FlexShares Trust (QLC) NPORT-P FlexShares iBoxx 3-Year Target Duration TIPS Index Fund (Jul 2024 report)

1

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

US

Quality

Low

Volatility

Index

Fund

July

31,

2024

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

99.7%

Aerospace

&

Defense

-

3.0%

General

Dynamics

Corp.

2,706

$

808,309

Huntington

Ingalls

Industries,

Inc.

2,542

711,709

Lockheed

Martin

Corp.

2,870

1,555,311

Northrop

Grumman

Corp.

1,722

833,999

3,909,328

Air

Freight

&

Logistics

-

0.7%

CH

Robinson

Worldwide,

Inc.

9,594

854,346

Expeditors

International

of

Washington,

Inc.

328

40,941

895,287

Automobile

Components

-

0.4%

Mobileye

Global,

Inc.,

Class

A*(a)

22,140

464,940

Banks

-

0.2%

JPMorgan

Chase

&

Co.

1,148

244,294

Beverages

-

1.7%

PepsiCo,

Inc.

12,628

2,180,477

Biotechnology

-

6.3%

AbbVie,

Inc.

9,840

1,823,549

Alkermes

plc*

3,772

103,051

Amgen,

Inc.

3,444

1,145,027

BioMarin

Pharmaceutical,

Inc.*

7,790

656,931

Gilead

Sciences,

Inc.

16,892

1,284,805

Neurocrine

Biosciences,

Inc.*

4,756

673,307

Regeneron

Pharmaceuticals,

Inc.*

902

973,429

Vertex

Pharmaceuticals,

Inc.*

3,198

1,585,313

8,245,412

Broadline

Retail

-

2.6%

Amazon.com,

Inc.*

16,236

3,035,808

Dillard's,

Inc.,

Class

A

902

359,528

3,395,336

Capital

Markets

-

0.8%

CME

Group,

Inc.

5,330

1,032,474

Chemicals

-

0.2%

Linde

plc

534

242,169

Investments

Shares

Value

Commercial

Services

&

Supplies

-

2.5%

Republic

Services,

Inc.

3,854

$

748,909

Tetra

Tech,

Inc.

2,952

629,485

Waste

Connections,

Inc.

4,264

758,011

Waste

Management,

Inc.

5,494

1,113,414

3,249,819

Consumer

Staples

Distribution

&

Retail

-

0.6%

Sprouts

Farmers

Market,

Inc.*

8,282

827,289

Containers

&

Packaging

-

2.4%

AptarGroup,

Inc.

4,592

674,932

Avery

Dennison

Corp.

4,346

942,344

Packaging

Corp.

of

America

5,330

1,065,307

Silgan

Holdings,

Inc.

8,528

438,595

3,121,178

Diversified

Consumer

Services

-

0.5%

Service

Corp.

International

8,692

694,578

Diversified

Telecommunication

Services

-

3.0%

AT&T,

Inc.

89,872

1,730,036

Verizon

Communications,

Inc.

52,398

2,123,167

3,853,203

Electric

Utilities

-

2.8%

American

Electric

Power

Co.,

Inc.

7,544

740,217

Duke

Energy

Corp.(a)

10,906

1,191,699

IDACORP,

Inc.

3,116

304,589

Pinnacle

West

Capital

Corp.(a)

7,954

680,783

Xcel

Energy,

Inc.

12,710

740,739

3,658,027

Electronic

Equipment,

Instruments

&

Components

-

0.3%

Badger

Meter,

Inc.

1,640

338,102

Entertainment

-

0.2%

Electronic

Arts,

Inc.

1,804

272,296

Financial

Services

-

2.6%

Berkshire

Hathaway,

Inc.,

Class

B*

1,640

719,140

Visa,

Inc.,

Class

A(a)

10,086

2,679,548

‌

3,398,688

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

US

Quality

Low

Volatility

Index

Fund

(cont.)

2

Investments

Shares

Value

COMMON

STOCKS

(continued)

Food

Products

-

2.6%

Campbell

Soup

Co.

13,858

$

649,386

Flowers

Foods,

Inc.

24,436

550,299

General

Mills,

Inc.

14,596

979,975

Hershey

Co.

(The)

3,362

663,928

Hormel

Foods

Corp.

18,040

579,264

3,422,852

Gas

Utilities

-

0.9%

Southwest

Gas

Holdings,

Inc.(a)

8,282

614,193

Spire,

Inc.

7,708

513,276

1,127,469

Ground

Transportation

-

0.7%

Landstar

System,

Inc.

4,920

936,030

Health

Care

Equipment

&

Supplies

-

1.0%

Abbott

Laboratories

12,546

1,329,123

Health

Care

Providers

&

Services

-

1.5%

Cencora

,

Inc.

1,066

253,580

Chemed

Corp.

1,722

981,815

McKesson

Corp.

738

455,361

UnitedHealth

Group,

Inc.

356

205,113

1,895,869

Hotels,

Restaurants

&

Leisure

-

2.3%

McDonald's

Corp.

9,184

2,437,434

Restaurant

Brands

International,

Inc.

8,692

608,353

3,045,787

Household

Durables

-

0.0%(b)

Helen

of

Troy

Ltd.*(a)

1,066

63,011

Household

Products

-

4.0%

Clorox

Co.

(The)

492

64,910

Procter

&

Gamble

Co.

(The)

25,912

4,165,613

WD-40

Co.(a)

3,936

1,029,697

5,260,220

Insurance

-

6.1%

Allstate

Corp.

(The)

6,232

1,066,420

American

Financial

Group,

Inc.

7,216

945,007

Assurant,

Inc.

5,330

932,057

Chubb

Ltd.

3,280

904,165

Cincinnati

Financial

Corp.

5,658

739,048

Markel

Group,

Inc.*

410

671,929

Investments

Shares

Value

Insurance

(continued)

Ryan

Specialty

Holdings,

Inc.,

Class

A(a)

11,726

$

722,204

Selective

Insurance

Group,

Inc.

6,560

592,499

Travelers

Cos.,

Inc.

(The)

3,362

727,671

W

R

Berkley

Corp.

11,685

644,194

7,945,194

Interactive

Media

&

Services

-

2.9%

Alphabet,

Inc.,

Class

A

7,708

1,322,230

Alphabet,

Inc.,

Class

C

5,986

1,036,476

Meta

Platforms,

Inc.,

Class

A

2,870

1,362,762

3,721,468

IT

Services

-

2.2%

Amdocs

Ltd.

11,808

1,032,846

International

Business

Machines

Corp.

9,184

1,764,614

2,797,460

Life

Sciences

Tools

&

Services

-

0.5%

QIAGEN

NV*

14,514

645,728

Media

-

0.4%

TEGNA,

Inc.

31,816

506,829

Metals

&

Mining

-

1.4%

Agnico

Eagle

Mines

Ltd.

10,250

790,992

Royal

Gold,

Inc.

7,216

996,674

1,787,666

Multi-Utilities

-

2.6%

Ameren

Corp.

9,102

721,516

CMS

Energy

Corp.

10,578

685,454

Consolidated

Edison,

Inc.

10,496

1,023,570

WEC

Energy

Group,

Inc.

11,808

1,016,196

3,446,736

Oil,

Gas

&

Consumable

Fuels

-

1.5%

Chesapeake

Energy

Corp.(a)

7,052

538,279

Coterra

Energy,

Inc.

23,862

615,640

DT

Midstream,

Inc.(a)

9,676

729,183

Exxon

Mobil

Corp.

902

106,968

1,990,070

Pharmaceuticals

-

6.3%

Eli

Lilly

&

Co.

4,428

3,561,307

Johnson

&

Johnson

6,642

1,048,440

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

US

Quality

Low

Volatility

Index

Fund

(cont.)

3

Investments

Shares

Value

COMMON

STOCKS

(continued)

Pharmaceuticals

(continued)

Merck

&

Co.,

Inc.

31,816

$

3,599,344

8,209,091

Professional

Services

-

2.5%

Automatic

Data

Processing,

Inc.

4,182

1,098,277

Booz

Allen

Hamilton

Holding

Corp.

4,428

634,576

FTI

Consulting,

Inc.*

2,870

625,574

Verisk

Analytics,

Inc.

3,608

944,394

3,302,821

Retail

REITs

-

0.6%

Agree

Realty

Corp.,

REIT(a)

10,742

740,876

Semiconductors

&

Semiconductor

Equipment

-

6.7%

Broadcom,

Inc.

9,020

1,449,334

Cirrus

Logic,

Inc.*

3,116

406,576

NVIDIA

Corp.

48,380

5,661,427

Texas

Instruments,

Inc.

5,658

1,153,157

8,670,494

Software

-

12.1%

CCC

Intelligent

Solutions

Holdings,

Inc.*

56,252

577,146

Check

Point

Software

Technologies

Ltd.*

6,478

1,188,389

Clearwater

Analytics

Holdings,

Inc.,

Class

A*(a)

23,370

456,884

Microsoft

Corp.

26,650

11,149,027

Qualys,

Inc.*

6,478

966,129

Roper

Technologies,

Inc.

410

223,347

Tyler

Technologies,

Inc.*

2,050

1,164,626

15,725,548

Specialized

REITs

-

2.2%

Digital

Realty

Trust,

Inc.,

REIT

7,298

1,090,978

Equinix,

Inc.,

REIT

902

712,796

Public

Storage,

REIT

3,526

1,043,414

2,847,188

Specialty

Retail

-

1.1%

AutoZone,

Inc.*

246

770,888

Tractor

Supply

Co.

2,460

647,767

‌

1,418,655

Investments

Shares

Value

Technology

Hardware,

Storage

&

Peripherals

-

5.6%

Apple,

Inc.

32,718

$

7,266,013

Tobacco

-

0.2%

Philip

Morris

International,

Inc.

2,132

245,521

Wireless

Telecommunication

Services

-

1.0%

T-Mobile

US,

Inc.

7,380

1,345,226

Total

Common

Stocks

(Cost

$107,359,118)

129,715,842

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

1.0%(c)

REPURCHASE

AGREEMENTS

-

1.0%

CF

Secured

LLC

5.34%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$1,286,139,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.88%,

maturing

8/15/2024

-

8/15/2053;

total

market

value

$1,316,788  

(Cost

$1,285,949)

$1,285,949

1,285,949

SHORT-TERM

INVESTMENTS

-

0.0%(b)(d)

U.S.

TREASURY

OBLIGATIONS

-

0.0%(b)

U.S.

Treasury

Bills

5.29%,

10/3/2024(d)(e)

(Cost

$34,684)

$

35,000

34,683

Total

Investments

-

100.7%

(Cost

$108,679,751)

131,036,474

Liabilities

in

excess

of

other

assets

-

(0.7%)

(902,522)

NET

ASSETS

-

100.0%

$130,133,952

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

US

Quality

Low

Volatility

Index

Fund

(cont.)

4

*

Non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2024.

The

total

value

of

securities

on

loan

at

July

31,

2024

was

$8,032,637,

collateralized

in

the

form

of

cash

with

a

value

of

$1,285,949

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$6,196,877

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

August

1,

2024

–

February

15,

2054

and

$791,301

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

5.75%,

and

maturity

dates

ranging

from

August

15,

2024

–

June

30,

2120;

a

total

value

of

$8,274,127.

(b)

Represents

less

than

0.05%

of

net

assets.

(c)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2024.

The

total

value

of

securities

purchased

was

$1,285,949.

(d)

All

or

a

portion

of

the

security

pledged

as

collateral

for

Futures

Contracts.

(e)

The

rate

shown

was

the

current

yield

as

of

July

31,

2024.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

REIT

Real

Estate

Investment

Trust

Futures

Contracts

FlexShares

®

US

Quality

Low

Volatility

Index

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2024:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

/

(

Depreciation

)

Long

Contracts

‌

S&P

500

E-Mini

Index

1

09/20/2024

USD

$

277,900

$

2,754

S&P

500

Micro

E-Mini

Index

5

09/20/2024

USD

138,950

(2,370)

$

384

Abbreviations:

USD

—

US

Dollar

Security

Type

%

of

Net

Assets

Common

Stocks

99.7

%

Securities

Lending

Reinvestments

1.0

Short-Term

Investments

0.0

†

Others

(1)

(0.7)

100.0%

†

Amount

represents

less

than

0.05%.

(1)

Includes

any

other

net

assets/(liabilities).

5

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

July

31,

2024

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

98

.9

%

Aerospace

&

Defense

-

1

.9

%

BAE

Systems

plc

29,767

$

495,898

Safran

SA

680

149,447

Singapore

Technologies

Engineering

Ltd.

20,400

67,410

Thales

SA

1,139

181,117

893,872

Air

Freight

&

Logistics

-

0

.5

%

Yamato

Holdings

Co.

Ltd.

(a)

18,700

227,070

Automobile

Components

-

0

.4

%

Bridgestone

Corp.

5,100

209,647

Automobiles

-

0

.9

%

Ferrari

NV

1,037

426,861

Banks

-

9

.2

%

AIB

Group

plc

4,488

25,422

Bank

Hapoalim

BM

41,208

380,609

Bank

Leumi

Le-Israel

BM(a)

23,188

201,225

BOC

Hong

Kong

Holdings

Ltd.

59,500

173,275

CaixaBank

SA

29,512

172,001

Chiba

Bank

Ltd.

(The)

6,800

64,561

DBS

Group

Holdings

Ltd.

18,700

511,538

Hang

Seng

Bank

Ltd.

11,900

146,008

HSBC

Holdings

plc

8,058

72,865

Japan

Post

Bank

Co.

Ltd.

35,700

373,823

Mizrahi

Tefahot

Bank

Ltd.

4,896

177,811

Mizuho

Financial

Group,

Inc.

23,800

545,410

Oversea-Chinese

Banking

Corp.

Ltd.

39,100

434,087

Royal

Bank

of

Canada(a)

459

51,261

Sumitomo

Mitsui

Financial

Group,

Inc.

5,700

413,502

Toronto-Dominion

Bank

(The)

4,403

259,855

United

Overseas

Bank

Ltd.

12,400

299,895

4,303,148

Beverages

-

0

.3

%

Suntory

Beverage

&

Food

Ltd.

3,400

122,523

Broadline

Retail

-

1

.6

%

Dollarama,

Inc.

2,703

253,248

Investments

Shares

Value

Broadline

Retail

(continued)

Pan

Pacific

International

Holdings

Corp.

14,500

$

379,799

Wesfarmers

Ltd.

2,635

126,726

759,773

Capital

Markets

-

1

.7

%

Deutsche

Boerse

AG

2,159

442,486

Singapore

Exchange

Ltd.

51,000

375,561

818,047

Chemicals

-

1

.7

%

Air

Liquide

SA

4,469

816,204

Commercial

Services

&

Supplies

-

1

.7

%

Brambles

Ltd.

19,176

194,841

Dai

Nippon

Printing

Co.

Ltd.

5,200

171,767

Secom

Co.

Ltd.

5,600

358,123

TOPPAN

Holdings,

Inc.

3,400

96,604

821,335

Construction

&

Engineering

-

0

.7

%

ACS

Actividades

de

Construccion

y

Servicios

SA(a)

4,348

194,127

Obayashi

Corp.

5,100

67,301

Taisei

Corp.(a)

1,700

72,594

334,022

Consumer

Staples

Distribution

&

Retail

-

2

.6

%

Koninklijke

Ahold

Delhaize

NV

12,767

411,416

Loblaw

Cos.

Ltd.

3,332

410,636

Metro,

Inc.,

Class

A

6,698

398,646

1,220,698

Containers

&

Packaging

-

0

.5

%

CCL

Industries,

Inc.,

Class

B

4,386

238,469

Diversified

Consumer

Services

-

0

.4

%

Pearson

plc

13,617

184,698

Diversified

Telecommunication

Services

-

4

.9

%

Deutsche

Telekom

AG

(Registered)

20,689

541,108

Elisa

OYJ

7,684

357,705

HKT

Trust

&

HKT

Ltd.

17,000

20,586

Koninklijke

KPN

NV

98,566

387,809

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

(cont.)

6

Investments

Shares

Value

COMMON

STOCKS

(continued)

Diversified

Telecommunication

Services

(continued)

Nippon

Telegraph

&

Telephone

Corp.

290,700

$

309,905

Orange

SA

18,326

203,263

Singapore

Telecommunications

Ltd.

105,400

242,697

Spark

New

Zealand

Ltd.

4,488

11,516

Swisscom

AG

(Registered)

340

207,805

2,282,394

Electric

Utilities

-

4

.0

%

CK

Infrastructure

Holdings

Ltd.

25,500

170,229

CLP

Holdings

Ltd.

42,500

364,775

Fortis,

Inc.

4,947

206,696

Hydro

One

Ltd.(b)

5,712

178,912

Iberdrola

SA(a)

37,555

494,974

Kansai

Electric

Power

Co.,

Inc.

(The)

11,300

193,203

Power

Assets

Holdings

Ltd.

34,000

216,744

Terna

-

Rete

Elettrica

Nazionale

6,511

54,180

1,879,713

Entertainment

-

0

.6

%

Nintendo

Co.

Ltd.

1,700

94,773

Toho

Co.

Ltd.

5,100

183,649

278,422

Financial

Services

-

0

.1

%

HAL

Trust

238

29,360

Food

Products

-

5

.2

%

Danone

SA

1,258

81,895

MEIJI

Holdings

Co.

Ltd.

8,500

214,619

Nestle

SA

(Registered)

14,688

1,487,405

Nissin

Foods

Holdings

Co.

Ltd.

10,700

318,098

WH

Group

Ltd.(b)

238,000

154,767

Yakult

Honsha

Co.

Ltd.

10,200

209,206

2,465,990

Gas

Utilities

-

1

.2

%

Hong

Kong

&

China

Gas

Co.

Ltd.

85,000

69,310

Osaka

Gas

Co.

Ltd.

8,500

192,473

Snam

SpA

33,745

161,289

Investments

Shares

Value

Gas

Utilities

(continued)

Tokyo

Gas

Co.

Ltd.

7,200

$

158,011

581,083

Ground

Transportation

-

3

.3

%

Canadian

National

Railway

Co.

5,270

609,725

Canadian

Pacific

Kansas

City

Ltd.

1,054

88,336

Central

Japan

Railway

Co.

8,500

200,269

East

Japan

Railway

Co.

10,200

191,513

Hankyu

Hanshin

Holdings,

Inc.

5,100

145,922

Keisei

Electric

Railway

Co.

Ltd.(a)

500

14,951

Kintetsu

Group

Holdings

Co.

Ltd.

5,100

118,162

West

Japan

Railway

Co.

8,500

166,994

1,535,872

Hotels,

Restaurants

&

Leisure

-

1

.3

%

Compass

Group

plc

8,568

263,684

La

Francaise

des

Jeux

SAEM(b)

221

8,585

McDonald's

Holdings

Co.

Japan

Ltd.

3,400

140,330

Sodexo

SA

1,921

181,991

594,590

Household

Durables

-

0

.4

%

Sekisui

Chemical

Co.

Ltd.

11,900

179,813

Industrial

Conglomerates

-

0

.8

%

CK

Hutchison

Holdings

Ltd.

34,000

178,444

Jardine

Matheson

Holdings

Ltd.

5,100

179,520

Siemens

AG

(Registered)

68

12,466

370,430

Insurance

-

7

.0

%

Fairfax

Financial

Holdings

Ltd.

204

240,442

Great-West

Lifeco,

Inc.

663

19,903

Hannover

Rueck

SE

799

198,598

Insurance

Australia

Group

Ltd.

42,670

206,190

Japan

Post

Insurance

Co.

Ltd.

8,500

176,994

Medibank

Pvt

Ltd.

147,033

382,130

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

(cont.)

7

Investments

Shares

Value

COMMON

STOCKS

(continued)

Insurance

(continued)

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

1,326

$

653,724

Sampo

OYJ,

Class

A

8,738

382,660

Sompo

Holdings,

Inc.

16,200

373,291

Talanx

AG

204

15,508

Tryg

A/S

8,517

186,497

Zurich

Insurance

Group

AG

816

447,931

3,283,868

IT

Services

-

2

.4

%

CGI,

Inc.*

2,006

228,604

Obic

Co.

Ltd.

2,300

348,531

Otsuka

Corp.

8,500

188,180

SCSK

Corp.

18,700

367,077

1,132,392

Machinery

-

0

.8

%

Kone

OYJ,

Class

B

7,089

361,765

Schindler

Holding

AG

(Registered)

68

17,806

379,571

Marine

Transportation

-

0

.5

%

Kuehne

+

Nagel

International

AG

(Registered)(a)

714

221,034

Metals

&

Mining

-

0

.8

%

BHP

Group

Ltd.

867

23,948

Franco-Nevada

Corp.

1,985

255,653

Wheaton

Precious

Metals

Corp.

1,751

104,633

384,234

Oil,

Gas

&

Consumable

Fuels

-

4

.7

%

ENEOS

Holdings,

Inc.

23,800

125,311

Galp

Energia

SGPS

SA

8,823

185,744

Imperial

Oil

Ltd.

2,567

183,794

Pembina

Pipeline

Corp.

5,848

226,520

Shell

plc

18,309

667,883

TotalEnergies

SE

10,880

735,593

Tourmaline

Oil

Corp.(a)

2,125

93,448

2,218,293

Passenger

Airlines

-

2

.5

%

ANA

Holdings,

Inc.

10,800

206,475

Investments

Shares

Value

Passenger

Airlines

(continued)

Cathay

Pacific

Airways

Ltd.(a)

306,000

$

319,631

Japan

Airlines

Co.

Ltd.

19,400

317,574

Singapore

Airlines

Ltd.

62,900

327,761

1,171,441

Personal

Care

Products

-

3

.2

%

Beiersdorf

AG

1,292

187,621

Unilever

plc

21,845

1,340,089

1,527,710

Pharmaceuticals

-

12

.0

%

AstraZeneca

plc

1,581

251,159

GSK

plc

27,608

536,172

Novartis

AG

(Registered)

10,693

1,197,519

Novo

Nordisk

A/S,

Class

B

5,695

753,178

Roche

Holding

AG

85

29,915

Roche

Holding

AG

-

BR

5,355

1,738,664

Sanofi

SA

11,084

1,143,387

5,649,994

Professional

Services

-

3

.4

%

Computershare

Ltd.

11,390

205,651

RELX

plc

3,621

170,831

SGS

SA

(Registered)

3,706

404,597

Thomson

Reuters

Corp.

2,380

385,483

Wolters

Kluwer

NV

2,720

456,508

1,623,070

Real

Estate

Management

&

Development

-

3

.8

%

CK

Asset

Holdings

Ltd.

76,500

292,800

Daito

Trust

Construction

Co.

Ltd.

3,400

409,803

Daiwa

House

Industry

Co.

Ltd.

14,300

408,015

PSP

Swiss

Property

AG

(Registered)

2,737

365,037

Sino

Land

Co.

Ltd.

7,764

8,030

Sun

Hung

Kai

Properties

Ltd.

34,000

295,302

1,778,987

Semiconductors

&

Semiconductor

Equipment

-

1

.2

%

ASML

Holding

NV

612

563,240

Software

-

2

.2

%

Constellation

Software,

Inc.

85

268,041

Nice

Ltd.*

884

161,229

Oracle

Corp.

Japan

4,200

341,393

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

(cont.)

8

Investments

Shares

Value

COMMON

STOCKS

(continued)

Software

(continued)

SAP

SE

1,156

$

243,952

1,014,615

Specialty

Retail

-

1

.1

%

Industria

de

Diseno

Textil

SA

10,489

509,168

Technology

Hardware,

Storage

&

Peripherals

-

0

.7

%

Canon,

Inc.

10,200

321,470

Textiles,

Apparel

&

Luxury

Goods

-

0

.4

%

LVMH

Moet

Hennessy

Louis

Vuitton

SE

272

192,198

Tobacco

-

0

.9

%

Japan

Tobacco,

Inc.

14,400

424,363

Trading

Companies

&

Distributors

-

2

.0

%

Bunzl

plc

4,607

192,791

Ferguson

plc

2,074

461,776

ITOCHU

Corp.

5,100

263,813

918,380

Transportation

Infrastructure

-

1

.5

%

Aena

SME

SA(b)

1,751

331,772

Flughafen

Zurich

AG

(Registered)

816

188,554

Getlink

SE

9,265

165,172

685,498

Wireless

Telecommunication

Services

-

1

.9

%

KDDI

Corp.

15,100

453,622

SoftBank

Corp.

34,000

444,038

897,660

Total

Common

Stocks

(Cost

$41,798,563)

46,471,220

Number

of

Warrants

WARRANTS

-

0

.0

%

Software

-

0.0%

Constellation

Software,

Inc.,

expiring

3/31/2040

(Cost

$–)*‡

28

—

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

-

1

.6

%

(c)

REPURCHASE

AGREEMENTS

-

1

.6

%

CF

Secured

LLC

5.34%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$732,623,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.88%,

maturing

8/15/2024

-

8/15/2053;

total

market

value

$750,081  

(Cost

$732,514)

$732,514

$

732,514

Total

Investments

-

100.5%

(Cost

$42,531,077)

47,203,734

Liabilities

in

excess

of

other

assets

-

(0.5%)

(224,162)

NET

ASSETS

-

100.0%

$46,979,572

*

Non-income

producing

security.

‡

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2024.

The

total

value

of

securities

on

loan

at

July

31,

2024

was

$1,576,939,

collateralized

in

the

form

of

cash

with

a

value

of

$732,514

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$281,313

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

5.34%,

and

maturity

dates

ranging

from

November

15,

2024

–

August

15,

2053

and

$667,677

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

5.75%,

and

maturity

dates

ranging

from

August

15,

2024

–

June

30,

2120;

a

total

value

of

$1,681,504.

(b)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States

and

as

such

may

have

restrictions

on

resale.

(c)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2024.

The

total

value

of

securities

purchased

was

$732,514.

Percentages

shown

are

based

on

Net

Assets.

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

(cont.)

9

Abbreviations

OYJ

Public

Limited

Company

Futures

Contracts

FlexShares®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2024:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

MSCI

EAFE

E-Mini

Index

4

09/20/2024

USD

$

477,940

$

11,538

Forward

Foreign

Currency

Contracts

FlexShares®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

had

the

following

outstanding

contracts

as

of

July

31,

2024:

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

EUR

90,000

JPMorgan

Chase

Bank

NA

USD

96,529

09/18/2024

$

1,080

JPY

15,020,000

Morgan

Stanley

USD

95,342

09/18/2024

5,202

SGD

16,357

JPMorgan

Chase

Bank

NA

USD

12,143

09/18/2024

114

USD

79,603

Citibank

NA

AUD

119,288

09/18/2024

1,612

USD

36,563

JPMorgan

Chase

Bank

NA

CAD

50,000

09/18/2024

319

USD

44,113

JPMorgan

Chase

Bank

NA

DKK

303,190

09/18/2024

24

USD

12,452

Citibank

NA

NOK

131,563

09/18/2024

406

USD

25,501

Citibank

NA

NZD

41,229

09/18/2024

1,012

USD

74,071

Morgan

Stanley

SEK

767,599

09/18/2024

2,273

Total

unrealized

appreciation

$

12,042

AUD

60,000

JPMorgan

Chase

Bank

NA

USD

39,912

09/18/2024

$

(

684

)

CAD

91,112

Toronto-Dominion

Bank

(The)

USD

66,543

09/18/2024

(

496

)

ILS

73,522

Citibank

NA

USD

19,907

09/18/2024

(

296

)

SEK

600,000

Morgan

Stanley

USD

57,217

09/18/2024

(

1,095

)

USD

189,806

Citibank

NA

CHF

167,993

09/18/2024

(

2,154

)

USD

302,884

Citibank

NA

EUR

279,420

09/18/2024

(

160

)

USD

25,481

Morgan

Stanley

GBP

19,939

09/18/2024

(

140

)

USD

25,261

Citibank

NA

JPY

3,903,131

09/18/2024

(

867

)

HKD

282,833

JPMorgan

Chase

Bank

NA

USD

36,307

09/19/2024

(

50

)

Total

unrealized

depreciation

$

(

5,942

)

Net

unrealized

appreciation

$

6,100

Abbreviations:

AUD

—

Australian

Dollar

CAD

—

Canadian

Dollar

CHF

—

Swiss

Franc

DKK

—

Danish

Krone

EUR

—

Euro

GBP

—

British

Pound

HKD

—

Hong

Kong

Dollar

ILS

—

Israeli

Shekel

JPY

—

Japanese

Yen

NOK

—

Norwegian

Krone

NZD

—

New

Zealand

Dollar

SEK

—

Swedish

Krona

SGD

—

Singapore

Dollar

USD

—

US

Dollar

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

(cont.)

10

FlexShares®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

invested,

as

a

percentage

of

net

assets,

in

companies

domiciled

in

the

following

countries

as

of

July

31,

2024:

Australia

2‌

.4

%

Canada

10‌

.0

Denmark

2‌

.0

Finland

2‌

.3

France

8‌

.2

Germany

4‌

.9

Hong

Kong

5‌

.1

Ireland

0‌

.1

Israel

2‌

.0

Italy

0‌

.5

Japan

24‌

.1

Netherlands

4‌

.8

New

Zealand

0‌

.0

†

Portugal

0‌

.4

Singapore

5‌

.2

Spain

3‌

.6

Switzerland

13‌

.4

United

Kingdom

9‌

.9

Other

1

1‌

.1

100.0%

†

Amount

represents

less

than

0.05%.

1

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

%

of

Net

Assets

Common

Stocks

98‌

.9

%

Warrants

–‌

Securities

Lending

Reinvestments

1‌

.6

Others

(1)

(

0‌

.5

)

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

11

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

July

31,

2024

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

99

.5

%

Air

Freight

&

Logistics

-

0

.8

%

Hyundai

Glovis

Co.

Ltd.

1,210

$

106,784

Automobile

Components

-

1

.5

%

Balkrishna

Industries

Ltd.

145

5,755

Bosch

Ltd.

110

45,954

Cheng

Shin

Rubber

Industry

Co.

Ltd.

40,000

58,716

Hyundai

Mobis

Co.

Ltd.

20

3,203

MRF

Ltd.

45

76,452

190,080

Automobiles

-

2

.6

%

Bajaj

Auto

Ltd.

1,005

116,000

Hero

MotoCorp

Ltd.

1,715

112,419

Kia

Corp.

30

2,443

Maruti

Suzuki

India

Ltd.

650

101,820

332,682

Banks

-

16

.1

%

Agricultural

Bank

of

China

Ltd.,

Class

H

175,000

78,405

Banco

BBVA

Peru

SA

4,815

1,748

Bank

Central

Asia

Tbk.

PT

224,500

141,866

Bank

of

China

Ltd.,

Class

H

335,000

149,232

Boubyan

Bank

KSCP

32,225

62,436

Chang

Hwa

Commercial

Bank

Ltd.

160,000

91,269

China

Construction

Bank

Corp.,

Class

H

370,000

259,076

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

Class

H

5,000

2,592

Commercial

International

Bank

-

Egypt

(CIB)

10,640

18,235

Credicorp

Ltd.

675

115,182

Dubai

Islamic

Bank

PJSC

55,470

88,347

Emirates

NBD

Bank

PJSC

14,485

75,323

First

Financial

Holding

Co.

Ltd.

115,000

102,685

Grupo

Elektra

SAB

de

CV

950

48,184

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

675

5,058

HDFC

Bank

Ltd.

2,905

56,059

Hong

Leong

Bank

Bhd.

15,500

65,043

Hong

Leong

Financial

Group

Bhd.

12,500

46,795

ICICI

Bank

Ltd.

5,845

84,811

Investments

Shares

Value

Banks

(continued)

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

240,000

$

133,333

Itau

Unibanco

Holding

SA

(Preference)

2,500

14,984

Kuwait

Finance

House

KSCP

40,684

98,132

Malayan

Banking

Bhd.

38,500

85,639

National

Bank

of

Kuwait

SAKP

34,545

102,318

Qatar

International

Islamic

Bank

QSC

21,545

61,718

RHB

Bank

Bhd.

40,500

50,333

Sberbank

of

Russia

PJSC‡

12,360

—

2,038,803

Beverages

-

0

.4

%

Nongfu

Spring

Co.

Ltd.,

Class

H(a)

13,000

50,672

Broadline

Retail

-

3

.1

%

Alibaba

Group

Holding

Ltd.,

ADR

3,810

300,418

PDD

Holdings,

Inc.,

ADR*

740

95,379

Robinson

PCL*‡

600

—

395,797

Capital

Markets

-

0

.9

%

HDFC

Asset

Management

Co.

Ltd.(a)

430

21,129

Macquarie

Korea

Infrastructure

Fund

10,690

95,583

116,712

Chemicals

-

2

.3

%

Asian

Paints

Ltd.

2,750

101,306

Berger

Paints

India

Ltd.

510

3,380

Fertiglobe

plc

92,230

62,274

PhosAgro

PJSC‡

1,158

—

Pidilite

Industries

Ltd.

2,100

79,918

SABIC

Agri-Nutrients

Co.

1,245

39,023

285,901

Construction

&

Engineering

-

0

.1

%

Larsen

&

Toubro

Ltd.

300

13,669

Construction

Materials

-

1

.0

%

Asia

Cement

Corp.

27,000

34,048

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

(cont.)

12

Investments

Shares

Value

COMMON

STOCKS

(continued)

Construction

Materials

(continued)

LafargeHolcim

Maroc

SA

470

$

92,788

126,836

Consumer

Finance

-

0

.9

%

Bajaj

Finance

Ltd.

85

6,910

Samsung

Card

Co.

Ltd.

3,200

97,854

Sundaram

Finance

Ltd.

95

4,907

109,671

Consumer

Staples

Distribution

&

Retail

-

1

.0

%

Grupo

Comercial

Chedraui

SA

de

CV

500

3,727

Nahdi

Medical

Co.

150

5,309

President

Chain

Store

Corp.

12,000

101,308

Wal-Mart

de

Mexico

SAB

de

CV

5,000

16,629

126,973

Diversified

Telecommunication

Services

-

3

.9

%

Chunghwa

Telecom

Co.

Ltd.

32,000

118,284

Emirates

Integrated

Telecommunications

Co.

PJSC

60,955

100,403

Itissalat

Al-Maghrib

6,870

62,694

KT

Corp.

2,360

68,310

Saudi

Telecom

Co.

8,530

87,530

Telefonica

Brasil

SA

6,000

51,490

488,711

Electric

Utilities

-

2

.7

%

CPFL

Energia

SA

12,500

71,823

CTEEP-Cia

de

Transmissao

de

Energia

Eletrica

Paulista

(Preference)

11,000

47,793

Manila

Electric

Co.

8,700

58,124

Power

Grid

Corp.

of

India

Ltd.

39,200

163,020

340,760

Electronic

Equipment,

Instruments

&

Components

-

1

.2

%

Hon

Hai

Precision

Industry

Co.

Ltd.

13,700

82,525

WPG

Holdings

Ltd.

25,000

65,333

‌

147,858

Investments

Shares

Value

Entertainment

-

0

.5

%

NetEase,

Inc.,

ADR

730

$

67,240

Food

Products

-

4

.4

%

Almarai

Co.

JSC

3,410

54,896

Britannia

Industries

Ltd.*

1,180

81,521

CJ

CheilJedang

Corp.

265

74,395

Marico

Ltd.

2,895

23,308

Nestle

India

Ltd.

3,725

109,280

Nestle

Malaysia

Bhd.

3,200

75,638

Uni-President

Enterprises

Corp.

15,000

38,287

Want

Want

China

Holdings

Ltd.

165,000

99,059

556,384

Gas

Utilities

-

0

.8

%

Petronas

Gas

Bhd.

25,500

101,012

Ground

Transportation

-

0

.3

%

GMexico

Transportes

SAB

de

CV(a)

19,500

37,910

Health

Care

Providers

&

Services

-

1

.7

%

Bumrungrad

Hospital

PCL,

NVDR

12,500

86,267

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

780

59,874

IHH

Healthcare

Bhd.

46,000

63,075

Sinopharm

Group

Co.

Ltd.,

Class

H

2,000

4,701

213,917

Hotels,

Restaurants

&

Leisure

-

1

.2

%

Americana

Restaurants

International

plc

46,630

39,229

Jubilant

Foodworks

Ltd.

2,345

16,771

Meituan,

Class

B*(a)

6,100

85,347

Trip.com

Group

Ltd.*

300

12,972

154,319

Independent

Power

and

Renewable

Electricity

Producers

-

1

.5

%

ACWA

Power

Co.

395

41,585

Engie

Brasil

Energia

SA

9,500

74,333

NTPC

Ltd.

15,265

75,843

Unipro

PJSC*‡

726,000

—

191,761

Industrial

Conglomerates

-

2

.4

%

Far

Eastern

New

Century

Corp.

60,000

62,062

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

(cont.)

13

Investments

Shares

Value

COMMON

STOCKS

(continued)

Industrial

Conglomerates

(continued)

International

Holding

Co.

PJSC*

1,375

$

155,282

Samsung

C&T

Corp.

585

65,989

Sime

Darby

Bhd.

39,500

22,353

305,686

Insurance

-

3

.3

%

BB

Seguridade

Participacoes

SA

15,000

93,326

Bupa

Arabia

for

Cooperative

Insurance

Co.

1,120

68,778

Caixa

Seguridade

Participacoes

SA

12,000

30,612

DB

Insurance

Co.

Ltd.

205

16,453

ICICI

Lombard

General

Insurance

Co.

Ltd.(a)

670

16,066

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

58,000

76,027

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

280

75,758

Samsung

Life

Insurance

Co.

Ltd.

525

36,799

413,819

Interactive

Media

&

Services

-

3

.9

%

Baidu,

Inc.,

ADR*

135

11,957

Tencent

Holdings

Ltd.

10,300

477,555

489,512

IT

Services

-

5

.7

%

Arabian

Internet

&

Communications

Services

Co.

285

22,317

HCL

Technologies

Ltd.

7,925

155,474

Infosys

Ltd.

3,975

88,695

Samsung

SDS

Co.

Ltd.

860

92,200

Tata

Consultancy

Services

Ltd.

6,855

359,035

717,721

Life

Sciences

Tools

&

Services

-

1

.7

%

Divi's

Laboratories

Ltd.

2,180

128,183

Samsung

Biologics

Co.

Ltd.*(a)

135

91,977

220,160

Marine

Transportation

-

0

.6

%

MISC

Bhd.

38,000

72,700

Investments

Shares

Value

Metals

&

Mining

-

0

.3

%

Industrias

CH

SAB

de

CV,

Class

B,

Series

B*

131

$

1,316

Polyus

PJSC*‡

546

—

Vale

SA

2,800

30,527

31,843

Multi-Utilities

-

1

.4

%

Dubai

Electricity

&

Water

Authority

PJSC

163,250

105,782

Qatar

Electricity

&

Water

Co.

QSC

16,725

70,648

176,430

Oil,

Gas

&

Consumable

Fuels

-

3

.8

%

China

Shenhua

Energy

Co.

Ltd.,

Class

H

28,000

116,667

PetroChina

Co.

Ltd.,

Class

H

26,000

22,665

Petroleo

Brasileiro

SA

1,500

10,773

Petroleo

Brasileiro

SA

(Preference)

2,500

16,545

Petronas

Dagangan

Bhd.

11,500

44,403

Petronet

LNG

Ltd.

1,745

7,680

Qatar

Fuel

QSC

23,665

95,804

Qatar

Gas

Transport

Co.

Ltd.

58,520

72,326

Reliance

Industries

Ltd.

2,755

99,069

Surgutneftegas

PJSC

(Preference)‡

156,600

—

485,932

Personal

Care

Products

-

2

.2

%

Colgate-Palmolive

India

Ltd.

270

11,003

Dabur

India

Ltd.

3,020

22,929

Hengan

International

Group

Co.

Ltd.

24,000

74,961

Hindustan

Unilever

Ltd.

5,240

169,328

278,221

Pharmaceuticals

-

3

.6

%

Alkem

Laboratories

Ltd.

405

25,682

Cipla

Ltd.*

4,635

85,488

Dr

Reddy's

Laboratories

Ltd.

1,520

122,548

Kalbe

Farma

Tbk.

PT

424,500

41,510

Lupin

Ltd.

1,970

44,983

Sun

Pharmaceutical

Industries

Ltd.

4,910

100,826

Torrent

Pharmaceuticals

Ltd.

195

7,387

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

(cont.)

14

Investments

Shares

Value

COMMON

STOCKS

(continued)

Pharmaceuticals

(continued)

Zydus

Lifesciences

Ltd.

1,775

$

26,440

454,864

Real

Estate

Management

&

Development

-

0

.3

%

Wharf

Holdings

Ltd.

(The)

12,000

32,949

Semiconductors

&

Semiconductor

Equipment

-

9

.3

%

MediaTek,

Inc.

1,500

55,674

Novatek

Microelectronics

Corp.

1,300

20,684

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

38,530

1,094,829

1,171,187

Software

-

0

.5

%

Tata

Elxsi

Ltd.

800

66,735

Specialty

Retail

-

1

.4

%

Abu

Dhabi

National

Oil

Co.

for

Distribution

PJSC

62,855

61,092

Jarir

Marketing

Co.

22,270

77,045

MR

DIY

Group

M

Bhd.(a)

72,500

33,138

171,275

Technology

Hardware,

Storage

&

Peripherals

-

2

.4

%

Advantech

Co.

Ltd.

7,600

80,115

Catcher

Technology

Co.

Ltd.

10,000

64,801

Compal

Electronics,

Inc.

60,000

57,408

Pegatron

Corp.

32,000

97,840

Quanta

Computer,

Inc.

300

2,487

302,651

Tobacco

-

0

.9

%

ITC

Ltd.

7,570

44,785

KT&G

Corp.

1,105

74,884

119,669

Transportation

Infrastructure

-

2

.6

%

Airports

of

Thailand

PCL,

NVDR

33,500

53,100

Jiangsu

Expressway

Co.

Ltd.,

Class

H

90,000

85,599

Salik

Co.

PJSC

104,275

95,673

Investments

Shares

Value

Transportation

Infrastructure

(continued)

Taiwan

High

Speed

Rail

Corp.

100,000

$

90,508

324,880

Wireless

Telecommunication

Services

-

4

.3

%

Advanced

Info

Service

PCL,

NVDR

12,500

82,059

Bharti

Airtel

Ltd.

3,190

56,827

Etihad

Etisalat

Co.

4,825

66,873

Far

EasTone

Telecommunications

Co.

Ltd.

27,000

70,806

Intouch

Holdings

PCL,

NVDR

40,000

92,299

SK

Telecom

Co.

Ltd.

2,520

99,024

Taiwan

Mobile

Co.

Ltd.

21,800

69,970

TIM

SA

3,000

9,282

547,140

Total

Common

Stocks

(Cost

$11,298,580)

12,577,826

Total

Investments

-

99.5%

(Cost

$11,298,580)

12,577,826

Other

assets

less

liabilities

-

0.5%

68,936

NET

ASSETS

-

100.0%

$12,646,762

*

Non-income

producing

security.

‡

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(a)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States

and

as

such

may

have

restrictions

on

resale.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

ADR

American

Depositary

Receipt

NVDR

Non-Voting

Depositary

Receipt

PJSC

Public

Joint

Stock

Company

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

(cont.)

15

Futures

Contracts

FlexShares®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2024:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

MSCI

Emerging

Markets

E-Mini

Index

4

09/20/2024

USD

$

219,300

$

747

Forward

Foreign

Currency

Contracts

FlexShares®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

had

the

following

outstanding

contracts

as

of

July

31,

2024:

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

USD

39,368

Citibank

NA

INR

*

3,300,000

09/18/2024

$

14

Net

unrealized

appreciation

$

14

*

Non-deliverable

forward.

Abbreviations:

INR

—

Indian

Rupee

USD

—

US

Dollar

FlexShares®

Emerging

Markets

Quality

Low

Volatility

Index

invested,

as

a

percentage

of

net

assets,

in

companies

domiciled

in

the

following

countries

as

of

July

31,

2024:

Brazil

3‌

.6

%

China

17‌

.7

Egypt

0‌

.1

India

23‌

.2

Indonesia

1‌

.5

Kuwait

2‌

.1

Malaysia

5‌

.2

Mexico

0‌

.9

Morocco

1‌

.2

Peru

0‌

.9

Philippines

0‌

.5

Qatar

2‌

.4

Saudi

Arabia

4‌

.4

South

Korea

7‌

.9

Taiwan

19‌

.5

Thailand

2‌

.5

United

Arab

Emirates

5‌

.9

Other

1

0‌

.5

100.0%

1

Includes

any

non-equity

securities

and

net

other

assets

(liabilities).

Security

Type

%

of

Net

Assets

Common

Stocks

99‌

.5

%

Others

(1)

0‌

.5

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

16

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

July

31,2024

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

99.2%

Aerospace

&

Defense

-

1.7%

AAR

Corp.*

2,430

$

156,978

AeroVironment,

Inc.*

1,134

202,464

Axon

Enterprise,

Inc.*

1,458

437,415

Boeing

Co.

(The)*

18,032

3,436,899

BWX

Technologies,

Inc.

3,726

370,700

Curtiss-Wright

Corp.

1,932

569,360

Ducommun,

Inc.*

486

31,187

General

Dynamics

Corp.

6,601

1,971,785

General

Electric

Co.

25,116

4,274,743

HEICO

Corp.(a)

1,288

310,846

HEICO

Corp.,

Class

A

1,620

307,978

Hexcel

Corp.

2,898

191,877

Howmet

Aerospace,

Inc.

10,304

986,093

Huntington

Ingalls

Industries,

Inc.

1,134

317,497

Kratos

Defense

&

Security

Solutions,

Inc.*

3,726

83,984

L3Harris

Technologies,

Inc.

4,508

1,022,820

Lockheed

Martin

Corp.

6,118

3,315,467

Mercury

Systems,

Inc.*(a)

3,864

137,365

Moog,

Inc.,

Class

A

1,771

347,293

Northrop

Grumman

Corp.

4,025

1,949,388

Rocket

Lab

USA,

Inc.*(a)

21,413

112,204

RTX

Corp.

38,801

4,558,729

Spirit

AeroSystems

Holdings,

Inc.,

Class

A*(a)

3,220

116,725

Textron,

Inc.

5,635

523,491

TransDigm

Group,

Inc.

1,288

1,666,955

Triumph

Group,

Inc.*

6,156

100,897

V2X,

Inc.*(a)

805

41,965

Woodward,

Inc.

2,916

454,867

27,997,972

Air

Freight

&

Logistics

-

0.4%

Air

Transport

Services

Group,

Inc.*(a)

4,830

77,956

CH

Robinson

Worldwide,

Inc.(a)

3,864

344,089

Expeditors

International

of

Washington,

Inc.

4,025

502,401

FedEx

Corp.

6,923

2,092,477

Forward

Air

Corp.

805

20,415

GXO

Logistics,

Inc.*(a)

6,440

360,511

Hub

Group,

Inc.,

Class

A

4,991

233,429

United

Parcel

Service,

Inc.,

Class

B

20,930

2,728,644

‌

6,359,922

Investments

Shares

Value

Automobile

Components

-

0.6%

Adient

plc*

20,769

$

535,009

American

Axle

&

Manufacturing

Holdings,

Inc.*

4,991

37,083

Aptiv

plc*

8,533

592,105

Autoliv,

Inc.(a)

13,202

1,335,250

BorgWarner,

Inc.(a)

42,987

1,517,871

Dana,

Inc.

34,776

442,003

Dorman

Products,

Inc.*

1,610

163,206

Fox

Factory

Holding

Corp.*

4,025

214,895

Garrett

Motion,

Inc.*(a)

22,057

193,219

Gentex

Corp.

10,465

325,043

Gentherm,

Inc.*

2,737

151,028

Goodyear

Tire

&

Rubber

Co.

(The)*

49,910

583,947

LCI

Industries(a)

1,932

225,445

Lear

Corp.

11,431

1,395,039

Mobileye

Global,

Inc.,

Class

A*(a)

3,864

81,144

Modine

Manufacturing

Co.*

3,220

378,865

Patrick

Industries,

Inc.(a)

5,152

659,765

Phinia,

Inc.

10,143

453,392

QuantumScape

Corp.,

Class

A*(a)

58,443

377,542

Standard

Motor

Products,

Inc.(a)

2,576

84,313

Visteon

Corp.*

4,669

539,456

XPEL,

Inc.*(a)(b)

1,134

46,347

10,331,967

Automobiles

-

1.4%

Ford

Motor

Co.

108,514

1,174,122

General

Motors

Co.

34,615

1,534,137

Harley-Davidson,

Inc.(a)

26,404

990,150

Lucid

Group,

Inc.*(a)

80,983

285,060

Rivian

Automotive,

Inc.,

Class

A*(a)

156,492

2,568,034

Tesla,

Inc.*(a)

64,078

14,870,581

Thor

Industries,

Inc.(a)

10,465

1,110,755

Winnebago

Industries,

Inc.(a)

5,152

322,103

22,854,942

Banks

-

6.5%

1st

Source

Corp.

2,093

133,010

Amalgamated

Financial

Corp.

5,796

184,371

Amerant

Bancorp,

Inc.,

Class

A

6,118

137,594

Ameris

Bancorp(a)

14,007

852,886

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

17

Investments

Shares

Value

COMMON

STOCKS

(continued)

Banks

(continued)

Associated

Banc-Corp.(a)

34,937

$

802,852

Atlantic

Union

Bankshares

Corp.(a)

15,295

631,531

Axos

Financial,

Inc.*

10,692

780,623

Banc

of

California,

Inc.

28,658

400,639

BancFirst

Corp.(a)

1,454

156,203

Bancorp,

Inc.

(The)*(a)

9,016

467,389

Bank

of

America

Corp.

197,064

7,943,650

Bank

of

Hawaii

Corp.(a)

483

33,129

Bank

OZK(a)

23,345

1,094,647

BankUnited,

Inc.

14,973

576,760

Banner

Corp.(a)

8,694

514,859

Berkshire

Hills

Bancorp,

Inc.

14,007

386,593

BOK

Financial

Corp.

4,025

413,931

Brookline

Bancorp,

Inc.

4,347

45,600

Byline

Bancorp,

Inc.

7,084

198,706

Cadence

Bank(a)

34,615

1,137,795

Capitol

Federal

Financial,

Inc.

46,690

295,081

Cathay

General

Bancorp(a)

14,329

635,061

Central

Pacific

Financial

Corp.

2,415

63,007

Citigroup,

Inc.

53,613

3,478,411

Citizens

Financial

Group,

Inc.

15,617

666,377

City

Holding

Co.

324

39,496

Coastal

Financial

Corp.*(a)

3,220

169,694

Columbia

Banking

System,

Inc.(a)

48,300

1,263,528

Comerica,

Inc.

28,658

1,570,745

Commerce

Bancshares,

Inc.(a)

4,025

260,458

Community

Financial

System,

Inc.(a)

4,669

287,984

Community

Trust

Bancorp,

Inc.

1,782

90,383

ConnectOne

Bancorp,

Inc.

1,127

27,296

CrossFirst

Bankshares,

Inc.*(a)

5,474

101,488

Cullen/Frost

Bankers,

Inc.(a)

13,363

1,564,273

Customers

Bancorp,

Inc.*(a)

4,186

269,913

CVB

Financial

Corp.(a)

25,116

478,711

Dime

Community

Bancshares,

Inc.(a)

1,610

40,701

East

West

Bancorp,

Inc.

(a)

27,853

2,448,000

Eastern

Bankshares,

Inc.

(a)

40,515

674,170

Investments

Shares

Value

Banks

(continued)

Enterprise

Financial

Services

Corp.

9,660

$

510,724

FB

Financial

Corp.

966

45,103

Fifth

Third

Bancorp

20,286

858,909

First

Bancorp/NC

3,078

128,660

First

Bancorp/PR

38,479

825,375

First

Bancshares,

Inc.

(The)

2,254

75,103

First

Busey

Corp.

14,168

388,770

First

Citizens

BancShares,

Inc.,

Class

A

324

676,412

First

Commonwealth

Financial

Corp.

22,032

398,339

First

Financial

Bancorp

16,362

447,664

First

Financial

Bankshares,

Inc.

2,576

99,073

First

Hawaiian,

Inc.(a)

25,760

645,030

First

Horizon

Corp.

116,081

1,942,035

First

Interstate

BancSystem,

Inc.,

Class

A

14,812

467,615

First

Merchants

Corp.

14,651

591,168

First

Mid

Bancshares,

Inc.

6,923

265,774

FNB

Corp.(a)

67,781

1,039,761

Fulton

Financial

Corp.(a)

33,488

648,663

Glacier

Bancorp,

Inc.(a)

1,932

86,380

Great

Southern

Bancorp,

Inc.(a)

322

20,160

Hancock

Whitney

Corp.

15,939

872,341

Heartland

Financial

USA,

Inc.

5,957

324,776

Heritage

Commerce

Corp.

22,057

228,290

Heritage

Financial

Corp.

13,685

317,081

Hilltop

Holdings,

Inc.(a)

4,508

148,719

Home

BancShares,

Inc.

36,225

1,026,254

Hope

Bancorp,

Inc.

16,905

222,470

Horizon

Bancorp,

Inc.

18,515

295,685

Huntington

Bancshares,

Inc.

41,055

613,772

Independent

Bank

Corp.

6,279

402,798

Independent

Bank

Group,

Inc.

8,050

475,433

International

Bancshares

Corp.

11,664

786,620

JPMorgan

Chase

&

Co.

81,949

17,438,747

KeyCorp

28,658

462,254

Lakeland

Financial

Corp.

(a)

648

44,407

Live

Oak

Bancshares,

Inc.

644

29,070

M&T

Bank

Corp.

5,313

914,739

Mercantile

Bank

Corp.

2,093

101,217

National

Bank

Holdings

Corp.,

Class

A

7,567

316,906

NBT

Bancorp,

Inc.(a)

322

15,784

New

York

Community

Bancorp,

Inc.(a)

50,607

532,386

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

18

Investments

Shares

Value

COMMON

STOCKS

(continued)

Banks

(continued)

Nicolet

Bankshares,

Inc.

1,427

$

143,499

Northwest

Bancshares,

Inc.(a)

24,633

345,847

OceanFirst

Financial

Corp.

12,719

231,104

OFG

Bancorp

11,753

533,821

Old

National

Bancorp

64,561

1,292,511

Old

Second

Bancorp,

Inc.

4,025

68,103

Origin

Bancorp,

Inc.(a)

3,381

116,171

Pacific

Premier

Bancorp,

Inc.

24,794

670,926

Park

National

Corp.(a)

324

57,335

Pathward

Financial,

Inc.

2,592

175,064

Peoples

Bancorp,

Inc.

5,184

172,472

Pinnacle

Financial

Partners,

Inc.(a)

16,744

1,612,782

PNC

Financial

Services

Group,

Inc.

(The)

11,109

2,011,840

Popular,

Inc.

14,812

1,520,156

Preferred

Bank(a)

3,703

318,680

Premier

Financial

Corp.

10,948

277,422

Prosperity

Bancshares,

Inc.(a)

17,710

1,284,329

Provident

Financial

Services,

Inc.

23,604

437,618

QCR

Holdings,

Inc.

1,782

136,216

Regions

Financial

Corp.

28,014

626,673

S&T

Bancorp,

Inc.

6,923

307,243

Sandy

Spring

Bancorp,

Inc.

4,025

123,286

ServisFirst

Bancshares,

Inc.(a)

3,703

297,129

Simmons

First

National

Corp.,

Class

A

20,608

443,690

Southside

Bancshares,

Inc.(a)

10,304

360,537

SouthState

Corp.(a)

14,490

1,434,075

Stellar

Bancorp,

Inc.

15,617

427,906

Stock

Yards

Bancorp,

Inc.(a)

486

30,239

Synovus

Financial

Corp.

(a)

31,234

1,460,190

Texas

Capital

Bancshares,

Inc.*

2,898

191,558

TFS

Financial

Corp.(a)

11,270

152,821

Tompkins

Financial

Corp.

5,152

324,267

Towne

Bank

7,084

235,472

TriCo

Bancshares

4,347

202,266

Triumph

Financial,

Inc.*(a)

2,093

189,898

Truist

Financial

Corp.

36,547

1,633,285

TrustCo

Bank

Corp.

NY

8,050

286,661

Trustmark

Corp.

15,134

525,604

UMB

Financial

Corp.

8,211

837,686

United

Bankshares,

Inc.

(a)

28,980

1,128,191

Investments

Shares

Value

Banks

(continued)

United

Community

Banks,

Inc.

28,336

$

876,999

Univest

Financial

Corp.

4,347

120,195

US

Bancorp

44,919

2,015,965

Valley

National

Bancorp(a)

88,389

742,468

Veritex

Holdings,

Inc.

11,270

282,539

WaFd,

Inc.(a)

20,447

727,709

Webster

Financial

Corp.

35,581

1,765,529

Wells

Fargo

&

Co.

100,947

5,990,195

WesBanco,

Inc.

15,939

508,135

Westamerica

Bancorp(a)

5,474

295,377

Western

Alliance

Bancorp

22,701

1,826,522

Wintrust

Financial

Corp.

11,826

1,279,573

WSFS

Financial

Corp.(a)

10,465

591,168

Zions

Bancorp

NA

32,361

1,672,093

108,367,052

Beverages

-

1.0%

Boston

Beer

Co.,

Inc.

(The),

Class

A*

322

90,228

Brown-Forman

Corp.,

Class

A

1,296

59,085

Brown-Forman

Corp.,

Class

B(a)

4,347

196,310

Celsius

Holdings,

Inc.*(a)

4,347

203,570

Coca-Cola

Co.

(The)

90,965

6,071,004

Coca-Cola

Consolidated,

Inc.

322

368,977

Constellation

Brands,

Inc.,

Class

A

3,864

947,298

Duckhorn

Portfolio,

Inc.

(The)*(a)

17,388

126,237

Keurig

Dr

Pepper,

Inc.

24,955

855,457

MGP

Ingredients,

Inc.(a)

161

13,129

Molson

Coors

Beverage

Co.,

Class

B(a)

5,994

316,783

Monster

Beverage

Corp.*

17,820

916,839

National

Beverage

Corp.

972

47,424

PepsiCo,

Inc.

31,878

5,504,374

Vita

Coco

Co.,

Inc.

(The)*(a)

3,864

99,846

15,816,561

Biotechnology

-

2.3%

89bio,

Inc.*(a)

30,107

275,780

AbbVie,

Inc.

50,876

9,428,340

ACADIA

Pharmaceuticals,

Inc.*(a)

6,440

122,489

Agios

Pharmaceuticals,

Inc.*(a)

4,452

206,573

Akero

Therapeutics,

Inc.*

7,245

193,659

Alkermes

plc*

31,395

857,711

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

19

Investments

Shares

Value

COMMON

STOCKS

(continued)

Biotechnology

(continued)

Alnylam

Pharmaceuticals,

Inc.*

2,737

$

649,928

Amgen,

Inc.

15,617

5,192,184

Amicus

Therapeutics,

Inc.*

6,318

65,139

AnaptysBio,

Inc.*(a)

2,415

84,139

Apellis

Pharmaceuticals,

Inc.*

3,220

127,512

Arcus

Biosciences,

Inc.*(a)

6,118

100,396

Arrowhead

Pharmaceuticals,

Inc.*(a)

2,093

59,776

Aurinia

Pharmaceuticals,

Inc.*(a)

12,719

74,788

Beam

Therapeutics,

Inc.*(a)

19,320

611,285

Biogen,

Inc.*

2,898

617,854

Biohaven

Ltd.*

6,440

253,285

BioMarin

Pharmaceutical,

Inc.*

4,508

380,160

Blueprint

Medicines

Corp.*(a)

3,059

331,290

Bridgebio

Pharma,

Inc.*(a)

4,991

129,516

Catalyst

Pharmaceuticals,

Inc.*

8,676

149,574

Celldex

Therapeutics,

Inc.*(a)

483

18,407

Cerevel

Therapeutics

Holdings,

Inc.*

2,754

123,820

Crinetics

Pharmaceuticals,

Inc.*

483

25,657

CRISPR

Therapeutics

AG*(a)

5,313

304,382

Cytokinetics,

Inc.*(a)

2,576

152,010

Denali

Therapeutics,

Inc.*(a)

10,626

258,956

Dynavax

Technologies

Corp.*(a)

12,558

140,524

Exact

Sciences

Corp.*(a)

1,771

80,899

Exelixis,

Inc.*

16,905

396,422

Geron

Corp.*

22,862

108,366

Gilead

Sciences,

Inc.

37,030

2,816,502

Halozyme

Therapeutics,

Inc.*

6,762

373,668

Immunovant,

Inc.*(a)

2,093

60,843

Incyte

Corp.*

3,703

240,954

Insmed,

Inc.*

5,635

409,946

Intellia

Therapeutics,

Inc.*(a)

8,694

227,870

Ionis

Pharmaceuticals,

Inc.*(a)

6,118

302,596

Iovance

Biotherapeutics,

Inc.*(a)

13,202

115,253

Investments

Shares

Value

Biotechnology

(continued)

Ironwood

Pharmaceuticals,

Inc.,

Class

A*

322

$

2,199

Keros

Therapeutics,

Inc.*(a)

2,415

121,136

Krystal

Biotech,

Inc.*(a)

1,449

302,058

Kura

Oncology,

Inc.*(a)

7,728

160,820

Kymera

Therapeutics,

Inc.*(a)

2,898

133,888

Madrigal

Pharmaceuticals,

Inc.*(a)

966

274,982

Moderna,

Inc.*

6,923

825,360

Morphic

Holding,

Inc.*

8,050

456,113

Myriad

Genetics,

Inc.*(a)

2,754

77,029

Natera,

Inc.*(a)

3,864

395,635

Neurocrine

Biosciences,

Inc.*

1,944

275,212

Novavax,

Inc.*(a)

22,701

290,800

PTC

Therapeutics,

Inc.*

1,610

54,498

Recursion

Pharmaceuticals,

Inc.,

Class

A*(a)

11,592

95,054

Regeneron

Pharmaceuticals,

Inc.*

2,415

2,606,244

REVOLUTION

Medicines,

Inc.*

8,050

367,402

Rocket

Pharmaceuticals,

Inc.*(a)

6,118

148,056

Roivant

Sciences

Ltd.*(a)

7,728

83,849

Sage

Therapeutics,

Inc.*

161

1,763

Sana

Biotechnology,

Inc.*(a)

12,075

73,537

Sarepta

Therapeutics,

Inc.*

3,059

435,112

SpringWorks

Therapeutics,

Inc.*(a)

3,864

138,756

Summit

Therapeutics,

Inc.*(a)

4,991

53,903

TG

Therapeutics,

Inc.*(a)

1,610

31,814

Twist

Bioscience

Corp.*(a)

2,737

152,752

Ultragenyx

Pharmaceutical,

Inc.*

3,059

137,716

United

Therapeutics

Corp.*

1,449

453,957

Vaxcyte,

Inc.*(a)

5,474

431,844

Veracyte,

Inc.*

8,533

204,792

Vertex

Pharmaceuticals,

Inc.*

6,118

3,032,815

Viking

Therapeutics,

Inc.*

4,186

238,602

Vir

Biotechnology,

Inc.*

12,236

124,318

Viridian

Therapeutics,

Inc.*(a)

11,270

189,899

Xencor,

Inc.*(a)

6,118

124,930

Zymeworks,

Inc.*

14,329

149,881

‌

38,715,179

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

20

Investments

Shares

Value

COMMON

STOCKS

(continued)

Broadline

Retail

-

2.8%

Amazon.com,

Inc.*

218,316

$

40,820,726

Coupang,

Inc.,

Class

A*

29,946

621,379

Dillard's,

Inc.,

Class

A(a)

322

128,346

eBay,

Inc.(a)

15,939

886,368

Etsy,

Inc.*

4,830

314,626

Kohl's

Corp.(a)

20,769

449,857

Macy's,

Inc.

