

529,600

Williams

Cos.,

Inc.

(The)

3.50%,

11/15/2030(a)

50,000

47,080

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

Consumable

Fuels

5.1%

(continued)

Williams

Cos.,

Inc.

(The)

(continued)

Series

7.50%,

1/15/2031(a)

100,000

110,192

2.60%,

3/15/2031

150,000

134,500

7.75%,

6/15/2031

100,000

110,925

8.75%,

3/15/2032(f)

200,000

233,669

5.65%,

3/15/2033

227,000

230,296

5.30%,

9/30/2035

150,000

146,459

37,573,660

Paper

Forest

Products

0.0%(g)

Suzano

Austria

GmbH

6.00%,

1/15/2029(a)

100,000

101,251

5.00%,

1/15/2030

150,000

146,884

4.00%,

1/15/2031(a)(f)

50,000

46,731

294,866

Personal

Care

Products

0.2%

Conopco,

Inc.

6.63%,

4/15/2028

190,000

195,860

Haleon

Capital

LLC

3.63%,

3/24/2032

1,030,000

955,189

1,151,049

Pharmaceuticals

1.8%

AstraZeneca

Finance

LLC

4.85%,

2/26/2029

210,000

211,336

5.00%,

2/26/2034(a)

700,000

693,479

Eli

Lilly

Co.

4.38%,

5/20/2031

620,000

609,008

4.70%,

2/27/2033(a)

270,000

266,693

4.65%,

5/20/2033

80,000

78,374

4.70%,

2/9/2034(a)

770,000

753,373

4.85%,

5/20/2036

290,000

280,813

Merck

Co.,

Inc.

1.45%,

6/24/2030(a)

450,000

397,776

4.75%,

12/4/2035

360,000

345,690

Novartis

Capital

Corp.

4.10%,

3/16/2029

1,750,000

1,729,372

2.20%,

8/14/2030

902,000

819,327

4.10%,

11/5/2030(a)

490,000

477,142

4.20%,

9/18/2034(a)

680,000

642,157

4.60%,

11/5/2035(a)

145,000

138,646

4.90%,

3/18/2036

3,250,000

3,158,136

Royalty

Pharma

plc

2.20%,

9/2/2030(a)

1,120,000

1,005,734

4.45%,

3/25/2031

130,000

126,856

2.15%,

9/2/2031

20,000

17,418

5.40%,

9/2/2034

20,000

19,884

5.20%,

9/25/2035

320,000

311,580

Zoetis,

Inc.

4.15%,

8/17/2028

5,000

4,959

2.00%,

5/15/2030

540,000

485,699

5.60%,

11/16/2032

305,000

312,330

5.00%,

8/17/2035(a)

130,000

125,945

13,011,727

Professional

Services

1.1%

Automatic

Data

Processing,

Inc.

4.45%,

9/9/2034(a)

680,000

651,793

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

200

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Professional

Services

1.1%

(continued)

Broadridge

Financial

Solutions,

Inc.

2.90%,

12/1/2029

852,000

794,918

2.60%,

5/1/2031

750,000

665,118

Jacobs

Engineering

Group,

Inc.

6.35%,

8/18/2028(a)

550,000

565,802

5.90%,

3/1/2033(a)

500,000

508,762

Jacobs

Solutions,

Inc.

5.38%,

3/3/2036

90,000

86,692

Paychex,

Inc.

5.10%,

4/15/2030(a)

1,024,000

1,024,756

5.35%,

4/15/2032

1,212,000

1,214,640

5.60%,

4/15/2035(a)

650,000

645,963

Verisk

Analytics,

Inc.

4.13%,

3/15/2029(a)

252,000

247,799

5.75%,

4/1/2033

525,000

534,725

5.25%,

6/5/2034

550,000

537,978

5.25%,

3/15/2035

650,000

633,791

8,112,737

Real

Estate

Management

Development

0.3%

CBRE

Services,

Inc.

5.50%,

4/1/2029(a)

220,000

223,506

2.50%,

4/1/2031(a)

200,000

178,105

4.90%,

1/15/2033(a)

870,000

846,344

5.95%,

8/15/2034

950,000

972,008

Jones

Lang

LaSalle,

Inc.

6.88%,

12/1/2028

250,000

260,577

2,480,540

Residential

REITs

1.2%

American

Homes

Rent

REIT,

4.25%,

2/15/2028

250,000

247,783

REIT,

4.90%,

2/15/2029

162,000

162,041

REIT,

2.38%,

7/15/2031

10,000

8,769

REIT,

3.63%,

4/15/2032(a)

250,000

229,344

REIT,

5.50%,

2/1/2034

90,000

89,541

REIT,

5.50%,

7/15/2034

910,000

904,373

REIT,

5.25%,

3/15/2035

170,000

166,215

AvalonBay

Communities,

Inc.

REIT,

3.20%,

1/15/2028(a)

20,000

19,625

REIT,

1.90%,

12/1/2028

430,000

404,220

REIT,

5.00%,

2/15/2033

5,000

4,964

REIT,

5.35%,

6/1/2034

310,000

311,498

Essential

Properties

REIT,

2.95%,

7/15/2031(a)

250,000

224,622

REIT,

5.40%,

12/1/2035

230,000

223,730

Essex

Portfolio

REIT,

1.70%,

3/1/2028(a)

250,000

238,869

REIT,

4.00%,

3/1/2029

401,000

392,875

REIT,

3.00%,

1/15/2030

202,000

189,488

REIT,

1.65%,

1/15/2031

200,000

172,676

REIT,

2.65%,

3/15/2032

400,000

351,059

REIT,

5.50%,

4/1/2034

580,000

580,130

REIT,

5.38%,

4/1/2035

150,000

149,209

Invitation

Homes

Operating

Partnership

REIT,

2.30%,

11/15/2028

435,000

411,257

REIT,

5.45%,

8/15/2030(a)

335,000

337,892

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Residential

REITs

1.2%

(continued)

Invitation

Homes

Operating

Partnership

(continued)

REIT,

2.00%,

8/15/2031

400,000

342,218

REIT,

4.15%,

4/15/2032(a)

400,000

377,353

REIT,

4.95%,

1/15/2033(a)

270,000

262,651

REIT,

5.50%,

8/15/2033

150,000

150,409

REIT,

4.88%,

2/1/2035

600,000

571,599

Mid-America

Apartments

REIT,

3.95%,

3/15/2029(a)

350,000

343,085

REIT,

5.30%,

2/15/2032

25,000

25,267

REIT,

4.95%,

3/1/2035

50,000

48,501

Sun

Communities

Operating

REIT,

2.70%,

7/15/2031(a)

510,000

454,034

REIT,

4.20%,

4/15/2032

450,000

425,159

Tanger

Properties

REIT,

2.75%,

9/1/2031

250,000

223,151

9,043,607

Retail

REITs

0.5%

Agree

REIT,

2.00%,

6/15/2028

52,000

49,491

REIT,

2.90%,

10/1/2030(a)

150,000

138,160

REIT,

4.80%,

10/1/2032

250,000

243,798

REIT,

2.60%,

6/15/2033(a)

250,000

210,013

REIT,

5.63%,

6/15/2034

300,000

302,097

REIT,

5.60%,

6/15/2035

250,000

250,993

Brixmor

Operating

Partnership

REIT,

4.13%,

5/15/2029

10,000

9,809

REIT,

5.20%,

4/1/2032

60,000

59,645

Federal

Realty

REIT,

5.38%,

5/1/2028

400,000

404,102

NNN

REIT,

Inc.

REIT,

3.50%,

10/15/2027(a)

86,000

84,932

REIT,

4.30%,

10/15/2028

50,000

49,535

REIT,

2.50%,

4/15/2030

100,000

91,687

REIT,

4.60%,

2/15/2031(a)

500,000

491,062

REIT,

5.60%,

10/15/2033

375,000

378,878

REIT,

5.50%,

6/15/2034

350,000

350,457

Regency

Centers

REIT,

5.10%,

1/15/2035

305,000

298,871

3,413,530

Semiconductors

Semiconductor

Equipment

4.4%

Analog

Devices,

Inc.

4.25%,

6/15/2028

530,000

527,713

1.70%,

10/1/2028(a)

50,000

47,058

4.50%,

6/15/2030

150,000

148,484

5.05%,

4/1/2034

360,000

356,412

Broadcom

Corp.

3.50%,

1/15/2028

310,000

304,963

Broadcom,

Inc.

4.00%,

4/15/2029

1,310,000

1,283,554

4.35%,

2/15/2030(a)

3,080,000

3,005,505

5.05%,

4/15/2030(a)

50,000

49,882

4.60%,

7/15/2030(a)

2,960,000

2,907,218

4.20%,

10/15/2030

600,000

579,033

4.15%,

11/15/2030

426,000

409,526

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

201

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Semiconductors

Semiconductor

Equipment

4.4%

(continued)

Broadcom,

Inc.

(continued)

2.45%,

2/15/2031

355,000

316,012

5.15%,

11/15/2031(a)

820,000

817,584

4.15%,

4/15/2032(a)

1,400,000

1,317,296

4.90%,

7/15/2032(a)

570,000

557,176

4.30%,

11/15/2032

1,050,000

991,113

2.60%,

2/15/2033

280,000

235,833

3.42%,

4/15/2033

1,210,000

1,068,134

3.47%,

4/15/2034

890,000

768,854

4.80%,

10/15/2034

2,650,000

2,499,868

5.20%,

7/15/2035

1,120,000

1,075,230

3.14%,

11/15/2035

710,000

577,132

4.95%,

1/15/2036(a)

1,980,000

1,858,589

4.80%,

2/15/2036(a)

500,000

462,099

KLA

Corp.

4.65%,

7/15/2032(a)

670,000

656,565

4.70%,

2/1/2034

324,000

313,142

5.65%,

11/1/2034

150,000

152,313

Lam

Research

Corp.

4.00%,

3/15/2029

350,000

343,978

1.90%,

6/15/2030

500,000

448,103

Marvell

Technology,

Inc.

5.75%,

2/15/2029

180,000

183,648

Micron

Technology,

Inc.

2.70%,

4/15/2032

600,000

531,053

NVIDIA

Corp.

4.35%,

6/15/2029

1,720,000

1,703,372

2.85%,

4/1/2030(a)

2,921,000

2,737,872

2.00%,

6/15/2031

310,000

272,486

4.95%,

6/15/2036(a)

1,000,000

956,819

NXP

5.00%,

1/15/2033

645,000

631,386

Qorvo,

Inc.

4.38%,

10/15/2029(a)

250,000

240,895

Skyworks

Solutions,

Inc.

3.00%,

6/1/2031(a)

375,000

333,410

TSMC

Arizona

Corp.

4.13%,

4/22/2029

40,000

39,603

2.50%,

10/25/2031

750,000

670,186

32,379,099

Software

3.8%

Adobe,

Inc.

4.80%,

4/4/2029(a)

503,000

505,996

2.30%,

2/1/2030(a)

973,000

894,548

4.95%,

4/4/2034(a)

705,000

689,491

AppLovin

Corp.

5.13%,

12/1/2029(a)

650,000

650,768

5.38%,

12/1/2031(a)

700,000

700,782

5.50%,

12/1/2034(a)

820,000

807,634

Autodesk,

Inc.

2.85%,

1/15/2030(a)

330,000

307,967

2.40%,

12/15/2031(a)

911,000

791,306

Cadence

Design

Systems,

Inc.

4.20%,

9/10/2027

300,000

298,724

4.30%,

9/10/2029(a)

700,000

689,750

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Software

3.8%

(continued)

Cadence

Design

Systems,

Inc.

(continued)

4.70%,

9/10/2034(a)

800,000

770,723

Fortinet,

Inc.

2.20%,

3/15/2031(a)

250,000

221,008

Intuit,

Inc.

5.13%,

9/15/2028(a)

500,000

504,827

1.65%,

7/15/2030

350,000

308,929

5.20%,

9/15/2033(a)

1,100,000

1,089,947

Oracle

Corp.

2.30%,

3/25/2028(a)

100,000

95,274

6.15%,

11/9/2029

100,000

101,162

2.95%,

4/1/2030

600,000

539,775

4.45%,

9/26/2030(a)

250,000

235,990

5.25%,

2/3/2032

400,000

382,600

4.30%,

7/8/2034(a)

80,000

68,563

4.70%,

9/27/2034

100,000

87,720

3.90%,

5/15/2035(a)

390,000

318,767

5.50%,

8/3/2035(a)

300,000

275,386

5.20%,

9/26/2035

650,000

583,192

5.70%,

2/4/2036(a)

560,000

518,430

Roper

Technologies,

Inc.

1.40%,

9/15/2027

110,000

106,208

4.20%,

9/15/2028(a)

376,000

371,914

2.95%,

9/15/2029

800,000

756,906

2.00%,

6/30/2030(a)

377,000

336,067

1.75%,

2/15/2031(a)

639,000

551,861

4.75%,

2/15/2032(a)

350,000

342,245

4.90%,

10/15/2034(a)

1,125,000

1,068,931

5.10%,

9/15/2035(a)

405,000

386,347

Salesforce,

Inc.

1.95%,

7/15/2031

775,000

668,103

4.90%,

9/15/2031

4,360,000

4,296,511

5.20%,

3/15/2033(a)

50,000

49,386

5.55%,

3/15/2036(a)

1,060,000

1,033,638

ServiceNow,

Inc.

1.40%,

9/1/2030

1,010,000

879,219

Trimble,

Inc.

4.90%,

6/15/2028(a)

400,000

399,326

6.10%,

3/15/2033(a)

900,000

926,285

VMware

LLC

1.80%,

8/15/2028(a)

555,000

524,612

4.70%,

5/15/2030(a)

903,000

893,198

2.20%,

8/15/2031(a)

1,034,000

899,034

Workday,

Inc.

3.70%,

4/1/2029(a)

400,000

388,447

3.80%,

4/1/2032(a)

970,000

898,343

28,215,840

Specialized

REITs

0.9%

American

Tower

Corp.

REIT,

1.50%,

1/31/2028

190,000

181,327

REIT,

5.25%,

7/15/2028(a)

280,000

282,468

REIT,

4.90%,

3/15/2030

30,000

29,881

REIT,

1.88%,

10/15/2030

50,000

44,046

REIT,

5.65%,

3/15/2033

600,000

609,530

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

202

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Specialized

REITs

0.9%

(continued)

Crown

Castle,

Inc.

REIT,

2.50%,

7/15/2031

50,000

43,988

REIT,

5.80%,

3/1/2034

100,000

100,758

CubeSmart

REIT,

2.25%,

12/15/2028(a)

300,000

283,444

REIT,

4.38%,

2/15/2029(a)

350,000

346,287

REIT,

3.00%,

2/15/2030

250,000

233,905

REIT,

2.00%,

2/15/2031

410,000

359,069

REIT,

2.50%,

2/15/2032

250,000

218,371

REIT,

5.13%,

11/1/2035

405,000

390,912

EPR

Properties

REIT,

4.95%,

4/15/2028(a)

153,000

152,550

REIT,

3.75%,

8/15/2029(a)

250,000

239,859

REIT,

4.75%,

11/15/2030

200,000

194,588

REIT,

3.60%,

11/15/2031

400,000

363,491

Public

Storage

Operating

Co.

REIT,

3.09%,

9/15/2027

300,000

295,592

REIT,

4.38%,

7/1/2030(a)

1,010,000

994,583

REIT,

2.25%,

11/9/2031(a)

50,000

43,787

REIT,

5.00%,

7/1/2035

60,000

58,360

REIT,

5.00%,

12/15/2035

70,000

68,041

SBA

Communications

Corp.

REIT,

5.15%,

7/15/2031

880,000

873,258

Weyerhaeuser

Co.

REIT,

6.95%,

10/1/2027

150,000

153,769

REIT,

7.38%,

3/15/2032

180,000

198,338

REIT,

6.88%,

12/15/2033

185,000

198,850

6,959,052

Specialty

Retail

1.7%

AutoNation,

Inc.

3.80%,

11/15/2027

540,000

533,542

2.40%,

8/1/2031(a)

50,000

43,656

AutoZone,

Inc.

6.25%,

11/1/2028

316,000

325,949

3.75%,

4/18/2029

150,000

146,049

5.10%,

7/15/2029(a)

400,000

404,153

4.00%,

4/15/2030(a)

275,000

266,173

1.65%,

1/15/2031(a)

350,000

303,016

4.75%,

8/1/2032(a)

395,000

386,502

4.75%,

2/1/2033(a)

250,000

242,986

5.20%,

8/1/2033

100,000

99,097

6.55%,

11/1/2033

220,000

234,610

5.40%,

7/15/2034

250,000

249,318

Best

Buy

Co.,

Inc.

1.95%,

10/1/2030(a)

290,000

257,081

Home

Depot,

Inc.

(The)

3.90%,

12/6/2028

5,000

4,944

4.90%,

4/15/2029

69,000

69,591

2.70%,

4/15/2030

140,000

130,434

1.38%,

3/15/2031(a)

575,000

494,190

4.85%,

6/25/2031

10,000

10,030

1.88%,

9/15/2031(a)

450,000

390,345

3.25%,

4/15/2032(a)

768,000

706,706

4.65%,

9/15/2035(a)

425,000

406,661

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Specialty

Retail

1.7%

(continued)

Lowe's

Cos.,

Inc.

1.70%,

10/15/2030

270,000

236,885

2.63%,

4/1/2031(a)

500,000

451,516

3.75%,

4/1/2032

405,000

378,209

5.00%,

4/15/2033

265,000

261,467

O'Reilly

Automotive,

Inc.

3.60%,

9/1/2027

501,000

496,415

4.35%,

6/1/2028

400,000

397,302

3.90%,

6/1/2029

700,000

683,874

4.20%,

4/1/2030

350,000

341,030

1.75%,

3/15/2031

250,000

217,041

4.70%,

6/15/2032(a)

875,000

859,997

5.00%,

8/19/2034

350,000

340,043

5.10%,

3/12/2036(a)

300,000

290,698

Ross

Stores,

Inc.

1.88%,

4/15/2031

350,000

305,833

TJX

Cos.,

Inc.

(The)

1.15%,

5/15/2028

350,000

330,406

3.88%,

4/15/2030

281,000

272,028

1.60%,

5/15/2031(a)

250,000

215,888

Tractor

Supply

Co.

1.75%,

11/1/2030

600,000

523,945

5.25%,

5/15/2033(a)

400,000

397,119

12,704,729

Technology

Hardware,

Storage

Peripherals

0.3%

Apple,

Inc.

2.20%,

9/11/2029(a)

382,000

357,641

1.25%,

8/20/2030

175,000

153,547

1.65%,

2/8/2031(a)

150,000

132,079

1.70%,

8/5/2031(a)

200,000

173,617

NetApp,

Inc.

2.70%,

6/22/2030(a)

450,000

411,653

5.50%,

3/17/2032

650,000

655,849

5.70%,

3/17/2035(a)

350,000

352,278

Teledyne

FLIR

LLC

2.50%,

8/1/2030

200,000

181,689

2,418,353

Textiles,

Apparel

Luxury

Goods

0.3%

NIKE,

Inc.

2.85%,

3/27/2030(a)

100,000

93,852

Ralph

Lauren

Corp.

5.00%,

6/15/2032

500,000

498,552

Tapestry,

Inc.

5.10%,

3/11/2030(a)

200,000

200,145

3.05%,

3/15/2032(a)

590,000

529,092

5.50%,

3/11/2035

590,000

583,862

1,905,503

Tobacco

3.0%

Altria

Group,

Inc.

6.20%,

11/1/2028

400,000

412,343

4.80%,

2/14/2029

1,789,000

1,789,890

3.40%,

5/6/2030(a)

723,000

685,069

4.50%,

8/6/2030

292,000

287,313

2.45%,

2/4/2032(a)

1,550,000

1,349,838

6.88%,

11/1/2033

300,000

327,137

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

203

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Tobacco

3.0%

(continued)

Altria

Group,

Inc.

(continued)

5.63%,

2/6/2035

250,000

251,868

5.25%,

8/6/2035

150,000

147,069

BAT

Capital

Corp.

3.56%,

8/15/2027

1,510,000

1,495,212

2.26%,

3/25/2028(a)

600,000

577,317

5.83%,

2/20/2031

300,000

309,431

7.75%,

10/19/2032(a)

550,000

620,361

6.00%,

2/20/2034(a)

250,000

259,577

5.63%,

8/15/2035(a)

100,000

101,531

BAT

International

Finance

plc

5.93%,

2/2/2029

300,000

307,914

Philip

Morris

International,

Inc.

4.38%,

11/1/2027

5,000

4,992

5.13%,

11/17/2027

3,000

3,021

3.13%,

3/2/2028

190,000

185,799

5.25%,

9/7/2028

820,000

829,805

3.88%,

10/27/2028

870,000

856,535

4.88%,

2/13/2029

360,000

361,584

3.38%,

8/15/2029

422,000

405,879

4.63%,

11/1/2029

230,000

229,047

5.63%,

11/17/2029(a)

985,000

1,008,884

5.13%,

2/15/2030(a)

2,427,000

2,445,621

4.38%,

4/30/2030

160,000

157,199

2.10%,

5/1/2030

520,000

471,379

5.50%,

9/7/2030

245,000

250,436

1.75%,

11/1/2030(a)

200,000

176,048

5.13%,

2/13/2031

785,000

791,630

5.75%,

11/17/2032(a)

640,000

662,253

5.38%,

2/15/2033

1,535,000

1,552,364

5.63%,

9/7/2033(a)

630,000

645,171

5.25%,

2/13/2034(a)

1,630,000

1,629,705

4.90%,

11/1/2034

70,000

68,351

4.88%,

4/30/2035

20,000

19,281

Reynolds

American,

Inc.

5.70%,

8/15/2035

70,000

70,854

21,747,708

Trading

Companies

Distributors

0.3%

Ferguson

Enterprises,

Inc.

4.35%,

3/15/2031

280,000

272,581

5.00%,

10/3/2034

750,000

728,154

GATX

Corp.

4.00%,

6/30/2030

100,000

96,734

Sumisho

Air

Lease

Corp.

3.63%,

12/1/2027

140,000

137,978

5.85%,

12/15/2027

5,000

5,069

4.63%,

10/1/2028(a)

140,000

139,179

5.10%,

3/1/2029(a)

250,000

250,441

3.13%,

12/1/2030

50,000

45,939

2.88%,

1/15/2032(a)

35,000

30,982

Grainger,

Inc.

4.45%,

9/15/2034(a)

500,000

477,527

2,184,584

Total

Corporate

Bonds

(Cost

$728,829,098)

719,814,129

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

15.7%(h)

CERTIFICATES

DEPOSIT

1.2%

Bank

Montreal,

Chicago

(SOFR

0.28%),

3.93%,

11/13/2026(e)

1,000,000

1,000,113

(SOFR

0.35%),

4.00%,

11/18/2026(e)

1,000,000

1,000,317

BNP

Paribas,

New

York

(SOFR

0.26%),

3.91%,

12/2/2026(e)

1,000,000

1,000,011

Nordea

Bank

Abp,

New

York

Branch

(SOFR

0.31%),

3.96%,

9/24/2026(e)

2,000,000

Royal

Bank

Canada,

New

York

(SOFR

0.35%),

4.00%,

11/12/2026(e)

2,000,000

2,000,836

Toronto-Dominion

Bank,

New

York

(SOFR

0.31%),

3.96%,

10/9/2026(e)

2,000,000

2,000,466

Total

Certificates

Deposit

(Cost

$9,000,000)

9,001,743

COMMERCIAL

PAPER

0.1%

Westpac

Banking

Corp.,

New

York

(SOFR

0.30%),

3.95%,

10/15/2026(e)

(Cost

$1,000,000)

1,000,000

1,000,144

INVESTMENT

COMPANIES

0.8%

BlackRock

Liquidity

FedFund

3.67%,

8/3/2026

1,200,000

Dreyfus

Treasury

Obligations

Cash

Management

Fund

3.68%,

8/3/2026

1,200,000

Invesco

Government

Agency

Portfolio

3.74%,

8/3/2026

1,200,000

Morgan

Stanley

Institutional

Liquidity

Fund

Government

Portfolio

3.69%,

8/3/2026

1,200,000

Total

Investment

Companies

(Cost

$4,800,000)

4,800,000

REPURCHASE

AGREEMENTS

13.6%

Secured

LLC

3.63%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$81,693,618,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

4.88%,

maturing

8/15/2026

2/15/2056;

total

market

value

$82,801,869

81,693,618

Securities

(USA)

LLC

3.98%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$4,000,000,

collateralized

various

Common

Stocks;

total

market

value

$4,404,460

4,000,000

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

(cont.)

204

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

REPURCHASE

AGREEMENTS

(continued)

The

Bank

Nova

Scotia,

Toronto

3.80%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$15,000,000,

collateralized

various

Common

Stocks;

total

market

value

$16,504,513

15,000,000

Total

Repurchase

Agreements

(Cost

$100,693,618)

100,693,618

Total

Securities

Lending

Reinvestments

(Cost

$115,493,618)

115,495,505

SHORT-TERM

INVESTMENTS

1.3%(i)

U.S.

GOVERNMENT

AGENCY

SECURITIES

1.3%

FHLMC

3.48%,

8/3/2026

(Cost

$9,998,067)

10,000,000

9,997,004

Total

Investments

114.7%

(Cost

$854,320,783)

845,306,638

Liabilities

excess

other

assets

(14.7%)

(108,614,066)

NET

ASSETS

100.0%

$736,692,572

(a)

The

security

portion

this

security

loan

July

31,

2026.

The

total

value

securities

loan

July

31,

2026

was

$142,942,221,

collateralized

the

form

cash

with

value

$115,493,618

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments;

$124,211

collateral

the

form

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

5.50%,

and

maturity

dates

ranging

from

November

30,

2026

–

December

07,

2055

and

$32,821,966

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

August

11,

2026

–

May

15,

2056;

total

value

$148,439,795.

(b)

Security

exempt

from

registration

pursuant

Rule

144A

under

the

Securities

Act

1933,

amended.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

investors.

July

31,

2026,

the

value

these

securities

amounted

approximately

$4,074,779

0.55%

net

assets.

(c)

Security

issued

fixed

coupon

rate,

which

converts

variable

rate

future

date.

Rate

shown

the

rate

effect

period

end.

(d)

Variable

floating

rate

security,

the

interest

rate

which

adjusts

periodically

based

changes

current

interest

rates

and

prepayments

the

underlying

pool

assets.

The

interest

rate

shown

was

the

current

rate

July

31,

2026.

(e)

Variable

floating

rate

security,

linked

the

referenced

benchmark.

The

interest

rate

shown

the

rate

effect

July

31,

2026.

(f)

Step

bond.

Interest

rate

fixed

rate

for

initial

period

that

either

resets

specific

date

may

reset

the

future

contingent

upon

predetermined

trigger.

The

interest

rate

shown

was

the

current

rate

July

31,

2026.

(g)

Represents

less

than

0.05%

net

assets.

(h)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

July

31,

2026.

The

total

value

securities

purchased

was

$115,495,505.

(i)

The

rate

shown

was

the

current

yield

July

31,

2026.

Percentages

shown

are

based

Net

Assets.

Abbreviations

FHLMC

—

Federal

Home

Loan

Mortgage

Corp.

REIT

—

Real

Estate

Investment

Trust

SCA

—

Limited

partnership

with

capital

SOFR

—

Secured

Overnight

Financing

Rate

Security

Type

Net

Assets

Corporate

Bonds

97.7

Securities

Lending

Reinvestments

15.7

Short-Term

Investments

1.3

Others

(1)

(14.7)

100.0%

(1)

Includes

any

other

net

assets/(liabilities).

205

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares®

Trust

Schedule

Investments

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

July

31,

2026

(Unaudited)

Investments

Principal

Amount

Value

CORPORATE

BONDS

97.0%

Aerospace

Defense

1.0%

Boeing

Co.

(The)

5.81%,

5/1/2050

10,000

9,446

5.93%,

5/1/2060

20,000

18,673

General

Dynamics

Corp.

4.25%,

4/1/2040

20,000

17,466

Honeywell

Aerospace,

Inc.

5.73%,

3/16/2056(a)

30,000

28,574

Howmet

Aerospace,

Inc.

5.95%,

2/1/2037

40,000

41,500

Lockheed

Martin

Corp.

4.70%,

5/15/2046

40,000

34,187

5.70%,

11/15/2054

20,000

19,196

5.90%,

11/15/2063

15,000

14,617

5.20%,

2/15/2064

20,000

17,409

Precision

Castparts

Corp.

3.90%,

1/15/2043

5,000

3,969

4.38%,

6/15/2045

40,000

32,931

RTX

Corp.

4.50%,

6/1/2042

70,000

60,329

6.40%,

3/15/2054

10,000

10,438

308,735

Air

Freight

Logistics

0.1%

FedEx

Corp.

5.25%,

5/15/2050

20,000

17,722

Automobile

Components

0.1%

Lear

Corp.

5.25%,

5/15/2049

15,000

12,965

3.55%,

1/15/2052

10,000

6,439

19,404

Banks

7.3%

Bank

America

Corp.

7.75%,

5/14/2038

115,000

133,069

2.68%,

6/19/2041(b)

5,000

3,521

3.31%,

4/22/2042(b)

50,000

37,484

4.08%,

3/20/2051(b)

40,000

30,065

Barclays

plc

5.86%,

8/11/2046(c)

80,000

76,464

Citigroup,

Inc.

6.13%,

8/25/2036

75,000

76,122

5.32%,

3/26/2041(c)

75,000

72,012

5.88%,

1/30/2042

60,000

59,895

2.90%,

11/3/2042(b)

5,000

3,503

6.68%,

9/13/2043

40,000

42,454

5.30%,

5/6/2044

60,000

54,479

4.75%,

5/18/2046

145,000

119,886

5.61%,

3/4/2056(c)

25,000

23,391

6.88%,

2/15/2098

20,000

21,683

Cooperatieve

Rabobank

5.25%,

5/24/2041

95,000

91,136

Fifth

Third

Bancorp

8.25%,

3/1/2038

35,000

41,774

HSBC

Holdings

plc

6.50%,

9/15/2037

5,000

5,197

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

7.3%

(continued)

HSBC

Holdings

plc

(continued)

6.80%,

6/1/2038

65,000

69,304

6.33%,

3/9/2044(c)

30,000

30,803

5.25%,

3/14/2044

225,000

205,037

HSBC

USA,

Inc.

7.20%,

7/15/2097

5,000

5,574

JPMorgan

Chase

Co.

6.40%,

5/15/2038

15,000

16,062

3.11%,

4/22/2041(c)

65,000

48,764

5.40%,

1/6/2042

70,000

67,750

5.53%,

11/29/2045(c)

100,000

95,254

3.96%,

11/15/2048(c)

65,000

48,896

3.33%,

4/22/2052(b)

5,000

3,278

Lloyds

Banking

Group

plc

3.37%,

12/14/2046(c)

55,000

38,930

Mitsubishi

UFJ

Financial

Group,

Inc.

3.75%,

7/18/2039

40,000

33,087

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

0.98%),

5.87%,

4/21/2047(d)

20,000

19,436

NatWest

Group

plc

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.30%),

5.91%,

3/3/2047(d)

30,000

28,074

Sumitomo

Mitsui

Financial

Group,

Inc.

2.30%,

1/12/2041

20,000

13,360

5.80%,

7/8/2046(c)

55,000

52,327

5.57%,

1/15/2047(c)

40,000

37,533

Wells

Fargo

Co.

5.61%,

1/15/2044

80,000

74,576

4.65%,

11/4/2044

30,000

24,500

4.90%,

11/17/2045

20,000

16,788

4.40%,

6/14/2046

20,000

15,655

4.75%,

12/7/2046

25,000

20,393

5.43%,

1/23/2047(c)

110,000

101,322

5.01%,

4/4/2051(b)

180,000

154,314

4.61%,

4/25/2053(c)

20,000

16,032

Wells

Fargo

Bank

5.95%,

8/26/2036

20,000

20,461

Westpac

Banking

Corp.

3.13%,

11/18/2041

45,000

32,265

2,181,910

Beverages

1.8%

Coca-Cola

Co.

(The)

2.50%,

6/1/2040

90,000

64,177

4.20%,

3/25/2050

155,000

122,717

2.60%,

6/1/2050

5,000

2,922

3.00%,

3/5/2051

30,000

18,861

2.50%,

3/15/2051

40,000

22,549

5.30%,

5/13/2054

20,000

18,445

5.20%,

1/14/2055

60,000

54,419

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

(cont.)

206

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Beverages

1.8%

(continued)

Coca-Cola

Co.

(The)

(continued)

2.75%,

6/1/2060

130,000

71,018

5.40%,

5/13/2064

120,000

109,744

Keurig

Pepper,

Inc.

4.50%,

11/15/2045

20,000

15,880

5.09%,

5/25/2048

5,000

4,241

Maple

Parent

Holdings

Corp.

6.63%,

3/26/2056(a)

20,000

20,216

PepsiCo,

Inc.

3.60%,

8/13/2042

15,000

11,594

536,783

Biotechnology

3.5%

AbbVie,

Inc.

4.05%,

11/21/2039

85,000

72,621

4.40%,

11/6/2042

35,000

29,634

4.45%,

5/14/2046

30,000

24,640

4.88%,

11/14/2048

10,000

8,589

4.25%,

11/21/2049

135,000

105,079

5.50%,

3/15/2064

115,000

104,528

5.65%,

3/15/2066

10,000

9,295

Amgen,

Inc.

5.65%,

3/2/2053

75,000

69,714

4.40%,

2/22/2062

20,000

14,833

5.75%,

3/2/2063

175,000

161,527

Biogen,

Inc.

6.45%,

5/15/2055

5,000

5,112

Gilead

Sciences,

Inc.

2.60%,

10/1/2040

20,000

14,114

4.50%,

2/1/2045

130,000

108,806

4.75%,

3/1/2046

100,000

85,857

4.15%,

3/1/2047

20,000

15,664

2.80%,

10/1/2050

100,000

59,696

5.55%,

10/15/2053

15,000

14,076

5.50%,

11/15/2054

30,000

27,941

5.60%,

11/15/2064

85,000

78,750

Regeneron

Pharmaceuticals,

Inc.

2.80%,

9/15/2050

45,000

26,041

1,036,517

Broadline

Retail

2.1%

Amazon.com,

Inc.

3.88%,

8/22/2037

120,000

104,097

2.50%,

6/3/2050

10,000

5,361

5.45%,

11/20/2055

5,000

4,383

5.80%,

3/13/2056

20,000

18,390

6.10%,

7/9/2056

20,000

19,208

4.25%,

8/22/2057

180,000

129,879

2.70%,

6/3/2060

55,000

27,640

3.25%,

5/12/2061

10,000

5,648

5.55%,

11/20/2065

135,000

116,853

5.95%,

3/13/2066

150,000

137,937

6.25%,

7/9/2066

10,000

9,585

6.05%,

3/13/2076

20,000

18,489

eBay,

Inc.

4.00%,

7/15/2042

40,000

30,636

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Broadline

Retail

2.1%

(continued)

eBay,

Inc.

(continued)

3.65%,

5/10/2051

25,000

17,196

645,302

Building

Products

0.5%

Johnson

Controls

International

plc

4.95%,

7/2/2064(e)

45,000

36,966

Masco

Corp.

4.50%,

5/15/2047

35,000

27,964

Trane

Technologies

Financing

Ltd.

4.50%,

3/21/2049

38,000

31,001

Trane

Technologies

Holdco,

Inc.

5.75%,

6/15/2043

35,000

34,809

4.30%,

2/21/2048

20,000

15,911

146,651

Capital

Markets

2.5%

BlackRock,

Inc.

5.25%,

3/14/2054

25,000

22,265

Brookfield

Finance,

Inc.

5.97%,

3/4/2054

20,000

18,792

5.81%,

3/3/2055

30,000

27,679

Goldman

Sachs

Group,

Inc.

(The)

3.21%,

4/22/2042(c)

5,000

3,620

2.91%,

7/21/2042(b)

30,000

20,826

4.75%,

10/21/2045

85,000

71,232

5.56%,

11/19/2045(c)

95,000

88,143

Moody's

Corp.

2.75%,

8/19/2041

5,000

3,433

5.25%,

7/15/2044

10,000

9,074

4.88%,

12/17/2048

35,000

29,365

3.25%,

5/20/2050

10,000

6,338

3.75%,

2/25/2052

5,000

3,465

3.10%,

11/29/2061

110,000

61,792

Morgan

Stanley

4.30%,

1/27/2045

20,000

16,127

4.38%,

1/22/2047

30,000

23,987

5.90%,

3/13/2047(c)

40,000

38,697

5.60%,

3/24/2051(b)

20,000

18,639

5.52%,

11/19/2055(c)

5,000

4,576

Nasdaq,

Inc.

5.95%,

8/15/2053

15,000

14,462

6.10%,

6/28/2063

105,000

101,795

Raymond

James

Financial,

Inc.

3.75%,

4/1/2051

70,000

48,370

5.65%,

9/11/2055

50,000

46,203

S&P

Global,

Inc.

4.50%,

5/15/2048

15,000

11,955

3.90%,

3/1/2062

75,000

50,973

UBS

4.50%,

6/26/2048

20,000

16,483

758,291

Chemicals

0.9%

Industries,

Inc.

4.95%,

6/1/2043

20,000

17,491

5.38%,

3/15/2044

30,000

27,449

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

(cont.)

207

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Chemicals

0.9%

(continued)

Dow

Chemical

Co.

(The)

9.40%,

5/15/2039

5,000

6,454

Ecolab,

Inc.

5.50%,

12/8/2041

10,000

9,852

2.70%,

12/15/2051

5,000

2,898

2.75%,

8/18/2055

37,000

20,809

Linde,

Inc.

3.55%,

11/7/2042

35,000

26,758

LYB

International

Finance

5.25%,

7/15/2043

45,000

38,519

LYB

International

Finance

III

LLC

3.80%,

10/1/2060

20,000

12,167

RPM

International,

Inc.

5.25%,

6/1/2045

20,000

17,807

Sherwin-Williams

Co.

(The)

4.00%,

12/15/2042

20,000

15,764

4.50%,

6/1/2047

40,000

32,464

3.80%,

8/15/2049

20,000

14,363

2.90%,

3/15/2052

40,000

23,404

266,199

Commercial

Services

Supplies

0.1%

Republic

Services,

Inc.

6.20%,

3/1/2040

15,000

15,854

Communications

Equipment

0.8%

Cisco

Systems,

Inc.