54,096

934,779

MercadoLibre,

Inc.*

1,127

1,880,850

Nordstrom,

Inc.(a)

20,608

470,481

Ollie's

Bargain

Outlet

Holdings,

Inc.*(a)

2,916

284,718

Savers

Value

Village,

Inc.*(a)

5,796

59,061

46,851,191

Building

Products

-

0.9%

A

O

Smith

Corp.

3,078

261,753

AAON,

Inc.(a)

3,402

301,179

Advanced

Drainage

Systems,

Inc.(a)

2,254

399,048

Allegion

plc(a)

1,771

242,290

American

Woodmark

Corp.*

3,864

394,708

Apogee

Enterprises,

Inc.

2,737

187,868

Armstrong

World

Industries,

Inc.

1,127

148,088

AZEK

Co.,

Inc.

(The),

Class

A*

4,347

195,137

AZZ,

Inc.

2,415

193,103

Builders

FirstSource,

Inc.*

4,025

673,664

Carlisle

Cos.,

Inc.

1,296

542,480

Carrier

Global

Corp.

21,060

1,434,397

CSW

Industrials,

Inc.(a)

322

104,463

Fortune

Brands

Innovations,

Inc.

4,508

364,291

Gibraltar

Industries,

Inc.*

810

60,159

Griffon

Corp.

3,220

232,033

Hayward

Holdings,

Inc.*(a)

11,109

164,302

Insteel

Industries,

Inc.

2,415

82,714

JELD-WEN

Holding,

Inc.*(a)

12,397

206,906

Johnson

Controls

International

plc

17,227

1,232,420

Lennox

International,

Inc.

805

469,717

Masco

Corp.

6,480

504,468

Masterbrand,

Inc.*(a)

23,345

421,377

Owens

Corning

3,059

570,136

Quanex

Building

Products

Corp.(a)

4,669

155,945

Resideo

Technologies,

Inc.*

25,760

585,267

Simpson

Manufacturing

Co.,

Inc.

1,458

280,067

Investments

Shares

Value

Building

Products

(continued)

Trane

Technologies

plc

5,184

$

1,732,908

Trex

Co.,

Inc.*

5,635

471,255

UFP

Industries,

Inc.

11,988

1,581,577

Zurn

Elkay

Water

Solutions

Corp.(a)

4,212

136,722

14,330,442

Capital

Markets

-

3.1%

Affiliated

Managers

Group,

Inc.(a)

7,084

1,314,932

Ameriprise

Financial,

Inc.

2,415

1,038,619

Ares

Management

Corp.,

Class

A

3,542

542,634

Artisan

Partners

Asset

Management,

Inc.,

Class

A(a)

1,932

85,317

B.

Riley

Financial,

Inc.(a)

2,415

46,368

Bank

of

New

York

Mellon

Corp.

(The)

20,608

1,340,963

BGC

Group,

Inc.,

Class

A

27,531

253,561

BlackRock,

Inc.

4,186

3,669,029

Blackstone,

Inc.

16,261

2,311,501

Blue

Owl

Capital,

Inc.,

Class

A(a)

17,496

333,649

Brightsphere

Investment

Group,

Inc.

4,860

127,283

Carlyle

Group,

Inc.

(The)

(a)

4,830

240,244

Charles

Schwab

Corp.

(The)

34,293

2,235,561

CME

Group,

Inc.

8,211

1,590,553

Cohen

&

Steers,

Inc.(a)

1,449

124,353

Coinbase

Global,

Inc.,

Class

A*(a)

4,347

975,293

Donnelley

Financial

Solutions,

Inc.*(a)

1,127

76,050

Evercore,

Inc.,

Class

A

1,771

443,441

FactSet

Research

Systems,

Inc.(a)

810

334,603

Federated

Hermes,

Inc.,

Class

B

13,685

469,806

Franklin

Resources,

Inc.

8,855

202,514

Goldman

Sachs

Group,

Inc.

(The)

9,499

4,835,276

Hamilton

Lane,

Inc.,

Class

A(a)

2,415

348,654

Houlihan

Lokey,

Inc.,

Class

A(a)

1,620

243,405

Interactive

Brokers

Group,

Inc.,

Class

A

3,220

384,049

Intercontinental

Exchange,

Inc.

13,358

2,024,538

Invesco

Ltd.

66,171

1,142,111

Janus

Henderson

Group

plc

27,853

1,036,967

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

21

Investments

Shares

Value

COMMON

STOCKS

(continued)

Capital

Markets

(continued)

Jefferies

Financial

Group,

Inc.

30,751

$

1,798,011

KKR

&

Co.,

Inc.

18,354

2,265,801

LPL

Financial

Holdings,

Inc.

2,093

463,641

MarketAxess

Holdings,

Inc.

2,093

467,848

Moelis

&

Co.,

Class

A

3,078

209,304

Moody's

Corp.

3,864

1,763,839

Morgan

Stanley

36,708

3,788,633

Morningstar,

Inc.

486

154,378

MSCI,

Inc.

1,782

963,634

Nasdaq,

Inc.

8,050

544,824

Northern

Trust

Corp.(c)

6,440

570,906

Open

Lending

Corp.*(a)

9,338

58,829

Piper

Sandler

Cos.

966

263,988

PJT

Partners,

Inc.,

Class

A(a)

324

43,073

Raymond

James

Financial,

Inc.

5,152

597,632

Robinhood

Markets,

Inc.,

Class

A*

16,744

344,424

S&P

Global,

Inc.

7,245

3,511,869

SEI

Investments

Co.

3,542

240,289

State

Street

Corp.

9,177

779,770

Stifel

Financial

Corp.(a)

20,447

1,813,035

StoneX

Group,

Inc.*

6,041

503,457

T.

Rowe

Price

Group,

Inc.(a)

7,084

809,064

TPG,

Inc.,

Class

A

2,106

107,385

Tradeweb

Markets,

Inc.,

Class

A

3,542

395,571

Victory

Capital

Holdings,

Inc.,

Class

A(a)

6,279

328,957

Virtu

Financial,

Inc.,

Class

A(a)

20,608

563,011

Virtus

Investment

Partners,

Inc.

1,127

254,702

WisdomTree,

Inc.(a)

162

1,934

51,379,083

Chemicals

-

1.4%

AdvanSix,

Inc.

5,796

162,114

Air

Products

and

Chemicals,

Inc.

6,118

1,614,234

Albemarle

Corp.(a)

2,737

256,375

Arcadium

Lithium

plc*(a)

217,350

691,173

Ashland,

Inc.

1,782

172,230

Avient

Corp.

5,796

262,211

Axalta

Coating

Systems

Ltd.*

8,262

294,540

Balchem

Corp.

1,782

316,234

Cabot

Corp.

3,220

322,934

Celanese

Corp.(a)

3,059

431,778

Investments

Shares

Value

Chemicals

(continued)

CF

Industries

Holdings,

Inc.

6,279

$

479,653

Chemours

Co.

(The)(a)

32,361

782,165

Corteva,

Inc.

15,295

858,050

Dow,

Inc.

18,837

1,026,051

DuPont

de

Nemours,

Inc.

10,787

902,872

Eastman

Chemical

Co.

3,381

349,359

Ecolab,

Inc.

5,474

1,262,797

Ecovyst,

Inc.*(a)

9,499

90,620

Element

Solutions,

Inc.

12,474

336,174

FMC

Corp.(a)

3,542

206,711

Hawkins,

Inc.(a)

486

50,495

HB

Fuller

Co.(a)

1,458

125,680

Huntsman

Corp.(a)

2,576

61,644

Ingevity

Corp.*

161

7,388

Innospec,

Inc.

648

84,979

International

Flavors

&

Fragrances,

Inc.

4,830

480,488

Koppers

Holdings,

Inc.(a)

3,381

137,641

Kronos

Worldwide,

Inc.(a)

5,957

71,246

Linde

plc

11,270

5,110,945

LSB

Industries,

Inc.*(a)

805

7,334

LyondellBasell

Industries

NV,

Class

A

7,290

725,063

Mativ

Holdings,

Inc.

12,075

230,512

Minerals

Technologies,

Inc.

2,254

176,669

Mosaic

Co.

(The)

10,626

316,336

NewMarket

Corp.(a)

1,288

722,401

Olin

Corp.

3,542

161,551

Perimeter

Solutions

SA*

19,159

185,651

PPG

Industries,

Inc.

4,991

633,757

PureCycle

Technologies,

Inc.*(a)

18,837

145,233

Quaker

Chemical

Corp.

644

116,931

RPM

International,

Inc.(a)

2,592

314,824

Scotts

Miracle-Gro

Co.

(The)(a)

3,381

265,747

Sensient

Technologies

Corp.

966

75,396

Sherwin-Williams

Co.

(The)

5,313

1,863,800

Stepan

Co.

322

27,251

Tronox

Holdings

plc

4,508

72,849

Westlake

Corp.

483

71,416

23,061,502

Commercial

Services

&

Supplies

-

0.8%

ABM

Industries,

Inc.

11,592

644,052

ACV

Auctions,

Inc.,

Class

A*

1,127

19,249

Brady

Corp.,

Class

A

972

69,605

Brink's

Co.

(The)

9,396

1,033,466

Casella

Waste

Systems,

Inc.,

Class

A*(a)

1,944

201,321

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

22

Investments

Shares

Value

COMMON

STOCKS

(continued)

Commercial

Services

&

Supplies

(continued)

Cimpress

plc*(a)

1,610

$

146,945

Cintas

Corp.

1,944

1,485,099

Clean

Harbors,

Inc.*

1,610

384,355

Copart,

Inc.*

20,608

1,078,417

CoreCivic,

Inc.*

10,143

141,393

Deluxe

Corp.(a)

9,821

239,436

Ennis,

Inc.(a)

4,347

103,632

Enviri

Corp.*

17,227

203,623

GEO

Group,

Inc.

(The)*

21,574

312,823

HNI

Corp.

3,240

178,038

Interface,

Inc.,

Class

A

9,660

166,925

Matthews

International

Corp.,

Class

A

10,787

312,284

MillerKnoll,

Inc.(a)

17,549

544,370

MSA

Safety,

Inc.

2,093

394,844

OPENLANE,

Inc.*

2,898

51,816

Pitney

Bowes,

Inc.

10,143

66,944

Republic

Services,

Inc.

4,860

944,395

Rollins,

Inc.

5,994

287,173

Steelcase,

Inc.,

Class

A(a)

25,277

366,264

Stericycle,

Inc.*

5,152

301,650

Tetra

Tech,

Inc.(a)

1,771

377,648

UniFirst

Corp.

805

156,605

Veralto

Corp.

6,440

686,246

Viad

Corp.*

2,106

70,024

Waste

Management,

Inc.

8,748

1,772,870

12,741,512

Communications

Equipment

-

0.7%

Arista

Networks,

Inc.*

5,796

2,008,604

Calix,

Inc.*

4,347

178,792

Ciena

Corp.*

5,313

280,208

Cisco

Systems,

Inc.

116,242

5,631,925

Digi

International,

Inc.*(a)

3,240

88,452

Extreme

Networks,

Inc.*

8,855

126,627

F5,

Inc.*

1,127

229,502

Harmonic,

Inc.*

4,186

61,367

Infinera

Corp.*(a)

2,254

13,389

Juniper

Networks,

Inc.

9,821

370,153

Lumentum

Holdings,

Inc.*(a)

4,830

250,097

Motorola

Solutions,

Inc.

4,050

1,615,626

NetScout

Systems,

Inc.*

9,177

186,752

Viasat,

Inc.*(a)

7,728

156,260

Viavi

Solutions,

Inc.*

4,347

34,950

11,232,704

Construction

&

Engineering

-

0.3%

AECOM

4,105

371,954

Ameresco,

Inc.,

Class

A*

8,694

274,470

API

Group

Corp.*

6,923

262,313

Arcosa,

Inc.

1,296

120,411

Investments

Shares

Value

Construction

&

Engineering

(continued)

Argan,

Inc.

1,620

$

127,867

Comfort

Systems

USA,

Inc.

805

267,598

Construction

Partners,

Inc.,

Class

A*

810

52,367

Dycom

Industries,

Inc.*

1,296

237,829

EMCOR

Group,

Inc.

1,288

483,567

Fluor

Corp.*(a)

5,508

264,935

Granite

Construction,

Inc.(a)

3,240

221,810

IES

Holdings,

Inc.*

1,288

198,313

MasTec,

Inc.*(a)

2,415

265,722

MDU

Resources

Group,

Inc.

11,914

320,963

MYR

Group,

Inc.*(a)

1,127

158,321

Primoris

Services

Corp.

4,186

236,383

Quanta

Services,

Inc.

3,703

982,702

Sterling

Infrastructure,

Inc.*

2,254

262,275

Tutor

Perini

Corp.*

3,703

92,168

Valmont

Industries,

Inc.

644

192,144

WillScot

Holdings

Corp.*(a)

5,957

244,237

5,638,349

Construction

Materials

-

0.2%

CRH

plc

18,354

1,572,938

Eagle

Materials,

Inc.

1,620

441,126

Knife

River

Corp.*

644

51,211

Martin

Marietta

Materials,

Inc.

1,458

865,104

Summit

Materials,

Inc.,

Class

A*(a)

4,789

200,085

Vulcan

Materials

Co.

2,916

800,471

3,930,935

Consumer

Finance

-

0.8%

Ally

Financial,

Inc.

9,982

449,290

American

Express

Co.

16,583

4,196,162

Bread

Financial

Holdings,

Inc.

7,406

404,219

Capital

One

Financial

Corp.

11,270

1,706,278

Credit

Acceptance

Corp.*(a)

277

159,247

Discover

Financial

Services

7,406

1,066,390

Encore

Capital

Group,

Inc.*(a)

5,957

301,126

Enova

International,

Inc.*

6,966

602,350

EZCORP,

Inc.,

Class

A*(a)

3,220

33,552

FirstCash

Holdings,

Inc.

1,296

144,634

LendingClub

Corp.*

15,939

199,397

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

23

Investments

Shares

Value

COMMON

STOCKS

(continued)

Consumer

Finance

(continued)

Navient

Corp.(a)

22,032

$

361,545

Nelnet,

Inc.,

Class

A

1,449

163,317

NerdWallet,

Inc.,

Class

A*

9,982

146,037

OneMain

Holdings,

Inc.

22,218

1,161,113

PROG

Holdings,

Inc.

6,762

304,696

SLM

Corp.

48,783

1,106,886

SoFi

Technologies,

Inc.*(a)

41,055

309,555

Synchrony

Financial

9,499

482,454

Upstart

Holdings,

Inc.*(a)

3,864

107,922

World

Acceptance

Corp.*

324

39,567

13,445,737

Consumer

Staples

Distribution

&

Retail

-

1.4%

Albertsons

Cos.,

Inc.,

Class

A

8,211

162,824

Andersons,

Inc.

(The)

2,737

149,249

BJ's

Wholesale

Club

Holdings,

Inc.*

3,969

349,113

Casey's

General

Stores,

Inc.

1,127

437,096

Chefs'

Warehouse,

Inc.

(The)*(a)

3,381

140,616

Costco

Wholesale

Corp.

10,304

8,469,888

Dollar

General

Corp.

5,796

697,780

Dollar

Tree,

Inc.*

4,669

487,163

Grocery

Outlet

Holding

Corp.*

644

12,597

Ingles

Markets,

Inc.,

Class

A(a)

1,288

104,392

Kroger

Co.

(The)

19,964

1,088,038

Maplebear,

Inc.*

6,601

227,668

Performance

Food

Group

Co.*

3,542

244,398

PriceSmart,

Inc.

324

29,591

SpartanNash

Co.

7,728

163,215

Sprouts

Farmers

Market,

Inc.*

5,635

562,880

Sysco

Corp.

11,270

863,846

Target

Corp.

13,202

1,985,713

United

Natural

Foods,

Inc.*(a)

10,465

162,208

US

Foods

Holding

Corp.*

6,762

367,785

Walgreens

Boots

Alliance,

Inc.(a)

20,447

242,706

Walmart,

Inc.

101,108

6,940,053

Weis

Markets,

Inc.

1,595

120,343

24,009,162

Containers

&

Packaging

-

0.6%

Amcor

plc

32,683

344,152

AptarGroup,

Inc.

2,254

331,293

Avery

Dennison

Corp.

1,620

351,265

Investments

Shares

Value

Containers

&

Packaging

(continued)

Ball

Corp.

8,050

$

513,832

Berry

Global

Group,

Inc.

23,989

1,576,557

Crown

Holdings,

Inc.(a)

4,025

357,018

Graphic

Packaging

Holding

Co.(a)

59,892

1,802,749

Greif,

Inc.,

Class

A

5,346

356,471

Greif,

Inc.,

Class

B

161

11,378

International

Paper

Co.(a)

7,567

351,714

Myers

Industries,

Inc.

2,576

38,382

O-I

Glass,

Inc.*

36,708

490,419

Packaging

Corp.

of

America

2,415

482,686

Pactiv

Evergreen,

Inc.(a)

12,558

165,012

Sealed

Air

Corp.

26,243

998,546

Silgan

Holdings,

Inc.

5,152

264,967

Smurfit

WestRock

plc*

14,329

642,512

Sonoco

Products

Co.

18,676

1,007,010

TriMas

Corp.

1,296

31,856

10,117,819

Distributors

-

0.1%

A-Mark

Precious

Metals,

Inc.(a)

3,381

129,966

Genuine

Parts

Co.

3,703

544,748

LKQ

Corp.

8,748

363,042

Pool

Corp.(a)

1,127

421,543

1,459,299

Diversified

Consumer

Services

-

0.2%

ADT,

Inc.(a)

45,724

355,733

Adtalem

Global

Education,

Inc.*

5,957

467,088

Bright

Horizons

Family

Solutions,

Inc.*

3,059

367,845

Duolingo,

Inc.,

Class

A*(a)

1,127

193,776

Frontdoor,

Inc.*(a)

2,254

88,943

Graham

Holdings

Co.,

Class

B

161

124,751

Grand

Canyon

Education,

Inc.*

1,127

175,756

H&R

Block,

Inc.(a)

8,050

466,417

Laureate

Education,

Inc.

(a)

8,694

134,757

OneSpaWorld

Holdings

Ltd.*(a)

8,262

132,935

Perdoceo

Education

Corp.

7,567

187,586

Service

Corp.

International(a)

4,212

336,581

Strategic

Education,

Inc.

(a)

1,620

170,748

Stride,

Inc.*(a)

3,220

244,656

‌

3,447,572

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

24

Investments

Shares

Value

COMMON

STOCKS

(continued)

Diversified

REITs

-

0.1%

Alexander

&

Baldwin,

Inc.,

REIT

2,754

$

54,281

Armada

Hoffler

Properties,

Inc.,

REIT(a)

23,989

284,989

Broadstone

Net

Lease,

Inc.,

REIT

14,651

255,074

Empire

State

Realty

Trust,

Inc.,

Class

A,

REIT

14,651

157,791

Essential

Properties

Realty

Trust,

Inc.,

REIT(a)

6,923

204,851

Gladstone

Commercial

Corp.,

REIT

8,533

128,422

Global

Net

Lease,

Inc.,

REIT(a)

56,028

487,444

WP

Carey,

Inc.,

REIT

6,923

400,219

1,973,071

Diversified

Telecommunication

Services

-

0.8%

Anterix,

Inc.*

3,059

123,155

AT&T,

Inc.

204,631

3,939,146

Frontier

Communications

Parent,

Inc.*(a)

41,216

1,207,629

Globalstar,

Inc.*(a)

42,504

51,430

Iridium

Communications,

Inc.

5,957

170,966

Liberty

Global

Ltd.,

Class

A*(a)

27,370

533,441

Liberty

Global

Ltd.,

Class

C*(a)

36,225

728,485

Liberty

Latin

America

Ltd.,

Class

A*

20,125

210,910

Liberty

Latin

America

Ltd.,

Class

C*(a)

14,490

153,594

Lumen

Technologies,

Inc.*(a)

201,572

634,952

Shenandoah

Telecommunications

Co.

966

20,566

Verizon

Communications,

Inc.

120,267

4,873,219

12,647,493

Electric

Utilities

-

1.5%

ALLETE,

Inc.

10,143

654,224

Alliant

Energy

Corp.

6,118

340,528

American

Electric

Power

Co.,

Inc.

14,168

1,390,164

Avangrid,

Inc.

4,347

155,057

Constellation

Energy

Corp.

7,084

1,344,543

Duke

Energy

Corp.

21,413

2,339,799

Investments

Shares

Value

Electric

Utilities

(continued)

Edison

International

10,143

$

811,541

Entergy

Corp.(a)

5,313

616,149

Evergy,

Inc.

8,533

494,914

Eversource

Energy

8,050

522,525

Exelon

Corp.

25,116

934,315

FirstEnergy

Corp.(a)

15,134

634,266

Hawaiian

Electric

Industries,

Inc.(a)

22,379

370,596

IDACORP,

Inc.(a)

1,127

110,164

MGE

Energy,

Inc.(a)

972

85,380

NextEra

Energy,

Inc.

58,604

4,476,760

NRG

Energy,

Inc.

7,084

532,504

OGE

Energy

Corp.

6,762

262,163

Otter

Tail

Corp.(a)

2,898

280,874

PG&E

Corp.

56,511

1,031,326

Pinnacle

West

Capital

Corp.(a)

21,735

1,860,299

PNM

Resources,

Inc.

21,574

897,047

Portland

General

Electric

Co.(a)

23,506

1,113,714

PPL

Corp.

17,066

507,202

Southern

Co.

(The)(a)

30,590

2,554,877

Xcel

Energy,

Inc.

17,227

1,003,990

25,324,921

Electrical

Equipment

-

0.9%

Acuity

Brands,

Inc.

1,771

445,141

AMETEK,

Inc.

4,991

865,839

Atkore,

Inc.(a)

8,050

1,086,750

Bloom

Energy

Corp.,

Class

A*(a)

1,932

26,159

Eaton

Corp.

plc

9,234

2,814,431

Emerson

Electric

Co.

15,295

1,791,197

EnerSys

7,406

814,142

Fluence

Energy,

Inc.,

Class

A*(a)

8,050

131,859

GE

Vernova,

Inc.*

5,796

1,033,079

Generac

Holdings,

Inc.*

2,898

451,161

Hubbell,

Inc.,

Class

B(a)

1,134

448,667

NEXTracker,

Inc.,

Class

A*

24,150

1,186,731

nVent

Electric

plc

4,991

362,496

Plug

Power,

Inc.*(a)

166,313

410,793

Regal

Rexnord

Corp.

1,944

312,362

Rockwell

Automation,

Inc.

2,592

722,261

Sensata

Technologies

Holding

plc(a)

27,692

1,079,711

Sunrun,

Inc.*(a)

38,640

677,359

Vertiv

Holdings

Co.,

Class

A

8,855

696,889

Vicor

Corp.*(a)

483

20,339

‌

15,377,366

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

25

Investments

Shares

Value

Electronic

Equipment,

Instruments

&

Components

-

1.0%

Advanced

Energy

Industries,

Inc.(a)

972

$

113,112

Amphenol

Corp.,

Class

A

26,404

1,696,721

Arrow

Electronics,

Inc.*

10,465

1,294,416

Avnet,

Inc.

18,792

1,010,258

Badger

Meter,

Inc.(a)

1,771

365,109

Bel

Fuse,

Inc.,

Class

B

644

47,830

Belden,

Inc.(a)

2,576

238,769

Benchmark

Electronics,

Inc.(a)

7,776

372,237

CDW

Corp.

2,916

636,009

Cognex

Corp.(a)

7,728

383,463

Coherent

Corp.*

7,085

493,652

Corning,

Inc.

20,608

824,526

Crane

NXT

Co.

4,025

253,092

CTS

Corp.

810

39,593

ePlus,

Inc.*(a)

2,576

236,786

Fabrinet*(a)

1,944

428,769

Flex

Ltd.*

14,973

481,382

Insight

Enterprises,

Inc.*(a)

6,118

1,373,491

IPG

Photonics

Corp.*

1,932

155,333

Itron,

Inc.*

1,782

184,330

Jabil,

Inc.

4,186

471,637

Keysight

Technologies,

Inc.*

4,025

561,769

Kimball

Electronics,

Inc.*(a)

3,220

76,314

Knowles

Corp.*

2,430

44,396

Littelfuse,

Inc.

966

258,028

Mirion

Technologies,

Inc.,

Class

A*(a)

15,617

164,603

Novanta,

Inc.*

1,782

322,863

OSI

Systems,

Inc.*

483

71,474

PC

Connection,

Inc.

162

11,594

Plexus

Corp.*

644

82,542

Sanmina

Corp.*(a)

12,558

945,994

ScanSource,

Inc.*

3,726

193,938

TD

SYNNEX

Corp.(a)

648

77,222

TE

Connectivity

Ltd.

7,728

1,192,662

Teledyne

Technologies,

Inc.*

1,134

478,389

Trimble,

Inc.*

5,152

280,990

TTM

Technologies,

Inc.*

19,602

379,887

Vishay

Intertechnology,

Inc.(a)

9,660

234,835

Vontier

Corp.

8,855

347,382

Zebra

Technologies

Corp.,

Class

A*

966

339,250

17,164,647

Energy

Equipment

&

Services

-

0.6%

Archrock,

Inc.

11,109

230,290

Atlas

Energy

Solutions,

Inc.,

Class

A(a)

8,050

170,982

Investments

Shares

Value

Energy

Equipment

&

Services

(continued)

Baker

Hughes

Co.

25,277

$

978,725

Cactus,

Inc.,

Class

A(a)

4,050

255,636

ChampionX

Corp.

10,626

364,047

Diamond

Offshore

Drilling,

Inc.*(a)

11,592

190,341

Dril-Quip,

Inc.*

2,254

39,039

Halliburton

Co.

24,794

859,856

Helix

Energy

Solutions

Group,

Inc.*(a)

13,202

155,784

Helmerich

&

Payne,

Inc.

(a)

16,583

670,285

Liberty

Energy,

Inc.,

Class

A(a)

36,869

890,386

Nabors

Industries

Ltd.*(a)

2,737

281,472

NOV,

Inc.(a)

20,608

429,059

Oceaneering

International,

Inc.*

7,889

236,828

Patterson-UTI

Energy,

Inc.

70,679

776,762

ProFrac

Holding

Corp.,

Class

A*(a)

16,261

151,065

ProPetro

Holding

Corp.*(a)

25,921

248,582

RPC,

Inc.

11,592

86,592

Schlumberger

NV

39,928

1,928,123

Select

Water

Solutions,

Inc.,

Class

A

11,753

138,920

Tidewater,

Inc.*(a)

1,288

127,461

Transocean

Ltd.*(a)

132,503

767,192

US

Silica

Holdings,

Inc.*

9,177

142,152

Valaris

Ltd.*(a)

1,449

113,877

Weatherford

International

plc*

3,864

455,411

10,688,867

Entertainment

-

1.0%

AMC

Entertainment

Holdings,

Inc.,

Class

A*(a)

54,740

290,670

Atlanta

Braves

Holdings,

Inc.,

Class

C*

194

8,426

Cinemark

Holdings,

Inc.*(a)

9,338

220,190

Electronic

Arts,

Inc.

5,796

874,848

Endeavor

Group

Holdings,

Inc.,

Class

A

9,660

264,877

IMAX

Corp.*(a)

1,782

37,600

Liberty

Media

Corp.-

Liberty

Formula

One,

Class

A*

1,620

119,832

Liberty

Media

Corp.-

Liberty

Formula

One,

Class

C*(a)

5,022

406,129

Lions

Gate

Entertainment

Corp.,

Class

B*

9,660

79,598

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

26

Investments

Shares

Value

COMMON

STOCKS

(continued)

Entertainment

(continued)

Live

Nation

Entertainment,

Inc.*(a)

4,186

$

402,651

Madison

Square

Garden

Sports

Corp.*

322

64,532

Netflix,

Inc.*

9,982

6,272,190

Playtika

Holding

Corp.

22,540

171,980

ROBLOX

Corp.,

Class

A*

10,787

447,876

Roku,

Inc.*

5,152

299,898

Sphere

Entertainment

Co.*

4,508

200,516

Take-Two

Interactive

Software,

Inc.*(a)

4,025

605,883

TKO

Group

Holdings,

Inc.,

Class

A(a)

2,093

228,870

Walt

Disney

Co.

(The)

52,325

4,902,329

Warner

Bros

Discovery,

Inc.*

80,339

694,932

Warner

Music

Group

Corp.,

Class

A(a)

2,898

86,969

16,680,796

Financial

Services

-

4.0%

Affirm

Holdings,

Inc.,

Class

A*(a)

10,626

300,610

Apollo

Global

Management,

Inc.

12,397

1,553,468

AvidXchange

Holdings,

Inc.*

10,626

94,996

Berkshire

Hathaway,

Inc.,

Class

B*

51,681

22,662,119

Block,

Inc.,

Class

A*

12,880

797,014

Compass

Diversified

Holdings

7,567

182,062

Corebridge

Financial,

Inc.

2,898

85,636

Corpay,

Inc.*

1,443

421,096

Enact

Holdings,

Inc.

3,381

115,055

Equitable

Holdings,

Inc.

11,270

491,485

Essent

Group

Ltd.

20,447

1,284,889

Euronet

Worldwide,

Inc.*(a)

8,533

870,281

EVERTEC,

Inc.(a)

4,830

166,490

Federal

Agricultural

Mortgage

Corp.,

Class

C(a)

805

166,007

Fidelity

National

Information

Services,

Inc.

15,939

1,224,593

Fiserv,

Inc.*

16,422

2,686,147

Flywire

Corp.*

4,991

91,385

Global

Payments,

Inc.

6,601

670,926

HA

Sustainable

Infrastructure

Capital,

Inc.(a)

23,667

775,568

Investments

Shares

Value

Financial

Services

(continued)

International

Money

Express,

Inc.*

2,268

$

50,372

Jack

Henry

&

Associates,

Inc.(a)

1,782

305,577

Jackson

Financial,

Inc.,

Class

A(a)

13,363

1,176,746

Marqeta,

Inc.,

Class

A*

23,506

126,697

Mastercard,

Inc.,

Class

A

18,998

8,809,563

Merchants

Bancorp

2,916

131,220

MGIC

Investment

Corp.(a)

55,384

1,375,739

Mr

Cooper

Group,

Inc.*

13,685

1,230,008

NCR

Atleos

Corp.*

12,880

414,092

NMI

Holdings,

Inc.,

Class

A*

17,820

701,217

PayPal

Holdings,

Inc.*

29,946

1,969,848

PennyMac

Financial

Services,

Inc.

4,508

442,325

Radian

Group,

Inc.(a)

34,293

1,272,270

Remitly

Global,

Inc.*(a)

8,372

110,594

Repay

Holdings

Corp.,

Class

A*(a)

24,150

232,323

Rocket

Cos.,

Inc.,

Class

A*(a)

6,762

109,477

Shift4

Payments,

Inc.,

Class

A*(a)

1,932

132,902

Toast,

Inc.,

Class

A*(a)

20,125

526,470

Visa,

Inc.,

Class

A(a)

36,547

9,709,442

Voya

Financial,

Inc.

20,769

1,510,529

Walker

&

Dunlop,

Inc.

2,576

275,374

Western

Union

Co.

(The)

68,425

813,573

WEX,

Inc.*(a)

1,449

265,819

66,332,004

Food

Products

-

0.9%

Archer-Daniels-Midland

Co.

15,456

958,426

B&G

Foods,

Inc.(a)

17,227

148,497

Bunge

Global

SA

3,703

389,667

Cal-Maine

Foods,

Inc.

6,762

483,956

Campbell

Soup

Co.(a)

3,703

173,523

Conagra

Brands,

Inc.

13,524

410,048

Darling

Ingredients,

Inc.*

28,980

1,151,375

Flowers

Foods,

Inc.

4,669

105,146

Fresh

Del

Monte

Produce,

Inc.

6,601

165,355

Freshpet,

Inc.*(a)

2,093

254,718

General

Mills,

Inc.(a)

14,490

972,859

Hain

Celestial

Group,

Inc.

(The)*

12,558

97,199

Hershey

Co.

(The)(a)

3,059

604,091

Hormel

Foods

Corp.

9,982

320,522

Ingredion,

Inc.(a)

13,122

1,631,983

J

&

J

Snack

Foods

Corp.

(a)

1,134

191,306

J

M

Smucker

Co.

(The)

3,703

436,769

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

27

Investments

Shares

Value

COMMON

STOCKS

(continued)

Food

Products

(continued)

John

B

Sanfilippo

&

Son,

Inc.

1,127

$

118,188

Kellanova

9,338

543,005

Kraft

Heinz

Co.

(The)(a)

22,057

776,627

Lamb

Weston

Holdings,

Inc.(a)

3,402

204,188

Lancaster

Colony

Corp.

1,127

217,579

McCormick

&

Co.,

Inc.

(Non-Voting)

6,440

495,944

Mission

Produce,

Inc.*(a)

9,660

108,578

Mondelez

International,

Inc.,

Class

A

38,479

2,630,040

Pilgrim's

Pride

Corp.*

5,313

219,055

Post

Holdings,

Inc.*(a)

10,143

1,109,238

Simply

Good

Foods

Co.

(The)*(a)

2,268

76,931

Tootsie

Roll

Industries,

Inc.

2,400

74,016

Tyson

Foods,

Inc.,

Class

A

6,279

382,391

Utz

Brands,

Inc.

6,966

103,375

Westrock

Coffee

Co.*(a)

8,372

82,883

WK

Kellogg

Co.(a)

8,855

155,848

15,793,326

Gas

Utilities

-

0.2%

Atmos

Energy

Corp.

2,916

372,898

Chesapeake

Utilities

Corp.

1,610

190,028

National

Fuel

Gas

Co.(a)

16,583

971,598

New

Jersey

Resources

Corp.

5,474

255,910

Northwest

Natural

Holding

Co.

161

6,437

ONE

Gas,

Inc.(a)

644

44,842

Southwest

Gas

Holdings,

Inc.

1,127

83,578

Spire,

Inc.(a)

13,363

889,842

UGI

Corp.

47,495

1,176,926

3,992,059

Ground

Transportation

-

0.9%

ArcBest

Corp.(a)

1,610

202,941

Avis

Budget

Group,

Inc.

(a)

3,542

357,777

CSX

Corp.

54,901

1,927,025

Heartland

Express,

Inc.(a)

9,016

116,938

JB

Hunt

Transport

Services,

Inc.(a)

1,944

336,604

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

4,212

229,259

Landstar

System,

Inc.

1,620

308,205

Investments

Shares

Value

Ground

Transportation

(continued)

Lyft,

Inc.,

Class

A*

18,193

$

219,226

Marten

Transport

Ltd.

2,430

45,708

Norfolk

Southern

Corp.

5,313

1,325,912

Old

Dominion

Freight

Line,

Inc.(a)

4,536

953,377

Ryder

System,

Inc.

9,396

1,316,943

Saia,

Inc.*(a)

805

336,369

Schneider

National,

Inc.,

Class

B(a)

3,864

103,980

Uber

Technologies,

Inc.*

47,817

3,082,762

U-Haul

Holding

Co.*(a)

162

10,820

U-Haul

Holding

Co.(a)

2,254

143,647

Union

Pacific

Corp.

14,168

3,495,671

XPO,

Inc.*

3,542

406,940

14,920,104

Health

Care

Equipment

&

Supplies

-

1.9%

Abbott

Laboratories

40,089

4,247,029

Align

Technology,

Inc.*

1,449

335,994

Alphatec

Holdings,

Inc.*(a)

162

1,636

Atrion

Corp.

161

73,786

Avanos

Medical,

Inc.*(a)

6,279

150,194

Axonics,

Inc.*(a)

1,932

132,303

Baxter

International,

Inc.

12,719

455,595

Becton

Dickinson

&

Co.

8,372

2,018,154

Boston

Scientific

Corp.*

34,454

2,545,461

CONMED

Corp.(a)

1,932

133,385

Cooper

Cos.,

Inc.

(The)*

4,536

423,345

Dentsply

Sirona,

Inc.(a)

13,363

362,672

Dexcom,

Inc.*

9,072

615,263

Edwards

Lifesciences

Corp.*

13,846

872,990

Embecta

Corp.

2,576

40,366

Enovis

Corp.*(a)

3,542

168,757

Envista

Holdings

Corp.*

41,538

709,054

GE

HealthCare

Technologies,

Inc.

7,889

667,646

Glaukos

Corp.*(a)

2,268

265,741

Globus

Medical,

Inc.,

Class

A*(a)

3,381

243,297

Haemonetics

Corp.*(a)

2,093

188,475

Hologic,

Inc.*(a)

6,601

538,708

ICU

Medical,

Inc.*(a)

1,771

224,882

IDEXX

Laboratories,

Inc.*

1,932

919,864

Inari

Medical,

Inc.*

644

29,985

Inspire

Medical

Systems,

Inc.*(a)

1,127

158,963

Insulet

Corp.*

1,288

250,323

Integer

Holdings

Corp.*(a)

810

96,196

Integra

LifeSciences

Holdings

Corp.*

5,152

127,821

Intuitive

Surgical,

Inc.*

8,050

3,579,110

iRhythm

Technologies,

Inc.*(a)

1,449

124,976

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

28

Investments

Shares

Value

COMMON

STOCKS

(continued)

Health

Care

Equipment

&

Supplies

(continued)

Lantheus

Holdings,

Inc.*

3,951

$

414,183

LeMaitre

Vascular,

Inc.(a)

162

14,076

LivaNova

plc*

805

39,767

Masimo

Corp.*(a)

1,932

206,685

Medtronic

plc

37,513

3,013,044

Merit

Medical

Systems,

Inc.*

1,610

137,317

Neogen

Corp.*(a)

48,300

822,549

Omnicell,

Inc.*

5,957

174,004

OrthoPediatrics

Corp.*(a)

4,347

133,801

Penumbra,

Inc.*(a)

1,610

269,015

PROCEPT

BioRobotics

Corp.*(a)

2,254

142,723

QuidelOrtho

Corp.*

161

6,326

ResMed,

Inc.(a)

3,059

652,332

SI-BONE,

Inc.*

10,626

161,515

Solventum

Corp.*(a)

1,932

113,756

STAAR

Surgical

Co.*(a)

4,347

179,314

STERIS

plc(a)

2,592

618,866

Stryker

Corp.

8,050

2,635,972

Tandem

Diabetes

Care,

Inc.*(a)

4,347

160,752

Teleflex,

Inc.

805

177,841

TransMedics

Group,

Inc.*

1,296

184,369

Varex

Imaging

Corp.*

9,177

135,728

Zimmer

Biomet

Holdings,

Inc.

3,864

430,256

31,526,162

Health

Care

Providers

&

Services

-

2.5%

Acadia

Healthcare

Co.,

Inc.*

2,898

187,935

Accolade,

Inc.*

16,905

69,311

Addus

HomeCare

Corp.*

966

117,234

agilon

health,

Inc.*(a)

29,946

206,328

Amedisys,

Inc.*

1,610

157,861

Astrana

Health,

Inc.*

2,576

135,137

Brookdale

Senior

Living,

Inc.*(a)

47,117

364,214

Cardinal

Health,

Inc.

7,889

795,448

Castle

Biosciences,

Inc.*

2,415

58,274

Cencora,

Inc.(a)

4,347

1,034,064

Centene

Corp.*

16,422

1,263,180

Chemed

Corp.

483

275,387

Cigna

Group

(The)

8,372

2,919,065

CorVel

Corp.*(a)

161

49,395

Cross

Country

Healthcare,

Inc.*(a)

6,966

127,060

CVS

Health

Corp.

36,386

2,195,167

DaVita,

Inc.*

1,932

263,950

Elevance

Health,

Inc.

6,601

3,511,930

Encompass

Health

Corp.

3,381

314,230

Ensign

Group,

Inc.

(The)

1,771

249,268

Investments

Shares

Value

Health

Care

Providers

&

Services

(continued)

Fulgent

Genetics,

Inc.*

4,186

$

100,171

Guardant

Health,

Inc.*

8,855

311,076

HCA

Healthcare,

Inc.

5,474

1,987,336

HealthEquity,

Inc.*(a)

3,564

279,703

Henry

Schein,

Inc.*(a)

24,633

1,772,098

Hims

&

Hers

Health,

Inc.*

3,381

71,813

Humana,

Inc.

3,059

1,106,165

Labcorp

Holdings,

Inc.

2,754

593,322

McKesson

Corp.

3,703

2,284,825

Molina

Healthcare,

Inc.*

1,449

494,500

National

Research

Corp.

(a)

2,106

53,682

NeoGenomics,

Inc.*

2,093

37,109

Option

Care

Health,

Inc.*(a)

8,748

259,728

Owens

&

Minor,

Inc.*

2,415

39,654

Patterson

Cos.,

Inc.(a)

16,905

426,851

Pediatrix

Medical

Group,

Inc.*(a)

2,415

20,141

Premier,

Inc.,

Class

A

21,252

445,867

Privia

Health

Group,

Inc.*(a)

11,109

230,401

Progyny,

Inc.*

2,254

63,563

Quest

Diagnostics,

Inc.

3,220

458,206

R1

RCM,

Inc.*

1,932

24,884

RadNet,

Inc.*

972

58,077

Select

Medical

Holdings

Corp.

19,159

761,762

Surgery

Partners,

Inc.*(a)

3,078

93,448

Tenet

Healthcare

Corp.*

3,220

482,034

UnitedHealth

Group,

Inc.

26,243

15,120,167

Universal

Health

Services,

Inc.,

Class

B

1,771

378,569

US

Physical

Therapy,

Inc.

162

15,795

42,265,385

Health

Care

REITs

-

0.2%

Alexandria

Real

Estate

Equities,

Inc.,

REIT(a)

2,737

321,023

CareTrust

REIT,

Inc.,

REIT

6,804

183,436

Community

Healthcare

Trust,

Inc.,

REIT

5,796

126,121

Global

Medical

REIT,

Inc.,

REIT

14,812

141,455

Healthpeak

Properties,

Inc.,

REIT

10,626

231,859

Medical

Properties

Trust,

Inc.,

REIT(a)

121,555

584,679

National

Health

Investors,

Inc.,

REIT

644

48,210

Omega

Healthcare

Investors,

Inc.,

REIT(a)

8,050

293,020

Sabra

Health

Care

REIT,

Inc.,

REIT

10,626

172,460

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

29

Investments

Shares

Value

COMMON

STOCKS

(continued)

Health

Care

REITs

(continued)

Universal

Health

Realty

Income

Trust,

REIT

2,737

$

117,007

Ventas,

Inc.,

REIT

7,084

385,653

Welltower,

Inc.,

REIT

13,846

1,540,367

4,145,290

Health

Care

Technology

-

0.1%

Definitive

Healthcare

Corp.,

Class

A*

10,787

42,069

Doximity,

Inc.,

Class

A*(a)

1,288

36,064

Evolent

Health,

Inc.,

Class

A*

5,474

127,654

HealthStream,

Inc.(a)

162

4,813

Teladoc

Health,

Inc.*(a)

34,454

324,901

Veeva

Systems,

Inc.,

Class

A*

3,059

587,114

1,122,615

Hotel

&

Resort

REITs

-

0.1%

Apple

Hospitality

REIT,

Inc.,

REIT(a)

14,168

209,545

DiamondRock

Hospitality

Co.,

REIT

16,679

137,268

Host

Hotels

&

Resorts,

Inc.,

REIT

15,390

269,479

Park

Hotels

&

Resorts,

Inc.,

REIT

38,479

579,494

Pebblebrook

Hotel

Trust,

REIT

4,991

68,327

RLJ

Lodging

Trust,

REIT

13,041

123,107

Ryman

Hospitality

Properties,

Inc.,

REIT(a)

3,078

309,370

Service

Properties

Trust,

REIT(a)

35,742

202,657

Summit

Hotel

Properties,

Inc.,

REIT(a)

32,683

207,210

Sunstone

Hotel

Investors,

Inc.,

REIT

8,100

83,916

Xenia

Hotels

&

Resorts,

Inc.,

REIT(a)

9,097

126,266

2,316,639

Hotels,

Restaurants

&

Leisure

-

1.9%

Airbnb,

Inc.,

Class

A*

9,177

1,280,742

Aramark

7,728

264,839

BJ's

Restaurants,

Inc.*

1,944

61,392

Bloomin'

Brands,

Inc.(a)

16,362

341,148

Booking

Holdings,

Inc.

805

2,990,583

Boyd

Gaming

Corp.

11,914

725,205

Brinker

International,

Inc.*(a)

7,245

484,038

Investments

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Caesars

Entertainment,

Inc.*

11,592

$

463,100

Carnival

Corp.*

22,540

375,516

Cava

Group,

Inc.*(a)

1,932

162,713

Cheesecake

Factory,

Inc.

(The)(a)

2,898

112,703

Chipotle

Mexican

Grill,

Inc.*

32,200

1,749,104

Choice

Hotels

International,

Inc.(a)

805

102,597

Churchill

Downs,

Inc.

1,620

232,567

Cracker

Barrel

Old

Country

Store,

Inc.(a)

7,084

324,660

Darden

Restaurants,

Inc.

(a)

2,592

379,184

Dave

&

Buster's

Entertainment,

Inc.*(a)

2,898

108,994

Dine

Brands

Global,

Inc.

(a)

5,796

207,729

Domino's

Pizza,

Inc.

644

276,083

DoorDash,

Inc.,

Class

A*(a)

6,279

695,211

DraftKings,

Inc.,

Class

A*(a)

12,880

475,916

Dutch

Bros,

Inc.,

Class

A*(a)

2,576

98,532

Everi

Holdings,

Inc.*

21,735

279,729

Expedia

Group,

Inc.*

3,703

472,762

Hilton

Grand

Vacations,

Inc.*(a)

17,010

735,002

Hilton

Worldwide

Holdings,

Inc.

5,994

1,286,732

Hyatt

Hotels

Corp.,

Class

A(a)

2,254

332,082

Jack

in

the

Box,

Inc.(a)

2,898

172,257

Las

Vegas

Sands

Corp.

6,923

274,635

Life

Time

Group

Holdings,

Inc.*(a)

7,084

147,135

Light

&

Wonder,

Inc.*

4,830

517,776

Marriott

International,

Inc.,

Class

A

5,957

1,354,026

Marriott

Vacations

Worldwide

Corp.(a)

6,440

544,695

McDonald's

Corp.

16,422

4,358,399

MGM

Resorts

International*

8,211

352,827

Norwegian

Cruise

Line

Holdings

Ltd.*(a)

14,329

264,083

Papa

John's

International,

Inc.(a)

3,542

156,663

Penn

Entertainment,

Inc.*(a)

27,370

546,579

Planet

Fitness,

Inc.,

Class

A*(a)

3,381

249,180

Portillo's,

Inc.,

Class

A*(a)

13,685

141,777

Red

Rock

Resorts,

Inc.,

Class

A(a)

1,944

110,808

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

30

Investments

Shares

Value

COMMON

STOCKS

(continued)

Hotels,

Restaurants

&

Leisure

(continued)

Royal

Caribbean

Cruises

Ltd.*(a)

6,601

$

1,034,509

Sabre

Corp.*(a)

33,166

113,759

Shake

Shack,

Inc.,

Class

A*

805

70,534

Starbucks

Corp.

32,522

2,535,090

Sweetgreen,

Inc.,

Class

A*(a)

6,923

190,244

Texas

Roadhouse,

Inc.,

Class

A

3,381

590,356

Travel

+

Leisure

Co.

12,719

586,219

United

Parks

&

Resorts,

Inc.*(a)

3,059

161,056

Vail

Resorts,

Inc.(a)

2,093

380,947

Wendy's

Co.

(The)

10,626

179,898

Wingstop,

Inc.

805

300,973

Wyndham

Hotels

&

Resorts,

Inc.(a)

2,898

219,437

Wynn

Resorts

Ltd.

2,898

240,012

Yum!

Brands,

Inc.(a)

7,084

940,968

31,753,705

Household

Durables

-

1.2%

Cavco

Industries,

Inc.*

322

133,508

Century

Communities,

Inc.

6,804

712,447

DR

Horton,

Inc.

9,234

1,661,474

Ethan

Allen

Interiors,

Inc.

(a)

4,050

125,023

Garmin

Ltd.

3,703

634,139

Green

Brick

Partners,

Inc.*(a)

7,245

529,972

Helen

of

Troy

Ltd.*(a)

4,669

275,985

Installed

Building

Products,

Inc.(a)

648

175,187

KB

Home

15,134

1,302,735

La-Z-Boy,

Inc.(a)

6,923

305,581

Leggett

&

Platt,

Inc.

36,386

479,204

Lennar

Corp.,

Class

A

7,406

1,310,344

Lennar

Corp.,

Class

B

486

80,171

LGI

Homes,

Inc.*(a)

4,508

518,735

M/I

Homes,

Inc.*

6,440

1,074,385

Meritage

Homes

Corp.

7,776

1,577,517

Mohawk

Industries,

Inc.*

10,465

1,685,597

Newell

Brands,

Inc.

87,262

749,581

NVR,

Inc.*

70

602,524

PulteGroup,

Inc.

6,923

913,836

Skyline

Champion

Corp.*

3,381

275,585

Sonos,

Inc.*

6,279

84,766

Taylor

Morrison

Home

Corp.,

Class

A*

22,218

1,490,383

Tempur

Sealy

International,

Inc.(a)

8,855

463,559

Toll

Brothers,

Inc.

3,542

505,479

Investments

Shares

Value

Household

Durables

(continued)

TopBuild

Corp.*(a)

966

$

462,270

Tri

Pointe

Homes,

Inc.*

21,413

968,938

Vizio

Holding

Corp.,

Class

A*(a)

9,982

109,602

Whirlpool

Corp.(a)

11,109

1,132,785

Worthington

Enterprises,

Inc.(a)

7,084

353,562

20,694,874

Household

Products

-

0.8%

Central

Garden

&

Pet

Co.*(a)

1,458

58,087

Central

Garden

&

Pet

Co.,

Class

A*

4,669

160,427

Church

&

Dwight

Co.,

Inc.

6,279

615,405

Clorox

Co.

(The)

2,737

361,092

Colgate-Palmolive

Co.

18,998

1,884,412

Energizer

Holdings,

Inc.

(a)

11,109

342,046

Kimberly-Clark

Corp.

7,245

978,437

Procter

&

Gamble

Co.

(The)

55,223

8,877,650

Reynolds

Consumer

Products,

Inc.(a)

322

8,958

Spectrum

Brands

Holdings,

Inc.(a)

2,415

204,333

WD-40

Co.(a)

322

84,238

13,575,085

Independent

Power

and

Renewable

Electricity

Producers

-

0.1%

AES

Corp.

(The)

15,778

280,691

Altus

Power,

Inc.,

Class

A*(a)

11,109

46,658

Clearway

Energy,

Inc.,

Class

A

5,152

126,894

Clearway

Energy,

Inc.,

Class

C(a)

966

25,773

Ormat

Technologies,

Inc.

(a)

1,127

87,500

Sunnova

Energy

International,

Inc.*(a)

28,980

204,888

Vistra

Corp.

7,567

599,458

1,371,862

Industrial

Conglomerates

-

0.3%

3M

Co.

14,812

1,889,271

Honeywell

International,

Inc.

15,134

3,098,686

‌

4,987,957

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

31

Investments

Shares

Value

COMMON

STOCKS

(continued)

Industrial

REITs

-

0.3%

Americold

Realty

Trust,

Inc.,

REIT(a)

6,923

$

206,928

EastGroup

Properties,

Inc.,

REIT(a)

1,610

301,054

First

Industrial

Realty

Trust,

Inc.,

REIT

6,440

352,397

Innovative

Industrial

Properties,

Inc.,

REIT

1,771

217,496

LXP

Industrial

Trust,

REIT

18,676

192,363

Plymouth

Industrial

REIT,

Inc.,

REIT(a)

5,152

123,236

Prologis,

Inc.,

REIT

21,574

2,719,403

Rexford

Industrial

Realty,

Inc.,

REIT(a)

11,270

564,740

STAG

Industrial,

Inc.,

REIT(a)

9,660

394,224

Terreno

Realty

Corp.,

REIT(a)

3,726

254,896

5,326,737

Insurance

-

2.7%

Aflac,

Inc.

15,939

1,520,262

Allstate

Corp.

(The)

7,084

1,212,214

Ambac

Financial

Group,

Inc.*(a)

6,279

82,820

American

Financial

Group,

Inc.

2,254

295,184

American

International

Group,

Inc.

20,125

1,594,504

AMERISAFE,

Inc.

324

15,383

Aon

plc,

Class

A(a)

4,860

1,596,559

Arch

Capital

Group

Ltd.*

11,753

1,125,702

Arthur

J

Gallagher

&

Co.

4,669

1,323,615

Assurant,

Inc.(a)

10,948

1,914,477

Assured

Guaranty

Ltd.

3,542

291,754

Axis

Capital

Holdings

Ltd.

14,580

1,104,435

Brighthouse

Financial,

Inc.*

14,168

706,558

Brown

&

Brown,

Inc.

5,346

531,553

Chubb

Ltd.

11,431

3,151,069

Cincinnati

Financial

Corp.

3,381

441,626

CNO

Financial

Group,

Inc.

25,925

903,745

Employers

Holdings,

Inc.

2,576

123,674

Enstar

Group

Ltd.*

2,576

835,654

Erie

Indemnity

Co.,

Class

A(a)

322

142,050

Everest

Group

Ltd.

972

381,870

F&G

Annuities

&

Life,

Inc.

1,449

62,495

Fidelity

National

Financial,

Inc.

9,016

499,577

First

American

Financial

Corp.

20,574

1,246,373

Globe

Life,

Inc.

18,515

1,717,081

Investments

Shares

Value

Insurance

(continued)

Goosehead

Insurance,

Inc.,

Class

A*(a)

2,093

$

188,977

Hanover

Insurance

Group,

Inc.

(The)

6,440

885,436

Hartford

Financial

Services

Group,

Inc.

(The)

9,016

1,000,055

Horace

Mann

Educators

Corp.

4,991

172,539

Kemper

Corp.

11,431

732,270

Kinsale

Capital

Group,

Inc.(a)

805

367,941

Lincoln

National

Corp.

32,683

1,088,344

Loews

Corp.

6,279

502,006

Markel

Group,

Inc.*

404

662,095

Marsh

&

McLennan

Cos.,

Inc.

11,914

2,651,699

Mercury

General

Corp.

7,406

443,397

MetLife,

Inc.

18,515

1,422,878

Old

Republic

International

Corp.(a)

51,037

1,766,901

Oscar

Health,

Inc.,

Class

A*

7,245

128,092

Primerica,

Inc.(a)

1,288

324,280

Principal

Financial

Group,

Inc.

7,406

603,663

Progressive

Corp.

(The)

14,007

2,999,179

Prudential

Financial,

Inc.

10,692

1,339,921

Reinsurance

Group

of

America,

Inc.

1,449

326,648

RenaissanceRe

Holdings

Ltd.

1,771

410,713

RLI

Corp.(a)

1,288

193,960

Ryan

Specialty

Holdings,

Inc.,

Class

A(a)

2,737

168,572

Safety

Insurance

Group,

Inc.(a)

161

13,774

Selective

Insurance

Group,

Inc.

3,381

305,372

SiriusPoint

Ltd.*

13,122

188,563

Stewart

Information

Services

Corp.(a)

2,576

182,123

Travelers

Cos.,

Inc.

(The)

6,923

1,498,414

Trupanion,

Inc.*(a)

483

17,900

United

Fire

Group,

Inc.

4,669

104,632

Unum

Group

5,474

314,919

W

R

Berkley

Corp.

6,561

361,708

White

Mountains

Insurance

Group

Ltd.

(a)

161

287,546

Willis

Towers

Watson

plc

2,592

731,670

45,206,421

Interactive

Media

&

Services

-

4.3%

Alphabet,

Inc.,

Class

A

135,723

23,281,923

Alphabet,

Inc.,

Class

C

121,555

21,047,248

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

32

Investments

Shares

Value

COMMON

STOCKS

(continued)

Interactive

Media

&

Services

(continued)

Bumble,

Inc.,

Class

A*

14,973

$

139,848

Cargurus,

Inc.,

Class

A*

3,703

91,909

Cars.com,

Inc.*(a)

7,084

146,072

IAC,

Inc.*(a)

15,778

833,236

Match

Group,

Inc.*(a)

14,651

558,789

Meta

Platforms,

Inc.,

Class

A

50,876

24,157,451

Pinterest,

Inc.,

Class

A*(a)

13,202

421,804

Snap,

Inc.,

Class

A*(a)

22,862

304,522

Taboola.com

Ltd.*(a)

37,352

129,612

TripAdvisor,

Inc.*

2,254

39,738

Vimeo,

Inc.*(a)

23,828

95,789

Yelp,

Inc.,

Class

A*

4,347

158,361

Ziff

Davis,

Inc.*

8,855

423,977

ZipRecruiter,

Inc.,

Class

A*(a)

15,778

144,527

ZoomInfo

Technologies,

Inc.,

Class

A*(a)

2,576

29,263

72,004,069

IT

Services

-

1.1%

Accenture

plc,

Class

A

14,168

4,684,224

Akamai

Technologies,

Inc.*(a)

3,240

318,427

ASGN,

Inc.*(a)

2,898

274,354

Cloudflare,

Inc.,

Class

A*(a)

6,118

474,145

Cognizant

Technology

Solutions

Corp.,

Class

A

12,719

962,574

Core

Scientific,

Inc.*(a)

36,225

353,194

DigitalOcean

Holdings,

Inc.*(a)

1,771

58,673

DXC

Technology

Co.*(a)

35,903

730,267

EPAM

Systems,

Inc.*

1,449

311,723

Gartner,

Inc.*

1,932

968,299

GoDaddy,

Inc.,

Class

A*

3,726

541,947

International

Business

Machines

Corp.

26,082

5,011,395

Kyndryl

Holdings,

Inc.*

13,685

367,716

MongoDB,

Inc.*

1,288

325,040

Okta,

Inc.*

2,737

257,114

Perficient,

Inc.*

805

60,705

Snowflake,

Inc.,

Class

A*

8,211

1,070,550

Squarespace,

Inc.,

Class

A*

1,620

71,588

Twilio,

Inc.,

Class

A*

4,186

247,518

VeriSign,

Inc.*

2,093

391,412

17,480,865

Leisure

Products

-

0.3%

Acushnet

Holdings

Corp.

(a)

972

70,548

Investments

Shares

Value

Leisure

Products

(continued)

Brunswick

Corp.(a)

15,066

$

1,227,126

Hasbro,

Inc.(a)

4,186

269,829

Malibu

Boats,

Inc.,

Class

A*

5,635

214,355

Mattel,

Inc.*(a)

63,595

1,226,747

Peloton

Interactive,

Inc.,

Class

A*(a)

40,089

142,717

Polaris,

Inc.(a)

10,304

858,117

Sturm

Ruger

&

Co.,

Inc.

(a)

161

7,263

Topgolf

Callaway

Brands

Corp.*(a)

2,576

42,504

Vista

Outdoor,

Inc.*(a)

8,855

359,779

YETI

Holdings,

Inc.*(a)

1,932

79,888

4,498,873

Life

Sciences

Tools

&

Services

-

1.0%

10X

Genomics,

Inc.,

Class

A*

161

3,328

Agilent

Technologies,

Inc.

6,440

910,616

Avantor,

Inc.*(a)

14,007

374,687

Azenta,

Inc.*(a)

3,381

210,602

BioLife

Solutions,

Inc.*(a)

5,313

127,618

Bio-Rad

Laboratories,

Inc.,

Class

A*(a)

1,127

381,332

Bio-Techne

Corp.

4,347

354,672

Bruker

Corp.

2,268

155,381

Charles

River

Laboratories

International,

Inc.*

1,449

353,701

CryoPort,

Inc.*(a)

322

2,972

Danaher

Corp.

15,939

4,416,378

Fortrea

Holdings,

Inc.*(a)

2,415

66,630

Illumina,

Inc.*

2,737

335,556

IQVIA

Holdings,

Inc.*

4,669

1,149,648

Medpace

Holdings,

Inc.*

805

307,929

Mesa

Laboratories,

Inc.(a)

1,288

147,502

Mettler-Toledo

International,

Inc.*

486

739,220

OmniAb,

Inc.*‡(a)

562

—

Repligen

Corp.*(a)

2,254

377,207

Revvity,

Inc.(a)

2,093

262,902

Sotera

Health

Co.*(a)

9,660

133,984

Thermo

Fisher

Scientific,

Inc.

9,016

5,529,873

Waters

Corp.*(a)

1,610

541,411

West

Pharmaceutical

Services,

Inc.(a)

1,932

591,520

17,474,669

Machinery

-

2.1%

AGCO

Corp.(a)

11,753

1,109,718

Alamo

Group,

Inc.

324

62,441

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

33

Investments

Shares

Value

COMMON

STOCKS

(continued)

Machinery

(continued)

Albany

International

Corp.,

Class

A

1,944

$

181,920

Allison

Transmission

Holdings,

Inc.

17,227

1,526,140

Astec

Industries,

Inc.(a)

322

11,299

Barnes

Group,

Inc.

644

25,979

Caterpillar,

Inc.

14,007

4,849,223

Chart

Industries,

Inc.*(a)

1,610

259,339

CNH

Industrial

NV

15,134

161,177

Columbus

McKinnon

Corp.

486

18,546

Crane

Co.

1,449

232,449

Cummins,

Inc.