5.90%,

2/15/2039

5,000

5,163

5.50%,

1/15/2040

15,000

14,855

5.30%,

2/26/2054

155,000

138,631

5.50%,

2/24/2055

35,000

32,348

5.35%,

2/26/2064

55,000

48,537

Motorola

Solutions,

Inc.

5.50%,

9/1/2044

10,000

9,213

248,747

Construction

Engineering

0.2%

Valmont

Industries,

Inc.

5.00%,

10/1/2044

50,000

43,326

5.25%,

10/1/2054

5,000

4,376

47,702

Construction

Materials

0.4%

Martin

Marietta

Materials,

Inc.

3.20%,

7/15/2051

5,000

3,108

5.50%,

12/1/2054

50,000

45,184

Vulcan

Materials

Co.

4.50%,

6/15/2047

5,000

4,080

4.70%,

3/1/2048

20,000

16,576

5.70%,

12/1/2054

55,000

51,558

120,506

Consumer

Staples

Distribution

Retail

0.6%

Kroger

Co.

(The)

6.90%,

4/15/2038

50,000

54,909

5.15%,

8/1/2043

5,000

4,488

5.65%,

9/15/2064

15,000

13,379

Sysco

Corp.

6.60%,

4/1/2040

15,000

15,777

4.85%,

10/1/2045

10,000

8,422

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Consumer

Staples

Distribution

Retail

0.6%

(continued)

Sysco

Corp.

(continued)

4.45%,

3/15/2048

40,000

31,015

3.30%,

2/15/2050

35,000

22,307

6.60%,

4/1/2050

20,000

20,390

3.15%,

12/14/2051

30,000

18,176

188,863

Diversified

REITs

0.8%

GLP

Capital

REIT,

5.75%,

11/1/2037

5,000

4,793

REIT,

6.25%,

9/15/2054

45,000

42,552

Simon

Property

Group

REIT,

4.75%,

3/15/2042

75,000

66,566

REIT,

5.85%,

3/8/2053

25,000

24,175

VICI

Properties

REIT,

5.63%,

5/15/2052

60,000

52,556

REIT,

6.13%,

4/1/2054

45,000

42,068

232,710

Diversified

Telecommunication

Services

4.2%

AT&T,

Inc.

3.50%,

6/1/2041

45,000

33,125

5.55%,

8/15/2041

55,000

51,321

5.85%,

4/30/2046

10,000

9,101

4.50%,

3/9/2048

10,000

7,539

3.65%,

6/1/2051

50,000

31,676

3.50%,

9/15/2053

185,000

111,754

5.70%,

11/1/2054

10,000

8,629

3.55%,

9/15/2055

30,000

17,993

6.05%,

8/15/2056

210,000

189,941

3.80%,

12/1/2057

95,000

58,767

3.65%,

9/15/2059

40,000

23,699

6.30%,

10/30/2066

10,000

9,208

Comcast

Corp.

3.25%,

11/1/2039

40,000

29,078

3.40%,

7/15/2046

10,000

6,354

3.97%,

11/1/2047

30,000

20,342

4.00%,

11/1/2049

10,000

6,674

3.45%,

2/1/2050

20,000

12,073

2.80%,

1/15/2051

70,000

36,854

2.89%,

11/1/2051

80,000

42,366

5.35%,

5/15/2053

200,000

162,823

6.05%,

5/15/2055

30,000

27,134

2.94%,

11/1/2056

50,000

25,257

2.65%,

8/15/2062

40,000

17,999

5.50%,

5/15/2064

85,000

68,113

Space

Exploration

Technologies

Corp.

6.60%,

7/15/2046(a)

20,000

17,837

6.65%,

7/15/2056(a)

10,000

8,850

Verizon

Communications,

Inc.

2.65%,

11/20/2040

10,000

6,808

3.40%,

3/22/2041

80,000

59,328

2.85%,

9/3/2041

10,000

6,821

5.75%,

11/30/2045

10,000

9,238

5.88%,

11/30/2055

10,000

9,135

6.00%,

11/30/2065

150,000

136,160

1,261,997

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

(cont.)

208

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Electric

Utilities

6.6%

AEP

Texas,

Inc.

Series

4.15%,

5/1/2049

20,000

14,657

3.45%,

5/15/2051

15,000

9,575

5.25%,

5/15/2052

35,000

30,118

5.85%,

10/15/2055

35,000

32,523

Alabama

Power

Co.

5.50%,

3/15/2041

20,000

19,381

4.30%,

1/2/2046

10,000

7,997

3.13%,

7/15/2051

5,000

3,127

Appalachian

Power

Co.

7.00%,

4/1/2038

20,000

21,922

4.45%,

6/1/2045

20,000

15,953

Series

4.50%,

3/1/2049

45,000

35,361

Arizona

Public

Service

Co.

5.90%,

8/15/2055

35,000

33,379

CenterPoint

Energy

Houston

Electric

LLC

4.50%,

4/1/2044

10,000

8,403

Duke

Energy

Carolinas

LLC

6.00%,

1/15/2038

10,000

10,319

Duke

Energy

Corp.

3.30%,

6/15/2041

10,000

7,365

4.80%,

12/15/2045

35,000

29,453

3.75%,

9/1/2046

273,000

195,352

4.20%,

6/15/2049

20,000

14,906

5.00%,

8/15/2052

60,000

49,548

5.80%,

6/15/2054

25,000

23,064

5.70%,

9/15/2055

25,000

22,729

Duke

Energy

Indiana

LLC

6.35%,

8/15/2038

5,000

5,308

Duke

Energy

Progress

LLC

4.15%,

12/1/2044

30,000

23,698

4.20%,

8/15/2045

20,000

15,798

Emera

Finance

4.75%,

6/15/2046

37,000

30,301

Evergy

Kansas

Central,

Inc.

4.13%,

3/1/2042

5,000

4,099

4.10%,

4/1/2043

5,000

4,042

Evergy

Metro,

Inc.

5.30%,

10/1/2041

5,000

4,722

FirstEnergy

Corp.

Series

3.40%,

3/1/2050

40,000

25,967

Georgia

Power

Co.

4.30%,

3/15/2042

5,000

4,178

4.30%,

3/15/2043

30,000

24,733

Series

3.25%,

3/15/2051

5,000

3,204

Idaho

Power

Co.

3.65%,

3/1/2045

15,000

10,874

Series

4.20%,

3/1/2048

15,000

11,697

5.50%,

3/15/2053

20,000

18,556

Indiana

Michigan

Power

Co.

Series

4.55%,

3/15/2046

40,000

32,974

3.25%,

5/1/2051

20,000

12,698

5.63%,

4/1/2053

20,000

18,604

International

Transmission

Co.

4.63%,

8/15/2043

35,000

29,582

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Electric

Utilities

6.6%

(continued)

Interstate

Power

and

Light

Co.

3.10%,

11/30/2051

20,000

12,263

5.60%,

10/1/2055

55,000

50,640

Kentucky

Utilities

Co.

4.38%,

10/1/2045

10,000

8,099

Louisville

Gas

and

Electric

Co.

5.13%,

11/15/2040

5,000

4,639

4.38%,

10/1/2045

65,000

52,536

5.85%,

8/15/2055

30,000

28,717

Mississippi

Power

Co.

Series

12-A,

4.25%,

3/15/2042

20,000

16,306

Nevada

Power

Co.

Series

6.75%,

7/1/2037

20,000

21,623

5.38%,

9/15/2040

20,000

18,992

5.45%,

5/15/2041

25,000

23,985

Series

EE,

3.13%,

8/1/2050

20,000

12,562

Series

GG,

5.90%,

5/1/2053

20,000

19,122

Ohio

Power

Co.

Series

2.90%,

10/1/2051

20,000

11,604

Oklahoma

Gas

and

Electric

Co.

5.85%,

6/1/2040

5,000

5,005

5.25%,

5/15/2041

30,000

28,033

4.15%,

4/1/2047

30,000

23,199

5.80%,

4/1/2055

50,000

47,689

Pacific

Gas

and

Electric

Co.

4.95%,

7/1/2050

10,000

8,068

PacifiCorp

6.25%,

10/15/2037

30,000

30,623

6.00%,

1/15/2039

20,000

19,883

4.13%,

1/15/2049

30,000

21,734

4.15%,

2/15/2050

40,000

28,899

3.30%,

3/15/2051

20,000

12,240

2.90%,

6/15/2052

55,000

31,049

5.35%,

12/1/2053

40,000

34,171

5.50%,

5/15/2054

15,000

13,064

5.80%,

1/15/2055

40,000

36,141

Public

Service

Co.

Colorado

4.75%,

8/15/2041

35,000

30,744

5.75%,

5/15/2054

5,000

4,703

Public

Service

Electric

and

Gas

Co.

Series

5.63%,

1/1/2056

10,000

9,402

Southern

Co.

(The)

4.40%,

7/1/2046

70,000

56,029

Southwestern

Electric

Power

Co.

Series

3.90%,

4/1/2045

50,000

36,720

3.25%,

11/1/2051

20,000

12,499

Tampa

Electric

Co.

6.15%,

5/15/2037

5,000

5,170

4.20%,

5/15/2045

35,000

27,342

Tucson

Electric

Power

Co.

3.25%,

5/1/2051

20,000

12,825

5.50%,

4/15/2053

20,000

18,241

5.90%,

4/15/2055

35,000

33,656

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

(cont.)

209

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Electric

Utilities

6.6%

(continued)

Union

Electric

Co.

5.30%,

8/1/2037

20,000

19,774

5.45%,

3/15/2053

20,000

18,244

Virginia

Electric

and

Power

Co.

Series

5.60%,

9/15/2055

50,000

45,912

Wisconsin

Electric

Power

Co.

3.65%,

12/15/2042

100,000

74,068

4.30%,

12/15/2045

5,000

3,884

Wisconsin

Power

and

Light

Co.

7.60%,

10/1/2038

35,000

39,890

4.10%,

10/15/2044

10,000

7,678

Wisconsin

Public

Service

Corp.

4.75%,

11/1/2044

20,000

17,217

2.85%,

12/1/2051

35,000

20,687

1,981,738

Electrical

Equipment

0.4%

ABB

Finance

USA,

Inc.

4.38%,

5/8/2042

44,000

37,338

Vernova,

Inc.

5.50%,

2/4/2056

30,000

27,665

Vertiv

Holdings

Co.

5.65%,

3/15/2046

30,000

27,686

5.95%,

3/15/2066

30,000

27,485

120,174

Electronic

Equipment,

Instruments

Components

0.2%

Corning,

Inc.

5.75%,

8/15/2040

5,000

4,932

4.75%,

3/15/2042

20,000

17,661

5.35%,

11/15/2048

5,000

4,443

Tyco

Electronics

Group

7.13%,

10/1/2037

30,000

33,635

60,671

Energy

Equipment

Services

0.1%

Baker

Hughes

Holdings

LLC

5.85%,

6/15/2056

20,000

18,882

Entertainment

0.3%

Electronic

Arts,

Inc.

2.95%,

2/15/2051

35,000

29,646

NBCUniversal

Media

LLC

4.45%,

1/15/2043

15,000

12,851

Netflix,

Inc.

5.40%,

8/15/2054

15,000

13,768

TWDC

Enterprises

Corp.

Series

4.13%,

12/1/2041

35,000

29,113

Walt

Disney

Co.

(The)

7.75%,

12/1/2045

5,000

5,994

91,372

Financial

Services

1.7%

Apollo

Global

Management,

Inc.

5.80%,

5/21/2054

35,000

32,079

Fiserv,

Inc.

4.40%,

7/1/2049

15,000

11,236

Mastercard,

Inc.

3.80%,

11/21/2046

150,000

112,875

3.95%,

2/26/2048

40,000

30,195

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Financial

Services

1.7%

(continued)

Mastercard,

Inc.

(continued)

3.85%,

3/26/2050

40,000

29,460

2.95%,

3/15/2051

50,000

30,781

National

Rural

Utilities

Cooperative

Finance

Corp.

4.30%,

3/15/2049

35,000

27,717

Visa,

Inc.

2.70%,

4/15/2040

10,000

7,362

4.30%,

12/14/2045

245,000

201,822

3.65%,

9/15/2047

10,000

7,374

Western

Union

Co.

(The)

6.20%,

6/21/2040

15,000

14,523

505,424

Food

Products

0.4%

General

Mills,

Inc.

5.40%,

6/15/2040

30,000

28,714

Ingredion,

Inc.

6.63%,

4/15/2037

20,000

21,334

3.90%,

6/1/2050

30,000

21,475

Kraft

Heinz

Foods

Co.

6.88%,

1/26/2039

10,000

10,694

5.20%,

7/15/2045

10,000

8,600

Mead

Johnson

Nutrition

Co.

4.60%,

6/1/2044

5,000

4,251

Tyson

Foods,

Inc.

5.15%,

8/15/2044

30,000

26,709

4.55%,

6/2/2047

5,000

4,052

125,829

Gas

Utilities

1.2%

Atmos

Energy

Corp.

5.50%,

6/15/2041

140,000

135,714

4.30%,

10/1/2048

65,000

51,159

2.85%,

2/15/2052

15,000

8,830

5.75%,

10/15/2052

50,000

48,088

6.20%,

11/15/2053

5,000

5,094

5.00%,

12/15/2054

45,000

38,690

CenterPoint

Energy

Resources

Corp.

6.63%,

11/1/2037

20,000

21,282

Piedmont

Natural

Gas

Co.,

Inc.

4.65%,

8/1/2043

20,000

16,694

3.64%,

11/1/2046

35,000

24,628

350,179

Ground

Transportation

3.5%

Burlington

Northern

Santa

LLC

6.15%,

5/1/2037

10,000

10,637

5.75%,

5/1/2040

50,000

50,761

5.40%,

6/1/2041

23,000

22,464

4.95%,

9/15/2041

25,000

23,270

4.40%,

3/15/2042

10,000

8,555

4.38%,

9/1/2042

35,000

29,620

4.45%,

3/15/2043

55,000

46,954

5.15%,

9/1/2043

20,000

18,472

4.55%,

9/1/2044

30,000

25,341

4.70%,

9/1/2045

45,000

38,579

3.90%,

8/1/2046

35,000

26,488

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

(cont.)

210

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Ground

Transportation

3.5%

(continued)

Burlington

Northern

Santa

LLC

(continued)

4.15%,

12/15/2048

35,000

27,023

3.05%,

2/15/2051

20,000

12,448

3.30%,

9/15/2051

10,000

6,503

2.88%,

6/15/2052

15,000

8,859

4.45%,

1/15/2053

165,000

130,400

5.20%,

4/15/2054

110,000

97,634

Canadian

National

Railway

Co.

4.50%,

11/7/2043

20,000

16,891

Canadian

Pacific

Railway

Co.

6.13%,

9/15/2115

25,000

24,451

Norfolk

Southern

Corp.

5.35%,

8/1/2054

20,000

17,986

Uber

Technologies,

Inc.

5.35%,

9/15/2054

75,000

66,343

Union

Pacific

Corp.

4.05%,

3/1/2046

50,000

38,785

4.00%,

4/15/2047

10,000

7,632

3.25%,

2/5/2050

100,000

65,466

5.60%,

12/1/2054

45,000

42,561

3.95%,

8/15/2059

90,000

63,166

3.84%,

3/20/2060

80,000

54,701

5.15%,

1/20/2063

30,000

26,061

4.10%,

9/15/2067

35,000

24,567

3.75%,

2/5/2070

10,000

6,442

3.80%,

4/6/2071

20,000

13,013

3.85%,

2/14/2072

15,000

9,947

1,062,020

Health

Care

Equipment

Supplies

1.2%

Abbott

Laboratories

6.15%,

11/30/2037

5,000

5,314

6.00%,

4/1/2039

35,000

36,716

5.30%,

5/27/2040

80,000

78,255

4.75%,

4/15/2043

20,000

17,672

4.90%,

11/30/2046

5,000

4,411

Boston

Scientific

Corp.

4.55%,

3/1/2039

10,000

9,098

7.38%,

1/15/2040

5,000

5,782

4.70%,

3/1/2049

10,000

8,497

Covidien

International

Finance

6.55%,

10/15/2037

5,000

5,433

Medtronic,

Inc.

4.00%,

4/1/2043

40,000

32,232

STERIS

Irish

FinCo.

UnLtd

Co.

3.75%,

3/15/2051

85,000

58,051

Stryker

Corp.

4.10%,

4/1/2043

15,000

12,089

4.38%,

5/15/2044

25,000

20,733

4.63%,

3/15/2046

55,000

46,508

2.90%,

6/15/2050

15,000

9,357

350,148

Health

Care

Providers

Services

2.6%

Cardinal

Health,

Inc.

4.60%,

3/15/2043

35,000

29,436

4.50%,

11/15/2044

20,000

16,248

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Health

Care

Providers

Services

2.6%

(continued)

Cardinal

Health,

Inc.

(continued)

4.90%,

9/15/2045

30,000

25,714

4.37%,

6/15/2047

30,000

23,695

Cencora,

Inc.

4.25%,

3/1/2045

40,000

31,976

4.30%,

12/15/2047

10,000

7,875

CVS

Health

Corp.

5.13%,

7/20/2045

80,000

69,526

5.05%,

3/25/2048

10,000

8,446

Elevance

Health,

Inc.

4.85%,

8/15/2054

20,000

15,923

HCA,

Inc.

5.13%,

6/15/2039

5,000

4,629

5.50%,

6/15/2047

60,000

53,555

3.50%,

7/15/2051

25,000

15,952

4.63%,

3/15/2052

70,000

53,964

5.90%,

6/1/2053

50,000

46,174

6.00%,

4/1/2054

130,000

121,964

6.10%,

4/1/2064

70,000

65,549

Laboratory

Corp.

America

Holdings

4.70%,

2/1/2045

30,000

25,837

McKesson

Corp.

4.88%,

3/15/2044

20,000

17,523

OhioHealth

Corp.

Series

2020,

3.04%,

11/15/2050

70,000

45,583

UnitedHealth

Group,

Inc.

4.75%,

7/15/2045

20,000

17,073

3.70%,

8/15/2049

25,000

17,541

2.90%,

5/15/2050

60,000

36,411

5.63%,

7/15/2054

30,000

27,942

3.13%,

5/15/2060

20,000

11,415

789,951

Health

Care

REITs

0.2%

Ventas

Realty

REIT,

5.70%,

9/30/2043

35,000

33,624

Welltower

LLC

REIT,

6.50%,

3/15/2041

35,000

37,772

71,396

Hotels,

Restaurants

Leisure

1.5%

Marriott

International,

Inc.

5.50%,

4/15/2037

65,000

63,899

5.10%,

5/1/2038

10,000

9,377

McDonald's

Corp.

6.30%,

3/1/2038

60,000

63,789

3.63%,

5/1/2043

15,000

11,327

4.60%,

5/26/2045

50,000

41,885

4.88%,

12/9/2045

175,000

151,482

4.45%,

3/1/2047

20,000

16,140

4.45%,

9/1/2048

10,000

8,004

3.63%,

9/1/2049

50,000

34,735

5.15%,

9/9/2052

60,000

52,354

5.45%,

8/14/2053

5,000

4,592

457,584

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

(cont.)

211

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Household

Durables

0.0%(f)

Sekisui

House

US,

Inc.

6.00%,

1/15/2043

10,000

8,861

Household

Products

0.4%

Church

Dwight

Co.,

Inc.

3.95%,

8/1/2047

20,000

15,255

5.00%,

6/15/2052

35,000

30,300

Colgate-Palmolive

Co.

4.00%,

8/15/2045

10,000

8,156

3.70%,

8/1/2047

35,000

26,158

Kimberly-Clark

Corp.

5.30%,

3/1/2041

5,000

4,895

3.70%,

6/1/2043

35,000

26,651

111,415

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Southern

Power

Co.

5.15%,

9/15/2041

5,000

4,600

5.25%,

7/15/2043

20,000

17,996

Series

4.95%,

12/15/2046

15,000

12,839

35,435

Industrial

Conglomerates

0.3%

Co.

3.63%,

10/15/2047

60,000

42,161

4.00%,

9/14/2048

50,000

37,406

79,567

Industrial

REITs

0.1%

Prologis

REIT,

2.13%,

10/15/2050

65,000

33,073

Insurance

6.6%

Aflac,

Inc.

6.45%,

8/15/2040

20,000

21,244

4.00%,

10/15/2046

25,000

19,009

4.75%,

1/15/2049

45,000

37,984

Alleghany

Corp.

4.90%,

9/15/2044

25,000

21,646

3.25%,

8/15/2051

30,000

18,924

Allstate

Corp.

(The)

4.20%,

12/15/2046

40,000

31,105

6.50%,

5/15/2057(c)

20,000

20,293

American

Financial

Group,

Inc.

4.50%,

6/15/2047

15,000

11,841

Aon

Corp.

2.90%,

8/23/2051

5,000

2,924

3.90%,

2/28/2052

30,000

21,016

Aon

Global

Ltd.

4.25%,

12/12/2042

50,000

40,533

4.45%,

5/24/2043

15,000

12,290

4.60%,

6/14/2044

35,000

29,063

4.75%,

5/15/2045

15,000

12,591

Aon

North

America,

Inc.

5.75%,

3/1/2054

105,000

97,535

Arch

Capital

Group

Ltd.

3.64%,

6/30/2050

25,000

17,235

5.95%,

6/15/2056

70,000

67,409

Arthur

Gallagher

Co.

3.50%,

5/20/2051

20,000

13,110

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Insurance

6.6%

(continued)

Arthur

Gallagher

Co.

(continued)

3.05%,

3/9/2052

10,000

5,932

5.75%,

3/2/2053

20,000

18,412

5.55%,

2/15/2055

5,000

4,498

Athene

Holding

Ltd.

3.95%,

5/25/2051

35,000

22,979

3.45%,

5/15/2052

10,000

5,891

6.25%,

4/1/2054

100,000

89,318

6.63%,

5/19/2055

30,000

28,164

Berkshire

Hathaway

Finance

Corp.

4.20%,

8/15/2048

115,000

89,601

4.25%,

1/15/2049

145,000

113,599

2.85%,

10/15/2050

120,000

72,223

3.85%,

3/15/2052

120,000

86,276

Brighthouse

Financial,

Inc.

4.70%,

6/22/2047

65,000

43,021

Brown

Brown,

Inc.

4.95%,

3/17/2052

45,000

36,364

6.25%,

6/23/2055

55,000

53,186

Chubb

INA

Holdings

LLC

6.00%,

5/11/2037

25,000

26,045

Fairfax

Financial

Holdings

Ltd.

6.35%,

3/22/2054

15,000

14,533

6.10%,

3/15/2055

35,000

32,765

Hartford

Insurance

Group,

Inc.

(The)

5.95%,

10/15/2036

25,000

25,680

6.63%,

3/30/2040

50,000

53,486

6.10%,

10/1/2041

10,000

10,213

4.40%,

3/15/2048

25,000

19,981

Markel

Group,

Inc.

5.00%,

3/30/2043

20,000

17,445

5.00%,

4/5/2046

45,000

38,617

4.30%,

11/1/2047

5,000

3,840

5.00%,

5/20/2049

65,000

54,594

4.15%,

9/17/2050

5,000

3,664

3.45%,

5/7/2052

45,000

28,955

6.00%,

5/16/2054

10,000

9,542

Marsh

McLennan

Cos.,

Inc.

6.25%,

11/1/2052

5,000

5,056

5.45%,

3/15/2053

75,000

68,262

Old

Republic

International

Corp.

3.85%,

6/11/2051

35,000

23,908

Principal

Financial

Group,

Inc.

6.05%,

10/15/2036

30,000

31,158

5.30%,

1/15/2037

20,000

19,396

4.35%,

5/15/2043

10,000

8,166

Progressive

Corp.

(The)

4.35%,

4/25/2044

5,000

4,100

4.13%,

4/15/2047

20,000

15,507

4.20%,

3/15/2048

10,000

7,822

3.70%,

3/15/2052

30,000

20,934

Prudential

Financial,

Inc.

4.35%,

2/25/2050

20,000

15,556

3.70%,

3/13/2051

5,000

3,467

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

(cont.)

212

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Insurance

6.6%

(continued)

Transatlantic

Holdings,

Inc.

8.00%,

11/30/2039

35,000

41,530

Travelers

Cos.,

Inc.

(The)

6.25%,

6/15/2037

5,000

5,314

5.70%,

7/24/2055

50,000

47,795

Trinity

Acquisition

plc

6.13%,

8/15/2043

15,000

14,357

Unum

Group

5.75%,

8/15/2042

55,000

52,860

Berkley

Corp.

6.25%,

2/15/2037

20,000

20,956

4.75%,

8/1/2044

25,000

21,588

4.00%,

5/12/2050

15,000

11,046

3.15%,

9/30/2061

35,000

20,195

Willis

North

America,

Inc.

5.05%,

9/15/2048

20,000

17,023

3.88%,

9/15/2049

10,000

7,097

5.90%,

3/5/2054

5,000

4,744

1,992,413

Interactive

Media

Services

3.9%

Alphabet,

Inc.

1.90%,

8/15/2040

50,000

32,062

2.05%,

8/15/2050

90,000

44,577

5.25%,

5/15/2055

90,000

78,027

2.25%,

8/15/2060

120,000

55,180

5.30%,

5/15/2065

270,000

228,717

5.70%,

11/15/2075

150,000

132,895

Meta

Platforms,

Inc.

4.45%,

8/15/2052

140,000

99,724

5.60%,

5/15/2053

170,000

142,191

5.40%,

8/15/2054

40,000

32,561

6.30%,

5/15/2056

50,000

45,886

4.65%,

8/15/2062

95,000

66,069

5.75%,

5/15/2063

140,000

116,150

5.55%,

8/15/2064

45,000

35,989

5.75%,

11/15/2065

60,000

49,476

6.45%,

5/15/2066

20,000

18,321

1,177,825

Services

0.3%

IBM

International

Capital

Pte.

Ltd.

5.25%,

2/5/2044

80,000

70,026

International

Business

Machines

Corp.

4.70%,

2/19/2046

5,000

4,016

4.25%,

5/15/2049

5,000

3,616

Kyndryl

Holdings,

Inc.

4.10%,

10/15/2041

10,000

6,977

84,635

Leisure

Products

0.2%

Hasbro,

Inc.

6.35%,

3/15/2040

35,000

35,960

Mattel,

Inc.

6.20%,

10/1/2040

20,000

19,528

55,488

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Machinery

1.0%

Dover

Corp.

6.60%,

3/15/2038

20,000

21,918

5.38%,

3/1/2041

20,000

19,262

Fortive

Corp.

4.30%,

6/15/2046

25,000

19,601

Illinois

Tool

Works,

Inc.

4.88%,

9/15/2041

16,000

14,661

3.90%,

9/1/2042

69,000

55,427

Otis

Worldwide

Corp.

3.11%,

2/15/2040

35,000

26,288

Parker-Hannifin

Corp.

4.45%,

11/21/2044

10,000

8,371

4.00%,

6/14/2049

75,000

56,625

Snap-on,

Inc.

3.10%,

5/1/2050

55,000

35,312

Xylem,

Inc.

4.38%,

11/1/2046

35,000

28,211

285,676

Media

1.2%

Charter

Communications

Operating

LLC

6.48%,

10/23/2045

20,000

17,342

5.38%,

5/1/2047

15,000

11,413

4.80%,

3/1/2050

45,000

31,476

5.25%,

4/1/2053

40,000

29,395

3.85%,

4/1/2061

10,000

5,460

3.95%,

6/30/2062

30,000

16,358

5.50%,

4/1/2063

30,000

21,359

Fox

Corp.

5.48%,

1/25/2039

15,000

14,243

5.58%,

1/25/2049

130,000

116,736

Omnicom

Group,

Inc.

3.38%,

3/1/2041

25,000

17,858

5.40%,

10/1/2048

15,000

12,764

Time

Warner

Cable

LLC

7.30%,

7/1/2038

35,000

34,590

5.50%,

9/1/2041

50,000

41,217

370,211

Metals

Mining

1.7%

Barrick

North

America

Finance

LLC

7.50%,

9/15/2038

20,000

22,997

5.70%,

5/30/2041

30,000

29,419

5.75%,

5/1/2043

70,000

67,766

Barrick

Australia

Finance

Pty.

Ltd.

5.95%,

10/15/2039

20,000

20,186

BHP

Billiton

Finance

USA

Ltd.

5.00%,

9/30/2043

35,000

31,719

5.50%,

9/8/2053

15,000

14,095

Newmont

Corp.

5.75%,

11/15/2041

30,000

29,508

Reliance,

Inc.

6.85%,

11/15/2036

20,000

21,844

Rio

Tinto

Finance

USA

Ltd.

5.20%,

11/2/2040

20,000

19,124

Rio

Tinto

Finance

USA

plc

4.13%,

8/21/2042

20,000

16,437

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

(cont.)

213

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Metals

Mining

1.7%

(continued)

Rio

Tinto

Finance

USA

plc

(continued)

5.13%,

3/9/2053

5,000

4,399

5.75%,

3/14/2055

5,000

4,812

Southern

Copper

Corp.

6.75%,

4/16/2040

20,000

21,573

5.25%,

11/8/2042

90,000

82,346

5.88%,

4/23/2045

45,000

43,881

Vale

Overseas

Ltd.

6.88%,

11/21/2036

15,000

16,377

6.88%,

11/10/2039

25,000

27,088

6.40%,

6/28/2054

45,000

44,606

518,177

Multi-Utilities

3.7%

Ameren

Illinois

Co.

4.80%,

12/15/2043

5,000

4,289

4.30%,

7/1/2044

20,000

15,939

5.63%,

3/1/2055

50,000

46,735

Berkshire

Hathaway

Energy

Co.

5.95%,

5/15/2037

20,000

20,641

3.80%,

7/15/2048

30,000

21,469

4.45%,

1/15/2049

20,000

15,731

4.25%,

10/15/2050

40,000

30,344

2.85%,

5/15/2051

40,000

23,170

4.60%,

5/1/2053

35,000

27,755

Consolidated

Edison

Co.

New

York,

Inc.

Series

08-B,

6.75%,

4/1/2038

250,000

274,976

Series

4.65%,

12/1/2048

10,000

8,154

6.15%,

11/15/2052

40,000

39,797

5.50%,

3/15/2055

40,000

36,186

5.75%,

11/15/2055

30,000

28,111

5.88%,

6/15/2056

30,000

28,541

Consumers

Energy

Co.

4.35%,

8/31/2064

35,000

25,363

Dominion

Energy,

Inc.

Series

4.05%,

9/15/2042

50,000

39,047

Series

4.60%,

3/15/2049

30,000

23,687

NiSource,

Inc.

5.95%,

6/15/2041

15,000

14,933

5.25%,

2/15/2043

30,000

27,153

4.80%,

2/15/2044

70,000

59,697

5.65%,

2/1/2045

20,000

18,784

4.38%,

5/15/2047

110,000

86,764

3.95%,

3/30/2048

90,000

65,753

5.00%,

6/15/2052

10,000

8,439

5.85%,

4/1/2055

10,000

9,388

Puget

Sound

Energy,

Inc.

5.64%,

4/15/2041

5,000

4,860

4.30%,

5/20/2045

30,000

24,008

5.60%,

9/15/2055

10,000

9,234

Sempra

4.00%,

2/1/2048

10,000

7,265

Southern

Co.

Gas

Capital

Corp.

4.40%,

6/1/2043

25,000

20,572

3.95%,

10/1/2046

30,000

22,417

4.40%,

5/30/2047

20,000

15,868

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Multi-Utilities

3.7%

(continued)

Southern

Co.

Gas

Capital

Corp.

(continued)

Series

21A,

3.15%,

9/30/2051

20,000

12,467

1,117,537

Oil,

Gas

Consumable

Fuels

9.7%

Canadian

Natural

Resources

Ltd.

6.50%,

2/15/2037

25,000

26,545

6.25%,

3/15/2038

37,000

38,414

6.75%,

2/1/2039

30,000

32,097

4.95%,

6/1/2047

75,000

63,875

Cenovus

Energy,

Inc.

5.40%,

6/15/2047

2,000

1,784

3.75%,

2/15/2052

50,000

34,412

ConocoPhillips

Co.

3.80%,

3/15/2052

20,000

14,011

5.30%,

5/15/2053

60,000

53,131

5.50%,

1/15/2055

110,000

100,541

4.03%,

3/15/2062

100,000

69,032

Continental

Resources,

Inc.

4.90%,

6/1/2044

70,000

55,656

Devon

Energy

Corp.

5.75%,

9/15/2054

20,000

18,430

Diamondback

Energy,

Inc.

6.25%,

3/15/2053

10,000

9,918

5.75%,

4/18/2054

15,000

13,957

5.90%,

4/18/2064

45,000

41,808

Eastern

Energy

Gas

Holdings

LLC

6.20%,

1/15/2055

35,000

34,317

Eastern

Gas

Transmission

Storage,

Inc.

4.80%,

11/1/2043

20,000

17,288

3.90%,

11/15/2049

20,000

14,135

Enbridge

Energy

Partners

7.38%,

10/15/2045

45,000

50,046

Enbridge,

Inc.

4.50%,

6/10/2044

5,000

4,120

4.00%,

11/15/2049

20,000

14,534

6.70%,

11/15/2053

15,000

15,717

Energy

Transfer

6.10%,

2/15/2042

10,000

9,747

4.95%,

1/15/2043

10,000

8,562

5.15%,

2/1/2043

75,000

65,406

5.30%,

4/1/2044

10,000

8,811

5.00%,

5/15/2044(e)

20,000

16,912

5.35%,

5/15/2045

25,000

21,848

6.13%,

12/15/2045

45,000

43,195

5.30%,

4/15/2047

25,000

21,601

5.40%,

10/1/2047

15,000

13,100

6.25%,

4/15/2049

95,000

91,221

5.00%,

5/15/2050

35,000

28,389

5.95%,

5/15/2054

40,000

36,738

6.05%,

9/1/2054

30,000

27,863

Enterprise

Products

Operating

LLC

7.55%,

4/15/2038

5,000

5,781

4.85%,

8/15/2042

175,000

155,992

3.30%,

2/15/2053

5,000

3,171

3.95%,

1/31/2060

75,000

52,121

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

(cont.)

214

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

Consumable

Fuels

9.7%

(continued)

EOG

Resources,

Inc.

4.95%,

4/15/2050

45,000

38,401

5.65%,

12/1/2054

20,000

18,685

5.95%,

7/15/2055

25,000

24,335

Exxon

Mobil

Corp.

3.57%,

3/6/2045

100,000

74,127

3.10%,

8/16/2049

5,000

3,223

4.33%,

3/19/2050

85,000

67,616

3.45%,

4/15/2051

35,000

23,739

Hess

Corp.

6.00%,

1/15/2040

25,000

25,659

5.60%,

2/15/2041

90,000

88,567

Kinder

Morgan

Energy

Partners

6.95%,

1/15/2038

105,000

114,715

6.50%,

9/1/2039

20,000

20,904

5.50%,

3/1/2044

75,000

68,719

Kinder

Morgan,

Inc.

5.55%,

6/1/2045

60,000

55,367

5.05%,

2/15/2046

30,000

25,853

Occidental

Petroleum

Corp.

4.63%,

6/15/2045

15,000

12,080

4.40%,

8/15/2049

20,000

14,734

Plains

All

American

Pipeline

5.15%,

6/1/2042

32,000

28,511

Shell

Finance

US,

Inc.

6.38%,

12/15/2038

65,000

69,156

4.38%,

5/11/2045

10,000

8,158

4.00%,

5/10/2046

35,000

26,915

3.13%,

11/7/2049

5,000

3,200

South

Bow

USA

Infrastructure

Holdings

LLC

6.18%,

10/1/2054

10,000

9,182

Spectra

Energy

Partners

4.50%,

3/15/2045

20,000

16,185

Suncor

Energy,

Inc.

6.80%,

5/15/2038

95,000

102,206

6.50%,

6/15/2038

30,000

31,610

6.85%,

6/1/2039

35,000

37,833

4.00%,

11/15/2047

20,000

14,659

3.75%,

3/4/2051

5,000

3,509

Targa

Resources

Corp.

6.13%,

5/15/2055

50,000

47,617

6.05%,

5/15/2056

100,000

94,174

TotalEnergies

Capital

International

3.13%,

5/29/2050

120,000

76,061

3.39%,

6/29/2060

35,000

21,674

TotalEnergies

Capital

5.64%,

4/5/2064

20,000

18,436

5.43%,

9/10/2064

55,000

48,979

Valero

Energy

Corp.

6.63%,

6/15/2037

15,000

16,157

Western

Midstream

Operating

5.45%,

4/1/2044

23,000

20,280

5.30%,

3/1/2048

55,000

46,038

5.50%,

8/15/2048

20,000

17,163

5.25%,

2/1/2050(e)

30,000

24,958

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

Consumable

Fuels

9.7%

(continued)

Williams

Cos.,

Inc.

(The)

5.75%,

6/24/2044

20,000

19,045

5.10%,

9/15/2045

40,000

34,825

4.85%,

3/1/2048

10,000

8,300

5.95%,

3/15/2056

60,000

56,606

XTO

Energy,

Inc.

6.75%,

8/1/2037

5,000

5,619

2,918,006

Pharmaceuticals

5.1%

AstraZeneca

plc

6.45%,

9/15/2037

75,000

81,351

Eli

Lilly

Co.

5.95%,

11/15/2037

20,000

21,234

5.00%,

2/9/2054

70,000

61,125

5.50%,

2/12/2055

10,000

9,409

5.60%,

5/20/2056

40,000

38,127

4.15%,

3/15/2059

35,000

25,989

4.95%,

2/27/2063

80,000

67,204

5.10%,

2/9/2064

155,000

133,670

5.20%,

8/14/2064

25,000

21,885

5.60%,

2/12/2065

23,000

21,501

5.70%,

5/20/2066

60,000

57,146

GlaxoSmithKline

Capital,

Inc.

6.38%,

5/15/2038

5,000

5,369

Johnson

3.63%,

3/3/2037

110,000

96,778

3.40%,

1/15/2038

30,000

25,487

5.85%,

7/15/2038

5,000

5,302

3.70%,

3/1/2046

70,000

53,694

3.50%,

1/15/2048

30,000

21,723

2.45%,

9/1/2060

20,000

10,176

Merck

Co.,

Inc.

6.55%,

9/15/2037

45,000

49,795

3.70%,

2/10/2045

40,000

30,027

2.75%,

12/10/2051

30,000

17,389

2.90%,

12/10/2061

5,000

2,710

5.15%,

5/17/2063

45,000

38,651

Novartis

Capital

Corp.

4.40%,

5/6/2044

100,000

84,259

4.00%,

11/20/2045

65,000

51,433

5.60%,

3/18/2046

150,000

145,244

4.70%,

9/18/2054

20,000

16,719

5.30%,

11/5/2055

20,000

18,327

5.70%,

3/18/2056

50,000

48,320

Pfizer

Investment

Enterprises

Pte.

Ltd.

5.11%,

5/19/2043

20,000

18,249

5.34%,

5/19/2063

60,000

52,371

Pfizer,

Inc.

7.20%,

3/15/2039

40,000

45,755

Royalty

Pharma

plc

3.30%,

9/2/2040

40,000

30,151

3.55%,

9/2/2050

40,000

26,643

5.90%,

9/2/2054

35,000

33,226

5.95%,

9/25/2055

10,000

9,556

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

(cont.)

215

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Pharmaceuticals

5.1%

(continued)

Utah

Acquisition

Sub,

Inc.

5.25%,

6/15/2046

10,000

8,146

Viatris,

Inc.

4.00%,

6/22/2050

40,000

26,544

Zoetis,

Inc.

4.70%,

2/1/2043

4,000

3,457

4.45%,

8/20/2048

20,000

16,052

3.00%,

5/15/2050

5,000

3,093

1,533,287

Professional

Services

0.1%

Verisk

Analytics,

Inc.

5.50%,

6/15/2045

20,000

18,359

3.63%,

5/15/2050

20,000

13,443

31,802

Residential

REITs

0.0%(f)

ERP

Operating

REIT,

4.50%,

7/1/2044

10,000

8,411

Semiconductors

Semiconductor

Equipment

1.5%

Analog

Devices,

Inc.

5.30%,

12/15/2045

20,000

18,293

Applied

Materials,

Inc.

5.85%,

6/15/2041

5,000

5,012

Broadcom,

Inc.

3.50%,

2/15/2041

50,000

37,705

KLA

Corp.

5.00%,

3/15/2049

20,000

17,265

4.95%,

7/15/2052

5,000

4,267

5.25%,

7/15/2062

5,000

4,325

Lam

Research

Corp.

4.88%,

3/15/2049

20,000

17,206

3.13%,

6/15/2060

15,000

8,675

NVIDIA

Corp.

5.55%,

6/15/2046

120,000

110,755

5.63%,

6/15/2056

105,000

95,013

3.70%,

4/1/2060

55,000

36,076

QUALCOMM,

Inc.

4.80%,

5/20/2045

10,000

8,438

4.50%,

5/20/2052

10,000

7,760

Texas

Instruments,

Inc.

4.10%,

8/16/2052

5,000

3,739

5.15%,

2/8/2054

5,000

4,428

5.05%,

5/18/2063

70,000

58,517

437,474

Software

5.3%

AppLovin

Corp.

5.95%,

12/1/2054

45,000

40,807

Intuit,

Inc.

5.50%,

9/15/2053

75,000

64,334

Microsoft

Corp.

4.45%,

11/3/2045

50,000

41,783

2.53%,

6/1/2050

115,000

64,568

2.50%,

9/15/2050

10,000

5,542

2.92%,

3/17/2052

230,000

137,529

4.75%,

11/3/2055

45,000

37,042

2.68%,

6/1/2060

305,000

157,338

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Software

5.3%

(continued)

Microsoft

Corp.

(continued)

3.04%,

3/17/2062

140,000

78,728

Oracle

Corp.

3.60%,

4/1/2040

40,000

27,673

4.13%,

5/15/2045

25,000

16,449

5.88%,

9/26/2045

10,000

8,205

4.00%,

7/15/2046

10,000

6,353

4.00%,

11/15/2047

50,000

31,510

3.60%,

4/1/2050

30,000

17,193

3.95%,

3/25/2051

210,000

127,989

6.90%,

11/9/2052

95,000

85,694

5.55%,

2/6/2053

35,000

26,291

5.38%,

9/27/2054

20,000

14,583

6.00%,

8/3/2055

95,000

76,182

5.95%,

9/26/2055

5,000

3,973

6.70%,

2/4/2056

20,000

17,635

3.85%,

4/1/2060

95,000

53,339

5.50%,

9/27/2064

35,000

25,282

6.13%,

8/3/2065

35,000

27,673

6.10%,

9/26/2065

15,000

11,787

6.85%,

2/4/2066

20,000

17,598

Salesforce,

Inc.

2.70%,

7/15/2041

140,000

91,869

6.40%,

3/15/2046

40,000

38,502

2.90%,

7/15/2051

65,000

35,648

6.55%,

3/15/2056

120,000

114,641

3.05%,

7/15/2061

150,000

78,410

6.70%,

3/15/2066

20,000

19,146

1,601,296

Specialized

REITs

0.2%

Public

Storage

Operating

Co.

REIT,

5.35%,

8/1/2053

50,000

45,349

Specialty

Retail

1.8%

Dick's

Sporting

Goods,

Inc.

4.10%,

1/15/2052

35,000

24,179

Home

Depot,

Inc.

(The)

5.40%,

9/15/2040

90,000

87,982

4.20%,

4/1/2043

20,000

16,450

4.88%,

2/15/2044

50,000

44,270

4.40%,

3/15/2045

45,000

37,033

4.25%,

4/1/2046

40,000

31,934

3.90%,

6/15/2047

35,000

26,274

4.50%,

12/6/2048

55,000

44,767

3.35%,

4/15/2050

20,000

13,302

3.63%,

4/15/2052

75,000

51,460

4.95%,

9/15/2052

20,000

17,146

5.30%,

6/25/2054

20,000

17,993

3.50%,

9/15/2056

35,000

22,918

5.40%,

6/25/2064

35,000

31,417

Lowe's

Cos.,

Inc.

5.00%,

4/15/2040

5,000

4,627

5.00%,

9/15/2043

35,000

30,690

4.25%,

4/1/2052

5,000

3,721

4.45%,

4/1/2062

5,000

3,663

5.80%,

9/15/2062

5,000

4,609

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

(cont.)

216

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Specialty

Retail

1.8%

(continued)

Lowe’s

Cos.,

Inc.

(continued)

5.85%,

4/1/2063

20,000

18,579

TJX

Cos.,

Inc.

(The)

4.50%,

4/15/2050

10,000

8,221

541,235

Technology

Hardware,

Storage

Peripherals

2.0%

Apple,

Inc.

3.85%,

5/4/2043

30,000

23,835

3.45%,

2/9/2045

50,000

36,334

4.38%,

5/13/2045

5,000

4,146

4.65%,

2/23/2046

65,000

55,859

3.75%,

11/13/2047

35,000

25,844

2.40%,

8/20/2050

30,000

16,397

2.65%,

2/8/2051

100,000

57,321

2.70%,

8/5/2051

5,000

2,888

3.95%,

8/8/2052

95,000

69,720

2.55%,

8/20/2060

70,000

35,254

2.80%,

2/8/2061

125,000

67,116

2.85%,

8/5/2061

80,000

43,344

4.10%,

8/8/2062

195,000

140,428

HP,

Inc.

6.00%,

9/15/2041

30,000

29,570

608,056

Tobacco

4.7%

Altria

Group,

Inc.

5.80%,

2/14/2039

25,000

24,679

3.40%,

2/4/2041

10,000

7,413

4.25%,

8/9/2042

45,000

35,696

4.50%,

5/2/2043

35,000

28,410

5.38%,

1/31/2044

265,000

237,970

3.88%,

9/16/2046

45,000

32,081

5.95%,

2/14/2049

120,000

112,920

4.45%,

5/6/2050

20,000

15,046

3.70%,

2/4/2051

110,000

72,991

4.00%,

2/4/2061

40,000

26,419

BAT

Capital

Corp.

4.39%,

8/15/2037

245,000

218,979

3.73%,

9/25/2040

20,000

15,837

7.08%,

8/2/2043

40,000

43,106

4.54%,

8/15/2047

30,000

23,742

4.76%,

9/6/2049

20,000

16,096

3.98%,

9/25/2050

5,000

3,536

5.65%,

3/16/2052

5,000

4,526

7.08%,

8/2/2053

70,000

75,762

Philip

Morris

International,

Inc.

6.38%,

5/16/2038

60,000

63,980

4.38%,

11/15/2041

35,000

29,745

4.50%,

3/20/2042

15,000

12,807

3.88%,

8/21/2042

50,000

39,321

4.13%,

3/4/2043

150,000

121,094

Reynolds

American,

Inc.

7.25%,

6/15/2037

5,000

5,605

5.85%,

8/15/2045

155,000

146,862

1,414,623

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Trading

Companies

Distributors

0.2%

Grainger,

Inc.

4.60%,

6/15/2045

30,000

25,609

3.75%,

5/15/2046

20,000

15,033

4.20%,

5/15/2047

40,000

31,927

72,569

Wireless

Telecommunication

Services

0.1%

America

Movil

SAB

6.13%,

3/30/2040

20,000

20,336

Total

Corporate

Bonds

(Cost

$31,331,302)

29,122,018

SHORT-TERM

INVESTMENTS

0.0%(f)(g)

U.S.

TREASURY

OBLIGATIONS

0.0%

U.S.

Treasury

Bills

3.75%,

10/15/2026

(Cost

$9,923)

10,000

9,925

Total

Investments

97.0%

(Cost

$31,341,225)

29,131,943

Other

assets

less

liabilities

3.0%

901,943

NET

ASSETS

100.0%

$30,033,886

(a)

Security

exempt

from

registration

pursuant

Rule

144A

under

the

Securities

Act

1933,

amended.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

investors.

July

31,

2026,

the

value

these

securities

amounted

approximately

$75,477

0.25%

net

assets.

(b)

Security

issued

fixed

coupon

rate,

which

converts

variable

rate

future

date.

Rate

shown

the

rate

effect

period

end.

(c)

Variable

floating

rate

security,

the

interest

rate

which

adjusts

periodically

based

changes

current

interest

rates

and

prepayments

the

underlying

pool

assets.

The

interest

rate

shown

was

the

current

rate

July

31,

2026.

(d)

Variable

floating

rate

security,

linked

the

referenced

benchmark.

The

interest

rate

shown

the

rate

effect

July

31,

2026.

(e)

Step

bond.

Interest

rate

fixed

rate

for

initial

period

that

either

resets

specific

date

may

reset

the

future

contingent

upon

predetermined

trigger.

The

interest

rate

shown

was

the

current

rate

July

31,

2026.

(f)

Represents

less

than

0.05%

net

assets.

(g)

The

rate

shown

was

the

current

yield

July

31,

2026.

Percentages

shown

are

based

Net

Assets.

Abbreviations

REIT

—

Real

Estate

Investment

Trust

218

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

Schedule

Investments

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

July

31,

2026

(Unaudited)

Investments

Principal

Amount

Value

CORPORATE

BONDS

Aerospace

Defense

AAR

Escrow

Issuer

LLC

6.75%,

3/15/2029(a)

450,000

459,704

Axon

Enterprise,

Inc.

6.13%,

3/15/2030(a)

545,000

551,329

Bombardier,

Inc.

5.88%,

1/15/2035(a)

1,000,000

989,578

BWX

Technologies,

Inc.

4.13%,

6/30/2028(a)

1,155,000

1,126,456

4.13%,

4/15/2029(a)

4,000

3,840

Carpenter

Technology

Corp.

5.63%,

3/1/2034(a)

500,000

492,936

Efesto

Bidco

SpA

Efesto

LLC

Series

XR,

7.50%,

2/15/2032(a)(b)

230,000

232,565

TransDigm,

Inc.

6.75%,

8/15/2028(a)

1,460,000

1,469,141

4.63%,

1/15/2029(b)

790,000

774,398

6.38%,

3/1/2029(a)

795,000

804,565

6.88%,

12/15/2030(a)

185,000

189,639

7.13%,

12/1/2031(a)

1,460,000

1,505,902

6.63%,

3/1/2032(a)

1,060,000

1,077,734

6.00%,

1/15/2033(a)

5,000

4,999

6.38%,

5/31/2033(a)

3,880,000

3,879,017

13,561,803

Air

Freight

Logistics

Rand

Parent

LLC

8.50%,

2/15/2030(a)(b)

1,825,000

1,870,881

Stonepeak

Nile

Parent

LLC

7.25%,

3/15/2032(a)

550,000

566,914

2,437,795

Automobile

Components

Adient

Global

Holdings

Ltd.

7.50%,

2/15/2033(a)(b)

1,600,000

1,651,245

Aptiv

Swiss

Holdings

Ltd.

6.88%,

12/15/2054(b)(c)

900,000

912,728

Dexko

Global,

Inc.

7.50%,

4/15/2032(a)(b)

746,100

621,218

Garrett

Motion

Holdings,

Inc.

7.75%,

5/31/2032(a)(b)

170,000

176,706

Goodyear

Tire

Rubber

Co.

(The)

5.25%,

4/30/2031

50,000

44,901

5.25%,

7/15/2031(b)

470,000

417,475

5.63%,

4/30/2033(b)

910,000

794,939

Icahn

Enterprises

5.25%,

5/15/2027

800,000

794,887

9.75%,

1/15/2029(b)

300,000

298,756

4.38%,

2/1/2029(b)

1,020,000

887,930

10.00%,

11/15/2029(a)

284,000

284,467

9.00%,

6/15/2030(b)

990,000

941,797

IHO

Verwaltungs

GmbH

6.37%,

5/15/2029(a)(d)

820,000

825,279

8.00%,

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

800,000

840,043

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Automobile

Components

2.8%

(continued)

Poindexter

Co.,

Inc.

8.75%,

12/15/2031(a)(b)

1,300,000

1,339,466

Patrick

Industries,

Inc.

4.75%,

5/1/2029(a)(b)

640,000

624,333

6.38%,

11/1/2032(a)(b)

667,000

657,738

Phinia,

Inc.

6.75%,

4/15/2029(a)

265,000

269,389

6.63%,

10/15/2032(a)(b)

400,000

403,978

Tenneco,

Inc.

8.00%,

11/17/2028(a)(b)

14,455,000

14,491,277

North

America

Capital,

Inc.

6.88%,

4/14/2028(a)(b)

252,000

256,537

7.13%,

4/14/2030(a)

700,000

704,528

6.75%,

4/23/2030(a)

580,000

575,575

7.50%,

3/24/2031(a)(b)

1,195,000

1,203,333

30,018,525

Automobiles

Jaguar

Land

Rover

Automotive

plc

4.50%,

10/1/2027(a)

1,185,000

1,169,537

5.88%,

1/15/2028(a)(b)

1,351,000

1,348,276

5.50%,

7/15/2029(a)

607,000

600,470

Nissan

Motor

Acceptance

Co.

LLC

6.13%,

9/30/2030(a)

1,790,000

1,748,126

Nissan

Motor

Co.

Ltd.

7.50%,

7/17/2030(a)

1,360,000

1,393,005

4.81%,

9/17/2030(a)(b)

3,090,000

2,864,265

7.75%,

7/17/2032(a)(b)

1,100,000

1,136,275

8.13%,

7/17/2035(a)(b)

6,010,000

6,341,506

General

Purchaser

LLC

9.50%,

10/1/2028(a)(b)

1,170,000

979,243

Thor

Industries,

Inc.

4.00%,

10/15/2029(a)(b)

1,460,000

1,376,137

18,956,840

Biotechnology

Genmab

A/S

7.25%,

12/15/2033(a)(b)

1,570,000

1,618,833

Broadline

Retail

Angi

Group

LLC

3.88%,

8/15/2028(a)

300,000

256,064

Getty

Images,

Inc.

14.00%,

3/1/2028(a)

24,000

16,189

11.25%,

2/21/2030(a)

880,000

690,300

GrubHub

Holdings,

Inc.

13.00%,

7/31/2030(a)(d)

888,345

730,111

Kohl's

Corp.

10.00%,

6/1/2030(a)(b)

50,000

54,005

5.12%,

5/1/2031(b)(e)

1,160,000

1,039,633

Macy's

Retail

Holdings

LLC

5.88%,

3/15/2030(a)

160,000

158,847

6.13%,

3/15/2032(a)

1,020,000

1,023,046

7.38%,

8/1/2033(a)(b)

300,000

312,177

6.70%,

7/15/2034(a)

1,210,000

1,167,579

6.38%,

3/15/2037

730,000

679,010

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

219

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Broadline

Retail

1.2%

(continued)

Macy’s

Retail

Holdings

LLC

(continued)

5.13%,

1/15/2042

760,000

616,693

Match

Group

Holdings

LLC

3.63%,

10/1/2031(a)(b)

150,000

133,927

Nordstrom,

Inc.

4.00%,

3/15/2027

300,000

295,445

4.38%,

4/1/2030(b)

10,000

9,557

5.00%,

1/15/2044(b)

2,300,000

1,655,989

Photo

Holdings

LLC

12.00%,

7/1/2031(a)

2,960,000

3,049,405

Rakuten

Group,

Inc.

9.75%,

4/15/2029(a)

820,000

890,332

12,778,309

Building

Products

Builders

FirstSource,

Inc.

6.75%,

5/15/2035(a)(b)

1,440,000

1,425,685

Atlas

Buyer,

Inc.

9.75%,

7/15/2030(a)(b)

950,000

855,569

0.00%),

12.75%,

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

1,322,981

899,342

Griffon

Corp.

5.75%,

3/1/2028

1,570,000

1,569,909

Masterbrand,

Inc.

7.00%,

7/15/2032(a)(b)

381,000

381,215

Miter

Brands

Acquisition

Holdco,

Inc.

6.75%,

4/1/2032(a)(b)

1,375,000

1,353,820

MIWD

Holdco

LLC

5.50%,

2/1/2030(a)(b)

600,000

555,266

Oscar

Acquisition

Co.

LLC

9.50%,

4/15/2030(a)

1,285,000

648,925

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/1/2028(a)

1,012,000

1,010,564

8.88%,

11/15/2031(a)

995,000

1,041,859

Standard

Building

Solutions,

Inc.

6.50%,

8/15/2032(a)(b)

500,000

500,956

Standard

Industries,

Inc.

4.38%,

7/15/2030(a)

440,000

415,398

3.38%,

1/15/2031(a)

10,000

8,976

Wilsonart

LLC

11.00%,

8/15/2032(a)(b)

1,136,000

874,279

11,541,763

Capital

Markets

Aretec

Group,

Inc.

7.50%,

4/1/2029(a)

100,000

99,739

10.00%,

8/15/2030(a)(b)

1,158,000

1,221,538

Coinbase

Global,

Inc.

3.38%,

10/1/2028(a)

4,000

3,797

Compass

Group

Diversified

Holdings

LLC

5.25%,

4/15/2029(a)(b)

752,111

716,189

First

Eagle

Holdings,

Inc.

7.25%,

8/15/2032(a)

850,000

859,924

KKR

Capital

Corp.

7.88%,

1/15/2029(b)

2,730,000

2,807,830

6.88%,

8/15/2029(b)

2,000,000

2,008,272

6.13%,

1/15/2030

4,760,000

4,639,818

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Capital

Markets

1.7%

(continued)

KKR

Capital

Corp.

(continued)

6.13%,

1/15/2031

1,510,000

1,453,035

7.50%,

8/1/2031(b)

1,500,000

1,502,543

Osaic

Holdings,

Inc.

8.00%,

8/1/2033(a)

15,000

15,220

Prospect

Capital

Corp.

3.44%,

10/15/2028

1,220,000

1,142,542

Stonex

Escrow

Issuer

LLC

6.88%,

7/15/2032(a)(b)

250,000

253,765

VFH

Parent

LLC

7.50%,

6/15/2031(a)

1,265,000

1,311,723

18,035,935

Chemicals

Ashland,

Inc.

3.38%,

9/1/2031(a)(b)

47,000

42,766

6.88%,

5/15/2043

415,000

422,157

ASP

Unifrax

Holdings,

Inc.

7.10%,

9/30/2029(a)(d)(g)

3,037,135

304

Bond

Bidco

Inc.

7.13%,

6/15/2033(a)

730,000

734,512

Celanese

Holdings

LLC

7.38%,

2/15/2034

800,000

822,916

Cerdia

Finanz

GmbH

9.38%,

10/3/2031(a)(b)

1,973,000

1,753,050

Chemours

Co.

(The)

4.63%,

11/15/2029(a)(b)

1,410,000

1,330,592

8.00%,

1/15/2033(a)

1,882,000

1,852,467

7.88%,

3/15/2034(a)(b)

1,340,000

1,303,951

Consolidated

Energy

Finance

5.63%,

10/15/2028(a)

1,030,000

994,795

12.00%,

2/15/2031(a)

1,120,000

1,170,058

CVR

Partners

6.13%,

6/15/2028(a)

1,380,000

1,378,426

Element

Solutions,

Inc.

3.88%,

9/1/2028(a)(b)

1,060,000

1,042,415

FMC

Corp.

3.45%,

10/1/2029(b)

320,000

294,072

8.00%,

6/1/2031(a)

120,000

124,083

6.38%,

5/18/2053(b)

360,000

280,226

8.45%,

11/1/2055(b)(c)

1,130,000

849,942

Herens

Holdco

Sarl

4.75%,

5/15/2028(a)

275,000

245,566

INEOS

Finance

plc

6.75%,

5/15/2028(a)

760,000

757,065

7.50%,

4/15/2029(a)(b)

1,585,000

1,556,257

INEOS

Quattro

Finance

plc

9.63%,

3/15/2029(a)(b)

900,000

795,194

Ingevity

Corp.

3.88%,

11/1/2028(a)(b)

365,000

352,040

Innophos

Holdings,

Inc.

11.50%,

6/15/2029(a)(b)

642,000

603,480

LSB

Industries,

Inc.

6.25%,

10/15/2028(a)(b)

100,000

99,784

Mativ

Holdings,

Inc.

8.00%,

10/1/2029(a)

300,000

297,016

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

220

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Chemicals

2.8%

(continued)

Maxam

Prill

Sarl

7.75%,

7/15/2030(a)(b)

500,000

513,134

Nufarm

Australia

Ltd.

5.00%,

1/27/2030(a)

1,320,000

1,255,539

Olin

Corp.

6.63%,

4/1/2033(a)(b)

1,250,000

1,223,241

Olympus

Water

Holding

Corp.

6.25%,

10/1/2029(a)

200,000

197,477

7.25%,

6/15/2031(a)

410,000

414,318

6.75%,

8/1/2032(a)

310,000

301,708

7.25%,

2/15/2033(a)(b)

1,790,000

1,753,429

Perimeter

Holdings

LLC

6.25%,

1/15/2034(a)(b)

200,000

196,341

Rain

Carbon,

Inc.

12.25%,

9/1/2029(a)(b)

980,000

1,043,930

SCIH

Salt

Holdings,

Inc.

4.88%,

5/1/2028(a)(b)

158,000

157,992

Scotts

Miracle-Gro

Co.

(The)

4.38%,

2/1/2032(b)

390,000

360,679

Invictus

Intermediate

Sarl

5.00%,

10/30/2029(a)

310,000

302,715

Vibrantz

Technologies,

Inc.

9.00%,

2/28/2031(a)

1,212,350

266,717

Grace

Holdings

LLC

5.63%,

8/15/2029(a)(b)

840,000

771,215

7.38%,

3/1/2031(a)

725,000

718,857

6.63%,

8/15/2032(a)

160,000

152,323

7.00%,

8/1/2033(a)

1,490,000

1,427,188

30,159,937

Commercial

Services

Supplies

ACCO

Brands

Corp.

4.25%,

3/15/2029(a)(b)

2,620,000

2,469,608

ADT

Security

Corp.

(The)

4.13%,

8/1/2029(a)(b)

585,000

560,351

4.88%,

7/15/2032(a)(b)

371,000

347,099

5.88%,

10/15/2033(a)(b)

750,000

727,217

Allied

Universal

Holdco

LLC

4.63%,

6/1/2028(a)

835,000

822,691

6.00%,

6/1/2029(a)(b)

275,000

272,579

APi

Group

DE,

Inc.

4.13%,

7/15/2029(a)(b)

600,000

575,935

4.75%,

10/15/2029(a)

225,000

219,703

5.75%,

6/1/2034(a)(b)

455,000

445,362

Brink's

Co.

(The)

6.50%,

6/15/2029(a)(b)

80,000

81,446

Cimpress

plc

7.38%,

9/15/2032(a)(b)

1,820,000

1,825,229

Clarivate

Science

Holdings

Corp.

3.88%,

7/1/2028(a)(b)

250,000

241,537

4.88%,

7/1/2029(a)(b)

1,310,000

1,206,268

Clean

Harbors,

Inc.

6.38%,

2/1/2031(a)

1,175,000

1,187,054

CoreCivic,

Inc.

4.75%,

10/15/2027

220,000

8.25%,

4/15/2029

40,000

41,527

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Commercial

Services

Supplies

2.7%

(continued)

Deluxe

Corp.

8.00%,

6/1/2029(a)(b)

1,060,000

1,068,892

8.13%,

9/15/2029(a)

660,000

683,453

Garda

World

Security

Corp.

7.75%,

2/15/2028(a)(b)

320,000

324,414

8.25%,

8/1/2032(a)

395,000

400,562

8.38%,

11/15/2032(a)(b)

515,000

523,236

GEO

Group,

Inc.

(The)

8.63%,

4/15/2029

1,231,000

1,283,309

10.25%,

4/15/2031

5,000

5,392

GFL

Environmental

Holdings

US,

Inc.

5.50%,

2/1/2034(a)(b)

1,580,000

1,461,590

GFL

Environmental,

Inc.

4.38%,

8/15/2029(a)(b)

700,000

673,023

Luna

1.5

Sarl

12.00%,

7/1/2032(a)(d)

1,031,837

1,095,950

Pitney

Bowes,

Inc.

7.25%,

3/15/2029(a)

345,000

347,680

Prime

Security

Services

Borrower

LLC

3.38%,

8/31/2027(a)(b)

975,000

957,593

Raven

Acquisition

Holdings

LLC

6.88%,

11/15/2031(a)(b)

1,940,000

1,887,417

Reworld

Holding

Corp.

4.88%,

12/1/2029(a)

390,000

370,126

Donnelley

Sons

Co.

9.50%,

8/1/2029(a)

1,490,000

1,544,290

10.88%,

8/1/2029(a)

1,000,000

1,019,557

11.00%,

6/1/2031(a)(b)(d)

190,000

178,837

Veritiv

Operating

Co.

10.50%,

11/30/2030(a)

3,115,000

3,195,772

Williams

Scotsman,

Inc.

6.63%,

6/15/2029(a)

70,000

71,183

Wrangler

Holdco

Corp.

6.63%,

4/1/2032(a)(b)

600,000

600,899

28,936,781

Communications

Equipment

Ciena

Corp.

4.00%,

1/31/2030(a)

30,000

28,470

Viasat,

Inc.

7.50%,

5/30/2031(a)

560,000

559,857

Viavi

Solutions,

Inc.

3.75%,

10/1/2029(a)(b)

475,000

448,145

1,036,472

Construction

Engineering

AECOM

6.00%,

8/1/2033(a)

570,000

566,747

Artera

Services

LLC

8.50%,

2/15/2031(a)(b)

670,000

610,330

Brand

Industrial

Services,

Inc.

10.38%,

8/1/2030(a)(b)

2,130,000

1,844,628

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.

7.50%,

2/1/2032(a)(b)

1,620,000

1,660,169

Dycom

Industries,

Inc.

4.50%,

4/15/2029(a)(b)

248,000

240,726

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

221

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Construction

Engineering

0.7%

(continued)

Global

Infrastructure

Solutions,

Inc.

6.38%,

7/15/2034(a)

250,000

251,708

HTA

Group

Ltd.

7.50%,

6/4/2029(a)

1,750,000

1,789,431

Railworks

Holdings

8.25%,

11/15/2028(a)

5,000

5,005

Weekley

Homes

LLC

4.88%,

9/15/2028(a)

695,000

683,016

7,651,760

Consumer

Finance

Ally

Financial,

Inc.

6.70%,

2/14/2033(b)

97,000

98,874

6.65%,

1/17/2040(b)(c)

1,080,000

1,054,953

Atlanticus

Holdings

Corp.

9.75%,

9/1/2030(a)

1,315,000

1,329,840

Azorra

Finance

Ltd.

7.75%,

4/15/2030(a)

1,500,000

1,552,504

Bread

Financial

Holdings,

Inc.

8.38%,

6/15/2035(a)(c)

510,000

527,893

Cobra

Acquisition

Co.

LLC

6.38%,

11/1/2029(a)

120,000

104,244

Credit

Acceptance

Corp.

6.63%,

3/15/2030(a)(b)

1,510,000

1,508,377

Encore

Capital

Group,

Inc.

6.63%,

6/1/2032(a)(b)

875,000

876,200

Enova

International,

Inc.

11.25%,

12/15/2028(a)

1,530,000

1,607,646

9.13%,

8/1/2029(a)

1,235,000

1,291,988

EZCORP,

Inc.

7.38%,

4/1/2032(a)

200,000

209,093

Figure

Technology

Solutions,

Inc.

8.50%,

7/31/2031(a)

2,140,000

2,106,283

FirstCash,

Inc.

4.63%,

9/1/2028(a)(b)

750,000

736,140

5.63%,

1/1/2030(a)(b)

220,000

216,577

6.88%,

3/1/2032(a)

255,000

258,664

GGAM

Finance

Ltd.

8.00%,

6/15/2028(a)(b)

485,000

501,682

LFS

Topco

LLC

8.75%,

7/15/2030(a)

1,140,000

1,137,555

OneMain

Finance

Corp.

3.88%,

9/15/2028(b)

545,000

526,648

7.88%,

3/15/2030

1,090,000

1,128,356

6.13%,

5/15/2030(b)

400,000

397,598

7.50%,

5/15/2031

635,000

650,875

7.13%,

11/15/2031(b)

895,000

906,984

6.75%,

3/15/2032

1,610,000

1,602,198

7.13%,

9/15/2032(b)

670,000

677,015

6.50%,

3/15/2033(b)

2,750,000

2,684,689

6.75%,

9/15/2033(b)

5,510,000

5,421,183

Phoenix

Aviation

Capital

Ltd.

9.25%,

7/15/2030(a)(b)

2,100,000

2,174,187

PRA

Group,

Inc.

8.88%,

1/31/2030(a)(b)

1,390,000

1,431,215

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Consumer

Finance

3.2%

(continued)

PROG

Holdings,

Inc.

6.00%,

11/15/2029(a)

4,000

3,910

Rfna

7.88%,

2/15/2030(a)(b)

740,000

739,740

Synchrony

Financial

7.25%,

2/2/2033(b)

1,085,000

1,115,126

TrueNoord

Capital

DAC

8.75%,

3/1/2030(a)(b)

450,000

466,338

35,044,575

Consumer

Staples

Distribution

Retail

Albertsons

Cos.,

Inc.

6.50%,

2/15/2028(a)

385,000

387,400

3.50%,

3/15/2029(a)

875,000

823,499

4.88%,

2/15/2030(a)

1,170,000

1,116,825

5.50%,

3/31/2031(a)

260,000

249,827

5.63%,

3/31/2032(a)

5,500,000

5,231,610

6.25%,

3/15/2033(a)(b)

2,200,000

2,130,856

5.75%,

3/31/2034(a)(b)

2,115,000

1,966,404

C&S

Group

Enterprises

LLC

5.00%,

12/15/2028(a)

95,000

87,381

Performance

Food

Group,

Inc.

4.25%,

8/1/2029(a)

550,000

531,729

6.13%,

9/15/2032(a)(b)

500,000

501,413

5.63%,

3/1/2034(a)

670,000

649,898

Foods,

Inc.

6.88%,

9/15/2028(a)

180,000

183,611

4.63%,

6/1/2030(a)

150,000

145,744

7.25%,

1/15/2032(a)(b)

970,000

1,002,246

15,008,443

Containers

Packaging

Ball

Corp.

5.50%,

9/15/2033(b)

240,000

238,447

Cascades,

Inc.

6.75%,

7/15/2030(a)(b)

920,000

934,601

Clydesdale

Acquisition

Holdings,

Inc.

6.63%,

4/15/2029(a)

5,000

4,970

8.75%,

4/15/2030(a)(b)

1,759,000

1,681,083

6.75%,

4/15/2032(a)(b)

1,544,000

1,470,355

Graphic

Packaging

International

LLC

3.50%,

3/15/2028(a)(b)

100,000

97,003

3.75%,

2/1/2030(a)(b)

115,000

107,196

Iris

Holding,

Inc.

10.00%,

12/15/2028(a)

625,000

523,743

Mauser

Packaging

Solutions

Holding

Co.

7.88%,

4/15/2030(a)(b)

400,000

407,960

9.25%,

4/15/2030(a)(b)

1,237,000

1,226,057

Owens-Brockway

Glass

Container,

Inc.

7.25%,

5/15/2031(a)

400,000

378,689

7.38%,

6/1/2032(a)

1,320,000

1,218,806

9.50%,

6/1/2033(a)(b)

550,000

541,103

Sealed

Air

Corp.

6.88%,

7/15/2033(a)

1,670,000

1,633,302

Sword

Purchaser

LLC

8.25%,

4/15/2033(a)

1,350,000

1,380,827

10.50%,

4/15/2034(a)(b)

410,000

423,854

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

222

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Containers

Packaging

1.6%

(continued)

Toucan

FinCo.

Ltd.

9.50%,

5/15/2030(a)(b)

2,560,000

2,312,330

Trident

TPI

Holdings,

Inc.

12.75%,

12/31/2028(a)(b)

790,000

771,607

TriMas

Corp.

4.13%,

4/15/2029(a)

1,680,000

1,604,959

Trivium

Packaging

Finance

12.25%,

1/15/2031(a)

435,000

481,359

17,438,251

Distributors

Core

Main

6.00%,

7/1/2034(a)

455,000

452,458

Gates

Corp.

6.88%,

7/1/2029(a)

750,000

765,093

Global

Holdings,

Inc.

6.75%,

3/15/2028(a)

400,000

403,568

7.75%,

3/15/2031(a)

400,000

412,781

S&S

Holdings

LLC

8.38%,

10/1/2031(a)(b)

985,000

951,163

Velocity

Vehicle

Group

LLC

8.00%,

6/1/2029(a)(b)

350,000

346,870

Windsor

Holdings

III

LLC

8.50%,

6/15/2030(a)(b)

620,000

645,083

3,977,016

Diversified

Consumer

Services

Belron

Finance

plc

5.75%,

10/15/2029(a)

1,746,000

1,745,448

Carriage

Services,

Inc.

4.25%,

5/15/2029(a)

1,200,000

1,137,631

Graham

Holdings

Co.

5.63%,

12/1/2033(a)(b)

650,000

634,360

Grand

Canyon

University

5.13%,

10/1/2028

280,000

276,917

Sotheby's

8.25%,

4/15/2031(a)

570,000

568,586

StoneMor,

Inc.

8.50%,

5/15/2029(a)

270,000

268,139

4,631,081

Diversified

REITs

Iron

Mountain

Information

Management

Services,

Inc.

REIT,

5.00%,

7/15/2032(a)(b)

1,440,000

1,368,272

Uniti

Group

REIT,

6.00%,

1/15/2030(a)

710,000

677,460

2,045,732

Diversified

Telecommunication

Services

Altice

Financing

5.00%,

1/15/2028(a)

2,055,000

1,300,845

5.75%,

8/15/2029(a)

1,680,000

1,059,981

Altice

France

9.50%,

11/1/2029(a)(b)

404,355

410,037

6.50%,

10/15/2031(a)

60,000

57,899

6.50%,

4/15/2032(a)(b)

900,000

871,143

6.88%,

7/15/2032(a)

1,155,366

1,121,628

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Diversified

Telecommunication

Services

5.3%

(continued)

APLD

ComputeCo

LLC

7.00%,

6/15/2031(a)(b)

100,000

97,528

Bell

Canada

7.00%,

9/15/2055(c)

1,520,000

1,532,099

CCO

Holdings

LLC

5.13%,

5/1/2027(a)

5,000

4,990

5.00%,

2/1/2028(a)

1,300,000

1,283,412

5.38%,

6/1/2029(a)

1,510,000

1,466,458

6.38%,

9/1/2029(a)(b)

730,000

725,383

4.75%,

3/1/2030(a)(b)

2,290,000

2,139,606

4.50%,

8/15/2030(a)(b)

2,865,000

2,614,032

4.25%,

2/1/2031(a)(b)

3,420,000

3,027,142

7.38%,

3/1/2031(a)(b)

682,000

679,329

4.75%,

2/1/2032(a)(b)

1,790,000

1,564,089

4.50%,

5/1/2032(b)

3,197,000

2,757,050

7.00%,

2/1/2033(a)(b)

1,770,000

1,696,245

4.50%,

6/1/2033(a)(b)

1,375,000

1,169,835

4.25%,

1/15/2034(a)(b)

1,280,000

1,045,104

7.38%,

2/1/2036(a)(b)

990,000

941,183

Connect

Holding

LLC

10.50%,

4/3/2031(a)

3,140,000

3,072,956

Edged

Compute

LLC

7.50%,

4/30/2031(a)(b)

2,540,000

2,407,656

ELK

Grove

Village

Property

LLC

7.50%,

6/15/2031(a)(b)

3,050,000

2,937,921

Fibercop

SpA

6.00%,

9/30/2034(a)

250,000

240,917

7.20%,

7/18/2036(a)

550,000

558,212

7.72%,

6/4/2038(a)

538,000

557,925

Flash

Compute

LLC

7.25%,

12/31/2030(a)(b)

1,070,000

1,080,510

GCI

LLC

4.75%,

10/15/2028(a)(b)

1,535,000

1,505,073

Lumen

Technologies,

Inc.

Series

7.60%,

9/15/2039

100,000

91,375

Meridian

Arc

Holdco

LLC

6.25%,

4/30/2031(a)

2,720,000

2,613,465

RNO

Property

Owner

LLC

6.50%,

5/1/2031(a)

2,000,000

1,883,238

Cosmos

LLC

8.88%,

5/1/2031(a)(b)

1,400,000

1,380,798

Telecom

Italia

Capital

7.72%,

6/4/2038(b)

690,000

771,858

TELUS

Corp.