4,050

1,181,790

Deere

&

Co.

6,923

2,575,218

Donaldson

Co.,

Inc.

6,279

469,795

Douglas

Dynamics,

Inc.

324

9,367

Dover

Corp.

3,240

597,002

Energy

Recovery,

Inc.*

161

2,347

Enerpac

Tool

Group

Corp.,

Class

A

4,536

182,347

Enpro,

Inc.(a)

1,134

193,846

Esab

Corp.(a)

3,220

327,152

Federal

Signal

Corp.

1,620

161,951

Flowserve

Corp.

6,480

327,564

Fortive

Corp.

7,245

520,553

Franklin

Electric

Co.,

Inc.

1,127

120,161

Gates

Industrial

Corp.

plc*(a)

31,073

577,647

Gorman-Rupp

Co.

(The)

483

19,953

Graco,

Inc.

4,886

415,554

Greenbrier

Cos.,

Inc.

(The)

6,440

328,504

Hillenbrand,

Inc.(a)

13,202

583,924

Hyster-Yale,

Inc.

2,093

171,082

IDEX

Corp.

1,932

402,783

Illinois

Tool

Works,

Inc.

6,762

1,672,107

Ingersoll

Rand,

Inc.

8,533

856,713

ITT,

Inc.

4,212

595,830

John

Bean

Technologies

Corp.(a)

644

63,357

Kadant,

Inc.(a)

324

113,883

Kennametal,

Inc.(a)

2,898

75,754

Lincoln

Electric

Holdings,

Inc.(a)

1,771

363,781

Lindsay

Corp.(a)

324

40,821

Middleby

Corp.

(The)*

1,620

219,640

Miller

Industries,

Inc.

483

32,815

Mueller

Industries,

Inc.(a)

24,472

1,736,044

Mueller

Water

Products,

Inc.,

Class

A

4,698

97,155

Nordson

Corp.

1,134

283,874

Omega

Flex,

Inc.

1,127

59,258

Oshkosh

Corp.

13,122

1,425,705

Otis

Worldwide

Corp.(a)

9,882

933,849

PACCAR,

Inc.

14,490

1,429,583

Investments

Shares

Value

Machinery

(continued)

Parker-Hannifin

Corp.

3,059

$

1,716,588

Pentair

plc

4,347

381,971

RBC

Bearings,

Inc.*(a)

966

280,951

REV

Group,

Inc.(a)

5,796

169,127

Snap-on,

Inc.

1,458

418,490

SPX

Technologies,

Inc.*(a)

1,296

191,212

Standex

International

Corp.

162

30,262

Stanley

Black

&

Decker,

Inc.

2,737

289,082

Tennant

Co.

1,610

173,381

Terex

Corp.(a)

12,798

809,601

Timken

Co.

(The)(a)

4,025

349,974

Titan

International,

Inc.*(a)

9,338

79,560

Toro

Co.

(The)(a)

3,381

323,663

Trinity

Industries,

Inc.

2,592

85,692

Wabash

National

Corp.

7,728

166,075

Watts

Water

Technologies,

Inc.,

Class

A(a)

810

168,091

Westinghouse

Air

Brake

Technologies

Corp.

4,374

704,870

Xylem,

Inc.

6,279

838,246

34,783,776

Marine

Transportation

-

0.1%

Genco

Shipping

&

Trading

Ltd.

6,279

121,875

Kirby

Corp.*

3,381

415,457

Matson,

Inc.

6,440

854,653

1,391,985

Media

-

1

.0%

Altice

USA,

Inc.,

Class

A*(a)

31,717

66,289

Boston

Omaha

Corp.,

Class

A*(a)

5,474

80,468

Cable

One,

Inc.(a)

1,127

465,879

Charter

Communications,

Inc.,

Class

A*(a)

3,059

1,161,564

Clear

Channel

Outdoor

Holdings,

Inc.*

66,332

110,111

Comcast

Corp.,

Class

A

112,056

4,624,551

EchoStar

Corp.,

Class

A*(a)

23,184

465,535

Fox

Corp.,

Class

A

5,152

195,982

Fox

Corp.,

Class

B

1,771

62,747

Integral

Ad

Science

Holding

Corp.*(a)

6,440

65,559

Interpublic

Group

of

Cos.,

Inc.

(The)(a)

11,914

383,273

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

34

Investments

Shares

Value

COMMON

STOCKS

(continued)

Media

(continued)

Liberty

Broadband

Corp.,

Class

A*

5,635

$

373,150

Liberty

Broadband

Corp.,

Class

C*

24,472

1,649,168

Liberty

Media

Corp.-

Liberty

SiriusXM*

31,073

699,453

Liberty

Media

Corp.-

Liberty

SiriusXM,

Class

A*

6,923

156,598

New

York

Times

Co.

(The),

Class

A

8,372

448,656

News

Corp.,

Class

A

8,424

232,334

News

Corp.,

Class

B(a)

2,754

78,461

Nexstar

Media

Group,

Inc.,

Class

A(a)

6,762

1,249,550

Omnicom

Group,

Inc.(a)

6,156

603,534

Paramount

Global,

Class

B

126,224

1,441,478

PubMatic,

Inc.,

Class

A*

5,474

120,209

Scholastic

Corp.

648

20,302

Sirius

XM

Holdings,

Inc.

(a)

23,184

79,985

Stagwell,

Inc.,

Class

A*(a)

5,152

34,415

TEGNA,

Inc.

41,538

661,700

Thryv

Holdings,

Inc.*(a)

805

15,681

Trade

Desk,

Inc.

(The),

Class

A*

9,660

868,241

16,414,873

Metals

&

Mining

-

0.8%

Alcoa

Corp.

5,957

196,819

Alpha

Metallurgical

Resources,

Inc.(a)

2,415

713,415

Arch

Resources,

Inc.

3,726

546,045

ATI,

Inc.*(a)

7,245

490,559

Carpenter

Technology

Corp.

3,220

469,701

Century

Aluminum

Co.*

8,748

132,182

Cleveland-Cliffs,

Inc.*(a)

16,524

253,643

Coeur

Mining,

Inc.*(a)

32,039

207,933

Commercial

Metals

Co.

25,116

1,509,472

Compass

Minerals

International,

Inc.(a)

11,592

154,174

Freeport-McMoRan,

Inc.

35,259

1,601,111

Haynes

International,

Inc.

1,127

67,113

Hecla

Mining

Co.(a)

12,960

74,909

Ivanhoe

Electric,

Inc.*(a)

9,821

97,424

Kaiser

Aluminum

Corp.(a)

1,771

139,360

Materion

Corp.

486

58,529

Metallus,

Inc.*

8,100

181,602

MP

Materials

Corp.*(a)

644

8,707

Newmont

Corp.(a)

26,243

1,287,744

Nucor

Corp.

7,567

1,232,967

Radius

Recycling,

Inc.

2,415

43,760

Investments

Shares

Value

Metals

&

Mining

(continued)

Reliance,

Inc.

1,932

$

588,410

Royal

Gold,

Inc.(a)

2,576

355,797

Ryerson

Holding

Corp.

3,381

80,434

Southern

Copper

Corp.(a)

1,637

174,521

Steel

Dynamics,

Inc.

5,152

686,350

SunCoke

Energy,

Inc.

8,855

103,604

United

States

Steel

Corp.

(a)

44,114

1,812,644

Warrior

Met

Coal,

Inc.(a)

9,016

623,096

Worthington

Steel,

Inc.

3,059

121,962

14,013,987

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.6%

AGNC

Investment

Corp.

(a)

144,578

1,447,226

Annaly

Capital

Management,

Inc.

96,439

1,920,101

Apollo

Commercial

Real

Estate

Finance,

Inc.(a)

19,320

210,588

Arbor

Realty

Trust,

Inc.(a)

30,912

417,312

ARMOUR

Residential

REIT,

Inc.(a)

15,778

318,716

Blackstone

Mortgage

Trust,

Inc.,

Class

A(a)

29,624

528,788

BrightSpire

Capital,

Inc.,

Class

A(a)

25,599

146,682

Claros

Mortgage

Trust,

Inc.(a)

34,776

330,720

Ellington

Financial,

Inc.(a)

10,143

128,715

Franklin

BSP

Realty

Trust,

Inc.(a)

10,304

142,607

Invesco

Mortgage

Capital,

Inc.

1

6

Ladder

Capital

Corp.

29,624

355,488

MFA

Financial,

Inc.(a)

12,880

144,127

New

York

Mortgage

Trust,

Inc.(a)

19,159

124,150

PennyMac

Mortgage

Investment

Trust(a)

18,676

257,169

Ready

Capital

Corp.(a)

27,048

251,005

Redwood

Trust,

Inc.(a)

33,327

242,287

Rithm

Capital

Corp.

104,489

1,213,117

Starwood

Property

Trust,

Inc.(a)

60,214

1,201,269

TPG

RE

Finance

Trust,

Inc.

11,270

98,500

Two

Harbors

Investment

Corp.

12,236

164,819

9,643,392

Multi-Utilities

-

0.6%

Ameren

Corp.

9,177

727,461

Avista

Corp.

12,719

498,330

Black

Hills

Corp.

11,914

703,522

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

35

Investments

Shares

Value

COMMON

STOCKS

(continued)

Multi-Utilities

(continued)

CenterPoint

Energy,

Inc.

16,422

$

455,710

CMS

Energy

Corp.(a)

8,372

542,506

Consolidated

Edison,

Inc.

8,855

863,540

Dominion

Energy,

Inc.(a)

24,794

1,325,487

DTE

Energy

Co.

6,762

815,024

NiSource,

Inc.(a)

11,527

360,219

Northwestern

Energy

Group,

Inc.(a)

14,007

753,156

Public

Service

Enterprise

Group,

Inc.

12,397

988,909

Sempra

16,422

1,314,745

Unitil

Corp.(a)

1,932

118,393

WEC

Energy

Group,

Inc.

6,118

526,515

9,993,517

Office

REITs

-

0.2%

Brandywine

Realty

Trust,

REIT(a)

52,164

262,907

BXP,

Inc.,

REIT(a)

3,059

218,137

COPT

Defense

Properties,

REIT(a)

2,737

79,291

Cousins

Properties,

Inc.,

REIT

2,093

57,578

Douglas

Emmett,

Inc.,

REIT(a)

32,683

525,869

Highwoods

Properties,

Inc.,

REIT(a)

8,211

254,295

Hudson

Pacific

Properties,

Inc.,

REIT(a)

2,576

15,430

JBG

SMITH

Properties,

REIT(a)

24,472

400,117

Kilroy

Realty

Corp.,

REIT(a)

1,449

53,570

Paramount

Group,

Inc.,

REIT(a)

51,037

267,434

Piedmont

Office

Realty

Trust,

Inc.,

Class

A,

REIT

37,835

327,273

SL

Green

Realty

Corp.,

REIT(a)

4,508

300,413

Vornado

Realty

Trust,

REIT(a)

10,304

309,017

3,071,331

Oil,

Gas

&

Consumable

Fuels

-

4.0%

Antero

Midstream

Corp.

19,803

284,371

Antero

Resources

Corp.*

6,762

196,233

APA

Corp.

10,626

331,425

Berry

Corp.

10,304

70,685

California

Resources

Corp.(a)

13,524

695,675

Cheniere

Energy,

Inc.

5,796

1,058,581

Investments

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Chesapeake

Energy

Corp.(a)

3,420

$

261,049

Chevron

Corp.

49,588

7,957,386

Chord

Energy

Corp.

12,558

2,155,706

Civitas

Resources,

Inc.

14,007

977,134

Clean

Energy

Fuels

Corp.*(a)

31,878

90,852

CNX

Resources

Corp.*(a)

10,465

277,009

Comstock

Resources,

Inc.(a)

9,499

89,956

ConocoPhillips

34,132

3,795,478

CONSOL

Energy,

Inc.*

5,635

562,429

Coterra

Energy,

Inc.

23,491

606,067

Crescent

Energy

Co.,

Class

A(a)

14,812

181,151

CVR

Energy,

Inc.(a)

7,567

216,416

Delek

US

Holdings,

Inc.

4,186

99,543

Devon

Energy

Corp.

19,481

916,191

Diamondback

Energy,

Inc.(a)

5,508

1,114,324

Dorian

LPG

Ltd.(a)

7,290

297,869

DT

Midstream,

Inc.(a)

5,635

424,654

EOG

Resources,

Inc.

16,261

2,061,895

EQT

Corp.

13,040

450,010

Exxon

Mobil

Corp.

128,478

15,236,206

Green

Plains,

Inc.*(a)

4,374

77,551

Gulfport

Energy

Corp.*

1,932

284,410

Hess

Corp.

6,923

1,062,127

HF

Sinclair

Corp.

5,313

273,460

HighPeak

Energy,

Inc.(a)

5,635

94,724

International

Seaways,

Inc.

5,796

324,576

Kinder

Morgan,

Inc.(a)

52,808

1,115,833

Kosmos

Energy

Ltd.*(a)

84,676

468,258

Magnolia

Oil

&

Gas

Corp.,

Class

A(a)

11,753

320,152

Marathon

Oil

Corp.

19,964

559,990

Marathon

Petroleum

Corp.

10,626

1,881,015

Matador

Resources

Co.

22,218

1,365,963

Murphy

Oil

Corp.

29,946

1,239,165

New

Fortress

Energy,

Inc.(a)

15,778

311,458

NextDecade

Corp.*(a)

2,916

23,649

Northern

Oil

&

Gas,

Inc.

(a)

16,905

730,127

Occidental

Petroleum

Corp.

18,032

1,096,706

ONEOK,

Inc.

16,744

1,395,278

Ovintiv,

Inc.

8,546

396,876

Par

Pacific

Holdings,

Inc.*

10,143

269,297

PBF

Energy,

Inc.,

Class

A

22,400

912,800

Peabody

Energy

Corp.(a)

22,518

500,125

Permian

Resources

Corp.

104,167

1,597,922

Phillips

66

12,558

1,826,938

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

36

Investments

Shares

Value

COMMON

STOCKS

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

Range

Resources

Corp.

(a)

8,050

$

251,402

Sitio

Royalties

Corp.,

Class

A

966

23,522

SM

Energy

Co.(a)

21,735

1,004,157

Southwestern

Energy

Co.*

226,849

1,463,176

Talos

Energy,

Inc.*(a)

10,143

120,093

Targa

Resources

Corp.

5,957

805,863

Texas

Pacific

Land

Corp.

(a)

486

410,621

Uranium

Energy

Corp.*(a)

3,078

18,253

VAALCO

Energy,

Inc.(a)

11,914

85,304

Valero

Energy

Corp.(a)

9,821

1,588,252

Vital

Energy,

Inc.*(a)

4,508

196,594

Vitesse

Energy,

Inc.(a)

1,288

33,436

Williams

Cos.,

Inc.

(The)

29,946

1,285,881

World

Kinect

Corp.(a)

10,626

296,784

66,120,033

Paper

&

Forest

Products

-

0.1%

Clearwater

Paper

Corp.*

1,610

89,307

Louisiana-Pacific

Corp.

3,864

379,290

Mercer

International,

Inc.

7,084

53,980

Sylvamo

Corp.(a)

5,796

427,223

949,800

Passenger

Airlines

-

0.3%

Alaska

Air

Group,

Inc.*

25,921

972,815

Allegiant

Travel

Co.(a)

3,220

180,545

American

Airlines

Group,

Inc.*(a)

123,326

1,312,189

Delta

Air

Lines,

Inc.(a)

16,905

727,253

Frontier

Group

Holdings,

Inc.*(a)

38,801

152,876

JetBlue

Airways

Corp.*(a)

45,080

288,963

Joby

Aviation,

Inc.*(a)

4,669

27,921

SkyWest,

Inc.*

6,762

540,554

Southwest

Airlines

Co.(a)

18,837

507,469

United

Airlines

Holdings,

Inc.*(a)

7,567

343,693

5,054,278

Personal

Care

Products

-

0.2%

BellRing

Brands,

Inc.*

4,536

232,606

Coty,

Inc.,

Class

A*(a)

14,007

139,370

Edgewell

Personal

Care

Co.(a)

4,037

158,049

elf

Beauty,

Inc.*

1,932

333,425

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

4,508

449,042

Investments

Shares

Value

Personal

Care

Products

(continued)

Herbalife

Ltd.*(a)

13,685

$

168,052

Inter

Parfums,

Inc.

486

68,370

Kenvue,

Inc.

46,368

857,344

Nu

Skin

Enterprises,

Inc.,

Class

A

483

5,419

Olaplex

Holdings,

Inc.*(a)

60,536

125,915

USANA

Health

Sciences,

Inc.*

1,449

64,625

2,602,217

Pharmaceuticals

-

3.1%

Amneal

Pharmaceuticals,

Inc.*(a)

9,338

68,448

Amphastar

Pharmaceuticals,

Inc.*(a)

972

42,301

ANI

Pharmaceuticals,

Inc.*(a)

162

10,647

Arvinas,

Inc.*

4,025

110,728

Axsome

Therapeutics,

Inc.*

1,620

141,442

Bristol-Myers

Squibb

Co.

47,173

2,243,548

Cassava

Sciences,

Inc.*(a)

1,932

42,929

Catalent,

Inc.*

8,211

487,241

Collegium

Pharmaceutical,

Inc.*(a)

8,372

322,908

Corcept

Therapeutics,

Inc.*(a)

3,943

152,476

Elanco

Animal

Health,

Inc.*

101,269

1,320,548

Eli

Lilly

&

Co.

19,481

15,667,984

Evolus,

Inc.*

1,782

22,132

Innoviva,

Inc.*(a)

8,533

160,762

Intra-Cellular

Therapies,

Inc.*

4,991

392,891

Jazz

Pharmaceuticals

plc*

13,685

1,508,771

Johnson

&

Johnson

68,747

10,851,714

Ligand

Pharmaceuticals,

Inc.*

322

35,095

Merck

&

Co.,

Inc.

72,450

8,196,268

Organon

&

Co.(a)

48,461

1,059,357

Pacira

BioSciences,

Inc.*

13,363

275,946

Perrigo

Co.

plc(a)

23,184

655,412

Pfizer,

Inc.

165,186

5,044,780

Pliant

Therapeutics,

Inc.*

4,991

71,421

Prestige

Consumer

Healthcare,

Inc.*(a)

3,220

228,008

Royalty

Pharma

plc,

Class

A

15,617

439,931

Scilex

Holding

Co.*

14,036

22,317

Supernus

Pharmaceuticals,

Inc.*(a)

4,186

124,827

Tilray

Brands,

Inc.*

104,167

211,459

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

37

Investments

Shares

Value

COMMON

STOCKS

(continued)

Pharmaceuticals

(continued)

Viatris,

Inc.(a)

25,921

$

312,607

Zoetis,

Inc.

11,270

2,029,051

52,253,949

Professional

Services

-

1.0%

Alight,

Inc.,

Class

A*

86,940

658,136

Automatic

Data

Processing,

Inc.

9,821

2,579,191

Barrett

Business

Services,

Inc.(a)

3,240

118,066

Booz

Allen

Hamilton

Holding

Corp.

2,916

417,892

Broadridge

Financial

Solutions,

Inc.(a)

2,415

516,810

CACI

International,

Inc.,

Class

A*

1,127

520,088

CBIZ,

Inc.*

1,620

112,428

Clarivate

plc*(a)

59,892

403,672

Concentrix

Corp.(a)

6,923

488,071

Conduent,

Inc.*(a)

34,454

140,572

CSG

Systems

International,

Inc.

2,592

121,409

Dayforce,

Inc.*(a)

1,449

85,897

Dun

&

Bradstreet

Holdings,

Inc.(a)

66,976

728,699

Equifax,

Inc.(a)

3,059

854,593

ExlService

Holdings,

Inc.*

4,669

164,629

Exponent,

Inc.(a)

1,127

119,552

FTI

Consulting,

Inc.*

1,127

245,652

Genpact

Ltd.(a)

27,853

965,663

Heidrick

&

Struggles

International,

Inc.

5,313

213,264

Huron

Consulting

Group,

Inc.*

486

53,465

ICF

International,

Inc.

486

71,491

Insperity,

Inc.(a)

1,127

115,765

Jacobs

Solutions,

Inc.

3,381

494,809

KBR,

Inc.

4,508

300,188

Kelly

Services,

Inc.,

Class

A(a)

4,991

117,438

Kforce,

Inc.(a)

324

22,508

Korn

Ferry

3,703

272,985

Legalzoom.com,

Inc.*

10,626

70,982

Leidos

Holdings,

Inc.

3,402

491,249

ManpowerGroup,

Inc.

8,855

678,116

Maximus,

Inc.

3,381

314,061

Parsons

Corp.*

2,898

264,790

Paychex,

Inc.(a)

7,290

933,266

Paycom

Software,

Inc.(a)

483

80,559

Paycor

HCM,

Inc.*

161

1,998

Paylocity

Holding

Corp.*

2,576

386,580

Robert

Half,

Inc.

3,240

207,976

Science

Applications

International

Corp.(a)

2,737

340,483

Investments

Shares

Value

Professional

Services

(continued)

SS&C

Technologies

Holdings,

Inc.

4,508

$

328,859

Sterling

Check

Corp.*(a)

6,279

98,455

TransUnion

3,381

305,169

TriNet

Group,

Inc.

1,771

184,627

Upwork,

Inc.*

26,565

321,968

Verisk

Analytics,

Inc.

3,564

932,877

Verra

Mobility

Corp.,

Class

A*

9,720

292,864

17,137,812

Real

Estate

Management

&

Development

-

0.3%

Anywhere

Real

Estate,

Inc.*(a)

8,050

37,996

CBRE

Group,

Inc.,

Class

A*

5,796

653,267

Compass,

Inc.,

Class

A*(a)

39,606

173,870

CoStar

Group,

Inc.*

9,499

741,112

Cushman

&

Wakefield

plc*(a)

31,717

415,810

DigitalBridge

Group,

Inc.

(a)

8,372

118,296

eXp

World

Holdings,

Inc.

966

13,872

Forestar

Group,

Inc.*

6,118

193,512

Howard

Hughes

Holdings,

Inc.*(a)

1,932

143,297

Jones

Lang

LaSalle,

Inc.*

2,254

565,529

Kennedy-Wilson

Holdings,

Inc.(a)

33,971

353,638

Newmark

Group,

Inc.,

Class

A

36,547

474,380

Redfin

Corp.*(a)

6,923

56,353

St

Joe

Co.

(The)

486

29,977

Zillow

Group,

Inc.,

Class

A*(a)

4,508

213,679

Zillow

Group,

Inc.,

Class

C*(a)

5,313

258,743

4,443,331

Residential

REITs

-

0.3%

American

Homes

4

Rent,

Class

A,

REIT

5,313

191,746

AvalonBay

Communities,

Inc.,

REIT

3,059

626,850

Camden

Property

Trust,

REIT

1,771

196,138

Centerspace,

REIT(a)

1,932

134,912

Elme

Communities,

REIT(a)

10,143

166,954

Equity

LifeStyle

Properties,

Inc.,

REIT

3,864

265,379

Equity

Residential,

REIT

8,855

616,574

Essex

Property

Trust,

Inc.,

REIT

1,288

358,528

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

38

Investments

Shares

Value

COMMON

STOCKS

(continued)

Residential

REITs

(continued)

Independence

Realty

Trust,

Inc.,

REIT

4,991

$

93,082

Invitation

Homes,

Inc.,

REIT

11,592

408,850

Mid-America

Apartment

Communities,

Inc.,

REIT

2,737

382,550

NexPoint

Residential

Trust,

Inc.,

REIT

3,864

168,818

Sun

Communities,

Inc.,

REIT

2,898

367,264

UDR,

Inc.,

REIT

6,279

251,599

UMH

Properties,

Inc.,

REIT(a)

7,889

140,109

4,369,353

Retail

REITs

-

0.4%

Acadia

Realty

Trust,

REIT(a)

9,177

198,590

Agree

Realty

Corp.,

REIT(a)

5,796

399,750

Alexander's,

Inc.,

REIT(a)

322

78,021

Brixmor

Property

Group,

Inc.,

REIT(a)

9,882

251,695

Federal

Realty

Investment

Trust,

REIT

3,381

377,489

Getty

Realty

Corp.,

REIT(a)

6,279

185,984

Kimco

Realty

Corp.,

REIT

19,481

423,322

Kite

Realty

Group

Trust,

REIT

13,363

329,532

Macerich

Co.

(The),

REIT

48,944

783,593

NNN

REIT,

Inc.,

REIT

9,660

433,637

Phillips

Edison

&

Co.,

Inc.,

REIT(a)

3,059

107,371

Realty

Income

Corp.,

REIT(a)

22,057

1,266,734

Regency

Centers

Corp.,

REIT

3,864

260,202

Retail

Opportunity

Investments

Corp.,

REIT

11,270

168,486

Simon

Property

Group,

Inc.,

REIT

7,084

1,086,969

SITE

Centers

Corp.,

REIT

4,698

72,584

Tanger,

Inc.,

REIT(a)

7,245

209,381

Urban

Edge

Properties,

REIT(a)

4,374

88,792

Whitestone

REIT,

REIT

2,898

39,992

‌

6,762,124

Investments

Shares

Value

Semiconductors

&

Semiconductor

Equipment

-

7.8%

Advanced

Micro

Devices,

Inc.*

37,721

$

5,449,930

Allegro

MicroSystems,

Inc.*

322

7,741

Alpha

&

Omega

Semiconductor

Ltd.*

3,703

153,304

Ambarella,

Inc.*

483

25,425

Amkor

Technology,

Inc.

7,567

247,138

Analog

Devices,

Inc.

11,753

2,719,409

Applied

Materials,

Inc.

19,320

4,099,704

Axcelis

Technologies,

Inc.*(a)

972

122,812

Broadcom,

Inc.

105,540

16,958,167

Cirrus

Logic,

Inc.*

1,610

210,073

Cohu,

Inc.*

1,134

36,277

Credo

Technology

Group

Holding

Ltd.*

5,474

151,904

Diodes,

Inc.*(a)

3,381

264,394

Enphase

Energy,

Inc.*

4,025

463,318

Entegris,

Inc.

3,703

438,028

First

Solar,

Inc.*

2,093

452,067

FormFactor,

Inc.*(a)

2,106

112,797

Ichor

Holdings

Ltd.*

3,542

120,428

Impinj,

Inc.*(a)

1,296

206,440

indie

Semiconductor,

Inc.,

Class

A*(a)

8,694

51,990

Intel

Corp.

97,727

3,004,128

KLA

Corp.

3,220

2,650,285

Kulicke

&

Soffa

Industries,

Inc.(a)

1,127

53,161

Lam

Research

Corp.

3,059

2,818,073

Lattice

Semiconductor

Corp.*

4,025

213,325

MACOM

Technology

Solutions

Holdings,

Inc.*(a)

1,449

146,233

Marvell

Technology,

Inc.

19,964

1,337,189

Microchip

Technology,

Inc.

12,075

1,072,019

Micron

Technology,

Inc.

26,082

2,864,325

MKS

Instruments,

Inc.

3,220

405,398

Monolithic

Power

Systems,

Inc.

1,127

972,702

Navitas

Semiconductor

Corp.,

Class

A*(a)

12,880

47,785

NVIDIA

Corp.

552,552

64,659,635

NXP

Semiconductors

NV

6,118

1,610,013

ON

Semiconductor

Corp.*

10,948

856,681

Onto

Innovation,

Inc.*

2,576

492,789

PDF

Solutions,

Inc.*(a)

324

11,369

Photronics,

Inc.*(a)

14,094

358,129

Power

Integrations,

Inc.(a)

2,415

176,392

Qorvo,

Inc.*(a)

2,576

308,605

QUALCOMM,

Inc.

31,717

5,739,191

Rambus,

Inc.*

3,542

182,200

Semtech

Corp.*(a)

6,279

199,170

Silicon

Laboratories,

Inc.*

1,771

212,750

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

39

Investments

Shares

Value

COMMON

STOCKS

(continued)

Semiconductors

&

Semiconductor

Equipment

(continued)

SiTime

Corp.*(a)

161

$

22,854

Skyworks

Solutions,

Inc.

5,152

585,370

SMART

Global

Holdings,

Inc.*

5,635

131,859

SolarEdge

Technologies,

Inc.*(a)

14,007

404,242

Synaptics,

Inc.*(a)

2,576

224,936

Teradyne,

Inc.

3,381

443,452

Texas

Instruments,

Inc.

21,252

4,331,370

Ultra

Clean

Holdings,

Inc.*

4,025

174,121

Universal

Display

Corp.(a)

2,430

540,967

Veeco

Instruments,

Inc.*(a)

1,296

53,667

Wolfspeed,

Inc.*(a)

2,415

45,523

129,641,254

Software

-

7.8%

ACI

Worldwide,

Inc.*

2,576

111,360

Adeia,

Inc.

19,642

230,793

Adobe,

Inc.*

10,626

5,861,833

Agilysys,

Inc.*

324

36,317

Alarm.com

Holdings,

Inc.*(a)

1,127

79,510

Alkami

Technology,

Inc.*(a)

4,991

163,355

Altair

Engineering,

Inc.,

Class

A*(a)

3,220

284,519

Amplitude,

Inc.,

Class

A*(a)

9,338

79,933

ANSYS,

Inc.*

2,254

706,922

Appfolio,

Inc.,

Class

A*

1,288

285,266

Appian

Corp.,

Class

A*(a)

3,059

112,999

AppLovin

Corp.,

Class

A*(a)

4,669

359,980

Asana,

Inc.,

Class

A*(a)

13,202

192,089

Aspen

Technology,

Inc.*(a)

810

152,239

Atlassian

Corp.,

Class

A*

3,703

653,839

Aurora

Innovation,

Inc.,

Class

A*(a)

51,198

204,792

Autodesk,

Inc.*

4,830

1,195,522

Bentley

Systems,

Inc.,

Class

B(a)

5,152

251,108

BILL

Holdings,

Inc.*

6,440

321,742

Blackbaud,

Inc.*(a)

2,592

205,753

BlackLine,

Inc.*(a)

161

7,651

Box,

Inc.,

Class

A*(a)

4,698

132,108

Braze,

Inc.,

Class

A*

3,381

148,967

C3.ai,

Inc.,

Class

A*(a)

4,186

111,976

Cadence

Design

Systems,

Inc.*

6,318

1,691,076

CCC

Intelligent

Solutions

Holdings,

Inc.*

11,753

120,586

Cleanspark,

Inc.*(a)

6,440

103,040

Investments

Shares

Value

Software

(continued)

Clearwater

Analytics

Holdings,

Inc.,

Class

A*(a)

2,093

$

40,918

CommVault

Systems,

Inc.*

2,592

396,187

Confluent,

Inc.,

Class

A*

6,923

173,213

Crowdstrike

Holdings,

Inc.,

Class

A*

5,313

1,232,403

Datadog,

Inc.,

Class

A*

7,084

824,861

DocuSign,

Inc.*

2,576

142,916

Dolby

Laboratories,

Inc.,

Class

A

2,576

202,886

DoubleVerify

Holdings,

Inc.*

5,474

115,611

Dropbox,

Inc.,

Class

A*

9,821

234,918

Dynatrace,

Inc.*

6,118

268,703

E2open

Parent

Holdings,

Inc.*(a)

16,100

75,187

Elastic

NV*

4,186

459,079

Enfusion,

Inc.,

Class

A*

648

6,143

Envestnet,

Inc.*

644

39,915

EverCommerce,

Inc.*(a)

8,050

97,083

Fair

Isaac

Corp.*

648

1,036,800

Five9,

Inc.*(a)

483

21,518

Fortinet,

Inc.*

15,390

893,236

Freshworks,

Inc.,

Class

A*

9,177

114,712

Gen

Digital,

Inc.

15,295

397,517

Gitlab,

Inc.,

Class

A*

3,703

189,705

Guidewire

Software,

Inc.*

4,186

628,193

HashiCorp,

Inc.,

Class

A*

4,347

146,711

HubSpot,

Inc.*

1,288

640,175

Informatica,

Inc.,

Class

A*

4,186

100,213

Intapp,

Inc.*

648

23,218

InterDigital,

Inc.(a)

644

79,057

Intuit,

Inc.

6,440

4,168,934

JFrog

Ltd.*

5,474

211,077

LiveRamp

Holdings,

Inc.*

1,127

34,126

Manhattan

Associates,

Inc.*

1,771

452,278

Marathon

Digital

Holdings,

Inc.*(a)

8,211

161,510

MeridianLink,

Inc.*(a)

4,669

110,328

Microsoft

Corp.

172,431

72,136,509

MicroStrategy,

Inc.,

Class

A*(a)

322

519,850

Nutanix,

Inc.,

Class

A*

7,084

357,813

Olo,

Inc.,

Class

A*

29,946

143,142

Oracle

Corp.

36,869

5,141,382

PagerDuty,

Inc.*(a)

9,338

195,444

Palantir

Technologies,

Inc.,

Class

A*

42,826

1,151,591

Palo

Alto

Networks,

Inc.*

7,245

2,352,669

Pegasystems,

Inc.

644

44,900

PowerSchool

Holdings,

Inc.,

Class

A*

1,944

43,857

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

40

Investments

Shares

Value

COMMON

STOCKS

(continued)

Software

(continued)

Procore

Technologies,

Inc.*

2,898

$

205,845

Progress

Software

Corp.

(a)

644

37,610

PTC,

Inc.*

2,415

429,508

Q2

Holdings,

Inc.*(a)

4,025

271,567

Qualys,

Inc.*

1,296

193,285

Rapid7,

Inc.*

2,737

107,674

RingCentral,

Inc.,

Class

A*

19,964

699,738

Riot

Platforms,

Inc.*(a)

7,406

75,467

Roper

Technologies,

Inc.

2,415

1,315,571

Salesforce,

Inc.

21,252

5,500,018

Samsara,

Inc.,

Class

A*(a)

7,567

289,665

SentinelOne,

Inc.,

Class

A*

12,719

291,265

ServiceNow,

Inc.*

4,669

3,802,387

Smartsheet,

Inc.,

Class

A*

5,796

277,976

SolarWinds

Corp.

8,694

103,719

Sprinklr,

Inc.,

Class

A*(a)

8,855

87,045

SPS

Commerce,

Inc.*

1,127

242,778

Synopsys,

Inc.*

3,542

1,977,569

Tenable

Holdings,

Inc.*

3,381

155,256

Teradata

Corp.*

2,737

88,734

Tyler

Technologies,

Inc.*

1,127

640,260

UiPath,

Inc.,

Class

A*(a)

15,456

188,100

Varonis

Systems,

Inc.*

4,347

239,650

Verint

Systems,

Inc.*

5,635

203,649

Workday,

Inc.,

Class

A*

5,152

1,170,122

Workiva,

Inc.,

Class

A*(a)

2,415

178,155

Zoom

Video

Communications,

Inc.,

Class

A*

8,694

525,118

Zscaler,

Inc.*

1,771

317,629

129,227,123

Specialized

REITs

-

0.8%

American

Tower

Corp.,

REIT

10,626

2,341,970

Crown

Castle,

Inc.,

REIT

8,855

974,758

CubeSmart,

REIT

7,567

360,038

Digital

Realty

Trust,

Inc.,

REIT(a)

6,762

1,010,851

EPR

Properties,

REIT(a)

4,860

218,700

Equinix,

Inc.,

REIT

2,106

1,664,245

Extra

Space

Storage,

Inc.,

REIT

5,313

848,061

Four

Corners

Property

Trust,

Inc.,

REIT(a)

5,152

139,825

Gaming

and

Leisure

Properties,

Inc.,

REIT

6,318

317,164

Iron

Mountain,

Inc.,

REIT(a)

6,480

664,589

Investments

Shares

Value

Specialized

REITs

(continued)

Lamar

Advertising

Co.,

Class

A,

REIT

3,059

$

366,652

National

Storage

Affiliates

Trust,

REIT(a)

4,830

205,613

PotlatchDeltic

Corp.,

REIT

6,118

271,395

Public

Storage,

REIT(a)

3,564

1,054,659

Rayonier,

Inc.,

REIT

6,923

209,975

Safehold,

Inc.,

REIT(a)

5,957

137,845

SBA

Communications

Corp.,

REIT

2,737

600,881

Uniti

Group,

Inc.,

REIT(a)

38,157

146,523

VICI

Properties,

Inc.,

Class

A,

REIT

29,624

926,046

Weyerhaeuser

Co.,

REIT

17,066

542,016

13,001,806

Specialty

Retail

-

2.5%

Abercrombie

&

Fitch

Co.,

Class

A*

2,737

403,653

Academy

Sports

&

Outdoors,

Inc.(a)

16,261

879,232

Advance

Auto

Parts,

Inc.

(a)

2,576

163,138

American

Eagle

Outfitters,

Inc.(a)

40,572

894,613

Arko

Corp.(a)

2,430

15,916

Asbury

Automotive

Group,

Inc.*(a)

4,212

1,133,955

AutoNation,

Inc.*

6,118

1,166,825

AutoZone,

Inc.*

401

1,256,610

Bath

&

Body

Works,

Inc.

(a)

43,148

1,585,689

Best

Buy

Co.,

Inc.

6,279

543,259

Boot

Barn

Holdings,

Inc.*

1,288

171,922

Buckle,

Inc.

(The)(a)

6,156

265,878

Burlington

Stores,

Inc.*

1,288

335,292

Caleres,

Inc.(a)

8,372

322,824

Camping

World

Holdings,

Inc.,

Class

A(a)

5,152

117,878

CarMax,

Inc.*(a)

3,864

326,276

Carvana

Co.*

4,991

664,951

Chewy,

Inc.,

Class

A*

6,118

147,933

Dick's

Sporting

Goods,

Inc.(a)

1,932

417,988

Five

Below,

Inc.*

2,254

163,956

Floor

&

Decor

Holdings,

Inc.,

Class

A*(a)

3,059

299,782

Foot

Locker,

Inc.(a)

14,168

411,722

GameStop

Corp.,

Class

A*

11,431

259,141

Gap,

Inc.

(The)(a)

45,402

1,066,039

Group

1

Automotive,

Inc.

(a)

3,059

1,118,737

Guess?,

Inc.(a)

5,474

131,650

Home

Depot,

Inc.

(The)

28,336

10,432,182

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

41

Investments

Shares

Value

COMMON

STOCKS

(continued)

Specialty

Retail

(continued)

Leslie's,

Inc.*(a)

42,826

$

126,337

Lithia

Motors,

Inc.,

Class

A(a)

5,635

1,557,120

Lowe's

Cos.,

Inc.

16,583

4,071,292

MarineMax,

Inc.*

4,830

168,422

Monro,

Inc.(a)

3,542

109,164

Murphy

USA,

Inc.

805

406,461

ODP

Corp.

(The)*

8,855

374,124

O'Reilly

Automotive,

Inc.*

1,449

1,632,067

Penske

Automotive

Group,

Inc.(a)

1,127

196,222

RH*(a)

161

46,703

Ross

Stores,

Inc.

7,614

1,090,553

Sally

Beauty

Holdings,

Inc.*(a)

15,778

180,658

Shoe

Carnival,

Inc.(a)

5,796

246,156

Signet

Jewelers

Ltd.(a)

8,262

695,082

Sonic

Automotive,

Inc.,

Class

A(a)

4,186

249,234

TJX

Cos.,

Inc.

(The)

26,565

3,002,376

Tractor

Supply

Co.

2,592

682,525

Ulta

Beauty,

Inc.*

1,134

413,785

Upbound

Group,

Inc.(a)

9,982

376,621

Urban

Outfitters,

Inc.*

9,821

452,257

Valvoline,

Inc.*

7,614

354,051

Victoria's

Secret

&

Co.*(a)

8,372

148,603

Warby

Parker,

Inc.,

Class

A*(a)

9,338

153,797

Wayfair,

Inc.,

Class

A*(a)

4,991

271,660

Williams-Sonoma,

Inc.(a)

2,898

448,263

42,150,574

Technology

Hardware,

Storage

&

Peripherals

-

4.8%

Apple,

Inc.

334,880

74,370,150

Corsair

Gaming,

Inc.*

12,075

99,136

Dell

Technologies,

Inc.,

Class

C

6,923

787,007

Diebold

Nixdorf,

Inc.*

3,703

161,266

Hewlett

Packard

Enterprise

Co.

38,693

770,377

HP,

Inc.

27,531

993,594

IonQ,

Inc.*(a)

11,431

93,163

NetApp,

Inc.(a)

5,635

715,532

Pure

Storage,

Inc.,

Class

A*

8,372

501,734

Seagate

Technology

Holdings

plc

5,635

575,728

Super

Micro

Computer,

Inc.*(a)

1,288

903,725

Western

Digital

Corp.*(a)

9,177

615,318

Xerox

Holdings

Corp.(a)

20,125

216,645

‌

80,803,375

Investments

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

-

0.8%

Capri

Holdings

Ltd.*(a)

23,023

$

772,191

Carter's,

Inc.(a)

5,635

341,199

Columbia

Sportswear

Co.(a)

1,610

131,537

Crocs,

Inc.*(a)

12,312

1,654,363

Deckers

Outdoor

Corp.*

609

561,882

G-III

Apparel

Group

Ltd.*(a)

11,109

306,275

Hanesbrands,

Inc.*(a)

52,486

311,767

Kontoor

Brands,

Inc.

10,143

711,531

Lululemon

Athletica,

Inc.*

2,592

670,447

NIKE,

Inc.,

Class

B

27,209

2,036,866

Oxford

Industries,

Inc.(a)

2,415

254,372

PVH

Corp.

12,236

1,247,950

Ralph

Lauren

Corp.

2,093

367,510

Skechers

USA,

Inc.,

Class

A*

5,670

369,287

Steven

Madden

Ltd.

3,381

153,295

Tapestry,

Inc.

45,241

1,813,712

Under

Armour,

Inc.,

Class

A*

38,318

267,076

Under

Armour,

Inc.,

Class

C*(a)

21,574

146,488

VF

Corp.(a)

66,815

1,133,182

13,250,930

Tobacco

-

0.5%

Altria

Group,

Inc.

49,266

2,414,527

Philip

Morris

International,

Inc.

44,597

5,135,790

Universal

Corp.(a)

3,220

172,012

Vector

Group

Ltd.

23,184

296,292

8,018,621

Trading

Companies

&

Distributors

-

0.9%

Air

Lease

Corp.,

Class

A(a)

19,481

966,647

Applied

Industrial

Technologies,

Inc.

2,093

456,672

Beacon

Roofing

Supply,

Inc.*

11,592

1,191,658

BlueLinx

Holdings,

Inc.*

1,782

214,891

Boise

Cascade

Co.(a)

7,776

1,104,892

Core

&

Main,

Inc.,

Class

A*

5,796

309,912

Custom

Truck

One

Source,

Inc.*(a)

15,939

79,854

DNOW,

Inc.*

13,202

202,783

DXP

Enterprises,

Inc.*

483

26,449

Fastenal

Co.

12,312

871,074

Ferguson

plc

4,347

967,860

FTAI

Aviation

Ltd.(a)

3,220

358,869

GATX

Corp.(a)

2,093

291,973

GMS,

Inc.*(a)

9,016

867,610

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

42

Investments

Shares

Value

COMMON

STOCKS

(continued)

Trading

Companies

&

Distributors

(continued)

H&E

Equipment

Services,

Inc.

6,440

$

336,812

Herc

Holdings,

Inc.

5,313

827,978

McGrath

RentCorp

1,771

194,509

MRC

Global,

Inc.*

16,422

237,791

MSC

Industrial

Direct

Co.,

Inc.,

Class

A(a)

2,737

243,456

Rush

Enterprises,

Inc.,

Class

A(a)

5,152

262,804

Rush

Enterprises,

Inc.,

Class

B

730

34,514

SiteOne

Landscape

Supply,

Inc.*(a)

2,106

308,908

Titan

Machinery,

Inc.*

805

14,353

United

Rentals,

Inc.

1,771

1,340,824

Watsco,

Inc.(a)

648

317,190

WESCO

International,

Inc.

9,234

1,615,488

WW

Grainger,

Inc.(a)

972

949,459

14,595,230

Water

Utilities

-

0.1%

American

States

Water

Co.

483

39,862

American

Water

Works

Co.,

Inc.

5,313

756,359

California

Water

Service

Group

805

43,035

Essential

Utilities,

Inc.

8,694

353,411

Middlesex

Water

Co.

486

32,309

SJW

Group

966

58,549

York

Water

Co.

(The)(a)

1,932

79,811

1,363,336

Wireless

Telecommunication

Services

-

0.2%

Gogo,

Inc.*(a)

7,614

69,135

Telephone

and

Data

Systems,

Inc.

20,608

436,890

T-Mobile

US,

Inc.

11,914

2,171,684

2,677,709

Total

Common

Stocks

(Cost

$863,831,455)

1,652,470,480

Number

of

Warrants

WARRANTS

-

0.0%(d)

Oil,

Gas

&

Consumable

Fuels

-

0.0%(d)

Occidental

Petroleum

Corp.,

expiring

8/3/2027,

price

22.00

(Cost

$21,117)*

4,266

166,161

Investments

Number

of

Warrants

Value

Number

of

Rights

RIGHTS

-

0.0%

Health

Care

Equipment

&

Supplies

-

0.0%

ABIOMED,

Inc.,

CVR*‡

1,110

—

Paper

&

Forest

Products

-

0.0%

Resolute

Forest

Products,

Inc.,

CVR*‡

6,734

—

Total

Rights

(Cost

$1,132)

—

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

8.9%(e)

CERTIFICATES

OF

DEPOSIT

-

1.9%

Bank

of

Montreal,

London

(SOFR

+

0.20%),

5.53%,

12/17/2024(f)

$

5,000,000

$

5,000,000

Cooperatieve

Rabobank

UA,

London

5.68%,

7/3/2025

2,000,000

2,001,400

Credit

Agricole

CIB,

New

York

(SOFR

+

0.17%),

5.50%,

9/11/2024(f)

5,000,000

5,000,000

MUFG

Bank

Ltd.,

London

Branch

5.54%,

9/23/2024

2,000,000

2,000,000

Natixis

SA,

New

York

(SOFR

+

0.22%),

5.55%,

11/1/2024(f)

2,000,000

2,000,100

Nordea

Bank

Abp,

New

York

Branch

(SOFR

+

0.32%),

5.65%,

7/18/2025(f)

4,000,000

4,000,736

Oversea-Chinese

Banking

Corp.

Ltd.,

New

York

(SOFR

+

0.20%),

5.55%,

10/22/2024(f)

5,000,000

5,000,515

Svenska

Handelsbanken,

New

York

(SOFR

+

0.20%),

5.53%,

10/30/2024(f)

2,000,000

2,000,248

The

Sumitomo

Bank

Ltd.,

New

York

(SOFR

+

0.17%),

5.50%,

8/7/2024(f)

5,000,000

5,000,000

Total

Certificates

of

Deposit

(Cost

$31,999,772)

32,002,999

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

43

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

REPURCHASE

AGREEMENTS

-

7.0%

BofA

Securities,

Inc.

5.77%,

dated

7/31/2024,

due

10/31/2024,

repurchase

price

$6,088,473,

collateralized

by

various

Common

Stocks;

total

market

value

$6,724,567

$

6,000,000

$

6,000,000

CF

Secured

LLC

5.34%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$7,523,867,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.88%,

maturing

8/15/2024

-

8/15/2053;

total

market

value

$7,703,161

7,522,751

7,522,751

National

Bank

of

Canada

Financial

Inc.

5.47%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$60,009,117,

collateralized

by

various

Common

Stocks,

U.S.

Treasury

Securities,

0.63%,

1/15/2026;

total

market

value

$65,974,797

60,000,000

60,000,000

Societe

Generale

5.45%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$18,002,725,

collateralized

by

various

Common

Stocks;

total

market

value

$20,194,386

18,000,000

18,000,000

Investments

Principal

Amount

Value

REPURCHASE

AGREEMENTS

(continued)

TD

Prime

Services

LLC

5.42%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$25,003,764,

collateralized

by

various

Common

Stocks;

total

market

value

$27,903,684

$

25,000,000

$

25,000,000

Total

Repurchase

Agreements

(Cost

$116,522,751)

116,522,751

Total

Securities

Lending

Reinvestments

(Cost

$148,522,523)

148,525,750

Total

Investments

-

108.1%

(Cost

$1,012,376,227)

1,801,162,391

Liabilities

in

excess

of

other

assets

-

(8.1%)

(134,530,922)

NET

ASSETS

-

100.0%

$1,666,631,469

*

Non-income

producing

security.

‡

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2024.

The

total

value

of

securities

on

loan

at

July

31,

2024

was

$219,425,379,

collateralized

in

the

form

of

cash

with

a

value

of

$148,522,496

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$65,842,469

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

August

1,

2024

–

May

15,

2054

and

$9,001,850

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

5.75%,

and

maturity

dates

ranging

from

August

15,

2024

–

June

30,

2120;

a

total

value

of

$223,366,815.

(b)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States

and

as

such

may

have

restrictions

on

resale.

(c)

Investment

in

affiliated

company.

Northern

Trust

Investments,

Inc.,

the

Investment

Adviser

of

the

Fund,

is

a

subsidiary

of

Northern

Trust

Corporation.

(d)

Represents

less

than

0.05%

of

net

assets.

(e)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2024.

The

total

value

of

securities

purchased

was

$148,525,750.

(f)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

is

the

rate

in

effect

as

of

July

31,

2024.

Percentages

shown

are

based

on

Net

Assets.

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

US

Market

Factor

Tilt

Index

Fund

(cont.)

44

Abbreviations

CVR

Contingent

Value

Rights

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

Investment

in

a

company

which

was

affiliated

for

the

period

ended

July

31,

2024,

was

as

follows:

Security

Value

October

31,

2023

Purchases

at

Cost

Sales

Proceeds

Shares

July

31,

2024

Value

July

31,

2024

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Realized

Gain

Northern

Trust

Corp.

$

459,393

$

16,776

$

60,411

6,440

$

570,906

$

144,906

$

14,916

$

10,242

Futures

Contracts

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2024:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

Russell

2000

E-Mini

Index

20

09/20/2024

USD

$

2,273,000

$

216,800

S&P

500

E-Mini

Index

29

09/20/2024

USD

8,059,100

64,810

S&P

Midcap

400

E-Mini

Index

9

09/20/2024

USD

2,808,090

163,247

$

444,857

Abbreviations:

USD

—

US

Dollar

Security

Type

%

of

Net

Assets

Common

Stocks

99.2

%

Warrants

0.0

†

Rights

–‌

Securities

Lending

Reinvestments

8.9

Others

(1)

(8.1)

100.0%

†

Amount

represents

less

than

0.05%.

(1)

Includes

any

other

net

assets/(liabilities).

45

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

July

31,

2024

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

98

.8

%

Aerospace

&

Defense

-

1

.2

%

Airbus

SE

7,922

$

1,199,793

Babcock

International

Group

plc

25,534

174,153

BAE

Systems

plc

40,834

680,267

Bombardier,

Inc.,

Class

B*

1,886

127,212

CAE,

Inc.*

4,476

81,391

Chemring

Group

plc

15,334

81,540

Dassault

Aviation

SA

369

74,309

Elbit

Systems

Ltd.

412

74,015

Hensoldt

AG

800

29,641

INVISIO

AB

2,552

59,528

Kongsberg

Gruppen

ASA

1,417

142,030

Leonardo

SpA

6,732

160,336

LISI

SA

880

24,235

Melrose

Industries

plc

19,321

146,122

Montana

Aerospace

AG*(a)

1,326

28,170

MTU

Aero

Engines

AG

714

202,194

QinetiQ

Group

plc

26,724

165,861

Rheinmetall

AG

646

352,175

Rolls-Royce

Holdings

plc*

113,866

657,563

Saab

AB,

Class

B

5,868

135,290

Safran

SA

4,488

986,348

Singapore

Technologies

Engineering

Ltd.

17,900

59,149

Thales

SA

1,326

210,853

5,852,175

Air

Freight

&

Logistics

-

0

.6

%

Cargojet,

Inc.(b)

608

57,404

Cia

de

Distribucion

Integral

Logista

Holdings

SA

2,419

71,513

Deutsche

Post

AG

19,414

866,575

DSV

A/S

2,380

436,248

Freightways

Group

Ltd.(b)

7,410

40,051

ID

Logistics

Group

SACA*(b)

81

39,180

InPost

SA*

3,608

62,389

International

Distribution

Services

plc*

14,455

64,055

Kerry

Logistics

Network

Ltd.

119,000

104,193

Konoike

Transport

Co.

Ltd.

10,200

163,447

Mainfreight

Ltd.(b)

1,312

58,063

Mitsui-Soko

Holdings

Co.

Ltd.(b)

6,800

217,839

Nippon

Express

Holdings,

Inc.

1,600

79,330

Oesterreichische

Post

AG

136

4,489

Investments

Shares

Value

Air

Freight

&

Logistics

(continued)

Sankyu,

Inc.

1,333

$

45,715

SBS

Holdings,

Inc.

6,800

125,054

Senko

Group

Holdings

Co.

Ltd.(b)

40,800

312,386

SG

Holdings

Co.

Ltd.(b)

3,800

38,477

Yamato

Holdings

Co.

Ltd.

(b)

3,800

46,142

2,832,550

Automobile

Components

-

1

.8

%

Aisan

Industry

Co.

Ltd.

10,500

107,750

Aisin

Corp.

3,600

123,222

Amotiv

Ltd.

46,172

325,925

ARB

Corp.

Ltd.(b)

2,686

73,824

Brembo

NV(b)

1,435

16,096

Bridgestone

Corp.

10,200

419,294

CIE

Automotive

SA(b)

2,091

61,092

Cie

Generale

des

Etablissements

Michelin

SCA

12,444

492,843

Continental

AG

1,938

118,906

Denso

Corp.

40,800

681,717

Dometic

Group

AB(c)

5,962

40,887

Dowlais

Group

plc

477,224

391,688

Eagle

Industry

Co.

Ltd.

8,200

115,975

Exedy

Corp.

10,200

216,935

FCC

Co.

Ltd.

13,600

213,681

Forvia

SE

3,876

45,444

Gestamp

Automocion

SA(a)

43,928

127,392

G-Tekt

Corp.

7,400

90,250

Hella

GmbH

&

Co.

KGaA

328

31,021

Johnson

Electric

Holdings

Ltd.(b)

119,000

164,516

JTEKT

Corp.

3,800

27,706

Koito

Manufacturing

Co.

Ltd.(b)

5,000

74,621

KYB

Corp.

6,800

237,272

Linamar

Corp.(b)

13,770

686,482

Magna

International,

Inc.

(b)

4,216

186,988

Musashi

Seimitsu

Industry

Co.

Ltd.

17,000

240,775

NHK

Spring

Co.

Ltd.

2,900

31,976

Nifco,

Inc.

2,400

61,795

Niterra

Co.

Ltd.

2,700

81,111

NOK

Corp.

4,100

60,576

Nokian

Renkaat

OYJ(b)

8,364

76,315

Opmobility

13,770

144,610

Pacific

Industrial

Co.

Ltd.

20,400

214,223

Pirelli

&

C

SpA(a)

3,854

24,130

PWR

Holdings

Ltd.

3,772

29,311

Seiren

Co.

Ltd.(b)

4,100

64,609

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

46

Investments

Shares

Value

COMMON

STOCKS

(continued)

Automobile

Components

(continued)

Shoei

Co.

Ltd.(b)

3,800

$

50,638

Stanley

Electric

Co.

Ltd.

3,400

67,397

Sumitomo

Electric

Industries

Ltd.

13,600

208,800

Sumitomo

Riko

Co.

Ltd.

13,600

138,206

Sumitomo

Rubber

Industries

Ltd.

3,800

40,081

TI

Fluid

Systems

plc(a)

106,556

180,115

Tokai

Rika

Co.

Ltd.

17,000

233,770

Topre

Corp.

17,000

236,368

Toyo

Tire

Corp.

4,500

74,546

Toyoda

Gosei

Co.

Ltd.

2,000

37,046

Toyota

Boshoku

Corp.

2,700

36,796

Valeo

SE

72,018

824,896

Vitesco

Technologies

Group

AG

5,780

350,880

Yokohama

Rubber

Co.

Ltd.

(The)

3,800

87,310

8,667,807

Automobiles

-

2

.2

%

Aston

Martin

Lagonda

Global

Holdings

plc*(a)

(b)

16,400

32,735

Bayerische

Motoren

Werke

AG

5,066

470,458

Bayerische

Motoren

Werke

AG

(Preference)

1,660

142,535

Dr

Ing

hc

F

Porsche

AG

(Preference)(a)

1,428

107,796

Ferrari

NV

1,632

671,781

Honda

Motor

Co.

Ltd.

91,800

1,004,882

Isuzu

Motors

Ltd.

10,200

140,160

Mazda

Motor

Corp.

10,900

99,394

Mercedes-Benz

Group

AG

15,368

1,017,073

Mitsubishi

Motors

Corp.(b)

13,500

39,398

Nissan

Motor

Co.

Ltd.(b)

30,600

98,882

Nissan

Shatai

Co.

Ltd.

3,800

23,715

Piaggio

&

C

SpA(b)

49,708

136,947

PIERER

Mobility

AG

3,060

98,205

Porsche

Automobil

Holding

SE

(Preference)

3,876

173,347

Renault

SA

3,536

171,571

Stellantis

NV

40,800

680,082

Subaru

Corp.

10,600

210,401

Suzuki

Motor

Corp.

34,000

397,601

Toyota

Motor

Corp.

227,800

4,464,856

Trigano

SA

2,414

283,423

Volkswagen

AG

(Preference)

3,468

387,281

Investments

Shares

Value

Automobiles

(continued)

Yamaha

Motor

Co.

Ltd.

20,400

$

191,852

11,044,375

Banks

-

11

.3

%

ABN

AMRO

Bank

NV,

CVA(a)

7,512

130,995

AIB

Group

plc

22,406

128,501

Aichi

Financial

Group,

Inc.(b)

13,600

247,306

Aktia

Bank

OYJ(b)

17,204

173,691

Alandsbanken

Abp,

Class

B

1,972

73,406

Alior

Bank

SA

2,640

63,105

AMCO

-

Asset

Management

Co.

SpA*‡

239

—

ANZ

Group

Holdings

Ltd.

38,522

730,749

Awa

Bank

Ltd.

(The)(b)

10,200

190,292

Banca

Monte

dei

Paschi

di

Siena

SpA

7,182

39,169

Banca

Popolare

di

Sondrio

SpA

15,368

117,073

Banco

Bilbao

Vizcaya

Argentaria

SA(b)

107,508

1,128,909

Banco

BPM

SpA

26,713

184,999

Banco

Comercial

Portugues

SA,

Class

R

189,546

79,951

Banco

de

Sabadell

SA

104,482

220,693

Banco

Santander

SA

289,544

1,395,821

Bank

Hapoalim

BM

22,474

207,576

Bank

Leumi

Le-Israel

BM

27,812

241,352

Bank

Millennium

SA*

25,740

58,765

Bank

of

Cyprus

Holdings

plc(b)

126,310

572,703

Bank

of

East

Asia

Ltd.

(The)

24,600

31,081

Bank

of

Georgia

Group

plc

11,424

669,114

Bank

of

Ireland

Group

plc

18,326

207,725

Bank

of

Montreal

13,702

1,155,017

Bank

of

Nova

Scotia

(The)

22,372

1,044,064

Bank

of

Queensland

Ltd.

(b)

8,126

33,483

Bank

Polska

Kasa

Opieki

SA

3,499

141,425

Bankinter

SA

12,812

109,358

Banque

Cantonale

de

Geneve

578

189,767

Banque

Cantonale

Vaudoise

(Registered)

(b)

410

43,504

Barclays

plc

293,284

880,745

BAWAG

Group

AG(a)

1,885

137,582

Bendigo

&

Adelaide

Bank

Ltd.

7,372

60,126

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

47

Investments

Shares

Value

COMMON

STOCKS

(continued)

Banks

(continued)

Berner

Kantonalbank

AG

(Registered)

328

$

87,939

BNP

Paribas

SA

19,584

1,344,835

BPER

Banca

SpA

25,203

147,324

CaixaBank

SA

74,936

436,741

Canadian

Imperial

Bank

of

Commerce

18,661

964,490

Canadian

Western

Bank(b)

31,722

1,095,557

Chiba

Bank

Ltd.

(The)

15,000

142,413

Chugin

Financial

Group,

Inc.

2,600

29,195

Close

Brothers

Group

plc

49,334

323,806

Commerzbank

AG

18,734

305,905

Commonwealth

Bank

of

Australia

22,542

2,023,843

Concordia

Financial

Group

Ltd.

20,400

130,161

Credit

Agricole

SA

22,542

342,230

Credito

Emiliano

SpA

6,256

68,509

Dah

Sing

Banking

Group

Ltd.

149,600

118,539

Daishi

Hokuetsu

Financial

Group,

Inc.(b)

13,600

545,952

Danske

Bank

A/S

12,070

369,317

DBS

Group

Holdings

Ltd.

40,861

1,117,751

DNB

Bank

ASA

16,864

347,783

EQB,

Inc.(b)

8,466

590,588

Erste

Group

Bank

AG

6,120

318,407

FIBI

Holdings

Ltd.

533

21,979

FinecoBank

Banca

Fineco

SpA

7,616

129,388

First

International

Bank

of

Israel

Ltd.

(The)

1,144

46,444

Fukuoka

Financial

Group,

Inc.

2,800

79,519

Graubuendner

Kantonalbank

7

13,598

Gunma

Bank

Ltd.

(The)

8,400

57,699

Hachijuni

Bank

Ltd.

(The)

10,200

73,249

Hang

Seng

Bank

Ltd.

13,600

166,866

Heartland

Group

Holdings

Ltd.(b)

302,804

192,440

Hirogin

Holdings,

Inc.

9,200

75,393

Hokkoku

Financial

Holdings,

Inc.

1,300

49,249

Hokuhoku

Financial

Group,

Inc.

3,800

53,909

HSBC

Holdings

plc

357,034

3,228,490

Hyakugo

Bank

Ltd.

(The)

(b)

74,800

337,559

Hyakujushi

Bank

Ltd.

(The)

10,200

224,731

ING

Bank

Slaski

SA

532

40,485

ING

Groep

NV(b)

62,016

1,124,051

Investments

Shares

Value

Banks

(continued)

Intesa

Sanpaolo

SpA

297,364

$

1,206,827

Israel

Discount

Bank

Ltd.,

Class

A

24,770

127,299

Iyogin

Holdings,

Inc.

8,200

83,003

Japan

Post

Bank

Co.

Ltd.

20,400

213,613

Judo

Capital

Holdings

Ltd.*(b)

82,840

75,191

Juroku

Financial

Group,

Inc.