6.63%,

10/15/2055(b)(c)

1,010,000

1,006,713

7.00%,

10/15/2055(b)(c)

2,210,000

2,227,687

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.52%),

6.63%,

6/9/2056(f)

300,000

293,001

Uniti

Group

6.50%,

2/15/2029(a)(b)

645,000

636,139

8.63%,

6/15/2032(a)(b)

1,605,000

1,639,126

Uniti

Services

LLC

7.50%,

10/15/2033(a)(b)

870,000

889,040

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

223

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Diversified

Telecommunication

Services

5.3%

(continued)

Virgin

Media

Finance

plc

5.00%,

7/15/2030(a)

770,000

473,804

Virgin

Media

Secured

Finance

plc

5.50%,

5/15/2029(a)

1,640,000

1,472,329

4.50%,

8/15/2030(a)

20,000

16,437

Windstream

Services

LLC

8.25%,

10/1/2031(a)(b)

1,640,000

1,707,288

Zayo

Group

Holdings,

Inc.

0.00%),

9.25%,

3/9/2030(a)

(b)(d)(f)

213,921

213,285

0.00%),

13.75%,

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

199,366

194,091

57,435,862

Electric

Utilities

California

Buyer

Ltd.

6.38%,

2/15/2032(a)

540,000

532,455

ContourGlobal

Power

Holdings

6.75%,

2/28/2030(a)

200,000

203,118

Edison

International

8.13%,

6/15/2053(h)

2,190,000

2,240,571

7.88%,

6/15/2054(c)

1,900,000

1,960,724

EUSHI

Finance,

Inc.

7.63%,

12/15/2054(c)

1,770,000

1,832,357

Leeward

Renewable

Energy

Operations

LLC

4.25%,

7/1/2029(a)

170,000

161,338

Long

Ridge

Energy

LLC

8.75%,

2/15/2032(a)

710,000

735,013

NRG

Energy,

Inc.

3.63%,

2/15/2031(a)(b)

310,000

285,643

5.88%,

5/15/2034(a)

100,000

98,170

PacifiCorp

7.38%,

9/15/2055(b)(c)

760,000

755,886

7.13%,

8/15/2056(b)(c)

792,000

779,757

PG&E

Corp.

5.00%,

7/1/2028(b)

445,000

440,800

VoltaGrid

LLC

7.38%,

11/1/2030(a)

2,250,000

2,261,184

XPLR

Infrastructure

Operating

Partners

7.25%,

1/15/2029(a)

5,000

5,157

8.38%,

1/15/2031(a)

10,000

10,628

8.63%,

3/15/2033(a)(b)

720,000

769,237

7.75%,

4/15/2034(a)(b)

641,000

671,275

13,743,313

Electronic

Equipment,

Instruments

Components

Crane

NXT

Co.

6.55%,

11/15/2036

435,000

432,520

4.20%,

3/15/2048

790,000

486,949

Ingram

Micro,

Inc.

4.75%,

5/15/2029(a)

880,000

856,293

Insight

Enterprises,

Inc.

6.63%,

5/15/2032(a)(b)

1,225,000

1,231,852

Zebra

Technologies

Corp.

6.50%,

6/1/2032(a)

210,000

212,367

3,219,981

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Energy

Equipment

Services

Bristow

Group,

Inc.

6.75%,

2/1/2033(a)

950,000

951,090

Helix

Energy

Solutions

Group,

Inc.

9.75%,

3/1/2029(a)

1,195,000

1,253,145

Nabors

Industries,

Inc.

7.63%,

11/15/2032(a)

760,000

775,176

Noble

Finance

LLC

8.00%,

4/15/2030(a)(b)

1,639,000

1,694,376

Oceaneering

International,

Inc.

6.88%,

7/15/2034(a)(b)

825,000

844,151

Precision

Drilling

Corp.

6.88%,

1/15/2029(a)

255,000

256,137

Seadrill

Finance

Ltd.

6.75%,

7/15/2034(a)(b)

1,950,000

1,877,453

SESI

LLC

7.88%,

9/30/2030(a)

850,000

860,052

Star

Holding

LLC

8.75%,

8/1/2031(a)(b)

400,000

408,496

TGS

ASA

8.50%,

1/15/2030(a)

2,500,000

2,615,094

Tidewater,

Inc.

9.13%,

7/15/2030(a)(b)

3,855,000

4,119,951

Transocean

International

Ltd.

8.25%,

5/15/2029(a)(b)

410,000

422,776

7.50%,

4/15/2031

680,000

682,659

6.80%,

3/15/2038

940,000

879,826

USA

Compression

Partners

7.13%,

3/15/2029(a)(b)

804,000

821,324

Valaris

Ltd.

8.38%,

4/30/2030(a)

850,000

880,006

Viridien

10.00%,

10/15/2030(a)(b)

917,000

957,169

WBI

Operating

LLC

6.25%,

10/15/2030(a)

930,000

929,833

21,228,714

Entertainment

Allen

Media

LLC

10.50%,

2/15/2028(a)

1,830,000

732,000

Banijay

Entertainment

SAS

8.13%,

5/1/2029(a)(b)

1,270,000

1,298,393

Cinemark

USA,

Inc.

5.25%,

7/15/2028(a)(b)

1,025,000

1,017,739

7.00%,

8/1/2032(a)(b)

190,000

194,778

ROBLOX

Corp.

3.88%,

5/1/2030(a)(b)

550,000

512,163

3,755,073

Financial

Services

Block,

Inc.

6.50%,

5/15/2032

1,820,000

1,838,753

6.00%,

8/15/2033(a)

710,000

704,099

Burford

Capital

Global

Finance

LLC

7.50%,

7/15/2033(a)(b)

1,095,000

923,282

Champions

Financing,

Inc.

8.75%,

2/15/2029(a)(b)

635,000

628,336

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

224

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Financial

Services

3.8%

(continued)

CPI

CG,

Inc.

10.00%,

7/15/2029(a)

670,000

702,964

CrossCountry

Intermediate

HoldCo

LLC

6.50%,

10/1/2030(a)

690,000

667,276

6.75%,

12/1/2032(a)(b)

1,650,000

1,574,480

Freedom

Mortgage

Corp.

6.63%,

1/15/2027(a)

900,000

900,450

12.25%,

10/1/2030(a)

225,000

241,051

Freedom

Mortgage

Holdings

LLC

9.13%,

5/15/2031(a)

220,000

225,530

8.38%,

4/1/2032(a)(b)

124,000

124,546

7.88%,

4/1/2033(a)(b)

770,000

742,606

Sustainable

Infrastructure

Capital,

Inc.

8.00%,

6/1/2056(c)

590,000

619,351

ION

Platform

Finance

US,

Inc.

7.88%,

9/30/2032(a)(b)

1,116,000

883,886

Jefferies

Finance

LLC

5.00%,

8/15/2028(a)(b)

1,535,000

1,484,030

6.63%,

10/15/2031(a)(b)

790,000

775,909

Jefferson

Capital

Holdings

LLC

9.50%,

2/15/2029(a)

560,000

583,820

8.25%,

5/15/2030(a)

270,000

281,933

Mobius

Merger

Sub,

Inc.

9.00%,

6/1/2030(a)

1,105,000

756,257

Oxford

Finance

LLC

7.75%,

5/15/2031(a)

910,000

899,687

PennyMac

Financial

Services,

Inc.

4.25%,

2/15/2029(a)(b)

75,000

71,076

5.75%,

9/15/2031(a)

1,395,000

1,293,070

6.88%,

5/15/2032(a)

1,580,000

1,510,315

6.88%,

2/15/2033(a)(b)

210,000

199,258

6.75%,

2/15/2034(a)

830,000

769,846

PHH

Escrow

Issuer

LLC

9.88%,

11/1/2029(a)

1,360,000

1,347,507

Planet

Financial

Group

LLC

10.50%,

12/15/2029(a)

1,540,000

1,502,602

Provident

Funding

Associates

9.75%,

9/15/2029(a)

1,270,000

1,311,297

Stena

International

7.25%,

1/15/2031(a)

1,295,000

1,318,086

7.63%,

2/15/2031(a)(b)

675,000

695,781

Stonebriar

ABF

Issuer

LLC

8.13%,

12/15/2030(a)

910,000

947,468

United

Wholesale

Mortgage

LLC

5.75%,

6/15/2027(a)

1,520,000

1,507,619

5.50%,

4/15/2029(a)

1,069,000

998,374

UWM

Holdings

LLC

6.63%,

2/1/2030(a)(b)

1,500,000

1,391,470

6.25%,

3/15/2031(a)(b)

1,650,000

1,472,209

Velocity

Commercial

Capital

LLC

9.38%,

2/15/2031(a)(b)

4,250,000

4,374,219

WEX,

Inc.

6.50%,

3/15/2033(a)(b)

1,250,000

1,242,016

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Financial

Services

3.8%

(continued)

Escrow

LLC

7.75%,

6/1/2033(a)(b)

4,000,000

4,138,628

41,649,087

Food

Products

B&G

Foods,

Inc.

8.00%,

9/15/2028(a)(b)

5,400,000

5,279,163

11.00%,

6/15/2031(a)(b)

2,110,000

1,872,560

Fiesta

Purchaser,

Inc.

7.88%,

3/1/2031(a)

590,000

590,227

9.63%,

9/15/2032(a)(b)

340,000

318,558

Industrial

F&B

Investments

III,

Inc.

7.75%,

2/11/2033(a)(b)

70,000

71,071

Lamb

Weston

Holdings,

Inc.

4.88%,

5/15/2028(a)

190,000

188,374

4.38%,

1/31/2032(a)

543,000

508,941

Post

Holdings,

Inc.

4.50%,

9/15/2031(a)(b)

2,115,000

1,960,155

6.38%,

3/1/2033(a)(b)

1,930,000

1,900,678

6.25%,

10/15/2034(a)(b)

2,690,000

2,615,397

6.50%,

3/15/2036(a)(b)

770,000

751,054

Simmons

Foods,

Inc.

4.63%,

3/1/2029(a)(b)

775,000

749,130

Viking

Baked

Goods

Acquisition

Corp.

8.63%,

11/1/2031(a)(b)

1,365,000

1,370,048

18,175,356

Gas

Utilities

AltaGas

Ltd.

7.20%,

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

1,360,000

1,406,792

AmeriGas

Partners

9.38%,

6/1/2028(a)(b)

1,559,000

1,593,864

9.50%,

6/1/2030(a)

3,860,000

4,138,599

6.88%,

6/1/2031(a)(b)

1,200,000

1,218,587

Ferrellgas

5.88%,

4/1/2029(a)

1,230,000

1,200,152

9.25%,

1/15/2031(a)

970,000

1,020,226

Suburban

Propane

Partners

5.00%,

6/1/2031(a)(b)

3,085,000

2,906,767

6.50%,

12/15/2035(a)(b)

1,920,000

1,846,174

15,331,161

Ground

Transportation

Albion

Financing

Sarl

7.00%,

5/21/2030(a)

510,000

519,523

Avis

Budget

Car

Rental

LLC

8.38%,

6/15/2032(a)(b)

881,000

876,794

Brightline

East

LLC

11.00%,

1/31/2030(a)

3,050,000

167,750

Dcli

Bidco

LLC

7.75%,

11/15/2029(a)

1,092,000

1,121,763

First

Student

Bidco,

Inc.

4.00%,

7/31/2029(a)(b)

640,000

614,266

Hertz

Corp.

(The)

12.63%,

7/15/2029(a)(b)

2,730,000

1,780,529

5.00%,

12/1/2029(a)

919,000

250,427

PODS

LLC

8.75%,

5/15/2031(a)(b)

270,000

257,164

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

225

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Ground

Transportation

0.7%

(continued)

RXO,

Inc.

6.38%,

5/15/2031(a)(b)

250,000

249,466

Star

Leasing

Co.

LLC

7.63%,

2/15/2030(a)(b)

1,490,000

1,450,429

7,288,111

Health

Care

Equipment

Supplies

Avantor

Funding,

Inc.

4.63%,

7/15/2028(a)(b)

10,000

9,863

Dentsply

Sirona,

Inc.

8.38%,

9/12/2055(b)(c)

1,230,000

1,227,109

Embecta

Corp.

5.00%,

2/15/2030(a)

3,025,000

2,334,924

6.75%,

2/15/2030(a)

823,000

629,595

Insulet

Corp.

6.50%,

4/1/2033(a)(b)

2,260,000

2,289,671

6,491,162

Health

Care

Providers

Services

Acadia

Healthcare

Co.,

Inc.

5.50%,

7/1/2028(a)

220,000

218,582

AdaptHealth

LLC

6.13%,

8/1/2028(a)(b)

285,000

4.63%,

8/1/2029(a)(b)

250,000

241,030

5.13%,

3/1/2030(a)(b)

1,190,000

1,147,475

Centene

Corp.

4.63%,

12/15/2029(b)

550,000

533,575

2.50%,

3/1/2031(b)

1,210,000

1,052,077

Community

Health

Systems,

Inc.

6.88%,

4/15/2029(a)(b)

2,065,000

1,991,549

6.13%,

4/1/2030(a)(b)

5,020,000

4,217,636

5.25%,

5/15/2030(a)(b)

1,110,000

1,024,987

10.88%,

1/15/2032(a)(b)

189,000

199,357

9.75%,

1/15/2034(a)(b)

780,000

790,188

CVS

Health

Corp.

6.75%,

12/10/2054(b)(c)

1,390,000

1,432,161

7.00%,

3/10/2055(c)

540,000

556,008

DaVita,

Inc.

4.63%,

6/1/2030(a)

1,148,000

1,106,596

3.75%,

2/15/2031(a)(b)

963,000

888,281

Encompass

Health

Corp.

4.50%,

2/1/2028

41,000

40,563

4.63%,

4/1/2031(b)

605,000

582,332

HAH

Group

Holding

Co.

LLC

9.75%,

10/1/2031(a)

1,750,000

1,588,125

HealthEquity,

Inc.

4.50%,

10/1/2029(a)

5,000

4,846

Kedrion

SpA

6.50%,

9/1/2029(a)

1,259,000

1,241,281

LifePoint

Health,

Inc.

5.38%,

1/15/2029(a)(b)

545,000

517,190

9.88%,

8/15/2030(a)

5,000

5,249

8.38%,

2/15/2032(a)(b)

150,000

151,019

7.00%,

5/1/2034(a)

1,870,000

1,746,655

Molina

Healthcare,

Inc.

4.38%,

6/15/2028(a)

310,000

303,408

3.88%,

11/15/2030(a)

1,630,000

1,507,282

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Health

Care

Providers

Services

4.7%

(continued)

Molina

Healthcare,

Inc.

(continued)

3.88%,

5/15/2032(a)(b)

1,900,000

1,699,037

6.25%,

1/15/2033(a)

350,000

346,104

National

Mentor

Holdings,

Inc.

10.50%,

12/15/2030(a)(b)

7,762,000

8,186,217

Option

Care

Health,

Inc.

4.38%,

10/31/2029(a)(b)

1,640,000

1,574,605

Paradigm

Parent

LLC

and

Paradigm

Parent

CO-Issuer,

Inc.

8.75%,

4/17/2032(a)(b)

1,410,000

1,292,420

Pediatrix

Medical

Group,

Inc.

5.38%,

2/15/2030(a)

100,000

97,800

Prime

Healthcare

Services,

Inc.

9.38%,

9/1/2029(a)(b)

2,050,000

2,137,453

Radiology

Partners,

Inc.

9.78%,

2/15/2030(a)(d)

852,963

804,103

8.50%,

7/15/2032(a)

1,010,000

1,061,379

Select

Medical

Corp.

6.25%,

12/1/2032(a)

2,450,000

2,353,255

Sotera

Health

Holdings

LLC

7.38%,

6/1/2031(a)

150,000

155,349

Star

Parent,

Inc.

9.00%,

10/1/2030(a)(b)

1,140,000

1,197,131

Surgery

Center

Holdings,

Inc.

7.25%,

4/15/2032(a)(b)

790,000

792,460

Team

Health

Holdings,

Inc.

8.38%,

6/30/2028(a)

2,537,000

2,535,605

TEAM

Services

Holding,

Inc.

9.00%,

2/15/2033(a)(b)

980,000

992,443

Acute

Care

Solutions

LLC

9.75%,

5/15/2029(a)(b)

2,315,000

2,157,671

50,755,484

Health

Care

REITs

Diversified

Healthcare

Trust

REIT,

4.75%,

2/15/2028

1,490,000

1,462,306

MPT

Operating

Partnership

REIT,

5.00%,

10/15/2027(b)

12,070,000

11,711,748

REIT,

4.63%,

8/1/2029(b)

2,677,000

2,145,270

REIT,

8.50%,

2/15/2032(a)

1,140,000

1,158,593

16,477,917

Health

Care

Technology

(i)

IQVIA,

Inc.

6.25%,

6/1/2032(a)(b)

100,000

101,286

Hotel

Resort

REITs

RHP

Hotel

Properties

REIT,

4.50%,

2/15/2029(a)

1,145,000

1,118,544

Service

Properties

Trust

REIT,

Zero

Coupon,

9/30/2027(a)

20,000

18,676

REIT,

4.95%,

10/1/2029

280,000

261,699

REIT,

4.38%,

2/15/2030(b)

210,000

190,261

REIT,

8.88%,

6/15/2032

750,000

770,645

XHR

REIT,

6.63%,

5/15/2030(a)

5,000

5,107

2,364,932

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

226

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Hotels,

Restaurants

Leisure

1011778

ULC

3.88%,

1/15/2028(a)

2,080,000

2,038,020

4.38%,

1/15/2028(a)(b)

760,000

749,310

4.00%,

10/15/2030(a)

3,685,000

3,462,431

Affinity

Interactive

6.88%,

12/15/2027(a)

330,000

161,700

Allwyn

Entertainment

Financing

plc

7.88%,

4/30/2029(a)

750,000

766,677

BCPE

Flavor

Debt

Merger

Sub

LLC

and

BCPE

Flavor

Issuer,

Inc.

9.50%,

7/1/2032(a)(b)

1,120,000

1,083,572

Boyd

Gaming

Corp.

4.75%,

6/15/2031(a)(b)

355,000

338,985

Boyne

USA,

Inc.

4.75%,

5/15/2029(a)(b)

360,000

349,847

Caesars

Entertainment,

Inc.

7.00%,

2/15/2030(a)

175,000

175,579

6.00%,

10/15/2032(a)(b)

7,880,000

6,911,273

Churchill

Downs,

Inc.

4.75%,

1/15/2028(a)

5,000

4,951

5.75%,

4/1/2030(a)(b)

1,780,000

1,774,735

6.75%,

5/1/2031(a)

5,000

5,059

Fertitta

Entertainment

LLC

4.63%,

1/15/2029(a)(b)

520,000

505,606

6.75%,

1/15/2030(a)(b)

695,000

682,500

Gaia

Purchaser,

Inc.

7.63%,

7/15/2033(a)

3,200,000

3,209,838

Genting

New

York

LLC

7.25%,

10/1/2029(a)

250,000

255,803

GPS

Hospitality

Operating

Co.

LLC

11.00%,

3/5/2031

248,325

223,493

Hilton

Domestic

Operating

Co.,

Inc.

5.88%,

4/1/2029(a)

200,000

201,518

5.50%,

9/15/2031(a)

295,000

292,285

3.63%,

2/15/2032(a)

2,015,000

1,823,274

Hilton

Grand

Vacations

Borrower

LLC

5.00%,

6/1/2029(a)(b)

725,000

703,002

4.88%,

7/1/2031(a)(b)

2,300,000

2,127,318

Hilton

Worldwide

Finance

LLC

4.88%,

4/1/2027

20,000

19,993

KFC

Holding

Co.

4.75%,

6/1/2027(a)

60,000

59,763

Light

Wonder

International,

Inc.

7.50%,

9/1/2031(a)(b)

200,000

206,012

Lindblad

Expeditions

LLC

7.00%,

9/15/2030(a)

300,000

308,833

MajorDrive

Holdings

LLC

6.38%,

6/1/2029(a)(b)

1,120,000

915,861

Marriott

Ownership

Resorts,

Inc.

4.50%,

6/15/2029(a)

350,000

337,395

6.50%,

10/1/2033(a)(b)

850,000

835,922

Merlin

Entertainments

Group

Holdings,

Inc.

7.38%,

2/15/2031(a)(b)

1,170,000

916,413

Midwest

Gaming

Borrower

LLC

4.88%,

5/1/2029(a)(b)

565,000

548,692

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Hotels,

Restaurants

Leisure

5.8%

(continued)

Mohegan

Tribal

Gaming

Authority

8.25%,

4/15/2030(a)

77,000

80,094

11.88%,

4/15/2031(a)

1,700,000

1,842,560

NCL

Corp.

Ltd.

5.88%,

1/15/2031(a)

1,800,000

1,720,299

6.75%,

2/1/2032(a)(b)

1,620,000

1,587,864

6.25%,

9/15/2033(a)(b)

2,360,000

2,243,298

Penn

Entertainment,

Inc.

5.63%,

1/15/2027(a)(b)

1,000,000

1,000,693

6.75%,

4/1/2031(a)(b)

140,000

140,506

Premier

Entertainment

Sub

LLC

5.63%,

9/1/2029(a)

1,000,000

706,990

5.88%,

9/1/2031(a)

1,190,000

788,614

Resorts

World

Las

Vegas

LLC

4.63%,

4/16/2029(a)

5,200,000

4,678,898

8.45%,

7/27/2030(a)(b)

2,200,000

2,170,715

Sabre

Financial

Borrower

LLC

11.13%,

6/15/2029(a)

1,120,000

1,178,380

Sabre

GLBL,

Inc.

10.75%,

11/15/2029(a)(b)

550,000

529,375

11.13%,

7/15/2030(a)(b)

1,550,000

1,491,875

Scientific

Games

Holdings

6.63%,

3/1/2030(a)(b)

1,160,000

939,658

SeaWorld

Parks

Entertainment,

Inc.

5.25%,

8/15/2029(a)(b)

820,000

798,835

Station

Casinos

LLC

4.63%,

12/1/2031(a)(b)

130,000

122,237

TKC

Holdings,

Inc.

8.50%,

8/15/2030(a)(b)

1,200,000

1,226,699

12.00%,

2/15/2031(a)

580,000

609,609

Travel

Leisure

Co.

4.50%,

12/1/2029(a)(b)

230,000

221,615

4.63%,

3/1/2030(a)

65,000

62,511

6.25%,

6/1/2031(a)(b)

1,000,000

1,001,538

Viking

Cruises

Ltd.

9.13%,

7/15/2031(a)

540,000

565,397

5.88%,

10/15/2033(a)

1,300,000

1,287,241

VOC

Escrow

Ltd.

5.00%,

2/15/2028(a)

5,000

4,984

Voyager

Parent

LLC

9.25%,

7/1/2032(a)(b)

2,300,000

2,443,698

Wynn

Las

Vegas

LLC

5.25%,

5/15/2027(a)

810,000

809,647

Wynn

Resorts

Finance

LLC

7.13%,

2/15/2031(a)(b)

168,000

176,039

Yum!

Brands,

Inc.

4.75%,

1/15/2030(a)(b)

10,000

9,782

3.63%,

3/15/2031

605,000

558,305

6.88%,

11/15/2037

150,000

158,890

63,152,506

Household

Durables

Ashton

Woods

USA

LLC

4.63%,

8/1/2029(a)

650,000

624,144

4.63%,

4/1/2030(a)(b)

1,125,000

1,068,138

6.88%,

8/1/2033(a)

290,000

289,324

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

227

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Household

Durables

2.8%

(continued)

Beazer

Homes

USA,

Inc.

7.50%,

3/15/2031(a)

1,050,000

1,056,126

8.00%,

1/15/2032(a)(b)

530,000

540,464

Brookfield

Residential

Properties,

Inc.

6.25%,

9/15/2027(a)

660,000

659,905

5.00%,

6/15/2029(a)(b)

565,000

536,026

4.88%,

2/15/2030(a)(b)

510,000

475,213

CD&R

Smokey

Buyer,

Inc.

9.50%,

10/15/2029(a)(b)

1,720,000

844,051

Century

Communities,

Inc.

3.88%,

8/15/2029(a)(b)

850,000

806,070

6.63%,

9/15/2033(a)(b)

195,000

195,640

Dream

Finders

Homes,

Inc.

6.88%,

9/15/2030(a)(b)

1,280,000

1,249,342

Empire

Communities

Corp.

9.75%,

5/1/2029(a)

34,000

34,938

FXI

Holdings,

Inc.

14.00%,

11/15/2029(a)(d)

648,551

138,033

11.00%,

11/15/2030(a)(b)

38,000

31,350

Hovnanian

Enterprises,

Inc.

8.00%,

4/1/2031(a)(b)

2,490,000

2,538,129

8.38%,

10/1/2033(a)(b)

3,695,000

3,754,892

Home

6.88%,

6/15/2027(b)

100,000

100,486

7.25%,

7/15/2030

60,000

60,803

4.00%,

6/15/2031(b)

50,000

46,185

LGI

Homes,

Inc.

8.75%,

12/15/2028(a)(b)

2,225,000

2,284,372

4.00%,

7/15/2029(a)(b)

1,015,000

937,987

Mattamy

Group

Corp.

4.63%,

3/1/2030(a)

650,000

622,937

6.00%,

12/15/2033(a)

700,000

666,312

Newell

Brands,

Inc.

6.38%,

5/15/2030(b)

430,000

434,722

7.50%,

4/1/2046(b)(e)

300,000

276,576

Risewell

Homes,

Inc.

9.25%,

10/1/2029(a)

1,400,000

1,419,038

8.50%,

11/1/2030(a)

50,000

51,001

Somnigroup

International,

Inc.

4.00%,

4/15/2029(a)(b)

760,000

730,505

3.88%,

10/15/2031(a)

1,198,000

1,092,078

STL

Holding

Co.

LLC

8.75%,

2/15/2029(a)

200,000

207,465

Taylor

Morrison

Communities,

Inc.

5.75%,

1/15/2028(a)

675,000

680,962

Tri

Pointe

Homes,

Inc.

5.25%,

6/1/2027

550,000

549,401

5.70%,

6/15/2028

440,000

440,161

Whirlpool

Corp.

7.50%,

7/1/2031(a)(b)

890,000

884,443

5.50%,

3/1/2033

560,000

435,934

6.50%,

6/15/2033(b)

3,860,000

3,270,761

7.88%,

7/1/2034(a)

250,000

236,350

30,270,264

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Household

Products

Central

Garden

Pet

Co.

4.13%,

10/15/2030(b)

105,000

99,201

4.13%,

4/30/2031(a)(b)

550,000

512,712

Energizer

Holdings,

Inc.

4.75%,

6/15/2028(a)(b)

885,000

875,898

4.38%,

3/31/2029(a)(b)

285,000

274,480

6.00%,

9/15/2033(a)(b)

195,000

184,781

Kronos

Acquisition

Holdings,

Inc.

8.25%,

6/30/2031(a)

1,263,000

884,492

10.75%,

6/30/2032(a)

540,000

170,100

3,001,664

Independent

Power

and

Renewable

Electricity

Producers

AES

Corp.

(The)

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.20%),

7.60%,

1/15/2055(f)

350,000

355,830

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.89%),

6.95%,

7/15/2055(b)(f)

740,000

726,719

1,082,549

Insurance

Acrisure

LLC

8.25%,

2/1/2029(a)(b)

60,000

57,532

4.25%,

2/15/2029(a)(b)

585,000

545,380

7.50%,

11/6/2030(a)

590,000

570,623

6.75%,

7/1/2032(a)

970,000

891,233

Alliant

Holdings

Intermediate

LLC

6.75%,

4/15/2028(a)

10,000

10,045

7.00%,

1/15/2031(a)

375,000

380,532

7.38%,

10/1/2032(a)

10,000

10,056

American

National

Group,

Inc.

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.18%),

7.00%,

12/1/2055(f)

1,130,000

1,087,099

AmWINS

Group,

Inc.

4.88%,

6/30/2029(a)(b)

420,000

404,277

Amynta

Agency

Borrower,

Inc.

and

Amynta

Warranty

Borrower,

Inc.

7.50%,

7/15/2033(a)

240,000

234,564

APH

Somerset

Investor

LLC

7.88%,

11/1/2029(a)(b)

1,650,000

1,671,252

Ardonagh

Finco

Ltd.

7.75%,

2/15/2031(a)

1,010,000

1,025,486

Ardonagh

Group

Finance

Ltd.

8.88%,

2/15/2032(a)(b)

1,060,000

1,054,670

Assurant,

Inc.

7.00%,

3/27/2048(h)

100,000

101,165

Asurion

LLC

8.00%,

12/31/2032(a)

1,840,000

1,861,392

8.38%,

2/1/2034(a)

1,380,000

1,257,328

Broadstreet

Partners

Group

LLC

5.88%,

4/15/2029(a)(b)

340,000

332,435

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

228

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Insurance

2.0%

(continued)

CRC

Insurance

Group

LLC

7.13%,

6/1/2031(a)

1,810,000

1,806,591

Global

Atlantic

Fin

Co.

7.95%,

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

1,705,000

1,706,529

7.25%,

3/1/2056(a)(c)

190,000

182,538

Howden

Refinance

plc

7.25%,

2/15/2031(a)

1,500,000

1,485,672

8.13%,

2/15/2032(a)

1,820,000

1,692,114

Jones

Deslauriers

Insurance

Management,

Inc.

8.50%,

3/15/2030(a)

1,450,000

1,497,010

6.88%,

10/1/2033(a)

210,000

197,781

Liberty

Mutual

Group,

Inc.

7.80%,

3/15/2037(a)

460,000

495,800

Nassau

Cos.

New

York

(The)

7.88%,

7/15/2030(a)

955,000

898,787

21,457,891

Interactive

Media

Services

Snap,

Inc.

6.88%,

3/1/2033(a)

1,460,000

1,426,163

6.88%,

3/15/2034(a)(b)

620,000

600,587

Ziff

Davis,

Inc.

4.63%,

10/15/2030(a)

328,000

306,701

2,333,451

Services

Core

Holdings

LLC

11.00%,

5/15/2031(a)

1,830,000

1,910,542

Arches

Buyer,

Inc.

6.13%,

12/1/2028(a)

390,000

381,238

Conduent

Business

Services

LLC

6.00%,

11/1/2029(a)(b)

1,170,000

1,003,075

Everforth,

Inc.

4.63%,

5/15/2028(a)(b)

390,000

372,278

Daddy

Operating

Co.

LLC

3.50%,

3/1/2029(a)

3,490,000

3,265,394

ION

Platform

Finance

US,

Inc.

5.00%,

5/1/2028(a)

159,000

149,037

9.50%,

5/30/2029(a)

340,000

321,723

9.00%,

8/1/2029(a)(b)

1,390,000

1,295,644

Twilio,

Inc.

3.63%,

3/15/2029

65,000

62,343

Unisys

Corp.

10.63%,

1/15/2031(a)(b)

1,555,000

1,458,789

Virtusa

Corp.

7.13%,

12/15/2028(a)(b)

795,000

650,080

10,870,143

Machinery

Enpro,

Inc.

6.13%,

6/1/2033(a)(b)

150,000

150,271

Esab

Corp.

6.25%,

4/15/2029(a)

1,220,000

1,232,914

5.63%,

4/1/2031(a)

355,000

350,708

Lsf12

Helix

Parent

LLC

7.13%,

2/1/2033(a)(b)

450,000

440,568

Manitowoc

Co.,

Inc.

(The)

9.25%,

10/1/2031(a)(b)

1,342,000

1,421,363

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Machinery

0.8%

(continued)

Mueller

Water

Products,

Inc.

4.00%,

6/15/2029(a)

100,000

95,794

Merger

Corp.

7.88%,

10/15/2029(a)

985,000

310,275

Park-Ohio

Industries,

Inc.

8.50%,

8/1/2030(a)(b)

1,559,000

1,628,976

Roller

Bearing

Co.

America,

Inc.

4.38%,

10/15/2029(a)

140,000

135,669

Titan

International,

Inc.

7.00%,

4/30/2028

1,340,000

1,336,884

Wabash

National

Corp.

4.50%,

10/15/2028(a)(b)

1,225,000

1,142,578

8,246,000

Media

Advantage

Sales

Marketing,

Inc.

9.00%,

11/15/2030(a)

500,000

439,145

AMC

Global

Media,

Inc.

4.25%,

2/15/2029

2,230,000

1,957,401

10.50%,

7/15/2032(a)

4,452,000

4,585,916

Belo

Corp.

7.25%,

9/15/2027

1,185,000

1,207,811

Cable

One,

Inc.

4.00%,

11/15/2030(a)(b)

2,452,573

911,854

CMG

Media

Corp.

8.88%,

6/18/2029(a)

810,000

586,041

CSC

Holdings

LLC

5.50%,

4/15/2027(a)(b)

765,000

473,735

5.38%,

2/1/2028(a)

840,000

486,851

11.25%,

5/15/2028(a)

770,000

447,214

11.75%,

1/31/2029(a)

450,000

257,583

6.50%,

2/1/2029(a)(b)

500,000

283,088

Directv

Financing

LLC

5.88%,

8/15/2027(a)(b)

9,000

8,979

8.88%,

2/1/2030(a)(b)

1,440,000

1,464,141

10.00%,

2/15/2031(a)(b)

400,000

417,974

Discovery

Global

Holdings,

Inc.

4.28%,

3/15/2032

2,960,000

2,630,167

5.05%,

3/15/2042

7,800,000

5,421,000

DISH

DBS

Corp.

5.75%,

12/1/2028(a)(g)

200,000

193,000

5.13%,

6/1/2029(g)

1,550,000

1,404,687

Dotdash

Meredith,

Inc.

7.63%,

6/15/2032(a)(b)

3,570,000

3,349,339

Scripps

Co.

(The)

9.88%,

8/15/2030(a)(b)

3,615,000

3,181,971

Gray

Media,

Inc.

4.75%,

10/15/2030(a)(b)

3,717,000

2,872,526

5.38%,

11/15/2031(a)(b)

1,739,000

1,292,616

9.63%,

7/15/2032(a)(b)

1,130,000

1,142,144

iHeartCommunications,

Inc.

9.13%,

5/1/2029(a)(b)

529,000

490,248

10.88%,

5/1/2030(a)

1,210,000

924,440

7.75%,

8/15/2030(a)(b)

10,000

8,771

Lamar

Media

Corp.

4.00%,

2/15/2030(b)

200,000

190,773

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

229

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Media

6.3%

(continued)

Lamar

Media

Corp.

(continued)

3.63%,

1/15/2031(b)

190,000

176,142

5.38%,

11/1/2033(a)(b)

340,000

330,400

Midcontinent

Communications

8.00%,

8/15/2032(a)(b)

650,000

552,003

Neptune

Bidco

US,

Inc.

9.29%,

4/15/2029(a)(b)

1,540,000

1,569,020

10.38%,

5/15/2031(a)(b)

890,000

931,780

9.50%,

2/15/2033(a)(b)

570,000

580,644

Nexstar

Media,

Inc.

4.75%,

11/1/2028(a)(b)

890,000

872,697

6.50%,

9/15/2033(a)(b)

1,110,000

1,104,311

7.25%,

4/15/2034(a)(b)

3,600,000

3,608,068

Paramount

Global

5.50%,

5/15/2033(b)

100,000

87,273

6.88%,

4/30/2036(b)

2,800,000

2,559,301

5.85%,

9/1/2043

4,920,000

3,487,752

Radiate

Holdco

LLC

6.25%,

9/25/2029(a)(d)

1,703,548

1,404,078

9.25%,

3/25/2030(a)(d)

260,407

205,058

Scripps

Escrow

II,

Inc.

3.88%,

1/15/2029(a)

5,000

4,569

Sinclair

Television

Group,

Inc.

5.50%,

3/1/2030(a)

3,280,000

2,837,200

4.38%,

12/31/2032(a)

1,075,000

811,625

8.13%,

2/15/2033(a)

1,180,000

1,210,059

9.75%,

2/15/2033(a)

450,000

498,938

Sirius

Radio

LLC

5.00%,

8/1/2027(a)

50,000

49,928

4.00%,

7/15/2028(a)

1,045,000

1,016,457

5.50%,

7/1/2029(a)

392,000

390,213

4.13%,

7/1/2030(a)(b)

1,125,000

1,051,526

Stagwell

Global

LLC

5.63%,

8/15/2029(a)(b)

1,230,000

1,196,119

Univision

Communications,

Inc.

4.50%,

5/1/2029(a)(b)

30,000

28,408

7.38%,

6/30/2030(a)(b)

580,000

577,483

8.50%,

7/31/2031(a)

655,000

653,550

9.38%,

8/1/2032(a)(b)

530,000

529,382

8.88%,

4/15/2033(a)

400,000

387,290

Versant

Media

Group,

Inc.

7.25%,

1/30/2031(a)(b)

1,500,000

1,546,258

Secured

Financing

5.00%,

1/15/2032(a)(b)

2,110,000

1,730,207

7.50%,

1/15/2033(a)

370,000

332,092

Ziggo

Bond

Co.

5.13%,

2/28/2030(a)

48,000

39,000

Ziggo

4.88%,

1/15/2030(a)

40,000

36,022

69,024,268

Metals

Mining

Arsenal

AIC

Parent

LLC

8.00%,

10/1/2030(a)

785,000

815,561

11.50%,

10/1/2031(a)

290,000

308,555

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Metals

Mining

2.9%

(continued)

Century

Aluminum

Co.

6.88%,

8/1/2032(a)

180,000

182,790

Champion

Iron

Canada,

Inc.

7.88%,

7/15/2032(a)(b)

3,190,000

3,269,834

Coeur

Mining,

Inc.

6.88%,

4/1/2032(a)(b)

100,000

102,164

Commercial

Metals

Co.

6.00%,

12/15/2035(a)

540,000

530,659

Compass

Minerals

International,

Inc.

8.00%,

7/1/2030(a)(b)

300,000

313,382

Eldorado

Gold

Corp.

6.25%,

9/1/2029(a)(b)

750,000

749,177

Fortescue

Treasury

Pty.

Ltd.

4.50%,

9/15/2027(a)

5,000

4,957

5.88%,

4/15/2030(a)(b)

722,000

723,767

4.38%,

4/1/2031(a)

4,361,000

4,110,080

6.13%,

4/15/2032(a)

1,430,000

1,445,066

Hudbay

Minerals,

Inc.

6.13%,

4/1/2029(a)

190,000

190,647

IAMGOLD

Corp.

5.75%,

10/15/2028(a)

325,000

324,224

Infrabuild

Australia

Pty.

Ltd.

14.50%,

11/15/2028(a)

892,000

937,634

Aluminum

Continuous

Cast

Co.

10.25%,

4/1/2030(a)

550,000

571,718

Novelis

Corp.

3.25%,

11/15/2026(a)

540,000

539,325

4.75%,

1/30/2030(a)(b)

6,250,000

6,007,173

6.88%,

1/30/2030(a)(b)

3,890,000

3,991,233

3.88%,

8/15/2031(a)(b)

1,615,000

1,465,923

6.38%,

8/15/2033(a)(b)

1,780,000

1,776,747

Skeena

Resources

Ltd.

8.50%,

4/1/2031(a)(b)

1,556,000

1,624,569

SunCoke

Energy,

Inc.

4.88%,

6/30/2029(a)

1,100,000

1,049,190

TMS

International

Corp.

6.25%,

4/15/2029(a)

235,000

234,897

31,269,272

Mortgage

Real

Estate

Investment

Trusts

(REITs)

Arbor

Realty

SR,

Inc.

7.88%,

7/15/2030(a)(b)

1,580,000

1,436,677

Blackstone

Mortgage

Trust,

Inc.

6.25%,

6/1/2031(a)

2,670,000

2,552,830

Holdco

7.38%,

9/30/2030(a)(b)

2,200,000

2,184,680

Rithm

Capital

Corp.

8.00%,

4/1/2029(a)

6,305,000

6,354,072

8.00%,

7/15/2030(a)(b)

4,165,000

4,165,239

8.50%,

6/1/2031(a)(b)

760,000

761,856

Starwood

Property

Trust,

Inc.

7.25%,

4/1/2029(a)(b)

1,760,000

1,813,508

6.00%,

4/15/2030(a)

450,000

451,156

6.50%,

7/1/2030(a)(b)

330,000

335,159

6.50%,

10/15/2030(a)(b)

760,000

770,471

5.75%,

1/15/2031(a)

110,000

108,331

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

230

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

2.0%

(continued)

Starwood

Property

Trust,

Inc.

(continued)

6.13%,

6/1/2031(a)

1,270,000

1,266,993

22,200,972

Multi-Utilities

(i)

Puget

Energy,

Inc.

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.85%),

7.25%,

9/15/2056(b)(f)

190,000

190,614

Office

REITs

(i)

Brandywine

Operating

Partnership

REIT,

4.55%,

10/1/2029(b)

540,000

505,916

REIT,

6.13%,

1/15/2031(b)

10,000

9,611

515,527

Oil,

Gas

Consumable

Fuels

Alliance

Resource

Operating

Partners

8.63%,

6/15/2029(a)

2,284,000

2,382,943

Antero

Midstream

Partners

6.63%,

2/1/2032(a)

700,000

712,451

BKV

Upstream

Midstream

LLC

7.50%,

10/15/2030(a)

4,160,000

4,154,859

Blue

Racer

Midstream

LLC

7.00%,

7/15/2029(a)(b)

780,000

800,172

7.25%,

7/15/2032(a)(b)

2,505,000

2,573,433

Breakwater

Energy

Holdings

Sarl

9.25%,

11/15/2030(a)(b)

1,200,000

1,267,127

Buckeye

Partners

4.13%,

12/1/2027(b)

255,000

250,696

4.50%,

3/1/2028(a)(b)

305,000

300,965

5.85%,

11/15/2043(b)

100,000

88,782

California

Resources

Corp.

7.00%,

1/15/2034(a)

4,379,000

4,288,934

7.25%,

1/15/2035(a)(b)

3,350,000

3,310,062

Calumet

Specialty

Products

Partners

9.75%,

7/15/2028(a)

1,080,000

1,110,867

9.25%,

7/15/2029(a)

10,000

10,175

9.75%,

2/15/2031(a)

5,260,000

5,627,474

Caturus

Energy

LLC

7.13%,

5/15/2031(a)

775,000

768,271

Chord

Energy

Corp.

6.00%,

10/1/2030(a)

10,000

10,033

6.75%,

3/15/2033(a)

615,000

626,392

CNX

Midstream

Partners

4.75%,

4/15/2030(a)

780,000

747,687

CNX

Resources

Corp.

7.38%,

1/15/2031(a)

150,000

153,281

7.25%,

3/1/2032(a)(b)

515,000

529,622

5.88%,

3/1/2034(a)(b)

355,000

343,939

Comstock

Resources,

Inc.

6.75%,

3/1/2029(a)

1,154,000

1,133,697

5.88%,

1/15/2030(a)(b)

1,110,000

1,045,744

Coronado

Finance

Pty.

Ltd.

9.25%,

10/1/2029(a)

600,000

504,266

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

Consumable

Fuels

9.0%

(continued)

CQP

Holdco

5.50%,

6/15/2031(a)

1,790,000

1,742,814

7.50%,

12/15/2033(a)

450,000

471,617

Crescent

Energy

Finance

LLC

7.63%,

4/1/2032(a)(b)

3,920,000

3,961,348

7.88%,

4/15/2032(a)

3,410,000

3,472,669

7.38%,

1/15/2033(a)(b)

556,000

558,511

CVR

Energy,

Inc.

5.75%,

2/15/2028(a)

288,000

287,178

7.88%,

2/15/2034(a)

760,000

772,286

Delek

Logistics

Partners

7.38%,

6/30/2033(a)

380,000

388,607

6.88%,

6/1/2034(a)(b)

535,000

537,575

Energy

Transfer

8.00%,

5/15/2054(c)

1,060,000

1,112,428

7.13%,

10/1/2054(b)(c)

655,000

668,867

6.50%,

2/15/2056(b)(c)

2,120,000

2,120,235

Genesis

Energy

7.88%,

5/15/2032(b)

1,460,000

1,507,936

8.00%,

5/15/2033(b)

420,000

436,933

Global

Partners

6.88%,

1/15/2029

15,000

15,077

8.25%,

1/15/2032(a)

500,000

521,239

7.13%,

7/1/2033(a)(b)

1,120,000

1,134,196

Golar

LNG

Ltd.

7.50%,

10/2/2030(a)(b)

4,125,000

4,210,165

Gulfport

Energy

Operating

Corp.

6.75%,

9/1/2029(a)(b)

1,190,000

1,204,601

Harvest

Midstream

7.50%,

5/15/2032(a)

800,000

820,229

6.75%,

5/15/2034(a)

650,000

652,587

Hilcorp

Energy

6.25%,

11/1/2028(a)(b)

175,000

175,518

5.75%,

2/1/2029(a)

265,000

264,482

6.00%,

4/15/2030(a)

30,000

29,686

6.25%,

4/15/2032(a)(b)

365,000

354,324

8.38%,

11/1/2033(a)(b)

300,000

314,750

6.88%,

5/15/2034(a)

225,000

220,378

7.25%,

2/15/2035(a)(b)

1,480,000

1,467,910

Howard

Midstream

Energy

Partners

LLC

7.38%,

7/15/2032(a)

620,000

640,872

6.63%,

1/15/2034(a)

1,130,000

1,142,605

Infinity

Natural

Resources

LLC

7.63%,

4/1/2031(a)(b)

1,050,000

1,047,482

Ithaca

Energy

North

Sea

plc

8.13%,

10/15/2029(a)(b)

2,130,000

2,204,516

ITT

Holdings

LLC

6.50%,

8/1/2029(a)

752,000

743,550

Kinetik

Holdings

6.63%,

12/15/2028(a)

600,000

609,932

Kraken

Oil

Gas

Partners

LLC

7.63%,

8/15/2029(a)(b)

570,000

575,568

7.13%,

5/15/2031(a)

1,540,000

1,518,732

Magnolia

Oil

Gas

Operating

LLC

6.88%,

12/1/2032(a)

1,605,000

1,632,120

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

231

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

Consumable

Fuels

9.0%

(continued)

Martin

Midstream

Partners

11.50%,

2/15/2028(a)

391,000

398,706

Moss

Creek

Resources

Holdings,

Inc.

8.25%,

9/1/2031(a)

6,995,000

7,011,221

Murphy

Oil

Corp.

6.50%,

2/15/2034(b)

450,000

444,979

5.87%,

12/1/2042(b)(e)

475,000

412,078

NGL

Energy

Operating

LLC

8.13%,

2/15/2029(a)

5,000

5,126

8.38%,

2/15/2032(a)(b)

1,911,000

1,987,222

Northern

Oil

Gas,

Inc.

7.88%,

10/15/2033(a)

2,000

2,001

Northriver

Midstream

Finance

6.75%,

7/15/2032(a)(b)

250,000

251,933

Par

Petroleum

LLC

7.38%,

6/1/2034(a)

150,000

155,214

PBF

Holding

Co.

LLC

9.88%,

3/15/2030(a)(b)

210,000

224,989

7.25%,

6/1/2034(a)(b)

1,800,000

1,827,994

Prairie

Acquiror

9.00%,

8/1/2029(a)(b)

600,000

618,911

Rockies

Express

Pipeline

LLC

4.95%,

7/15/2029(a)(b)

545,000

537,572

4.80%,

5/15/2030(a)

270,000

262,917

7.50%,

7/15/2038(a)

250,000

262,811

6.88%,

4/15/2040(a)(b)

500,000

502,844

Energy

Co.

6.75%,

8/1/2029(a)

550,000

557,980

8.63%,

11/1/2030(a)(b)

495,000

519,620

8.75%,

7/1/2031(a)(b)

945,000

988,045

7.00%,

8/1/2032(a)(b)

690,000

701,023

9.63%,

6/15/2033(a)

980,000

1,078,027

Summit

Midstream

Holdings

LLC

8.63%,

10/31/2029(a)

10,000

10,386

Sunoco

4.50%,

5/15/2029

445,000

433,224

4.50%,

10/1/2029(a)

965,000

934,660

Tallgrass

Energy

Partners

5.50%,

1/15/2028(a)

445,000

444,474

7.38%,

2/15/2029(a)

235,000

240,342

6.00%,

12/31/2030(a)

5,000

4,965

TransMontaigne

Partners

LLC

8.50%,

6/15/2030(a)

285,000

290,775

Venture

Global

Calcasieu

Pass

LLC

3.88%,

8/15/2029(a)(b)

10,000

9,509

6.25%,

1/15/2030(a)

45,000

45,804

4.13%,

8/15/2031(a)(b)

600,000

555,798

Venture

Global

LNG,

Inc.

9.50%,

2/1/2029(a)

560,000

599,435

7.00%,

1/15/2030(a)

300,000

304,772

8.38%,

6/1/2031(a)

5,000

5,169

9.88%,

2/1/2032(a)

25,000

26,617

Venture

Global

Plaquemines

LNG

LLC

7.50%,

5/1/2033(a)(b)

90,000

97,652

7.75%,

5/1/2035(a)

700,000

775,776

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

Consumable

Fuels

9.0%

(continued)

Venture

Global

Plaquemines

LNG

LLC

(continued)

6.75%,

1/15/2036(a)(b)

390,000

408,212

Vermilion

Energy,

Inc.

6.88%,

5/1/2030(a)

40,000

39,824

7.25%,

2/15/2033(a)(b)

2,120,000

2,096,467

98,356,469

Paper

Forest

Products

Domtar

Corp.

6.75%,

10/1/2028(a)(b)

1,295,000

919,604

Magnera

Corp.

7.25%,

11/15/2031(a)

2,880,000

2,818,800

Mercer

International,

Inc.

5.13%,

2/1/2029

235,000

137,057

3,875,461

Passenger

Airlines

CHC

Group

LLC

11.75%,

9/1/2030(a)(b)

695,000

591,766

OneSky

Flight

LLC

8.88%,

12/15/2029(a)(b)

420,000

441,558

1,033,324

Personal

Care

Products

BellRing

Brands,

Inc.

7.00%,

3/15/2030(a)(b)

6,410,000

6,336,284

Coty,

Inc.

5.60%,

1/15/2031(a)

440,000

431,780

P&L

Development

LLC

0.00%),

12.00%,

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

538,393

497,742

Perrigo

Finance

Unlimited

Co.

5.15%,

6/15/2030(e)

200,000

189,101

6.13%,

9/30/2032

500,000

475,036

Prestige

Brands,

Inc.

3.75%,

4/1/2031(a)(b)

1,825,000

1,673,307

9,603,250

Pharmaceuticals

1261229

Ltd.

10.00%,

4/15/2032(a)(b)

7,290,000

7,452,188

Bausch

Health

Cos.,

Inc.

4.88%,

6/1/2028(a)

1,300,000

1,209,034

11.00%,

9/30/2028(a)

2,340,000

2,390,802

HLF

Financing

Sarl

LLC

4.88%,

6/1/2029(a)(b)

4,595,000

4,273,301

7.75%,

5/1/2033(a)(b)

3,990,000

4,015,288

Organon

Co.

7.88%,

5/15/2034(a)

365,000

389,382

19,729,995

Professional

Services

Amentum

Holdings,

Inc.

7.25%,

8/1/2032(a)(b)

520,000

534,244

AMN

Healthcare,

Inc.

6.50%,

1/15/2031(a)

450,000

450,018

KBR,

Inc.

4.75%,

9/30/2028(a)(b)

167,000

164,373

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

232

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Professional

Services

0.4%

(continued)

Science

Applications

International

Corp.

5.88%,

11/1/2033(a)(b)

140,000

137,032

TriNet

Group,

Inc.

3.50%,

3/1/2029(a)(b)

2,196,000

2,072,736

7.13%,

8/15/2031(a)(b)

710,000

719,960

Topco,

Inc.

8.50%,

8/15/2030(a)(b)

710,000

725,157

4,803,520

Real

Estate

Management

Development

Anywhere

Real

Estate

Group

LLC

5.25%,

4/15/2030(a)

350,000

335,527

7.00%,

4/15/2030(a)

60,000

60,455

Cushman

Wakefield

Borrower

LLC

6.75%,

5/15/2028(a)

152,000

151,998

Five

Point

Operating

Co.

8.00%,

10/1/2030(a)(b)

2,950,000

3,023,464

Forestar

Group,

Inc.

5.00%,

3/1/2028(a)(b)

305,000

302,766

6.50%,

3/15/2033(a)

335,000

335,694

Greystar

Real

Estate

Partners

LLC

7.75%,

9/1/2030(a)

300,000

310,526

Hunt

Cos.,

Inc.

5.25%,

4/15/2029(a)(b)

345,000

335,813

WeWork

Cos.

LLC

12.00%,

8/15/2027‡(g)

3,213,750

—

4,856,243

Semiconductors

Semiconductor

Equipment

Qnity

Electronics,

Inc.

6.25%,

8/15/2033(a)(b)

824,000

827,838

Software

Alteryx,

Inc.

8.75%,

3/15/2028(a)

450,000

451,125

AthenaHealth

Group,

Inc.

6.50%,

2/15/2030(a)(b)

1,910,000

1,842,343

Capstone

Borrower,

Inc.

8.00%,

6/15/2030(a)(b)

1,705,000

1,658,765

Cloud

Software

Group

LLC

6.50%,

3/31/2029(a)

5,000

4,886

9.00%,

9/30/2029(a)

1,570,000

1,538,210

8.25%,

6/30/2032(a)

1,240,000

1,173,025

6.63%,

8/15/2033(a)(b)

500,000

435,925

Consensus

Cloud

Solutions,

Inc.

6.50%,

10/15/2028(a)

265,000

264,328

Elastic

4.13%,

7/15/2029(a)(b)

945,000

900,428

Fair

Isaac

Corp.

4.00%,

6/15/2028(a)

500,000

483,192

6.00%,

5/15/2033(a)(b)

1,890,000

1,829,250

6.25%,

9/15/2034(a)

170,000

164,229

Gen

Digital,

Inc.

6.25%,

4/1/2033(a)(b)

960,000

945,024

GoTo

Group,

Inc.

5.50%,

5/1/2028(a)(b)

1,461,000

959,945

McAfee

Corp.

7.38%,

2/15/2030(a)(b)

2,460,000

2,085,773

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Software

3.5%

(continued)

OAK-Eagle

Acquireco,

Inc.

8.75%,

7/1/2034(a)

925,000

974,475

Open

Text

Corp.

3.88%,

12/1/2029(a)

4,850,000

4,460,769

Open

Text

Holdings,

Inc.

4.13%,

2/15/2030(a)(b)

4,916,000

4,535,211

4.13%,

12/1/2031(a)

2,270,000

2,002,978

Rocket

Software,

Inc.

9.00%,

11/28/2028(a)(b)

1,100,000

1,088,765

6.50%,

2/15/2029(a)(b)

490,000

451,477

SS&C

Technologies,

Inc.

5.50%,

9/30/2027(a)

685,000

684,058

6.50%,

6/1/2032(a)(b)

1,860,000

1,873,762

UKG,

Inc.

6.88%,

2/1/2031(a)(b)

3,190,000

3,125,444

ZoomInfo

Technologies

LLC

3.88%,

2/1/2029(a)(b)

5,510,000

4,574,033

38,507,420

Specialized

REITs

Iron

Mountain,

Inc.

REIT,

4.88%,

9/15/2027(a)

300,000

299,017

REIT,

5.25%,

3/15/2028(a)

1,050,000

1,046,205

REIT,

5.00%,

7/15/2028(a)

100,000

99,032

REIT,

7.00%,

2/15/2029(a)

660,000

670,462

REIT,

4.88%,

9/15/2029(a)

20,000

19,513

REIT,

5.25%,

7/15/2030(a)

1,215,000

1,187,312

REIT,

4.50%,

2/15/2031(a)

4,000

3,786

REIT,

5.63%,

7/15/2032(a)

144,000

140,927

REIT,

6.25%,

1/15/2035(a)(b)

700,000

691,190

Millrose

Properties,

Inc.

REIT,

6.38%,

8/1/2030(a)

5,590,000

5,631,327

REIT,

6.25%,

9/15/2032(a)(b)

4,135,000

4,131,503

13,920,274

Specialty

Retail

Academy

Ltd.

5.88%,

5/15/2031(a)

790,000

781,476

Advance

Auto

Parts,

Inc.

7.00%,

8/1/2030(a)(b)

220,000

225,420

7.38%,

8/1/2033(a)(b)

200,000

206,426

Arko

Corp.

5.13%,

11/15/2029(a)(b)

1,150,000

1,075,286

Asbury

Automotive

Group,

Inc.

5.00%,

2/15/2032(a)(b)

179,000

170,549

Bath

Body

Works,

Inc.

6.95%,

3/1/2033

764,000

761,139

6.88%,

11/1/2035(b)

1,038,000

1,049,547

6.75%,

7/1/2036(b)

465,000

459,861

7.60%,

7/15/2037

1,425,000

1,399,071

Carvana

Co.

9.00%,

6/1/2030(a)(b)(d)

5,760,000

5,936,988

9.00%,

6/1/2031(a)(b)(d)

7,461,444

8,206,987

Gap,

Inc.

(The)

3.63%,

10/1/2029(a)(b)

510,000

479,777

3.88%,

10/1/2031(a)(b)

348,000

315,416

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

233

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Specialty

Retail

4.3%

(continued)

Global

Auto

Holdings

Ltd.

8.38%,

1/15/2029(a)(b)

700,000

694,597

11.50%,

8/15/2029(a)

1,000,000

1,051,387

8.75%,

1/15/2032(a)(b)

750,000

727,703

Group

Automotive,

Inc.

4.00%,

8/15/2028(a)

405,000

390,854

6.38%,

1/15/2030(a)

50,000

50,230

LBM

Acquisition

LLC

6.25%,

1/15/2029(a)(b)

850,000

544,653

9.50%,

6/15/2031(a)(b)

1,760,000

1,473,384

LCM

Investments

Holdings

LLC

4.88%,

5/1/2029(a)(b)

83,000

80,962

8.25%,

8/1/2031(a)

280,000

291,714

Michaels

Cos.,

Inc.

(The)

8.50%,

3/15/2033(a)

835,000

827,173

11.00%,

3/15/2034(a)(b)

1,360,000

1,331,298

Murphy

Oil

USA,

Inc.

4.75%,

9/15/2029(b)

195,000

191,534

3.75%,

2/15/2031(a)

1,060,000

985,718

Park

River

Holdings,

Inc.

8.00%,

3/15/2031(a)

2,234,000

2,223,762

Petco

Health

Wellness

Co.,

Inc.

8.25%,

2/1/2031(a)(b)

1,640,000

1,645,240

PetSmart

LLC

7.50%,

9/15/2032(a)(b)

510,000

515,308

10.00%,

9/15/2033(a)

1,350,000

1,343,134

Sonic

Automotive,

Inc.

4.63%,

11/15/2029(a)(b)

325,000

316,555

4.88%,

11/15/2031(a)(b)

695,000

663,830

Specialty

Building

Products

Holdings

LLC

7.75%,

10/15/2029(a)(b)

1,278,000

1,213,369

Staples,

Inc.

10.75%,

9/1/2029(a)(b)

1,974,000

1,888,825

12.75%,

1/15/2030(a)(b)

560,000

442,117

Upbound

Group,

Inc.

6.38%,

2/15/2029(a)

1,345,000

1,334,970

Valvoline,

Inc.

3.63%,

6/15/2031(a)(b)

1,952,000

1,779,395

Victra

Holdings

LLC

8.75%,

9/15/2029(a)(b)

3,800,000

3,870,000

46,945,655

Technology

Hardware,

Storage

Peripherals

Diebold

Nixdorf,

Inc.

7.75%,

3/31/2030(a)

2,010,000

2,086,617

Seagate

Data

Storage

Technology

Pte.

Ltd.

9.63%,

12/1/2032

85,000

93,181

5.75%,

12/1/2034

325,000

321,003

2,500,801

Textiles,

Apparel

Luxury

Goods

Beach

Acquisition

Bidco

LLC

10.00%,

7/15/2033(a)(d)

1,708,097

1,833,657

Crocs,

Inc.

4.25%,

3/15/2029(a)(b)

500,000

480,932

4.13%,

8/15/2031(a)

525,000

482,555

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Textiles,

Apparel

Luxury

Goods

0.6%

(continued)

Kontoor

Brands,

Inc.

4.13%,

11/15/2029(a)

320,000

305,487

Under

Armour,

Inc.

7.25%,

7/15/2030(a)(b)

535,000

544,993

William

Carter

Co.

(The)

7.38%,

2/15/2031(a)

660,000

676,775

Wolverine

World

Wide,

Inc.

4.00%,

8/15/2029(a)(b)

1,935,000

1,823,975

6,148,374

Tobacco

Turning

Point

Brands,

Inc.

7.63%,

3/15/2032(a)

1,900,000

1,929,482

Trading

Companies

Distributors

Alta

Equipment

Group,

Inc.

9.00%,

6/1/2029(a)(b)

860,000

820,383

BlueLinx

Holdings,

Inc.

6.00%,

11/15/2029(a)

215,000

212,027

EquipmentShare.com,

Inc.

8.63%,

5/15/2032(a)(b)

345,000

352,841

8.00%,

3/15/2033(a)

1,340,000

1,350,147

FTAI

Aviation

Investors

LLC

5.50%,

5/1/2028(a)

510,000

508,305

7.00%,

5/1/2031(a)

350,000

359,726

QXO

Building

Products,

Inc.

6.75%,

4/30/2032(a)

2,440,000

2,491,875

6,095,304

Wireless

Telecommunication

Services

Altice

France

Lux

10.00%,

1/15/2033(a)

1,210,000

1,187,460

Iliad

Holding

SAS

7.00%,

10/15/2028(a)

425,000

426,028

Millicom

International

Cellular

5.13%,

1/15/2028(a)

675,000

667,704

6.25%,

3/25/2029(a)(b)

360,000

359,704

4.50%,

4/27/2031(a)

2,080,000

1,910,390

7.38%,

4/2/2032(a)

175,000

179,243

Rogers

Communications,

Inc.

7.13%,

4/15/2055(b)(c)

1,780,000

1,796,468

Vmed

Financing

plc

4.75%,

7/15/2031(a)

240,000

189,731

6.75%,

1/15/2033(a)

740,000

592,425

7,309,153

Total

Corporate

Bonds

(Cost

$1,065,348,218)

1,042,954,974

COMMON

STOCKS

(i)

Hotels,

Restaurants

Leisure

(i)

GPS

Hospitality

New

Finco,

Inc.

(Cost

$292,716)

16,199

292,716

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

234

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(j)

CERTIFICATES

DEPOSIT

Bank

Montreal,

Chicago

(SOFR

0.35%),

4.00%,

11/18/2026(f)

3,000,000

3,000,951

(SOFR

0.42%),

4.07%,

4/16/2027(f)

2,000,000

2,000,844

(SOFR

0.39%),

4.04%,

5/5/2027(f)

2,000,000

2,000,148

Bank

Nova

Scotia,

Houston

(SOFR

0.30%),

3.95%,

1/21/2027(f)

3,000,000

2,999,987

BNP

Paribas,

New

York

(SOFR

0.26%),

3.91%,

12/2/2026(f)

2,000,000

2,000,022

Mizuho

Bank

Ltd.,

New

York

(SOFR

0.35%),

4.00%,

9/24/2026(f)

4,000,000

Nordea

Bank

Abp,

New

York

Branch

(SOFR

0.31%),

3.96%,

9/24/2026(f)

3,000,000

Oversea-Chinese

Banking

Corp.

Ltd.,

New

York

(SOFR

0.22%),

3.87%,

8/31/2026(f)

5,000,000

Royal

Bank

Canada,

New

York

(SOFR

0.35%),

4.00%,

11/12/2026(f)

4,000,000

4,001,672

(SOFR

0.30%),

3.95%,

1/22/2027(f)

2,000,000

2,000,654

(SOFR

0.32%),

3.97%,

6/3/2027(f)

1,000,000

999,808

Sumitomo

Mitsui

Banking

Corp.,

New

York

(SOFR

0.26%),

3.91%,

11/18/2026(f)

3,000,000

3,000,174

Toronto-Dominion

Bank,

New

York

(SOFR

0.31%),

3.96%,

10/9/2026(f)

2,000,000

2,000,466

Total

Certificates

Deposit

(Cost

$36,000,000)

36,004,726

COMMERCIAL

PAPER

Westpac

Banking

Corp.,

New

York

(SOFR

0.30%),

3.95%,

10/15/2026(f)

(Cost

$3,000,000)

3,000,000

3,000,432

INVESTMENT

COMPANIES

BlackRock

Liquidity

FedFund

3.67%,

8/3/2026

2,100,000

Dreyfus

Treasury

Obligations

Cash

Management

Fund

3.68%,

8/3/2026

2,100,000

Invesco

Government

Agency

Portfolio

3.74%,

8/3/2026

2,100,000

Investments

Principal

Amount

Value

INVESTMENT

COMPANIES

(continued)

Morgan

Stanley

Institutional

Liquidity

Fund

Government

Portfolio

3.69%,

8/3/2026

2,100,000

Total

Investment

Companies

(Cost

$8,400,000)

8,400,000

REPURCHASE

AGREEMENTS

Secured

LLC

3.63%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$121,495,846,

collateralized

various

U.S.

Treasury

Securities,

ranging

from

0.00%

4.88%,

maturing

8/15/2026

2/15/2056;

total

market

value

$123,144,051

121,495,846

Securities

(USA)

LLC

3.98%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$10,000,000,

collateralized

various

Common

Stocks;

total

market

value

$11,011,151

10,000,000

The

Bank

Nova

Scotia,

Toronto

3.80%,

dated

7/31/2026,

due

8/3/2026,

repurchase

price

$25,000,000,

collateralized

various

Common

Stocks;

total

market

value

$27,507,521

25,000,000

Total

Repurchase

Agreements

(Cost

$156,495,846)

156,495,846

Total

Securities

Lending

Reinvestments

(Cost

$203,895,846)

203,901,004

SHORT-TERM

INVESTMENTS

(k)

U.S.

GOVERNMENT

AGENCY

SECURITIES

FHLMC

3.48%,

8/3/2026

(Cost

$23,995,360)

24,000,000

23,992,810

Total

Investments

116.7%

(Cost

$1,293,532,140)

1,271,141,504

Liabilities

excess

other

assets

(16.7%)

(181,991,554)

NET

ASSETS

100.0%

$1,089,149,950

‡

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

(a)

Security

exempt

from

registration

pursuant

Rule

144A

under

the

Securities

Act

1933,

amended.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

investors.

July

31,

2026,

the

value

these

securities

amounted

approximately

$908,173,482

83.38%

net

assets.

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

(cont.)

235

(b)

The

security

portion

this

security

loan

July

31,

2026.

The

total

value

securities

loan

July

31,

2026

was

$277,297,902,

collateralized

the

form

cash

with

value

$203,895,846

that

was

reinvested

the

securities

shown

the

Securities

Lending

Reinvestment

section

the

Schedule

Investments;

$85,471

collateral

the

form

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

5.50%,

and

maturity

dates

ranging

from

November

30,

2026

–

December

07,

2055

and

$85,152,694

collateral

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

August

11,

2026

–

November

15,

2055;

total

value

$289,134,011.

(c)

Variable

floating

rate

security,

the

interest

rate

which

adjusts

periodically

based

changes

current

interest

rates

and

prepayments

the

underlying

pool

assets.

The

interest

rate

shown

was

the

current

rate

July

31,

2026.

(d)

Payment

in-kind

security.

(e)

Step

bond.

Interest

rate

fixed

rate

for

initial

period

that

either

resets

specific

date

may

reset

the

future

contingent

upon

predetermined

trigger.

The

interest

rate

shown

was

the

current

rate

July

31,

2026.

(f)

Variable

floating

rate

security,

linked

the

referenced

benchmark.

The

interest

rate

shown

the

rate

effect

July

31,

2026.

(g)

Issuer

has

defaulted

terms

debt

obligation.

Income

not

being

accrued.

(h)

Security

issued

fixed

coupon

rate,

which

converts

variable

rate

future

date.

Rate

shown

the

rate

effect

period

end.

(i)

Represents

less

than

0.05%

net

assets.

(j)

The

security

was

purchased

with

cash

collateral

held

from

securities

loan

July

31,

2026.

The

total

value

securities

purchased

was

$203,901,004.

(k)

The

rate

shown

was

the

current

yield

July

31,

2026.

Percentages

shown

are

based

Net

Assets.

Abbreviations

FHLMC

—

Federal

Home

Loan

Mortgage

Corp.

REIT

—

Real

Estate

Investment

Trust

SOFR

—

Secured

Overnight

Financing

Rate

Security

Type

Net

Assets

Corporate

Bonds

95‌

Common

Stocks

0‌

†

Securities

Lending

Reinvestments

18‌

Short-Term

Investments

2‌

Others

(1)

(

16‌

)

100‌

†

Amount

represents

less

than

0.05%.

(1)

Includes

any

other

net

assets/(liabilities).

236

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

Schedule

Investments

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

July

31,

2026

(Unaudited)

Investments

Principal

Amount

Value

CORPORATE

BONDS

Air

Freight

Logistics

Robinson

Worldwide,

Inc.

4.20%,

4/15/2028

10,000

9,910

United

Parcel

Service,

Inc.

5.15%,

5/22/2034

10,000

10,050

5.25%,

5/14/2035

90,000

90,179

5.30%,

4/1/2050

90,000

81,289

6.05%,

5/14/2065

50,000

48,668

240,096

Automobile

Components

Aptiv

Swiss

Holdings

Ltd.

3.10%,

12/1/2051

80,000

46,827

BorgWarner,

Inc.

5.40%,

8/15/2034

50,000

49,734

96,561

Automobiles

Ford

Motor

Co.

3.25%,

2/12/2032

60,000

52,465

Honda

Motor

Co.

Ltd.

4.69%,

7/8/2030

20,000

19,733

Toyota

Motor

Corp.

5.05%,

6/30/2035

70,000

69,252

141,450

Banks

Banco

Santander

6.92%,

8/8/2033

200,000

213,290

Bank

America

Corp.

3.42%,

12/20/2028(a)

63,000

61,934

3.97%,

3/5/2029(b)

30,000

29,645

Bank

Montreal

Series

(SOFR

0.63%),

4.55%,

6/2/2029(c)

20,000

19,921

4.35%,

9/22/2031(b)

80,000

78,030

3.09%,

1/10/2037(a)

130,000

115,154

Series

(SOFR

1.21%),

5.30%,

6/2/2037(c)

40,000

39,117

Bank

Nova

Scotia

(The)

4.93%,

2/14/2029(b)

50,000

50,123

4.34%,

9/15/2031(b)

190,000

184,611

Citigroup,

Inc.

4.45%,

9/29/2027

87,000

86,779

4.08%,

4/23/2029(b)

30,000

29,665

3.98%,

3/20/2030(a)

107,000

104,522

2.67%,

1/29/2031(a)

107,000

98,803

4.41%,

3/31/2031(a)

100,000

97,869

2.57%,

6/3/2031(a)

283,000

258,418

4.50%,

9/11/2031(b)

150,000

146,571

3.06%,

1/25/2033(a)

102,000

91,458

5.83%,

2/13/2035(b)

130,000

130,357

3.88%,

1/24/2039(b)

170,000

143,996

8.13%,

7/15/2039

15,000

18,298

6.68%,

9/13/2043

42,000

44,577

4.65%,

7/23/2048

60,000

49,730

5.61%,

3/4/2056(b)

10,000

9,356

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

12.4%

(continued)

HSBC

Holdings

plc

2.80%,

5/24/2032(a)

200,000

178,856

8.11%,

11/3/2033(b)

200,000

225,646

5.45%,

3/3/2036(b)

310,000

305,645

6.50%,

9/15/2037

50,000

52,830

JPMorgan

Chase

Co.

6.09%,

10/23/2029(b)

110,000

112,954

4.45%,

12/5/2029(a)

100,000

99,237

5.58%,

4/22/2030(b)

305,000

310,084

4.57%,

6/14/2030(a)

240,000

237,583

5.00%,

7/22/2030(b)

245,000

245,435

2.58%,

4/22/2032(a)

14,000

12,506

5.72%,

9/14/2033(b)

170,000

173,135

5.19%,

2/5/2037(b)

50,000

48,016

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.25%),

5.80%,

7/23/2041(c)

30,000

29,697

3.16%,

4/22/2042(b)

30,000

22,137

5.53%,

11/29/2045(b)

160,000

152,406

Lloyds

Banking

Group

plc

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.30%),

4.98%,

8/11/2033(c)

200,000

196,829

Mitsubishi

UFJ

Financial

Group,

Inc.

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

0.92%),

4.85%,

4/21/2032(c)

200,000

197,063

5.62%,

4/24/2036(b)

200,000

200,885

NatWest

Group

plc

6.48%,

6/1/2034(b)

200,000

205,926

Royal

Bank

Canada

(SOFR

0.70%),

4.00%,

11/3/2028(c)

100,000

99,239

(United

States

SOFR

Compounded

Index

1.13%),

4.97%,

5/2/2031(c)

40,000

39,978

5.00%,

2/1/2033

70,000

69,432

5.00%,

5/2/2033

110,000

109,072

5.15%,

2/1/2034

75,000

75,157

Santander

Holdings

USA,

Inc.

5.74%,

3/20/2031(b)

110,000

111,466

Westpac

Banking

Corp.

3.40%,

1/25/2028

170,000

167,608

5.62%,

11/20/2035(b)

160,000

158,413

5,939,459

Beverages

Anheuser-Busch

Cos.

LLC

4.90%,

2/1/2046

20,000

17,489

Diageo

Investment

Corp.

5.63%,

4/15/2035

200,000

203,286

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

237

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Beverages

1.2%

(continued)

PepsiCo,

Inc.

4.45%,

5/15/2028

67,000

67,051

5.00%,

7/23/2035

170,000

167,838

3.50%,

3/19/2040

73,000

58,922

2.63%,

10/21/2041

30,000

20,817

4.65%,

2/15/2053

40,000

33,451

5.25%,

7/17/2054

10,000

9,194

3.88%,

3/19/2060

5,000

3,556

581,604

Biotechnology

Biogen,

Inc.

2.25%,

5/1/2030

10,000

9,076

3.15%,

5/1/2050

83,000

51,830

3.25%,

2/15/2051

20,000

12,490

Regeneron

Pharmaceuticals,

Inc.

1.75%,

9/15/2030

34,000

29,891

2.80%,

9/15/2050

20,000

11,574

114,861

Broadline

Retail

Alibaba

Group

Holding

Ltd.

2.70%,

2/9/2041

200,000

142,573

Amazon.com,

Inc.

4.55%,

3/13/2033

30,000

28,984

5.10%,

7/9/2033

110,000

108,978

eBay,

Inc.

2.70%,

3/11/2030

30,000

27,716

2.60%,

5/10/2031

30,000

26,827

3.65%,

5/10/2051

70,000

48,150

383,228

Building

Products

Carrier

Global

Corp.

3.38%,

4/5/2040

80,000

62,132

6.20%,

3/15/2054

30,000

30,522

CRH

America

Finance,

Inc.

4.40%,

2/9/2031

130,000

126,851

Johnson

Controls

International

plc

4.63%,

7/2/2044(d)

53,000

44,931

Owens

Corning

4.30%,

7/15/2047

26,000

20,206

4.40%,

1/30/2048

10,000

7,855

5.95%,

6/15/2054

15,000

14,379

Trane

Technologies

Financing

Ltd.

5.25%,

3/3/2033

60,000

60,359

Trane

Technologies

Holdco,

Inc.

4.30%,

2/21/2048

17,000

13,524

380,759

Capital

Markets

Ameriprise

Financial,

Inc.

5.20%,

4/15/2035

60,000

58,885

Apollo

Debt

Solutions

BDC

5.20%,

12/8/2028(e)

50,000

49,239

5.70%,

1/23/2031(e)

20,000

19,467

6.35%,

6/30/2033(e)

20,000

19,725

Bank

New

York

Mellon

Corp.

(The)

3.40%,

1/29/2028

7,000

6,900

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Capital

Markets

7.5%

(continued)

Bank

New

York

Mellon

Corp.

(The)

(continued)

(SOFR

0.63%),

4.03%,

1/22/2030(c)

120,000

118,006

4.29%,

6/13/2033(a)

110,000

105,520

5.19%,

3/14/2035(b)

175,000

173,825

Barings

BDC,

Inc.

7.00%,

2/15/2029

10,000

10,193

BlackRock

Finance,

Inc.

1.90%,

1/28/2031

70,000

61,944

BlackRock,

Inc.

5.25%,

3/14/2054

30,000

26,718

Blackstone

Secured

Lending

Fund

5.13%,

1/31/2031

40,000

37,983

Brookfield

Asset

Management

Ltd.

6.08%,

9/15/2055

20,000

19,239

Brookfield

Finance,

Inc.