10,200

329,809

Jyske

Bank

A/S

(Registered)

1,190

97,155

KBC

Ancora(b)

803

39,102

KBC

Group

NV

5,202

403,268

Keiyo

Bank

Ltd.

(The)

37,400

212,280

Kyoto

Financial

Group,

Inc.

6,400

120,803

Kyushu

Financial

Group,

Inc.

12,000

74,515

Liechtensteinische

Landesbank

AG

1,025

86,867

Lloyds

Banking

Group

plc

1,211,046

926,784

Luzerner

Kantonalbank

AG

(Registered)

304

23,070

Mebuki

Financial

Group,

Inc.

28,010

118,213

Mediobanca

Banca

di

Credito

Finanziario

SpA

11,424

185,367

Mitsubishi

UFJ

Financial

Group,

Inc.

163,200

1,898,179

Mizrahi

Tefahot

Bank

Ltd.

2,622

95,225

Mizuho

Financial

Group,

Inc.

47,600

1,090,820

Musashino

Bank

Ltd.

(The)

10,200

221,002

Nanto

Bank

Ltd.

(The)

1,500

35,242

National

Australia

Bank

Ltd.

42,466

1,069,835

National

Bank

of

Canada

6,494

542,855

NatWest

Group

plc

121,380

573,892

Nishi-Nippon

Financial

Holdings,

Inc.

3,800

52,153

Nordea

Bank

Abp

62,594

733,250

Norion

Bank

AB*

20,842

78,758

North

Pacific

Bank

Ltd.(b)

105,400

360,767

Oberbank

AG

902

68,324

Oma

Saastopankki

OYJ

4,420

66,386

Oversea-Chinese

Banking

Corp.

Ltd.

64,600

717,187

Permanent

TSB

Group

Holdings

plc*(b)

54,196

90,314

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

13,867

206,025

Raiffeisen

Bank

International

AG

3,344

65,170

Resona

Holdings,

Inc.

34,000

246,763

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

48

Investments

Shares

Value

COMMON

STOCKS

(continued)

Banks

(continued)

Ringkjoebing

Landbobank

A/S

492

$

87,186

Royal

Bank

of

Canada

19,278

2,152,962

San-In

Godo

Bank

Ltd.

(The)

47,600

455,563

Santander

Bank

Polska

SA

748

98,390

Senshu

Ikeda

Holdings,

Inc.

88,400

229,137

Shiga

Bank

Ltd.

(The)

14,600

395,421

Shizuoka

Financial

Group,

Inc.

11,900

120,020

Skandinaviska

Enskilda

Banken

AB,

Class

A

29,784

458,532

Skandinaviska

Enskilda

Banken

AB,

Class

C(b)

684

10,760

Societe

Generale

SA

13,566

352,021

Spar

Nord

Bank

A/S

22,066

449,902

SpareBank

1

Nord

Norge

28,118

277,464

Sparebank

1

Oestlandet

1,329

18,287

SpareBank

1

SMN

3,103

46,216

SpareBank

1

Sorost-Norge

22,236

146,010

SpareBank

1

SR-Bank

ASA

4,796

61,493

Sparebanken

Vest

28,016

358,703

St

Galler

Kantonalbank

AG

(Registered)

41

20,215

Standard

Chartered

plc

41,684

410,767

Sumitomo

Mitsui

Financial

Group,

Inc.

18,300

1,327,559

Sumitomo

Mitsui

Trust

Holdings,

Inc.

13,600

347,186

Suruga

Bank

Ltd.(b)

10,200

81,283

Svenska

Handelsbanken

AB,

Class

A

21,794

220,022

Svenska

Handelsbanken

AB,

Class

B(b)

3,808

47,007

Swedbank

AB,

Class

A

18,496

393,473

Sydbank

A/S

17,136

924,403

TBC

Bank

Group

plc

14,960

595,677

Tokyo

Kiraboshi

Financial

Group,

Inc.(b)

10,100

307,779

Toronto-Dominion

Bank

(The)

33,320

1,966,470

Unicaja

Banco

SA(a)

55,420

74,483

UniCredit

SpA

30,906

1,269,344

United

Overseas

Bank

Ltd.

27,200

657,835

Valiant

Holding

AG

(Registered)

4,794

542,984

Virgin

Money

UK

plc

30,176

83,488

Walliser

Kantonalbank

(Registered)

485

63,363

Westpac

Banking

Corp.

44,744

870,691

Investments

Shares

Value

Banks

(continued)

Yamaguchi

Financial

Group,

Inc.

4,100

$

51,448

Zuger

Kantonalbank(b)

10

94,064

56,057,302

Beverages

-

1

.0

%

Anheuser-Busch

InBev

SA/NV

13,158

782,535

Asahi

Group

Holdings

Ltd.

6,200

228,905

Britvic

plc

12,104

197,291

Carlsberg

A/S,

Class

B

1,156

139,708

Coca-Cola

Europacific

Partners

plc

2,697

198,958

Coca-Cola

HBC

AG

3,321

121,145

Davide

Campari-Milano

NV(b)

6,802

61,386

Diageo

plc

29,070

903,229

Fevertree

Drinks

plc(b)

5,658

67,042

Heineken

Holding

NV

1,598

117,758

Heineken

NV

3,604

319,869

Ito

En

Ltd.

800

19,019

Kirin

Holdings

Co.

Ltd.

10,200

144,431

Olvi

OYJ,

Class

A

912

31,235

Pernod

Ricard

SA

3,026

406,030

Primo

Water

Corp.

7,310

160,281

Remy

Cointreau

SA

398

31,482

Royal

Unibrew

A/S*

836

65,647

Sapporo

Holdings

Ltd.(b)

1,900

81,880

Suntory

Beverage

&

Food

Ltd.(b)

1,800

64,865

Takara

Holdings,

Inc.

68,000

517,480

Treasury

Wine

Estates

Ltd.(b)

12,433

100,266

4,760,442

Biotechnology

-

0

.6

%

Argenx

SE*

782

398,646

Bavarian

Nordic

A/S*(b)

2,074

55,776

BioArctic

AB,

Class

B*(a)

(b)

2,108

31,568

BioGaia

AB,

Class

B

5,670

67,452

BoneSupport

Holding

AB*(a)

2,665

75,044

CSL

Ltd.

6,630

1,340,899

Galapagos

NV*(b)

4,050

108,774

Genmab

A/S*

1,020

289,172

Genus

plc

4,454

104,464

GNI

Group

Ltd.*

3,800

57,937

Grifols

SA*(b)

2,888

29,057

PeptiDream,

Inc.*

2,500

46,075

Swedish

Orphan

Biovitrum

AB*

3,273

85,447

Takara

Bio,

Inc.

400

3,063

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

49

Investments

Shares

Value

COMMON

STOCKS

(continued)

Biotechnology

(continued)

Telix

Pharmaceuticals

Ltd.*(b)

4,018

$

50,061

Vitrolife

AB(b)

880

18,918

Zealand

Pharma

A/S,

Class

A*

952

128,389

2,890,742

Broadline

Retail

-

0

.7

%

Allegro.eu

SA*(a)

6,278

57,584

ASKUL

Corp.(b)

1,000

14,150

B&M

European

Value

Retail

SA

14,042

84,428

Canadian

Tire

Corp.

Ltd.,

Class

A(b)

968

99,347

Dollarama,

Inc.

3,434

321,736

Europris

ASA(a)

8,968

53,433

Harvey

Norman

Holdings

Ltd.(b)

5,586

17,472

Isetan

Mitsukoshi

Holdings

Ltd.

5,000

100,724

J

Front

Retailing

Co.

Ltd.

4,100

49,813

Next

plc

1,836

213,988

Pan

Pacific

International

Holdings

Corp.

6,800

178,112

Pepco

Group

NV*(a)

4,066

19,636

Prosus

NV

19,754

686,484

Puuilo

OYJ

2,622

28,798

Rakuten

Group,

Inc.*(b)

21,000

123,158

Ryohin

Keikaku

Co.

Ltd.

6,000

113,313

Seria

Co.

Ltd.

1,000

22,631

Takashimaya

Co.

Ltd.

4,300

80,393

THG

plc,

Class

B*(b)

267,784

228,558

Tokmanni

Group

Corp.(b)

15,776

193,075

Wesfarmers

Ltd.

15,300

735,830

3,422,663

Building

Products

-

0

.8

%

AGC,

Inc.

4,300

154,298

Assa

Abloy

AB,

Class

B

13,328

405,277

Belimo

Holding

AG

(Registered)

123

74,408

Bunka

Shutter

Co.

Ltd.

6,800

78,955

Carel

Industries

SpA(a)(b)

2,318

42,792

Cie

de

Saint-Gobain

SA

9,044

777,441

Daikin

Industries

Ltd.

3,700

538,671

dormakaba

Holding

AG

126

76,151

Fletcher

Building

Ltd.

16,948

31,407

Forbo

Holding

AG

(Registered)(b)

41

44,016

Geberit

AG

(Registered)

408

259,748

Genuit

Group

plc

15,480

101,802

Inwido

AB(b)

16,286

268,810

Investments

Shares

Value

Building

Products

(continued)

James

Halstead

plc

18,023

$

43,521

Kingspan

Group

plc

2,041

190,820

Lindab

International

AB(b)

4,346

107,458

Lixil

Corp.(b)

3,800

43,945

Munters

Group

AB(a)

2,720

58,777

Nibe

Industrier

AB,

Class

B(b)

24,344

106,779

Nitto

Boseki

Co.

Ltd.(b)

1,900

72,863

Noritz

Corp.

3,800

47,532

Reliance

Worldwide

Corp.

Ltd.

13,860

46,610

ROCKWOOL

A/S,

Class

A

88

38,730

ROCKWOOL

A/S,

Class

B

174

76,908

Sanwa

Holdings

Corp.

3,400

73,441

Systemair

AB

4,018

30,329

Takara

Standard

Co.

Ltd.

3,800

43,996

TOTO

Ltd.(b)

3,000

82,328

Volution

Group

plc

3,838

26,966

3,944,779

Capital

Markets

-

3

.5

%

3i

Group

plc

17,952

721,268

abrdn

plc

31,578

68,973

AJ

Bell

plc

21,520

126,874

Allfunds

Group

plc

4,048

24,355

Alpha

Group

International

plc(a)(b)

760

25,283

Amundi

SA(a)

1,312

95,902

Anima

Holding

SpA(a)

57,324

301,591

Antin

Infrastructure

Partners

SA(b)

4,332

58,690

Ashmore

Group

plc

22,554

49,886

ASX

Ltd.

1,938

82,221

Avanza

Bank

Holding

AB

2,704

60,475

Azimut

Holding

SpA

2,537

63,581

Banca

Generali

SpA

1,397

60,770

Brederode

SA

285

33,492

Bridgepoint

Group

plc(a)

(b)

28,968

109,019

Brookfield

Asset

Management

Ltd.,

Class

A

5,950

259,544

Brookfield

Corp.,

Class

A

25,127

1,224,632

Bure

Equity

AB

968

36,236

CI

Financial

Corp.

44,846

541,807

Cie

Financiere

Tradition

SA

266

43,364

Daiwa

Securities

Group,

Inc.

23,800

198,913

Deutsche

Bank

AG

(Registered)

36,040

562,988

Deutsche

Boerse

AG

2,448

501,717

EFG

International

AG

1,680

24,048

EQT

AB(b)

9,078

293,831

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

50

Investments

Shares

Value

COMMON

STOCKS

(continued)

Capital

Markets

(continued)

Euronext

NV(a)

1,250

$

126,471

Fairfax

India

Holdings

Corp.*(a)

4,510

64,493

flatexDEGIRO

AG

2,128

30,096

Galaxy

Digital

Holdings

Ltd.*

5,508

66,106

Gimv

NV(b)

7,143

311,883

GMO

Financial

Holdings,

Inc.(b)

8,200

35,152

Hargreaves

Lansdown

plc

5,061

71,832

Hong

Kong

Exchanges

&

Clearing

Ltd.

15,358

455,707

HUB24

Ltd.

2,584

83,625

iFAST

Corp.

Ltd.

16,400

91,956

IG

Group

Holdings

plc

2,698

32,489

IGM

Financial,

Inc.

2,200

62,300

Insignia

Financial

Ltd.(b)

198,152

358,419

IntegraFin

Holdings

plc(a)

15,498

76,640

Intermediate

Capital

Group

plc

5,610

158,239

Investec

plc

14,888

117,701

JAFCO

Group

Co.

Ltd.

5,000

63,489

Japan

Exchange

Group,

Inc.

6,800

160,396

JTC

plc(a)

4,522

61,103

Julius

Baer

Group

Ltd.

3,876

211,578

London

Stock

Exchange

Group

plc

5,814

707,200

Macquarie

Group

Ltd.

5,202

712,671

Magellan

Financial

Group

Ltd.

60,690

405,024

Man

Group

plc

29,718

93,291

Monex

Group,

Inc.

12,300

60,331

Ninety

One

plc

15,252

33,715

Nomura

Holdings,

Inc.

40,800

254,925

Nordnet

AB

publ

2,420

49,359

Okasan

Securities

Group,

Inc.(b)

17,000

82,932

Onex

Corp.

684

46,844

Partners

Group

Holding

AG

272

366,014

Perpetual

Ltd.

35,734

517,322

Pinnacle

Investment

Management

Group

Ltd.(b)

10,281

110,101

Plus500

Ltd.

25,262

761,225

Quilter

plc(a)

431,528

741,067

Rathbones

Group

plc

20,706

511,704

Ratos

AB,

Class

B

61,982

199,058

SBI

Holdings,

Inc.

4,800

125,790

Schroders

plc

18,389

92,778

Singapore

Exchange

Ltd.

12,300

90,576

St

James's

Place

plc

5,474

48,163

Investments

Shares

Value

Capital

Markets

(continued)

Swissquote

Group

Holding

SA

(Registered)

205

$

65,349

Tamburi

Investment

Partners

SpA

2,546

25,677

Tel

Aviv

Stock

Exchange

Ltd.(b)

4,141

33,084

TMX

Group

Ltd.

3,740

113,598

Tokai

Tokyo

Financial

Holdings,

Inc.

22,800

89,860

TP

ICAP

Group

plc

243,610

693,084

UBS

Group

AG

(Registered)

45,152

1,367,512

UOB-Kay

Hian

Holdings

Ltd.

74,867

77,240

Van

Lanschot

Kempen

NV,

CVA

10,574

457,113

Vontobel

Holding

AG

(Registered)

339

22,183

VZ

Holding

AG

285

38,399

XTB

SA(a)

3,608

57,441

Yangzijiang

Financial

Holding

Ltd.

768,400

195,317

17,455,082

Chemicals

-

2

.8

%

ADEKA

Corp.

2,300

49,222

Aica

Kogyo

Co.

Ltd.

1,500

34,734

Air

Liquide

SA

7,779

1,420,732

Air

Water,

Inc.

4,100

60,563

Akzo

Nobel

NV

3,060

189,137

Arkema

SA

1,326

119,955

Artience

Co.

Ltd.

13,600

289,698

Asahi

Kasei

Corp.

13,600

98,886

ASAHI

YUKIZAI

Corp.

3,600

115,326

BASF

SE

16,218

756,383

Borregaard

ASA

1,692

28,936

C

Uyemura

&

Co.

Ltd.

600

43,347

Clariant

AG

(Registered)

2,166

32,161

Corbion

NV

3,706

82,852

Covestro

AG*(a)

1,870

110,201

Croda

International

plc

1,972

102,381

Daicel

Corp.

8,900

86,687

Denka

Co.

Ltd.

3,400

49,635

DIC

Corp.

2,899

59,691

DSM-Firmenich

AG

3,196

408,263

Elementis

plc

23,522

48,280

Elkem

ASA*(a)

101,320

211,081

EMS-Chemie

Holding

AG

(Registered)

126

104,994

Evonik

Industries

AG

4,998

101,487

FUCHS

SE

711

24,658

FUCHS

SE

(Preference)

1,182

51,443

Fuso

Chemical

Co.

Ltd.(b)

1,100

28,549

Givaudan

SA

(Registered)

119

582,259

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

51

Investments

Shares

Value

COMMON

STOCKS

(continued)

Chemicals

(continued)

Hexpol

AB

5,784

$

64,599

ICL

Group

Ltd.

10,602

44,734

Incitec

Pivot

Ltd.

47,940

92,349

Israel

Corp.

Ltd.

104

21,982

JCU

Corp.

1,400

35,079

Johnson

Matthey

plc

4,794

100,924

K+S

AG

(Registered)

10,404

134,310

Kaneka

Corp.

1,300

36,945

Kansai

Paint

Co.

Ltd.

3,800

62,483

Kemira

OYJ

2,992

67,667

Keppel

Infrastructure

Trust

41,800

15,000

KH

Neochem

Co.

Ltd.

10,200

152,464

Konishi

Co.

Ltd.(b)

20,400

163,650

Kumiai

Chemical

Industry

Co.

Ltd.(b)

20,400

107,654

Kuraray

Co.

Ltd.

8,000

98,844

Kureha

Corp.(b)

17,000

337,718

LANXESS

AG

3,434

89,851

Lenzing

AG*

6,120

212,912

Lintec

Corp.

3,800

85,870

Methanex

Corp.

1,290

62,677

Mitsubishi

Chemical

Group

Corp.

27,200

161,653

Mitsubishi

Gas

Chemical

Co.,

Inc.(b)

6,200

118,099

Mitsui

Chemicals,

Inc.

4,800

139,636

Nihon

Parkerizing

Co.

Ltd.

4,100

34,008

Nippon

Kayaku

Co.

Ltd.

13,600

114,343

Nippon

Paint

Holdings

Co.

Ltd.

13,600

86,575

Nippon

Sanso

Holdings

Corp.

2,800

92,490

Nippon

Soda

Co.

Ltd.(b)

8,539

307,599

Nissan

Chemical

Corp.(b)

2,900

93,943

Nitto

Denko

Corp.

1,800

157,198

NOF

Corp.

3,600

51,646

Novonesis

(Novozymes)

B

4,625

294,432

Nufarm

Ltd.(b)

20,418

62,132

Nutrien

Ltd.

9,350

479,260

OCI

NV

1,933

46,540

Orica

Ltd.

4,446

52,142

Resonac

Holdings

Corp.

(b)

3,800

95,417

Shin-Etsu

Chemical

Co.

Ltd.

27,200

1,219,896

Shin-Etsu

Polymer

Co.

Ltd.

800

8,603

Sika

AG

(Registered)

2,108

638,926

SOL

SpA(b)

1,802

67,371

Solvay

SA(b)

1,558

54,826

Sumitomo

Chemical

Co.

Ltd.(b)

47,600

123,002

Syensqo

SA

1,496

132,306

Investments

Shares

Value

Chemicals

(continued)

Symrise

AG,

Class

A

1,802

$

227,656

T

Hasegawa

Co.

Ltd.

900

19,470

Taiyo

Holdings

Co.

Ltd.

1,800

43,068

Teijin

Ltd.

4,100

39,512

Toagosei

Co.

Ltd.(b)

10,200

109,722

Tokai

Carbon

Co.

Ltd.(b)

74,800

481,482

Tokuyama

Corp.

23,800

469,483

Tokyo

Ohka

Kogyo

Co.

Ltd.

2,100

54,503

Toray

Industries,

Inc.

13,600

70,983

Tosoh

Corp.

7,000

95,514

Toyobo

Co.

Ltd.(b)

34,000

233,657

Umicore

SA(b)

5,406

74,234

Victrex

plc

700

9,890

Wacker

Chemie

AG

256

25,707

Yara

International

ASA

1,462

41,582

Zeon

Corp.

3,600

31,978

13,939,737

Commercial

Services

&

Supplies

-

1

.0

%

Befesa

SA(a)(b)

850

26,379

Bilfinger

SE

12,104

679,773

Boyd

Group

Services,

Inc.(b)

372

62,333

Brambles

Ltd.

19,822

201,405

Bravida

Holding

AB(a)

11,803

95,315

Cleanaway

Waste

Management

Ltd.(b)

35,024

64,495

Dai

Nippon

Printing

Co.

Ltd.

3,400

112,309

Daiseki

Co.

Ltd.

1,499

35,966

DO

&

CO

AG*

369

62,210

Downer

EDI

Ltd.

37,910

123,529

Duskin

Co.

Ltd.

4,100

107,582

Element

Fleet

Management

Corp.

6,392

122,200

Elis

SA

4,277

100,057

GFL

Environmental,

Inc.

2,416

93,688

ISS

A/S(b)

2,508

45,862

Japan

Elevator

Service

Holdings

Co.

Ltd.

4,200

77,574

Kokuyo

Co.

Ltd.

4,100

68,969

Loomis

AB,

Class

B

984

31,308

Mitie

Group

plc

84,830

132,059

Mitsubishi

Pencil

Co.

Ltd.

1,800

28,030

Nippon

Kanzai

Holdings

Co.

Ltd.

1,300

23,855

Okamura

Corp.

3,800

56,194

Pilot

Corp.

3,400

102,321

Prestige

International,

Inc.

4,000

18,982

RB

Global,

Inc.

2,346

186,787

Rentokil

Initial

plc

35,564

216,844

Sdiptech

AB,

Class

B*

912

27,911

Secom

Co.

Ltd.

2,700

172,666

Securitas

AB,

Class

B(b)

10,091

108,371

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

52

Investments

Shares

Value

COMMON

STOCKS

(continued)

Commercial

Services

&

Supplies

(continued)

Serco

Group

plc

349,078

$

858,635

SG

Fleet

Group

Ltd.(b)

36,108

74,744

Societe

BIC

SA

1,462

91,758

Sohgo

Security

Services

Co.

Ltd.

9,500

61,170

SPIE

SA

2,752

106,491

TOPPAN

Holdings,

Inc.

4,000

113,651

Veridis

Environment

Ltd.*(b)

2,870

13,887

Waste

Connections,

Inc.

(b)

3,502

622,474

5,127,784

Communications

Equipment

-

0

.2

%

Nokia

OYJ

87,244

341,847

Spirent

Communications

plc

25,338

56,304

Telefonaktiebolaget

LM

Ericsson,

Class

A

306

2,098

Telefonaktiebolaget

LM

Ericsson,

Class

B

33,796

231,012

VTech

Holdings

Ltd.(b)

47,600

313,495

944,756

Construction

&

Engineering

-

2

.4

%

Ackermans

&

van

Haaren

NV(b)

454

87,152

ACS

Actividades

de

Construccion

y

Servicios

SA(b)

4,471

199,619

AF

Gruppen

ASA

5,586

68,762

Ashtrom

Group

Ltd.*(b)

238

3,011

AtkinsRealis

Group,

Inc.

2,068

89,040

Badger

Infrastructure

Solutions

Ltd.

1,564

44,154

Balfour

Beatty

plc

170,884

924,500

Bouygues

SA

3,706

128,088

Burkhalter

Holding

AG

615

61,902

Chiyoda

Corp.*(b)

51,000

104,739

Chudenko

Corp.

1,500

35,092

Dai-Dan

Co.

Ltd.

10,200

210,494

Deme

Group

NV

272

49,036

Eiffage

SA

1,360

135,539

Elco

Ltd.(b)

4,284

122,896

Elecnor

SA(b)

3,910

84,832

Electra

Ltd.

76

27,987

Ferrovial

SE

5,992

238,220

Fugro

NV

5,984

159,422

Gold

Finance

Holdings

Ltd.*‡

89,827

—

Hazama

Ando

Corp.

47,600

385,014

HOCHTIEF

AG

442

52,612

Investments

Shares

Value

Construction

&

Engineering

(continued)

INFRONEER

Holdings,

Inc.

4,100

$

35,670

Instalco

AB(a)(b)

4,332

20,594

JGC

Holdings

Corp.

6,800

58,120

Johns

Lyng

Group

Ltd.(b)

11,210

43,628

Kajima

Corp.

10,300

199,894

Keller

Group

plc

22,984

439,875

Kinden

Corp.(b)

2,300

48,901

Kumagai

Gumi

Co.

Ltd.

11,000

265,386

Kvutzat

Acro

Ltd.

2,108

22,418

Maire

SpA

11,458

91,006

MIRAIT

ONE

Corp.

30,600

435,225

Monadelphous

Group

Ltd.(b)

7,216

61,115

Morgan

Sindall

Group

plc

12,988

477,118

Mota-Engil

SGPS

SA(b)

23,392

91,783

NCC

AB,

Class

B

25,534

393,817

Nippon

Road

Co.

Ltd.

(The)

6,800

76,108

Nishimatsu

Construction

Co.

Ltd.

10,200

332,046

NRW

Holdings

Ltd.

140,964

307,445

Obayashi

Corp.

10,500

138,560

Okumura

Corp.(b)

10,200

348,451

OX2

AB,

Class

B*(b)

8,588

47,477

Peab

AB,

Class

B

55,012

409,603

Penta-Ocean

Construction

Co.

Ltd.

98,600

438,543

Raito

Kogyo

Co.

Ltd.

3,200

46,428

Raiznext

Corp.

3,400

41,941

Renew

Holdings

plc

1,462

20,394

Sacyr

SA

26,654

94,084

Sanki

Engineering

Co.

Ltd.

3,800

59,503

Shapir

Engineering

and

Industry

Ltd.*(b)

2,525

14,118

Shikun

&

Binui

Ltd.*(b)

115,396

263,298

Shimizu

Corp.

7,600

48,022

Shinnihon

Corp.

11,400

127,365

SHO-BOND

Holdings

Co.

Ltd.

1,200

46,162

Skanska

AB,

Class

B(b)

5,338

104,144

Stantec,

Inc.

1,533

134,807

Sumitomo

Densetsu

Co.

Ltd.

3,000

82,846

Sweco

AB,

Class

B

4,708

75,951

Taihei

Dengyo

Kaisha

Ltd.

4,700

165,247

Taikisha

Ltd.

1,000

34,760

Taisei

Corp.

3,400

145,188

Takamatsu

Construction

Group

Co.

Ltd.(b)

6,800

142,137

Thyssenkrupp

Nucera

AG

&

Co.

KGaA*

1,748

16,522

Toa

Corp.

20,400

138,431

Toda

Corp.

5,200

37,688

Toenec

Corp.

3,500

116,310

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

53

Investments

Shares

Value

COMMON

STOCKS

(continued)

Construction

&

Engineering

(continued)

Toyo

Construction

Co.

Ltd.(b)

3,800

$

38,844

Veidekke

ASA

3,088

34,454

Ventia

Services

Group

Pty.

Ltd.

28,618

82,038

Vinci

SA

6,698

765,379

Webuild

SpA(b)

124,066

324,889

Worley

Ltd.(b)

7,728

76,604

WSP

Global,

Inc.

1,462

242,712

Yokogawa

Bridge

Holdings

Corp.

12,700

230,096

Yurtec

Corp.

3,400

34,258

11,779,514

Construction

Materials

-

0

.8

%

Breedon

Group

plc

93,160

516,330

Brickworks

Ltd.(b)

1,435

27,006

Buzzi

SpA(b)

2,380

93,384

Cementir

Holding

NV

14,994

169,065

Heidelberg

Materials

AG

2,550

266,222

Holcim

AG

9,554

892,611

Imerys

SA

10,982

373,621

James

Hardie

Industries

plc,

CHDI*

5,134

183,281

Krosaki

Harima

Corp.(b)

7,200

127,433

RHI

Magnesita

NV(b)

6,494

306,123

Shinagawa

Refractories

Co.

Ltd.(b)

6,800

83,475

Sumitomo

Osaka

Cement

Co.

Ltd.

10,200

286,625

Taiheiyo

Cement

Corp.

3,400

93,350

Titan

Cement

International

SA(b)

12,138

430,812

Vicat

SACA(b)

5,304

184,524

Wienerberger

AG

2,596

92,027

4,125,889

Consumer

Finance

-

0

.3

%

Acom

Co.

Ltd.

20,500

59,105

Aiful

Corp.

98,600

256,887

Cembra

Money

Bank

AG(b)

1,428

124,509

Credit

Saison

Co.

Ltd.

2,100

48,934

goeasy

Ltd.(b)

952

140,024

Hong

Leong

Finance

Ltd.

47,600

86,474

Isracard

Ltd.

69,020

241,306

Jaccs

Co.

Ltd.

10,200

332,520

KRUK

SA

494

55,195

Latitude

Group

Holdings

Ltd.*(b)

43,434

32,617

Marui

Group

Co.

Ltd.

3,200

51,820

Investments

Shares

Value

Consumer

Finance

(continued)

Orient

Corp.

23,800

$

166,882

1,596,273

Consumer

Staples

Distribution

&

Retail

-

1

.5

%

Aeon

Co.

Ltd.(b)

11,713

267,408

Ain

Holdings,

Inc.

800

30,897

Alimentation

Couche-

Tard,

Inc.

9,826

605,372

Axfood

AB

1,496

37,073

Axial

Retailing,

Inc.

30,600

208,867

Belc

Co.

Ltd.

800

33,391

Carrefour

SA

10,404

155,363

Coles

Group

Ltd.

19,346

228,656

Colruyt

Group

NV(b)

342

16,402

Cosmos

Pharmaceutical

Corp.

200

17,832

Create

SD

Holdings

Co.

Ltd.

500

11,199

Dino

Polska

SA*(a)

884

78,410

Empire

Co.

Ltd.,

Class

A

2,242

59,237

Endeavour

Group

Ltd.

8,976

32,179

Fuji

Co.

Ltd.(b)

4,200

55,187

George

Weston

Ltd.

952

147,350

GrainCorp

Ltd.,

Class

A

9,652

56,914

H2O

Retailing

Corp.

37,400

654,985

Heiwado

Co.

Ltd.

3,800

62,382

HelloFresh

SE*

2,894

18,094

J

Sainsbury

plc

31,977

113,115

Jeronimo

Martins

SGPS

SA

4,280

74,797

Kato

Sangyo

Co.

Ltd.

7,500

213,844

Kesko

OYJ,

Class

A(b)

2,248

41,937

Kesko

OYJ,

Class

B

4,715

85,205

Kobe

Bussan

Co.

Ltd.

1,900

49,981

Koninklijke

Ahold

Delhaize

NV

18,190

586,172

Kusuri

no

Aoki

Holdings

Co.

Ltd.

1,800

37,337

Life

Corp.

10,200

248,458

Loblaw

Cos.

Ltd.

2,040

251,410

M

Yochananof

&

Sons

Ltd.

1,180

58,886

Marks

&

Spencer

Group

plc

40,466

170,639

MatsukiyoCocokara

&

Co.

7,000

114,007

Maxvalu

Tokai

Co.

Ltd.

500

10,534

Metcash

Ltd.

18,608

44,473

Metro,

Inc.,

Class

A

2,992

178,075

Mitsubishi

Shokuhin

Co.

Ltd.

6,800

240,436

Nishimoto

Co.

Ltd.(b)

6,900

64,478

North

West

Co.,

Inc.

(The)

2,419

78,290

Ocado

Group

plc*(b)

12,619

65,742

Redcare

Pharmacy

NV*(a)(b)

672

100,786

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

54

Investments

Shares

Value

COMMON

STOCKS

(continued)

Consumer

Staples

Distribution

&

Retail

(continued)

Seven

&

i

Holdings

Co.

Ltd.

47,600

$

572,775

Sheng

Siong

Group

Ltd.

17,900

20,609

Shufersal

Ltd.

12,206

83,110

Sugi

Holdings

Co.

Ltd.(b)

2,400

41,018

Sundrug

Co.

Ltd.

1,600

44,344

Tesco

plc

125,290

533,640

Tsuruha

Holdings,

Inc.(b)

900

55,516

United

Super

Markets

Holdings,

Inc.(b)

2,000

11,937

Valor

Holdings

Co.

Ltd.

13,600

230,493

Welcia

Holdings

Co.

Ltd.

(b)

2,300

30,741

Woolworths

Group

Ltd.

17,850

402,134

7,632,117

Containers

&

Packaging

-

0

.2

%

Billerud

Aktiebolag(b)

5,485

55,169

CCL

Industries,

Inc.,

Class

B

2,290

124,508

DS

Smith

plc

23,600

137,864

FP

Corp.

1,200

20,688

Huhtamaki

OYJ

2,051

83,138

Mayr

Melnhof

Karton

AG

2,414

275,325

Metsa

Board

OYJ,

Class

B

3,813

29,130

Orora

Ltd.(b)

26,585

35,414

Rengo

Co.

Ltd.

5,200

36,220

SIG

Group

AG(b)

2,516

52,735

Toyo

Seikan

Group

Holdings

Ltd.

5,600

96,174

Verallia

SA(a)

1,364

40,147

Vidrala

SA(b)

510

52,980

Winpak

Ltd.

1,716

59,078

1,098,570

Distributors

-

0

.1

%

Arata

Corp.

10,300

246,102

Bapcor

Ltd.(b)

10,184

34,115

D'ieteren

Group

343

78,834

Inchcape

plc

10,222

110,683

Inter

Cars

SA

205

25,493

PALTAC

Corp.

800

24,634

519,861

Diversified

Consumer

Services

-

0

.0

%

(d)

IDP

Education

Ltd.(b)

5,016

48,935

Pearson

plc

11,152

151,264

‌

200,199

Investments

Shares

Value

Diversified

REITs

-

0

.5

%

Argosy

Property

Ltd.,

REIT(b)

68,432

$

42,881

British

Land

Co.

plc

(The),

REIT

19,108

101,020

Centuria

Capital

Group,

REIT(b)

44,642

49,557

Charter

Hall

Group,

REIT(b)

8,140

67,399

Charter

Hall

Long

Wale

REIT,

REIT(b)

17,272

40,152

Covivio

SA,

REIT

1,732

89,474

Daiwa

House

REIT

Investment

Corp.,

REIT

8

12,872

GPT

Group

(The),

REIT

8,738

26,418

Growthpoint

Properties

Australia

Ltd.,

REIT

73,746

112,204

H&R

REIT,

REIT

49,266

342,717

Hankyu

Hanshin

REIT,

Inc.,

REIT

68

60,154

Heiwa

Real

Estate

REIT,

Inc.,

REIT

76

66,271

Hulic

Reit,

Inc.,

REIT(b)

102

96,739

ICADE,

REIT(b)

11,968

266,782

KDX

Realty

Investment

Corp.,

REIT

68

69,871

Land

Securities

Group

plc,

REIT

3,706

30,251

LondonMetric

Property

plc,

REIT

42,870

110,900

Merlin

Properties

Socimi

SA,

REIT

4,522

51,624

Mirvac

Group,

REIT(b)

66,711

93,223

Mori

Trust

Reit,

Inc.,

REIT

38

17,629

NIPPON

REIT

Investment

Corp.,

REIT

18

39,479

Nomura

Real

Estate

Master

Fund,

Inc.,

REIT(b)

38

37,303

NTT

UD

REIT

Investment

Corp.,

REIT

126

97,310

Reit

1

Ltd.,

REIT

62,492

235,098

Sella

Capital

Real

Estate

Ltd.,

REIT

81,600

150,845

Star

Asia

Investment

Corp.,

REIT(b)

152

57,381

Stockland,

REIT(b)

32,402

97,329

Suntec

REIT,

REIT

43,500

38,375

2,501,258

Diversified

Telecommunication

Services

-

1

.3

%

Bezeq

The

Israeli

Telecommunication

Corp.

Ltd.

38,130

43,389

BT

Group

plc(b)

94,894

171,677

Cellnex

Telecom

SA(a)

6,698

233,238

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

55

Investments

Shares

Value

COMMON

STOCKS

(continued)

Diversified

Telecommunication

Services

(continued)

Chorus

Ltd.(b)

8,733

$

40,977

Cogeco

Communications,

Inc.(b)

4,420

202,531

Deutsche

Telekom

AG

(Registered)

65,450

1,711,803

Elisa

OYJ

1,972

91,800

Gamma

Communications

plc

2,584

49,321

Helios

Towers

plc*

60,268

98,003

HKT

Trust

&

HKT

Ltd.

53,400

64,665

Infrastrutture

Wireless

Italiane

SpA(a)

5,179

57,611

Koninklijke

KPN

NV

44,404

174,708

Nippon

Telegraph

&

Telephone

Corp.

584,800

623,434

NOS

SGPS

SA

51,306

197,367

Orange

Polska

SA

26,182

52,398

Orange

SA

33,252

368,815

Proximus

SADP

45,934

332,031

Quebecor,

Inc.,

Class

B

4,144

91,492

RAI

Way

SpA(a)

8,120

43,758

Singapore

Telecommunications

Ltd.

112,200

258,355

Spark

New

Zealand

Ltd.

29,138

74,764

Swisscom

AG

(Registered)

374

228,585

Telecom

Italia

SpA*

288,082

77,965

Telefonica

SA(b)

80,104

362,238

Telekom

Austria

AG,

Class

A

4,091

37,894

Telenor

ASA

7,093

84,328

Telia

Co.

AB(b)

35,720

103,751

Telstra

Group

Ltd.

75,480

194,196

TELUS

Corp.

7,438

120,014

United

Internet

AG

(Registered)

1,720

38,155

6,229,263

Electric

Utilities

-

1

.5

%

Acciona

SA(b)

666

86,121

BKW

AG

440

79,377

Chubu

Electric

Power

Co.,

Inc.

13,600

171,152

Chugoku

Electric

Power

Co.,

Inc.

(The)

4,206

30,442

CK

Infrastructure

Holdings

Ltd.(b)

11,000

73,432

CLP

Holdings

Ltd.

22,000

188,825

Contact

Energy

Ltd.

11,528

58,200

EDP

SA

66,368

272,904

Elia

Group

SA/NV(b)

640

66,415

Emera,

Inc.(b)

3,366

121,439

Endesa

SA(b)

8,432

163,324

Investments

Shares

Value

Electric

Utilities

(continued)

Enea

SA*

70,448

$

195,627

Enel

SpA(b)

145,486

1,038,096

EVN

AG

748

24,444

Fortis,

Inc.

6,086

254,286

Fortum

OYJ(b)

6,512

99,992

Genesis

Energy

Ltd.(b)

17,284

22,790

HK

Electric

Investments

&

HK

Electric

Investments

Ltd.(a)

44,500

30,134

Hokkaido

Electric

Power

Co.,

Inc.(b)

64,600

437,722

Hokuriku

Electric

Power

Co.(b)

54,400

345,252

Hydro

One

Ltd.(a)

3,842

120,340

Iberdrola

SA(b)

80,216

1,057,245

Kansai

Electric

Power

Co.,

Inc.

(The)

13,600

232,527

Kyushu

Electric

Power

Co.,

Inc.

6,800

71,408

Manawa

Energy

Ltd.

5,123

13,084

Mercury

NZ

Ltd.

11,193

45,739

Origin

Energy

Ltd.

33,626

230,337

Orsted

A/S*(a)(b)

2,380

141,642

PGE

Polska

Grupa

Energetyczna

SA*

25,070

46,116

Power

Assets

Holdings

Ltd.

20,500

130,684

Redeia

Corp.

SA

3,420

60,582

Romande

Energie

Holding

SA

(Registered)

816

49,317

Shikoku

Electric

Power

Co.,

Inc.

7,600

66,019

SSE

plc

14,654

353,954

Tauron

Polska

Energia

SA*

342,686

327,967

Terna

-

Rete

Elettrica

Nazionale

17,762

147,804

Tohoku

Electric

Power

Co.,

Inc.

10,900

92,331

Tokyo

Electric

Power

Co.

Holdings,

Inc.*

20,400

101,390

Verbund

AG

1,258

100,735

7,149,195

Electrical

Equipment

-

1

.3

%

ABB

Ltd.

(Registered)

21,522

1,192,665

Accelleron

Industries

AG

2,448

120,975

AQ

Group

AB

17,884

238,017

Daihen

Corp.

3,400

168,124

Fagerhult

Group

AB

6,336

38,722

Fuji

Electric

Co.

Ltd.

1,500

85,059

Fujikura

Ltd.

5,300

107,754

Furukawa

Electric

Co.

Ltd.

3,400

93,666

Huber

+

Suhner

AG

(Registered)

867

75,841

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

56

Investments

Shares

Value

COMMON

STOCKS

(continued)

Electrical

Equipment

(continued)

Legrand

SA

3,536

$

382,171

Mabuchi

Motor

Co.

Ltd.

3,200

49,374

Mitsubishi

Electric

Corp.

27,200

470,206

NEL

ASA*

97,622

52,567

Nexans

SA

760

98,359

Nidec

Corp.(b)

6,910

307,611

NKT

A/S*(b)

1,311

117,965

Nordex

SE*

7,130

108,324

Prysmian

SpA

3,264

224,422

Sanyo

Denki

Co.

Ltd.(b)

3,400

165,187

Schneider

Electric

SE

7,582

1,828,369

Siemens

Energy

AG*

6,324

184,150

Signify

NV(a)

2,730

67,650

TKH

Group

NV,

CVA(b)

2,141

93,598

Ushio,

Inc.

3,800

54,540

Vestas

Wind

Systems

A/S*

12,954

319,816

6,645,132

Electronic

Equipment,

Instruments

&

Components

-

1

.5

%

ALSO

Holding

AG

(Registered)(b)

266

80,533

Amano

Corp.

800

20,284

Anritsu

Corp.(b)

8,200

70,359

Audinate

Group

Ltd.*(b)

3,496

33,947

Azbil

Corp.

2,100

61,244

Barco

NV(b)

22,848

294,708

Canon

Electronics,

Inc.

3,800

58,392

Canon

Marketing

Japan,

Inc.(b)

1,500

46,487

Celestica,

Inc.*

2,312

121,186

Citizen

Watch

Co.

Ltd.(b)

8,200

55,862

Codan

Ltd.

7,304

62,576

Comet

Holding

AG

(Registered)

306

122,539

FIT

Hon

Teng

Ltd.*(a)

544,000

187,322

Hakuto

Co.

Ltd.(b)

3,400

114,117

Halma

plc

5,406

184,842

Hamamatsu

Photonics

KK

2,700

78,043

Hexagon

AB,

Class

B

24,582

250,004

Hirose

Electric

Co.

Ltd.

582

73,204

Horiba

Ltd.(b)

800

63,778

Hosiden

Corp.

17,000

233,770

Ibiden

Co.

Ltd.(b)

2,800

108,736

Inficon

Holding

AG

(Registered)

74

110,128

Japan

Aviation

Electronics

Industry

Ltd.

3,400

57,420

Jenoptik

AG

2,585

73,847

Kaga

Electronics

Co.

Ltd.

6,900

250,851

Keyence

Corp.

2,600

1,138,602

Kitron

ASA

9,471

31,511

Kyocera

Corp.

17,000

214,788

Investments

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Lagercrantz

Group

AB,

Class

B

2,640

$

44,486

Landis+Gyr

Group

AG

1,073

96,908

LEM

Holding

SA

(Registered)

27

39,384

Macnica

Holdings,

Inc.

1,600

64,921

Meiko

Electronics

Co.

Ltd.(b)

3,400

138,070

Murata

Manufacturing

Co.

Ltd.

23,900

532,294

Mycronic

AB

924

32,330

NCAB

Group

AB(b)

4,028

29,409

Nichicon

Corp.

17,000

125,189

Nohmi

Bosai

Ltd.

2,500

41,340

Oki

Electric

Industry

Co.

Ltd.

30,600

208,257

Omron

Corp.

2,800

103,674

Oxford

Instruments

plc

3,036

97,880

Renishaw

plc

880

42,895

Restar

Corp.

6,800

133,957

Riken

Keiki

Co.

Ltd.(b)

2,400

70,823

Sensirion

Holding

AG*(a)

(b)

266

24,900

Sesa

SpA

294

32,291

Shimadzu

Corp.

4,200

124,442

Softwareone

Holding

AG

5,162

102,624

Spectris

plc

2,057

80,267

Taiyo

Yuden

Co.

Ltd.(b)

2,500

75,535

TDK

Corp.

6,000

420,112

Telsys

Ltd.

1,258

62,846

Tokyo

Electron

Device

Ltd.(b)

5,100

133,889

Topcon

Corp.

4,100

42,782

Vaisala

OYJ,

Class

A

836

41,251

Venture

Corp.

Ltd.

7,600

85,852

VSTECS

Holdings

Ltd.

208,000

114,490

VusionGroup(b)

246

35,910

Yokogawa

Electric

Corp.

4,900

124,438

7,502,526

Energy

Equipment

&

Services

-

0

.6

%

Aker

Solutions

ASA

7,560

36,056

Borr

Drilling

Ltd.(b)

4,018

27,266

DOF

Group

ASA*

48,926

505,167

John

Wood

Group

plc*

33,661

88,201

Lapidoth

Capital

Ltd.

986

13,616

Odfjell

Drilling

Ltd.

13,034

68,064

Precision

Drilling

Corp.*(b)

4,590

352,926

SBM

Offshore

NV

43,146

699,390

Secure

Energy

Services,

Inc.

71,740

633,038

Subsea

7

SA

3,608

69,359

Technip

Energies

NV

3,656

93,365

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

57

Investments

Shares

Value

COMMON

STOCKS

(continued)

Energy

Equipment

&

Services

(continued)

Tenaris

SA(b)

8,126

$

128,732

TGS

ASA

1,927

23,562

Vallourec

SACA*(b)

5,275

85,509

2,824,251

Entertainment

-

0

.5

%

Bollore

SE

12,858

80,143

Capcom

Co.

Ltd.

4,000

85,126

CD

Projekt

SA

1,193

47,814

CTS

Eventim

AG

&

Co.

KGaA

704

62,087

Daiichikosho

Co.

Ltd.

6,800

82,367

DeNA

Co.

Ltd.

1,100

11,383

Embracer

Group

AB,

Class

B*(b)

13,161

33,634

EVT

Ltd.(b)

6,232

47,084

GungHo

Online

Entertainment,

Inc.(b)

3,400

66,165

Kinepolis

Group

NV(b)

1,030

41,740

Koei

Tecmo

Holdings

Co.

Ltd.

2,492

24,339

Konami

Group

Corp.

1,000

75,834

MIXI,

Inc.

10,200

202,563

Modern

Times

Group

MTG

AB,

Class

B*

3,952

30,329

Nexon

Co.

Ltd.

6,800

148,013

Nintendo

Co.

Ltd.

15,200

847,385

Paradox

Interactive

AB

952

13,635

Square

Enix

Holdings

Co.

Ltd.

1,800

60,917

Toei

Animation

Co.

Ltd.

1,000

15,546

Toho

Co.

Ltd.

1,200

43,211

Ubisoft

Entertainment

SA*

1,425

29,290

Universal

Music

Group

NV

12,954

308,245

2,356,850

Financial

Services

-

1

.7

%

Adyen

NV*(a)

408

499,156

AMP

Ltd.

65,142

50,407

Banca

IFIS

SpA

7,718

181,231

Banca

Mediolanum

SpA

4,444

52,465

BFF

Bank

SpA(a)

54,162

612,461

Edenred

SE

3,366

140,267

Eurazeo

SE

1,054

83,031

EXOR

NV

2,176

222,750

Financial

Partners

Group

Co.

Ltd.

3,800

66,398

First

National

Financial

Corp.(b)

123

3,295

Fuyo

General

Lease

Co.

Ltd.

1,000

82,015

GRENKE

AG

8,840

273,103

Investments

Shares

Value

Financial

Services

(continued)

Groupe

Bruxelles

Lambert

NV

510

$

38,079

HAL

Trust

570

70,315

Helia

Group

Ltd.

90,678

236,259

Hypoport

SE*

252

75,044

Industrivarden

AB,

Class

A(b)

2,992

102,454

Industrivarden

AB,

Class

C(b)

2,173

73,578

Investor

AB,

Class

A

8,534

240,948

Investor

AB,

Class

B

23,086

654,393

Japan

Securities

Finance

Co.

Ltd.

4,700

53,916

Kinnevik

AB,

Class

B*

1,700

14,222

L

E

Lundbergforetagen

AB,

Class

B(b)

1,836

92,677

Liberty

Financial

Group

Ltd.(a)(b)

26,714

64,195

M&G

plc

49,028

133,694

Mitsubishi

HC

Capital,

Inc.

13,600

98,570

Network

International

Holdings

plc*(a)

14,574

73,381

Nexi

SpA*(a)(b)

6,992

42,945

Nuvei

Corp.(a)(b)

19,890

656,833

ORIX

Corp.

21,900

533,309

OSB

Group

plc

129,914

861,039

Paragon

Banking

Group

plc

64,770

668,878

Peugeot

Invest

SA

308

27,896

Ricoh

Leasing

Co.

Ltd.(b)

4,700

171,182

Sofina

SA

316

74,680

Tokyo

Century

Corp.

2,400

25,745

Washington

H

Soul

Pattinson

&

Co.

Ltd.(b)

2,856

66,206

Wendel

SE

272

26,092

Wise

plc,

Class

A*

8,348

76,827

Worldline

SA*(a)

80,716

917,099

Zenkoku

Hosho

Co.

Ltd.

600

24,840

8,461,875

Food

Products

-

2

.4

%

a2

Milk

Co.

Ltd.

(The)*

12,579

59,247

AAK

AB

2,860

82,190

Agrana

Beteiligungs

AG

6,188

84,370

Ajinomoto

Co.,

Inc.

6,800

281,608

Ariake

Japan

Co.

Ltd.(b)

800

28,659

Aryzta

AG*

55,944

107,090

Associated

British

Foods

plc

4,182

133,322

Austevoll

Seafood

ASA

3,432

28,280

Bakkafrost

P/F

820

42,745

Barry

Callebaut

AG

(Registered)(b)

68

109,310

Bell

Food

Group

AG

(Registered)(b)

714

201,567

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

58

Investments

Shares

Value

COMMON

STOCKS

(continued)

Food

Products

(continued)

Bumitama

Agri

Ltd.

60,800

$

32,273

Calbee,

Inc.(b)

600

13,746

Chocoladefabriken

Lindt

&

Spruengli

AG

22

275,172

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

2

246,748

Cranswick

plc

2,495

152,704

Danone

SA

8,534

555,556

DyDo

Group

Holdings,

Inc.(b)

1,000

18,085

Ebro

Foods

SA(b)

19,176

332,421

Elders

Ltd.(b)

43,624

271,191

Emmi

AG

(Registered)

41

42,991

First

Pacific

Co.

Ltd.

680,000

302,919

First

Resources

Ltd.

173,400

191,860

Fuji

Oil

Holdings,

Inc.

1,200

25,131

Glanbia

plc(b)

3,500

70,028

Golden

Agri-Resources

Ltd.

213,400

43,873

Grieg

Seafood

ASA

17,272

100,541

Hilton

Food

Group

plc

7,220

86,617

House

Foods

Group,

Inc.

2,400

47,351

Inghams

Group

Ltd.(b)

117,062

288,184

Itoham

Yonekyu

Holdings,

Inc.

1,240

36,633

JDE

Peet's

NV

1,804

39,589

Kagome

Co.

Ltd.

900

20,996

Kameda

Seika

Co.

Ltd.

900

26,170

Kerry

Group

plc,

Class

A

2,584

241,587

Kikkoman

Corp.

15,800

198,471

Kotobuki

Spirits

Co.

Ltd.

2,500

32,035

KWS

Saat

SE

&

Co.

KGaA

1,064

73,917

Leroy

Seafood

Group

ASA

5,456

23,651

Lotus

Bakeries

NV

6

65,186

Maple

Leaf

Foods,

Inc.(b)

3,772

68,835

Maruha

Nichiro

Corp.(b)

13,600

304,793

Megmilk

Snow

Brand

Co.

Ltd.

17,000

323,368

MEIJI

Holdings

Co.

Ltd.

3,400

85,847

Mitsui

DM

Sugar

Holdings

Co.

Ltd.

3,800

83,597

Morinaga

&

Co.

Ltd.

2,200

42,301

Morinaga

Milk

Industry

Co.

Ltd.

2,400

57,615

Mowi

ASA

4,974

83,791

Nestle

SA

(Registered)

35,360

3,580,790

Nichirei

Corp.(b)

1,600

42,015

Nippn

Corp.(b)

4,000

62,927

Nisshin

Seifun

Group,

Inc.

2,690

33,361

Nissin

Foods

Holdings

Co.

Ltd.

4,200

124,861

Nissui

Corp.

11,400

68,320

Investments

Shares

Value

Food

Products

(continued)

Orkla

ASA

8,856

$

74,593

Premier

Foods

plc

46,494

107,495

Premium

Brands

Holdings

Corp.,

Class

A(b)

2,924

197,650

Prima

Meat

Packers

Ltd.

3,800

63,342

Riken

Vitamin

Co.

Ltd.

1,800

33,880

S

Foods,

Inc.(b)

3,400

67,747

Sakata

Seed

Corp.

1,400

32,427

Salmar

ASA

788

45,257

Saputo,

Inc.

1,893

43,480

Schouw

&

Co.

A/S(b)

3,774

311,403

Showa

Sangyo

Co.

Ltd.

10,200

222,697

Societe

LDC

SADIR

1,156

180,756

Strauss

Group

Ltd.

952

13,974

Suedzucker

AG

1,979

26,083

Tate

&

Lyle

plc

4,012

33,882

Toyo

Suisan

Kaisha

Ltd.

(b)

1,800

122,564

Viscofan

SA(b)

1,996

133,048

WH

Group

Ltd.(a)

133,000

86,487

Wilmar

International

Ltd.

47,600

113,164

Yakult

Honsha

Co.

Ltd.

1,400

28,715

Yamazaki

Baking

Co.

Ltd.

2,900

71,681

11,986,760

Gas

Utilities

-

0

.4

%

AltaGas

Ltd.(b)

5,032

119,913

APA

Group

16,218

83,770

Brookfield

Infrastructure

Corp.,

Class

A(b)

1,802

70,126

Enagas

SA(b)

6,052

90,636

Hong

Kong

&

China

Gas

Co.

Ltd.(b)

136,000

110,896

Italgas

SpA

6,936

37,062

Naturgy

Energy

Group

SA

3,034

72,819

Nippon

Gas

Co.

Ltd.

1,900

29,669

Osaka

Gas

Co.

Ltd.

4,700

106,426

Rubis

SCA(b)

30,566

957,866

Snam

SpA(b)

20,808

99,455

Superior

Plus

Corp.(b)

10,208

58,967

Tokyo

Gas

Co.

Ltd.

6,800

149,233

1,986,838

Ground

Transportation

-

1

.3

%

Aurizon

Holdings

Ltd.

29,146

70,800

Ayvens

SA(a)(b)

6,498

43,068

Canadian

National

Railway

Co.

7,276

841,813

Canadian

Pacific

Kansas

City

Ltd.

12,750

1,068,584

Central

Japan

Railway

Co.

20,400

480,646

ComfortDelGro

Corp.

Ltd.

73,800

77,243

East

Japan

Railway

Co.

20,400

383,025

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

59

Investments

Shares

Value

COMMON

STOCKS

(continued)

Ground

Transportation

(continued)

Firstgroup

plc

207,400

$

467,257

Fukuyama

Transporting

Co.

Ltd.(b)

10,200

274,897

Hankyu

Hanshin

Holdings,

Inc.

3,600

103,004

Jungfraubahn

Holding

AG

(Registered)(b)

287

65,535

Keikyu

Corp.(b)

6,800

53,646

Keisei

Electric

Railway

Co.

Ltd.(b)

2,900

86,715

Kelsian

Group

Ltd.(b)

6,900

23,655

Kintetsu

Group

Holdings

Co.

Ltd.

2,200

50,972

Maruzen

Showa

Unyu

Co.

Ltd.

6,800

244,504

MTR

Corp.

Ltd.(b)

34,264

110,968

Nankai

Electric

Railway

Co.

Ltd.

3,000

53,087

Nikkon

Holdings

Co.

Ltd.

20,400

514,000

Nishi-Nippon

Railroad

Co.

Ltd.

1,100

18,244

Odakyu

Electric

Railway

Co.

Ltd.

4,600

46,517

Sakai

Moving

Service

Co.

Ltd.

6,800

120,625

Seibu

Holdings,

Inc.

3,800

71,146

Seino

Holdings

Co.

Ltd.

(b)

3,100

48,480

Sixt

SE

308

21,514

Sixt

SE

(Preference)

298

16,542

Stef

SA

1,156

167,872

TFI

International,

Inc.

1,054

163,969

Tobu

Railway

Co.

Ltd.

3,700

64,945

Tokyu

Corp.(b)

4,300

52,057

West

Japan

Railway

Co.

10,200

200,393

Zigup

plc

71,026

386,812

6,392,535

Health

Care

Equipment

&

Supplies

-

1

.2

%

Alcon,

Inc.

6,528

618,352

Ambu

A/S,

Class

B*(b)

3,468

70,382

Ansell

Ltd.(b)

2,720

48,614

Arjo

AB,

Class

B

11,562

44,748

Asahi

Intecc

Co.

Ltd.

3,200

50,639

BioMerieux(b)

825

87,220

Carl

Zeiss

Meditec

AG

715

49,014

Cochlear

Ltd.

822

185,190

Coloplast

A/S,

Class

B(b)

1,972

256,398

ConvaTec

Group

plc(a)

26,387

79,377

Demant

A/S*

1,821

69,714

DiaSorin

SpA(b)

293

32,023

Elekta

AB,

Class

B

2,128

13,363

EssilorLuxottica

SA

2,687

617,284

EssilorLuxottica

SA

1,629

373,172

Investments

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

8,466

$

162,668

Fukuda

Denshi

Co.

Ltd.

1,000

44,995

Getinge

AB,

Class

B

2,980

58,084

Hogy

Medical

Co.

Ltd.

1,200

32,939

Hoya

Corp.

5,100

641,991

Koninklijke

Philips

NV*

9,053

255,486

Mani,

Inc.(b)

3,400

47,861

Medacta

Group

SA(a)

336

48,095

Medartis

Holding

AG*(a)

(b)

304

25,902

Menicon

Co.

Ltd.

5,700

53,322

Nakanishi,

Inc.

3,400

58,844

Nihon

Kohden

Corp.

4,600

70,715

Nipro

Corp.(b)

4,100

35,888

Olympus

Corp.

13,600

235,374

Paramount

Bed

Holdings

Co.

Ltd.

1,600

26,957

Revenio

Group

OYJ

1,710

53,106

Siemens

Healthineers

AG(a)

3,536

189,900

Smith

&

Nephew

plc

8,228

118,684

Sonova

Holding

AG

(Registered)

652

199,470

Straumann

Holding

AG

(Registered)

1,518

195,646

Surgical

Science

Sweden

AB*(b)

1,584

19,184

Sysmex

Corp.

8,100

133,107

Terumo

Corp.

20,400

366,891

Vimian

Group

AB*(b)

12,578

39,667

Xvivo

Perfusion

AB*

1,892

89,502

Ypsomed

Holding

AG

(Registered)

123

56,382

5,856,150

Health

Care

Providers

&

Services

-

0

.4

%

Alfresa

Holdings

Corp.

1,500

23,568

Amplifon

SpA

2,112

67,191

Arvida

Group

Ltd.(b)

243,814

234,598

As

One

Corp.

1,600

34,508

Chartwell

Retirement

Residences

5,304

52,600

CVS

Group

plc

4,250

62,232

EBOS

Group

Ltd.(b)

2,099

44,881

Emeis

SA*(b)

26,894

301,264

Fagron

3,775

77,777

Fresenius

Medical

Care

AG

3,876

150,489

Fresenius

SE

&

Co.

KGaA*

6,460

232,010

Galenica

AG(a)

792

68,785

Medicover

AB,

Class

B

3,403

61,153

Medipal

Holdings

Corp.

3,400

61,623

NMC

Health

plc*‡

2,074

—

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

60

Investments

Shares

Value

COMMON

STOCKS

(continued)

Health

Care

Providers

&

Services

(continued)

Raffles

Medical

Group

Ltd.

60,824

$

42,744

Ramsay

Health

Care

Ltd.

(b)

3,570

108,331

Ryman

Healthcare

Ltd.*(b)

11,375

30,605

Ship

Healthcare

Holdings,

Inc.

1,900

29,044

Sigma

Healthcare

Ltd.(b)

66,606

56,542

Sonic

Healthcare

Ltd.

6,188

111,768

Spire

Healthcare

Group

plc(a)

14,036

46,423

Summerset

Group

Holdings

Ltd.

6,847

45,548

Suzuken

Co.

Ltd.

1,880

68,723

Terveystalo

OYJ(a)

4,480

49,932

2,062,339

Health

Care

REITs

-

0

.2

%

Aedifica

SA,

REIT

832

52,938

Assura

plc,

REIT(b)

201,960

105,579

Cofinimmo

SA,

REIT

11,322

728,354

Parkway

Life

REIT,

REIT

19,000

51,562

Primary

Health

Properties

plc,

REIT(b)

81,974

97,237

Vital

Healthcare

Property

Trust,

REIT(b)

30,574

34,503

1,070,173

Health

Care

Technology

-

0

.1

%

CompuGroup

Medical

SE

&

Co.

KGaA

1,599

27,719

M3,

Inc.

6,500

60,719

Medley,

Inc.*

1,000

26,984

Pro

Medicus

Ltd.(b)

1,100

103,263

Sectra

AB,

Class

B*(b)

2,948

66,950

285,635

Hotel

&

Resort

REITs

-

0

.0

%

(d)

CapitaLand

Ascott

Trust,

REIT

32,566

21,912

CDL

Hospitality

Trusts,

REIT

38,294

27,627

Far

East

Hospitality

Trust,

REIT

53,976

25,221

Hoshino

Resorts

REIT,

Inc.,

REIT

12

41,393

Invincible

Investment

Corp.,

REIT(b)

38

17,199

Investments

Shares

Value

Hotel

&

Resort

REITs

(continued)

Japan

Hotel

REIT

Investment

Corp.,

REIT

77

$

39,303

172,655

Hotels,

Restaurants

&

Leisure

-

1

.8

%

Accor

SA

2,856

109,928

Amadeus

IT

Group

SA

5,610

368,727

AmRest

Holdings

SE*

6,191

38,533

Aristocrat

Leisure

Ltd.

8,806

311,782

Basic-Fit

NV*(a)(b)

2,632

63,341

Betsson

AB,

Class

B*

39,372

468,162

Carnival

plc*

7,242

112,135

Colowide

Co.

Ltd.(b)

3,500

48,164

Compass

Group

plc

23,460

721,991

Corporate

Travel

Management

Ltd.(b)

7,144

62,698

Create

Restaurants

Holdings,

Inc.(b)

4,400

31,437

Dalata

Hotel

Group

plc

68,816

305,682

Deliveroo

plc,

Class

A*(a)

58,525

99,152

Delivery

Hero

SE*(a)

3,145

70,140

Domino's

Pizza

Enterprises

Ltd.(b)

1,425

30,493

Domino's

Pizza

Group

plc

19,346

80,511

Entain

plc

8,621

63,228

Evolution

AB(a)

2,448

236,975

Flight

Centre

Travel

Group

Ltd.(b)

4,576

66,366

Flutter

Entertainment

plc*

2,176

429,726

Fuji

Kyuko

Co.