4.85%,

3/29/2029

20,000

19,972

5.33%,

1/15/2036

40,000

38,581

6.30%,

1/15/2055(b)

10,000

9,654

5.81%,

3/3/2055

60,000

55,357

Deutsche

Bank

4.95%,

8/4/2031(b)

150,000

148,149

4.47%,

12/10/2031(b)

180,000

175,477

FactSet

Research

Systems,

Inc.

3.45%,

3/1/2032

10,000

8,997

Franklin

Resources,

Inc.

2.95%,

8/12/2051

10,000

5,952

HPS

Corporate

Lending

Fund

5.15%,

4/2/2029(e)

50,000

48,711

6.30%,

8/19/2031(e)

50,000

49,428

Legg

Mason,

Inc.

5.63%,

1/15/2044

10,000

9,535

Moody's

Corp.

2.00%,

8/19/2031

20,000

17,455

2.75%,

8/19/2041

43,000

29,527

3.75%,

2/25/2052

45,000

31,184

Morgan

Stanley

3.77%,

1/24/2029(b)

330,000

325,473

5.12%,

2/1/2029(a)

43,000

43,188

6.41%,

11/1/2029(b)

60,000

61,917

4.24%,

1/9/2030(b)

180,000

177,008

4.49%,

1/16/2032(b)

510,000

495,063

2.48%,

9/16/2036(b)

60,000

51,496

Series

4.89%,

10/22/2036(b)

50,000

47,401

5.30%,

4/20/2037(a)

33,000

32,438

5.94%,

2/7/2039(b)

70,000

70,517

5.90%,

3/13/2047(b)

140,000

135,442

MSCI,

Inc.

5.15%,

3/15/2036

50,000

47,444

Nasdaq,

Inc.

5.55%,

2/15/2034

15,000

15,164

3.95%,

3/7/2052

4,000

2,859

6.10%,

6/28/2063

45,000

43,626

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

238

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Capital

Markets

7.5%

(continued)

Oaktree

Specialty

Lending

Corp.

7.10%,

2/15/2029

10,000

10,128

S&P

Global,

Inc.

1.25%,

8/15/2030

50,000

43,392

2.90%,

3/1/2032

50,000

44,942

4.50%,

5/15/2048

24,000

19,127

Sixth

Street

Specialty

Lending,

Inc.

6.13%,

3/1/2029

20,000

20,168

State

Street

Corp.

4.53%,

2/20/2029(b)

80,000

79,930

(SOFR

1.48%),

5.68%,

11/21/2029(c)

50,000

51,073

2.40%,

1/24/2030

88,000

81,727

4.16%,

8/4/2033(b)

90,000

85,438

UBS

(SOFR

0.74%),

4.68%,

11/29/2030(c)

250,000

248,211

3,588,795

Chemicals

Albemarle

Corp.

5.05%,

6/1/2032

20,000

19,772

DuPont

Nemours,

Inc.

5.32%,

11/15/2038

10,000

9,625

Ecolab,

Inc.

1.30%,

1/30/2031

3,000

2,570

5.00%,

9/1/2035

60,000

58,777

5.35%,

6/15/2036

50,000

49,894

3.95%,

12/1/2047

30,000

22,856

2.70%,

12/15/2051

40,000

23,186

International

Flavors

Fragrances,

Inc.

5.00%,

9/26/2048

31,000

26,171

Linde,

Inc.

1.10%,

8/10/2030

50,000

43,505

LYB

International

Finance

III

LLC

5.50%,

3/1/2034

70,000

68,776

3.63%,

4/1/2051

120,000

76,703

Mosaic

Co.

(The)

5.38%,

11/15/2028

20,000

20,206

Sherwin-Williams

Co.

(The)

4.80%,

9/1/2031

90,000

89,112

511,153

Commercial

Services

Supplies

Cintas

Corp.

No.

4.00%,

5/1/2032

25,000

23,890

RELX

Capital,

Inc.

3.00%,

5/22/2030

33,000

30,784

5.25%,

3/27/2035

20,000

19,746

Republic

Services,

Inc.

1.45%,

2/15/2031

110,000

94,796

1.75%,

2/15/2032

40,000

33,856

Waste

Management,

Inc.

4.50%,

3/15/2028

30,000

30,004

233,076

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Construction

Engineering

Quanta

Services,

Inc.

3.05%,

10/1/2041

35,000

25,037

Construction

Materials

Cemex

SAB

5.75%,

6/5/2036

30,000

29,298

Consumer

Finance

Ally

Financial,

Inc.

6.99%,

6/13/2029(b)

80,000

82,698

6.85%,

1/3/2030(b)

40,000

41,412

American

Express

Co.

5.28%,

7/27/2029(b)

120,000

121,261

4.42%,

8/3/2033(a)

15,000

14,415

5.63%,

7/28/2034(b)

60,000

60,325

5.92%,

4/25/2035(b)

190,000

194,067

4.05%,

12/3/2042

14,000

11,434

Caterpillar

Financial

Services

Corp.

3.95%,

11/14/2028

160,000

158,134

4.15%,

1/8/2031

50,000

48,792

Ford

Motor

Credit

Co.

LLC

5.11%,

5/3/2029

280,000

277,138

7.20%,

6/10/2030

400,000

418,551

John

Deere

Capital

Corp.

Series

4.13%,

1/18/2029

40,000

39,652

Series

4.38%,

4/15/2031

110,000

107,778

Synchrony

Financial

5.94%,

8/2/2030(b)

50,000

50,745

2.88%,

10/28/2031

44,000

38,510

Toyota

Motor

Credit

Corp.

Series

4.05%,

3/13/2029

130,000

128,220

Series

4.55%,

5/14/2031

60,000

59,033

4.65%,

9/3/2032

80,000

78,152

Series

4.80%,

1/11/2036

50,000

48,023

1,978,340

Consumer

Staples

Distribution

Retail

Kroger

Co.

(The)

2.20%,

5/1/2030

70,000

63,530

5.00%,

4/15/2042

20,000

17,968

5.40%,

1/15/2049

68,000

61,211

3.95%,

1/15/2050

20,000

14,404

5.65%,

9/15/2064

30,000

26,759

Target

Corp.

3.38%,

4/15/2029

20,000

19,420

2.65%,

9/15/2030

60,000

55,199

3.90%,

11/15/2047

10,000

7,444

4.80%,

1/15/2053

47,000

39,974

Walmart,

Inc.

3.70%,

6/26/2028

50,000

49,417

1.80%,

9/22/2031

140,000

122,440

2.50%,

9/22/2041

70,000

48,714

4.05%,

6/29/2048

140,000

110,128

636,608

Containers

Packaging

AptarGroup,

Inc.

3.60%,

3/15/2032

13,000

12,030

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

239

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Containers

Packaging

0.2%

(continued)

Avery

Dennison

Corp.

2.65%,

4/30/2030

40,000

36,834

5.75%,

3/15/2033

14,000

14,387

Packaging

Corp.

America

5.20%,

8/15/2035

20,000

19,625

82,876

Diversified

Consumer

Services

Washington

University

(The)

4.35%,

4/15/2122

30,000

21,409

Diversified

REITs

Digital

Realty

Trust

REIT,

4.45%,

7/15/2028

33,000

32,793

REIT,

3.60%,

7/1/2029

30,000

28,977

Equinix

Europe

Financing

Corp.

LLC

REIT,

5.50%,

6/15/2034

110,000

108,558

VICI

Properties

REIT,

5.63%,

4/1/2035

80,000

78,368

248,696

Diversified

Telecommunication

Services

AT&T,

Inc.

4.35%,

3/1/2029

100,000

98,773

4.90%,

11/1/2035

320,000

301,534

3.50%,

6/1/2041

190,000

139,862

5.55%,

11/1/2045

110,000

96,924

5.85%,

4/30/2046

160,000

145,615

5.70%,

11/1/2054

100,000

86,293

3.85%,

6/1/2060

140,000

86,754

Comcast

Corp.

2.65%,

2/1/2030

317,000

292,374

5.50%,

11/15/2032

10,000

10,146

4.65%,

2/15/2033

67,000

64,043

4.60%,

10/15/2038

20,000

17,406

4.00%,

3/1/2048

64,000

43,455

3.45%,

2/1/2050

50,000

30,184

2.89%,

11/1/2051

320,000

169,462

5.35%,

5/15/2053

10,000

8,141

6.05%,

5/15/2055

20,000

18,090

2.99%,

11/1/2063

140,000

67,786

5.50%,

5/15/2064

23,000

18,431

Telefonica

Emisiones

5.52%,

3/1/2049

150,000

131,032

Verizon

Communications,

Inc.

2.55%,

3/21/2031

347,000

311,976

2.36%,

3/15/2032

207,000

179,228

5.05%,

5/9/2033

55,000

54,388

4.78%,

2/15/2035

50,000

47,238

5.25%,

4/2/2035

50,000

48,745

2.65%,

11/20/2040

110,000

74,883

4.86%,

8/21/2046

50,000

41,206

5.01%,

4/15/2049

30,000

24,990

3.88%,

3/1/2052

224,000

153,986

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.04%),

6.20%,

5/14/2056(c)

120,000

117,439

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Diversified

Telecommunication

Services

6.2%

(continued)

Verizon

Communications,

Inc.

(continued)

2.99%,

10/30/2056

119,000

65,027

6.00%,

11/30/2065

50,000

45,387

2,990,798

Electric

Utilities

Alliant

Energy

Corp.

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.08%),

5.75%,

4/1/2056(c)

30,000

29,420

Connecticut

Light

and

Power

Co.

(The)

Series

2.05%,

7/1/2031

117,000

102,333

4.00%,

4/1/2048

57,000

43,303

5.25%,

1/15/2053

10,000

8,952

Enel

Chile

4.88%,

6/12/2028

20,000

19,989

Eversource

Energy

5.95%,

2/1/2029

120,000

123,078

Series

1.65%,

8/15/2030

17,000

14,926

Exelon

Corp.

4.95%,

3/15/2036

100,000

94,951

6.50%,

3/15/2055(b)

50,000

50,746

Florida

Power

Light

Co.

5.30%,

6/15/2034

120,000

120,167

3.95%,

3/1/2048

60,000

44,931

4.13%,

6/1/2048

110,000

84,340

3.15%,

10/1/2049

80,000

51,120

NextEra

Energy

Capital

Holdings,

Inc.

5.05%,

3/15/2030

170,000

171,061

2.25%,

6/1/2030

100,000

90,704

6.75%,

6/15/2054(b)

120,000

123,190

Pacific

Gas

and

Electric

Co.

5.00%,

6/4/2028

70,000

70,172

3.00%,

6/15/2028

120,000

116,138

6.10%,

1/15/2029

50,000

51,307

5.70%,

3/1/2035

110,000

109,405

3.30%,

8/1/2040

40,000

29,259

4.20%,

6/1/2041

118,000

94,020

3.95%,

12/1/2047

100,000

70,427

6.70%,

4/1/2053

10,000

10,066

6.00%,

5/1/2056

60,000

55,234

Public

Service

Co.

New

Hampshire

3.60%,

7/1/2049

40,000

27,817

Public

Service

Electric

and

Gas

Co.

4.65%,

3/15/2033

15,000

14,634

5.20%,

3/1/2034

20,000

19,951

3.60%,

12/1/2047

7,000

4,964

4.05%,

5/1/2048

60,000

45,796

5.45%,

3/1/2054

90,000

82,605

Southern

California

Edison

Co.

5.65%,

10/1/2028

40,000

40,651

2.25%,

6/1/2030

50,000

45,045

5.95%,

11/1/2032

7,000

7,217

5.20%,

6/1/2034

130,000

126,966

5.45%,

3/1/2035

80,000

78,559

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

240

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Electric

Utilities

5.1%

(continued)

Southern

California

Edison

Co.

(continued)

Series

4.13%,

3/1/2048

33,000

23,863

3.65%,

2/1/2050

90,000

59,533

Series

5.45%,

6/1/2052

75,000

64,604

Wisconsin

Power

and

Light

Co.

3.95%,

9/1/2032

40,000

37,699

2,459,143

Electrical

Equipment

Hubbell,

Inc.

3.50%,

2/15/2028

20,000

19,670

4.90%,

6/15/2033

50,000

48,810

68,480

Electronic

Equipment,

Instruments

Components

Jabil,

Inc.

4.20%,

2/1/2029

60,000

58,908

Tyco

Electronics

Group

4.88%,

2/9/2036

50,000

47,888

106,796

Energy

Equipment

Services

Baker

Hughes

Holdings

LLC

5.00%,

6/15/2036

110,000

105,587

4.08%,

12/15/2047

40,000

30,573

Schlumberger

Investment

5.15%,

5/7/2036

70,000

68,494

204,654

Financial

Services

Apollo

Global

Management,

Inc.

5.80%,

5/21/2054

20,000

18,331

Equitable

Holdings,

Inc.

5.59%,

1/11/2033

44,000

44,545

5.00%,

4/20/2048

24,000

20,297

Mastercard,

Inc.

4.33%,

6/8/2028

50,000

49,930

2.95%,

6/1/2029

96,000

91,908

2.00%,

11/18/2031

33,000

28,813

3.95%,

2/26/2048

15,000

11,323

2.95%,

3/15/2051

60,000

36,938

PayPal

Holdings,

Inc.

4.40%,

6/1/2032

98,000

94,264

5.05%,

6/1/2052

30,000

25,476

Shell

International

Finance

2.88%,

11/26/2041

120,000

84,897

Visa,

Inc.

2.05%,

4/15/2030

30,000

27,380

1.10%,

2/15/2031

110,000

94,465

2.70%,

4/15/2040

120,000

88,349

Voya

Financial,

Inc.

5.00%,

9/20/2034

10,000

9,642

4.70%,

1/23/2048(a)

30,000

29,502

756,060

Food

Products

Archer-Daniels-Midland

Co.

4.50%,

3/15/2049

10,000

8,199

2.70%,

9/15/2051

100,000

57,698

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Food

Products

1.2%

(continued)

Campbell's

Co.

(The)

4.15%,

3/15/2028

10,000

9,897

2.38%,

4/24/2030

17,000

15,353

4.80%,

3/15/2048

80,000

62,147

General

Mills,

Inc.

5.50%,

10/17/2028

20,000

20,349

4.55%,

4/17/2038

20,000

17,818

4.70%,

4/17/2048

80,000

65,372

Hershey

Co.

(The)

4.25%,

5/4/2028

20,000

19,923

3.13%,

11/15/2049

30,000

19,391

2.65%,

6/1/2050

10,000

5,852

Hormel

Foods

Corp.

3.05%,

6/3/2051

40,000

24,884

Kraft

Heinz

Foods

Co.

3.75%,

4/1/2030

120,000

115,182

4.88%,

10/1/2049

30,000

24,264

Mondelez

International,

Inc.

4.50%,

5/6/2030

40,000

39,413

3.00%,

3/17/2032

50,000

45,006

2.63%,

9/4/2050

50,000

28,723

579,471

Gas

Utilities

(f)

Southern

California

Gas

Co.

5.45%,

6/15/2035

20,000

20,071

Ground

Transportation

Canadian

National

Railway

Co.

4.95%,

5/12/2036

20,000

19,536

3.65%,

2/3/2048

14,000

10,111

4.45%,

1/20/2049

92,000

74,806

4.40%,

8/5/2052

7,000

5,594

CSX

Corp.

2.40%,

2/15/2030

23,000

21,258

5.20%,

11/15/2033

10,000

10,055

5.05%,

6/15/2035

80,000

78,797

6.22%,

4/30/2040

65,000

68,239

3.80%,

4/15/2050

33,000

23,925

4.65%,

3/1/2068

3,000

2,341

Fedex

Freight

Holding

Co.,

Inc.

4.95%,

3/15/2033(e)

30,000

28,959

Norfolk

Southern

Corp.

2.30%,

5/15/2031

50,000

44,432

Union

Pacific

Corp.

2.89%,

4/6/2036

70,000

57,852

4.50%,

9/10/2048

55,000

44,786

4.30%,

3/1/2049

90,000

71,128

5.60%,

12/1/2054

30,000

28,374

2.97%,

9/16/2062

90,000

49,733

639,926

Health

Care

Equipment

Supplies

Abbott

Laboratories

1.40%,

6/30/2030

38,000

33,546

4.00%,

3/15/2031

160,000

154,628

4.75%,

3/15/2038

50,000

47,028

4.90%,

11/30/2046

48,000

42,347

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

241

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Health

Care

Equipment

Supplies

2.1%

(continued)

Abbott

Laboratories

(continued)

5.60%,

3/15/2066

150,000

139,383

Augusta

SpinCo

Corp.

4.40%,

3/23/2029

50,000

49,474

Becton

Dickinson

Co.

2.82%,

5/20/2030

20,000

18,532

1.96%,

2/11/2031

40,000

35,083

3.79%,

5/20/2050

42,000

28,813

Boston

Scientific

Corp.

2.65%,

6/1/2030

70,000

64,638

HealthCare

Technologies,

Inc.

5.86%,

3/15/2030

120,000

123,332

Medtronic

Global

Holdings

SCA

4.25%,

3/30/2028

60,000

59,783

Medtronic,

Inc.

4.38%,

3/15/2035

80,000

75,422

Stryker

Corp.

4.63%,

9/11/2034

120,000

114,995

987,004

Health

Care

Providers

Services

Aetna,

Inc.

3.88%,

8/15/2047

40,000

28,677

Ascension

Health

Series

2025,

4.92%,

11/15/2035

80,000

77,451

Cardinal

Health,

Inc.

4.50%,

9/15/2030

30,000

29,504

5.35%,

11/15/2034

70,000

69,460

4.90%,

9/15/2045

33,000

28,285

Cigna

Group

(The)

4.38%,

10/15/2028

50,000

49,664

2.40%,

3/15/2030

100,000

91,756

5.25%,

2/15/2034

60,000

59,557

4.80%,

8/15/2038

90,000

82,970

6.13%,

11/15/2041

33,000

33,520

4.80%,

7/15/2046

30,000

25,295

3.88%,

10/15/2047

20,000

14,541

3.40%,

3/15/2051

79,000

51,591

CVS

Health

Corp.

4.30%,

3/25/2028

120,000

119,272

5.25%,

2/21/2033

80,000

80,014

5.45%,

9/15/2035

30,000

29,690

4.78%,

3/25/2038

180,000

164,344

6.00%,

6/1/2044

60,000

57,910

5.05%,

3/25/2048

154,000

130,066

Elevance

Health,

Inc.

2.25%,

5/15/2030

30,000

27,291

4.10%,

5/15/2032

144,000

136,655

4.55%,

3/1/2048

32,000

25,593

3.70%,

9/15/2049

30,000

20,707

6.10%,

10/15/2052

14,000

13,579

5.13%,

2/15/2053

20,000

17,008

5.65%,

6/15/2054

40,000

36,558

5.70%,

2/15/2055

80,000

73,866

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Health

Care

Providers

Services

5.5%

(continued)

HCA,

Inc.

5.20%,

6/1/2028

90,000

90,705

3.50%,

9/1/2030

90,000

84,834

5.45%,

4/1/2031

20,000

20,252

3.63%,

3/15/2032

30,000

27,604

5.00%,

5/15/2033

30,000

29,265

7.50%,

11/6/2033

37,000

41,120

5.60%,

4/1/2034

80,000

80,439

5.13%,

6/15/2039

20,000

18,517

4.38%,

3/15/2042

55,000

45,203

5.25%,

6/15/2049

20,000

17,113

4.63%,

3/15/2052

50,000

38,546

6.00%,

4/1/2054

85,000

79,746

6.20%,

3/1/2055

40,000

38,604

5.70%,

11/15/2055

30,000

26,968

Laboratory

Corp.

America

Holdings

4.35%,

4/1/2030

10,000

9,802

2.70%,

6/1/2031

50,000

44,985

4.80%,

10/1/2034

25,000

23,968

McKesson

Corp.

4.25%,

9/15/2029

70,000

68,998

NYU

Langone

Hospitals

Series

2020,

3.38%,

7/1/2055

30,000

19,598

Quest

Diagnostics,

Inc.

4.20%,

6/30/2029

43,000

42,358

2.95%,

6/30/2030

50,000

46,527

6.40%,

11/30/2033

10,000

10,670

UnitedHealth

Group,

Inc.

5.25%,

2/15/2028

60,000

60,676

2.30%,

5/15/2031

40,000

35,531

5.15%,

7/15/2034

40,000

39,677

Universal

Health

Services,

Inc.

2.65%,

1/15/2032

20,000

17,325

2,633,855

Health

Care

REITs

Alexandria

Real

Estate

Equities,

Inc.

REIT,

5.25%,

5/15/2036

140,000

134,135

Healthpeak

LLC

REIT,

3.50%,

7/15/2029

60,000

57,781

Ventas

Realty

REIT,

3.00%,

1/15/2030

48,000

44,966

REIT,

4.75%,

11/15/2030

30,000

29,681

REIT,

5.00%,

1/15/2035

20,000

19,297

Welltower

LLC

REIT,

3.85%,

6/15/2032

70,000

65,865

351,725

Hotel

Resort

REITs

Host

Hotels

Resorts

Series

REIT,

3.50%,

9/15/2030

10,000

9,377

Series

REIT,

2.90%,

12/15/2031

10,000

8,844

REIT,

5.50%,

4/15/2035

40,000

39,345

57,566

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

242

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Hotels,

Restaurants

Leisure

Expedia

Group,

Inc.

5.40%,

2/15/2035

50,000

48,664

Marriott

International,

Inc.

5.00%,

10/15/2027

50,000

50,247

4.90%,

4/15/2029

30,000

30,089

Series

HH,

2.85%,

4/15/2031

63,000

57,348

5.30%,

5/15/2034

20,000

19,780

5.25%,

10/15/2035

30,000

29,354

Royal

Caribbean

Cruises

Ltd.

5.38%,

1/15/2036

90,000

87,151

Starbucks

Corp.

4.50%,

5/15/2028

26,000

25,955

3.55%,

8/15/2029

110,000

106,479

2.55%,

11/15/2030

60,000

54,527

4.50%,

11/15/2048

19,000

15,209

524,803

Household

Durables

Horton,

Inc.

5.50%,

10/15/2035

20,000

19,963

Mohawk

Industries,

Inc.

5.85%,

9/18/2028

32,000

32,657

3.63%,

5/15/2030

17,000

16,195

68,815

Household

Products

Church

Dwight

Co.,

Inc.

5.00%,

6/15/2052

30,000

25,972

Clorox

Co.

(The)

1.80%,

5/15/2030

50,000

44,563

4.60%,

5/1/2032

20,000

19,404

Procter

Gamble

Co.

(The)

4.35%,

1/29/2029

170,000

169,938

259,877

Independent

Power

and

Renewable

Electricity

Producers

Constellation

Energy

Generation

LLC

3.90%,

1/8/2028

20,000

19,824

5.88%,

1/15/2066

110,000

101,566

121,390

Industrial

REITs

Prologis

REIT,

4.25%,

6/15/2031

60,000

58,266

REIT,

4.63%,

1/15/2033

47,000

45,773

REIT,

5.13%,

1/15/2034

44,000

43,565

REIT,

5.00%,

1/31/2035

30,000

29,180

REIT,

4.38%,

9/15/2048

7,000

5,576

REIT,

3.00%,

4/15/2050

23,000

14,390

REIT,

5.25%,

3/15/2054

15,000

13,493

210,243

Insurance

AEGON

Funding

Co.

LLC

5.63%,

5/7/2036

50,000

48,682

Aflac,

Inc.

3.60%,

4/1/2030

53,000

50,757

4.75%,

1/15/2049

10,000

8,441

Allstate

Corp.

(The)

1.45%,

12/15/2030

10,000

8,642

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Insurance

3.3%

(continued)

Allstate

Corp.

(The)

(continued)

5.25%,

3/30/2033

40,000

40,143

American

International

Group,

Inc.

5.13%,

3/27/2033

65,000

64,519

4.38%,

6/30/2050

40,000

31,568

Arch

Capital

Group

Ltd.

5.25%,

6/15/2036

40,000

39,083

3.64%,

6/30/2050

20,000

13,788

Arthur

Gallagher

Co.

5.15%,

2/15/2035

120,000

116,764

Athene

Holding

Ltd.

6.25%,

4/1/2054

20,000

17,863

6.88%,

6/28/2055(b)

30,000

28,337

AXIS

Specialty

Finance

LLC

4.90%,

1/15/2040(a)

27,000

26,433

Brown

Brown,

Inc.

4.70%,

6/23/2028

10,000

9,981

6.25%,

6/23/2055

80,000

77,362

Chubb

INA

Holdings

LLC

5.30%,

5/20/2036

100,000

99,003

Everest

Reinsurance

Holdings,

Inc.

3.13%,

10/15/2052

30,000

17,737

Fidelity

National

Financial,

Inc.

4.50%,

8/15/2028

20,000

19,863

3.20%,

9/17/2051

14,000

8,373

Hartford

Insurance

Group,

Inc.

(The)

4.40%,

3/15/2048

15,000

11,988

3.60%,

8/19/2049

43,000

29,754

2.90%,

9/15/2051

14,000

8,331

Lincoln

National

Corp.

3.05%,

1/15/2030

17,000

15,953

Manulife

Financial

Corp.

3.70%,

3/16/2032

37,000

34,740

MetLife,

Inc.

5.38%,

7/15/2033

15,000

15,215

5.30%,

12/15/2034

10,000

9,987

0.00%),

10.75%,

8/1/2039(c)

23,000

28,993

4.60%,

5/13/2046

30,000

25,069

5.00%,

7/15/2052

33,000

28,265

5.25%,

1/15/2054

24,000

21,351

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.82%),

5.85%,

3/15/2056(c)

80,000

77,994

Principal

Financial

Group,

Inc.

3.70%,

5/15/2029

23,000

22,340

5.38%,

3/15/2033

10,000

10,044

5.50%,

3/15/2053

28,000

25,837

Progressive

Corp.

(The)

4.20%,

3/15/2048

60,000

46,930

Prudential

Financial,

Inc.

3.00%,

3/10/2040

23,000

17,053

4.50%,

9/15/2047(a)

50,000

49,371

4.35%,

2/25/2050

70,000

54,446

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

243

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Insurance

3.3%

(continued)

Prudential

Financial,

Inc.

(continued)

5.13%,

3/1/2052(b)

30,000

29,149

6.00%,

9/1/2052(a)

47,000

47,304

Prudential

Funding

Asia

plc

3.13%,

4/14/2030

15,000

14,110

3.63%,

3/24/2032

10,000

9,273

Reinsurance

Group

America,

Inc.

5.75%,

9/15/2034

30,000

30,250

RenaissanceRe

Holdings

Ltd.

5.75%,

6/5/2033

2,000

2,015

Travelers

Cos.,

Inc.

(The)

4.00%,

5/30/2047

50,000

38,129

4.05%,

3/7/2048

88,000

67,145

4.10%,

3/4/2049

5,000

3,823

5.45%,

5/25/2053

17,000

15,602

Unum

Group

4.00%,

6/15/2029

40,000

39,056

4.13%,

6/15/2051

34,000

24,172

Berkley

Corp.

3.55%,

3/30/2052

5,000

3,361

3.15%,

9/30/2061

30,000

17,310

1,601,699

Interactive

Media

Services

Alphabet,

Inc.

0.80%,

8/15/2027

90,000

86,978

1.10%,

8/15/2030

80,000

69,496

4.10%,

2/15/2031

130,000

126,022

1.90%,

8/15/2040

77,000

49,375

5.35%,

11/15/2045

90,000

82,236

5.50%,

2/15/2046

40,000

37,155

2.25%,

8/15/2060

120,000

55,181

5.30%,

5/15/2065

100,000

84,710

Meta

Platforms,

Inc.

4.75%,

8/15/2034

100,000

95,148

5.50%,

11/15/2045

160,000

138,405

5.60%,

5/15/2053

110,000

92,006

5.40%,

8/15/2054

40,000

32,561

5.75%,

5/15/2063

43,000

35,674

5.55%,

8/15/2064

80,000

63,981

1,048,928

Services

Accenture

Capital,

Inc.

5.00%,

7/10/2031

70,000

69,692

4.50%,

10/4/2034

110,000

103,330

Kyndryl

Holdings,

Inc.

3.15%,

10/15/2031

20,000

16,662

189,684

Leisure

Products

Brunswick

Corp.

4.40%,

9/15/2032

25,000

23,536

Hasbro,

Inc.

3.90%,

11/19/2029

33,000

31,949

6.35%,

3/15/2040

10,000

10,274

65,759

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Machinery

AGCO

Corp.

5.80%,

3/21/2034

40,000

40,178

Caterpillar,

Inc.

5.20%,

5/15/2035

90,000

90,100

3.25%,

9/19/2049

110,000

73,708

CNH

Industrial

Capital

LLC

4.55%,

4/10/2028

90,000

89,603

CNH

Industrial

3.85%,

11/15/2027

30,000

29,677

Cummins,

Inc.

4.90%,

2/20/2029

40,000

40,289

5.15%,

2/20/2034

70,000

69,836

Deere

Co.

5.45%,

1/16/2035

110,000

111,869

Deere

Funding

Canada

Corp.

4.15%,

10/9/2030

110,000

107,282

Ingersoll

Rand,

Inc.

5.40%,

8/14/2028

18,000

18,243

5.31%,

6/15/2031

30,000

30,350

Otis

Worldwide

Corp.

5.25%,

8/16/2028

30,000

30,311

4.49%,

5/7/2029

140,000

139,135

Xylem,

Inc.

1.95%,

1/30/2028

30,000

28,875

2.25%,

1/30/2031

17,000

15,220

914,676

Media

Fox

Corp.

4.71%,

1/25/2029

90,000

89,579

5.58%,

1/25/2049

55,000

49,389

Omnicom

Group,

Inc.

4.65%,

10/1/2028

90,000

89,613

2.60%,

8/1/2031

20,000

17,773

246,354

Metals

Mining

BHP

Billiton

Finance

USA

Ltd.

5.10%,

9/8/2028

20,000

20,199

5.30%,

2/21/2035

100,000

99,729

5.00%,

2/15/2036

60,000

58,616

5.50%,

9/8/2053

40,000

37,586

Freeport-McMoRan,

Inc.

4.25%,

3/1/2030

40,000

39,058

Nucor

Corp.

4.65%,

6/1/2030

50,000

49,651

Vale

Overseas

Ltd.

6.13%,

6/12/2033

20,000

20,736

6.40%,

6/28/2054

90,000

89,212

414,787

Multi-Utilities

Consolidated

Edison

Co.

New

York,

Inc.

2.40%,

6/15/2031

50,000

44,625

5.20%,

3/1/2033

10,000

10,019

Series

4.65%,

12/1/2048

22,000

17,940

6.15%,

11/15/2052

7,000

6,964

5.90%,

11/15/2053

10,000

9,570

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

244

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Multi-Utilities

1.9%

(continued)

Consolidated

Edison

Co.

New

York,

Inc.

(continued)

5.70%,

5/15/2054

140,000

130,960

4.50%,

5/15/2058

115,000

87,996

National

Grid

plc

5.60%,

6/12/2028

20,000

20,327

5.81%,

6/12/2033

5,000

5,121

NiSource,

Inc.

1.70%,

2/15/2031

40,000

34,638

5.35%,

7/15/2035

120,000

118,557

5.85%,

4/1/2055

50,000

46,939

Public

Service

Enterprise

Group,

Inc.

5.85%,

11/15/2027

3,000

3,047

5.88%,

10/15/2028

60,000

61,315

1.60%,

8/15/2030

10,000

8,746

San

Diego

Gas

Electric

Co.

4.95%,

8/15/2028

110,000

110,628

Series

VVV,

1.70%,

10/1/2030

20,000

17,595

Series

WWW,

2.95%,

8/15/2051

77,000

46,636

5.55%,

4/15/2054

30,000

27,465

Sempra

3.70%,

4/1/2029

10,000

9,728

3.80%,

2/1/2038

36,000

29,832

4.00%,

2/1/2048

83,000

60,301

908,949

Office

REITs

Boston

Properties

REIT,

2.90%,

3/15/2030

50,000

46,323

REIT,

3.25%,

1/30/2031

30,000

27,649

REIT,

5.75%,

1/15/2035

20,000

19,853

Highwoods

Realty

REIT,

3.05%,

2/15/2030

40,000

37,176

REIT,

7.65%,

2/1/2034

10,000

10,987

Kilroy

Realty

REIT,

2.65%,

11/15/2033

50,000

39,871

REIT,

6.25%,

1/15/2036

17,000

16,932

198,791

Oil,

Gas

Consumable

Fuels

Cheniere

Energy

Partners

5.95%,

6/30/2033

50,000

51,485

Cheniere

Energy,

Inc.

5.65%,

4/15/2034

20,000

20,195

ConocoPhillips

Co.

5.00%,

1/15/2035

180,000

176,287

4.03%,

3/15/2062

70,000

48,323

Enbridge,

Inc.

8.50%,

1/15/2084(b)

30,000

33,901

Kinder

Morgan,

Inc.

5.00%,

2/1/2029

60,000

60,337

5.15%,

6/1/2030

20,000

20,171

2.00%,

2/15/2031

154,000

135,145

5.30%,

12/1/2034

10,000

9,874

5.85%,

6/1/2035

30,000

30,722

5.55%,

6/1/2045

33,000

30,452

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

Consumable

Fuels

5.0%

(continued)

Kinder

Morgan,

Inc.

(continued)

5.20%,

3/1/2048

27,000

23,475

3.60%,

2/15/2051

20,000

13,356

5.45%,

8/1/2052

95,000

84,460

Marathon

Petroleum

Corp.

3.80%,

4/1/2028

40,000

39,450

4.50%,

4/1/2048

78,000

60,978

Occidental

Petroleum

Corp.

6.60%,

3/15/2046

110,000

112,335

6.05%,

10/1/2054

3,000

2,894

ONEOK,

Inc.

4.25%,

9/24/2027

110,000

109,597

6.10%,

11/15/2032

25,000

25,963

5.20%,

7/15/2048

90,000

76,710

4.85%,

2/1/2049

30,000

24,107

4.50%,

3/15/2050

60,000

45,248

5.70%,

11/1/2054

10,000

8,845

5.85%,

11/1/2064

70,000

62,566

Sabine

Pass

Liquefaction

LLC

4.50%,

5/15/2030

20,000

19,665

Shell

Finance

US,

Inc.

4.13%,

11/6/2030

200,000

195,175

4.38%,

5/11/2045

30,000

24,476

4.00%,

5/10/2046

90,000

69,209

TotalEnergies

Capital

International

2.83%,

1/10/2030

50,000

47,056

3.46%,

7/12/2049

50,000

34,040

3.13%,

5/29/2050

90,000

57,046

TotalEnergies

Capital

4.72%,

9/10/2034

10,000

9,714

5.49%,

4/5/2054

30,000

27,627

TotalEnergies

Capital

USA

LLC

4.25%,

1/13/2031

70,000

68,364

Transcontinental

Gas

Pipe

Line

Co.

LLC

4.60%,

3/15/2048

70,000

56,623

Valero

Energy

Corp.

4.00%,

4/1/2029

50,000

49,032

2.80%,

12/1/2031

60,000

53,619

4.00%,

6/1/2052

30,000

21,285

Williams

Cos.,

Inc.

(The)

4.80%,

11/15/2029

40,000

39,951

5.65%,

3/15/2033

33,000

33,479

5.15%,

3/15/2034

5,000

4,905

5.60%,

3/15/2035

140,000

140,171

5.15%,

3/15/2036

40,000

38,464

5.75%,

6/24/2044

33,000

31,425

5.10%,

9/15/2045

37,000

32,213

4.85%,

3/1/2048

39,000

32,371

5.30%,

8/15/2052

14,000

12,107

2,404,893

Passenger

Airlines

Southwest

Airlines

Co.

2.63%,

2/10/2030

30,000

27,565

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

245

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Personal

Care

Products

Estee

Lauder

Cos.,

Inc.

(The)

2.60%,

4/15/2030

30,000

27,742

1.95%,

3/15/2031

83,000

72,719

4.15%,

3/15/2047

10,000

7,691

5.15%,

5/15/2053

5,000

4,342

112,494

Pharmaceuticals

Bristol-Myers

Squibb

Co.

1.13%,

11/13/2027

70,000

67,269

5.20%,

2/22/2034

30,000

30,126

2.35%,

11/13/2040

50,000

34,127

5.50%,

2/22/2044

140,000

134,012

5.55%,

2/22/2054

35,000

32,510

3.90%,

3/15/2062

80,000

54,519

GlaxoSmithKline

Capital

plc

3.38%,

6/1/2029

13,000

12,594

GlaxoSmithKline

Capital,

Inc.

3.88%,

5/15/2028

10,000

9,912

4.88%,

4/15/2035

90,000

87,398

6.38%,

5/15/2038

32,000

34,360

Johnson

6.95%,

9/1/2029

10,000

10,736

5.00%,

3/1/2035

10,000

10,066

2.10%,

9/1/2040

110,000

74,655

2.25%,

9/1/2050

20,000

10,961

5.25%,

6/1/2054

70,000

66,890

2.45%,

9/1/2060

17,000

8,650

Merck

Co.,

Inc.

4.05%,

5/17/2028

100,000

99,454

4.15%,

3/15/2031

50,000

48,638

4.50%,

5/17/2033

110,000

106,956

3.90%,

3/7/2039

20,000

17,083

2.35%,

6/24/2040

23,000

15,895

4.90%,

5/17/2044

115,000

101,661

5.50%,

3/15/2046

130,000

122,754

2.75%,

12/10/2051

35,000

20,288

Novartis

Capital

Corp.

2.20%,

8/14/2030

195,000

177,127

4.20%,

9/18/2034

20,000

18,887

4.60%,

11/5/2035

100,000

95,618

5.60%,

3/18/2046

50,000

48,415

2.75%,

8/14/2050

95,000

56,837

Pfizer

Investment

Enterprises

Pte.

Ltd.

4.45%,

5/19/2028

110,000

109,730

4.75%,

5/19/2033

80,000

78,093

5.11%,

5/19/2043

120,000

109,496

5.34%,

5/19/2063

72,000

62,845

Pfizer,

Inc.

1.75%,

8/18/2031

33,000

28,505

4.10%,

9/15/2038

255,000

225,054

3.90%,

3/15/2039

40,000

33,949

7.20%,

3/15/2039

37,000

42,323

2.55%,

5/28/2040

123,000

86,337

2.70%,

5/28/2050

20,000

11,749

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Pharmaceuticals

5.7%

(continued)

Sanofi

3.63%,

6/19/2028

75,000

74,005

Takeda

Pharmaceutical

Co.

Ltd.

2.05%,

3/31/2030

200,000

180,691

Viatris,

Inc.

3.85%,

6/22/2040

70,000

53,541

4.00%,

6/22/2050

30,000

19,908

2,724,624

Professional

Services

Automatic

Data

Processing,

Inc.

4.45%,

9/9/2034

10,000

9,585

5.00%,

5/7/2036

60,000

58,462

Equifax,

Inc.

4.80%,

9/15/2029

55,000

54,800

3.10%,

5/15/2030

7,000

6,520

Verisk

Analytics,

Inc.

4.45%,

3/15/2031

50,000

48,558

3.63%,

5/15/2050

30,000

20,164

198,089

Real

Estate

Management

Development

CBRE

Services,

Inc.

2.50%,

4/1/2031

20,000

17,810

5.95%,

8/15/2034

58,000

59,344

Jones

Lang

LaSalle,

Inc.

6.88%,

12/1/2028

10,000

10,423

87,577

Residential

REITs

AvalonBay

Communities,

Inc.

REIT,

2.45%,

1/15/2031

20,000

18,072

REIT,

5.00%,

2/15/2033

14,000

13,899

REIT,

4.35%,

4/15/2048

40,000

31,959

Camden

Property

Trust

REIT,

2.80%,

5/15/2030

50,000

46,425

ERP

Operating

REIT,

1.85%,

8/1/2031

48,000

41,629

Essex

Portfolio

REIT,

4.88%,

2/15/2036

30,000

28,499

Mid-America

Apartments

REIT,

1.70%,

2/15/2031

80,000

69,382

Store

Capital

LLC

REIT,

2.70%,

12/1/2031

40,000

34,871

UDR,

Inc.

REIT,

5.13%,

9/1/2034

10,000

9,799

294,535

Retail

REITs

Brixmor

Operating

Partnership

REIT,

2.25%,

4/1/2028

10,000

9,623

REIT,

2.50%,

8/16/2031

67,000

59,141

REIT,

5.50%,

2/15/2034

7,000

7,002

Kimco

Realty

LLC

REIT,

4.85%,

3/1/2035

90,000

86,595

Regency

Centers

REIT,

4.13%,

3/15/2028

15,000

14,903

REIT,

3.70%,

6/15/2030

66,000

63,202

240,466

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

246

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Semiconductors

Semiconductor

Equipment

Applied

Materials,

Inc.

4.35%,

4/1/2047

50,000

40,714

Intel

Corp.

5.13%,

2/10/2030

70,000

70,153

2.00%,

8/12/2031

107,000

92,015

5.15%,

2/21/2034

120,000

117,153

5.63%,

2/10/2043

54,000

49,855

3.73%,

12/8/2047

57,000

38,690

4.75%,

3/25/2050

110,000

85,574

6.13%,

5/15/2056

45,000

42,222

4.95%,

3/25/2060

48,000

37,295

KLA

Corp.

3.30%,

3/1/2050

20,000

13,050

4.95%,

7/15/2052

40,000

34,133

Lam

Research

Corp.

1.90%,

6/15/2030

60,000

53,772

Micron

Technology,

Inc.

3.37%,

11/1/2041

50,000

37,108

QUALCOMM,

Inc.

2.15%,

5/20/2030

80,000

72,496

5.40%,

5/20/2033

80,000

81,356

6.00%,

5/20/2053

35,000

33,836

TSMC

Arizona

Corp.

4.25%,

4/22/2032

200,000

194,485

1,093,907

Software

Adobe,

Inc.

4.80%,

4/4/2029

10,000

10,060

2.30%,

2/1/2030

33,000

30,339

5.30%,

1/17/2035

20,000

19,919

Autodesk,

Inc.

2.85%,

1/15/2030

20,000

18,665

2.40%,

12/15/2031

10,000

8,686

Cadence

Design

Systems,

Inc.

4.30%,

9/10/2029

50,000

49,268

Microsoft

Corp.

1.35%,

9/15/2030

20,000

17,587

3.45%,

8/8/2036

3,000

2,596

2.50%,

9/15/2050

50,000

27,710

2.68%,

6/1/2060

283,000

145,988

3.04%,

3/17/2062

145,000

81,540

Oracle

Corp.

2.30%,

3/25/2028

180,000

171,494

4.55%,

2/4/2029

20,000

19,498

4.95%,

2/4/2031

50,000

47,758

6.25%,

11/9/2032

150,000

148,853

4.70%,

9/27/2034

110,000

96,492

5.70%,

2/4/2036

110,000

101,834

3.60%,

4/1/2040

100,000

69,182

5.55%,

2/6/2053

250,000

187,796

5.95%,

9/26/2055

50,000

39,727

6.70%,

2/4/2056

120,000

105,811

3.85%,

4/1/2060

190,000

106,678

Salesforce,

Inc.

4.65%,

3/15/2029

130,000

129,424

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Software

4.5%

(continued)

Salesforce,

Inc.

(continued)

5.20%,

3/15/2033

140,000

138,280

2.70%,

7/15/2041

100,000

65,620

6.55%,

3/15/2056

60,000

57,321

ServiceNow,

Inc.

1.40%,

9/1/2030

17,000

14,799

5.05%,

5/15/2033

70,000

69,030

Synopsys,

Inc.

5.15%,

4/1/2035

160,000

155,259

2,137,214

Specialized

REITs

Equinix,

Inc.

REIT,

3.20%,

11/18/2029

10,000

9,452

REIT,

3.90%,

4/15/2032

60,000

55,736

Extra

Space

Storage

REIT,

4.90%,

2/1/2032

70,000

68,943

Public

Storage

Operating

Co.

REIT,

1.95%,

11/9/2028

20,000

18,860

REIT,

4.70%,

2/1/2032

30,000

29,610

REIT,

5.35%,

8/1/2053

30,000

27,209

Weyerhaeuser

Co.

REIT,

4.00%,

4/15/2030

60,000

57,941

REIT,

3.38%,

3/9/2033

30,000

26,706

294,457

Specialty

Retail

Home

Depot,

Inc.

(The)

3.90%,

12/6/2028

210,000

207,653

3.30%,

4/15/2040

70,000

54,514

4.25%,

4/1/2046

50,000

39,918

4.50%,

12/6/2048

75,000

61,046

4.95%,

9/15/2052

70,000

60,012

5.40%,

6/25/2064

55,000

49,369

Lowe's

Cos.,

Inc.

3.65%,

4/5/2029

40,000

38,894

4.25%,

3/15/2031

60,000

58,194

2.63%,

4/1/2031

120,000

108,364

3.75%,

4/1/2032

30,000

28,016

5.50%,

10/15/2035

33,000

33,258

2.80%,

9/15/2041

118,000

81,421

4.55%,

4/5/2049

40,000

31,702

4.45%,

4/1/2062

36,000

26,373

5.85%,

4/1/2063

54,000

50,163

Tiffany

Co.

4.90%,

10/1/2044

10,000

8,692

937,589

Technology

Hardware,

Storage

Peripherals

Apple,

Inc.

1.20%,

2/8/2028

20,000

19,090

4.00%,

5/12/2028

100,000

99,408

3.35%,

8/8/2032

20,000

18,686

4.30%,

5/10/2033

200,000

195,486

2.38%,

2/8/2041

110,000

75,368

4.45%,

5/6/2044

64,000

54,430

4.65%,

2/23/2046

150,000

128,904

4.85%,

5/10/2053

15,000

13,133

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

(cont.)

247

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Technology

Hardware,

Storage

Peripherals

2.7%

(continued)

Apple,

Inc.

(continued)

4.10%,

8/8/2062

47,000

33,847

Dell

International

LLC

4.75%,

4/1/2028

50,000

50,050

5.50%,

4/1/2035

80,000

79,464

8.10%,

7/15/2036

180,000

208,677

Hewlett

Packard

Enterprise

Co.

4.50%,

3/23/2028

70,000

69,777

4.85%,

10/15/2031

40,000

39,412

5.00%,

10/15/2034

110,000

105,395

HP,

Inc.

4.00%,

4/15/2029

40,000

39,108

5.50%,

1/15/2033

70,000

70,521

6.00%,

9/15/2041

3,000

2,957

1,303,713

Textiles,

Apparel

Luxury

Goods

NIKE,

Inc.

3.25%,

3/27/2040

60,000

46,412

Ralph

Lauren

Corp.

2.95%,

6/15/2030

14,000

13,038

59,450

Water

Utilities

Essential

Utilities,

Inc.

5.38%,

1/15/2034

10,000

9,965

4.28%,

5/1/2049

10,000

7,687

5.30%,

5/1/2052

10,000

8,791

26,443

Wireless

Telecommunication

Services

Vodafone

Group

plc

5.00%,

5/30/2038

78,000

73,169

4.88%,

6/19/2049

70,000

56,926

5.63%,

2/10/2053

70,000

61,760

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Wireless

Telecommunication

Services

0.4%

(continued)

Vodafone

Group

plc

(continued)

5.88%,

6/28/2064

20,000

17,786

209,641

Total

Corporate

Bonds

(Cost

$47,911,375)

46,016,267

Total

Investments

95.9%

(Cost

$47,911,375)

46,016,267

Other

assets

less

liabilities

4.1%

1,959,257

NET

ASSETS

100.0%

$47,975,524

(a)

Security

issued

fixed

coupon

rate,

which

converts

variable

rate

future

date.

Rate

shown

the

rate

effect

period

end.

(b)

Variable

floating

rate

security,

the

interest

rate

which

adjusts

periodically

based

changes

current

interest

rates

and

prepayments

the

underlying

pool

assets.

The

interest

rate

shown

was

the

current

rate

July

31,

2026.

(c)

Variable

floating

rate

security,

linked

the

referenced

benchmark.

The

interest

rate

shown

the

rate

effect

July

31,

2026.

(d)

Step

bond.

Interest

rate

fixed

rate

for

initial

period

that

either

resets

specific

date

may

reset

the

future

contingent

upon

predetermined

trigger.

The

interest

rate

shown

was

the

current

rate

July

31,

2026.

(e)

Security

exempt

from

registration

pursuant

Rule

144A

under

the

Securities

Act

1933,

amended.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

investors.

July

31,

2026,

the

value

these

securities

amounted

approximately

$215,529

0.45%

net

assets.

(f)

Represents

less

than

0.05%

net

assets.

Percentages

shown

are

based

Net

Assets.

Abbreviations

REIT

—

Real

Estate

Investment

Trust

SCA

—

Limited

partnership

with

capital

SOFR

—

Secured

Overnight

Financing

Rate

Security

Type

Net

Assets

Corporate

Bonds

95‌

Others

(1)

4‌

100‌

(1)

Includes

any

other

net

assets/(liabilities).

248

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

Schedule

Investments

FlexShares

Ultra-Short

Income

Fund

July

31,

2026

(Unaudited)

Investments

Principal

Amount

Value

CORPORATE

BONDS

82.7%

Aerospace

Defense

0.8%

L3Harris

Technologies,

Inc.

3.85%,

12/15/2026

4,200,000

4,192,232

5.40%,

1/15/2027

7,000,000

7,031,939

11,224,171

Automobiles

1.8%

BMW

Capital

LLC

(United

States

SOFR

Compounded

Index

0.78%),

4.43%,

3/19/2027(a)(b)

8,300,000

8,320,864

4.90%,

4/2/2027(b)

6,000,000

6,016,247

Hyundai

Capital

America

(SOFR

1.50%),

5.16%,

1/8/2027(a)(b)

1,500,000

1,505,915

(SOFR

1.04%),

4.69%,

3/19/2027(a)(b)

1,000,000

1,002,731

(SOFR

1.04%),

4.70%,

6/24/2027(a)(b)

5,000,000

5,021,251

Mercedes-Benz

Finance

North

America

LLC

(SOFR

0.71%),

4.38%,

3/10/2028(a)(b)

5,400,000

5,403,225

27,270,233

Banks

26.9%

ANZ

New

Zealand

International

Ltd.

(SOFR

0.61%),

4.26%,

1/22/2029(a)(b)

5,200,000

5,200,291

Australia

New

Zealand

Banking

Group

Ltd.

(SOFR

0.59%),

4.25%,

12/8/2028(a)(b)

14,380,000

14,422,320

Bank

America

Corp.

(SOFR

1.11%),

4.79%,

5/9/2029(a)

24,000,000

24,189,596

Bank

Montreal

(United

States

SOFR

Compounded

Index

0.62%),

4.28%,

9/15/2026(a)

3,300,000

3,301,463

4.06%,

9/22/2028(c)

7,200,000

7,154,848

Bank

New

Zealand

(SOFR

0.81%),

4.45%,

1/27/2027(a)(b)

4,000,000

4,012,256

Bank

Nova

Scotia

(The)

(SOFR

0.61%),

4.27%,

9/15/2026(a)

1,780,000

1,780,747

Banque

Federative

Credit

Mutuel

(SOFR

1.13%),

4.78%,

1/23/2027(a)(b)

2,940,000

2,951,778

(United

States

SOFR

Compounded

Index

1.07%),

4.74%,

2/16/2028(a)(b)

10,000,000

10,079,606

(United

States

SOFR

Compounded

Index

1.23%),

4.88%,

1/22/2030(a)(b)

2,900,000

2,937,033

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

26.9%

(continued)

Barclays

plc

(SOFR

1.49%),

5.16%,

3/12/2028(a)

9,000,000

9,046,326

(SOFR

1.08%),

4.75%,

11/11/2029(a)

5,100,000

5,128,898

BNP

Paribas

(SOFR

0.94%),

4.89%,

6/30/2030(a)(b)

7,500,000

7,463,685

Canadian

Imperial

Bank

Commerce

(SOFR

0.72%),

4.37%,

1/13/2028(a)

10,000,000

10,010,367

(SOFR

0.67%),

4.72%,

6/16/2029(a)

2,242,000

2,240,055

Citibank

(United

States

SOFR

Compounded

Index

1.06%),

4.73%,

12/4/2026(a)

3,000,000

3,005,905

Citigroup,

Inc.

(SOFR

0.87%),

4.54%,

3/4/2029(a)

10,286,000

10,306,922

Commonwealth

Bank

Australia

4.42%,

3/14/2028

1,000,000

999,039

Credit

Agricole

(SOFR

0.87%),

4.54%,

3/11/2027(a)(b)

6,670,000

6,693,541

4.63%,

9/11/2028(b)(c)

5,210,000

5,204,959

Fifth

Third

Bancorp

2.55%,

5/5/2027

6,765,000

6,677,818

Fifth

Third

Bank

(SOFR

0.81%),

4.45%,

1/28/2028(a)

4,900,000

4,904,403

HSBC

Holdings

plc

(SOFR

1.04%),

4.71%,

11/19/2028(a)

1,800,000

1,808,449

(SOFR

1.03%),

4.69%,

3/3/2029(a)

5,600,000

5,628,572

HSBC

USA,

Inc.

(SOFR

0.97%),

4.64%,

6/3/2028(a)

4,500,000

4,529,401

Huntington

National

Bank

(The)

4.87%,

4/12/2028(c)

4,100,000

4,105,595

JPMorgan

Chase

Co.

(SOFR

0.77%),

4.42%,

9/22/2027(a)

2,500,000

2,501,445

(SOFR

0.80%),

4.45%,

1/24/2029(a)

9,100,000

9,131,392

Lloyds

Banking

Group

plc

(United

States

SOFR

Compounded

Index

1.06%),

4.72%,

11/26/2028(a)

9,000,000

9,047,160

Mizuho

Financial

Group,

Inc.

(SOFR

0.85%),

4.50%,

7/13/2030(a)

14,500,000

14,485,602

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Ultra-Short

Income

Fund

(cont.)

249

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

26.9%

(continued)

Morgan

Stanley

Bank

(SOFR

0.87%),

4.54%,

5/26/2028(a)

8,740,000

8,752,428

Morgan

Stanley

Private

Bank

(SOFR

0.77%),

4.45%,

2/8/2030(a)

9,300,000

9,270,361

National

Australia

Bank

Ltd.

(SOFR

0.50%),

4.16%,

3/6/2028(a)(b)

3,000,000

3,003,859

(SOFR

0.53%),

4.19%,

12/13/2028(a)(b)

9,700,000

9,708,827

NatWest

Markets

plc

(SOFR

0.90%),

4.57%,

5/17/2027(a)(b)

10,250,000

10,290,911

Nordea

Bank

Abp

(SOFR

0.70%),

4.37%,

3/17/2028(a)(b)

7,700,000

7,733,974

PNC

Bank

(SOFR

0.73%),

4.37%,

7/21/2028(a)

7,750,000

7,763,376

PNC

Financial

Services

Group,

Inc.

(The)

(SOFR

0.62%),

4.26%,

1/26/2029(a)

8,500,000

8,493,054

(United

States

SOFR

Compounded

Index

0.68%),

4.32%,

10/26/2029(a)

8,400,000

8,390,425

Royal

Bank

Canada

(United

States

SOFR

Compounded

Index

0.59%),

4.26%,

11/2/2026(a)

7,200,000

7,206,408

(United

States

SOFR

Compounded

Index

0.83%),

4.48%,

1/24/2029(a)

5,000,000

5,012,804

Series

(United

States

SOFR

Compounded

Index

0.61%),

4.27%,

7/10/2029(a)

20,000,000

19,988,200

Santander

Holdings

USA,

Inc.

(SOFR

1.61%),

5.26%,

3/20/2029(a)

7,000,000

7,073,869

Santander

Group

Holdings

plc

4.32%,

9/22/2029(c)

3,200,000

3,159,677

Skandinaviska

Enskilda

Banken

(SOFR

0.89%),

4.56%,

3/5/2027(a)(b)

3,000,000

3,011,193

(United

States

SOFR

Compounded

Index

0.68%),

4.35%,

3/12/2029(a)(b)

3,300,000

3,309,184

Societe

Generale

(SOFR

1.41%),

5.06%,

4/13/2029(a)(b)

1,900,000

1,915,337

(SOFR

0.86%),

4.86%,

7/7/2029(a)(b)

1,000,000

996,057

Sumitomo

Mitsui

Financial

Group,

Inc.

(SOFR

0.88%),

4.53%,

1/14/2027(a)

1,480,000

1,483,804

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

26.9%

(continued)

Sumitomo

Mitsui

Financial

Group,

Inc.

(continued)

(SOFR

1.17%),

4.82%,

7/9/2029(a)

1,500,000

1,513,944

Sumitomo

Mitsui

Trust

Bank

Ltd.

(SOFR

0.71%),

4.38%,

3/5/2029(a)(b)

3,500,000

3,508,299

Swedbank

(SOFR

1.03%),

4.71%,

11/20/2029(a)(b)

2,800,000

2,832,972

Toronto-Dominion

Bank

(The)

(SOFR

0.59%),

4.26%,

9/10/2026(a)

2,000,000

2,000,720

4.57%,

12/17/2026

5,000,000

5,007,297

Truist

Bank

(SOFR

0.77%),

4.42%,

7/24/2028(a)

12,000,000

12,012,167

(SOFR

0.66%),

4.30%,

1/27/2029(a)

18,000,000

17,995,767

4.14%,

10/23/2029(c)

5,000,000

4,925,948

Bancorp

Series

3.15%,

4/27/2027

3,377,000

3,351,449

Wells

Fargo

Co.

3.00%,

10/23/2026

5,000,000

4,987,507

(SOFR

0.78%),

4.43%,

1/24/2028(a)

8,000,000

8,014,350

Westpac

Banking

Corp.

(SOFR

0.44%),

4.12%,

5/11/2028(a)(b)

10,200,000

10,205,329

(SOFR

0.82%),

4.48%,

7/1/2030(a)

930,000

937,798

402,806,767

Beverages

1.7%

Keurig

Pepper,

Inc.

(SOFR

0.58%),

4.26%,

11/15/2026(a)

10,010,000

10,012,186

(United

States

SOFR

Compounded

Index

0.88%),

4.54%,

3/15/2027(a)

2,500,000

2,505,774

Pepsico

Singapore

Financing

Pte.

Ltd.

(United

States

SOFR

Compounded

Index

0.56%),

4.23%,

2/16/2027(a)

12,200,000

12,219,612

24,737,572

Biotechnology

0.7%

AbbVie,

Inc.

(United

States

SOFR

Compounded

Index

0.48%),

4.15%,

3/3/2028(a)

11,000,000

11,012,822

Broadline

Retail

1.0%

Amazon.com,

Inc.

(United

States

SOFR

Compounded

Index

0.58%),

4.24%,

7/9/2029(a)

15,000,000

15,058,800

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Ultra-Short

Income

Fund

(cont.)

250

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Capital

Markets

6.7%

BlackRock,

Inc.

4.60%,

7/26/2027

12,180,000

12,217,339

Blackstone

Private

Credit

Fund

4.95%,

9/26/2027

1,290,000

1,285,845

Charles

Schwab

Corp.

(The)

(United

States

SOFR

Compounded

Index

1.05%),

4.72%,

3/3/2027(a)

6,500,000

6,524,124

Citadel

Finance

LLC

4.75%,

2/14/2029(b)

2,500,000

2,451,210

Deutsche

Bank

(SOFR

1.21%),

4.87%,

1/10/2029(a)

7,000,000

7,026,015

6.82%,

11/20/2029(c)

7,000,000

7,281,992

Jefferies

Financial

Group,

Inc.

6.45%,

6/8/2027

10,000,000

10,143,322

LPL

Holdings,

Inc.

5.70%,

5/20/2027

4,700,000

4,737,383

4.90%,

4/3/2028

2,500,000

2,498,800

Macquarie

Bank

Ltd.

5.27%,

7/2/2027(b)

1,290,000

1,300,967

(SOFR

0.74%),

4.41%,

6/12/2028(a)(b)

13,000,000

13,065,506

Macquarie

Group

Ltd.

(SOFR

0.92%),

4.57%,

9/23/2027(a)(b)

3,000,000

3,001,840

Morgan

Stanley

(SOFR

1.02%),

4.68%,

4/13/2028(a)

4,456,000

4,469,276

State

Street

Bank

Trust

Co.

(SOFR

0.46%),

4.12%,

11/25/2026(a)

2,610,000

2,611,644

State

Street

Corp.

(SOFR

0.85%),

4.53%,

8/3/2026(a)

10,000,000

4.33%,

10/22/2027

7,040,000

7,035,268

UBS

4.30%,

3/16/2029(c)

4,500,000

4,475,339

100,125,870

Chemicals

0.8%

Chevron

Phillips

Chemical

Co.

LLC

3.40%,

12/1/2026(b)

9,000,000

8,970,531

Nutrien

Ltd.

4.50%,

3/12/2027

3,300,000

3,303,371

12,273,902

Consumer

Finance

5.2%

AerCap

Ireland

Capital

DAC

2.45%,

10/29/2026

8,000,000

7,964,288

American

Express

Co.

(SOFR

0.59%),

4.26%,

2/9/2029(a)

5,700,000

5,703,431

American

Honda

Finance

Corp.

(SOFR

0.77%),

4.44%,

3/12/2027(a)

5,000,000

5,011,290

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Consumer

Finance

5.2%

(continued)

American

Honda

Finance

Corp.

(continued)

(SOFR

0.72%),

4.37%,

10/22/2027(a)

11,000,000

11,006,930

Avolon

Holdings

Funding

Ltd.

4.95%,

1/15/2028(b)

3,200,000

3,205,799

4.20%,

4/15/2029(b)

2,050,000

2,004,234

General

Motors

Financial

Co.,

Inc.

(United

States

SOFR

Compounded

Index

1.35%),

5.03%,

5/8/2027(a)

2,169,000

2,179,269

(SOFR

1.29%),

4.94%,

1/7/2030(a)

7,500,000

7,571,923

John

Deere

Capital

Corp.

(SOFR

0.40%),

4.02%,

1/5/2027(a)

10,000,000

10,006,081

(SOFR

0.60%),

4.26%,

6/11/2027(a)

2,000,000

2,004,617

Toyota

Motor

Credit

Corp.

(SOFR

0.47%),

4.13%,

1/8/2027(a)

14,000,000

14,011,185

Series

(United

States

SOFR

Compounded

Index

0.45%),

4.10%,

1/12/2028(a)

7,300,000

7,303,265

77,972,312

Consumer

Staples

Distribution

Retail

0.8%

Sysco

Corp.

3.25%,

7/15/2027

5,370,000

5,308,990

Walmart,

Inc.

(United

States

SOFR

Compounded

Index

0.43%),

4.07%,

4/28/2027(a)

6,500,000

6,508,801

11,817,791

Diversified

Telecommunication

Services

2.0%

AT&T,

Inc.

3.80%,

2/15/2027

23,000,000

22,921,101

Verizon

Communications,

Inc.

4.13%,

3/16/2027

6,000,000

5,992,547

4.33%,

9/21/2028

862,000

855,930

29,769,578

Electric

Utilities

1.3%

Exelon

Corp.

2.75%,

3/15/2027

11,500,000

11,384,206

Georgia

Power

Co.

4.00%,

10/1/2028

900,000

889,537

NextEra

Energy

Capital

Holdings,

Inc.

(United

States

SOFR

Compounded

Index

0.80%),

4.47%,

2/4/2028(a)

6,700,000

6,725,709

18,999,452

Electrical

Equipment

0.4%

Eaton

Corp.

3.85%,

3/6/2028

5,500,000

5,439,377

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Ultra-Short

Income

Fund

(cont.)

251

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Electronic

Equipment,

Instruments

Components

0.4%

Amphenol

Corp.

(SOFR

0.53%),

4.21%,

11/15/2027(a)

6,300,000

6,309,328

Energy

Equipment

Services

0.0%(d)

Schlumberger

Holdings

Corp.

5.00%,

5/29/2027(b)

641,000

643,678

Entertainment

2.6%

Walt

Disney

Co.

(The)

(United

States

SOFR

Compounded

Index

0.47%),

4.13%,

3/14/2029(a)

38,900,000

38,890,340

Financial

Services

1.7%

JPMorgan

Chase

Bank

(SOFR

1.00%),

4.66%,

12/8/2026(a)

2,000,000

2,003,920

Mastercard,

Inc.

(United

States

SOFR

Compounded

Index

0.44%),

4.10%,

3/15/2028(a)

6,900,000

6,908,700

NTT

Finance

Corp.

(SOFR

1.08%),

4.73%,

7/16/2028(a)(b)

8,000,000

8,057,600

(SOFR

1.03%),

4.68%,

6/20/2031(a)(b)

3,136,000

3,133,084

PayPal

Holdings,

Inc.

(SOFR

0.67%),

4.33%,

3/6/2028(a)

4,700,000

4,705,485

24,808,789

Food

Products

0.4%

Bunge

Ltd.

Finance

Corp.

4.90%,

4/21/2027

5,000,000

5,017,455

Mondelez

International,

Inc.

4.13%,

5/7/2028

1,000,000

991,578

6,009,033

Ground

Transportation

0.9%

CSX

Corp.

3.25%,

6/1/2027

10,000,000

9,909,471

Ryder

System,

Inc.

1.75%,

9/1/2026

3,600,000

3,592,315

13,501,786

Health

Care

Equipment

Supplies

3.2%

Abbott

Laboratories

(United

States

SOFR

Compounded

Index

0.50%),

4.16%,

3/9/2029(a)

23,100,000

23,124,177

Augusta

SpinCo

Corp.

4.32%,

9/23/2027

2,000,000

1,993,555

Becton

Dickinson

Co.

3.70%,

6/6/2027

8,000,000

7,951,956

HealthCare

Technologies,

Inc.

4.15%,

12/15/2028

800,000

790,419

Medline

Borrower

3.88%,

4/1/2029(b)

3,600,000

3,482,274

Stryker

Corp.

4.55%,

2/10/2027

6,300,000

6,309,767

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Health

Care

Equipment

Supplies

3.2%

(continued)

Zimmer

Biomet

Holdings,

Inc.

4.70%,

2/19/2027

3,906,000

3,913,255

47,565,403

Health

Care

Providers

Services

1.0%

Cardinal

Health,

Inc.

3.41%,

6/15/2027

10,000,000

9,910,767

Cencora

Inc.

4.63%,

12/15/2027

2,090,000

2,092,136

Elevance

Health,

Inc.

4.50%,

10/30/2026

1,490,000

1,491,228

HCA,

Inc.

5.00%,

3/1/2028

1,660,000

1,667,315

UnitedHealth

Group,

Inc.

4.40%,

6/15/2028

500,000

498,632

15,660,078

Hotels,

Restaurants

Leisure

0.4%

Royal

Caribbean

Cruises

Ltd.

7.50%,

10/15/2027

3,000,000

3,094,983

Starbucks

Corp.

4.50%,

5/15/2028

3,170,000

3,164,473

6,259,456

Household

Products

1.0%

Reckitt

Benckiser

Treasury

Services

plc

3.00%,

6/26/2027(b)

15,000,000

14,814,110

Independent

Power

and

Renewable

Electricity

Producers

0.3%

Constellation

Energy

Generation

LLC

(SOFR

0.60%),

4.26%,

1/8/2028(a)

4,400,000

4,405,235

Insurance

2.0%

Allstate

Corp.

(The)

3.28%,

12/15/2026

12,313,000

12,269,412

Arthur

Gallagher

Co.

4.60%,

12/15/2027

10,230,000

10,231,695

Marsh

McLennan

Cos.,

Inc.

(United

States

SOFR

Compounded

Index

0.70%),

4.38%,

11/8/2027(a)

6,905,000

6,925,424

29,426,531

Interactive

Media

Services

0.3%

Alphabet,

Inc.

(SOFR

0.52%),

4.20%,

11/15/2028(a)

5,000,000

5,024,473

Services

0.8%

Accenture

Capital,

Inc.

3.90%,

10/4/2027

4,500,000

4,474,524

Series

(United

States

SOFR

Compounded

Index

0.70%),

4.36%,

7/10/2029(a)

6,900,000

6,904,471

11,378,995

Life

Sciences

Tools

Services

0.3%

Agilent

Technologies,

Inc.

4.20%,

9/9/2027

4,520,000

4,503,515

Machinery

2.1%

AGCO

Corp.

5.45%,

3/21/2027

1,250,000

1,255,210

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Ultra-Short

Income

Fund

(cont.)

252

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Machinery

2.1%

(continued)

CNH

Industrial

Capital

LLC

4.50%,

10/8/2027

2,500,000

2,497,839

Daimler

Truck

Finance

North

America

LLC

(SOFR

0.96%),

4.61%,

9/25/2027(a)(b)

3,570,000

3,584,927

(SOFR

0.84%),

4.49%,

1/13/2028(a)(b)

4,100,000

4,111,480

Ingersoll

Rand,

Inc.

5.20%,

6/15/2027

20,000,000

20,116,930

31,566,386

Metals

Mining

1.2%

Glencore

Funding

LLC

(United

States

SOFR

Compounded

Index

0.75%),

4.41%,

10/1/2026(a)(b)

10,000,000

10,006,280

Rio

Tinto

Finance

USA

plc

(United

States

SOFR

Compounded

Index

0.84%),

4.50%,

3/14/2028(a)

8,000,000

8,050,377

18,056,657

Multi-Utilities

0.6%

Consolidated

Edison

Co.

New

York,

Inc.

(United

States

SOFR

Compounded

Index

0.52%),

4.19%,

11/18/2027(a)

5,200,000

5,206,389

DTE

Energy

Co.

2.85%,

10/1/2026

3,100,000

3,093,064

8,299,453

Office

REITs

0.2%

Boston

Properties

REIT,

2.75%,

10/1/2026

2,300,000

2,293,969

Oil,

Gas

Consumable

Fuels

2.2%

Chevron

USA,

Inc.

(SOFR

0.57%),

4.25%,

8/13/2028(a)

17,200,000

17,291,206

Diamondback

Energy,

Inc.

5.20%,

4/18/2027

8,371,000

8,409,591

Energy

Transfer

4.40%,

3/15/2027

5,000,000

4,999,234

Saudi

Arabian

Oil

Co.

4.00%,

2/2/2029(b)

2,670,000

2,615,929

33,315,960

Passenger

Airlines

0.6%

Southwest

Airlines

Co.

7.38%,

3/1/2027

9,000,000

9,115,231

Pharmaceuticals

5.3%

Eli

Lilly

Co.

(SOFR

0.53%),

4.19%,

10/15/2028(a)

7,100,000

7,119,959

GlaxoSmithKline

Capital

plc

(SOFR

0.50%),

4.17%,

3/12/2027(a)

8,300,000

8,312,856

Merck

Co.,

Inc.

(SOFR

0.57%),

4.23%,

3/15/2029(a)

27,500,000

27,582,718

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Pharmaceuticals

5.3%

(continued)

Novartis

Capital

Corp.

4.40%,

3/18/2031

1,000,000

983,152

Pfizer,

Inc.

(SOFR

0.50%),

4.18%,

11/15/2027(a)

5,500,000

5,514,362

Sanofi

(SOFR

0.46%),

4.13%,

11/3/2027(a)

12,500,000

12,539,750

(SOFR

0.54%),

4.21%,

11/3/2028(a)

16,700,000

16,725,377

78,778,174

Semiconductors

Semiconductor

Equipment

0.5%

Advanced

Micro

Devices,

Inc.

4.21%,

9/24/2026

6,100,000

6,097,496

NXP

4.30%,

8/19/2028

1,700,000

1,683,609

7,781,105

Software

2.4%

Intuit,

Inc.

5.25%,

9/15/2026

4,950,000

4,950,779

Oracle

Corp.

(SOFR

0.76%),

4.43%,

8/3/2028(a)

9,400,000

9,284,028

Salesforce,

Inc.

4.50%,

3/15/2028

4,200,000

4,190,367

ServiceNow,

Inc.

4.25%,

5/15/2028

700,000

696,253

Synopsys,

Inc.

4.55%,

4/1/2027

7,800,000

7,809,261

VMware

LLC

1.40%,

8/15/2026

9,495,000

9,483,874

36,414,562

Specialized

REITs

0.5%

American

Tower

Corp.

REIT,

3.38%,

10/15/2026

2,911,000

2,905,562

Public

Storage

Operating

Co.

REIT,

(United

States

SOFR

Compounded

Index

0.70%),

4.36%,

4/16/2027(a)

4,180,000

4,189,430

7,094,992

Technology

Hardware,

Storage

Peripherals

0.4%

Dell

International

LLC

4.75%,

4/1/2028

2,750,000

2,752,779

Hewlett

Packard

Enterprise

Co.

4.45%,

9/25/2026

3,770,000

3,771,223

6,524,002

Trading

Companies

Distributors

1.3%

GATX

Corp.

3.25%,

9/15/2026

8,931,000

8,908,154

Sumisho

Air

Lease

Corp.

1.88%,

8/15/2026

10,925,000

10,913,761

19,821,915

Total

Corporate

Bonds

(Cost

$1,235,917,983)

1,236,771,803

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Ultra-Short

Income

Fund

(cont.)

253

Investments

Principal

Amount

Value

ASSET-BACKED

SECURITIES

6.4%

American

Credit

Acceptance

Receivables

Trust

Series

2025-3,

Class

4.75%,

9/12/2029(b)

6,435,000

6,442,369

Americredit

Automobile

Receivables

Trust

Series

2022-1,

Class

3.23%,

2/18/2028

7,570,000

7,554,648

CarMax

Auto

Owner

Trust

Series

2023-1,

Class

6.27%,

11/15/2029

2,600,000

2,623,162

Carvana

Auto

Receivables

Trust

Series

2025-P2,

Class

A2,

4.56%,

8/10/2028

1,034,218

1,034,824

Chase

Issuance

Trust

Series

2023-A1,

Class

5.16%,

9/15/2028

1,900,000

1,902,850

Evergreen

Credit

Card

Trust

Series

2024-CRT4,

Class

5.25%,

10/15/2028(b)

5,000,000

5,009,050

Exeter

Automobile

Receivables

Trust

Series

2025-2A,

Class

5.89%,

7/15/2031

1,100,000

1,113,835

Honda

Auto

Receivables

Owner

Trust

Series

2023-3,

Class

A3,

5.41%,

2/18/2028

1,061,526

1,065,442

Hyundai

Auto

Receivables

Trust

Series

2023-B,

Class

A3,

5.48%,

4/17/2028

1,018,016

1,020,954

Kubota

Credit

Owner

Trust

Series

2025-1A,

Class

A2,

4.61%,

12/15/2027(b)

597,658

598,507

Mercedes-Benz

Auto

Receivables

Trust

Series

2023-2,

Class

A3,

5.95%,

11/15/2028

956,962

963,882

Navient

Private

Education

Refi

Loan

Trust

Series

2020-IA,

Class

A1A,

1.33%,

4/15/2069(b)

591,821

540,074

Pagaya

Debt

Grantor

Trust

Series

2025-6,

Class

A2,

4.50%,

4/15/2033(b)

652,873

648,157

Series

2025-6,

Class

4.88%,

4/15/2033(b)

3,199,705

3,181,396

Series

2025-6,

Class

5.01%,

4/15/2033(b)

1,099,899

1,094,129

ALIFT

Loan

Funding

Series

2025-2,

Class

4.75%,

3/15/2043(b)

4,161,779

4,110,342

Alift

Loan

Funding

Series

2026-2,

Class

5.65%,

2/15/2044(b)

9,000,000

8,999,890

Research-Driven

Pagaya

Motor

Asset

Trust

Series

2026-1A,

Class

A3,

4.86%,

1/25/2035(b)

4,140,000

4,121,036

Series

2026-2A,

Class

A2,

4.84%,

2/26/2035(b)

9,000,000

9,004,533

Series

2026-2A,

Class

5.82%,

2/26/2035(b)

4,100,000

4,061,688

Investments

Principal

Amount

Value

Santander

Drive

Auto

Receivables

Trust

Series

2026-1,

Class

A3,

3.93%,

7/15/2030

5,200,000

5,162,378

Series

2024-2,

Class

6.28%,

8/15/2031

2,500,000

2,548,724

Series

2024-4,

Class

5.32%,

12/15/2031

4,920,000

4,924,679

Santander

Mortgage

Asset

Receivable

Trust

Series

2026-CES1,

Class

A1A,

4.88%,

1/25/2056(b)(e)

3,746,340

3,690,584

Toyota

Auto

Receivables

Owner

Trust

Series

2023-C,

Class

A3,

5.16%,

4/17/2028

1,412,742

1,416,753

Trillium

Credit

Card

Trust

Series

2025-1A,

Class

4.41%,

9/26/2030(b)

2,300,000

2,288,733

Series

2026-1A,

Class

4.24%,

3/26/2031(b)(c)

3,700,000

3,706,018

Series

2026-1A,

Class

4.61%,

3/26/2031(b)

3,700,000

3,676,869

Westlake

Automobile

Receivables

Trust

Series

2025-2A,

Class

5.08%,

5/15/2031(b)

2,880,000

2,873,061

Total

Asset-Backed

Securities

(Cost

$95,654,216)

95,378,567

COLLATERALIZED

MORTGAGE

OBLIGATIONS

3.5%

BINOM

Mortgage

Loan

Trust

Series

2026-NQM1,

Class

A1B,

5.06%,

2/25/2066(b)(e)

2,793,814

2,756,032

Bravo

Residential

Funding

Trust

Series

2025-NQM1,

Class

A1,

5.60%,

12/25/2064(b)(e)

5,234,380

5,243,788

BRAVO

Residential

Funding

Trust

Series

2026-NQM5,

Class

A3,

5.72%,

6/25/2066(b)(e)

2,050,669

2,039,694

Chase

Home

Lending

Mortgage

Trust

Series

2024-2,

Class

A4A,

6.00%,

2/25/2055(b)(c)

1,106,165

1,104,106

J.P.