Ltd.

1,000

20,504

Galaxy

Entertainment

Group

Ltd.(b)

36,000

151,383

Genting

Singapore

Ltd.

104,400

66,343

Greggs

plc

1,558

62,717

Heiwa

Corp.

19,450

279,094

HIS

Co.

Ltd.*(b)

3,800

43,364

Ichibanya

Co.

Ltd.(b)

5,000

35,558

InterContinental

Hotels

Group

plc

2,414

243,092

J

D

Wetherspoon

plc*

4,294

41,173

Just

Eat

Takeaway.com

NV*(a)(b)

3,403

43,368

Kindred

Group

plc,

SDR

5,043

59,523

KOMEDA

Holdings

Co.

Ltd.

1,200

21,470

Kyoritsu

Maintenance

Co.

Ltd.(b)

2,200

42,732

La

Francaise

des

Jeux

SAEM(a)

2,878

111,803

Lottery

Corp.

Ltd.

(The)

27,988

90,833

Lottomatica

Group

Spa

3,990

48,746

McDonald's

Holdings

Co.

Japan

Ltd.

1,100

45,401

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

61

Investments

Shares

Value

COMMON

STOCKS

(continued)

Hotels,

Restaurants

&

Leisure

(continued)

Melia

Hotels

International

SA

9,988

$

76,467

Mitchells

&

Butlers

plc*

81,668

326,234

Monogatari

Corp.

(The)(b)

1,500

34,095

MOS

Food

Services,

Inc.

2,100

49,339

MTY

Food

Group,

Inc.

418

13,786

Ohsho

Food

Service

Corp.

704

42,906

Oriental

Land

Co.

Ltd.

15,200

432,583

Playtech

plc*

86,836

630,181

Restaurant

Brands

International,

Inc.(b)

3,706

259,336

Round

One

Corp.

11,400

68,191

Royal

Holdings

Co.

Ltd.

1,600

26,989

Sands

China

Ltd.*

30,400

57,049

Scandic

Hotels

Group

AB*(a)

37,366

227,140

Shangri-La

Asia

Ltd.(b)

476,000

333,907

SJM

Holdings

Ltd.*

114,000

36,774

SkiStar

AB

2,828

41,638

SKYCITY

Entertainment

Group

Ltd.(b)

203,796

188,830

Skylark

Holdings

Co.

Ltd.

(b)

3,700

50,756

Societe

des

Bains

de

Mer

et

du

Cercle

des

Etrangers

a

Monaco

1,700

189,476

Sodexo

SA

1,156

109,517

SSP

Group

plc

35,938

84,474

Star

Entertainment

Grp

Ltd.

(The)*(b)

146,381

55,440

Tabcorp

Holdings

Ltd.

168,436

70,943

Toridoll

Holdings

Corp.(b)

1,100

28,783

Trainline

plc*(a)

27,540

120,483

TUI

AG*

8,772

56,649

Webjet

Ltd.*(b)

12,750

74,182

Whitbread

plc

2,136

79,838

Wynn

Macau

Ltd.(b)

12,800

9,454

Yoshinoya

Holdings

Co.

Ltd.(b)

3,400

65,397

Zensho

Holdings

Co.

Ltd.

(b)

1,800

73,060

9,040,172

Household

Durables

-

1

.0

%

Atal

SA

3,740

46,933

Azorim-Investment

Development

&

Construction

Co.

Ltd.*(b)

5,535

25,194

Barratt

Developments

plc

18,802

127,175

Bellway

plc

2,640

97,185

Berkeley

Group

Holdings

plc

1,312

85,608

Investments

Shares

Value

Household

Durables

(continued)

Breville

Group

Ltd.(b)

2,420

$

46,333

Cairn

Homes

plc(b)

172,652

352,603

Casio

Computer

Co.

Ltd.

3,600

29,083

Chervon

Holdings

Ltd.(b)

6,800

15,564

Danya

Cebus

Ltd.

2,870

63,287

De'

Longhi

SpA

1,012

31,911

Dom

Development

SA

2,448

104,127

ES-Con

Japan

Ltd.(b)

17,000

117,958

Fiskars

OYJ

Abp(b)

2,204

37,921

Fujitsu

General

Ltd.(b)

2,100

27,656

GN

Store

Nord

A/S*(b)

2,244

58,785

Haseko

Corp.

3,500

43,826

Iida

Group

Holdings

Co.

Ltd.

3,400

51,070

JM

AB(b)

3,876

75,295

JVCKenwood

Corp.

47,600

293,901

Man

Wah

Holdings

Ltd.(b)

52,000

30,753

Nagawa

Co.

Ltd.(b)

500

25,621

Nikon

Corp.

5,800

66,901

Open

House

Group

Co.

Ltd.

1,800

64,123

Panasonic

Holdings

Corp.

37,400

309,720

Persimmon

plc

5,054

103,119

Pressance

Corp.(b)

7,800

106,119

Redrow

plc

18,904

181,138

Rinnai

Corp.

1,800

44,264

Sangetsu

Corp.(b)

2,256

44,982

SEB

SA

616

61,691

Sekisui

Chemical

Co.

Ltd.

6,800

102,750

Sekisui

House

Ltd.(b)

13,600

341,672

Sony

Group

Corp.

15,600

1,402,818

Sumitomo

Forestry

Co.

Ltd.(b)

3,300

140,918

Tamron

Co.

Ltd.

3,800

108,095

Taylor

Wimpey

plc

39,508

80,864

Vistry

Group

plc*

7,278

129,380

5,076,343

Household

Products

-

0

.3

%

Earth

Corp.(b)

600

20,019

Essity

AB,

Class

A

1,020

28,647

Essity

AB,

Class

B

6,528

183,519

Henkel

AG

&

Co.

KGaA

748

57,994

Henkel

AG

&

Co.

KGaA

(Preference)

2,584

221,175

Pigeon

Corp.

10,200

103,620

Reckitt

Benckiser

Group

plc

8,806

472,568

Unicharm

Corp.

5,600

186,766

1,274,308

Independent

Power

and

Renewable

Electricity

Producers

-

0

.5

%

Boralex,

Inc.,

Class

A

5,406

134,069

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

62

Investments

Shares

Value

COMMON

STOCKS

(continued)

Independent

Power

and

Renewable

Electricity

Producers

(continued)

Brookfield

Renewable

Corp.,

Class

A(b)

1,904

$

53,490

Capital

Power

Corp.(b)

3,230

99,768

Drax

Group

plc

121,924

1,015,585

EDP

Renovaveis

SA

5,542

85,997

Electric

Power

Development

Co.

Ltd.

(b)

3,100

51,076

Encavis

AG*

6,732

126,025

Enlight

Renewable

Energy

Ltd.*

1,428

21,994

ERG

SpA

704

18,664

Greenvolt-Energias

Renovaveis

SA*(b)

6,900

62,121

Innergex

Renewable

Energy,

Inc.

9,690

66,566

Meridian

Energy

Ltd.

20,828

80,410

Neoen

SA(a)

382

15,923

Northland

Power,

Inc.(b)

5,661

94,620

OY

Nofar

Energy

Ltd.*

1,496

33,311

Polenergia

SA*

1,596

27,187

RENOVA,

Inc.*(b)

1,000

6,095

RWE

AG

12,954

483,464

Scatec

ASA*(a)

8,405

67,720

Solaria

Energia

y

Medio

Ambiente

SA*(b)

2,380

28,355

TransAlta

Corp.

6,766

50,937

2,623,377

Industrial

Conglomerates

-

1

.2

%

Aker

ASA,

Class

A

264

15,452

Bonheur

ASA

6,426

167,195

Brookfield

Business

Corp.,

Class

A

7,004

156,715

CK

Hutchison

Holdings

Ltd.

51,356

269,534

DCC

plc

1,768

121,721

Hikari

Tsushin,

Inc.

400

74,997

Hitachi

Ltd.

65,000

1,420,444

Infratil

Ltd.

8,272

52,964

Investment

AB

Latour,

Class

B(b)

2,024

59,355

Italmobiliare

SpA

1,024

33,187

Jardine

Cycle

&

Carriage

Ltd.

3,800

73,750

Jardine

Matheson

Holdings

Ltd.

3,400

119,680

Keihan

Holdings

Co.

Ltd.

3,400

69,170

Keppel

Ltd.

18,500

91,836

Lifco

AB,

Class

B

4,096

121,379

Nisshinbo

Holdings,

Inc.

(b)

54,400

398,979

Nolato

AB,

Class

B

11,029

59,119

Investments

Shares

Value

Industrial

Conglomerates

(continued)

Noritsu

Koki

Co.

Ltd.

6,800

$

185,524

NWS

Holdings

Ltd.

38,000

34,050

Siemens

AG

(Registered)

9,792

1,795,161

Smiths

Group

plc

6,698

153,654

Storskogen

Group

AB,

Class

B(b)

463,454

375,949

TOKAI

Holdings

Corp.(b)

4,100

27,522

5,877,337

Industrial

REITs

-

0

.4

%

Advance

Logistics

Investment

Corp.,

REIT

68

54,008

ARGAN

SA,

REIT

556

45,424

CapitaLand

Ascendas

REIT,

REIT

50,235

102,153

Centuria

Industrial

REIT,

REIT

6,256

12,991

CRE

Logistics

REIT,

Inc.,

REIT(b)

68

65,261

Dream

Industrial

REIT,

REIT(b)

7,125

69,525

ESR-LOGOS

REIT,

REIT

95,200

19,572

Frasers

Logistics

&

Commercial

Trust,

REIT(a)

49,400

36,562

GLP

J-REIT,

REIT(b)

38

33,186

Goodman

Group,

REIT

22,576

517,449

Goodman

Property

Trust,

REIT

19,085

23,408

Granite

REIT,

REIT(b)

484

25,993

Industrial

&

Infrastructure

Fund

Investment

Corp.,

REIT(b)

68

55,861

LaSalle

Logiport

REIT,

REIT

44

43,339

Mapletree

Industrial

Trust,

REIT

35,086

60,593

Mapletree

Logistics

Trust,

REIT

62,253

60,038

Mitsubishi

Estate

Logistics

REIT

Investment

Corp.,

REIT(b)

34

85,531

Montea

NV,

REIT

695

60,240

Nippon

Prologis

REIT,

Inc.,

REIT

7

11,496

Property

for

Industry

Ltd.,

REIT(b)

26,697

35,360

Segro

plc,

REIT

18,206

214,157

SOSiLA

Logistics

REIT,

Inc.,

REIT

68

52,426

Tritax

Big

Box

REIT

plc,

REIT

32,912

69,963

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

63

Investments

Shares

Value

COMMON

STOCKS

(continued)

Industrial

REITs

(continued)

Warehouses

De

Pauw

CVA,

REIT

3,179

$

86,275

1,840,811

Insurance

-

4

.6

%

Admiral

Group

plc

3,638

128,690

Aegon

Ltd.

30,193

195,051

Ageas

SA/NV

3,060

146,157

AIA

Group

Ltd.

156,400

1,051,075

Allianz

SE

(Registered)

7,480

2,110,943

Alm

Brand

A/S(b)

51,636

98,466

ASR

Nederland

NV

2,800

140,496

AUB

Group

Ltd.(b)

2,926

61,677

Aviva

plc

50,286

323,078

AXA

SA

33,014

1,160,687

Baloise

Holding

AG

(Registered)

816

146,004

Beazley

plc

12,768

112,093

Clal

Insurance

Enterprises

Holdings

Ltd.*

2,546

38,956

Coface

SA

31,722

480,913

Conduit

Holdings

Ltd.

48,620

326,613

Dai-ichi

Life

Holdings,

Inc.

17,000

525,163

Definity

Financial

Corp.

1,025

35,630

Direct

Line

Insurance

Group

plc

426,938

1,033,697

Fairfax

Financial

Holdings

Ltd.

442

520,958

Generali

18,156

470,143

Gjensidige

Forsikring

ASA

4,360

73,607

Great-West

Lifeco,

Inc.

4,904

147,214

Grupo

Catalana

Occidente

SA

704

30,472

Hannover

Rueck

SE

850

211,275

Harel

Insurance

Investments

&

Financial

Services

Ltd.

3,957

35,696

Helvetia

Holding

AG

(Registered)(b)

733

109,253

Hiscox

Ltd.

7,174

117,118

iA

Financial

Corp.,

Inc.

1,972

133,270

Insurance

Australia

Group

Ltd.

35,122

169,717

Intact

Financial

Corp.

2,312

419,907

Japan

Post

Holdings

Co.

Ltd.

37,400

398,708

Japan

Post

Insurance

Co.

Ltd.

4,400

91,620

Just

Group

plc

327,862

508,716

Lancashire

Holdings

Ltd.

72,896

593,622

Legal

&

General

Group

plc

121,652

362,045

Lifenet

Insurance

Co.*(b)

3,800

42,935

Mandatum

OYJ

10,146

47,001

Investments

Shares

Value

Insurance

(continued)

Manulife

Financial

Corp.

34,306

$

913,370

Mapfre

SA

22,440

54,344

Medibank

Pvt

Ltd.

40,555

105,400

Menora

Mivtachim

Holdings

Ltd.

492

12,688

Migdal

Insurance

&

Financial

Holdings

Ltd.

95,812

114,197

MS&AD

Insurance

Group

Holdings,

Inc.

27,200

647,550

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

2,516

1,240,400

nib

holdings

Ltd.(b)

11,260

55,366

NN

Group

NV

5,322

266,869

Phoenix

Group

Holdings

plc

19,108

134,252

Phoenix

Holdings

Ltd.

(The)

5,085

49,346

Poste

Italiane

SpA(a)

9,479

128,369

Power

Corp.

of

Canada(b)

10,005

289,406

Powszechny

Zaklad

Ubezpieczen

SA

10,318

126,152

Protector

Forsikring

ASA

2,660

54,857

Prudential

plc

31,178

280,006

QBE

Insurance

Group

Ltd.

28,254

333,573

Sampo

OYJ,

Class

A

6,188

270,989

SCOR

SE(b)

2,204

47,246

Sompo

Holdings,

Inc.

17,000

391,725

Steadfast

Group

Ltd.

17,908

75,894

Storebrand

ASA

10,971

109,966

Sun

Life

Financial,

Inc.

10,914

541,493

Suncorp

Group

Ltd.

16,014

186,242

Swiss

Life

Holding

AG

(Registered)

442

338,335

Swiss

Re

AG

5,440

670,228

T&D

Holdings,

Inc.

6,800

128,760

Talanx

AG

968

73,585

Tokio

Marine

Holdings,

Inc.

27,200

1,088,651

Topdanmark

A/S

880

47,931

Trisura

Group

Ltd.*

874

29,217

Tryg

A/S

4,368

95,646

Unipol

Gruppo

SpA

6,080

65,528

Wuestenrot

&

Wuerttembergische

AG

3,536

47,752

Zurich

Insurance

Group

AG

1,972

1,082,500

22,696,499

Interactive

Media

&

Services

-

0

.2

%

Auto

Trader

Group

plc(a)

12,308

128,938

Baltic

Classifieds

Group

plc

16,280

56,669

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

64

Investments

Shares

Value

COMMON

STOCKS

(continued)

Interactive

Media

&

Services

(continued)

Better

Collective

A/S*(b)

2,464

$

56,441

CAR

Group

Ltd.

5,679

129,237

Domain

Holdings

Australia

Ltd.(b)

12,956

27,158

Hemnet

Group

AB

925

34,160

Infocom

Corp.

1,600

64,549

Kakaku.com,

Inc.

1,600

22,161

LY

Corp.

36,800

91,230

MONY

Group

plc

28,412

86,855

REA

Group

Ltd.(b)

900

120,255

Rightmove

plc

12,896

95,443

Scout24

SE(a)

1,232

97,586

SEEK

Ltd.(b)

4,962

71,187

Trustpilot

Group

plc*(a)

14,960

40,064

1,121,933

IT

Services

-

1

.0

%

Addnode

Group

AB,

Class

B(b)

5,472

54,273

Alten

SA(b)

616

67,857

Atea

ASA

2,420

32,135

Bechtle

AG

1,364

60,338

BIPROGY,

Inc.

1,100

35,962

Bouvet

ASA

5,054

29,304

CANCOM

SE

1,981

70,311

Capgemini

SE

2,142

425,559

CGI,

Inc.*

2,686

306,097

Computacenter

plc

1,092

37,759

Data#3

Ltd.

12,760

73,491

Digital

Garage,

Inc.

1,300

24,227

DTS

Corp.

2,100

60,435

Exclusive

Networks

SA*

1,634

41,110

Formula

Systems

1985

Ltd.

782

61,167

Fujitsu

Ltd.

34,000

617,473

GMO

internet

group,

Inc.

1,200

19,855

Indra

Sistemas

SA(b)

7,480

150,065

Kainos

Group

plc

4,469

63,027

Keywords

Studios

plc

3,876

118,887

Kontron

AG

3,168

67,259

Megaport

Ltd.*(b)

6,954

49,814

NEC

Corp.

3,400

293,766

NEC

Networks

&

System

Integration

Corp.

2,400

44,424

NET

One

Systems

Co.

Ltd.

3,400

68,402

Netcompany

Group

A/S*(a)(b)

2,482

105,602

NEXTDC

Ltd.*(b)

10,642

116,400

Nomura

Research

Institute

Ltd.

5,745

178,314

NS

Solutions

Corp.

1,600

36,634

NTT

Data

Group

Corp.

8,600

134,864

Investments

Shares

Value

IT

Services

(continued)

Obic

Co.

Ltd.

800

$

121,228

One

Software

Technologies

Ltd.

3,880

48,793

Otsuka

Corp.

5,000

110,694

OVH

Groupe

SAS*(b)

3,078

19,851

Reply

SpA(b)

484

68,714

SCSK

Corp.

2,700

53,001

Secunet

Security

Networks

AG

123

16,291

Shopify,

Inc.,

Class

A*

16,490

1,009,370

Softcat

plc(b)

2,394

49,999

Sopra

Steria

Group

396

73,533

TietoEVRY

OYJ

408

8,269

TIS,

Inc.

4,600

98,751

Wavestone

532

30,914

5,154,219

Leisure

Products

-

0

.5

%

Bandai

Namco

Holdings,

Inc.

10,200

217,341

Beneteau

SACA(b)

8,874

86,615

BRP,

Inc.(b)

11,968

866,596

Games

Workshop

Group

plc

684

90,492

MIPS

AB(a)

1,517

75,301

Mizuno

Corp.

3,400

172,644

Sanlorenzo

SpA(b)

984

40,089

Sega

Sammy

Holdings,

Inc.

2,600

42,294

Shimano,

Inc.

1,100

195,421

Technogym

SpA(a)(b)

4,905

48,114

Thule

Group

AB(a)

2,024

55,937

Tomy

Co.

Ltd.

4,600

105,018

Universal

Entertainment

Corp.*

10,200

103,857

Yamaha

Corp.

2,800

66,902

Yonex

Co.

Ltd.

5,600

82,031

2,248,652

Life

Sciences

Tools

&

Services

-

0

.3

%

AddLife

AB,

Class

B(b)

6,847

100,428

Bachem

Holding

AG(b)

328

29,456

Biotage

AB

3,690

69,134

Eurofins

Scientific

SE

1,700

100,882

Evotec

SE*

9,622

90,792

Gerresheimer

AG

574

59,473

Lonza

Group

AG

(Registered)

918

612,591

QIAGEN

NV*(b)

3,399

151,830

Sartorius

AG

(Preference)

340

96,651

Sartorius

Stedim

Biotech

350

70,047

Siegfried

Holding

AG

(Registered)

38

44,205

SKAN

Group

AG

451

40,630

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

65

Investments

Shares

Value

COMMON

STOCKS

(continued)

Life

Sciences

Tools

&

Services

(continued)

Tecan

Group

AG

(Registered)

220

$

81,777

Wuxi

Biologics

Cayman,

Inc.*(a)

19,500

28,756

1,576,652

Machinery

-

3

.6

%

Aalberts

NV

2,210

84,418

Alfa

Laval

AB

4,080

180,063

Alstom

SA*(b)

3,883

76,137

Amada

Co.

Ltd.

7,200

85,538

ANDRITZ

AG

1,394

89,225

Atlas

Copco

AB,

Class

A

33,252

591,348

Atlas

Copco

AB,

Class

B

21,454

335,394

ATS

Corp.*

1,476

44,330

AutoStore

Holdings

Ltd.*(a)(b)

15,006

18,856

Beijer

Alma

AB

2,304

47,079

Bodycote

plc

8,296

74,377

Bucher

Industries

AG

(Registered)(b)

82

33,163

Burckhardt

Compression

Holding

AG

132

91,924

Cargotec

OYJ,

Class

B

684

34,876

CKD

Corp.

4,100

82,431

Construcciones

y

Auxiliar

de

Ferrocarriles

SA

5,202

196,736

Daetwyler

Holding

AG

407

84,429

Daifuku

Co.

Ltd.

6,900

125,701

Daimler

Truck

Holding

AG

9,724

376,068

Danieli

&

C

Officine

Meccaniche

SpA(b)

3,570

139,071

Danieli

&

C

Officine

Meccaniche

SpA

(Retirement

Savings

Plan)

11,526

332,386

DMG

Mori

Co.

Ltd.

2,100

54,028

Duerr

AG

16,184

356,559

Ebara

Corp.

5,500

80,201

Electrolux

Professional

AB,

Class

B

5,882

36,990

Epiroc

AB,

Class

A(b)

7,888

147,197

Epiroc

AB,

Class

B

4,256

71,439

FANUC

Corp.

13,400

401,662

FLSmidth

&

Co.

A/S

2,380

121,418

Fluidra

SA

912

20,310

Fuji

Corp.

1,000

16,848

Fujitec

Co.

Ltd.

2,400

69,786

GEA

Group

AG

2,516

111,190

Georg

Fischer

AG

(Registered)

1,360

99,963

Glory

Ltd.

17,000

309,076

Harmonic

Drive

Systems,

Inc.

1,500

41,323

Investments

Shares

Value

Machinery

(continued)

Hitachi

Construction

Machinery

Co.

Ltd.

2,800

$

70,568

Hitachi

Zosen

Corp.

51,000

373,196

Hoshizaki

Corp.

2,400

75,720

Husqvarna

AB,

Class

B(b)

7,480

50,501

IHI

Corp.

2,500

92,217

IMI

plc

1,824

44,373

Indutrade

AB

4,382

128,546

Interpump

Group

SpA(b)

1,584

68,733

Interroll

Holding

AG

(Registered)(b)

34

109,696

Iveco

Group

NV(b)

64,226

660,240

Jungheinrich

AG

(Preference)

15,198

481,861

Kardex

Holding

AG

(Registered)

264

80,227

Kawasaki

Heavy

Industries

Ltd.(b)

2,800

104,325

KION

Group

AG

1,419

56,230

Kitz

Corp.(b)

23,800

176,056

Knorr-Bremse

AG

918

73,956

Komatsu

Ltd.

17,000

492,284

Komax

Holding

AG

(Registered)(b)

76

11,552

Kone

OYJ,

Class

B

4,760

242,912

Konecranes

OYJ

1,394

97,370

Krones

AG

246

33,328

KSB

SE

&

Co.

KGaA

(Preference)

238

162,765

Kubota

Corp.

17,000

246,311

Kurita

Water

Industries

Ltd.

2,500

107,371

Kyokuto

Kaihatsu

Kogyo

Co.

Ltd.

3,400

61,013

Makita

Corp.

3,900

127,995

Manitou

BF

SA(b)

3,545

82,091

Max

Co.

Ltd.

2,800

70,716

Meidensha

Corp.

3,400

78,187

Metso

OYJ(b)

10,506

106,614

MINEBEA

MITSUMI,

Inc.

(b)

7,311

176,288

MISUMI

Group,

Inc.

4,100

75,822

Mitsubishi

Heavy

Industries

Ltd.

46,100

560,701

Mitsubishi

Logisnext

Co.

Ltd.

7,600

67,484

Mitsuboshi

Belting

Ltd.

1,300

38,233

Mitsui

E&S

Co.

Ltd.(b)

30,600

272,321

Miura

Co.

Ltd.

2,100

48,725

Morgan

Advanced

Materials

plc

93,262

409,084

Nabtesco

Corp.(b)

3,400

67,238

Namura

Shipbuilding

Co.

Ltd.(b)

20,400

271,304

NFI

Group,

Inc.*(b)

4,826

59,912

NGK

Insulators

Ltd.

3,400

46,246

Nitta

Corp.(b)

6,800

185,298

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

66

Investments

Shares

Value

COMMON

STOCKS

(continued)

Machinery

(continued)

Noritake

Co.

Ltd.(b)

10,200

$

271,168

NSK

Ltd.

15,200

80,384

NTN

Corp.

166,600

339,379

OC

Oerlikon

Corp.

AG

(Registered)(b)

55,862

313,881

OKUMA

Corp.

700

35,214

OSG

Corp.(b)

3,800

52,520

Pfeiffer

Vacuum

Technology

AG

220

37,519

Rational

AG

55

48,178

Rotork

plc

13,640

63,387

Ryobi

Ltd.(b)

10,200

141,211

Sandvik

AB

13,090

267,721

Schindler

Holding

AG

546

145,765

Schindler

Holding

AG

(Registered)

370

96,887

Seatrium

Ltd.*

32,477

40,790

SFS

Group

AG

220

32,041

Shibaura

Machine

Co.

Ltd.

6,800

168,576

SKF

AB,

Class

A

1,408

26,117

SKF

AB,

Class

B

5,156

95,710

SMC

Corp.

700

344,975

Spirax

Group

plc

1,122

130,568

Stabilus

SE

1,140

55,820

Stadler

Rail

AG(b)

3,094

94,727

Sulzer

AG

(Registered)

280

41,606

Sumitomo

Heavy

Industries

Ltd.

3,300

89,727

Tadano

Ltd.

3,400

25,524

Techtronic

Industries

Co.

Ltd.(b)

17,000

217,832

Tocalo

Co.

Ltd.(b)

3,800

50,057

TOMRA

Systems

ASA

3,872

63,669

Toyota

Industries

Corp.

2,300

196,125

Trelleborg

AB,

Class

B

2,924

108,529

Troax

Group

AB

1,806

40,947

Tsubakimoto

Chain

Co.

9,000

390,004

Valmet

OYJ(b)

3,228

91,412

VAT

Group

AG(a)

374

187,074

Vesuvius

plc

65,178

404,776

Volvo

AB,

Class

A

3,212

83,375

Volvo

AB,

Class

B

28,900

736,953

Wacker

Neuson

SE

8,738

136,158

Wartsila

OYJ

Abp

5,720

117,943

Weir

Group

plc

(The)

3,604

94,065

Yaskawa

Electric

Corp.(b)

3,400

118,817

17,984,281

Marine

Transportation

-

0

.7

%

AP

Moller

-

Maersk

A/S,

Class

A

65

105,570

Investments

Shares

Value

Marine

Transportation

(continued)

AP

Moller

-

Maersk

A/S,

Class

B

68

$

112,710

Belships

ASA

26,724

56,212

Clarkson

plc

1,408

82,016

D/S

Norden

A/S

6,834

295,523

Dfds

A/S(b)

9,010

246,942

Golden

Ocean

Group

Ltd.

4,796

59,476

Hoegh

Autoliners

ASA

1,824

19,867

Iino

Kaiun

Kaisha

Ltd.

30,600

261,135

Kawasaki

Kisen

Kaisha

Ltd.(b)

10,200

158,634

Klaveness

Combination

Carriers

ASA

3,196

30,339

Kuehne

+

Nagel

International

AG

(Registered)(b)

680

210,508

Mitsui

OSK

Lines

Ltd.(b)

7,900

252,657

MPC

Container

Ships

ASA

114,920

240,571

Nippon

Yusen

KK(b)

10,200

332,114

NS

United

Kaiun

Kaisha

Ltd.(b)

3,500

113,868

Odfjell

SE,

Class

A

6,118

92,991

Pacific

Basin

Shipping

Ltd.

1,666,000

501,165

SITC

International

Holdings

Co.

Ltd.

24,000

53,456

Stolt-Nielsen

Ltd.

1,435

56,169

Wallenius

Wilhelmsen

ASA

2,952

27,375

Wilh

Wilhelmsen

Holding

ASA,

Class

A

1,632

57,686

3,366,984

Media

-

1

.0

%

4imprint

Group

plc

1,394

109,401

Ascential

plc(a)

306

2,244

Atresmedia

Corp.

de

Medios

de

Comunicacion

SA

27,914

140,910

CyberAgent,

Inc.

6,300

40,465

Cyfrowy

Polsat

SA*

84,898

277,363

Dentsu

Group,

Inc.(b)

3,400

90,457

Eutelsat

Communications

SACA*(b)

41,548

214,815

Future

plc

35,292

507,705

Hakuhodo

DY

Holdings,

Inc.(b)

4,700

38,485

Informa

plc

16,320

182,204

IPSOS

SA

2,618

161,902

ITV

plc

48,868

50,403

JCDecaux

SE*

968

20,174

Metropole

Television

SA

15,674

204,887

MFE-MediaForEurope

NV,

Class

A(b)

51,838

176,471

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

67

Investments

Shares

Value

COMMON

STOCKS

(continued)

Media

(continued)

MFE-MediaForEurope

NV,

Class

B(b)

21,558

$

100,030

Next

15

Group

plc

3,774

41,349

Nine

Entertainment

Co.

Holdings

Ltd.(b)

118,216

112,319

Perion

Network

Ltd.*

16,728

137,560

ProSiebenSat.1

Media

SE

52,598

361,134

Publicis

Groupe

SA

3,162

330,595

Sanoma

OYJ

3,895

28,787

Schibsted

ASA,

Class

A

1,862

53,402

SES

SA,

Class

A,

ADR(b)

119,544

647,440

SKY

Perfect

JSAT

Holdings,

Inc.

6,200

36,674

Stroeer

SE

&

Co.

KGaA

1,496

101,176

Television

Francaise

1

SA

25,976

228,664

TV

Asahi

Holdings

Corp.

7,800

109,022

TX

Group

AG

205

37,635

Vivendi

SE

9,010

96,249

WPP

plc

15,674

151,114

YouGov

plc

4,715

27,980

4,819,016

Metals

&

Mining

-

4

.7

%

Acerinox

SA

54,842

575,049

Agnico

Eagle

Mines

Ltd.

7,433

573,193

Alamos

Gold,

Inc.,

Class

A

4,027

68,591

Alleima

AB

54,468

394,880

Anglo

American

plc

18,054

544,952

Antofagasta

plc

4,807

124,722

Aperam

SA(b)

13,362

361,765

ArcelorMittal

SA

8,772

198,766

ARE

Holdings,

Inc.

23,800

324,589

Aurubis

AG

738

57,538

AVZ

Minerals

Ltd.*‡(b)

111,012

10,149

B2Gold

Corp.(b)

43,044

128,996

Barrick

Gold

Corp.

22,406

411,808

Bekaert

SA

10,302

421,610

Bellevue

Gold

Ltd.*(b)

49,941

44,678

BHP

Group

Ltd.

68,612

1,895,194

BlueScope

Steel

Ltd.

8,466

122,507

Boliden

AB

4,862

148,161

Calibre

Mining

Corp.*(b)

219,164

339,506

Capricorn

Metals

Ltd.*(b)

19,272

67,705

Capstone

Copper

Corp.*

11,016

74,001

Centamin

plc

380,154

618,662

Centerra

Gold,

Inc.

8,892

59,604

Champion

Iron

Ltd.(b)

6,468

26,524

De

Grey

Mining

Ltd.*(b)

86,240

68,704

Deterra

Royalties

Ltd.

21,148

55,100

Dowa

Holdings

Co.

Ltd.(b)

1,100

40,510

Dundee

Precious

Metals,

Inc.

57,732

487,699

Investments

Shares

Value

Metals

&

Mining

(continued)

Eldorado

Gold

Corp.*

8,807

$

149,243

Emerald

Resources

NL*(b)

21,402

51,709

Endeavour

Mining

plc

3,876

86,129

Equinox

Gold

Corp.*(b)

118,150

662,827

Eramet

SA(b)

2,584

219,637

ERO

Copper

Corp.*(b)

4,268

83,417

Evolution

Mining

Ltd.(b)

35,786

91,837

Falcon

Metals

Ltd.*

1

—

(e)

Filo

Corp.*

4,428

102,410

First

Majestic

Silver

Corp.

(b)

14,596

90,231

First

Quantum

Minerals

Ltd.

11,492

140,588

Foran

Mining

Corp.*(b)

11,210

31,485

Fortescue

Ltd.(b)

29,682

365,745

Fortuna

Mining

Corp.*(b)

16,720

80,486

Franco-Nevada

Corp.

2,456

316,314

Genesis

Minerals

Ltd.*(b)

52,288

71,361

Glencore

plc

189,550

1,046,423

Gold

Road

Resources

Ltd.(b)

59,580

65,945

Granges

AB

5,662

69,048

Grupa

Kety

SA

308

63,836

Hill

&

Smith

plc

3,280

96,899

Hochschild

Mining

plc*

99,926

233,084

Hudbay

Minerals,

Inc.

18,292

152,538

IAMGOLD

Corp.*(b)

25,911

106,724

IGO

Ltd.(b)

16,378

59,356

Ivanhoe

Mines

Ltd.,

Class

A*

9,174

119,867

Jastrzebska

Spolka

Weglowa

SA*

19,380

130,292

JFE

Holdings,

Inc.

10,200

149,821

K92

Mining,

Inc.*(b)

5,700

32,596

KGHM

Polska

Miedz

SA

3,160

108,374

Kinross

Gold

Corp.

19,065

173,199

Kobe

Steel

Ltd.

10,000

125,349

Kyoei

Steel

Ltd.

6,800

90,841

Labrador

Iron

Ore

Royalty

Corp.

5,372

119,304

Liontown

Resources

Ltd.*(b)

27,470

17,041

Lundin

Gold,

Inc.

4,218

72,974

Lundin

Mining

Corp.(b)

11,390

114,935

Lynas

Rare

Earths

Ltd.*(b)

13,899

56,998

MAG

Silver

Corp.*

4,656

63,734

Maruichi

Steel

Tube

Ltd.

2,000

48,837

Mineral

Resources

Ltd.

2,448

86,769

Mitsubishi

Materials

Corp.

3,800

71,146

Mongolian

Mining

Corp.*(b)

102,000

109,025

New

Gold,

Inc.*

35,768

82,594

Nickel

Industries

Ltd.(b)

41,914

23,401

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

68

Investments

Shares

Value

COMMON

STOCKS

(continued)

Metals

&

Mining

(continued)

Nippon

Light

Metal

Holdings

Co.

Ltd.

17,000

$

200,439

Nippon

Steel

Corp.(b)

17,015

370,924

Nittetsu

Mining

Co.

Ltd.

3,400

108,128

Norsk

Hydro

ASA

24,820

137,101

Northern

Star

Resources

Ltd.

14,560

133,868

Novagold

Resources,

Inc.*

18,278

87,192

OceanaGold

Corp.

228,358

562,031

Orla

Mining

Ltd.*(b)

10,780

40,109

OSAKA

Titanium

Technologies

Co.

Ltd.

(b)

1,300

21,350

Osisko

Gold

Royalties

Ltd.(b)

9,452

165,647

Outokumpu

OYJ(b)

7,392

26,604

Pan

American

Silver

Corp.

4,560

104,770

Perseus

Mining

Ltd.(b)

437,138

722,191

Pilbara

Minerals

Ltd.(b)

34,446

65,905

Ramelius

Resources

Ltd.

(b)

54,536

69,087

Red

5

Ltd.*

213,354

54,335

Regis

Resources

Ltd.*(b)

40,098

43,858

Rio

Tinto

Ltd.

5,644

432,976

Rio

Tinto

plc

19,346

1,248,909

Salzgitter

AG

7,582

135,866

Sandfire

Resources

Ltd.*(b)

11,931

67,781

Sandstorm

Gold

Ltd.

13,772

79,056

Sanyo

Special

Steel

Co.

Ltd.(b)

7,200

102,358

Seabridge

Gold,

Inc.*

3,604

59,769

SilverCrest

Metals,

Inc.*(b)

9,416

92,085

Sims

Ltd.(b)

3,162

21,020

South32

Ltd.(b)

84,796

169,991

SSAB

AB,

Class

A

6,150

31,675

SSAB

AB,

Class

B

12,333

62,369

SSR

Mining,

Inc.

68,374

379,127

Stelco

Holdings,

Inc.

9,520

457,928

Sumitomo

Metal

Mining

Co.

Ltd.

5,200

159,325

Teck

Resources

Ltd.,

Class

B

7,276

356,466

thyssenkrupp

AG

8,316

31,847

Toho

Titanium

Co.

Ltd.(b)

1,700

15,604

Tokyo

Steel

Manufacturing

Co.

Ltd.(b)

20,400

259,644

Torex

Gold

Resources,

Inc.*

28,628

453,630

UACJ

Corp.

13,100

373,515

voestalpine

AG

1,880

48,133

Investments

Shares

Value

Metals

&

Mining

(continued)

Wesdome

Gold

Mines

Ltd.*

3,534

$

33,998

Wheaton

Precious

Metals

Corp.

6,324

377,897

Yamato

Kogyo

Co.

Ltd.

1,300

68,974

Yodogawa

Steel

Works

Ltd.(b)

9,700

366,184

Zimplats

Holdings

Ltd.(b)

4,902

52,208

23,331,406

Multi-Utilities

-

0

.8

%

A2A

SpA

29,479

62,427

ACEA

SpA

3,026

52,489

AGL

Energy

Ltd.

12,344

83,670

Algonquin

Power

&

Utilities

Corp.(b)

5,134

32,035

Atco

Ltd.,

Class

I

3,026

93,817

Canadian

Utilities

Ltd.,

Class

A(b)

2,278

53,312

Centrica

plc

110,330

187,841

E.ON

SE

42,398

594,820

Engie

SA

35,224

554,205

Hera

SpA

19,272

70,487

Iren

SpA

200,328

407,537

National

Grid

plc

94,282

1,194,051

REN

-

Redes

Energeticas

Nacionais

SGPS

SA

6,188

15,702

Sembcorp

Industries

Ltd.

16,300

58,127

Telecom

Plus

plc

4,728

115,385

Veolia

Environnement

SA

11,050

347,237

3,923,142

Office

REITs

-

0

.3

%

Abacus

Group,

REIT(b)

35,454

25,467

Allied

Properties

REIT,

REIT(b)

24,446

292,867

Champion

REIT,

REIT(b)

748,000

152,243

Derwent

London

plc,

REIT(b)

4,454

131,467

Dexus,

REIT(b)

9,792

44,887

Gecina

SA,

REIT

440

43,660

Global

One

Real

Estate

Investment

Corp.,

REIT(b)

48

32,285

Great

Portland

Estates

plc,

REIT

20,480

92,069

Ichigo

Office

REIT

Investment

Corp.,

REIT

41

22,835

Japan

Prime

Realty

Investment

Corp.,

REIT(b)

13

28,210

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

69

Investments

Shares

Value

COMMON

STOCKS

(continued)

Office

REITs

(continued)

Japan

Real

Estate

Investment

Corp.,

REIT

24

$

82,946

Keppel

REIT,

REIT

3,800

2,486

Nippon

Building

Fund,

Inc.,

REIT

24

92,357

Orix

JREIT,

Inc.,

REIT

68

70,549

Precinct

Properties

Group,

REIT(b)

67,298

48,366

Workspace

Group

plc,

REIT

4,978

39,131

1,201,825

Oil,

Gas

&

Consumable

Fuels

-

5

.9

%

Advantage

Energy

Ltd.*

8,466

59,016

Aker

BP

ASA

4,250

102,961

Ampol

Ltd.(b)

4,556

99,576

ARC

Resources

Ltd.

12,478

215,787

Athabasca

Oil

Corp.*

178,398

730,922

Avance

Gas

Holding

Ltd.

(a)(b)

5,472

83,973

Baytex

Energy

Corp.(b)

20,558

76,342

Beach

Energy

Ltd.(b)

39,336

38,273

Birchcliff

Energy

Ltd.(b)

15,130

65,604

Bluenord

ASA*

7,140

333,019

Boss

Energy

Ltd.*(b)

21,197

50,522

BP

plc

325,550

1,918,694

BRIGHTOIL*‡

50,147

—

BW

Energy

Ltd.*

16,694

47,329

BW

LPG

Ltd.(a)

2,774

44,980

Cameco

Corp.(b)

5,610

255,190

Canadian

Natural

Resources

Ltd.(b)

30,464

1,080,998

Cenovus

Energy,

Inc.

26,112

525,850

Cool

Co.

Ltd.(b)

7,714

93,828

Cosmo

Energy

Holdings

Co.

Ltd.(b)

1,600

86,902

Denison

Mines

Corp.*(b)

51,797

101,985

DNO

ASA

253,402

257,933

Enbridge,

Inc.

27,710

1,036,430

ENEOS

Holdings,

Inc.

57,800

304,328

Energean

plc(b)

50,218

644,380

Eni

SpA

43,486

696,338

Equinor

ASA

18,292

485,132

Esso

SA

Francaise

714

112,493

Etablissements

Maurel

et

Prom

SA

17,813

109,099

FLEX

LNG

Ltd.(b)

1,176

31,641

Freehold

Royalties

Ltd.(b)

5,060

51,866

Galp

Energia

SGPS

SA

7,990

168,208

Gaztransport

Et

Technigaz

SA

410

60,515

Gibson

Energy,

Inc.(b)

9,452

154,357

Hafnia

Ltd.

7,872

62,201

Investments

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Harbour

Energy

plc

179,860

$

724,251

Headwater

Exploration,

Inc.(b)

77,860

411,999

Idemitsu

Kosan

Co.

Ltd.

23,800

158,814

Imperial

Oil

Ltd.(b)

3,604

258,042

Inpex

Corp.

19,000

293,726

International

Petroleum

Corp.*(b)

4,726

68,147

Ithaca

Energy

plc

41,458

68,693

Itochu

Enex

Co.

Ltd.

17,100

195,367

Iwatani

Corp.

1,397

88,968

Japan

Petroleum

Exploration

Co.

Ltd.

1,700

70,730

Karoon

Energy

Ltd.*(b)

237,932

289,764

Keyera

Corp.

3,108

87,630

Koninklijke

Vopak

NV

1,224

54,543

MEG

Energy

Corp.*

4,529

93,796

Naphtha

Israel

Petroleum

Corp.

Ltd.*

10,742

60,118

Neste

OYJ(b)

9,248

186,736

New

Hope

Corp.

Ltd.

17,010

54,094

NexGen

Energy

Ltd.*(b)

10,944

72,883

NuVista

Energy

Ltd.*

54,672

529,129

Oil

Refineries

Ltd.

709,716

171,709

Okeanis

Eco

Tankers

Corp.(a)

4,080

130,596

OMV

AG

3,162

132,416

ORLEN

SA

8,364

136,300

Paladin

Energy

Ltd.*(b)

5,712

42,559

Paramount

Resources

Ltd.,

Class

A(b)

2,772

60,097

Parex

Resources,

Inc.(b)

31,450

471,483

Parkland

Corp.

2,923

81,949

Paz

Oil

Co.

Ltd.

3,095

294,971

Pembina

Pipeline

Corp.

8,092

313,441

Peyto

Exploration

&

Development

Corp.(b)

58,990

630,274

PrairieSky

Royalty

Ltd.(b)

3,977

79,888

Repsol

SA

21,896

312,164

San-Ai

Obbli

Co.

Ltd.(b)

17,000

233,544

Santos

Ltd.

66,538

347,160

Saras

SpA

131,886

228,342

Serica

Energy

plc(b)

99,246

168,397

Shell

plc

121,890

4,446,350

Suncor

Energy,

Inc.

25,228

1,006,965

Tamar

Petroleum

Ltd.(a)

11,628

59,048

Tamarack

Valley

Energy

Ltd.(b)

160,378

475,985

TC

Energy

Corp.

13,022

552,571

Topaz

Energy

Corp.

3,731

70,193

TORM

plc,

Class

A(b)

1,292

50,025

TotalEnergies

SE

41,752

2,822,836

Tourmaline

Oil

Corp.(b)

6,052

266,140

United

Energy

Group

Ltd.*(b)

2,380,000

102,061

Var

Energi

ASA

7,339

23,370

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

70

Investments

Shares

Value

COMMON

STOCKS

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

Veren,

Inc.(b)

13,801

$

107,695

Vermilion

Energy,

Inc.(b)

51,782

556,634

Viva

Energy

Group

Ltd.(a)

17,630

37,530

Whitecap

Resources,

Inc.(b)

11,932

91,901

Whitehaven

Coal

Ltd.

16,702

84,197

Woodside

Energy

Group

Ltd.

36,347

655,073

29,197,966

Paper

&

Forest

Products

-

0

.2

%

Daio

Paper

Corp.

3,745

22,245

Hokuetsu

Corp.(b)

10,200

78,774

Holmen

AB,

Class

B(b)

1,540

60,464

Mondi

plc

3,536

69,058

Navigator

Co.

SA

(The)

5,269

21,381

Nippon

Paper

Industries

Co.

Ltd.(b)

34,000

219,421

Oji

Holdings

Corp.

11,400

48,347

Semapa-Sociedade

de

Investimento

e

Gestao

4,873

78,885

Stella-Jones,

Inc.

1,224

82,303

Stora

Enso

OYJ,

Class

R(b)

5,168

64,535

Svenska

Cellulosa

AB

SCA,

Class

A(b)

2,068

28,364

Svenska

Cellulosa

AB

SCA,

Class

B(b)

6,314

85,777

UPM-Kymmene

OYJ

6,936

229,141

West

Fraser

Timber

Co.

Ltd.

1,139

100,943

1,189,638

Passenger

Airlines

-

0

.3

%

Air

Canada*(b)

5,192

59,796

Air

France-KLM*(b)

45,220

402,226

Air

New

Zealand

Ltd.

11,968

4,123

Cathay

Pacific

Airways

Ltd.(b)

38,000

39,693

Deutsche

Lufthansa

AG

(Registered)

11,161

70,024

easyJet

plc

6,806

39,391

Exchange

Income

Corp.

(b)

2,255

79,316

International

Consolidated

Airlines

Group

SA*(b)

73,882

157,340

JET2

plc

4,018

73,285

Norwegian

Air

Shuttle

ASA*

138,516

144,286

Qantas

Airways

Ltd.*

22,968

96,888

Singapore

Airlines

Ltd.

23,899

124,533

Investments

Shares

Value

Passenger

Airlines

(continued)

Wizz

Air

Holdings

plc*(a)

(b)

15,980

$

392,653

1,683,554

Personal

Care

Products

-

1

.0

%

Beiersdorf

AG

1,360

197,496

Fancl

Corp.

3,400

65,600

Haleon

plc

102,714

461,231

Intercos

SpA

2,166

38,673

Interparfums

SA

174

8,859

Kao

Corp.

6,800

298,466

Kobayashi

Pharmaceutical

Co.

Ltd.

900

36,046

Kose

Corp.

700

46,454

L'Occitane

International

SA(b)

4,500

19,499

L'Oreal

SA

3,230

1,400,345

Milbon

Co.

Ltd.

1,000

22,232

Noevir

Holdings

Co.

Ltd.

(b)

1,000

38,681

Pola

Orbis

Holdings,

Inc.

2,000

18,829

Rohto

Pharmaceutical

Co.

Ltd.

3,900

91,629

Shiseido

Co.

Ltd.

5,700

178,812

Unilever

plc

34,102

2,090,705

5,013,557

Pharmaceuticals

-

5

.2

%

ALK-Abello

A/S,

Class

B*

2,958

66,745

Almirall

SA(b)

4,661

46,578

Astellas

Pharma,

Inc.

20,400

236,933

AstraZeneca

plc

21,080

3,348,785

Bausch

Health

Cos.,

Inc.*(b)

108,392

652,808

Bayer

AG

(Registered)

18,904

562,438

Camurus

AB*

1,054

66,627

Chugai

Pharmaceutical

Co.

Ltd.(b)

7,900

347,010

Daiichi

Sankyo

Co.

Ltd.

24,900

1,017,448

Eisai

Co.

Ltd.

3,800

145,474

Faes

Farma

SA

17,897

68,654

Financiere

de

Tubize

SA(b)

510

67,439

GSK

plc

53,142

1,032,065

H

Lundbeck

A/S,

Class

A

5,650

30,397

Haw

Par

Corp.

Ltd.

51,000

397,675

Hikma

Pharmaceuticals

plc

2,800

68,477

Hutchmed

China

Ltd.*

12,540

48,321

Indivior

plc*

6,324

86,915

Ipsen

SA

732

82,378

JCR

Pharmaceuticals

Co.

Ltd.

2,400

9,379

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

71

Investments

Shares

Value

COMMON

STOCKS

(continued)

Pharmaceuticals

(continued)

Kaken

Pharmaceutical

Co.

Ltd.

1,500

$

40,725

Kissei

Pharmaceutical

Co.

Ltd.

1,400

32,520

Kyowa

Kirin

Co.

Ltd.(b)

4,300

90,853

Laboratorios

Farmaceuticos

Rovi

SA

680

65,489

Merck

KGaA

1,734

311,101

Mochida

Pharmaceutical

Co.

Ltd.

900

21,175

Nippon

Shinyaku

Co.

Ltd.

1,400

32,092

Novartis

AG

(Registered)

27,642

3,095,653

Novo

Nordisk

A/S,

Class

B

46,002

6,083,879

Nxera

Pharma

Co.

Ltd.*(b)

3,400

37,964

Ono

Pharmaceutical

Co.

Ltd.

10,200

151,685

Orion

OYJ,

Class

A

352

16,093

Orion

OYJ,

Class

B

1,855

85,250

Otsuka

Holdings

Co.

Ltd.

6,900

356,006

Recordati

Industria

Chimica

e

Farmaceutica

SpA

1,628

88,699

Roche

Holding

AG

476

167,526

Roche

Holding

AG

-

BR

9,350

3,035,763

Sandoz

Group

AG

5,848

253,585

Sanofi

SA

15,402

1,588,818

Santen

Pharmaceutical

Co.

Ltd.

1,100

13,218

Shionogi

&

Co.

Ltd.

3,700

162,228

Sumitomo

Pharma

Co.

Ltd.*(b)

64,600

179,468

Takeda

Pharmaceutical

Co.

Ltd.

20,400

583,283

Teva

Pharmaceutical

Industries

Ltd.*

20,808

356,827

Torii

Pharmaceutical

Co.

Ltd.

800

19,912

Tsumura

&

Co.

900

23,956

UCB

SA

1,428

238,971

Virbac

SACA

132

50,279

ZERIA

Pharmaceutical

Co.

Ltd.

1,800

26,236

25,591,800

Professional

Services

-

1

.4

%

Adecco

Group

AG

(Registered)

2,368

80,597

AFRY

AB(b)

5,938

107,373

ALS

Ltd.(b)

8,712

87,837

APM

Human

Services

International

Ltd.

56,950

52,808

Investments

Shares

Value

Professional

Services

(continued)

Applus

Services

SA*(b)

8,432

$

116,608

Arcadis

NV

1,189

84,852

BayCurrent

Consulting,

Inc.(b)

1,400

42,290

Bell

System24

Holdings,

Inc.(b)

3,800

39,526

Benefit

Systems

SA

76

50,750

Bureau

Veritas

SA

4,182

131,235

Computershare

Ltd.

7,378

133,213

Danel

Adir

Yeoshua

Ltd.

533

43,930

dip

Corp.

1,400

28,612

en

Japan,

Inc.

2,000

37,472

Experian

plc

12,342

582,111

Funai

Soken

Holdings,

Inc.

2,700

39,443

GlobalData

plc(b)

15,742

43,473

Hays

plc

512,040

618,886

Hilan

Ltd.

646

34,917

Infomart

Corp.

17,600

37,549

Intertek

Group

plc

2,380

154,378

IPH

Ltd.

14,593

58,414

JAC

Recruitment

Co.

Ltd.

(b)

5,200

25,126

McMillan

Shakespeare

Ltd.

3,198

37,401

MEITEC

Group

Holdings,

Inc.

2,400

54,393

Pagegroup

plc

18,632

102,093

Persol

Holdings

Co.

Ltd.

42,000

72,159

Randstad

NV

2,006

97,594

Recruit

Holdings

Co.

Ltd.

20,400

1,173,888

RELX

plc

25,160

1,186,995

SGS

SA

(Registered)

1,904

207,866

SmartGroup

Corp.

Ltd.

7,766

43,866

SMS

Co.

Ltd.

2,000

28,852

TechnoPro

Holdings,

Inc.

1,100

21,077

Teleperformance

SE

1,156

149,108

Thomson

Reuters

Corp.

1,938

313,893

Tinexta

Spa

1,056

17,300

Transcosmos,

Inc.

6,800

156,826

UT

Group

Co.

Ltd.

10,200

221,341

Wolters

Kluwer

NV

3,230

542,103

7,058,155

Real

Estate

Management

&

Development

-

2

.0

%

Aeon

Mall

Co.

Ltd.(b)

1,990

27,305

AFI

Properties

Ltd.*

578

24,726

Africa

Israel

Residences

Ltd.

510

30,075

Airport

City

Ltd.*

1,928

26,783

Allreal

Holding

AG

(Registered)

612

108,877

Alony

Hetz

Properties

&

Investments

Ltd.

43,962

295,125

Altus

Group

Ltd.(b)

1,672

69,908

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

72

Investments

Shares

Value

COMMON

STOCKS

(continued)

Real

Estate

Management

&

Development

(continued)

Amot

Investments

Ltd.

5,448

$

22,176

Aroundtown

SA*(b)

232,968

497,887

Atrium

Ljungberg

AB,

Class

B

792

16,922

Aura

Investments

Ltd.(b)

20,178

80,202

Azrieli

Group

Ltd.

532

32,829

Big

Shopping

Centers

Ltd.*

287

28,164

Blue

Square

Real

Estate

Ltd.

1,598

110,208

CA

Immobilien

Anlagen

AG

572

18,693

Capitaland

India

Trust

55,054

44,863

CapitaLand

Investment

Ltd.

10,200

20,589

Castellum

AB*(b)

9,010

112,650

Catena

AB

924

46,986

Cibus

Nordic

Real

Estate

AB

publ(b)

4,386

68,465

Citycon

OYJ(b)

38,420

169,124

CK

Asset

Holdings

Ltd.

34,000

130,133

Colliers

International

Group,

Inc.(b)

748

100,750

Corem

Property

Group

AB,

Class

B

17,612

15,685

CTP

NV(a)

1,467

25,621

Daito

Trust

Construction

Co.

Ltd.

1,100

132,583

Daiwa

House

Industry

Co.

Ltd.

13,200

376,629

Deutsche

EuroShop

AG

3,420

89,744

Deutsche

Wohnen

SE

1,012

20,106

Dios

Fastigheter

AB

7,480

59,916

Electra

Real

Estate

Ltd.(b)

1,476

14,402

Fabege

AB(b)

5,412

45,371

Fastighets

AB

Balder,

Class

B*(b)

12,348

90,810

FastPartner

AB,

Class

A

3,124

20,316

FirstService

Corp.

608

105,949

G

City

Ltd.*(b)

9,284

25,843

Grainger

plc

36,312

112,405

Grand

City

Properties

SA*

6,358

74,992

Great

Eagle

Holdings

Ltd.(b)

102,451

139,539

GuocoLand

Ltd.

108,800

120,383

Hang

Lung

Group

Ltd.(b)

238,000

260,789

Hang

Lung

Properties

Ltd.

68,000

50,051

Heiwa

Real

Estate

Co.

Ltd.

1,300

37,585

Henderson

Land

Development

Co.

Ltd.

33,239

93,394

Ho

Bee

Land

Ltd.

49,400

68,693

Hufvudstaden

AB,

Class

A

304

3,679

Hulic

Co.

Ltd.

10,200

99,756

Investments

Shares

Value

Real

Estate

Management

&

Development

(continued)

Hysan

Development

Co.

Ltd.(b)

170,000

$

232,847

Ichigo,

Inc.

17,800

50,516

IMMOFINANZ

AG*

2,132

63,213

International

Workplace

Group

plc

28,576

63,425

Intershop

Holding

AG

350

46,600

Israel

Canada

T.R

Ltd.(b)

12,240

43,444

Isras

Holdings

Ltd.*

1,224

95,642

Isras

Investment

Co.

Ltd.

(b)

477

87,062

Kerry

Properties

Ltd.

34,000

57,972

Kojamo

OYJ*

1,596

15,794

LEG

Immobilien

SE

1,154

100,973

Leopalace21

Corp.

54,400

200,303

Lifestyle

Communities

Ltd.(b)

1,054

6,194

Mainstreet

Equity

Corp.

266

37,538

Mega

Or

Holdings

Ltd.,

REIT(b)

1,216

30,649

Melisron

Ltd.

460

32,409

Mitsubishi

Estate

Co.

Ltd.

17,000

290,885

Mitsui

Fudosan

Co.

Ltd.

40,800

426,684

Mivne

Real

Estate

KD

Ltd.

14,248

33,063

Mobimo

Holding

AG

(Registered)

228

68,122

Morguard

Corp.

884

71,439

New

World

Development

Co.

Ltd.(b)

476,000

444,194

Nomura

Real

Estate

Holdings,

Inc.

1,400

39,462

NP3

Fastigheter

AB

1,462

34,921

Nyfosa

AB(b)

7,888

80,590

Pandox

AB,

Class

B

5,412

100,488

PEXA

Group

Ltd.*(b)

7,380

66,504

Prashkovsky

Investments

and

Construction

Ltd.

850

18,131

PSP

Swiss

Property

AG

(Registered)

717

95,627

Raysum

Co.

Ltd.

3,400

76,944

Relo

Group,

Inc.

2,270

26,991

Sagax

AB,

Class

B(b)

2,420

59,701

SAMTY

HOLDINGS

Co.

Ltd.(b)

13,600

249,204

Savills

plc

9,724

159,372

Sino

Land

Co.

Ltd.(b)

9,768

10,103

Sirius

Real

Estate

Ltd.,

REIT

58,680

71,000

Starts

Corp.,

Inc.

10,200

236,256

StorageVault

Canada,

Inc.

12,833

43,568

Sumitomo

Realty

&

Development

Co.

Ltd.

6,800

226,109

Sun

Frontier

Fudousan

Co.

Ltd.

10,200

139,516

Sun

Hung

Kai

Properties

Ltd.

34,000

295,302

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

73

Investments

Shares

Value

COMMON

STOCKS

(continued)

Real

Estate

Management

&

Development

(continued)

Swire

Pacific

Ltd.,

Class

A(b)

10,500

$

90,524

Swire

Properties

Ltd.

13,600

21,518

Swiss

Prime

Site

AG

(Registered)

1,047

104,730

TAG

Immobilien

AG*

11,458

172,962

Tokyo

Tatemono

Co.

Ltd.

(b)

5,200

91,309

Tokyu

Fudosan

Holdings

Corp.

11,200

81,510

Tosei

Corp.(b)

3,400

56,878

UOL

Group

Ltd.

6,799

27,347

VGP

NV

738

80,019

Vonovia

SE

9,520

292,668

Wallenstam

AB,

Class

B

8,888

44,782

Wharf

Holdings

Ltd.

(The)

(b)

17,000

46,678

Wharf

Real

Estate

Investment

Co.

Ltd.

25,000

61,508

Wihlborgs

Fastigheter

AB

7,304

73,942

YH

Dimri

Construction

&

Development

Ltd.(b)

452

36,028

9,978,841

Residential

REITs

-

0

.1

%

Advance

Residence

Investment

Corp.,

REIT(b)

18

37,685

Altarea

SCA,

REIT(b)

1,820

196,745

Boardwalk

REIT,

REIT(b)

1,000

56,462

Canadian

Apartment

Properties

REIT,

REIT

1,012

35,163

Comforia

Residential

REIT,

Inc.,

REIT(b)

19

39,336

Daiwa

Securities

Living

Investments

Corp.,

REIT

26

17,609

Ingenia

Communities

Group,

REIT

8,284

28,400

InterRent

REIT,

REIT(b)

4,600

42,455

Killam

Apartment

REIT,

REIT(b)

2,624

35,197

Nippon

Accommodations

Fund,

Inc.,

REIT(b)

8

34,135

UNITE

Group

plc

(The),

REIT

7,484

91,610

Xior

Student

Housing

NV,

REIT(a)

1,648

55,461

670,258

Retail

REITs

-

0

.7

%

AEON

REIT

Investment

Corp.,

REIT

68

58,572

Investments

Shares

Value

Retail

REITs

(continued)

BWP

Trust,

REIT(b)

14,098

$

32,957

CapitaLand

China

Trust,

REIT

513,400

264,837

CapitaLand

Integrated

Commercial

Trust,

REIT

41,800

65,000

Carmila

SA,

REIT

18,088

326,870

Charter

Hall

Retail

REIT,

REIT

41,582

94,764

Choice

Properties

REIT,

REIT(b)

3,957

39,700

Crombie

REIT,

REIT(b)

3,256

32,149

Eurocommercial

Properties

NV,

REIT(b)

13,655

339,850

First

Capital

REIT,

REIT(b)

2,774

32,872

Fortune

REIT,

REIT(b)

544,000

260,440

Frasers

Centrepoint

Trust,

REIT

12,749

21,064

Hammerson

plc,

REIT

207,094

76,662

HMC

Capital

Ltd.,

REIT

9,954

50,375

HomeCo

Daily

Needs

REIT,

REIT(a)(b)

107,008

88,743

Japan

Metropolitan

Fund

Invest,

REIT(b)

103

64,075

Kiwi

Property

Group

Ltd.,

REIT

77,266

41,303

Klepierre

SA,

REIT

3,366

96,449

Lendlease

Global

Commercial

REIT,

REIT

45,600

20,284

Link

REIT,

REIT

40,823

172,447

Mapletree

Pan

Asia

Commercial

Trust,

REIT

3,400

3,254

Region

RE

Ltd.,

REIT

72,420

107,349

Retail

Estates

NV,

REIT

3,672

250,726

Scentre

Group,

REIT

69,360

157,164

Shaftesbury

Capital

plc,

REIT(b)

63,172

123,578

SmartCentres

REIT,

REIT(b)

26,180

454,447

Unibail-Rodamco-

Westfield,

REIT

1,632

122,383

Unibail-Rodamco-

Westfield,

REIT,

CHDI

5

19

Vicinity

Ltd.,

REIT

65,692

90,512

Waypoint

REIT

Ltd.,

REIT

33,326

55,058

3,543,903

Semiconductors

&

Semiconductor

Equipment

-

2

.2

%

Advantest

Corp.