Morgan

Mortgage

Trust

Series

2024-8,

Class

A7A,

5.50%,

1/25/2055(b)(c)

1,811,504

1,787,297

Series

2024-12,

Class

A4,

6.00%,

6/25/2055(b)(c)

1,901,266

1,898,965

Series

2025-NQM1,

Class

A1,

5.59%,

6/25/2065(b)(e)

2,598,311

2,602,147

Series

2026-NQM3,

Class

A1,

5.48%,

10/25/2066(b)(c)

7,082,433

7,052,276

Series

2026-NQM3,

Class

A1B,

5.48%,

10/25/2066(b)(e)

885,304

879,951

OBX

Trust

Series

2026-R2,

Class

A3,

5.71%,

3/25/2063(b)(e)

1,289,306

1,278,725

Series

2024-NQM11,

Class

A1,

5.87%,

6/25/2064(b)(e)

2,560,137

2,573,640

Series

2024-NQM16,

Class

A1,

5.53%,

10/25/2064(b)(e)

1,332,553

1,334,219

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Ultra-Short

Income

Fund

(cont.)

254

Investments

Principal

Amount

Value

COLLATERALIZED

MORTGAGE

OBLIGATIONS

(continued)

Provident

Funding

Mortgage

Trust

Series

2025-2,

Class

A4,

5.50%,

6/25/2055(b)(c)

3,778,045

3,766,580

PRPM

Trust

Series

2025-NQM1,

Class

A3,

6.26%,

11/25/2069(b)(e)

1,288,951

1,291,648

RATE

Mortgage

Trust

Series

2025-J2,

Class

A5,

5.50%,

7/25/2055(b)(c)

2,166,407

2,156,262

Santander

Mortgage

Asset

Receivable

Trust

Series

2025-NQM4,

Class

A1B,

5.30%,

7/25/2065(b)(e)

1,665,927

1,651,860

Series

2026-NQMS1,

Class

A1,

5.59%,

10/25/2065(b)(e)

4,923,698

4,907,504

Series

2026-NQM3,

Class

A1FC,

5.09%,

3/25/2066(b)(e)

2,613,375

2,592,220

Series

2026-NQM4,

Class

A1B,

5.49%,

5/25/2066(b)(e)

1,350,299

1,341,092

Sequoia

Mortgage

Trust

Series

2025-11,

Class

A5,

5.00%,

11/25/2055(b)(c)

1,837,359

1,812,419

Verus

Securitization

Trust

Series

2026-5,

Class

A3,

5.72%,

5/25/2071(b)(e)

2,064,679

2,056,807

Total

Collateralized

Mortgage

Obligations

(Cost

$52,363,644)

52,127,232

COMMERCIAL

MORTGAGE-BACKED

SECURITIES

1.6%

BAMLL

Commercial

Mortgage

Securities

Trust

Series

2018-PARK,

Class

4.09%,

8/10/2038(b)(c)(f)

7,500,000

7,320,562

BPR

Trust

Series

2023-BRK2,

Class

6.90%,

10/5/2038(b)(c)

1,780,000

1,806,934

Commercial

Mortgage

Trust

Series

2019-IMC,

Class

4.72%,

4/15/2034(b)(c)

2,354,897

2,343,703

Series

2024-XL4,

Class

5.12%,

2/15/2039(b)(c)

3,922,945

3,930,300

BXP

Trust

Series

2017-GM,

Class

3.38%,

6/13/2039(b)

4,600,000

4,536,261

FRESB

Mortgage

Trust

Series

2022-SB94,

Class

A5F,

1.64%,

11/25/2026(c)

3,363,160

3,336,496

Total

Commercial

Mortgage-Backed

Securities

(Cost

$23,344,933)

23,274,256

U.S.

TREASURY

OBLIGATIONS

0.8%

U.S.

Treasury

Notes

3.75%,

8/15/2027

4,250,000

4,230,941

3.88%,

10/15/2027

8,000,000

7,969,063

Total

U.S.

Treasury

Obligations

(Cost

$12,247,504)

12,200,004

Investments

Principal

Amount

Value

SHORT-TERM

INVESTMENTS

4.9%

U.S.

GOVERNMENT

AGENCY

SECURITIES

4.6%

FHLMC

3.48%,

8/3/2026

(Cost

$68,486,757)

68,500,000

68,479,479

U.S.

TREASURY

OBLIGATIONS

0.3%

(g)

U.S.

Treasury

Bills

3.86%,

12/24/2026

(Cost

$5,445,533)

5,530,000

5,445,858

Total

Short-Term

Investments

(Cost

$73,932,290)

73,925,337

Total

Investments

99.9%

(Cost

$1,493,460,570)

1,493,677,199

Other

assets

less

liabilities

0.1%

1,068,960

NET

ASSETS

100.0%

$1,494,746,159

(a)

Variable

floating

rate

security,

linked

the

referenced

benchmark.

The

interest

rate

shown

the

rate

effect

July

31,

2026.

(b)

Security

exempt

from

registration

pursuant

Rule

144A

under

the

Securities

Act

1933,

amended.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

investors.

July

31,

2026,

the

value

these

securities

amounted

approximately

$363,312,521

24.31%

net

assets.

(c)

Variable

floating

rate

security,

the

interest

rate

which

adjusts

periodically

based

changes

current

interest

rates

and

prepayments

the

underlying

pool

assets.

The

interest

rate

shown

was

the

current

rate

July

31,

2026.

(d)

Represents

less

than

0.05%

net

assets.

(e)

Step

bond.

Interest

rate

fixed

rate

for

initial

period

that

either

resets

specific

date

may

reset

the

future

contingent

upon

predetermined

trigger.

The

interest

rate

shown

was

the

current

rate

July

31,

2026.

(f)

When

issued

security.

Total

market

value

all

such

securities

amounts

$7,320,562,

which

represents

approximately

0.49%

net

assets

the

fund.

(g)

The

rate

shown

was

the

current

yield

July

31,

2026.

Percentages

shown

are

based

Net

Assets.

Abbreviations

FHLMC

—

Federal

Home

Loan

Mortgage

Corp.

REIT

—

Real

Estate

Investment

Trust

SOFR

—

Secured

Overnight

Financing

Rate

256

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

Schedule

Investments

FlexShares

Core

Select

Bond

Fund

July

31,

2026

(Unaudited)

Investments

Value

EXCHANGE

TRADED

FUNDS

99.4%

FlexShares®

Credit-Scored

Corporate

Bond

Index

Fund(a)

534,336

25,648,128

FlexShares®

Credit-Scored

Long

Corporate

Bond

Index

Fund(a)

79,084

3,170,074

FlexShares®

Disciplined

Duration

MBS

Index

Fund(a)

1,043,755

21,267,030

FlexShares®

Ultra-Short

Income

Fund(a)(b)

542,226

40,905,529

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF(b)

791,417

41,280,311

iShares

MBS

ETF

185,665

17,251,992

iShares

U.S.

Treasury

Bond

ETF(b)

835,562

18,758,367

Total

Exchange

Traded

Funds

(Cost

$169,606,229)

168,281,431

Principal

Amount

SHORT-TERM

INVESTMENTS

0.8%(c)

U.S.

TREASURY

OBLIGATIONS

0.8%

U.S.

Treasury

Bills

3.66%,

10/15/2026

(Cost

$1,438,134)

1,449,000

1,438,181

Total

Investments

100.2%

(Cost

$171,044,363)

169,719,612

Liabilities

excess

other

assets

(0.2%)

(341,181)

NET

ASSETS

100.0%

$169,378,431

(a)

Investment

affiliated

Fund.

Northern

Trust

Investments,

Inc.

the

Investment

Adviser

both

the

Fund

and

the

affiliated

Funds.

(b)

The

security

portion

this

security

loan

July

31,

2026.

The

total

value

securities

loan

July

31,

2026

was

$28,013,416,

collateralized

the

form

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

1.00%

–

4.13%,

and

maturity

dates

ranging

from

November

30,

2031

–

February

15,

2049;

total

value

$28,643,696.

(c)

The

rate

shown

was

the

current

yield

July

31,

2026.

Percentages

shown

are

based

Net

Assets.

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Core

Select

Bond

Fund

(cont.)

257

Abbreviations

ETF

—

Exchange

Traded

Fund

TIPS

—

Treasury

inflation

protected

securities

("TIPS")

are

debt

securities

issued

the

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

the

TIPS

fixed,

while

the

principal

value

rises

falls

based

changes

published

Consumer

Price

Index

(“CPI”).

Thus,

inflation

occurs,

the

principal

and

interest

payments

the

TIPS

are

adjusted

accordingly

protect

investors

from

inflationary

loss. During

deflationary

period,

the

principal

and

interest

payments

decrease,

although

the

TIPS

principal

amounts

will

not

drop

below

their

face

amounts

maturity.

exchange

for

the

inflation

protection,

the

TIPS

generally

pay

lower

interest

rates

than

typical

Treasury

securities.

Only

inflation

occurs

will

TIPS

offer

higher

real

yield

than

conventional

Treasury

security

the

same

maturity.

See

Accompanying

Notes

the

Schedules

Investments.

FlexShares

Trust

Statements

Operations

FlexShares

Core

Select

Bond

Fund

(cont.)

258

For

the

period

ended

July

31,

2026,

the

FlexShares

Core

Select

Bond

Fund

was

invested

securities

affiliated

FlexShares

Funds.

The

Schedules

Investments

the

affiliated

FlexShares

Funds

are

located

elsewhere

this

Report.

Investment

company

which

was

affiliated

for

the

period

ended

July

31,

2026,

was

follows:

Security

Value

October

31,

2025

Purchases

Cost

Sales

Proceeds

July

31,

2026

Value

July

31,

2026

Change

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Realized

Loss

FlexShares®

Credit-Scored

Corporate

Bond

Index

Fund

13,711,722

28,731,396

15,949,467

534,336

25,648,128

(592,373)

1,185,200

(253,150)

FlexShares®

Credit-Scored

Long

Corporate

Bond

Index

Fund

705,385

2,721,327

41,146

79,084

3,170,074

(216,938)

120,866

1,446

FlexShares®

Disciplined

Duration

MBS

Index

Fund

18,153,731

3,920,235

265,695

1,043,755

21,267,030

(558,744)

616,763

17,503

FlexShares®

iBoxx®

3-Year

Target

Duration

TIPS

Index

Fund

2,956,357

588,305

3,506,413

–

103,002

99,793

(141,251)

FlexShares®

Ultra-

Short

Income

Fund

18,499,450

43,263,850

20,863,710

542,226

40,905,529

24,756

618,382

(18,817)

$54,026,645

$79,225,113

$40,626,431

2,199,401

$90,990,761

$(1,240,297)

$2,641,004

$(394,269)

Futures

Contracts

FlexShares®

Core

Select

Bond

Fund

had

the

following

open

futures

contracts

July

31,

2026:

Number

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Depreciation

Long

Contracts

‌

U.S.

Treasury

Year

Note

09/21/2026

USD

3,456,000

(28,852)

U.S.

Treasury

Year

Ultra

Note

09/21/2026

USD

10,750,906

(205,947)

U.S.

Treasury

Year

Note

09/30/2026

USD

4,729,016

(7,711)

U.S.

Treasury

Long

Bond

09/21/2026

USD

7,798,500

(204,511)

U.S.

Treasury

Ultra

Bond

128

09/21/2026

USD

14,040,000

(519,000)

(966,021)

Abbreviations:

USD

—

Dollar

Notes

the

Financial

Statements

July

31,

2026

260

Investment

Valuation

Various

inputs

are

used

determining

the

value

each

Fund’s

investments.

These

inputs

are

summarized

three

levels

listed

below:

Level

1—Quoted

prices

active

markets

for

identical

assets

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

determining

the

fair

value

investments).

The

inputs

methodology

used

for

valuing

securities

are

not

necessarily

indication

the

risk

associated

with

investing

those

securities.

For

example,

short-term

debt

securities

may

valued

amortized

cost,

long

amortized

cost

approximates

the

current

fair

value

security,

but

since

the

valuation

not

obtained

from

quoted

price

active

market,

such

securities

are

reflected

Level

The

following

summary

the

valuations

of July

31,

2026 for

each

Fund

based

upon

the

three

levels

defined

above.

Please

refer

the

Schedules

Investments

view

equity

and

debt

securities

segregated

industry

type

where

applicable.

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares

Quality

Low

Volatility

Index

Fund

Investments

Common

Stocks*

162‌,508,189

—‌

162‌,508,189

Securities

Lending

Reinvestments

Investment

Companies

—‌

254‌,920

—‌

254‌,920

Repurchase

Agreements

—‌

7‌,040,799

—‌

7‌,040,799

Short-Term

Investments

—‌

77‌,417

—‌

77‌,417

Total

Investments

162‌,508,189

7‌,373,136

—‌

169‌,881,325

Other

Financial

Instruments

Assets

Futures

Contracts

4‌,447

—‌

4‌,447

Total

Other

Financial

Instruments

4‌,447

—‌

4‌,447

261

Notes

the

Financial

Statements

(cont.)

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

Investments

Common

Stocks*

54‌,088,250

—‌

54‌,088,250

Warrants

—‌

Securities

Lending

Reinvestments

Investment

Companies

—‌

28‌,248

—‌

28‌,248

Repurchase

Agreements

—‌

846‌,008

—‌

846‌,008

Total

Investments

54‌,088,250

874‌,256

—‌

54‌,962,506

Other

Financial

Instruments

Assets

Futures

Contracts

7‌,697

—‌

7‌,697

Forward

Foreign

Currency

Contracts

—‌

8‌,139

—‌

8‌,139

Liabilities

Forward

Foreign

Currency

Contracts

—‌

(2‌,138)

—‌

(2‌,138)

Total

Other

Financial

Instruments

7‌,697

6‌,001

—‌

13‌,698

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund

Investments

Common

Stocks*

16‌,702,786

—‌

16‌,702,786

Securities

Lending

Reinvestments

Investment

Companies

—‌

532‌

—‌

532‌

Repurchase

Agreements

—‌

227‌,587

—‌

227‌,587

Total

Investments

16‌,702,786

228‌,119

—‌

16‌,930,905

Other

Financial

Instruments

Liabilities

Futures

Contracts

(11‌,361)

—‌

(11‌,361)

Forward

Foreign

Currency

Contracts

—‌

(239‌)

—‌

(239‌)

Total

Other

Financial

Instruments

(11‌,361)

(239‌)

—‌

(11‌,600)

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

Investments

Common

Stocks*

2‌,170,188,894

—‌

2‌,170,188,894

Preferred

Stocks

45‌,649

—‌

45‌,649

Rights

—‌

2‌,415

Warrants

149‌,609

—‌

149‌,609

Securities

Lending

Reinvestments

Certificates

Deposit

—‌

25‌,003,106

—‌

25‌,003,106

Commercial

Paper

—‌

3‌,000,432

—‌

3‌,000,432

Investment

Companies

—‌

6‌,400,000

—‌

6‌,400,000

Repurchase

Agreements

—‌

135‌,693,744

—‌

135‌,693,744

Total

Investments

2‌,170,384,152

170‌,097,282

2‌,415

2‌,340,483,849

Other

Financial

Instruments

Assets

Futures

Contracts

21‌,146

—‌

21‌,146

262

Notes

the

Financial

Statements

(cont.)

Level

—

Quoted

Prices

(continued)

Level

—

Other

Significant

Observable

Inputs

(continued)

Level

—

Significant

Unobservable

Inputs

(continued)

Total

(continued)

Liabilities

Futures

Contracts

(84‌,164)

—‌

(84‌,164)

Total

Other

Financial

Instruments

(63‌,018)

—‌

(63‌,018)

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

Investments

Closed

End

Funds

798‌,291

—‌

798‌,291

Common

Stocks

Banks

103‌,514,527

—‌

201‌

103‌,514,728

Metals

Mining

39‌,373,750

—‌

2‌,339

39‌,376,089

Transportation

Infrastructure

1‌,912,319

110‌,696

—‌

2‌,023,015

Other*

512‌,446,550

—‌

512‌,446,550

Warrants

—‌

Securities

Lending

Reinvestments

Investment

Companies

—‌

290‌,640

—‌

290‌,640

Repurchase

Agreements

—‌

7‌,202,418

—‌

7‌,202,418

Total

Investments

658‌,045,437

7‌,603,754

2‌,540

665‌,651,731

Other

Financial

Instruments

Assets

Futures

Contracts

125‌,856

—‌

125‌,856

Common

Stocks

—‌

Forward

Foreign

Currency

Contracts

—‌

68‌,772

—‌

68‌,772

Liabilities

Forward

Foreign

Currency

Contracts

—‌

(10‌,579)

—‌

(10‌,579)

Total

Other

Financial

Instruments

125‌,856

58‌,193

—‌

184‌,049

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

Investments

Common

Stocks

Broadline

Retail

7‌,260,087

22‌,902

—‌

7‌,282,989

Capital

Markets

7‌,914,994

24‌,403

—‌

7‌,939,397

Construction

Materials

3‌,131,500

—‌

40‌

3‌,131,540

Consumer

Finance

2‌,893,823

—‌

11‌,669

2‌,905,492

Consumer

Staples

Distribution

Retail

3‌,257,816

243‌

—‌

3‌,258,059

Electric

Utilities

2‌,828,439

47‌,876

—‌

2‌,876,315

Food

Products

6‌,320,102

15‌,637

—‌

6‌,335,739

Health

Care

Providers

Services

3‌,072,344

—‌

133‌

3‌,072,477

Hotels,

Restaurants

Leisure

5‌,155,414

1‌,845

—‌

5‌,157,259

Industrial

Conglomerates

5‌,798,977

45‌,965

—‌

5‌,844,942

Industrial

REITs

1‌,204,774

43‌,843

—‌

1‌,248,617

Metals

Mining

14‌,356,879

—‌

5‌,907

14‌,362,786

Oil,

Gas

Consumable

Fuels

10‌,998,445

27‌,061

—‌

11‌,025,506

Real

Estate

Management

Development

8‌,972,993

263‌

61‌,157

9‌,034,413

Retail

REITs

1‌,892,411

356‌,900

—‌

2‌,249,311

Semiconductors

Semiconductor

Equipment

51‌,640,983

32‌,011

—‌

51‌,672,994

263

Notes

the

Financial

Statements

(cont.)

Level

—

Quoted

Prices

(continued)

Level

—

Other

Significant

Observable

Inputs

(continued)

Level

—

Significant

Unobservable

Inputs

(continued)

Total

(continued)

Transportation

Infrastructure

2‌,253,330

103‌,092

—‌

2‌,356,422

Other*

196‌,538,183

—‌

196‌,538,183

Rights

134‌

2‌

—‌

136‌

Securities

Lending

Reinvestments

Investment

Companies

—‌

73‌,480

—‌

73‌,480

Repurchase

Agreements

—‌

2‌,467,380

—‌

2‌,467,380

Total

Investments

335‌,491,628

3‌,262,903

78‌,906

338‌,833,437

Other

Financial

Instruments

Assets

Forward

Foreign

Currency

Contracts

—‌

9‌,878

—‌

9‌,878

Liabilities

Futures

Contracts

(514‌,991)

—‌

(514‌,991)

Forward

Foreign

Currency

Contracts

—‌

(11‌,325)

—‌

(11‌,325)

Total

Other

Financial

Instruments

(514‌,991)

(1‌,447)

—‌

(516‌,438)

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares

Quality

Large

Cap

Index

Fund

Investments

Common

Stocks*

1‌,010,143,331

—‌

1‌,010,143,331

Rights

—‌

Securities

Lending

Reinvestments

Investment

Companies

—‌

400‌,000

—‌

400‌,000

Repurchase

Agreements

—‌

8‌,484,203

—‌

8‌,484,203

Total

Investments

1‌,010,143,331

8‌,884,203

—‌

1‌,019,027,534

Other

Financial

Instruments

Assets

Futures

Contracts

15‌,416

—‌

15‌,416

Total

Other

Financial

Instruments

15‌,416

—‌

15‌,416

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares

STOXX®

ESG

Select

Index

Fund

Investments

Common

Stocks*

131‌,274,972

—‌

131‌,274,972

Rights

—‌

Securities

Lending

Reinvestments

Investment

Companies

—‌

41‌,248

—‌

41‌,248

Repurchase

Agreements

—‌

987‌,626

—‌

987‌,626

Total

Investments

131‌,274,972

1‌,028,874

—‌

132‌,303,846

Other

Financial

Instruments

Assets

Futures

Contracts

1‌,455

—‌

1‌,455

Total

Other

Financial

Instruments

1‌,455

—‌

1‌,455

264

Notes

the

Financial

Statements

(cont.)

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares

STOXX®

Global

ESG

Select

Index

Fund

Investments

Common

Stocks*

109‌,035,213

—‌

109‌,035,213

Rights

—‌

Securities

Lending

Reinvestments

Investment

Companies

—‌

42‌,872

—‌

42‌,872

Repurchase

Agreements

—‌

1‌,012,730

—‌

1‌,012,730

Total

Investments

109‌,035,213

1‌,055,602

—‌

110‌,090,815

Other

Financial

Instruments

Assets

Futures

Contracts

9‌,605

—‌

9‌,605

Forward

Foreign

Currency

Contracts

—‌

11‌,870

—‌

11‌,870

Liabilities

Forward

Foreign

Currency

Contracts

—‌

(3‌,210)

—‌

(3‌,210)

Total

Other

Financial

Instruments

9‌,605

8‌,660

—‌

18‌,265

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares

ESG &

Climate

Large

Cap

Core

Index

Fund

Investments

Common

Stocks*

111‌,349,958

—‌

111‌,349,958

Securities

Lending

Reinvestments

Investment

Companies

—‌

1‌,088

—‌

1‌,088

Repurchase

Agreements

—‌

6‌,645

—‌

6‌,645

Short-Term

Investments

—‌

41‌,686

—‌

41‌,686

Total

Investments

111‌,349,958

49‌,419

—‌

111‌,399,377

Other

Financial

Instruments

Assets

Futures

Contracts

390‌

—‌

390‌

Total

Other

Financial

Instruments

390‌

—‌

390‌

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

Investments

Common

Stocks*

78‌,431,623

—‌

78‌,431,623

Securities

Lending

Reinvestments

Investment

Companies

—‌

3‌,200

—‌

3‌,200

Repurchase

Agreements

—‌

78‌,598

—‌

78‌,598

Total

Investments

78‌,431,623

81‌,798

—‌

78‌,513,421

Other

Financial

Instruments

Assets

Futures

Contracts

9‌,760

—‌

9‌,760

Forward

Foreign

Currency

Contracts

—‌

7‌,206

—‌

7‌,206

Liabilities

Forward

Foreign

Currency

Contracts

—‌

(3‌,189)

—‌

(3‌,189)

Total

Other

Financial

Instruments

9‌,760

4‌,017

—‌

13‌,777

265

Notes

the

Financial

Statements

(cont.)

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

Investments

Common

Stocks*

7‌,200,109,155

—‌

7‌,200,109,155

Securities

Lending

Reinvestments

Certificates

Deposit

—‌

27‌,004,012

—‌

27‌,004,012

Commercial

Paper

—‌

2‌,000,288

—‌

2‌,000,288

Investment

Companies

—‌

5‌,600,000

—‌

5‌,600,000

Repurchase

Agreements

—‌

131‌,462,384

—‌

131‌,462,384

Total

Investments

7‌,200,109,155

166‌,066,684

—‌

7‌,366,175,839

Other

Financial

Instruments

Assets

Futures

Contracts

539‌,422

—‌

539‌,422

Forward

Foreign

Currency

Contracts

—‌

6‌,827

—‌

6‌,827

Liabilities

Futures

Contracts

(232‌,484)

—‌

(232‌,484)

Forward

Foreign

Currency

Contracts

—‌

(88‌,321)

—‌

(88‌,321)

Total

Other

Financial

Instruments

306‌,938

(81‌,494)

—‌

225‌,444

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares

STOXX®

Global

Broad

Infrastructure

Index

Fund

Investments

Common

Stocks

Transportation

Infrastructure

235‌,940,856

8‌,569,598

—‌

244‌,510,454

Other*

2‌,741,512,127

—‌

2‌,741,512,127

Securities

Lending

Reinvestments

Certificates

Deposit

—‌

8‌,001,117

—‌

8‌,001,117

Commercial

Paper

—‌

2‌,000,288

—‌

2‌,000,288

Investment

Companies

—‌

3‌,200,000

—‌

3‌,200,000

Repurchase

Agreements

—‌

87‌,963,347

—‌

87‌,963,347

Total

Investments

2‌,977,452,983

109‌,734,350

—‌

3‌,087,187,333

Other

Financial

Instruments

Assets

Futures

Contracts

514‌,377

—‌

514‌,377

Forward

Foreign

Currency

Contracts

—‌

38‌,475

—‌

38‌,475

Liabilities

Forward

Foreign

Currency

Contracts

—‌

(240‌,101)

—‌

(240‌,101)

Total

Other

Financial

Instruments

514‌,377

(201‌,626)

—‌

312‌,751

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares

Global

Quality

Real

Estate

Index

Fund

Investments

Common

Stocks*

416‌,833,174

—‌

416‌,833,174

Securities

Lending

Reinvestments

Investment

Companies

—‌

800‌,000

—‌

800‌,000

Repurchase

Agreements

—‌

21‌,928,548

—‌

21‌,928,548

Total

Investments

416‌,833,174

22‌,728,548

—‌

439‌,561,722

266

Notes

the

Financial

Statements

(cont.)

Level

—

Quoted

Prices

(continued)

Level

—

Other

Significant

Observable

Inputs

(continued)

Level

—

Significant

Unobservable

Inputs

(continued)

Total

(continued)

Other

Financial

Instruments

Assets

Futures

Contracts

34‌,953

—‌

34‌,953

Forward

Foreign

Currency

Contracts

—‌

9‌,575

—‌

9‌,575

Liabilities

Futures

Contracts

(62‌,725)

—‌

(62‌,725)

Forward

Foreign

Currency

Contracts

—‌

(23‌,187)

—‌

(23‌,187)

Total

Other

Financial

Instruments

(27‌,772)

(13‌,612)

—‌

(41‌,384)

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares

Quality

Dividend

Index

Fund

Investments

Common

Stocks*

2‌,198,495,355

—‌

2‌,198,495,355

Securities

Lending

Reinvestments

Certificates

Deposit

—‌

12‌,001,605

—‌

12‌,001,605

Commercial

Paper

—‌

2‌,000,288

—‌

2‌,000,288

Investment

Companies

—‌

2‌,400,000

—‌

2‌,400,000

Repurchase

Agreements

—‌

79‌,128,814

—‌

79‌,128,814

Total

Investments

2‌,198,495,355

95‌,530,707

—‌

2‌,294,026,062

Other

Financial

Instruments

Assets

Futures

Contracts

66‌,932

—‌

66‌,932

Liabilities

Futures

Contracts

(48‌,157)

—‌

(48‌,157)

Total

Other

Financial

Instruments

18‌,775

—‌

18‌,775

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares

Quality

Dividend

Defensive

Index

Fund

Investments

Common

Stocks*

542‌,448,730

—‌

542‌,448,730

Securities

Lending

Reinvestments

Investment

Companies

—‌

800‌,000

—‌

800‌,000

Repurchase

Agreements

—‌

20‌,843,206

—‌

20‌,843,206

Total

Investments

542‌,448,730

21‌,643,206

—‌

564‌,091,936

Other

Financial

Instruments

Assets

Futures

Contracts

16‌,013

—‌

16‌,013

Liabilities

Futures

Contracts

(711‌)

—‌

(711‌)

Total

Other

Financial

Instruments

15‌,302

—‌

15‌,302

267

Notes

the

Financial

Statements

(cont.)

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares

International

Quality

Dividend

Index

Fund

Investments

Common

Stocks*

1‌,147,446,491

—‌

1‌,147,446,491

Securities

Lending

Reinvestments

Investment

Companies

—‌

800‌,000

—‌

800‌,000

Repurchase

Agreements

—‌

24‌,016,947

—‌

24‌,016,947

Total

Investments

1‌,147,446,491

24‌,816,947

—‌

1‌,172,263,438

Other

Financial

Instruments

Assets

Futures

Contracts

88‌,409

—‌

88‌,409

Forward

Foreign

Currency

Contracts

—‌

164‌,599

—‌

164‌,599

Liabilities

Futures

Contracts

(125‌,681)

—‌

(125‌,681)

Forward

Foreign

Currency

Contracts

—‌

(98‌,390)

—‌

(98‌,390)

Total

Other

Financial

Instruments

(37‌,272)

66‌,209

—‌

28‌,937

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

Investments

Common

Stocks*

109‌,057,841

—‌

109‌,057,841

Securities

Lending

Reinvestments

Investment

Companies

—‌

46‌,280

—‌

46‌,280

Repurchase

Agreements

—‌

1‌,079,335

—‌

1‌,079,335

Total

Investments

109‌,057,841

1‌,125,615

—‌

110‌,183,456

Other

Financial

Instruments

Assets

Futures

Contracts

14‌,677

—‌

14‌,677

Forward

Foreign

Currency

Contracts

—‌

11‌,438

—‌

11‌,438

Liabilities

Futures

Contracts

(45‌,229)

—‌

(45‌,229)

Forward

Foreign

Currency

Contracts

—‌

(194‌)

—‌

(194‌)

Total

Other

Financial

Instruments

(30‌,552)

11‌,244

—‌

(19‌,308)

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund

Investments

U.S.

Treasury

Obligations

—‌

2‌,533,460,117

—‌

2‌,533,460,117

Total

Investments

—‌

2‌,533,460,117

—‌

2‌,533,460,117

268

Notes

the

Financial

Statements

(cont.)

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund

Investments

U.S.

Treasury

Obligations

—‌

1‌,041,925,731

—‌

1‌,041,925,731

Total

Investments

—‌

1‌,041,925,731

—‌

1‌,041,925,731

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares

Disciplined

Duration

MBS

Index

Fund

Investments

Mortgage-Backed

Securities

—‌

88‌,049,476

—‌

88‌,049,476

Total

Investments

—‌

88‌,049,476

—‌

88‌,049,476

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

Investments

Corporate

Bonds*

—‌

719‌,814,129

—‌

719‌,814,129

Securities

Lending

Reinvestments

Certificates

Deposit

—‌

9‌,001,743

—‌

9‌,001,743

Commercial

Paper

—‌

1‌,000,144

—‌

1‌,000,144

Investment

Companies

—‌

4‌,800,000

—‌

4‌,800,000

Repurchase

Agreements

—‌

100‌,693,618

—‌

100‌,693,618

Short-Term

Investments

—‌

9‌,997,004

—‌

9‌,997,004

Total

Investments

—‌

845‌,306,638

—‌

845‌,306,638

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

Investments

Corporate

Bonds*

—‌

29‌,122,018

—‌

29‌,122,018

Short-Term

Investments

—‌

9‌,925

—‌

9‌,925

Total

Investments

—‌

29‌,131,943

—‌

29‌,131,943

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

Investments

Corporate

Bonds*

—‌

1‌,043,247,481

—‌

1‌,043,247,481

Securities

Lending

Reinvestments

Certificates

Deposit

—‌

36‌,004,726

—‌

36‌,004,726

Commercial

Paper

—‌

3‌,000,432

—‌

3‌,000,432

Investment

Companies

—‌

8‌,400,000

—‌

8‌,400,000

Repurchase

Agreements

—‌

156‌,495,846

—‌

156‌,495,846

269

Notes

the

Financial

Statements

(cont.)

Level

—

Quoted

Prices

(continued)

Level

—

Other

Significant

Observable

Inputs

(continued)

Level

—

Significant

Unobservable

Inputs

(continued)

Total

(continued)

Short-Term

Investments

—‌

23‌,992,810

—‌

23‌,992,810

Total

Investments

—‌

1‌,271,141,295

—‌

1‌,271,141,295

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

Investments

Corporate

Bonds*

—‌

46‌,016,267

—‌

46‌,016,267

Total

Investments

—‌

46‌,016,267

—‌

46‌,016,267

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares

Ultra-Short

Income

Fund

Investments

Asset-Backed

Securities

—‌

95‌,378,567

—‌

95‌,378,567

Collateralized

Mortgage

Obligations

—‌

52‌,127,232

—‌

52‌,127,232

Commercial

Mortgage-Backed

Securities

—‌

23‌,274,256

—‌

23‌,274,256

Corporate

Bonds*

—‌

1‌,236,771,803

—‌

1‌,236,771,803

U.S.

Treasury

Obligations

—‌

12‌,200,004

—‌

12‌,200,004

Short-Term

Investments

—‌

73‌,925,337

—‌

73‌,925,337

Total

Investments

—‌

1‌,493,677,199

—‌

1‌,493,677,199

Level

—

Quoted

Prices

Level

—

Other

Significant

Observable

Inputs

Level

—

Significant

Unobservable

Inputs

Total

FlexShares

Core

Select

Bond

Fund

Investments

Exchange

Traded

Funds

168‌,281,431

—‌

168‌,281,431

Short-Term

Investments

—‌

1‌,438,181

—‌

1‌,438,181

Total

Investments

168‌,281,431

1‌,438,181

—‌

169‌,719,612

Other

Financial

Instruments

Liabilities

Futures

Contracts

(966‌,021)

—‌

(966‌,021)

Total

Other

Financial

Instruments

(966‌,021)

—‌

(966‌,021)

See

Schedules

Investments

for

segregation

industry

type.

270

Notes

the

Financial

Statements

(cont.)

Subsequent

Events

The

Board

Trustees

FlexShares

Trust

(the

“Trust”)

has

approved

the

renaming

each

the

Funds

de-

scribed

the

chart

below.

The

Funds’

name

changes

went

into

effect

August

17,

2026.

Fund

Name

New

Fund

Name

FlexShares

Quality

Low

Volatility

Index

Fund

Northern

Trust

Quality

Low

Volatility

ETF

FlexShares

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

Northern

Trust

Developed

Markets

ex-US

Quality

Low

Volatility

ETF

FlexShares

Emerging

Markets

Quality

Low

Volatility

Index

Fund

Northern

Trust

Emerging

Markets

Quality

Low

Volatility

ETF

FlexShares

Morningstar

Market

Factor

Tilt

Index

Fund

Northern

Trust

Morningstar

Market

Factor

Tilt

ETF

FlexShares

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

Northern

Trust

Morningstar

Developed

Markets

ex-US

Factor

Tilt

ETF

FlexShares

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

Northern

Trust

Morningstar

Emerging

Markets

Factor

Tilt

ETF

FlexShares

Quality

Large

Cap

Index

Fund

Northern

Trust

Quality

Large

Cap

ETF

FlexShares

STOXX®

ESG

Select

Index

Fund

Northern

Trust

STOXX®

ESG

Select

ETF

FlexShares

STOXX®

Global

ESG

Select

Index

Fund

Northern

Trust

STOXX®

Global

ESG

Select

ETF

FlexShares

ESG

Climate

Large

Cap

Core

Index

Fund

Northern

Trust

ESG

Climate

Large

Cap

Core

ETF

FlexShares

ESG

Climate

Developed

Markets

ex-US

Core

Index

Fund

Northern

Trust

ESG

Climate

Developed

Markets

ex-US

Core

ETF

FlexShares

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

Northern

Trust

Morningstar

Global

Upstream

Natural

Resources

ETF

FlexShares

STOXX®

Global

Broad

Infrastructure

Index

Fund

Northern

Trust

STOXX®

Global

Broad

Infrastructure

ETF

FlexShares

Global

Quality

Real

Estate

Index

Fund

Northern

Trust

Global

Quality

Real

Estate

ETF

FlexShares

Quality

Dividend

Index

Fund

Northern

Trust

Quality

Dividend

ETF

FlexShares

Quality

Dividend

Defensive

Index

Fund

Northern

Trust

Quality

Dividend

Defensive

ETF

FlexShares

International

Quality

Dividend

Index

Fund

Northern

Trust

International

Quality

Dividend

ETF

FlexShares

International

Quality

Dividend

Dynamic

Index

Fund

Northern

Trust

International

Quality

Dividend

Dynamic

ETF

FlexShares

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund

Northern

Trust

iBoxx

3-Year

Target

Duration

TIPS

ETF

FlexShares

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund

Northern

Trust

iBoxx

5-Year

Target

Duration

TIPS

ETF

FlexShares

Disciplined

Duration

MBS

Index

Fund

Northern

Trust

Disciplined

Duration

MBS

ETF

FlexShares

Credit-Scored

Corporate

Bond

Index

Fund

Northern

Trust

Credit-Scored

Corporate

Bond

ETF

FlexShares

Credit-Scored

Long

Corporate

Bond

Index

Fund

Northern

Trust

Credit-Scored

Long

Corporate

Bond

ETF

FlexShares

High

Yield

Value-Scored

Bond

Index

Fund

Northern

Trust

High

Yield

Value-Scored

Bond

ETF

FlexShares

ESG

Climate

Investment

Grade

Corporate

Core

Index

Fund

Northern

Trust

ESG

Climate

Investment

Grade

Corporate

Core

ETF

FlexShares

Ultra-Short

Income

Fund

Northern

Trust

Ultra-Short

Fixed

Income

ETF

FlexShares

Core

Select

Bond

Fund

Northern

Trust

Core

Bond

ETF