10,600

424,747

AIXTRON

SE

5,440

127,151

ams-OSRAM

AG*

33,796

45,285

ASM

International

NV

612

419,599

ASML

Holding

NV

5,338

4,912,700

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

74

Investments

Shares

Value

COMMON

STOCKS

(continued)

Semiconductors

&

Semiconductor

Equipment

(continued)

ASMPT

Ltd.(b)

5,000

$

52,163

BE

Semiconductor

Industries

NV

1,224

157,813

Camtek

Ltd.

510

51,525

Disco

Corp.

1,200

394,470

Elmos

Semiconductor

SE

410

33,585

Ferrotec

Holdings

Corp.

(b)

13,600

227,149

Infineon

Technologies

AG

17,442

604,911

Japan

Material

Co.

Ltd.

2,500

33,198

Lasertec

Corp.

1,100

196,152

Melexis

NV(b)

495

43,146

Micronics

Japan

Co.

Ltd.

1,900

75,768

Nordic

Semiconductor

ASA*

3,828

47,261

Nova

Ltd.*

352

71,144

Renesas

Electronics

Corp.

19,400

332,402

Rohm

Co.

Ltd.

6,200

84,433

Sanken

Electric

Co.

Ltd.

(b)

1,600

78,054

SCREEN

Holdings

Co.

Ltd.(b)

1,300

111,415

Shinko

Electric

Industries

Co.

Ltd.

1,400

52,972

Siltronic

AG

999

81,563

SMA

Solar

Technology

AG

4,624

124,791

Socionext,

Inc.

3,000

61,372

SOITEC*(b)

369

47,636

STMicroelectronics

NV

8,432

279,203

SUMCO

Corp.(b)

5,700

94,463

Tokyo

Electron

Ltd.

6,300

1,298,857

Towa

Corp.

1,100

63,751

Tower

Semiconductor

Ltd.*

2,139

86,726

Ulvac,

Inc.(b)

1,000

61,884

X-Fab

Silicon

Foundries

SE*(a)

18,088

115,872

10,893,161

Software

-

1

.4

%

Altium

Ltd.

1,716

76,758

Appier

Group,

Inc.*(b)

4,100

33,626

Asseco

Poland

SA

16,150

341,846

Atoss

Software

SE

352

51,955

BlackBerry

Ltd.*

2,822

6,802

Bytes

Technology

Group

plc

10,526

68,682

Constellation

Software,

Inc.

272

857,730

Crayon

Group

Holding

ASA*(a)

4,100

48,857

Darktrace

plc*

5,244

39,781

Dassault

Systemes

SE

9,418

357,100

Investments

Shares

Value

Software

(continued)

Descartes

Systems

Group,

Inc.

(The)*

1,231

$

125,127

Docebo,

Inc.*

988

39,421

Enghouse

Systems

Ltd.

1,292

28,740

Fortnox

AB

7,995

49,264

Freee

KK*

3,800

61,650

Fuji

Soft,

Inc.

1,400

67,274

GB

Group

plc

8,897

39,791

Hansen

Technologies

Ltd.(b)

5,576

16,421

IRESS

Ltd.*(b)

10,123

70,268

Kinaxis,

Inc.*

520

63,938

Lectra

798

22,495

Lightspeed

Commerce,

Inc.*

5,472

73,240

Nemetschek

SE

884

84,514

Nice

Ltd.*

817

149,009

Open

Text

Corp.

4,862

153,168

Oracle

Corp.

Japan

800

65,027

Sage

Group

plc

(The)

14,586

203,462

Sansan,

Inc.*

3,400

50,980

SAP

SE

14,450

3,049,400

Sinch

AB*(a)

4,046

10,933

SiteMinder

Ltd.*

17,179

62,820

Systena

Corp.

11,400

25,761

TeamViewer

SE*(a)

7,718

104,187

Technology

One

Ltd.

5,166

69,425

Temenos

AG

(Registered)

779

53,895

Text

SA

950

21,138

Trend

Micro,

Inc.

2,500

120,447

Truecaller

AB,

Class

B(b)

16,113

50,906

Vitec

Software

Group

AB,

Class

B

1,025

53,557

WiseTech

Global

Ltd.

2,686

166,731

7,036,126

Specialized

REITs

-

0

.1

%

Arena

REIT,

REIT

15,843

39,934

Big

Yellow

Group

plc,

REIT

9,248

143,731

Keppel

DC

REIT,

REIT

21,100

31,864

National

Storage

REIT,

REIT

21,427

34,560

Safestore

Holdings

plc,

REIT

11,288

116,933

Shurgard

Self

Storage

Ltd.,

REIT

532

20,782

387,804

Specialty

Retail

-

1

.4

%

ABC-Mart,

Inc.

2,100

41,139

Accent

Group

Ltd.(b)

42,845

61,271

AOKI

Holdings,

Inc.

7,600

69,706

Aoyama

Trading

Co.

Ltd.

13,600

139,200

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

75

Investments

Shares

Value

COMMON

STOCKS

(continued)

Specialty

Retail

(continued)

ARCLANDS

Corp.(b)

17,018

$

205,854

Aritzia,

Inc.*

4,794

157,273

Autobacs

Seven

Co.

Ltd.

2,100

23,176

Avolta

AG(b)

1,330

50,163

Bic

Camera,

Inc.

4,200

47,399

Bilia

AB,

Class

A(b)

18,734

233,179

CCC

SA*

952

30,226

CECONOMY

AG*

45,662

137,856

DCM

Holdings

Co.

Ltd.(b)

37,400

360,179

Delek

Automotive

Systems

Ltd.(b)

6,290

34,667

Douglas

AG*

12,580

262,319

Dunelm

Group

plc

6,498

102,911

Eagers

Automotive

Ltd.(b)

4,180

28,988

EDION

Corp.(b)

7,600

88,446

Fast

Retailing

Co.

Ltd.

2,300

636,681

Fenix

Outdoor

International

AG

369

21,449

Fielmann

Group

AG

152

6,883

Fox

Wizel

Ltd.(b)

533

35,186

Frasers

Group

plc*

4,620

53,140

H

&

M

Hennes

&

Mauritz

AB,

Class

B(b)

7,820

121,303

Hornbach

Holding

AG

&

Co.

KGaA

2,176

178,482

Hour

Glass

Ltd.

(The)

74,800

88,355

IDOM,

Inc.(b)

3,400

26,077

Industria

de

Diseno

Textil

SA

14,280

693,194

JB

Hi-Fi

Ltd.(b)

1,722

78,319

JD

Sports

Fashion

plc

52,515

88,768

Joyful

Honda

Co.

Ltd.

2,000

28,965

Kingfisher

plc

34,783

123,443

Kohnan

Shoji

Co.

Ltd.(b)

8,300

223,415

Komeri

Co.

Ltd.

10,200

250,831

K's

Holdings

Corp.

3,800

40,952

Leon's

Furniture

Ltd.

6,120

121,386

Lovisa

Holdings

Ltd.(b)

1,530

34,908

Luk

Fook

Holdings

International

Ltd.(b)

102,672

201,874

Nextage

Co.

Ltd.(b)

3,800

51,320

Nishimatsuya

Chain

Co.

Ltd.(b)

3,800

57,634

Nitori

Holdings

Co.

Ltd.

1,100

130,609

Nojima

Corp.

20,400

224,392

PAL

GROUP

Holdings

Co.

Ltd.

13,600

183,491

Pet

Valu

Holdings

Ltd.

1,716

33,899

Pets

at

Home

Group

plc

23,584

92,937

Premier

Investments

Ltd.

(b)

1,517

32,829

Sanrio

Co.

Ltd.(b)

2,600

55,574

Shimamura

Co.

Ltd.

1,000

48,810

Super

Retail

Group

Ltd.

5,324

55,521

USS

Co.

Ltd.

3,600

32,445

Investments

Shares

Value

Specialty

Retail

(continued)

Watches

of

Switzerland

Group

plc*(c)

75,412

$

394,038

WH

Smith

plc

7,548

127,974

Yamada

Holdings

Co.

Ltd.

27,200

82,526

Yellow

Hat

Ltd.(b)

10,400

182,135

Zalando

SE*(a)

3,444

88,361

ZOZO,

Inc.(b)

2,800

81,622

7,083,680

Technology

Hardware,

Storage

&

Peripherals

-

0

.4

%

Brother

Industries

Ltd.

4,000

82,759

Canon,

Inc.(b)

13,600

428,627

Eizo

Corp.

1,500

48,651

Elecom

Co.

Ltd.

1,600

17,535

FUJIFILM

Holdings

Corp.

16,800

399,734

Konica

Minolta,

Inc.

14,200

41,970

Logitech

International

SA

(Registered)

2,176

195,735

MCJ

Co.

Ltd.(b)

20,400

185,615

Ricoh

Co.

Ltd.

11,800

110,698

Riso

Kagaku

Corp.

1,700

38,359

Seiko

Epson

Corp.

6,800

118,885

Toshiba

TEC

Corp.

1,100

24,784

Wacom

Co.

Ltd.

7,600

36,773

1,730,125

Textiles,

Apparel

&

Luxury

Goods

-

1

.6

%

adidas

AG

2,040

510,591

Asics

Corp.

9,600

157,916

Brunello

Cucinelli

SpA

660

61,670

Burberry

Group

plc

7,548

75,136

Cie

Financiere

Richemont

SA

(Registered)

7,208

1,097,270

Coats

Group

plc

93,931

107,981

Crystal

International

Group

Ltd.(a)

209,500

91,717

Delta

Galil

Ltd.

272

12,149

Descente

Ltd.

1,200

31,783

Dr.

Martens

plc(b)

33,087

30,174

Gildan

Activewear,

Inc.

2,703

110,002

Goldwin,

Inc.(b)

1,000

61,917

Hermes

International

SCA

476

1,042,006

HUGO

BOSS

AG

1,232

48,993

Kering

SA

850

261,679

LPP

SA

24

91,865

LVMH

Moet

Hennessy

Louis

Vuitton

SE

3,502

2,474,553

Moncler

SpA

2,550

151,985

New

Wave

Group

AB,

Class

B

3,468

36,694

Pandora

A/S

1,020

159,895

Puma

SE

1,558

77,383

Samsonite

International

SA(a)(b)

24,600

71,010

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

76

Investments

Shares

Value

COMMON

STOCKS

(continued)

Textiles,

Apparel

&

Luxury

Goods

(continued)

Stella

International

Holdings

Ltd.

153,000

$

255,000

Swatch

Group

AG

(The)

(b)

578

118,752

Wacoal

Holdings

Corp.

4,100

119,408

Yue

Yuen

Industrial

Holdings

Ltd.

255,000

416,513

7,674,042

Tobacco

-

0

.5

%

British

American

Tobacco

plc

37,060

1,306,667

Imperial

Brands

plc

17,068

470,029

Japan

Tobacco,

Inc.

13,600

400,787

Scandinavian

Tobacco

Group

A/S(a)(b)

15,198

222,596

2,400,079

Trading

Companies

&

Distributors

-

2

.5

%

AddTech

AB,

Class

B

2,432

78,286

Ashtead

Group

plc

5,746

413,453

Azelis

Group

NV

1,148

21,739

Beijer

Ref

AB,

Class

B(b)

3,876

61,480

Bossard

Holding

AG

(Registered),

Class

A

38

9,648

Brenntag

SE

1,943

138,388

Bufab

AB

968

40,318

Bunzl

plc

4,624

193,502

Chori

Co.

Ltd.

4,100

103,413

Diploma

plc

1,979

113,065

DKSH

Holding

AG(b)

660

51,585

Finning

International,

Inc.

(b)

2,562

73,386

Grafton

Group

plc

10,166

141,023

Hanwa

Co.

Ltd.

13,000

503,722

Howden

Joinery

Group

plc

9,786

118,217

IMCD

NV

816

117,438

Inaba

Denki

Sangyo

Co.

Ltd.

4,100

107,909

Inabata

&

Co.

Ltd.(b)

17,000

381,331

ITOCHU

Corp.(b)

26,100

1,350,102

Kanamoto

Co.

Ltd.

10,200

191,242

Kanematsu

Corp.

27,200

462,975

Marubeni

Corp.

30,600

581,758

Mitani

Corp.

13,600

149,685

Mitsubishi

Corp.

77,600

1,621,523

Mitsui

&

Co.

Ltd.

57,600

1,351,376

MonotaRO

Co.

Ltd.(b)

5,600

78,719

Nagase

&

Co.

Ltd.

2,200

48,515

Nishio

Holdings

Co.

Ltd.

7,100

193,473

OEM

International

AB,

Class

B(b)

7,174

82,734

Investments

Shares

Value

Trading

Companies

&

Distributors

(continued)

Reece

Ltd.

3,403

$

61,421

Rexel

SA

3,850

97,986

Richelieu

Hardware

Ltd.

(b)

3,062

90,389

RS

GROUP

plc

2,788

29,293

Russel

Metals,

Inc.(b)

18,734

544,343

Seven

Group

Holdings

Ltd.(b)

3,423

87,576

Sojitz

Corp.

3,899

93,316

Sumitomo

Corp.

22,600

567,478

Theme

International

Holdings

Ltd.(b)

1,480,000

85,254

Toromont

Industries

Ltd.

1,102

102,426

Totech

Corp.

10,200

174,158

Toyota

Tsusho

Corp.

12,900

260,041

Travis

Perkins

plc

65,110

801,181

Trusco

Nakayama

Corp.

1,800

29,250

Yamazen

Corp.(b)

20,400

211,376

Yellow

Cake

plc*(a)

7,602

54,339

Yuasa

Trading

Co.

Ltd.

6,800

254,446

12,324,278

Transportation

Infrastructure

-

0

.4

%

Aena

SME

SA(a)

850

161,054

Aeroports

de

Paris

SA

850

111,754

Atlas

Arteria

Ltd.

25,772

88,184

Auckland

International

Airport

Ltd.

19,809

88,006

Dalrymple

Bay

Infrastructure

Ltd.

15,200

30,174

Enav

SpA(a)

12,657

54,154

Flughafen

Zurich

AG

(Registered)

320

73,943

Fraport

AG

Frankfurt

Airport

Services

Worldwide*

890

45,245

Getlink

SE

5,712

101,831

Hamburger

Hafen

und

Logistik

AG

9,009

151,104

Hutchison

Port

Holdings

Trust

1,570,800

191,638

Kamigumi

Co.

Ltd.(b)

3,100

70,876

Mitsubishi

Logistics

Corp.

1,700

59,872

Port

of

Tauranga

Ltd.

5,225

17,131

Qube

Holdings

Ltd.

36,652

91,427

SATS

Ltd.

8,200

20,108

Sumitomo

Warehouse

Co.

Ltd.

(The)

4,100

77,198

Transurban

Group

36,550

310,512

Westshore

Terminals

Investment

Corp.

1,647

27,600

‌

1,771,811

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

77

Investments

Shares

Value

Water

Utilities

-

0

.1

%

Pennon

Group

plc

13,600

$

108,305

Severn

Trent

plc

3,196

105,542

United

Utilities

Group

plc

8,670

115,037

328,884

Wireless

Telecommunication

Services

-

0

.6

%

1&1

AG

11,628

187,230

Airtel

Africa

plc(a)(b)

34,804

51,052

Cellcom

Israel

Ltd.*

4,930

18,678

Freenet

AG

2,356

65,214

KDDI

Corp.

20,400

612,841

Millicom

International

Cellular

SA,

SDR*

1,482

36,865

Partner

Communications

Co.

Ltd.*

10,619

44,043

Rogers

Communications,

Inc.,

Class

B

8,296

320,622

SoftBank

Corp.

37,400

488,442

SoftBank

Group

Corp.

13,600

828,148

StarHub

Ltd.

61,500

58,392

Tele2

AB,

Class

B

8,052

82,792

Vodafone

Group

plc

349,350

325,055

3,119,374

Total

Common

Stocks

(Cost

$378,114,695)

489,210,045

Investments

Shares

Value

CLOSED

END

FUNDS

-

0

.0

%

(d)

Independent

Power

and

Renewable

Electricity

Producers

-

0

.0

%

(d)

Renewables

Infrastructure

Group

Ltd.

(The)

(Cost

$28,710)

20,740

27,758

Number

of

Warrants

WARRANTS

-

0

.0

%

Construction

&

Engineering

-

0.0%

Webuild

SpA,

expiring

8/2/2030*‡(b)

10,785

—

Software

-

0.0%

Constellation

Software,

Inc.,

expiring

3/31/2040*‡

280

—

Total

Warrants

(Cost

$–)

—

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

-

2

.3

%

(f)

REPURCHASE

AGREEMENTS

-

2

.3

%

CF

Secured

LLC

5.34%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$4,067,368,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.88%,

maturing

8/15/2024

-

8/15/2053;

total

market

value

$4,164,294

$

4,066,765

$

4,066,765

MetLife,

Inc.

5.34%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$4,000,593,

collateralized

by

various

U.S.

Treasury

Securities,

0.00%,

5/15/2046;

total

market

value

$4,123,535

4,000,000

4,000,000

National

Bank

of

Canada

Financial

Inc.

5.47%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$2,000,304,

collateralized

by

various

Common

Stocks,

U.S.

Treasury

Securities,

0.63%,

1/15/2026;

total

market

value

$2,199,160

2,000,000

2,000,000

Societe

Generale

5.45%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$1,000,151,

collateralized

by

various

Common

Stocks;

total

market

value

$1,121,910

1,000,000

1,000,000

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

78

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

REPURCHASE

AGREEMENTS

(continued)

TD

Prime

Services

LLC

5.42%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$125,019,

collateralized

by

various

Common

Stocks;

total

market

value

$139,518

$

125,000

$

125,000

11,191,765

Total

Securities

Lending

Reinvestments

(Cost

$11,191,765)

11,191,765

Total

Investments

-

101.1%

(Cost

$389,335,170)

500,429,568

Liabilities

in

excess

of

other

assets

-

(1.1%)

(5,557,432)

NET

ASSETS

-

100.0%

$494,872,136

*

Non-income

producing

security.

‡

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(a)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States

and

as

such

may

have

restrictions

on

resale.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2024.

The

total

value

of

securities

on

loan

at

July

31,

2024

was

$53,311,896,

collateralized

in

the

form

of

cash

with

a

value

of

$11,191,765

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$30,312,115

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.00%,

and

maturity

dates

ranging

from

August

8,

2024

–

November

15,

2053

and

$15,260,123

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

5.75%,

and

maturity

dates

ranging

from

August

15,

2024

–

June

30,

2120;

a

total

value

of

$56,764,003.

(c)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

At

July

31,

2024,

the

value

of

these

securities

amounted

to

approximately

$434,925

or

0.09%

of

net

assets.

(d)

Represents

less

than

0.05%

of

net

assets.

(e)

Amount

less

than

one

dollar.

(f)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2024.

The

total

value

of

securities

purchased

was

$11,191,765.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

ADR

American

Depositary

Receipt

CHDI

Clearing

House

Electronic

Subregister

System

(CHESS)

Depository

Interest

CVA

Dutch

Certification

OYJ

Public

Limited

Company

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

REIT

Real

Estate

Investment

Trust

SCA

Limited

partnership

with

share

capital

SDR

Swedish

Depositary

Receipt

Futures

Contracts

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2024:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

/

(

Depreciation

)

Long

Contracts

‌

EURO

STOXX

50

Index

29

09/20/2024

EUR

$

1,537,037

$

(

9,797

)

FTSE

100

Index

16

09/20/2024

GBP

1,717,567

26,358

Nikkei

225

Index

10

09/12/2024

JPY

1,303,170

(

6,857

)

S&P/TSX

60

Index

6

09/19/2024

CAD

1,203,344

63,900

SPI

200

Index

4

09/19/2024

AUD

526,383

23,313

$

96,917

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

79

Forward

Foreign

Currency

Contracts

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

had

the

following

outstanding

contracts

as

of

July

31,

2024:

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

GBP

323,203

Morgan

Stanley

USD

413,052

09/18/2024

$

2,268

JPY

6,928,298

Citibank

NA

USD

44,840

09/18/2024

1,539

JPY

109,000,000

Morgan

Stanley

USD

691,899

09/18/2024

37,753

USD

329,071

JPMorgan

Chase

Bank

NA

CAD

450,000

09/18/2024

2,869

Total

unrealized

appreciation

$

44,429

CAD

203,792

Citibank

NA

USD

148,755

09/18/2024

$

(

1,028

)

USD

271,338

JPMorgan

Chase

Bank

NA

CHF

240,000

09/18/2024

(

2,903

)

USD

482,647

JPMorgan

Chase

Bank

NA

EUR

450,000

09/18/2024

(

5,400

)

Total

unrealized

depreciation

$

(

9,331

)

Net

unrealized

appreciation

$

35,098

Abbreviations:

AUD

—

Australian

Dollar

CAD

—

Canadian

Dollar

CHF

—

Swiss

Franc

EUR

—

Euro

GBP

—

British

Pound

JPY

—

Japanese

Yen

USD

—

US

Dollar

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

invested,

as

a

percentage

of

net

assets,

in

companies

domiciled

in

the

following

countries

as

of

July

31,

2024:

Australia

6‌

.0

%

Austria

0‌

.4

Belgium

1‌

.2

Bermuda

0‌

.1

Canada

10‌

.4

Chile

0‌

.1

Colombia

0‌

.0

†

Cyprus

0‌

.1

Denmark

2‌

.6

Egypt

0‌

.1

Faeroe

Islands

0‌

.0

†

Finland

0‌

.7

France

7‌

.4

Gabon

0‌

.0

†

Georgia

0‌

.3

Germany

6‌

.1

Greece

0‌

.0

†

Guernsey

0‌

.0

†

Hong

Kong

1‌

.9

India

0‌

.0

†

Indonesia

0‌

.1

Ireland

0‌

.4

Israel

1‌

.3

Italy

2‌

.8

Japan

24‌

.6

Jersey

0‌

.0

†

Jordan

0‌

.0

†

Kyrgyzstan

0‌

.0

†

Liechtenstein

0‌

.0

†

Luxembourg

0‌

.2

Macao

0‌

.1

Malta

0‌

.0

†

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

(cont.)

80

Monaco

0‌

.1

%

Mongolia

0‌

.0

†

Netherlands

2‌

.8

New

Zealand

0‌

.4

Norway

1‌

.2

Peru

0‌

.1

Poland

0‌

.6

Portugal

0‌

.2

Singapore

1‌

.3

South

Africa

0‌

.1

Spain

2‌

.0

Sweden

3‌

.3

Switzerland

5‌

.9

Taiwan

0‌

.0

†

United

Arab

Emirates

0‌

.0

†

United

Kingdom

12‌

.9

United

States

1‌

.0

Zambia

0‌

.0

†

Other

1

1‌

.2

100.0%

†

Amount

represents

less

than

0.05%.

1

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

%

of

Net

Assets

Common

Stocks

98‌

.8

%

Closed

End

Funds

0‌

.0

†

Warrants

–‌

Securities

Lending

Reinvestments

2‌

.3

Others

(1)

(

1‌

.1

)

100‌

.0

%

†

Amount

represents

less

than

0.05%.

(1)

Includes

any

other

net

assets/(liabilities).

81

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

July

31,

2024

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

99

.7

%

Aerospace

&

Defense

-

0

.4

%

AECC

Aviation

Power

Co.

Ltd.,

Class

A

4,700

$

25,857

Aselsan

Elektronik

Sanayi

ve

Ticaret

A/S

26,450

49,928

AviChina

Industry

&

Technology

Co.

Ltd.,

Class

H

52,000

25,428

Bharat

Dynamics

Ltd.(a)

1,410

24,588

Bharat

Electronics

Ltd.

70,300

265,361

Colt

CZ

Group

SE

144

4,075

Data

Patterns

India

Ltd.

588

22,391

EHang

Holdings

Ltd.,

ADR*(b)

1,440

18,374

Embraer

SA*

15,000

116,253

Hanwha

Aerospace

Co.

Ltd.

650

135,972

Hanwha

Systems

Co.

Ltd.

689

9,459

Hindustan

Aeronautics

Ltd.(a)

3,750

220,482

Korea

Aerospace

Industries

Ltd.

1,200

49,682

Kuang-Chi

Technologies

Co.

Ltd.,

Class

A*

10,200

25,405

LIG

Nex1

Co.

Ltd.

250

36,318

Mazagon

Dock

Shipbuilders

Ltd.

528

33,066

United

Aircraft

Corp.

PAO*‡

25,155,036

—

1,062,639

Air

Freight

&

Logistics

-

0

.4

%

Abu

Dhabi

Aviation

Co.

45,700

79,132

Agility

Public

Warehousing

Co.

KSC

58,250

52,235

Allcargo

Logistics

Ltd.*

10,100

7,867

Aramex

PJSC*

32,940

22,331

Blue

Dart

Express

Ltd.

96

9,374

CJ

Logistics

Corp.

245

17,529

Delhivery

Ltd.*

11,250

54,282

Hyundai

Glovis

Co.

Ltd.

1,000

88,251

J&T

Global

Express

Ltd.*

100,000

78,725

JD

Logistics,

Inc.*(a)

61,400

63,271

Kerry

TJ

Logistics

Co.

Ltd.

76,700

95,437

SAL

Saudi

Logistics

Services

422

35,318

SCGJWD

Logistics

PCL,

NVDR

149,300

53,194

SF

Holding

Co.

Ltd.,

Class

A

5,200

25,219

Sinotrans

Ltd.,

Class

A

4,700

3,187

Sinotrans

Ltd.,

Class

H

47,000

21,839

Investments

Shares

Value

Air

Freight

&

Logistics

(continued)

T3EX

Global

Holdings

Corp.

40,900

$

115,471

TVS

Supply

Chain

Solutions

Ltd.*

6,816

15,894

YTO

Express

Group

Co.

Ltd.,

Class

A

4,700

9,326

Yunda

Holding

Co.

Ltd.,

Class

A

5,800

5,923

ZTO

Express

Cayman,

Inc.

7,500

143,241

997,046

Automobile

Components

-

1

.3

%

Actron

Technology

Corp.

2,688

14,393

Apollo

Tyres

Ltd.

4,465

29,634

Asahi

India

Glass

Ltd.

4,900

38,999

Balkrishna

Industries

Ltd.

1,815

72,040

Bharat

Forge

Ltd.

5,350

110,765

Bosch

Ltd.

147

61,411

CALB

Group

Co.

Ltd.*(a)

10,000

17,281

Ceat

Ltd.*

799

25,659

Cheng

Shin

Rubber

Industry

Co.

Ltd.

50,000

73,395

CIE

Automotive

India

Ltd.

1,715

12,052

Cub

Elecparts,

Inc.

3,269

11,288

Depo

Auto

Parts

Ind

Co.

Ltd.

4,200

34,116

DN

Automotive

Corp.

1,200

79,753

Endurance

Technologies

Ltd.(a)

350

10,872

Eurocharm

Holdings

Co.

Ltd.

6,552

41,760

Exide

Industries

Ltd.

8,526

53,287

Fras-Le

SA*

30,000

101,154

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

A

4,800

29,894

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

H(a)

14,000

73,118

Hankook

&

Co.

Co

Ltd.

907

10,370

Hankook

Tire

&

Technology

Co.

Ltd.

2,100

68,106

Hanon

Systems

2,756

8,888

HL

Mando

Co.

Ltd.

1,045

29,602

Hota

Industrial

Manufacturing

Co.

Ltd.

12,134

24,770

Hu

Lane

Associate,

Inc.

2,544

12,422

Huayu

Automotive

Systems

Co.

Ltd.,

Class

A

9,400

20,277

Hyundai

Mobis

Co.

Ltd.

1,800

288,288

Hyundai

Wia

Corp.

583

22,274

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

82

Investments

Shares

Value

COMMON

STOCKS

(continued)

Automobile

Components

(continued)

Iljin

Hysolus

Co.

Ltd.*

383

$

5,953

JBM

Auto

Ltd.

784

19,169

JK

Tyre

&

Industries

Ltd.

38,600

205,035

Kordsa

Teknik

Tekstil

A/S*

5,328

15,762

Kumho

Tire

Co.,

Inc.*

5,635

20,915

Mahle

Metal

Leve

SA

15,000

89,558

Minda

Corp.

Ltd.

3,724

21,940

Minth

Group

Ltd.*

12,000

16,836

Motherson

Sumi

Wiring

India

Ltd.

30,126

26,575

MRF

Ltd.

50

84,946

Myoung

Shin

Industrial

Co.

Ltd.

8,700

82,656

Nan

Kang

Rubber

Tire

Co.

Ltd.*

14,000

22,489

Nexen

Tire

Corp.

9,850

55,519

Nexteer

Automotive

Group

Ltd.

300,000

130,184

Ningbo

Tuopu

Group

Co.

Ltd.,

Class

A

2,465

12,487

Samvardhana

Motherson

International

Ltd.

58,300

136,871

Sebang

Global

Battery

Co.

Ltd.

1,750

117,069

SL

Corp.

550

14,801

SNT

Motiv

Co.

Ltd.

2,350

73,483

Sona

Blw

Precision

Forgings

Ltd.(a)

7,500

60,844

Sri

Trang

Agro-Industry

PCL,

NVDR

250,000

138,869

Sundram

Fasteners

Ltd.

1,504

25,178

Sungwoo

Hitech

Co.

Ltd.

14,550

79,686

Tianneng

Power

International

Ltd.(b)

210,000

141,936

Tong

Yang

Industry

Co.

Ltd.

9,072

25,612

Tube

Investments

of

India

Ltd.

2,450

121,099

TVS

Holdings

Ltd.

150

24,706

TYC

Brother

Industrial

Co.

Ltd.

59,800

119,345

UNO

Minda

Ltd.

4,931

61,307

Weifu

High-Technology

Group

Co.

Ltd.,

Class

A

4,700

11,036

ZF

Commercial

Vehicle

Control

Systems

India

Ltd.

96

18,153

3,355,887

Automobiles

-

2

.2

%

BAIC

BluePark

New

Energy

Technology

Co.

Ltd.,

Class

A*

5,000

6,635

Investments

Shares

Value

Automobiles

(continued)

Bajaj

Auto

Ltd.

1,300

$

150,050

Brilliance

China

Automotive

Holdings

Ltd.

102,000

49,877

BYD

Co.

Ltd.,

Class

A

3,100

105,971

BYD

Co.

Ltd.,

Class

H

20,500

598,310

China

Motor

Corp.

7,000

20,806

Chongqing

Changan

Automobile

Co.

Ltd.,

Class

A

17,108

34,538

Chongqing

Changan

Automobile

Co.

Ltd.,

Class

B

4,890

2,416

Dongfeng

Motor

Group

Co.

Ltd.,

Class

H*(b)

700,000

205,197

DRB-Hicom

Bhd.

280,000

81,663

Eicher

Motors

Ltd.

3,100

183,741

Ford

Otomotiv

Sanayi

A/S

1,844

55,358

Geely

Automobile

Holdings

Ltd.

150,000

152,842

Great

Wall

Motor

Co.

Ltd.,

Class

A

4,700

15,361

Great

Wall

Motor

Co.

Ltd.,

Class

H

50,000

68,356

Guangzhou

Automobile

Group

Co.

Ltd.,

Class

A

13,500

15,392

Guangzhou

Automobile

Group

Co.

Ltd.,

Class

H(b)

104,000

38,341

Hero

MotoCorp

Ltd.

2,600

170,431

Hyundai

Motor

Co.

4,100

741,529

Hyundai

Motor

Co.

(2nd

Preference)

950

114,959

Hyundai

Motor

Co.

(3rd

Preference)

104

12,283

Hyundai

Motor

Co.

(Preference)

663

79,844

Kia

Corp.

7,000

569,965

Li

Auto,

Inc.,

Class

A*

20,000

196,365

Lotus

Technology,

Inc.*(b)

4,661

26,335

Mahindra

&

Mahindra

Ltd.

19,250

668,530

Maruti

Suzuki

India

Ltd.

2,600

407,280

NIO,

Inc.,

Class

A*(b)

23,500

106,640

Oriental

Holdings

Bhd.

8,500

12,765

SAIC

Motor

Corp.

Ltd.,

Class

A*

25,000

50,781

Sanyang

Motor

Co.

Ltd.

21,700

50,504

Seres

Group

Co.

Ltd.,

Class

A*

2,200

24,240

Tata

Motors

Ltd.

35,650

492,478

Tata

Motors

Ltd.,

Class

A

8,572

81,186

Tofas

Turk

Otomobil

Fabrikasi

A/S

3,233

27,340

TVS

Motor

Co.

Ltd.

4,650

140,563

XPeng,

Inc.,

Class

A*

20,000

82,821

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

83

Investments

Shares

Value

COMMON

STOCKS

(continued)

Automobiles

(continued)

Yadea

Group

Holdings

Ltd.(a)(b)

12,000

$

16,160

Yulon

Motor

Co.

Ltd.

18,120

33,627

Zhejiang

Leapmotor

Technology

Co.

Ltd.*(a)(b)

15,200

48,643

5,940,123

Banks

-

14

.7

%

Absa

Group

Ltd.

24,350

213,901

Abu

Dhabi

Commercial

Bank

PJSC

81,150

196,413

Abu

Dhabi

Islamic

Bank

PJSC

42,500

141,860

AFFIN

Bank

Bhd.

7,157

4,751

Agricultural

Bank

of

China

Ltd.,

Class

H

800,000

358,423

Ajman

Bank

PJSC*

39,120

19,917

Akbank

TAS,

ADR

39,763

148,117

Al

Ahli

Bank

of

Kuwait

KSCP

13,327

13,347

Al

Rajhi

Bank

38,680

882,488

Alinma

Bank

23,211

200,441

Alliance

Bank

Malaysia

Bhd.

27,600

24,750

Alpha

Services

and

Holdings

SA

64,300

118,493

AMMB

Holdings

Bhd.

55,000

53,988

AU

Small

Finance

Bank

Ltd.(a)

5,304

40,926

Axis

Bank

Ltd.

44,750

623,238

Banco

BBVA

Peru

SA

126,099

45,785

Banco

Bradesco

SA

46,500

92,379

Banco

Bradesco

SA

(Preference)

150,000

329,839

Banco

de

Bogota

SA

3,242

19,984

Banco

de

Chile

1,218,300

144,685

Banco

de

Credito

e

Inversiones

SA

2,900

84,534

Banco

del

Bajio

SA(a)

20,000

59,601

Banco

do

Brasil

SA

50,000

234,841

Banco

do

Estado

do

Rio

Grande

do

Sul

SA

(Preference),

Class

B

65,000

131,547

Banco

Itau

Chile

SA

768

8,544

Banco

Pan

SA

(Preference)*

105,000

161,231

Banco

Santander

Brasil

SA

10,000

50,683

Banco

Santander

Chile

1,896,500

94,138

Bancolombia

SA

7,750

69,729

Bancolombia

SA

(Preference)

14,027

117,151

Bandhan

Bank

Ltd.(a)

11,877

30,935

Investments

Shares

Value

Banks

(continued)

Bangkok

Bank

PCL,

NVDR

20,000

$

76,869

Bank

Aladin

Syariah

Tbk.

PT*

279,300

15,631

Bank

AlBilad

10,667

104,626

Bank

Al-Jazira*

7,582

34,759

Bank

Central

Asia

Tbk.

PT

1,090,000

688,792

Bank

Islam

Malaysia

Bhd.

44,100

23,900

Bank

Jago

Tbk.

PT*

144,000

23,911

Bank

Mandiri

Persero

Tbk.

PT

1,027,880

404,578

Bank

Negara

Indonesia

Persero

Tbk.

PT

440,000

134,490

Bank

OCBC

Nisp

Tbk.

PT

1,115,000

88,802

Bank

of

Baroda

32,344

97,984

Bank

of

Beijing

Co.

Ltd.,

Class

A

71,400

52,658

Bank

of

Changsha

Co.

Ltd.,

Class

A

9,400

9,794

Bank

of

Chengdu

Co.

Ltd.,

Class

A

10,600

21,414

Bank

of

China

Ltd.,

Class

H

2,300,000

1,024,578

Bank

of

Chongqing

Co.

Ltd.,

Class

A

14,700

14,808

Bank

of

Communications

Co.

Ltd.,

Class

A

104,100

106,015

Bank

of

Communications

Co.

Ltd.,

Class

H

206,000

149,780

Bank

of

Hangzhou

Co.

Ltd.,

Class

A

18,800

35,014

Bank

of

India

21,338

32,060

Bank

of

Jiangsu

Co.

Ltd.,

Class

A

41,780

44,456

Bank

of

Nanjing

Co.

Ltd.,

Class

A

31,200

43,560

Bank

of

Ningbo

Co.

Ltd.,

Class

A

16,650

49,510

Bank

of

Qingdao

Co.

Ltd.,

Class

H(a)

23,500

7,039

Bank

of

Shanghai

Co.

Ltd.,

Class

A

45,000

45,392

Bank

of

the

Philippine

Islands

62,000

128,831

Bank

of

Xi'an

Co.

Ltd.,

Class

A*

4,900

2,251

Bank

of

Zhengzhou

Co.

Ltd.,

Class

A*

19,239

4,818

Bank

Pan

Indonesia

Tbk.

PT*

1,190,000

88,921

Bank

Rakyat

Indonesia

Persero

Tbk.

PT

1,270,000

364,754

Bank

Tabungan

Negara

Persero

Tbk.

PT

1,825,024

147,596

Banque

Saudi

Fransi

17,150

169,128

BDO

Unibank,

Inc.

61,500

144,333

BNK

Financial

Group,

Inc.

8,550

59,122

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

84

Investments

Shares

Value

COMMON

STOCKS

(continued)

Banks

(continued)

BOC

Hong

Kong

Holdings

Ltd.

108,500

$

315,972

Boubyan

Bank

KSCP

22,843

44,258

Burgan

Bank

SAK

33,079

20,678

Canara

Bank

49,685

68,069

Capitec

Bank

Holdings

Ltd.

2,050

319,593

Chang

Hwa

Commercial

Bank

Ltd.

119,791

68,332

China

Banking

Corp.

44,100

30,218

China

Bohai

Bank

Co.

Ltd.,

Class

H*(a)(b)

875,000

105,287

China

CITIC

Bank

Corp.

Ltd.,

Class

A

70,000

60,730

China

CITIC

Bank

Corp.

Ltd.,

Class

H

250,000

149,770

China

Construction

Bank

Corp.,

Class

A

28,200

29,031

China

Construction

Bank

Corp.,

Class

H

2,801,000

1,961,274

China

Everbright

Bank

Co.

Ltd.,

Class

A

120,000

52,470

China

Everbright

Bank

Co.

Ltd.,

Class

H

53,000

16,011

China

Merchants

Bank

Co.

Ltd.,

Class

A

45,000

203,797

China

Merchants

Bank

Co.

Ltd.,

Class

H

105,500

438,908

China

Minsheng

Banking

Corp.

Ltd.,

Class

A

85,000

41,753

China

Minsheng

Banking

Corp.

Ltd.,

Class

H

175,000

62,052

China

Zheshang

Bank

Co.

Ltd.,

Class

A

61,100

23,841

China

Zheshang

Bank

Co.

Ltd.,

Class

H(b)

107,900

29,282

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

Class

A

18,800

13,449

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

Class

H

47,000

24,366

CIMB

Group

Holdings

Bhd.

235,140

380,257

City

Union

Bank

Ltd.

19,584

40,294

CNPC

Capital

Co.

Ltd.,

Class

A

28,800

22,236

Commercial

Bank

of

Dubai

PSC

30,350

53,379

Commercial

Bank

of

Kuwait

KPSC

38,200

64,636

Commercial

Bank

PSQC

(The)

93,150

106,914

Commercial

International

Bank

-

Egypt

(CIB)

60,593

103,843

Investments

Shares

Value

Banks

(continued)

Commercial

International

Bank

-

Egypt

(CIB)

(Registered),

GDR(a)

400

$

659

Credicorp

Ltd.

1,900

324,216

Credit

Bank

of

Moscow

PJSC*‡

229,590

—

CTBC

Financial

Holding

Co.

Ltd.

581,600

628,135

DGB

Financial

Group,

Inc.

5,243

31,037

Doha

Bank

QPSC

776,400

316,232

Dubai

Islamic

Bank

PJSC

86,150

137,211

Dukhan

Bank

42,700

43,931

E.Sun

Financial

Holding

Co.

Ltd.

312,028

252,034

Emirates

NBD

Bank

PJSC

68,850

358,028

Equitas

Small

Finance

Bank

Ltd.*(a)

23,177

22,358

Eurobank

Ergasias

Services

and

Holdings

SA

68,150

156,192

Faisal

Islamic

Bank

of

Egypt

128,400

128,143

Far

Eastern

International

Bank*

107,625

50,424

Federal

Bank

Ltd.

52,400

126,036

First

Abu

Dhabi

Bank

PJSC

127,550

452,832

First

Financial

Holding

Co.

Ltd.

228,650

204,164

Grupo

Aval

Acciones

y

Valores

SA

(Preference)

116,179

12,165

Grupo

Bolivar

SA

15,200

215,324

Grupo

Elektra

SAB

de

CV

1,000

50,721

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

83,600

626,467

Grupo

Financiero

Inbursa

SAB

de

CV,

Class

O*

68,850

167,667

Grupo

Security

SA

626,150

176,264

Gulf

Bank

KSCP

48,400

49,263

Haci

Omer

Sabanci

Holding

A/S

41,400

124,224

Hana

Financial

Group,

Inc.

8,500

399,455

HDFC

Bank

Ltd.

110,950

2,141,050

Hong

Leong

Bank

Bhd.

20,000

83,926

Hong

Leong

Financial

Group

Bhd.

4,900

18,344

Hua

Nan

Financial

Holdings

Co.

Ltd.

203,450

171,760

Huaxia

Bank

Co.

Ltd.,

Class

A

47,000

40,841

ICICI

Bank

Ltd.

101,750

1,476,387

IDFC

First

Bank

Ltd.*

71,150

64,574

Indian

Bank

7,733

56,227

IndusInd

Bank

Ltd.

11,400

194,401

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

85

Investments

Shares

Value

COMMON

STOCKS

(continued)

Banks

(continued)

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

2,100,000

$

1,166,667

Industrial

Bank

Co.

Ltd.,

Class

A

55,000

127,472

Industrial

Bank

of

Korea

7,600

77,283

Intercorp

Financial

Services,

Inc.(a)

1,040

23,410

Itau

Unibanco

Holding

SA

(Preference)

140,000

839,096

Itausa

SA

31,693

57,076

Itausa

SA

(Preference)

154,365

277,722

Jammu

&

Kashmir

Bank

Ltd.

(The)

147,750

193,333

JB

Financial

Group

Co.

Ltd.

3,370

35,346

Jiangsu

Changshu

Rural

Commercial

Bank

Co.

Ltd.,

Class

A

7,370

7,393

KakaoBank

Corp.

6,950

108,030

Karnataka

Bank

Ltd.

(The)

60,850

172,727

Karur

Vysya

Bank

Ltd.

(The)

195,250

538,164

Kasikornbank

PCL,

NVDR

34,600

127,645

KB

Financial

Group,

Inc.

10,800

689,537

Kiatnakin

Phatra

Bank

PCL,

NVDR

9,800

10,585

King's

Town

Bank

Co.

Ltd.

29,450

52,682

Komercni

Banka

A/S

2,200

75,911

Kotak

Mahindra

Bank

Ltd.

21,450

463,156

Krung

Thai

Bank

PCL,

NVDR

114,600

58,192

Kuwait

Finance

House

KSCP

238,750

575,875

Kuwait

International

Bank

KSCP

39,646

24,264

Kuwait

Projects

Co.

Holding

KSCP*

56,513

19,605

Malayan

Banking

Bhd.

185,000

411,514

Masraf

Al

Rayan

QSC

134,250

85,911

MBSB

Bhd.

14,100

2,501

Mega

Financial

Holding

Co.

Ltd.

227,150

298,536

Metropolitan

Bank

&

Trust

Co.

45,000

52,959

Moneta

Money

Bank

A/S(a)

10,000

45,723

National

Bank

of

Greece

SA

21,950

192,629

National

Bank

of

Kuwait

SAKP

164,550

487,376

Nedbank

Group

Ltd.

13,050

199,474

O-Bank

Co.

Ltd.

47,000

14,585

Optima

bank

SA(b)

19,850

262,911

OTP

Bank

Nyrt.

6,250

319,986

Investments

Shares

Value

Banks

(continued)

Ping

An

Bank

Co.

Ltd.,

Class

A

48,000

$

68,210

Piraeus

Financial

Holdings

SA

16,306

68,814

Postal

Savings

Bank

of

China

Co.

Ltd.,

Class

A

70,000

46,783

Postal

Savings

Bank

of

China

Co.

Ltd.,

Class

H(a)(b)

250,000

133,769

Public

Bank

Bhd.

420,000

384,851

Punjab

National

Bank

43,700

64,692

Qatar

International

Islamic

Bank

QSC

25,000

71,615

Qatar

Islamic

Bank

QPSC

50,100

271,071

Qatar

National

Bank

QPSC

128,100

537,943

Qingdao

Rural

Commercial

Bank

Corp.,

Class

A

18,800

6,842

RBL

Bank

Ltd.(a)

147,100

413,214

Regional

SAB

de

CV

5,100

37,016

RHB

Bank

Bhd.

107,151

133,166

Riyad

Bank

43,031

314,827

Saudi

Awwal

Bank

28,455

298,437

Saudi

Investment

Bank

(The)

17,937

61,098

Saudi

National

Bank

(The)

84,271

853,514

Sberbank

of

Russia

PJSC‡

369,050

—

Sberbank

of

Russia

PJSC

(Preference)‡

39,708

—

SCB

X

PCL,

NVDR

24,600

71,084

Security

Bank

Corp.

98,000

108,114

Shanghai

Commercial

&

Savings

Bank

Ltd.

(The)

146,500

185,855

Shanghai

Pudong

Development

Bank

Co.

Ltd.,

Class

A

75,000

87,173

Shanghai

Rural

Commercial

Bank

Co.

Ltd.,

Class

A

38,400

35,387

Sharjah

Islamic

Bank

424,900

255,657

Shinhan

Financial

Group

Co.

Ltd.

13,600

590,725

SinoPac

Financial

Holdings

Co.

Ltd.

350,000

283,237

South

Indian

Bank

Ltd.

(The)

422,800

135,128

Standard

Bank

Group

Ltd.

37,986

463,109

State

Bank

of

India

51,450

536,076

Taichung

Commercial

Bank

Co.

Ltd.

57,181

30,965

Taishin

Financial

Holding

Co.

Ltd.*

335,568

207,242

Taiwan

Business

Bank

207,656

118,453

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

86

Investments

Shares

Value

COMMON

STOCKS

(continued)

Banks

(continued)

Taiwan

Cooperative

Financial

Holding

Co.

Ltd.

230,134

$

187,986

Tamilnad

Mercantile

Bank

Ltd.

25,350

140,058

Thanachart

Capital

PCL,

NVDR

19,300

25,448

Tisco

Financial

Group

PCL,

NVDR

9,300

24,134

TMBThanachart

Bank

PCL,

NVDR

1,315,100

62,351

Turkiye

Garanti

Bankasi

A/S

13,849

51,782

Turkiye

Is

Bankasi

A/S,

Class

C

252,250

114,277

Turkiye

Vakiflar

Bankasi

TAO,

Class

D*

32,550

20,015

Ujjivan

Small

Finance

Bank

Ltd.(a)

17,904

9,588

Union

Bank

of

India

Ltd.

45,500

73,253

Union

Bank

of

Taiwan

56,175

25,550

Union

Bank

of

the

Philippines

27,432

16,941

VTB

Bank

PJSC‡

27,302

—

Warba

Bank

KSCP*

14,564

8,627

Woori

Financial

Group,

Inc.

17,800

203,502

Yapi

ve

Kredi

Bankasi

A/S

81,063

73,938

Yes

Bank

Ltd.*

409,800

129,750

39,444,768

Beverages

-

1

.1

%

Ambev

SA

80,000

163,885

Anadolu

Efes

Biracilik

ve

Malt

Sanayii

A/S,

Class

B

5,350

43,142

Anhui

Gujing

Distillery

Co.

Ltd.,

Class

A

600

15,625

Anhui

Gujing

Distillery

Co.

Ltd.,

Class

B

1,100

14,672

Arca

Continental

SAB

de

CV

10,000

98,409

Becle

SAB

de

CV(b)

4,700

7,740

Beijing

Shunxin

Agriculture

Co.

Ltd.,

Class

A*

6,800

16,155

Beijing

Yanjing

Brewery

Co.

Ltd.,

Class

A

15,600

20,355

Carabao

Group

PCL,

NVDR

4,600

8,517

Carlsberg

Brewery

Malaysia

Bhd.

4,900

19,986

China

Foods

Ltd.(b)

200,000

69,636

Investments

Shares

Value

Beverages

(continued)

China

Resources

Beer

Holdings

Co.

Ltd.

26,607

$

83,104

Chongqing

Brewery

Co.

Ltd.,

Class

A

2,400

20,576

Cia

Cervecerias

Unidas

SA

2,156

11,868

Coca-Cola

Femsa

SAB

de

CV

10,000

90,744

Coca-Cola

Icecek

A/S

1,836

46,911

Eastroc

Beverage

Group

Co.

Ltd.,

Class

A

600

19,384

Embotelladora

Andina

SA

(Preference),

Class

B

12,864

40,981

Emperador,

Inc.

67,600

21,516

Fomento

Economico

Mexicano

SAB

de

CV

42,600

470,440

Fraser

&

Neave

Holdings

Bhd.

4,900

32,891

Guangzhou

Zhujiang

Brewery

Co.

Ltd.,

Class

A

17,800

20,295

Hebei

Hengshui

Laobaigan

Liquor

Co.

Ltd.,

Class

A

2,300

5,617

Heineken

Malaysia

Bhd.

5,100

25,553

Hite

Jinro

Co.

Ltd.

432

6,527

Jiangsu

Yanghe

Distillery

Co.

Ltd.,

Class

A

3,500

39,615

JiuGui

Liquor

Co.

Ltd.,

Class

A

500

2,830

Kweichow

Moutai

Co.

Ltd.,

Class

A

1,800

353,990

Lotte

Chilsung

Beverage

Co.

Ltd.

47

4,858

Luzhou

Laojiao

Co.

Ltd.,

Class

A

2,900

52,430

Nongfu

Spring

Co.

Ltd.,

Class

H(a)(b)

38,600

150,457

Osotspa

PCL,

NVDR

31,700

21,433

Radico

Khaitan

Ltd.

1,344

27,665

Shanghai

Bairun

Investment

Holding

Group

Co.

Ltd.,

Class

A

5,200

12,829

Shanxi

Xinghuacun

Fen

Wine

Factory

Co.

Ltd.,

Class

A

2,060

52,541

Tsingtao

Brewery

Co.

Ltd.,

Class

H

10,000

63,940

United

Breweries

Ltd.

1,379

33,187

United

Spirits

Ltd.

5,700

96,213

Varun

Beverages

Ltd.

10,050

189,336

Vina

Concha

y

Toro

SA

158,950

198,677

Wuliangye

Yibin

Co.

Ltd.,

Class

A

5,700

100,055

Yantai

Changyu

Pioneer

Wine

Co.

Ltd.,

Class

A

5,800

17,768

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

87

Investments

Shares

Value

COMMON

STOCKS

(continued)

Beverages

(continued)

ZJLD

Group,

Inc.(a)

25,800

$

23,680

2,816,033

Biotechnology

-

0

.6

%

3SBio,

Inc.*(a)

52,000

40,804

ABLBio,

Inc.*

1,585

32,926

Akeso,

Inc.*(a)(b)

7,000

37,903

Alteogen,

Inc.*

800

183,040

BeiGene

Ltd.*

14,100

177,243

Biocon

Ltd.

6,644

28,753

Bioneer

Corp.*

392

8,997

Bloomage

Biotechnology

Corp.

Ltd.,

Class

A*

2,647

22,705

CanSino

Biologics,

Inc.,

Class

H*(a)(b)

800

1,933

Celltrion,

Inc.

2,900

430,761

Ever

Supreme

Bio

Technology

Co.

Ltd.

2,728

16,059

Everest

Medicines

Ltd.*(a)

10,500

26,264

Green

Cross

Corp.

163

15,829

Green

Cross

Holdings

Corp.

10,000

110,550

Hugel,

Inc.*

204

36,377

Innovent

Biologics,

Inc.*(a)(b)

25,000

123,848

Medigen

Vaccine

Biologics

Corp.*

11,148

15,856

Medytox,

Inc.

48

6,035

Naturecell

Co.

Ltd.*

1,833

14,526

PharmaEngine,

Inc.

6,816

19,326

PharmaEssentia

Corp.*

5,800

115,753

PharmaResearch

Co.

Ltd.

96

9,351

Remegen

Co.

Ltd.,

Class

A*

245

922

Seegene,

Inc.

637

9,971

Shanghai

Junshi

Biosciences

Co.

Ltd.,

Class

A*

1,113

4,636

Shanghai

Junshi

Biosciences

Co.

Ltd.,

Class

H*(a)

10,000

15,719

Shanghai

RAAS

Blood

Products

Co.

Ltd.,

Class

A

9,400

10,015

SK

Bioscience

Co.

Ltd.*

468

18,866

TaiMed

Biologics,

Inc.*

5,600

14,072

Voronoi,

Inc.*

384

21,337

Zai

Lab

Ltd.*

9,800

18,692

1,589,069

Broadline

Retail

-

3

.4

%

Alibaba

Group

Holding

Ltd.

485,000

4,799,091

Investments

Shares

Value

Broadline

Retail

(continued)

Central

Retail

Corp.

PCL,

NVDR

54,475

$

48,522

Easyhome

New

Retail

Group

Co.

Ltd.,

Class

A

14,400

5,121

El

Puerto

de

Liverpool

SAB

de

CV,

Class

C1

5,200

36,499

Falabella

SA*

21,962

72,521

Far

Eastern

Department

Stores

Ltd.

21,120

19,629

Global

Digital

Niaga

Tbk.

PT*

387,100

10,761

GoTo

Gojek

Tokopedia

Tbk.

PT,

Class

A*

14,670,000

47,817

Hyundai

Department

Store

Co.

Ltd.

4,400

150,209

Hyundai

Home

Shopping

Network

Corp.

2,079

73,692

JD.com,

Inc.,

Class

A

72,500

965,182

Lotte

Shopping

Co.

Ltd.

245

10,998

Magazine

Luiza

SA*

5,815

11,388

MINISO

Group

Holding

Ltd.,

ADR(b)

2,650

44,175

Mitra

Adiperkasa

Tbk.

PT

171,500

15,294

momo.com,

Inc.

1,716

21,822

Naspers

Ltd.,

Class

N

3,500

677,674

PDD

Holdings,

Inc.,

ADR*(b)

13,150

1,694,904

Poya

International

Co.

Ltd.

1,018

15,919

RattanIndia

Enterprises

Ltd.*

116,550

110,831

Shinsegae,

Inc.

306

33,739

Shoppers

Stop

Ltd.*

1,421

13,246

Vipshop

Holdings

Ltd.,

ADR(b)

10,150

138,446

Woolworths

Holdings

Ltd.

13,300

44,013

Zhejiang

China

Commodities

City

Group

Co.

Ltd.,

Class

A

22,400

23,928

9,085,421

Building

Products

-

0

.3

%

Astral

Ltd.

2,355

61,562

Beijing

New

Building

Materials

plc,

Class

A

5,200

18,700

Blue

Star

Ltd.

2,592

53,361

Cera

Sanitaryware

Ltd.

312

33,288

China

Lesso

Group

Holdings

Ltd.

300,000

119,048

Electrosteel

Castings

Ltd.

7,950

20,557

Kajaria

Ceramics

Ltd.

1,150

20,352

KCC

Glass

Corp.

3,250

99,147

Kyung

Dong

Navien

Co.

Ltd.

2,050

85,469

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

88

Investments

Shares

Value

COMMON

STOCKS

(continued)

Building

Products

(continued)

Prince

Pipes

&

Fittings

Ltd.*

1,960

$

15,767

Taiwan

Glass

Industry

Corp.*

60,504

32,120

Xinyi

Glass

Holdings

Ltd.

47,975

50,788

Xxentria

Technology

Materials

Corp.

58,860

120,334

Zhuzhou

Kibing

Group

Co.

Ltd.,

Class

A

5,300

4,481

734,974

Capital

Markets

-

1

.8

%

360

ONE

WAM

Ltd.

4,560

61,667

Anand

Rathi

Wealth

Ltd.

768

34,657

Angel

One

Ltd.

867

22,430

B3

SA

-

Brasil

Bolsa

Balcao

110,000

211,136

Banco

BTG

Pactual

SA

25,000

144,222

Bangkok

Commercial

Asset

Management

PCL,

NVDR

620,000

117,408

Bengal

&

Assam

Co.

Ltd.

1,450

161,711

Bolsa

Mexicana

de

Valores

SAB

de

CV

189,550

295,051

Boursa

Kuwait

Securities

Co.

KPSC

1,296

8,776

Bursa

Malaysia

Bhd.

20,000

41,615

Caitong

Securities

Co.

Ltd.,

Class

A

12,220

11,650

Capital

Securities

Corp.

49,000

34,883

Changjiang

Securities

Co.

Ltd.,

Class

A

14,100

10,106

China

Bills

Finance

Corp.

21,312

9,693

China

Cinda

Asset

Management

Co.

Ltd.,

Class

H

3,050,000

249,872

China

CITIC

Financial

Asset

Management

Co.

Ltd.,

Class

H*(a)

(b)

423,000

20,305

China

Everbright

Ltd.

200,000

100,102

China

Galaxy

Securities

Co.

Ltd.,

Class

A

5,200

7,836

China

Galaxy

Securities

Co.

Ltd.,

Class

H(b)

97,500

49,923

China

International

Capital

Corp.

Ltd.,

Class

A

5,000

20,928

China

International

Capital

Corp.

Ltd.,

Class

H(a)(b)

19,600

21,853

China

Merchants

Securities

Co.

Ltd.,

Class

A

21,220

43,690

Investments

Shares

Value

Capital

Markets

(continued)

China

Merchants

Securities

Co.

Ltd.,

Class

H(a)

16,600

$

13,196

CITIC

Securities

Co.

Ltd.,

Class

A

30,000

82,191

CITIC

Securities

Co.

Ltd.,

Class

H

50,000

75,269

Coronation

Fund

Managers

Ltd.

8,000

16,443

CRISIL

Ltd.

624

32,662

CSC

Financial

Co.

Ltd.,

Class

A

10,900

30,014

CSC

Financial

Co.

Ltd.,

Class

H(a)(b)

275,000

194,668

Daishin

Securities

Co.

Ltd.

8,400

102,990

Daishin

Securities

Co.

Ltd.

(Preference)

8,350

92,916

Daou

Technology,

Inc.

7,500

101,435

Dubai

Financial

Market

PJSC

33,628

11,719

EFG

Holding

S.A.E.*

378,780

164,606

Egypt

Kuwait

Holding

Co.

SAE

27,716

21,258

Everbright

Securities

Co.

Ltd.,

Class

A

4,700

9,872

Founder

Securities

Co.

Ltd.,

Class

A

12,200

13,117

GF

Securities

Co.

Ltd.,

Class

A

14,100

24,505

GF

Securities

Co.

Ltd.,

Class

H

28,800

24,774

Guangzhou

Yuexiu

Capital

Holdings

Group

Co.

Ltd.,

Class

A

32,764

24,164

Guosen

Securities

Co.

Ltd.,

Class

A

24,000

29,356

Guotai

Junan

Securities

Co.

Ltd.,

Class

A

20,800

41,387

Guotai

Junan

Securities

Co.

Ltd.,

Class

H(a)(b)

21,200

22,090

Haitong

Securities

Co.

Ltd.,

Class

A*

18,800

23,594

Haitong

Securities

Co.

Ltd.,

Class

H

83,200

38,447

Hanwha

Investment

&

Securities

Co.

Ltd.*

3,300

9,024

HDFC

Asset

Management

Co.

Ltd.(a)

2,050

100,733

Huatai

Securities

Co.

Ltd.,

Class

A

14,400

26,500

Huatai

Securities

Co.

Ltd.,

Class

H(a)

50,000

55,363

IBF

Financial

Holdings

Co.

Ltd.

57,768

26,713

ICICI

Securities

Ltd.(a)

1,880

17,359

IDFC

Ltd.

37,500

50,462

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

89

Investments

Shares

Value

COMMON

STOCKS

(continued)

Capital

Markets

(continued)

Indian

Energy

Exchange

Ltd.(a)

16,732

$

38,390

Industrial

Securities

Co.

Ltd.,

Class

A

34,450

26,027

Investec

Ltd.

7,900

61,754

Is

Yatirim

Menkul

Degerler

A/S

14,639

16,536

JM

Financial

Ltd.

149,000

186,444

KIWOOM

Securities

Co.

Ltd.

392

37,812

Korea

Investment

Holdings

Co.

Ltd.

1,100

58,486

Minmetals

Capital

Co.

Ltd.,

Class

A

14,400

8,568

Mirae

Asset

Securities

Co.

Ltd.

7,474

42,073

Mirae

Asset

Securities

Co.

Ltd.

(Preference)

5,733

15,949

Moscow

Exchange

MICEX-RTS

PJSC‡

29,911

—

Motilal

Oswal

Financial

Services

Ltd.

5,904

46,430

Multi

Commodity

Exchange

of

India

Ltd.

912

46,725

NH

Investment

&

Securities

Co.

Ltd.

4,300

43,414

Ninety

One

Ltd.

78,950

172,602

Nippon

Life

India

Asset

Management

Ltd.(a)

2,736

21,077

Norte

Grande

SA

2,626,526

22,586

Orient

Securities

Co.

Ltd.,

Class

A

12,032

14,151

Orient

Securities

Co.

Ltd.,

Class

H(a)(b)

20,400

8,513

Pihsiang

Machinery

Manufacturing

Co.

Ltd.*‡

5,000

—

President

Securities

Corp.

34,450

28,717

PSG

Financial

Services

Ltd.

36,144

33,578

Reinet

Investments

SCA

3,700

99,745

Samsung

Securities

Co.

Ltd.

2,050

66,633

Saratoga

Investama

Sedaya

Tbk.

PT

500,000

51,507

Saudi

Tadawul

Group

Holding

Co.

811

50,062

SDIC

Capital

Co.

Ltd.,

Class

A

19,200

15,967

Shenwan

Hongyuan

Group

Co.

Ltd.,

Class

A

47,900

30,356

Shenwan

Hongyuan

Group

Co.

Ltd.,

Class

H(a)

78,400

14,452

Investments

Shares

Value

Capital

Markets

(continued)

Shinyoung

Securities

Co.

Ltd.

1,200

$

63,541

SPIC

Industry-Finance

Holdings

Co.

Ltd.,

Class

A

10,000

5,203

Tata

Investment

Corp.

Ltd.

240

18,192

UTI

Asset

Management

Co.

Ltd.

3,250

40,277

Western

Securities

Co.

Ltd.,

Class

A

10,000

9,035

Woori

Technology

Investment

Co.

Ltd.*

18,000

110,347

Yuanta

Futures

Co.

Ltd.

27,800

74,426

Yuanta

Securities

Korea

Co.

Ltd.

24,400

53,257

Zheshang

Securities

Co.

Ltd.,

Class

A

4,700

7,557

4,796,730

Chemicals

-

2

.9

%

Aarti

Industries

Ltd.

2,880

25,758

Abou

Kir

Fertilizers

&

Chemical

Industries

9,849

12,565

Advanced

Nano

Products

Co.

Ltd.

147

9,983

Advanced

Petrochemical

Co.*

2,025

21,589

AECI

Ltd.

34,400

201,034

Akzo

Nobel

India

Ltd.

539

19,157

Alkyl

Amines

Chemicals

220

5,581

Allied

Supreme

Corp.

2,352

28,479

Alpek

SAB

de

CV,

Class

A*(b)

123,950

82,432

Anupam

Rasayan

India

Ltd.

980

9,176

Archean

Chemical

Industries

Ltd.

2,352

21,676

Asia

Polymer

Corp.

17,150

10,018

Asian

Paints

Ltd.

14,550

536,002

Atul

Ltd.

408

38,828

Avia

Avian

Tbk.

PT

277,300

8,220

Balaji

Amines

Ltd.

1,150

34,334

Barito

Pacific

Tbk.

PT

516,699

34,637

Bayer

CropScience

Ltd.

141

11,715

Berger

Paints

India

Ltd.

6,526

43,250

Boubyan

Petrochemicals

Co.

KSCP

7,344

13,989

Braskem

SA

(Preference),

Class

A*

4,900

15,213

Carborundum

Universal

Ltd.

2,499

51,300

Castrol

India

Ltd.

9,900

30,995

Chambal

Fertilisers

and

Chemicals

Ltd.

6,650

41,141

Chemplast

Sanmar

Ltd.*

2,585

16,962

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

90

Investments

Shares

Value

COMMON

STOCKS

(continued)

Chemicals

(continued)

Chengxin

Lithium

Group

Co.

Ltd.,

Class

A

4,900

$

8,814

China

Hainan

Rubber

Industry

Group

Co.

Ltd.,

Class

A

9,600

5,818

China

Lumena

New

Materials

Corp.*‡

22,200

—

China

Petrochemical

Development

Corp.*

51,168

16,345

China

Risun

Group

Ltd.

(a)(b)

49,000

18,692

Chunbo

Co.

Ltd.*

47

2,117

Clean

Science

&

Technology

Ltd.

1,708

33,079

CNNC

Hua

Yuan

Titanium

Dioxide

Co.

Ltd.,

Class

A

7,975

3,763

Coromandel

International

Ltd.

1,898

37,675

Cosmochemical

Co.

Ltd.*

583

9,062

Deepak

Fertilisers

&

Petrochemicals

Corp.

Ltd.

21,750

241,584

Deepak

Nitrite

Ltd.

1,105

40,810

DL

Holdings

Co.

Ltd.

3,550

144,914

Dongjin

Semichem

Co.

Ltd.

725

19,037

Dongyue

Group

Ltd.(b)

48,000

41,782

Eastern

Polymer

Group

PCL,

NVDR

63,600

8,208

EID

Parry

India

Ltd.

3,871

37,952

Enchem

Co.

Ltd.*

150

19,012

Eternal

Materials

Co.

Ltd.

24,850

23,209

Fertiglobe

plc

27,552

18,603

Fine

Organic

Industries

Ltd.

343

22,676

Finolex

Industries

Ltd.

9,600

36,495

Foosung

Co.

Ltd.*

2,009

9,222

Formosa

Chemicals

&

Fibre

Corp.

93,850

142,331

Formosa

Plastics

Corp.

98,850

174,123

Fufeng

Group

Ltd.(b)

50,000

29,570

Ganfeng

Lithium

Group

Co.

Ltd.,

Class

A

5,180

20,162

Ganfeng

Lithium

Group

Co.

Ltd.,

Class

H(a)(b)

9,680

20,346

Grand

Pacific

Petrochemical*

317,500

140,059

Guangzhou

Tinci

Materials

Technology

Co.

Ltd.,

Class

A

5,000

10,855

Gubre

Fabrikalari

TAS*

833

4,093

Gujarat

Fluorochemicals

Ltd.

715

28,909

Investments

Shares

Value

Chemicals

(continued)

Gujarat

Narmada

Valley

Fertilizers

&

Chemicals

Ltd.

28,400

$

241,877

Han

Kuk

Carbon

Co.

Ltd.

1,470

13,144

Hangzhou

Oxygen

Plant

Group

Co.

Ltd.,

Class

A

5,200

14,016

Hansol

Chemical

Co.

Ltd.

141

16,663

Hanwha

Solutions

Corp.

2,850

51,235

Hektas

Ticaret

TAS*

42,672

15,620

Hengli

Petrochemical

Co.

Ltd.,

Class

A

14,100

27,256

Hengyi

Petrochemical

Co.

Ltd.,

Class

A

14,100

12,603

Himadri

Speciality

Chemical

Ltd.

8,256

42,321

Huabao

International

Holdings

Ltd.

17,000

5,070

Huafon

Chemical

Co.

Ltd.,

Class

A

14,400

15,422

Hyosung

Advanced

Materials

Corp.

100

22,662

Hyosung

TNC

Corp.

98

21,497

Indorama

Ventures

PCL,

NVDR

43,200

23,391

Inner

Mongolia

Junzheng

Energy

&

Chemical

Industry

Group

Co.

Ltd.,

Class

A

23,500

12,194

Inner

Mongolia

Yuan

Xing

Energy

Co.

Ltd.,

Class

A

14,100

13,247

International

CSRC

Investment

Holdings

Co.*

48,000

24,971

Jiangsu

Eastern

Shenghong

Co.

Ltd.,

Class

A

11,000

12,070

Jinan

Acetate

Chemical

Co.

Ltd.

1,400

36,714

Jubilant

Ingrevia

Ltd.

2,701

19,523

Kansai

Nerolac

Paints

Ltd.

3,294

12,086

KCC

Corp.

153

36,507

Kimteks

Poliuretan

Sanayi

ve

Ticaret

A/S

2,950

4,749

Kolon

Industries,

Inc.

6,000

161,685

Korea

Petrochemical

Ind

Co.

Ltd.

144

11,913

KuibyshevAzot

PJSC‡

9,900

—

Kum

Yang

Co.

Ltd.*

586

28,731

Kumho

Petrochemical

Co.

Ltd.

450

45,335

Lake

Materials

Co.

Ltd.*

1,715

19,806

Laxmi

Organic

Industries

Ltd.(a)

2,107

6,504

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

91

Investments

Shares

Value

COMMON

STOCKS

(continued)

Chemicals

(continued)

LB

Group

Co.

Ltd.,

Class

A

4,700

$

11,218

Levima

Advanced

Materials

Corp.,

Class

A

4,800

9,033

LG

Chem

Ltd.

1,350

299,564

LG

Chem

Ltd.

(Preference)

200

30,942

Linde

India

Ltd.

282

27,490

Lotte

Chemical

Corp.

595

43,823

Lotte

Chemical

Titan

Holding

Bhd.*(a)

250,000

58,222

LOTTE

Fine

Chemical

Co.

Ltd.

4,650

156,886

Luxi

Chemical

Group

Co.

Ltd.,

Class

A

6,500

10,163

Meihua

Holdings

Group

Co.

Ltd.,

Class

A

15,600

22,017

Mesaieed

Petrochemical

Holding

Co.

118,050

54,243

Misr

Fertilizers

Production

Co.

SAE

9,954

9,401

Miwon

Commercial

Co.

Ltd.

50

7,391

Nan

Pao

Resins

Chemical

Co.

Ltd.

2,000

20,049

Nan

Ya

Plastics

Corp.

100,000

152,114

Nantex

Industry

Co.

Ltd.

9,120

11,098

National

Industrialization

Co.*

11,700

34,677

Navin

Fluorine

International

Ltd.

645

29,280

Ningxia

Baofeng

Energy

Group

Co.

Ltd.,

Class

A

10,600

22,045

Nizhnekamskneftekhim

PJSC‡

28,600

—

Nizhnekamskneftekhim

PJSC

(Preference)‡

26,400

—

OCI

Holdings

Co.

Ltd.

414

22,102

Orbia

Advance

Corp.

SAB

de

CV

23,344

29,959

Organichesky

Sintez

PJSC‡

11,550

—

Oriental

Union

Chemical

Corp.

38,000

20,694

PCBL

Ltd.

7,440

28,901

Petkim

Petrokimya

Holding

A/S*

38,400

27,996

Petronas

Chemicals

Group

Bhd.

55,000

69,431

PhosAgro

PJSC‡

1,540

—

PI

Advanced

Materials

Co.

Ltd.*

520

10,538

PI

Industries

Ltd.

1,264

66,888

Investments

Shares

Value

Chemicals

(continued)

Pidilite

Industries

Ltd.

5,100

$

194,087

PTT

Global

Chemical

PCL,

NVDR

49,600

37,918

Qinghai

Salt

Lake

Industry

Co.

Ltd.,

Class

A*

20,000

43,005

Rashtriya

Chemicals

&

Fertilizers

Ltd.

45,400

118,525

Rongsheng

Petrochemical

Co.

Ltd.,

Class

A

24,000

30,120

SABIC

Agri-Nutrients

Co.

4,571

143,274

Sahara

International

Petrochemical

Co.

5,355

40,749

Sasa

Polyester

Sanayi

A/S*

38,300

53,788

Sasol

Ltd.

16,150

130,816

Satellite

Chemical

Co.

Ltd.,

Class

A

4,662

11,257

Saudi

Aramco

Base

Oil

Co.

784

27,165

Saudi

Basic

Industries

Corp.

17,818

374,226

Saudi

Industrial

Investment

Group

6,346

34,505

Saudi

Kayan

Petrochemical

Co.*

11,808

25,650

Scientex

Bhd.

34,300

31,653

Shandong

Hualu

Hengsheng

Chemical

Co.

Ltd.,

Class

A

6,110

21,009

Shanghai

Chlor-Alkali

Chemical

Co.

Ltd.,

Class

B

10,000

5,160

Shanghai

Putailai

New

Energy

Technology

Co.

Ltd.,

Class

A

4,060

7,303

Shinkong

Synthetic

Fibers

Corp.

41,300

21,548

Sichuan

Hebang

Biotechnology

Co.

Ltd.,

Class

A*

37,600

8,949

Sichuan

Yahua

Industrial

Group

Co.

Ltd.,

Class

A

3,600

4,493

Sinoma

Science

&

Technology

Co.

Ltd.,

Class

A

4,700

7,453

Sinon

Corp.

120,900

168,458

Sinopec

Shanghai

Petrochemical

Co.

Ltd.,

Class

H*

98,000

13,548

SK

Chemicals

Co.

Ltd.

250

9,025

SKC

Co.

Ltd.*

294

29,106

Solar

Applied

Materials

Technology

Corp.

24,096

46,330

Solar

Industries

India

Ltd.

405

52,160

Soulbrain

Co.

Ltd.

47

8,995

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

92

Investments

Shares

Value

COMMON

STOCKS

(continued)

Chemicals

(continued)

Soulbrain

Holdings

Co.

Ltd.

1,950

$

77,476

SRF

Ltd.

2,150

67,916

Sumitomo

Chemical

India

Ltd.

2,585

16,016

Supreme

Industries

Ltd.

1,228

78,531

Taiwan

Fertilizer

Co.

Ltd.

16,360

32,103

Tata

Chemicals

Ltd.

2,679

35,824

Tianqi

Lithium

Corp.,

Class

A

5,500

22,268

TKG

Huchems

Co.

Ltd.

5,450

75,411

Tongkun

Group

Co.

Ltd.,

Class

A

9,400

18,274

TSRC

Corp.

26,350

18,237

Unid

Co.

Ltd.

1,250

78,264

Unipar

Carbocloro

SA

(Preference),

Class

B

20,000

184,300

UPC

Technology

Corp.

299,350

114,294

UPL

Ltd.

10,800

73,788

USI

Corp.

245,950

118,224

Vinati

Organics

Ltd.

539

14,203

Wanhua

Chemical

Group

Co.

Ltd.,

Class

A

8,100

86,973

Xinfengming

Group

Co.

Ltd.,

Class

A

10,400

19,211

Yanbu

National

Petrochemical

Co.

5,012

54,035

Yunnan

Yuntianhua

Co.

Ltd.,

Class

A

4,700

12,740

Zangge

Mining

Co.

Ltd.,

Class

A

4,700

14,958

Zhejiang

Longsheng

Group

Co.

Ltd.,

Class

A

9,600

11,942

Zhejiang

NHU

Co.

Ltd.,

Class

A

4,800

13,881

7,887,472

Commercial

Services

&

Supplies

-

0

.1

%

Catrion

Catering

Holding

Co.

624

19,293

China

Everbright

Environment

Group

Ltd.

98,000

44,283

Cleanaway

Co.

Ltd.

1,000

5,476

Dynagreen

Environmental

Protection

Group

Co.

Ltd.,

Class

H(a)(b)

168,000

57,419

Ecopro

HN

Co.

Ltd.

561

21,108

Frontken

Corp.

Bhd.

14,400

13,477

GPS

Participacoes

e

Empreendimentos

SA(c)

4,800

14,775

Investments

Shares

Value

Commercial

Services

&

Supplies

(continued)

Indian

Railway

Catering

&

Tourism

Corp.

Ltd.

5,150

$

60,749

ION

Exchange

India

Ltd.

3,312

27,511

KEPCO

Plant

Service

&

Engineering

Co.

Ltd.

100

2,858

L&K

Engineering

Co.

Ltd.

2,508

17,702

PNB

Holdings

Corp.*‡

46,815

31,799

S-1

Corp.

347

14,190

Sungeel

Hitech

Co.

Ltd.*

98

4,314

Sunny

Friend

Environmental

Technology

Co.

Ltd.

622

1,879

Taiwan

Secom

Co.

Ltd.

3,165

12,710

Taiwan

Shin

Kong

Security

Co.

Ltd.

5,520

6,818

Tuhu

Car,

Inc.,

Class

A*(a)

10,000

21,838

378,199

Communications

Equipment

-

0

.4

%

Accton

Technology

Corp.

11,029

170,116

Advanced

Ceramic

X

Corp.

2,000

10,952

Arcadyan

Technology

Corp.

2,832

12,665

BYD

Electronic

International

Co.

Ltd.

25,000

97,286

Gemtek

Technology

Corp.

129,100

167,119

Glarun

Technology

Co.

Ltd.,

Class

A

10,400

19,772

Hengtong

Optic-electric

Co.

Ltd.,

Class

A

4,700

10,113

Intelbras

SA

Industria

de

Telecomunicacao

Eletronica

Brasileira

4,900

18,247

Intellian

Technologies,

Inc.

254

9,963

Lanner

Electronics,

Inc.

31,350

89,462

LuxNet

Corp.*

3,840

12,150

Seojin

System

Co.

Ltd.*

5,650

111,215

Sercomm

Corp.

6,960

24,139

Tejas

Networks

Ltd.*(a)

2,202

32,623

Tianjin

712

Communication

&

Broadcasting

Co.

Ltd.,

Class

A

5,000

12,509

Wistron

NeWeb

Corp.

5,357

22,898

ZTE

Corp.,

Class

A

7,700

29,214

ZTE

Corp.,

Class

H(b)

20,000

44,752

Zyxel

Group

Corp.

91,700

101,687

996,882

Construction

&

Engineering

-

1

.5

%

Acter

Group

Corp.

Ltd.

38,150

279,713

BES

Engineering

Corp.*

50,496

24,119

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

93

Investments

Shares

Value

COMMON

STOCKS

(continued)

Construction

&

Engineering

(continued)

Central

New

Energy

Holding

Group

Ltd.*

15,000

$

16,225

CH

Karnchang

PCL,

NVDR

4,900

2,667

China

Communications

Services

Corp.

Ltd.,

Class

H

800,000

411,674

China

Conch

Venture

Holdings

Ltd.

500,000

437,148

China

Energy

Engineering

Corp.

Ltd.,

Class

A*

80,000

24,464

China

Energy

Engineering

Corp.

Ltd.,

Class

H

198,000

21,290

China

Railway

Group

Ltd.,

Class

A

44,300

38,127

China

Railway

Group

Ltd.,

Class

H

121,000

59,013

China

Railway

Hi-tech

Industry

Co.

Ltd.,

Class

A

19,200

19,925

Continental

Holdings

Corp.

11,800

12,726

CTCI

Corp.

22,200

36,201

Daewoo

Engineering

&

Construction

Co.

Ltd.*

3,901

11,816

DL

E&C

Co.

Ltd.

799

20,428

Engineers

India

Ltd.

9,696

30,346

Enka

Insaat

ve

Sanayi

A/S

17,350

24,429

Estithmar

Holding

QPSC*

30,456

15,726

G

R

Infraprojects

Ltd.*

1,392

29,584

Gamuda

Bhd.

75,000

128,306

GEK

Terna

SA

1,470

28,473

GS

Engineering

&

Construction

Corp.*

2,450

35,324

Guangdong

Construction

Engineering

Group

Co.

Ltd.,

Class

A

4,900

2,414

HDC

Hyundai

Development

Co-Engineering

&

Construction,

Class

E

12,350

206,319

Hyundai

Engineering

&

Construction

Co.

Ltd.

2,326

56,513

IJM

Corp.

Bhd.

37,600

28,643

IRB

Infrastructure

Developers

Ltd.

48,040

38,086

IRCON

International

Ltd.

(a)

9,792

33,769

IS

Dongseo

Co.

Ltd.

4,500

80,243

Jeio

Co.

Ltd.*

931

12,105

Kalpataru

Projects

International

Ltd.

2,050

33,566

KEC

International

Ltd.*

2,064

22,811

Investments

Shares

Value

Construction

&

Engineering

(continued)

KEPCO

Engineering

&

Construction

Co.,

Inc.

141

$

7,794

KNR

Constructions

Ltd.

6,325

30,594

Kontrolmatik

Enerji

ve

Muhendislik

A/S*

1,656

3,224

Larsen

&

Toubro

Ltd.

12,950

590,051

Larsen

&

Toubro

Ltd.,

GDR(a)

296

13,498

Metallurgical

Corp.

of

China

Ltd.,

Class

A

42,300

18,496

Metallurgical

Corp.

of

China

Ltd.,

Class

H

106,000

20,353

National

Marine

Dredging

Co.

6,200

45,778

NBCC

India

Ltd.

14,150

30,624

NCC

Ltd.

12,500

53,439

PNC

Infratech

Ltd.(a)

2,700

16,320

Power

Construction

Corp.

of

China

Ltd.,

Class

A

66,700

50,761

Praj

Industries

Ltd.

2,950

24,850

PSG

Corp.

PCL,

NVDR*

1,112,800

16,858

Rail

Vikas

Nigam

Ltd.(a)

9,261

66,530

Ruentex

Engineering

&

Construction

Co.

1,850

12,832

Run

Long

Construction

Co.

Ltd.

6,768

25,326

Samsung

E&A

Co.

Ltd.*

4,150

86,060

Shaanxi

Construction

Engineering

Group

Corp.

Ltd.,

Class

A

4,900

2,448

Shanghai

Construction

Group

Co.

Ltd.,

Class

A

23,500

7,609

Shanghai

Tunnel

Engineering

Co.

Ltd.,

Class

A

14,100

13,403

Sichuan

Road

and

Bridge

Group

Co.

Ltd.,

Class

A

20,440

17,818

Sinoma

International

Engineering

Co.,

Class

A

15,600

22,017

Sinopec

Engineering

Group

Co.

Ltd.,

Class

H

475,000

302,803

Sterling

and

Wilson

Renewable*(a)

2,650

21,767

Techno

Electric

&

Engineering

Co.

Ltd.

1,150

23,443

Tekfen

Holding

A/S*

62,700

109,359

United

Integrated

Services

Co.

Ltd.

3,550

36,828

Voltas

Ltd.

4,133

75,899

Waskita

Karya

Persero

Tbk.

PT*‡

173,900

—

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

94

Investments

Shares

Value

COMMON

STOCKS

(continued)

Construction

&

Engineering

(continued)

Yankey

Engineering

Co.

Ltd.

1,980

$

18,794

3,987,769

Construction

Materials

-

1

.4

%

ACC

Ltd.

1,376

42,575

Afrimat

Ltd.

38,650

145,708

Akcansa

Cimento

A/S

13,500

60,914

Ambuja

Cements

Ltd.

14,250

115,722

Anhui

Conch

Cement

Co.

Ltd.,

Class

A

9,800

32,775

Anhui

Conch

Cement

Co.

Ltd.,

Class

H

26,000

63,502

Asia

Cement

Corp.

73,700

92,938

Baticim

Bati

Anadolu

Cimento

Sanayii

A/S*

27,650

154,407

BBMG

Corp.,

Class

A

42,300

8,253

Berkah

Beton

Sadaya

Tbk.

PT*

425,000

131

Birla

Corp.

Ltd.

750

13,701

Cementos

Argos

SA

13,950

28,697

Cemex

SAB

de

CV

402,688

260,238

Chia

Hsin

Cement

Corp.

160,600

87,946

China

Jushi

Co.

Ltd.,

Class

A

9,600

14,134

China

National

Building

Material

Co.

Ltd.,

Class

H

104,000

34,480

China

Resources

Building

Materials

Technology

Holdings

Ltd.(b)

700,000

161,290

Cimsa

Cimento

Sanayi

ve

Ticaret

A/S

115,850

117,983

CSG

Holding

Co.

Ltd.,

Class

B

4,700

1,426

Dalmia

Bharat

Ltd.

2,150

47,519

GCC

SAB

de

CV

5,000

42,455

Goldsun

Building

Materials

Co.

Ltd.

20,000

32,005

Grasim

Industries

Ltd.

7,400

245,411

Grupo

Argos

SA

8,750

35,742

Grupo

Argos

SA

(Preference)

5,950

17,151

Hanil

Cement

Co.

Ltd.

7,200

76,092

Huaxin

Cement

Co.

Ltd.,

Class

A

3,700

7,500

Huaxin

Cement

Co.

Ltd.,

Class

H(b)

10,400

10,650

Indocement

Tunggal

Prakarsa

Tbk.

PT

440,000

196,187

JK

Cement

Ltd.

530

27,959

JK

Lakshmi

Cement

Ltd.

2,744

29,069

Nuh

Cimento

Sanayi

A/S

2,068

19,065

Nuvoco

Vistas

Corp.

Ltd.*

3,650

15,460

Investments

Shares

Value

Construction

Materials

(continued)

Oyak

Cimento

Fabrikalari

A/S*

4,416

$

10,570

Qassim

Cement

Co.

(The)

725

10,415

Ramco

Cements

Ltd.

(The)

2,289

22,583

Rhi

Magnesita

India

Ltd.

1,850

13,281

Riyadh

Cement

Co.

1,967

12,991

Saudi

Cement

Co.

1,872

21,280

Semen

Indonesia

Persero

Tbk.

PT

1,080,017

259,709

Shree

Cement

Ltd.

350

115,960

Siam

Cement

PCL

(The),

NVDR

10,000

62,000

Siam

City

Cement

PCL,

NVDR

4,800

18,247

Southern

Province

Cement

Co.

1,634

15,613

Star

Cement

Ltd.*

7,008

17,587

Tangshan

Jidong

Cement

Co.

Ltd.,

Class

A*

4,700

2,933

TCC

Group

Holdings

Co.

Ltd.

136,350

143,734

TianShan

Material

Co.

Ltd.,

Class

A

26,000

19,535

Tipco

Asphalt

PCL,

NVDR

265,000

117,464

TPI

Polene

PCL,

NVDR

1,990,100

63,647

UltraTech

Cement

Ltd.

2,400

340,735

Universal

Cement

Corp.

154,683

156,942

Yamama

Cement

Co.

1,525

13,515

Yanbu

Cement

Co.

2,888

19,975

3,697,801

Consumer

Finance

-

0

.8

%

AEON

Credit

Service

M

Bhd.

65,000

101,578

Bajaj

Finance

Ltd.

5,500

447,137

BFI

Finance

Indonesia

Tbk.

PT

2,455,000

135,131

Capri

Global

Capital

Ltd.

7,792

19,447

Cholamandalam

Financial

Holdings

Ltd.

1,776

32,191

Cholamandalam

Investment

and

Finance

Co.

Ltd.

8,400

142,119

CreditAccess

Grameen

Ltd.

1,166

18,489

FinVolution

Group,

ADR(b)

49,050

273,699

Five-Star

Business

Finance

Ltd.*

1,680

15,190

Gentera

SAB

de

CV(b)

48,600

57,625

Hotai

Finance

Co.

Ltd.

3,221

10,142

JMT

Network

Services

PCL,

NVDR

14,200

4,541

Krungthai

Card

PCL,

NVDR

9,800

10,722

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

95

Investments

Shares

Value

COMMON

STOCKS

(continued)

Consumer

Finance

(continued)

Mahindra

&

Mahindra

Financial

Services

Ltd.

9,024

$

32,683

Manappuram

Finance

Ltd.

182,500

466,447

Muangthai

Capital

PCL,

NVDR

9,300

10,501

Muthoot

Finance

Ltd.

2,410

52,907

Ngern

Tid

Lor

PCL,

NVDR

27,640

12,097

Poonawalla

Fincorp

Ltd.

5,720

25,212

Samsung

Card

Co.

Ltd.

539

16,482

SBFC

Finance

Ltd.*

11,952

12,095

SBI

Cards

&

Payment

Services

Ltd.

5,252

45,593

Shriram

Finance

Ltd.

5,250

183,841

Srisawad

Corp.

PCL,

NVDR

15,400

14,041

Sundaram

Finance

Ltd.

2,050

105,896

Yulon

Finance

Corp.*

4,672

21,960

2,267,766

Consumer

Staples

Distribution

&

Retail

-

1

.2

%

Abdullah

Al

Othaim

Markets

Co.

7,595

23,684

Al-Dawaa

Medical

Services

Co.

686

16,383

Alibaba

Health

Information

Technology

Ltd.*(b)

100,000

42,371

Almunajem

Foods

Co.

450

11,922

Atacadao

SA*

20,000

32,763

Avenue

Supermarts

Ltd.*(a)

3,150

185,698

Berli

Jucker

PCL

500

290

Berli

Jucker

PCL,

NVDR

13,800

8,014

BGF

retail

Co.

Ltd.

141

10,590

Bid

Corp.

Ltd.

6,650

165,712

BIM

Birlesik

Magazalar

A/S

13,531

255,619

Cencosud

SA

35,400

65,229

Clicks

Group

Ltd.

4,250

82,705

Corporativo

Fragua

SAB

de

CV

2,050

108,274

CP

ALL

PCL,

NVDR

85,000

138,904

CP

Axtra

PCL,

NVDR

14,400

12,322

DaShenLin

Pharmaceutical

Group

Co.

Ltd.,

Class

A

4,320

7,866

Dis-Chem

Pharmacies

Ltd.(a)

17,952

35,319

Dongsuh

Cos.,

Inc.

859

11,624

East

Buy

Holding

Ltd.*(a)

(b)

3,000

4,171

E-MART,

Inc.

392

17,198

Great

Tree

Pharmacy

Co.

Ltd.

1,543

11,219

Investments

Shares

Value

Consumer

Staples

Distribution

&

Retail

(continued)

Grupo

Comercial

Chedraui

SA

de

CV

9,100

$

67,821

Grupo

Mateus

SA*

9,800

11,598

GS

Retail

Co.

Ltd.

1,332

20,511

JD

Health

International,

Inc.*(a)(b)

17,500

48,723

La

Comer

SAB

de

CV

18,800

34,985

Magnit

PJSC‡

2,296

—

Migros

Ticaret

A/S

2,688

42,824

Nahdi

Medical

Co.

1,124

39,784

Philippine

Seven

Corp.

10,780

22,917

Pick

n

Pay

Stores

Ltd.*(b)

6,784

8,671

Ping

An

Healthcare

and

Technology

Co.

Ltd.*(a)(b)

9,600

14,009

President

Chain

Store

Corp.

9,840

83,073

Puregold

Price

Club,

Inc.

345,000

155,433

Raia

Drogasil

SA

24,964

121,889

Robinsons

Retail

Holdings,

Inc.

145,000

89,421

Sendas

Distribuidora

SA*

35,000

60,802

Shoprite

Holdings

Ltd.

8,900

148,990

SMU

SA

866,050

142,990

Sok

Marketler

Ticaret

A/S

6,048

10,923

SPAR

Group

Ltd.

(The)*

63,400

437,287

Sumber

Alfaria

Trijaya

Tbk.

PT

351,600

61,411

Sun

Art

Retail

Group

Ltd.

70,500

11,461

Wal-Mart

de

Mexico

SAB

de

CV

99,200

329,912

3,213,312

Containers

&

Packaging

-

0

.1

%

Cheng

Loong

Corp.

26,600

21,283

CPMC

Holdings

Ltd.

100,000

88,966

Klabin

SA

25,000

97,696

Pantai

Indah

Kapuk

Dua

Tbk.

PT

24,000

7,860

SCG

Packaging

PCL,

NVDR

18,700

14,820

Taiwan

Hon

Chuan

Enterprise

Co.

Ltd.

4,752

22,625

Ton

Yi

Industrial

Corp.

226,100

102,147

Youlchon

Chemical

Co.

Ltd.

470

8,347

363,744

Distributors

-

0

.1

%

Autohellas

Tourist

and

Trading

SA

6,350

81,494

China

Tobacco

International

HK

Co.

Ltd.(a)

56,000

112,115

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

96

Investments

Shares

Value

COMMON

STOCKS

(continued)

Distributors

(continued)

Silicon2

Co.

Ltd.*

750

$

24,133

Wuchan

Zhongda

Group

Co.

Ltd.,

Class

A

13,800

8,325

226,067

Diversified

Consumer

Services

-

0

.4

%

Advtech

Ltd.

24,310

40,532

China

Education

Group

Holdings

Ltd.(a)(b)

302,552

156,466

Cogna

Educacao

SA*

620,000

166,715

Fenbi

Ltd.*

24,500

8,562

Fu

Shou

Yuan

International

Group

Ltd.

50,000

31,362

Humansoft

Holding

Co.

KSC

3,413

29,433

Lung

Yen

Life

Service

Corp.*

8,448

13,108

MegaStudyEdu

Co.

Ltd.

2,400

90,823

National

Co.

for

Learning

&

Education

735

36,202

New

Oriental

Education

&

Technology

Group,

Inc.*

30,000

210,253

Offcn

Education

Technology

Co.

Ltd.,

Class

A*

4,700

1,079

Taaleem

Holdings

PJSC

16,512

16,813

TAL

Education

Group,

ADR*

8,000

80,160

Tianli

International

Holdings

Ltd.(a)

50,000

27,202

YDUQS

Participacoes

SA

85,000

164,504

1,073,214

Diversified

REITs

-

0

.4

%

Axis

REIT,

REIT

70,973

27,960

Concentradora

Fibra

Danhos

SA

de

CV,

REIT

330,050

362,106

Fibra

Uno

Administracion

SA

de

CV,

REIT

75,000

95,327

Growthpoint

Properties

Ltd.,

REIT

94,300

63,968

KLCCP

Stapled

Group,

REIT

9,600

15,775

Redefine

Properties

Ltd.,

REIT

2,162,750

506,470

SK

REITs

Co.

Ltd.,

REIT

6,195

23,489

‌

1,095,095

Investments

Shares

Value

Diversified

Telecommunication

Services

-

1

.0

%

AL

Yah

Satellite

Communications

Co.

PJSC

43,340

$

24,897

Chief

Telecom,

Inc.

1,104

14,392

China

Tower

Corp.

Ltd.,

Class

H(a)(b)

1,300,000

159,754

Chunghwa

Telecom

Co.

Ltd.

76,350

282,219

CITIC

Telecom

International

Holdings

Ltd.(b)

634,000

168,807

Converge

Information

and

Communications

Technology

Solutions,

Inc.*

760,000

150,241

Dayamitra

Telekomunikasi

PT

202,100

8,638

Emirates

Telecommunications

Group

Co.

PJSC

69,100

308,156

Hellenic

Telecommunications

Organization

SA

5,750

94,389

HFCL

Ltd.

20,750

33,342

Indus

Towers

Ltd.*

14,100

72,943

Jasmine

Technology

Solution

PCL,

NVDR*

4,100

7,160

LG

Uplus

Corp.

7,617

55,492

Magyar

Telekom

Telecommunications

plc

9,650

28,883

Ooredoo

QPSC

32,600

93,565

Operadora

De

Sites

Mexicanos

SAB

de

CV,

Series

A-1(b)

9,400

8,154

PT

Tower

Bersama

Infrastructure

Tbk.

42,300

5,203

Railtel

Corp.

of

India

Ltd.

3,796

22,673

Rostelecom

PJSC‡

33,770

—

Rostelecom

PJSC

(Preference)‡

15,392

—

Sarana

Menara

Nusantara

Tbk.

PT

315,700

15,436

Saudi

Telecom

Co.

35,507

364,354

Sitios

Latinoamerica

SAB

de

CV*(b)

63,700

13,232

Tata

Communications

Ltd.

1,646

39,136

Tata

Teleservices

Maharashtra

Ltd.*

8,112

9,313

Telefonica

Brasil

SA

10,000

85,817

Telekom

Malaysia

Bhd.

40,000

60,681

Telkom

Indonesia

Persero

Tbk.

PT

1,370,000

242,657

Telkom

SA

SOC

Ltd.*

92,550

120,118

TIME

dotCom

Bhd.

25,000

27,968

True

Corp.

PCL,

NVDR*

160,000

41,521

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

97

Investments

Shares

Value

COMMON

STOCKS

(continued)

Diversified

Telecommunication

Services

(continued)

Turk

Telekomunikasyon

A/S*

19,746

$

30,474

2,589,615

Electric

Utilities

-

1

.3

%

Adani

Energy

Solutions

Ltd.*

6,350

86,310

Alupar

Investimento

SA

5,033

27,423

Can2

Termik

A/S*

88,048

4,813

Celsia

SA

ESP

166,550

162,488

Centrais

Eletricas

Brasileiras

SA

30,000

210,004

Centrais

Eletricas

Brasileiras

SA

(Preference),

Class

B

5,000

38,574

CESC

Ltd.

21,500

44,300

CEZ

A/S(b)

4,700

180,647

Cia

Energetica

de

Minas

Gerais

6,110

13,608

Cia

Energetica

de

Minas

Gerais

(Preference)

62,012

119,137

Cia

Paranaense

de

Energia

-

Copel

25,000

39,715

Cia

Paranaense

de

Energia

-

Copel

(Preference)

25,000

44,624

CPFL

Energia

SA

4,700

27,006

CTEEP-Cia

de

Transmissao

de

Energia

Eletrica

Paulista

(Preference)

10,000

43,448

Enel

Americas

SA

539,968

50,377

Enel

Chile

SA

845,971

48,170

Energisa

SA

5,000

38,857

Enerjisa

Enerji

A/S(a)

7,676

15,660

Engie

Energia

Chile

SA*

140,550

127,333

Equatorial

Energia

SA

35,000

202,096

Federal

Grid

Co.

-

Rosseti

PJSC

(Registered)*‡

22,532,366

—

Inter

RAO

UES

PJSC‡

1,596,292

—

Interconexion

Electrica

SA

ESP

13,200

56,911

Korea

Electric

Power

Corp.*

6,750

96,831

Manila

Electric

Co.

9,000

60,128

Mosenergo

PJSC‡

4,455,000

—

Neoenergia

SA

15,000

48,083

Power

Grid

Corp.

of

India

Ltd.

127,000

528,151

Public

Power

Corp.

SA

6,450

82,149

Reliance

Infrastructure

Ltd.*

81,900

202,645

RusHydro

PJSC*‡

2,361,000

—

Saudi

Electricity

Co.

21,204

96,528

Investments

Shares

Value

Electric

Utilities

(continued)

SJVN

Ltd.

13,152

$

23,322

Tata

Power

Co.

Ltd.

(The)

34,550

187,175

Tenaga

Nasional

Bhd.

130,000

398,389

Torrent

Power

Ltd.

3,350

74,677

Transmissora

Alianca

de

Energia

Eletrica

SA

5,000

29,888

3,409,467

Electrical

Equipment

-

1

.6

%

ABB

India

Ltd.

1,065

100,445

AcBel

Polytech,

Inc.*

9,312

10,170

Allis

Electric

Co.

Ltd.

7,960

33,419

Amara

Raja

Energy

&

Mobility

Ltd.

2,250

43,703

Astor

Transformator

Enerji

Turizm

Insaat

ve

Petrol

Sanayi

Ticaret

A/S

7,000

19,630

Bharat

Heavy

Electricals

Ltd.

26,500

99,776

Bizlink

Holding,

Inc.

3,936

45,383

CG

Power

&

Industrial

Solutions

Ltd.

13,000

114,274

Cheryong

Electric

Co.

Ltd.

3,600

192,715

Chicony

Power

Technology

Co.

Ltd.

5,232

21,250

China

XD

Electric

Co.

Ltd.,

Class

A

5,000

4,954

Chung-Hsin

Electric

&

Machinery

Manufacturing

Corp.

7,728

44,435

CS

Wind

Corp.

581

20,109

CyberPower

Systems,

Inc.

23,900

184,322

Dongfang

Electric

Corp.

Ltd.,

Class

A

5,000

11,305

Dongfang

Electric

Corp.

Ltd.,

Class

H(b)

10,000

13,415

Doosan

Enerbility

Co.

Ltd.*

8,850

121,043

Doosan

Fuel

Cell

Co.

Ltd.*

690

10,049

Ecopro

BM

Co.

Ltd.*

1,000

130,670

Ecopro

Co.

Ltd.*

1,820

122,016

Ecopro

Materials

Co.

Ltd.*

400

23,534

Elecon

Engineering

Co.

Ltd.

3,552

26,731

Electrical

Industries

Co.

10,708

19,407

Fangda

Carbon

New

Material

Co.

Ltd.,

Class

A

5,300

3,271

Farasis

Energy

Gan

Zhou

Co.

Ltd.,

Class

A*

784

1,045

Finolex

Cables

Ltd.

1,850

33,875

Fortune

Electric

Co.

Ltd.

4,840

102,189

GE

T&D

India

Ltd.*

1,350

25,557

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

98

Investments

Shares

Value

COMMON

STOCKS

(continued)

Electrical

Equipment

(continued)

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

A

9,600

$

10,640

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

H(b)

15,000

7,738

GoodWe

Technologies

Co.

Ltd.,

Class

A

480

4,006

Gotion

High-tech

Co.

Ltd.,

Class

A

4,600

12,431

Graphite

India

Ltd.

3,381

21,490

Gulf

Cables

&

Electrical

Industries

Group

Co.

KSCP

40,250

227,892

Havells

India

Ltd.

4,550

100,525

HBL

Power

Systems

Ltd.

4,272

31,562

HD

Hyundai

Electric

Co.

Ltd.

425

95,696

Hitachi

Energy

India

Ltd.

250

34,657

Hyosung

Heavy

Industries

Corp.

96

21,686

Inox

Wind

Ltd.*

13,632

29,895

Jiangsu

Zhongtian

Technology

Co.

Ltd.,

Class

A

4,500

9,321

Jiangxi

Special

Electric

Motor

Co.

Ltd.,

Class

A*

4,900

5,078

KEI

Industries

Ltd.

1,202

62,159

Korea

Electric

Terminal

Co.

Ltd.

2,650

118,377

L&F

Co.

Ltd.*

436

36,007

LG

Energy

Solution

Ltd.*

900

211,803

LS

Corp.

700

58,827

LS

Electric

Co.

Ltd.

300

40,094

Ming

Yang

Smart

Energy

Group

Ltd.,

Class

A

4,500

6,189

NARI

Technology

Co.

Ltd.,

Class

A

15,300

50,851

Ningbo

Ronbay

New

Energy

Technology

Co.

Ltd.,

Class

A

658

2,079

Olectra

Greentech

Ltd.

1,392

28,414

Phihong

Technology

Co.

Ltd.*

11,472

14,763

Polycab

India

Ltd.

1,200

98,292

POSCO

Future

M

Co.

Ltd.

550

84,492

Pylon

Technologies

Co.

Ltd.,

Class

A

480

2,779

Riyadh

Cables

Group

Co.

720

18,749

RR

Kabel

Ltd.

768

16,465

Sarkuysan

Elektrolitik

Bakir

Sanayi

ve

Ticaret

A/S

123,750

124,010

Investments

Shares

Value

Electrical

Equipment

(continued)

Schneider

Electric

Infrastructure

Ltd.*

1,400

$

13,429

Shanghai

Electric

Group

Co.

Ltd.,

Class

A*

24,000

12,852

Shihlin

Electric

&

Engineering

Corp.

5,136

37,579

Shinsung

Delta

Tech

Co.

Ltd.

554

21,367

SK

IE

Technology

Co.

Ltd.*(a)

349

9,455

Sociedad

Quimica

y

Minera

de

Chile

SA

(Preference),

Class

B

4,150

156,847

SPG

Co.

Ltd.

686

11,734

Suzlon

Energy

Ltd.*

243,550

201,812

Ta

Ya

Electric

Wire

&

Cable*

15,600

25,723

Taihan

Electric

Wire

Co.

Ltd.*

3,089

30,941

Tatung

Co.

Ltd.*

38,350

58,336

TBEA

Co.

Ltd.,

Class

A

15,350

28,759

Teco

Electric

and

Machinery

Co.

Ltd.

22,000

32,528

Triveni

Turbine

Ltd.

2,700

19,174

V-Guard

Industries

Ltd.

6,399

35,133

Voltronic

Power

Technology

Corp.

1,500

84,652

Walsin

Lihwa

Corp.

69,050

72,474

WEG

SA

30,000

268,860

XTC

New

Energy

Materials

Xiamen

Co.

Ltd.,

Class

A

539

2,349

Zhejiang

Chint

Electrics

Co.

Ltd.,

Class

A

4,700

12,538

Zhejiang

HangKe

Technology,

Inc.

Co.,

Class

A

490

1,165

4,303,366

Electronic

Equipment,

Instruments

&

Components

-

3

.3

%

AAC

Technologies

Holdings,

Inc.

25,000

91,366

Ability

Opto-Electronics

Technology

Co.

Ltd.

3,072

22,103

Asia

Optical

Co.,

Inc.

7,296

19,910

AUO

Corp.

136,050

73,882

Aurora

Corp.

4,316

9,152

Avary

Holding

Shenzhen

Co.

Ltd.,

Class

A

9,600

49,521

BH

Co.

Ltd.

8,100

127,670

BOE

Technology

Group

Co.

Ltd.,

Class

A

95,000

51,792

Cal-Comp

Electronics

Thailand

PCL,

NVDR

1,150,000

120,017

Chang

Wah

Electromaterials,

Inc.

10,200

14,228

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

99

Investments

Shares

Value

COMMON

STOCKS

(continued)

Electronic

Equipment,

Instruments

&

Components

(continued)

Channel

Well

Technology

Co.

Ltd.

66,950

$

134,837

Cheng

Uei

Precision

Industry

Co.

Ltd.

101,400

216,867

China

Railway

Signal

&

Communication

Corp.

Ltd.,

Class

A

31,500

25,498

China

Railway

Signal

&

Communication

Corp.

Ltd.,

Class

H(a)(b)

52,000

21,567

Chin-Poon

Industrial

Co.

Ltd.

117,650

159,814

Chroma

ATE,

Inc.

7,850

71,885

Chunghwa

Precision

Test

Tech

Co.

Ltd.

720

9,430

Compeq

Manufacturing

Co.

Ltd.

36,050

85,217

Coretronic

Corp.

9,168

20,919

Co-Tech

Development

Corp.

10,464

20,597

Daeduck

Electronics

Co.

Ltd.

11,250

180,588

Daejoo

Electronic

Materials

Co.

Ltd.*

432

36,901

Delta

Electronics

Thailand

PCL,

NVDR

80,000

228,924

Delta

Electronics,

Inc.

37,578

473,869

Dreamtech

Co.

Ltd.

13,650

89,728

Dynamic

Holding

Co.

Ltd.

9,216

16,430

E

Ink

Holdings,

Inc.

17,800

145,942

Elite

Material

Co.

Ltd.

6,300

83,949

EM-Tech

Co.

Ltd.

300

6,515

Everdisplay

Optronics

Shanghai

Co.

Ltd.,

Class

A*

63,754

17,908

FLEXium

Interconnect,

Inc.

15,294

41,178

Fositek

Corp.*

1,000

21,661

Foxconn

Industrial

Internet

Co.

Ltd.,

Class

A*

25,000

82,468

Foxconn

Technology

Co.

Ltd.

35,000

69,531

General

Interface

Solution

Holding

Ltd.*

86,050

164,403

Genius

Electronic

Optical

Co.

Ltd.

2,150

34,274

Genus

Power

Infrastructures

Ltd.

5,088

23,019

Global

Brands

Manufacture

Ltd.

8,016

15,071

GoerTek,

Inc.,

Class

A

3,800

11,315

Gold

Circuit

Electronics

Ltd.

5,240

34,992

Investments

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Hana

Microelectronics

PCL,

NVDR

26,000

$

33,918

Hannstar

Board

Corp.

8,448

12,568

HannStar

Display

Corp.*

69,288

19,245

Hengdian

Group

DMEGC

Magnetics

Co.

Ltd.,

Class

A

10,400

17,556

Holy

Stone

Enterprise

Co.

Ltd.

3,250

8,800

Hon

Hai

Precision

Industry

Co.

Ltd.

350,000

2,108,305

Honeywell

Automation

India

Ltd.

52

33,821

Innolux

Corp.

175,000

81,723

IsuPetasys

Co.

Ltd.

950

31,155

ITEQ

Corp.

6,096

16,877

Jaymart

Group

Holdings

PCL,

NVDR*

189,000

63,627

Kaynes

Technology

India

Ltd.*

768

40,743

KCE

Electronics

PCL,

NVDR

26,000

32,459

Kingboard

Holdings

Ltd.

25,000

51,011

Kingboard

Laminates

Holdings

Ltd.

27,500

24,747

Largan

Precision

Co.

Ltd.

1,900

162,717

Lelon

Electronics

Corp.

44,918

115,336

LG

Display

Co.

Ltd.*

8,551

69,812

LG

Innotek

Co.

Ltd.

450

83,675

Lingyi

iTech

Guangdong

Co.,

Class

A

15,900

15,840

Lotes

Co.

Ltd.

2,050

86,690

Lotte

Energy

Materials

Corp.

235

6,555

Luxshare

Precision

Industry

Co.

Ltd.,

Class

A

10,600

56,072

MH

Development

Ltd.*‡

22,000

—

Nan

Ya

Printed

Circuit

Board

Corp.

5,664

28,604

Nationgate

Holdings

Bhd.

15,000

6,889

Nex

Point

Parts

PCL,

NVDR*

47,500

1,026

Nichidenbo

Corp.

62,150

121,577

OFILM

Group

Co.

Ltd.,

Class

A*

4,700

5,404

Pan-International

Industrial

Corp.

136,000

145,227

Park

Systems

Corp.

200

24,042

Primax

Electronics

Ltd.

14,600

40,642

Promate

Electronic

Co.

Ltd.

5,500

14,825

Quest

Holdings

SA

10,650

62,001

Raytron

Technology

Co.

Ltd.,

Class

A

343

1,308

Redington

Ltd.

18,350

46,534

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

100

Investments

Shares

Value

COMMON

STOCKS

(continued)

Electronic

Equipment,

Instruments

&

Components

(continued)

RoboSense

Technology

Co.

Ltd.*

5,000

$

10,612

Samsung

Electro-

Mechanics

Co.

Ltd.

1,100

127,518

Samsung

SDI

Co.

Ltd.

1,050

243,672

Scientech

Corp.

1,000

12,200

Shanghai

BOCHU

Electronic

Technology

Corp.

Ltd.,

Class

A

526

10,662

Shengyi

Technology

Co.

Ltd.,

Class

A

9,600

25,969

Shenzhen

Kaifa

Technology

Co.

Ltd.,

Class

A

4,700

9,358

Simplo

Technology

Co.

Ltd.

4,656

50,994

Sinbon

Electronics

Co.

Ltd.

3,000

29,890

SOLUM

Co.

Ltd.*

588

7,718

Solus

Advanced

Materials

Co.

Ltd.

754

8,325

Sunny

Optical

Technology

Group

Co.

Ltd.

12,400

69,683

SUPCON

Technology

Co.

Ltd.,

Class

A

1,771

9,253

Supreme

Electronics

Co.

Ltd.

14,160

33,472

Suzhou

Dongshan

Precision

Manufacturing

Co.

Ltd.,

Class

A

10,400

35,846

Synnex

Technology

International

Corp.

42,450

91,822

Syrma

SGS

Technology

Ltd.

2,160

12,757

Taiwan

Surface

Mounting

Technology

Corp.

6,816

25,506

Taiwan

Union

Technology

Corp.

4,128

20,094

TCL

Technology

Group

Corp.,

Class

A

41,360

22,434

Test

Research,

Inc.

4,350

19,255

Thinking

Electronic

Industrial

Co.

Ltd.

2,688

13,493

Tianma

Microelectronics

Co.

Ltd.,

Class

A*

15,600

15,412

Tong

Hsing

Electronic

Industries

Ltd.

2,783

11,642

TPK

Holding

Co.

Ltd.*

109,050

146,639

Tripod

Technology

Corp.

14,000

84,545

TXC

Corp.

4,608

14,439

Unimicron

Technology

Corp.

26,750

146,079

Investments

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Unisplendour

Corp.

Ltd.,

Class

A

4,900

$

15,696

Unitech

Printed

Circuit

Board

Corp.

2,878

3,100

Universal

Scientific

Industrial

Shanghai

Co.

Ltd.,

Class

A

4,700

10,483

VS

Industry

Bhd.

137,700

36,264

Wah

Lee

Industrial

Corp.

6,400

26,577

Walsin

Technology

Corp.

5,952

20,643

Weikeng

Industrial

Co.

Ltd.

125,950

127,214

Wintek

Corp.*‡

64,000

—

WPG

Holdings

Ltd.

32,200

84,149

WT

Microelectronics

Co.

Ltd.

21,650

68,500

WUS

Printed

Circuit

Kunshan

Co.

Ltd.,

Class

A

9,970

46,187

Yageo

Corp.

10,512

253,286

Zen

Technologies

Ltd.

1,440

29,326

Zhejiang

Dahua

Technology

Co.

Ltd.,

Class

A

5,200

10,793

Zhen

Ding

Technology

Holding

Ltd.

17,150

71,219

8,908,995

Energy

Equipment

&

Services

-

0

.2

%

Ades

Holding

Co.*

7,817

42,503

ADNOC

Drilling

Co.

PJSC

40,585

48,618

Arabian

Drilling

Co.

384

13,264

Bumi

Armada

Bhd.*

890,000

105,572

China

Oilfield

Services

Ltd.,

Class

A

5,000

10,461

China

Oilfield

Services

Ltd.,

Class

H

18,000

15,875

China

Petroleum

Engineering

Corp.,

Class

A

27,800

12,232

COFCO

Capital

Holdings

Co.

Ltd.,

Class

A

4,900

5,478

Dialog

Group

Bhd.

110,000

60,812

Gulf

International

Services

QSC

299,350

284,140

Velesto

Energy

Bhd.

340,800

15,948

Yinson

Holdings

Bhd.

57,600

29,963

644,866

Entertainment

-

0

.7

%

37

Interactive

Entertainment

Network

Technology

Group

Co.

Ltd.,

Class

A

4,700

8,591

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

101

Investments

Shares

Value

COMMON

STOCKS

(continued)

Entertainment

(continued)

Bilibili,

Inc.,

Class

Z*(b)

4,000

$

62,519

China

Ruyi

Holdings

Ltd.*(b)

176,000

47,087

CJ

CGV

Co.

Ltd.*

27,000

112,373

CJ

ENM

Co.

Ltd.*

392

21,753

Gamania

Digital

Entertainment

Co.

Ltd.

50,000

115,607

HYBE

Co.

Ltd.

400

51,135

International

Games

System

Co.

Ltd.

4,640

105,448

iQIYI,

Inc.,

ADR*(b)

7,595

25,291

JYP

Entertainment

Corp.

480

20,117

Kakao

Games

Corp.*

956

12,957

Kingsoft

Corp.

Ltd.(b)

20,000

56,708

Krafton,

Inc.*

600

128,128

Maoyan

Entertainment*(a)

(b)

110,000

112,647

MD

Entertainment

Tbk.

PT

28,800

6,766

MNC

Digital

Entertainment

Tbk.

PT*

37,600

6,429

NCSoft

Corp.

296

37,689

NetEase,

Inc.

35,000

655,018

Netmarble

Corp.*(a)

410

18,851

Nexon

Games

Co.

Ltd.*

1,034

17,875

NHN

Corp.

4,500

62,855

Pearl

Abyss

Corp.*

517

15,922

Perfect

World

Co.

Ltd.,

Class

A

4,100

4,448

PVR

Inox

Ltd.*

1,152

20,642

Saregama

India

Ltd.

1,900

12,572

SM

Entertainment

Co.

Ltd.

144

7,384

SMI

Holdings

Group

Ltd.*‡

72,000

—

Studio

Dragon

Corp.*

188

5,169

Tencent

Music

Entertainment

Group,

ADR(b)

8,401

119,126

Tencent

Music

Entertainment

Group,

Class

A

10,000

71,109

Wemade

Co.

Ltd.*

388

10,568

XPEC

Entertainment,

Inc.*‡

14,800

—

YG

Entertainment,

Inc.

605

16,896

Zhejiang

Century

Huatong

Group

Co.

Ltd.,

Class

A*

11,280

5,119

Zx,

Inc.*(a)

10,400

14,990

1,989,789

Financial

Services

-

1

.6

%

Aavas

Financiers

Ltd.*

2,058

41,186

Investments

Shares

Value

Financial

Services

(continued)

Aditya

Birla

Capital

Ltd.*

13,950

$

37,800

Al

Waha

Capital

PJSC

306,650

130,241

Aptus

Value

Housing

Finance

India

Ltd.

6,960

26,259

AVIC

Industry-Finance

Holdings

Co.

Ltd.,

Class

A*

23,500

7,837

Bajaj

Finserv

Ltd.

7,650

150,905

Bajaj

Holdings

&

Investment

Ltd.

585

67,210

Can

Fin

Homes

Ltd.

2,250

22,805

Chailease

Holding

Co.

Ltd.

48,450

224,046

Cielo

SA

32,900

33,582

Corp.

Financiera

Colombiana

SA

37,200

120,976

CSSC

Hong

Kong

Shipping

Co.

Ltd.(a)

600,000

120,584

E-Finance

for

Digital

&

Financial

Investments

9,861

4,937

Far

East

Horizon

Ltd.

52,000

35,479

Fawry

for

Banking

&

Payment

Technology

Services

SAE*

44,933

6,370

FirstRand

Ltd.

162,700

730,713

Genertec

Universal

Medical

Group

Co.

Ltd.(a)

225,000

126,152

Grupo

de

Inversiones

Suramericana

SA

2,695

21,512

Grupo

de

Inversiones

Suramericana

SA

(Preference)

3,587

19,000

Home

First

Finance

Co.

India

Ltd.(a)

1,225

15,217

Housing

&

Urban

Development

Corp.

Ltd.

7,450

27,783

IIFL

Finance

Ltd.

6,900

36,429

Indian

Railway

Finance

Corp.

Ltd.(a)

28,464

65,832

Indian

Renewable

Energy

Development

Agency

Ltd.*

11,500

36,072

Inversiones

La

Construccion

SA

11,100

86,674

Jio

Financial

Services

Ltd.*

74,400

291,900

Kakaopay

Corp.*

398

7,300

L&T

Finance

Ltd.

11,562

24,841

LIC

Housing

Finance

Ltd.

10,300

94,384

Meritz

Financial

Group,

Inc.

2,700

165,520

National

Investments

Co.

KSCP

20,286

16,864

One

97

Communications

Ltd.*

4,128

24,368

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

102

Investments

Shares

Value

COMMON

STOCKS

(continued)

Financial

Services

(continued)

Piramal

Enterprises

Ltd.

3,456

$

42,989

PNB

Housing

Finance

Ltd.*(a)

1,056

10,159

Power

Finance

Corp.

Ltd.

37,350

248,379

REC

Ltd.

31,272

240,622

Remgro

Ltd.

13,200

101,580

Sammaan

Capital

Ltd.

148,150

308,354

Shandong

Hi-Speed

Holdings

Group

Ltd.*(b)

53,500

39,242

Turkiye

Sinai

Kalkinma

Bankasi

A/S*

410,400

156,176

Yuanta

Financial

Holding

Co.

Ltd.

353,120

352,368

4,320,647

Food

Products

-

2

.2

%

Adani

Wilmar

Ltd.*

2,491

10,358

Agthia

Group

PJSC

91,350

178,074

Alicorp

SAA*

132,300

236,625

Almarai

Co.

JSC

4,656

74,955

Anjoy

Foods

Group

Co.

Ltd.,

Class

A

500

5,490

AVI

Ltd.

5,424

29,161

Balrampur

Chini

Mills

Ltd.

3,850

22,110

Beijing

Dabeinong

Technology

Group

Co.

Ltd.,

Class

A

5,300

2,999

Betagro

PCL

24,400

16,155

Binggrae

Co.

Ltd.

1,700

110,884

Bombay

Burmah

Trading

Co.

6,950

189,217

BRF

SA*

20,400

76,003

Britannia

Industries

Ltd.*

2,600

179,622

CCL

Products

India

Ltd.

2,597

20,936

Century

Pacific

Food,

Inc.

17,700

10,461

Charoen

Pokphand

Enterprise

4,272

13,192

Charoen

Pokphand

Foods

PCL,

NVDR*

43,200

29,087

Charoen

Pokphand

Indonesia

Tbk.

PT

117,500

37,758

Cherkizovo

Group

PJSC‡

2,594

—

China

Feihe

Ltd.(a)

100,000

45,315

China

Huiyuan

Juice

Group

Ltd.*‡

24,000

—

China

Mengniu

Dairy

Co.

Ltd.

96,000

160,983

Chongqing

Fuling

Zhacai

Group

Co.

Ltd.,

Class

A

3,120

5,392

CJ

CheilJedang

Corp.

300

84,220

CJ

CheilJedang

Corp.

(Preference)

205

23,080

Investments

Shares

Value

Food

Products

(continued)

COFCO

Joycome

Foods

Ltd.*(a)(b)

900,000

$

182,028

Daesang

Corp.

6,350

112,540

Dekon

Food

and

Agriculture

Group*(a)

10,000

63,940

Dongwon

F&B

Co.

Ltd.

1,600

48,404

First

Milling

Co.

330

6,236

Foshan

Haitian

Flavouring

&

Food

Co.

Ltd.,

Class

A

9,980

48,526

Great

Wall

Enterprise

Co.

Ltd.*

24,650

43,121

Gruma

SAB

de

CV,

Class

B

3,096

57,883

Grupo

Bimbo

SAB

de

CV,

Class

A,

Series

A(b)

23,898

83,596

Grupo

Herdez

SAB

de

CV

36,500

106,382

Grupo

Nutresa

SA

3,150

42,683

Guan

Chong

Bhd.

29,400

24,508

Guangdong

Haid

Group

Co.

Ltd.,

Class

A

4,800

29,177

Harim

Holdings

Co.

Ltd.

16,700

71,446

Heilongjiang

Agriculture

Co.

Ltd.,

Class

A

10,200

18,446

Henan

Shuanghui

Investment

&

Development

Co.

Ltd.,

Class

A

7,400

23,622

Huishan

Dairy*‡

158,000

—

Indofood

CBP

Sukses

Makmur

Tbk.

PT

51,800

34,804

Indofood

Sukses

Makmur

Tbk.

PT

130,000

48,970

Inner

Mongolia

Yili

Industrial

Group

Co.

Ltd.,

Class

A

10,400

36,105

IOI

Corp.

Bhd.

60,000

49,886

JBS

SA*

20,100

119,901

Jonjee

Hi-Tech

Industrial

And

Commercial

Holding

Co.

Ltd.,

Class

A

4,800

13,058

KRBL

Ltd.

23,850

90,710

Kuala

Lumpur

Kepong

Bhd.

10,000

45,881

Lian

HWA

Food

Corp.*

6,240

22,781

Lien

Hwa

Industrial

Holdings

Corp.

18,685

35,585

Lotte

Wellfood

Co.

Ltd.

850

110,946

M

Dias

Branco

SA

4,800

22,876

Marfrig

Global

Foods

SA*

105,000

210,084

Marico

Ltd.

12,650

101,845

Mayora

Indah

Tbk.

PT

83,900

13,467

Monde

Nissin

Corp.(a)

107,400

16,871

Mrs

Bectors

Food

Specialities

Ltd.(a)

1,104

18,491

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

103

Investments

Shares

Value

COMMON

STOCKS

(continued)

Food

Products

(continued)

MSM

Malaysia

Holdings

Bhd.*

80,000

$

33,431

Muyuan

Foods

Co.

Ltd.,

Class

A*

15,020

90,863

Namchow

Holdings

Co.

Ltd.

62,850

113,769

National

Agriculture

Development

Co.

(The)*

2,168

16,642

Nestle

India

Ltd.

7,050

206,826

Nestle

Malaysia

Bhd.

700

16,546

New

Hope

Liuhe

Co.

Ltd.,

Class

A*

9,000

11,793

NongShim

Co.

Ltd.

100

35,046

Orion

Corp.

550

34,995

Orion

Holdings

Corp.

8,550

92,719

Ottogi

Corp.

50

15,834

Patanjali

Foods

Ltd.

1,030

21,160

PPB

Group

Bhd.

14,080

45,416

QL

Resources

Bhd.

25,395

36,922

Samyang

Foods

Co.

Ltd.

100

44,816

Samyang

Holdings

Corp.

1,650

83,893

San

Miguel

Food

and

Beverage,

Inc.

19,470

15,542

Sao

Martinho

SA

3,500

17,993

Sarawak

Oil

Palms

Bhd.

120,000

75,220

Saudia

Dairy

&

Foodstuff

Co.

294

26,925

Savola

Group

(The)*

5,419

65,934

SD

Guthrie

Bhd.

65,003

63,242

Shree

Renuka

Sugars

Ltd.*

30,100

18,334

SLC

Agricola

SA

55,000

174,747

Tata

Consumer

Products

Ltd.

11,600

164,720

Thai

Union

Group

PCL,

NVDR

58,800

23,919

Thaifoods

Group

PCL,

NVDR

655,000

73,135

Tiger

Brands

Ltd.

4,150

50,837

Tingyi

Cayman

Islands

Holding

Corp.

68,000

82,954

Tres

Tentos

Agroindustrial

SA

40,000

75,574

Triveni

Engineering

&

Industries

Ltd.

4,263

21,527

Ulker

Biskuvi

Sanayi

A/S*

6,672

33,793

Uni-President

China

Holdings

Ltd.

50,000

41,219

Uni-President

Enterprises

Corp.

98,700

251,930

United

Plantations

Bhd.

5,000

28,512

Universal

Robina

Corp.

13,530

27,581

Want

Want

China

Holdings

Ltd.

100,000

60,036

Investments

Shares

Value

Food

Products

(continued)

Yihai

International

Holding

Ltd.

3,000

$

4,493

Yuan

Longping

High-tech

Agriculture

Co.

Ltd.,

Class

A

5,100

7,022

Zad

Holding

Co.

3,286

12,346

Zydus

Wellnes

Ltd.

882

25,258

5,860,340

Gas

Utilities

-

0

.4

%

Adani

Total

Gas

Ltd.

4,541

48,570

Aygaz

A/S

2,928

15,167

Beijing

Enterprises

Holdings

Ltd.(b)

25,000

83,045

China

Gas

Holdings

Ltd.

70,000

63,710

China

Resources

Gas

Group

Ltd.(b)

24,600

83,449

ENN

Energy

Holdings

Ltd.

20,500

144,067

ENN

Natural

Gas

Co.

Ltd.,

Class

A*

10,000

27,162

GAIL

India

Ltd.

56,600

162,894

Grupo

Energia

Bogota

SA

ESP

78,000

47,273

Gujarat

Gas

Ltd.

2,679

21,722

Gujarat

State

Petronet

Ltd.

4,080

16,531

Indraprastha

Gas

Ltd.

4,564

29,871

Korea

Gas

Corp.*

999

32,290

Kunlun

Energy

Co.

Ltd.

100,000

97,030

Mahanagar

Gas

Ltd.(a)

1,456

32,510

National

Gas

&

Industrialization

Co.

1,155

32,755

Perusahaan

Gas

Negara

Tbk.

PT

311,200

30,622

Petronas

Gas

Bhd.

15,000

59,419

Towngas

Smart

Energy

Co.

Ltd.

300,000

107,527

1,135,614

Ground

Transportation

-

0

.4

%

Beijing-Shanghai

High

Speed

Railway

Co.

Ltd.,

Class

A

93,400

73,923

BTS

Group

Holdings

PCL,

NVDR

234,040

28,233

Container

Corp.

of

India

Ltd.

4,666

57,982

Daqin

Railway

Co.

Ltd.,

Class

A

42,400

40,892

Full

Truck

Alliance

Co.

Ltd.,

ADR(b)

14,500

110,200

GMexico

Transportes

SAB

de

CV(a)(b)

9,400

18,275

Grupo

Traxion

SAB

de

CV,

Class

A*(a)(b)

101,750

122,228

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

104

Investments

Shares

Value

COMMON

STOCKS

(continued)

Ground

Transportation

(continued)

Localiza

Rent

a

Car

SA

15,148

$

117,454

Lotte

Rental

Co.

Ltd.

4,400

96,357

Lumi

Rental

Co.*

576

13,970

Rumo

SA

20,000

78,369

SIMPAR

SA*

105,000

117,580

United

International

Transportation

Co.

996

23,733

Vamos

Locacao

de

Caminhoes

Maquinas

e

Equipamentos

SA

165,000

251,904

1,151,100

Health

Care

Equipment

&

Supplies

-

0

.2

%

Beijing

Chunlizhengda

Medical

Instruments

Co.

Ltd.,

Class

H

13,000

13,562

Classys,

Inc.

144

4,890

Dentium

Co.

Ltd.

147

10,015

Hartalega

Holdings

Bhd.*

30,800

20,446

HLB,

Inc.*

2,301

135,030

iRay

Technology

Co.

Ltd.,

Class

A

604

8,973

Kangji

Medical

Holdings

Ltd.(b)

25,000

18,241

Kossan

Rubber

Industries

Bhd.

35,000

16,150

Lifetech

Scientific

Corp.*(b)

100,000

18,689

Microport

Scientific

Corp.*(b)

11,498

7,874

Poly

Medicure

Ltd.

850

19,000

Qingdao

Haier

Biomedical

Co.

Ltd.,

Class

A

539

2,375

SD

Biosensor,

Inc.*

990

6,910

Shandong

Weigao

Group

Medical

Polymer

Co.

Ltd.,

Class

H

80,000

40,451

Shanghai

MicroPort

Endovascular

MedTech

Group

Co.

Ltd.,

Class

A

146

2,020

Sri

Trang

Gloves

Thailand

PCL,

NVDR

68,600

17,321

Supermax

Corp.

Bhd.*

48,000

9,403

TaiDoc

Technology

Corp.

2,900

14,293

Top

Glove

Corp.

Bhd.*

120,000

26,902

Visco

Vision,

Inc.

3,264

24,477

Won

Tech

Co.

Ltd.

1,728

8,196

425,218

Health

Care

Providers

&

Services

-

1

.0

%

Al

Hammadi

Holding

1,862

23,276

Investments

Shares

Value

Health

Care

Providers

&

Services

(continued)

Apollo

Hospitals

Enterprise

Ltd.

2,150

$

169,869

Aster

DM

Healthcare

Ltd.

(a)

6,324

26,213

Bangkok

Chain

Hospital

PCL,

NVDR

20,800

10,037

Bangkok

Dusit

Medical

Services

PCL,

NVDR

73,400

54,054

Bumrungrad

Hospital

PCL,

NVDR

4,900

33,817

Chabiotech

Co.

Ltd.*

1,200

14,190

China

Meheco

Group

Co.

Ltd.,

Class

A

4,700

6,731

Chularat

Hospital

PCL,

NVDR

101,400

6,827

Dallah

Healthcare

Co.

585

25,820

Dr

Lal

PathLabs

Ltd.(a)

822

30,342

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

1,708

131,108

Fleury

SA

110,000

295,007

Fortis

Healthcare

Ltd.

7,920

47,475

Future

Care

Trading

Co.*

2,775

9,467

Global

Health

Ltd.*

2,401

35,613

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co.

Ltd.,

Class

A

5,200

21,068

Gushengtang

Holdings

Ltd.(b)

4,800

21,567

Hanmi

Science

Co.

Ltd.

671

15,109

Hapvida

Participacoes

e

Investimentos

SA*(a)

80,000

57,600

HLB

Life

Science

Co.

Ltd.*

3,047

23,460

Huadong

Medicine

Co.

Ltd.,

Class

A

5,100

20,599

Hygeia

Healthcare

Holdings

Co.

Ltd.*(a)

(b)

10,400

28,024

IHH

Healthcare

Bhd.

45,000

61,704

Jinxin

Fertility

Group

Ltd.

(a)(b)

73,500

23,710

Jointown

Pharmaceutical

Group

Co.

Ltd.,

Class

A

26,832

17,116

KPJ

Healthcare

Bhd.

49,024

19,846

Krishna

Institute

of

Medical

Sciences

Ltd.*(a)

864

22,153

Life

Healthcare

Group

Holdings

Ltd.

451,600

331,415

Max

Healthcare

Institute

Ltd.

11,750

129,423

Medikaloka

Hermina

Tbk.

PT(a)

367,500

30,625

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

105

Investments

Shares

Value

COMMON

STOCKS

(continued)

Health

Care

Providers

&

Services

(continued)

Meinian

Onehealth

Healthcare

Holdings

Co.

Ltd.,

Class

A

9,400

$

4,773

Metropolis

Healthcare

Ltd.(a)

1,104

27,939

Middle

East

Healthcare

Co.*

1,555

32,742

Mitra

Keluarga

Karyasehat

Tbk.

PT(a)

100,200

18,610

MLP

Saglik

Hizmetleri

A/S,

Class

B*(a)

3,216

35,719

Mouwasat

Medical

Services

Co.

1,776

57,087

Narayana

Hrudayalaya

Ltd.*(a)

1,200

18,005

National

Medical

Care

Co.

506

27,863

Netcare

Ltd.(b)

428,300

306,076

New

Horizon

Health

Ltd.*‡(a)(b)

4,000

6,645

Odontoprev

SA

9,490

19,004

Rainbow

Children's

Medicare

Ltd.

2,496

35,312

Ramkhamhaeng

Hospital

PCL,

NVDR

9,300

7,566

Rede

D'Or

Sao

Luiz

SA(a)

25,000

122,020

Saudi

Chemical

Co.

Holding

7,297

21,977

Selcuk

Ecza

Deposu

Ticaret

ve

Sanayi

A/S

40,450

70,674

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.,

Class

A

4,700

12,616

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.,

Class

H

24,000

36,006

Sikarin

PCL,

NVDR

44,000

12,097

Siloam

International

Hospitals

Tbk.

PT

24,000

4,103

Sinopharm

Group

Co.

Ltd.,

Class

H

40,000

94,009

Thonburi

Healthcare

Group

PCL,

NVDR

9,300

7,044

Topchoice

Medical

Corp.,

Class

A

700

4,317

Universal

Vision

Biotechnology

Co.

Ltd.

2,226

15,170

2,740,639

Health

Care

Technology

-

0

.0

%

(d)

Lunit,

Inc.*

288

8,179

Investments

Shares

Value

Hotels,

Restaurants

&

Leisure

-

1

.5

%

Abu

Dhabi

National

Hotels

240,502

$

40,531

Alsea

SAB

de

CV

9,840

29,709

Ambassador

Hotel

(The)

7,800

16,991

Americana

Restaurants

International

plc

48,650

40,928

Ananti,

Inc.*

23,400

95,521

Asset

World

Corp.

PCL,

NVDR

171,900

17,554

Atour

Lifestyle

Holdings

Ltd.,

ADR(b)

1,976

33,078

Bloomberry

Resorts

Corp.*

93,100

13,189

Central

Plaza

Hotel

PCL

1,600

1,852

Central

Plaza

Hotel

PCL,

NVDR

5,700

6,596

Chalet

Hotels

Ltd.*

2,891

29,126

China

Travel

International

Investment

Hong

Kong

Ltd.

122,000

17,179

Devyani

International

Ltd.*

8,064

17,272

DoubleUGames

Co.

Ltd.

3,600

121,591

Easy

Trip

Planners

Ltd.

16,003

7,901

EIH

Ltd.

4,500

23,685

Erawan

Group

PCL

(The),

NVDR

137,100

14,616

Genting

Bhd.

50,000

51,475

Genting

Malaysia

Bhd.

105,000

59,419

Grand

Korea

Leisure

Co.

Ltd.

1,323

11,570

H

World

Group

Ltd.(b)

40,000

120,584

Haichang

Ocean

Park

Holdings

Ltd.*(a)(b)

54,000

4,908

Haidilao

International

Holding

Ltd.(a)

37,164

60,418

Hana

Tour

Service,

Inc.

300

11,048

Indian

Hotels

Co.

Ltd.

(The),

Class

A

18,300

140,328

Jahez

International

Co.*

3,648

24,599

Jiumaojiu

International

Holdings

Ltd.(a)(b)

300,000

111,367

Jollibee

Foods

Corp.

7,840

30,890

Jubilant

Foodworks

Ltd.

8,112

58,014

Kangwon

Land,

Inc.

2,240

23,494

Leejam

Sports

Co.

JSC

499

26,600

Lemon

Tree

Hotels

Ltd.*(a)

19,505

35,076

Lotte

Tour

Development

Co.

Ltd.*

1,961

13,816

Meituan,

Class

B*(a)

105,000

1,469,086

Minor

International

PCL,

NVDR

49,500

40,272

MK

Restaurants

Group

PCL,

NVDR

4,800

3,535

OPAP

SA

2,650

46,196

Paradise

Co.

Ltd.

421

3,608

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

106

Investments

Shares

Value

COMMON

STOCKS

(continued)

Hotels,

Restaurants

&

Leisure

(continued)

Sapphire

Foods

India

Ltd.*

800

$

15,783

Seera

Group

Holding*

3,046

20,134

Smartfit

Escola

de

Ginastica

e

Danca

SA

4,800

18,002

Tongcheng

Travel

Holdings

Ltd.(a)(b)

19,200

33,475

Travellers

International

Hotel

Group,

Inc.*‡

209,900

—

TravelSky

Technology

Ltd.,

Class

H

10,000

11,278

Trip.com

Group

Ltd.*

10,600

458,356

Tsogo

Sun

Ltd.(b)

175,450

108,600

Westlife

Foodworld

Ltd.

3,000

29,692

Wowprime

Corp.

3,259

20,871

Yum

China

Holdings,

Inc.

6,850

207,144

Zomato

Ltd.*

124,900

342,276

4,139,233

Household

Durables

-

0

.7

%

Amber

Enterprises

India

Ltd.*

400

20,707

Arcelik

A/S

5,782

29,338

Bajaj

Electricals

Ltd.

2,173

25,919

Beijing

Roborock

Technology

Co.

Ltd.,

Class

A

484

21,072

Coway

Co.

Ltd.

1,500

67,877

Crompton

Greaves

Consumer

Electricals

Ltd.

12,850

69,277

Cury

Construtora

e

Incorporadora

SA

40,000

157,092

Cyrela

Brazil

Realty

SA

Empreendimentos

e

Participacoes

90,000

310,309

Dixon

Technologies

India

Ltd.(a)

689

99,624

Eureka

Forbes

Ltd.*

1,960

11,847

Gree

Electric

Appliances,

Inc.

of

Zhuhai,

Class

A

15,000

83,063

Haier

Smart

Home

Co.

Ltd.,

Class

A

10,400

39,271

Haier

Smart

Home

Co.

Ltd.,

Class

H

41,400

135,933

Hanssem

Co.

Ltd.

303

13,953

Hisense

Home

Appliances

Group

Co.

Ltd.,

Class

H(b)

4,000

12,929

LG

Electronics,

Inc.

3,050

230,398

LG

Electronics,

Inc.

(Preference)

584

20,446

Merry

Electronics

Co.

Ltd.

5,800

21,704

Investments

Shares

Value

Household

Durables

(continued)

Nien

Made

Enterprise

Co.

Ltd.

3,000

$

36,279

PIK-Spetsializirovannyy

Zastroyshchik

PAO*‡

4,646

—

Shenzhen

MTC

Co.

Ltd.,

Class

A

9,600

6,708

Skyworth

Group

Ltd.(b)

400,000

145,417

Taiwan

Sakura

Corp.

5,000

14,801

TCL

Electronics

Holdings

Ltd.

250,000

165,451

TTK

Prestige

Ltd.*

1,825

21,023

Vestel

Beyaz

Esya

Sanayi

ve

Ticaret

A/S

18,669

11,288

Vestel

Elektronik

Sanayi

ve

Ticaret

A/S*

49,100

104,768

Whirlpool

of

India

Ltd.

674

17,263

1,893,757

Household

Products

-

0

.0

%

(d)

Blue

Moon

Group

Holdings

Ltd.(a)

48,000

12,412

Jyothy

Labs

Ltd.

6,860

43,161

Kimberly-Clark

de

Mexico

SAB

de

CV,

Class

A

25,000

44,470

Unilever

Indonesia

Tbk.

PT

75,200

11,285

111,328

Independent

Power

and

Renewable

Electricity

Producers

-

1

.7

%

Aboitiz

Power

Corp.

34,200

19,363

ACEN

Corp.

100,197

9,423

ACWA

Power

Co.

2,581

271,728

Adani

Green

Energy

Ltd.*

7,050

155,535

Adani

Power

Ltd.*

31,050

272,364

AES

Brasil

Energia

SA

9,600

19,174

Akfen

Yenilenebilir

Enerji

A/S*

114,200

82,502

Aksa

Enerji

Uretim

A/S,

Class

B

3,760

4,688

Auren

Energia

SA

5,000

10,508

B

Grimm

Power

PCL,

NVDR

19,500

11,816

Banpu

Power

PCL,

NVDR

19,300

6,552

BCPG

PCL,

NVDR

288,300

44,484

Canvest

Environmental

Protection

Group

Co.

Ltd.(a)(b)

200,000

112,647

CECEP

Solar

Energy

Co.

Ltd.,

Class

A

9,600

5,911

CGN

New

Energy

Holdings

Co.

Ltd.(b)

400,000

119,304

CGN

Power

Co.

Ltd.,

Class

A

44,000

28,493

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

107

Investments

Shares

Value

COMMON

STOCKS

(continued)

Independent

Power

and

Renewable

Electricity

Producers

(continued)

CGN

Power

Co.

Ltd.,

Class

H(a)

350,000

$

142,921

China

Longyuan

Power

Group

Corp.

Ltd.,

Class

A

18,300

44,085

China

Longyuan

Power

Group

Corp.

Ltd.,

Class

H

100,000

89,862

China

National

Nuclear

Power

Co.

Ltd.,

Class

A

42,300

64,559

China

Power

International

Development

Ltd.(b)

150,000

70,660

China

Resources

Power

Holdings

Co.

Ltd.(b)

60,000

165,131

China

Three

Gorges

Renewables

Group

Co.

Ltd.,

Class

A

47,000

31,606

China

Yangtze

Power

Co.

Ltd.,

Class

A

35,000

144,609

CK

Power

PCL,

NVDR

112,600

12,257

Colbun

SA

330,818

42,891

Datang

International

Power

Generation

Co.

Ltd.,

Class

A

62,400

25,816

Datang

International

Power

Generation

Co.

Ltd.,

Class

H(b)

128,000

25,724

Electricity

Generating

PCL,

NVDR

4,900

13,472

Energy

Absolute

PCL,

NVDR

15,600

1,576

Eneva

SA*

20,000

44,686

Engie

Brasil

Energia

SA

5,700

44,600

First

Gen

Corp.

185,000

54,826

Fujian

Funeng

Co.

Ltd.,

Class

A

12,740

18,880

Galata

Wind

Enerji

A/S

75,500

75,111

GD

Power

Development

Co.

Ltd.,

Class

A

42,500

32,697

Global

Power

Synergy

PCL,

NVDR

13,700

15,278

Guangdong

Electric

Power

Development

Co.

Ltd.,

Class

A

4,900

3,221

Guangdong

Electric

Power

Development

Co.

Ltd.,

Class

B

14,400

3,853

Gulf

Energy

Development

PCL,

NVDR

95,000

127,262

Huadian

Power

International

Corp.

Ltd.,

Class

A

26,500

21,744

Investments

Shares

Value

Independent

Power

and

Renewable

Electricity

Producers

(continued)

Huadian

Power

International

Corp.

Ltd.,

Class

H(b)

38,000

$

19,554

Huaneng

Power

International,

Inc.,

Class

A

24,000

26,401

Huaneng

Power

International,

Inc.,

Class

H

102,000

60,584

Hubei

Energy

Group

Co.

Ltd.,

Class

A

36,400

25,939

Inner

Mongolia

MengDian

HuaNeng

Thermal

Power

Corp.

Ltd.,

Class

A

9,800

5,817

Jaiprakash

Power

Ventures

Ltd.*

178,320

42,275

Jilin

Electric

Power

Co.

Ltd.,

Class

A

28,800

20,842

JSW

Energy

Ltd.

12,350

107,380

Malakoff

Corp.

Bhd.

815,000

148,117

Mega

First

Corp.

Bhd.

20,000

21,069

NHPC

Ltd.

57,950

72,700

NLC

India

Ltd.

8,784

30,199

NTPC

Ltd.

93,200

463,057

OGK-2

PJSC*‡

11,431,280

—

Ratch

Group

PCL,

NVDR

24,500

19,073

Reliance

Power

Ltd.*

1,016,150

398,553

SDIC

Power

Holdings

Co.

Ltd.,

Class

A

22,700

53,365

Serena

Energia

SA*

75,000

114,634

Shamal

Az-Zour

Al-Oula

for

the

First

Phase

of

Az-Zour

Power

Plant

KSC

195,650

103,092

Shanghai

Electric

Power

Co.

Ltd.,

Class

A

10,000

13,007

Shenergy

Co.

Ltd.,

Class

A

4,900

5,661

Shenzhen

Energy

Group

Co.

Ltd.,

Class

A

10,600

9,900

Shinfox

Energy

Co.

Ltd.

4,032

19,442

Sichuan

Chuantou

Energy

Co.

Ltd.,

Class

A

9,400

24,362

Terna

Energy

SA

1,276

26,552

TPI

Polene

Power

PCL,

NVDR

1,083,600

86,335

Unipro

PJSC*‡

5,337,000

—

Wintime

Energy

Group

Co.

Ltd.,

Class

A*

76,800

11,689

Xinyi

Energy

Holdings

Ltd.(b)

1,000,000

113,927

Zhejiang

Zheneng

Electric

Power

Co.

Ltd.,

Class

A

28,800

26,421

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

108

Investments

Shares

Value

COMMON

STOCKS

(continued)

Independent

Power

and

Renewable

Electricity

Producers

(continued)

Zorlu

Enerji

Elektrik

Uretim

A/S*

49,256

$

8,137

4,569,903

Industrial

Conglomerates

-

2

.4

%

3M

India

Ltd.

100

46,920

Aamal

Co.*

690,700

150,622

Aboitiz

Equity

Ventures,

Inc.

68,500

41,598

AG

Anadolu

Grubu

Holding

A/S

3,478

44,774

Alarko

Holding

A/S

2,646

8,375

Alfa

SAB

de

CV,

Class

A

95,000

54,612

Alliance

Global

Group,

Inc.

56,400

8,676

Alpha

Dhabi

Holding

PJSC*

41,950

138,882

AntarChile

SA

3,206

25,788

Apar

Industries

Ltd.

240

26,455

Astra

Industrial

Group

693

29,516

Astra

International

Tbk.

PT

585,000

169,815

Ayala

Corp.

7,000

70,329

Bidvest

Group

Ltd.

(The)

9,300

139,746

China

Baoan

Group

Co.

Ltd.,

Class

A

10,400

12,131

CITIC

Ltd.

200,000

184,588

CJ

Corp.

343

32,961

DMCI

Holdings,

Inc.

121,000

23,547

Doosan

Co.

Ltd.

352

44,743

Dubai

Investments

PJSC

52,704

29,272

Far

Eastern

New

Century

Corp.

100,000

103,438

Fosun

International

Ltd.

48,000

25,008

Godrej

Industries

Ltd.*

1,296

14,035

Grupo

Carso

SAB

de

CV,

Series

A1(b)

10,000

64,303

GS

Holdings

Corp.

2,000

71,037

GT

Capital

Holdings,

Inc.

2,400

24,257

Hanwha

Corp.

1,692

38,344

HAP

Seng

Consolidated

Bhd.

11,900

11,137

Hong

Leong

Industries

Bhd.

30,000

74,176

Hosken

Consolidated

Investments

Ltd.(b)

19,600

200,792

Hyosung

Corp.

2,290

76,264

Industries

Qatar

QSC

58,900

211,755

International

Holding

Co.

PJSC*

14,700

1,660,103

JG

Summit

Holdings,

Inc.

80,011

38,103

KOC

Holding

A/S

20,900

135,776

LG

Corp.

3,250

204,667

Investments

Shares

Value

Industrial

Conglomerates

(continued)

Lotte

Corp.

672

$

12,056

LT

Group,

Inc.

98,000

16,536

LX

Holdings

Corp.

752

3,900

Metlen

Energy

&

Metals

SA

2,856

112,741

Multiply

Group

PJSC*

69,200

43,332

National

Industries

Group

Holding

SAK

37,648

27,723

Nava

Ltd.*

27,350

298,852

Q

Holding

PJSC*

66,900

56,646

Quinenco

SA

8,136

28,261

Reunert

Ltd.

62,550

246,882

Samsung

C&T

Corp.

2,606

293,962

San

Miguel

Corp.

13,510

23,109

Shanghai

Industrial

Holdings

Ltd.

150,000

223,886

Siemens

Ltd.

1,800

153,343

Sime

Darby

Bhd.

83,000

46,969

SK

Square

Co.

Ltd.*

1,700

106,439

SK,

Inc.

1,100

119,768

SM

Investments

Corp.

10,000

155,545

Sunway

Bhd.

44,700

41,738

Turkiye

Sise

ve

Cam

Fabrikalari

A/S

36,850

52,353

6,300,586

Industrial

REITs

-

0

.6

%

Equites

Property

Fund

Ltd.,

REIT

259,250

186,550

ESR

Kendall

Square

REIT

Co.

Ltd.,

REIT

3,896

13,965

FIBRA

Macquarie

Mexico,

REIT(a)

253,550

423,389

Frasers

Property

Thailand

Industrial

Freehold

&

Leasehold

REIT,

REIT

630,000

173,208

Prologis

Property

Mexico

SA

de

CV,

REIT(b)

16,200

54,086

TF

Administradora

Industrial

S

de

RL

de

CV,

REIT(b)

256,000

550,598

WHA

Premium

Growth

Freehold

&

Leasehold

Real

Estate

InvestmentTrust,

Class

F,

REIT

485,000

129,941

1,531,737

Insurance

-

2

.6

%

Al

Rajhi

Co.

for

Co-

operative

Insurance*

700

40,710

Allianz

Malaysia

Bhd.

20,000

95,331

Anadolu

Anonim

Turk

Sigorta

Sirketi*

6,624

20,326

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

109

Investments

Shares

Value

COMMON

STOCKS

(continued)

Insurance

(continued)

BB

Seguridade

Participacoes

SA

20,000

$

124,435

BKI

Holdings

PCL,

NVDR

10,000

79,394

Bupa

Arabia

for

Cooperative

Insurance

Co.

1,408

86,464

Caixa

Seguridade

Participacoes

SA

15,000

38,265

Capital

Financial

Indonesia

Tbk.

PT*

156,800

4,725

Cathay

Financial

Holding

Co.

Ltd.

284,050

539,237

Central

Reinsurance

Co.

Ltd.

122,800

99,189

China

Development

Financial

Holding

Corp.

316,400

154,975

China

Life

Insurance

Co.

Ltd.,

Class

H

150,000

208,525

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

A

19,500

79,732

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

H

70,000

186,380

China

Taiping

Insurance

Holdings

Co.

Ltd.

31,800

33,909

Co.

for

Cooperative

Insurance

(The)

1,216

46,671

DB

Insurance

Co.

Ltd.

1,200

96,314

Dhipaya

Group

Holdings

PCL,

NVDR

125,000

99,067

Discovery

Ltd.

14,200

111,469

Fubon

Financial

Holding

Co.

Ltd.

250,000

670,824

Hanwha

Life

Insurance

Co.

Ltd.

12,318

27,870

HDFC

Life

Insurance

Co.

Ltd.(a)

19,350

165,354

Hyundai

Marine

&

Fire

Insurance

Co.

Ltd.

1,262

33,045

ICICI

Lombard

General

Insurance

Co.

Ltd.(a)

4,550

109,108

ICICI

Prudential

Life

Insurance

Co.

Ltd.(a)

5,670

49,838

Korean

Reinsurance

Co.

38,750

233,893

LPI

Capital

Bhd.

4,900

13,310

Max

Financial

Services

Ltd.*

5,050

67,069

Mercuries

&

Associates

Holding

Ltd.*

217,550

131,046

Mercuries

Life

Insurance

Co.

Ltd.*

92,750

21,727

Momentum

Group

Ltd.

41,582

61,306

Investments

Shares

Value

Insurance

(continued)

New

China

Life

Insurance

Co.

Ltd.,

Class

A

4,700

$

20,791

New

China

Life

Insurance

Co.

Ltd.,

Class

H

25,000

48,771

Old

Mutual

Ltd.

130,900

88,652

OUTsurance

Group

Ltd.

10,487

27,844

PB

Fintech

Ltd.*

5,300

91,974

People's

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

H

229,000

77,096

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

200,000

262,161

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

A

25,100

147,814

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H(b)

179,000

782,495

Porto

Seguro

SA

5,000

27,066

Qatar

Insurance

Co.

SAQ

81,900

47,237

Qualitas

Controladora

SAB

de

CV

5,000

46,091

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

900

243,508

Samsung

Life

Insurance

Co.

Ltd.

2,600

182,241

Sanlam

Ltd.

49,750

223,026

Santam

Ltd.

723

12,836

SBI

Life

Insurance

Co.

Ltd.(a)

8,050

168,603

Shin

Kong

Financial

Holding

Co.

Ltd.*

324,344

107,062

Shinkong

Insurance

Co.

Ltd.

7,450

21,464

Star

Health

&

Allied

Insurance

Co.

Ltd.*

4,900

35,470

Sunshine

Insurance

Group

Co.

Ltd.

775,000

283,730

Syarikat

Takaful

Malaysia

Keluarga

Bhd.

200,000

162,368

Thai

Life

Insurance

PCL,

NVDR

63,600

13,025

Tongyang

Life

Insurance

Co.

Ltd.

13,669

79,130

ZhongAn

Online

P&C

Insurance

Co.

Ltd.,

Class

H*(a)

20,000

34,204

6,964,167

Interactive

Media

&

Services

-

3

.0

%

Autohome,

Inc.,

Class

A

5,000

31,042

Baidu,

Inc.,

Class

A*

65,000

729,711

Dear

U

Co.

Ltd.*

423

7,527

Hello

Group,

Inc.,

ADR(b)

48,050

324,337

Info

Edge

India

Ltd.

1,650

138,482

JOYY,

Inc.,

ADR

1,092

36,353

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

110

Investments

Shares

Value

COMMON

STOCKS

(continued)

Interactive

Media

&

Services

(continued)

Kakao

Corp.

5,100

$

145,212

Kuaishou

Technology*(a)

55,000

308,372

Meitu,

Inc.(a)(b)

48,000

15,545

NAVER

Corp.

2,850

360,196

SOOP

Co.

Ltd.

275

20,674

Tencent

Holdings

Ltd.

121,500

5,633,295

Weibo

Corp.,

Class

A(b)

31,000

243,056

7,993,802

IT

Services

-

1

.7

%

Al

Moammar

Information

Systems

Co.*

505

24,631

Arabian

Internet

&

Communications

Services

Co.

384

30,070

Chinasoft

International

Ltd.

78,000

38,041

Coforge

Ltd.

1,350

101,667

Cyient

Ltd.

1,392

29,207

Elm

Co.

549

133,742

GDS

Holdings

Ltd.,

Class

A*

14,700

20,059

Happiest

Minds

Technologies

Ltd.

2,940

28,556

HCL

Technologies

Ltd.

21,000

411,980

Hyundai

Autoever

Corp.

94

11,218

Infosys

Ltd.

80,650

1,799,553

LTIMindtree

Ltd.(a)

1,850

125,018

Mphasis

Ltd.

1,296

44,772

Perfect

Presentation

For

Commercial

Services

Co.*

3,500

14,982

Persistent

Systems

Ltd.

1,874

108,155

Posco

DX

Co.

Ltd.

816

17,129

Samsung

SDS

Co.

Ltd.

1,200

128,651

Sonata

Software

Ltd.

5,490

48,314

Systex

Corp.

8,208

30,465

Tata

Consultancy

Services

Ltd.

19,700

1,031,801

Tata

Technologies

Ltd.

1,650

19,694

Tech

Mahindra

Ltd.

13,850

257,121

Wipro

Ltd.

28,350

176,746

Zensar

Technologies

Ltd.

2,950

27,952

4,659,524

Leisure

Products

-

0

.1

%

Ferretti

SpA

50,000

150,090

Fusheng

Precision

Co.

Ltd.

3,950

34,369

Giant

Manufacturing

Co.

Ltd.

5,181

37,356

Johnson

Health

Tech

Co.

Ltd.

2,000

6,936

Investments

Shares

Value

Leisure

Products

(continued)

Merida

Industry

Co.

Ltd.

2,745

$

20,878

Topkey

Corp.

24,100

136,740

386,369

Life

Sciences

Tools

&

Services

-

0

.2

%

Divi's

Laboratories

Ltd.

2,850

167,578

EirGenix,

Inc.*

6,144

16,374

Genscript

Biotech

Corp.*(b)

8,000

12,739

LigaChem

Biosciences,

Inc.*

816

50,083

Peptron,

Inc.*

672

32,215

Samsung

Biologics

Co.

Ltd.*(a)

350

238,460

Syngene

International

Ltd.(a)

4,200

40,521

WuXi

AppTec

Co.

Ltd.,

Class

A

4,760

28,019

WuXi

AppTec

Co.

Ltd.,

Class

H(a)(b)

5,218

21,408

607,397

Machinery

-

1

.2

%

Action

Construction

Equipment

Ltd.

1,488

24,763

AIA

Engineering

Ltd.

600

33,117

Airtac

International

Group

3,000

76,392

Ashok

Leyland

Ltd.

24,550

75,381

BEML

Ltd.

450

24,536

China

CSSC

Holdings

Ltd.,

Class

A*

10,300

58,405

China

International

Marine

Containers

Group

Co.

Ltd.,

Class

A

9,600

10,534

China

International

Marine

Containers

Group

Co.

Ltd.,

Class

H

9,400

7,316

Cochin

Shipyard

Ltd.(a)

1,450

45,375

Craftsman

Automation

Ltd.

343

22,898

Creative

&

Innovative

System*

2,703

18,534

CSBC

Corp.

Taiwan*

29,992

15,329

Cummins

India

Ltd.

2,424

111,528

Doosan

Bobcat,

Inc.

1,300

38,903

Doosan

Robotics,

Inc.*

336

17,377

Elgi

Equipments

Ltd.

3,360

27,802

Escorts

Kubota

Ltd.

564

28,112

Grindwell

Norton

Ltd.

771

23,836

Haitian

International

Holdings

Ltd.

15,000

43,491

Hanwha

Ocean

Co.

Ltd.*

2,050

45,489

HD

Hyundai

Construction

Equipment

Co.

Ltd.

3,850

166,388

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

111

Investments

Shares

Value

COMMON

STOCKS

(continued)

Machinery

(continued)

HD

Hyundai

Heavy

Industries

Co.

Ltd.*

282

$

43,219

HD

Hyundai

Infracore

Co.

Ltd.

3,822

22,126

HD

Hyundai

Mipo*

400

34,138

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.*

1,350

202,978

Hiwin

Technologies

Corp.

5,535

33,762

Hyundai

Elevator

Co.

Ltd.

676

20,942

Hyundai

Rotem

Co.

Ltd.

1,175

41,734

Jiangsu

Hengli

Hydraulic

Co.

Ltd.,

Class

A

2,000

12,675

Jupiter

Wagons

Ltd.

4,848

35,279

Kaori

Heat

Treatment

Co.

Ltd.

2,214

23,676

Kenmec

Mechanical

Engineering

Co.

Ltd.

8,075

24,345

Kinik

Co.

2,800

26,492

Kirloskar

Brothers

Ltd.

700

20,374

Kirloskar

Oil

Engines

Ltd.

3,216

47,405

KSB

Ltd.

2,695

30,953

Lakshmi

Machine

Works

Ltd.

150

28,009

Marcopolo

SA

70,000

58,326

Marcopolo

SA

(Preference)

229,800

246,762

Ningbo

Deye

Technology

Co.

Ltd.,

Class

A

1,260

16,911

Otokar

Otomotiv

ve

Savunma

Sanayi

A/S

1,440

26,551

Pentamaster

Corp.

Bhd.

30,600

32,568

People

&

Technology,

Inc.*

6,100

241,031

Rainbow

Robotics*

144

14,622

Sam

Engineering

&

Equipment

M

Bhd.

4,700

5,831

Samsung

Heavy

Industries

Co.

Ltd.*

11,450

97,388

Sany

Heavy

Equipment

International

Holdings

Co.

Ltd.

12,000

7,204

Sany

Heavy

Industry

Co.

Ltd.,

Class

A

20,000

44,693

Schaeffler

India

Ltd.

846

43,118

SFA

Engineering

Corp.

5,550

101,990

Shanghai

Zhenhua

Heavy

Industries

Co.

Ltd.,

Class

B*

4,800

1,042

Shin

Zu

Shing

Co.

Ltd.

5,760

36,975

Shuangliang

Eco-Energy

Systems

Co.

Ltd.,

Class

A

15,600

9,584

Sinotruk

Hong

Kong

Ltd.

25,000

65,764

SK

oceanplant

Co.

Ltd.*

1,219

11,245

Investments

Shares

Value

Machinery

(continued)

SKF

India

Ltd.

385

$

25,765

Sunonwealth

Electric

Machine

Industry

Co.

Ltd.

5,022

14,530

Thermax

Ltd.

576

34,891

Tian

Di

Science

&

Technology

Co.

Ltd.,

Class

A

4,900

3,939

Timken

India

Ltd.

329

16,770

Titagarh

Rail

System

Ltd.

2,400

46,718

Turk

Traktor

ve

Ziraat

Makineleri

A/S

1,352

31,625

UWC

Bhd.*

20,400

12,788

Vesuvius

India

Ltd.

336

20,740

Waffer

Technology

Corp.

5,280

11,967

Weichai

Power

Co.

Ltd.,

Class

A

25,000

47,737

Weichai

Power

Co.

Ltd.,

Class

H

50,000

79,877

XCMG

Construction

Machinery

Co.

Ltd.,

Class

A

28,800

26,102

Yangzijiang

Shipbuilding

Holdings

Ltd.

75,000

150,830

Zhejiang

Sanhua

Intelligent

Controls

Co.

Ltd.,

Class

A

4,800

12,234

Zhengzhou

Coal

Mining

Machinery

Group

Co.

Ltd.,

Class

A

10,400

17,513

Zhengzhou

Coal

Mining

Machinery

Group

Co.

Ltd.,

Class

H

10,000

11,073

Zhuzhou

CRRC

Times

Electric

Co.

Ltd.,

Class

H(b)

11,800

43,578

Zoomlion

Heavy

Industry

Science

and

Technology

Co.

Ltd.,

Class

A

17,700

16,483

Zoomlion

Heavy

Industry

Science

and

Technology

Co.

Ltd.,

Class

H

29,200

16,484

3,266,862

Marine

Transportation

-

0

.5

%

Cia

Sud

Americana

de

Vapores

SA

402,367

27,565

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

A

35,300

64,230

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H

75,000

106,951

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

112

Investments

Shares

Value

COMMON

STOCKS

(continued)

Marine

Transportation

(continued)

Evergreen

Marine

Corp.

Taiwan

Ltd.

29,750

$

154,316

Far-Eastern

Shipping

Co.

plc*‡

302,500

—

Gulf

Navigation

Holding

PJSC*

14,976

24,423

HMM

Co.

Ltd.

6,650

87,910

Korea

Line

Corp.*

61,350

96,476

MISC

Bhd.

70,000

133,921

Orient

Overseas

International

Ltd.(b)

3,500

49,418

Pan

Ocean

Co.

Ltd.

6,321

17,791

Qatar

Navigation

QSC

31,300

101,869

Shanghai

Zhonggu

Logistics

Co.

Ltd.,

Class

A

7,252

8,850

Shipping

Corp.

of

India

Ltd.

56,250

192,609

Taiwan

Navigation

Co.

Ltd.

82,334

84,664

Transcoal

Pacific

Tbk.

PT

14,100

6,786

U-Ming

Marine

Transport

Corp.

14,000

21,977

Wan

Hai

Lines

Ltd.

28,150

66,714

Wisdom

Marine

Lines

Co.

Ltd.

11,898

25,700

Yang

Ming

Marine

Transport

Corp.

34,900

67,315

1,339,485

Media

-

0

.4

%

Affle

India

Ltd.*

1,450

26,152

Arabian

Contracting

Services

Co.*

240

14,457

Cheil

Worldwide,

Inc.

1,392

17,947

China

Literature

Ltd.*(a)

(b)

10,400

33,748

China

South

Publishing

&

Media

Group

Co.

Ltd.,

Class

A

9,600

15,688

Chinese

Universe

Publishing

and

Media

Group

Co.

Ltd.,

Class

A

4,800

8,654

Elang

Mahkota

Teknologi

Tbk.

PT

201,600

5,059

Focus

Media

Information

Technology

Co.

Ltd.,

Class

A

38,100

30,577

Grupo

Televisa

SAB,

Series

CPO(b)

918,800

405,879

Innocean

Worldwide,

Inc.

7,050

101,237

Megacable

Holdings

SAB

de

CV

20,200

47,479

Investments

Shares

Value

Media

(continued)

MultiChoice

Group*

7,200

$

43,260

Network18

Media

&

Investments

Ltd.*

9,120

10,696

Saudi

Research

&

Media

Group*

605

42,054

Sun

TV

Network

Ltd.

1,950

20,988

VGI

PCL,

NVDR*

2,560,000

117,066

Zee

Entertainment

Enterprises

Ltd.*

18,512

32,870

973,811

Metals

&

Mining

-

4

.0

%

Adaro

Minerals

Indonesia

Tbk.

PT*

120,400

9,922

African

Rainbow

Minerals

Ltd.(b)

3,744

44,456

Al

Masane

Al

Kobra

Mining

Co.

1,403

22,212

Alrosa

PJSC‡

85,800

—

Aluminum

Corp.

of

China

Ltd.,

Class

A

19,600

18,713

Aluminum

Corp.

of

China

Ltd.,

Class

H

100,000

56,068

Amman

Mineral

Internasional

PT*

200,000

145,449

Aneka

Tambang

Tbk.

201,400

16,288

Angang

Steel

Co.

Ltd.,

Class

H*(b)

38,000

5,886

Anglo

American

Platinum

Ltd.(b)

1,500

58,256

APL

Apollo

Tubes

Ltd.

3,429

60,837

Baoshan

Iron

&

Steel

Co.

Ltd.,

Class

A

60,000

56,455

Beijing

Shougang

Co.

Ltd.,

Class

A

10,600

4,092

Borusan

Birlesik

Boru

Fabrikalari

Sanayi

ve

Ticaret

A/S*

720

9,128

Bradespar

SA

(Preference)

80,000

262,103

Bumi

Resources

Minerals

Tbk.

PT*

1,235,000

11,925

CAP

SA*

21,600

121,391

Century

Iron

&

Steel

Industrial

Co.

Ltd.

2,544

16,988

China

Gold

International

Resources

Corp.

Ltd.*

4,900

26,720

China

Hongqiao

Group

Ltd.

75,000

93,510

China

Metal

Products*

89,950

119,039

China

Metal

Recycling

Holdings

Ltd.*‡(b)

51,000

—

China

Nonferrous

Mining

Corp.

Ltd.(b)

50,000

35,586

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

113

Investments

Shares

Value

COMMON

STOCKS

(continued)

Metals

&

Mining

(continued)

China

Northern

Rare

Earth

Group

High-Tech

Co.

Ltd.,

Class

A

9,300

$

22,494

China

Steel

Corp.

234,050

165,195

China

Zhongwang

Holdings

Ltd.*‡

699,600

—

Chun

Yuan

Steel

Industry

Co.

Ltd.

159,400

89,957

Chung

Hung

Steel

Corp.

23,000

14,974

Cia

Siderurgica

Nacional

SA

20,000

41,962

Citic

Pacific

Special

Steel

Group

Co.

Ltd.,

Class

A

10,600

18,261

CMOC

Group

Ltd.,

Class

A

43,200

44,652

CMOC

Group

Ltd.,

Class

H

51,000

40,672

CSN

Mineracao

SA

9,600

8,695

Dongkuk

Steel

Mill

Co.

Ltd.

9,850

64,462

DRDGOLD

Ltd.

10,054

10,252

East

Pipes

Integrated

Co.

for

Industry*

289

12,124

Eregli

Demir

ve

Celik

Fabrikalari

TAS

41,200

69,744

EVERGREEN

Steel

Corp.

6,672

24,764

Ezz

Steel

Co.

SAE*

75,744

128,266

Feng

Hsin

Steel

Co.

Ltd.

15,408

37,219

GEM

Co.

Ltd.,

Class

A

28,800

24,667

Gerdau

SA

(Preference)

37,764

121,989

Gloria

Material

Technology

Corp.

8,139

11,650

GMK

Norilskiy

Nickel

PAO‡

209,000

—

Godawari

Power

and

Ispat

Ltd.

21,550

289,011

Gold

Fields

Ltd.

17,550

307,948

Grupo

Mexico

SAB

de

CV,

Series

B

90,000

507,233

Harmony

Gold

Mining

Co.

Ltd.

15,033

147,113

Henan

Shenhuo

Coal

Industry

&

Electricity

Power

Co.

Ltd.,

Class

A

9,700

22,079

Hesteel

Co.

Ltd.,

Class

A

37,600

10,093

Hindalco

Industries

Ltd.

44,800

358,277

Hindustan

Copper

Ltd.

6,750

25,927

Hsin

Kuang

Steel

Co.

Ltd.

81,750

148,727

Huaibei

Mining

Holdings

Co.

Ltd.,

Class

A

9,400

19,393

Hunan

Valin

Steel

Co.

Ltd.,

Class

A

23,500

15,120

Hyundai

Steel

Co.

2,152

43,220

Investments

Shares

Value

Metals

&

Mining

(continued)

Impala

Platinum

Holdings

Ltd.

25,724

$

131,793

Industrias

CH

SAB

de

CV,

Class

B,

Series

B*

1,900

19,081

Industrias

Penoles

SAB

de

CV*(b)

2,585

37,765

Inner

Mongolia

BaoTou

Steel

Union

Co.

Ltd.,

Class

A*

70,500

14,242

Inner

Mongolia

ERDOS

Resources

Co.

Ltd.,

Class

A

6,272

7,359

Inner

Mongolia

ERDOS

Resources

Co.

Ltd.,

Class

B

10,388

8,799

Jai

Balaji

Industries

Ltd.*

2,016

22,445

Jiangxi

Copper

Co.

Ltd.,

Class

A

9,400

27,899

Jiangxi

Copper

Co.

Ltd.,

Class

H(b)

50,000

87,942

Jindal

Saw

Ltd.

4,128

31,965

Jindal

Stainless

Ltd.

6,100

53,949

Jindal

Steel

&

Power

Ltd.

8,900

105,047

JSW

Steel

Ltd.

24,700

273,834

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

A/S,

Class

A

79,250

57,157

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

A/S,

Class

D

258,000

235,634

KG

DONGBUSTEEL

16,800

76,877

Kirloskar

Ferrous

Industries

Ltd.

21,550

193,935

KISWIRE

Ltd.

2,850

41,712

Korea

Zinc

Co.

Ltd.

350

123,043

Koza

Altin

Isletmeleri

A/S*

27,440

19,210

Koza

Anadolu

Metal

Madencilik

Isletmeleri

A/S*

57,800

106,399

Kumba

Iron

Ore

Ltd.(b)

1,560

34,070

Lloyds

Metals

&

Energy

Ltd.*

2,064

18,031

Maanshan

Iron

&

Steel

Co.

Ltd.,

Class

A*

21,200

5,984

Maanshan

Iron

&

Steel

Co.

Ltd.,

Class

H*

22,000

3,070

Magnitogorsk

Iron

&

Steel

Works

PJSC‡

45,174

—

Maharashtra

Seamless

Ltd.

1,680

13,034

Merdeka

Battery

Materials

Tbk.

PT*

456,000

16,686

Merdeka

Copper

Gold

Tbk.

PT*

225,762

34,156

Metalurgica

Gerdau

SA

(Preference)

23,400

44,004

Minsur

SA

295,350

379,703

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

114

Investments

Shares

Value

COMMON

STOCKS

(continued)

Metals

&

Mining

(continued)

MMG

Ltd.*(b)

156,000

$

48,525

Nanjing

Iron

&

Steel

Co.

Ltd.,

Class

A

31,200

19,427

National

Aluminium

Co.

Ltd.

25,680

59,568

Nickel

Asia

Corp.

1,250,000

71,734

NMDC

Ltd.

22,150

63,917

NMDC

Steel

Ltd.*

33,350

23,198

Northam

Platinum

Holdings

Ltd.

10,750

84,304

Novolipetsk

Steel

PJSC‡

51,150

—

Pangang

Group

Vanadium

Titanium

&

Resources

Co.

Ltd.,

Class

A*

14,100

4,721

PMB

Technology

Bhd.*

4,700

1,841

Polyus

PJSC*‡

1,155

—

Poongsan

Corp.

500

21,209

POSCO

Holdings,

Inc.

1,950

497,857

Posco

M-Tech

Co.

Ltd.

931

12,402

Press

Metal

Aluminium

Holdings

Bhd.

80,000

93,329

PTC

Industries

Ltd.*

100

16,616

Qatar

Aluminum

Manufacturing

Co.

111,124

39,676

Ramkrishna

Forgings

Ltd.

3,648

37,376

Raspadskaya

OJSC*‡

4,240

—

Ratnamani

Metals

&

Tubes

Ltd.*

576

24,922

Sam-A

Aluminum

Co.

Ltd.

96

3,619

Sarda

Energy

&

Minerals

Ltd.

3,700

11,917

Saudi

Arabian

Mining

Co.*

23,291

267,245

SeAH

Besteel

Holdings

Corp.

5,850

80,479

SeAH

Steel

Holdings

Corp.

550

71,629

Severstal

PAO‡

5,995

—

Shandong

Gold

Mining

Co.

Ltd.,

Class

A

5,200

21,168

Shandong

Gold

Mining

Co.

Ltd.,

Class

H(a)

12,250

25,403

Shandong

Nanshan

Aluminum

Co.

Ltd.,

Class

A

18,800

9,417

Shanxi

Meijin

Energy

Co.

Ltd.,

Class

A*

9,400

5,723

Shanxi

Taigang

Stainless

Steel

Co.

Ltd.,

Class

A*

15,900

7,898

Shougang

Fushan

Resources

Group

Ltd.

96,000

33,794

Shyam

Metalics

&

Energy

Ltd.*

1,950

17,238

Sibanye

Stillwater

Ltd.(b)

80,950

92,826

Investments

Shares

Value

Metals

&

Mining

(continued)

Steel

Authority

of

India

Ltd.

28,100

$

51,361

TA

Chen

Stainless

Pipe*

59,800

71,316

Tata

Steel

Ltd.

160,950

317,810

TCC

Steel

240

6,398

Thye

Ming

Industrial

Co.

Ltd.

39,787

91,872

Tianshan

Aluminum

Group

Co.

Ltd.,

Class

A

24,700

23,514

Tongling

Nonferrous

Metals

Group

Co.

Ltd.,

Class

A

29,400

12,814

Trimegah

Bangun

Persada

Tbk.

PT

225,600

12,695

Tung

Ho

Steel

Enterprise

Corp.

17,050

38,229

United

Co.

RUSAL

International

PJSC*‡

75,100

—

Usha

Martin

Ltd.

6,762

30,669

Usinas

Siderurgicas

de

Minas

Gerais

SA

Usiminas

(Preference),

Class

A

155,000

170,554

Vale

Indonesia

Tbk.

PT*

29,912

6,880

Vale

SA

105,000

1,144,780

Vedanta

Ltd.

38,700

208,340

VSMPO-AVISMA

Corp.

PJSC‡

53

—

Welspun

Corp.

Ltd.

5,280

40,403

Western

Mining

Co.

Ltd.,

Class

A

4,800

10,706

Western

Superconducting

Technologies

Co.

Ltd.,

Class

A

1,052

5,619

Xiamen

Tungsten

Co.

Ltd.,

Class

A

3,900

9,174

Yieh

Phui

Enterprise

Co.

Ltd.

59,059

27,311

Young

Poong

Corp.

150

34,265

Yunnan

Aluminium

Co.

Ltd.,

Class

A

6,300

10,522

Yunnan

Copper

Co.

Ltd.,

Class

A

4,800

7,565

Yunnan

Tin

Co.

Ltd.,

Class

A

9,600

18,676

Zhaojin

Mining

Industry

Co.

Ltd.,

Class

H

24,500

43,844

Zhejiang

Huayou

Cobalt

Co.

Ltd.,

Class

A

4,840

15,725

Zhongjin

Gold

Corp.

Ltd.,

Class

A

15,600

34,666

Zijin

Mining

Group

Co.

Ltd.,

Class

A

35,000

80,296

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

115

Investments

Shares

Value

COMMON

STOCKS

(continued)

Metals

&

Mining

(continued)

Zijin

Mining

Group

Co.

Ltd.,

Class

H(b)

100,000

$

203,021

10,763,992

Multi-Utilities

-

0

.1

%

Dubai

Electricity

&

Water

Authority

PJSC

177,050

114,723

Power

&

Water

Utility

Co.

for

Jubail

&

Yanbu

1,225

20,080

Qatar

Electricity

&

Water

Co.

QSC

13,350

56,392

YTL

Corp.

Bhd.

100,000

74,219

YTL

Power

International

Bhd.

81,631

82,795

348,209

Office

REITs

-

0

.1

%

AREIT,

Inc.,

REIT

30,000

19,015

Embassy

Office

Parks

REIT,

REIT

8,680

37,598

JR

Global

Reit,

REIT

3,800

10,972

RL

Commercial

REIT,

Inc.,

REIT

1,460,000

141,309

Shinhan

Alpha

REIT

Co.

Ltd.,

REIT

3,773

18,526

227,420

Oil,

Gas

&

Consumable

Fuels

-

5

.5

%

3R

Petroleum

Oleo

E

Gas

SA

75,000

359,029

Adaro

Energy

Indonesia

Tbk.

PT

390,100

77,252

ADNOC

Logistics

&

Services

21,792

27,885

Aegis

Logistics

Ltd.

2,650

26,257

AKR

Corporindo

Tbk.

PT

140,000

13,044

Aldrees

Petroleum

and

Transport

Services

Co.

768

23,090

Bangchak

Corp.

PCL,

NVDR

14,000

12,372

Bangchak

Sriracha

PCL,

NVDR

300,000

62,281

Banpu

PCL,

NVDR

93,200

12,969

Bashneft

PJSC‡

1,305

—

Bashneft

PJSC

(Preference)‡

1,163

—

Bayan

Resources

Tbk.

PT

169,800

178,050

Bharat

Petroleum

Corp.

Ltd.

57,978

242,392

Bukit

Asam

Tbk.

PT

106,000

17,471

Bumi

Resources

Tbk.

PT*

5,042,100

23,257

CGN

Mining

Co.

Ltd.*

25,000

7,008

Investments

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Chennai

Petroleum

Corp.

Ltd.

16,000

$

190,510

China

Coal

Energy

Co.

Ltd.,

Class

A*

16,100

26,622

China

Coal

Energy

Co.

Ltd.,

Class

H(b)

51,000

51,705

China

Merchants

Energy

Shipping

Co.

Ltd.,

Class

A

14,100

15,218

China

Petroleum

&

Chemical

Corp.,

Class

A

130,000

116,742

China

Petroleum

&

Chemical

Corp.,

Class

H

700,000

449,821

China

Shenhua

Energy

Co.

Ltd.,

Class

A

15,000

82,503

China

Shenhua

Energy

Co.

Ltd.,

Class

H

100,000

416,667

China

Suntien

Green

Energy

Corp.

Ltd.,

Class

H

50,000

21,441

Coal

India

Ltd.

64,100

399,779

Cosan

SA

35,000

82,783

COSCO

SHIPPING

Energy

Transportation

Co.

Ltd.,

Class

A

8,600

18,326

COSCO

SHIPPING

Energy

Transportation

Co.

Ltd.,

Class

H(b)

12,000

14,409

Dana

Gas

PJSC*

1,844,450

343,983

Ecopetrol

SA

149,450

80,082

Empresas

Copec

SA

11,750

81,579

Enauta

Participacoes

SA*

30,000

114,847

Exxaro

Resources

Ltd.

6,250

66,952

Formosa

Petrochemical

Corp.

20,736

40,627

Gazprom

PJSC*‡

412,500

—

Great

Eastern

Shipping

Co.

Ltd.

(The)

33,750

559,344

Guanghui

Energy

Co.

Ltd.,

Class

A

15,100

12,724

Guangzhou

Development

Group,

Inc.,

Class

A

26,000

22,233

Gujarat

Mineral

Development

Corp.

Ltd.

3,024

14,472

Harum

Energy

Tbk.

PT*

850,000

62,208

HD

Hyundai

Co.

Ltd.

1,150

70,082

Helleniq

Energy

Holdings

SA(b)

1,316

10,538

Hibiscus

Petroleum

Bhd.

291,880

153,103

Hindustan

Petroleum

Corp.

Ltd.

27,900

130,705

Indian

Oil

Corp.

Ltd.

109,950

238,563

Indo

Tambangraya

Megah

Tbk.

PT

130,000

210,271

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

116

Investments

Shares

Value

COMMON

STOCKS

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

Inner

Mongolia

Dian

Tou

Energy

Corp.

Ltd.,

Class

A

10,200

$

26,703

Inner

Mongolia

Yitai

Coal

Co.

Ltd.,

Class

B

32,100

58,197

IRPC

PCL,

NVDR

401,800

16,570

Jinneng

Holding

Shanxi

Coal

Industry

Co.

Ltd.,

Class

A

4,900

10,170

Jizhong

Energy

Resources

Co.

Ltd.,

Class

A

4,800

3,766

Kinetic

Development

Group

Ltd.

700,000

95,878

LUKOIL

PJSC‡

12,265

—

Mangalore

Refinery

&

Petrochemicals

Ltd.

5,520

14,537

Medco

Energi

Internasional

Tbk.

PT

178,600

14,499

MOL

Hungarian

Oil

&

Gas

plc

9,850

76,760

Motor

Oil

Hellas

Corinth

Refineries

SA

1,678

42,707

Nanjing

Tanker

Corp.,

Class

A*

9,800

4,529

Novatek

PJSC‡

20,020

—

Oil

&

Natural

Gas

Corp.

Ltd.

120,450

480,771

Oil

India

Ltd.

19,335

133,370

Petrindo

Jaya

Kreasi

Tbk.

PT*

24,000

12,509

PetroChina

Co.

Ltd.,

Class

H

600,000

523,041

Petroleo

Brasileiro

SA

105,000

754,146

Petroleo

Brasileiro

SA

(Preference)

130,000

860,342

Petronas

Dagangan

Bhd.

4,900

18,920

Petronet

LNG

Ltd.

20,850

91,763

Petroreconcavo

SA

45,000

164,469

Pingdingshan

Tianan

Coal

Mining

Co.

Ltd.,

Class

A

9,800

14,238

PRIO

SA

25,000

212,507

PTT

Exploration

&

Production

PCL

469

1,934

PTT

Exploration

&

Production

PCL,

NVDR

44,531

183,646

PTT

PCL,

NVDR

235,000

210,969

Qatar

Fuel

QSC

22,750

92,100

Qatar

Gas

Transport

Co.

Ltd.

69,350

85,711

Rabigh

Refining

&

Petrochemical

Co.*

10,752

20,232

Reliance

Industries

Ltd.

80,700

2,901,937

Investments

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Rosneft

Oil

Co.

PJSC‡

72,122

$

—

Rosneft

Oil

Co.

PJSC,

GDR*‡(a)(e)

1,920

—

Saudi

Arabian

Oil

Co.(a)

114,956

845,648

Semirara

Mining

&

Power

Corp.,

Class

A

42,200

24,181

Shaanxi

Coal

Industry

Co.

Ltd.,

Class

A

25,000

80,911

Shan

Xi

Hua

Yang

Group

New

Energy

Co.

Ltd.,

Class

A

7,050

6,994

Shanxi

Coking

Coal

Energy

Group

Co.

Ltd.,

Class

A

9,400

10,770

Shanxi

Lu'an

Environmental

Energy

Development

Co.

Ltd.,

Class

A

10,000

21,516

Sinopec

Kantons

Holdings

Ltd.

300,000

163,210

SK

Discovery

Co.

Ltd.

3,200

88,789

SK

Gas

Ltd.

48

6,248

SK

Innovation

Co.

Ltd.*

1,700

128,665

S-Oil

Corp.

1,389

68,504

Star

Petroleum

Refining

PCL,

NVDR*

33,500

7,237

Surgutneftegas

PJSC‡

319,000

—

Surgutneftegas

PJSC

(Preference)‡

225,500

—

Tatneft

PJSC‡

22,094

—

Tatneft

PJSC,

ADR*‡

4,806

—

Tatneft

PJSC

(Preference)‡

3,870

—

Thai

Oil

PCL,

NVDR

35,002

49,589

Thungela

Resources

Ltd.

42,800

284,286

Transneft

PJSC

(Preference)‡

5,500

—

Turkiye

Petrol

Rafinerileri

A/S

23,600

116,395

Ultrapar

Participacoes

SA

20,000

78,581

United

Tractors

Tbk.

PT

40,000

63,469

Vista

Energy

SAB

de

CV,

ADR*

2,200

99,132

Yancoal

Australia

Ltd.

(a)(b)

9,400

42,777

Yankuang

Energy

Group

Co.

Ltd.,

Class

A

10,335

21,451

Yankuang

Energy

Group

Co.

Ltd.,

Class

H(b)

89,699

117,119

14,633,589

Paper

&

Forest

Products

-

0

.4

%

Century

Plyboards

India

Ltd.

3,256

27,523

Century

Textiles

&

Industries

Ltd.

1,050

29,288

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

117

Investments

Shares

Value

COMMON

STOCKS

(continued)

Paper

&

Forest

Products

(continued)

Chung

Hwa

Pulp

Corp.*

16,800

$

10,452

Dexco

SA

105,000

135,784

Dongwha

Enterprise

Co.

Ltd.*

1,102

10,918

Empresas

CMPC

SA

25,861

44,778

Indah

Kiat

Pulp

&

Paper

Tbk.

PT

87,500

44,934

Lee

&

Man

Paper

Manufacturing

Ltd.(b)

800,000

247,824

Longchen

Paper

&

Packaging

Co.

Ltd.*

266,200

112,975

Nine

Dragons

Paper

Holdings

Ltd.*

55,000

21,473

Pabrik

Kertas

Tjiwi

Kimia

Tbk.

PT

415,000

205,458

Sappi

Ltd.

16,314

47,710

Shandong

Sun

Paper

Industry

JSC

Ltd.,

Class

A

13,900

26,311

Shihlin

Paper

Corp.*

9,648

17,494

Suzano

SA

20,000

190,562

YFY,

Inc.

22,472

20,407

1,193,891

Passenger

Airlines

-

0

.4

%

Aegean

Airlines

SA(b)

1,056

13,141

Aeroflot

PJSC*‡

74,029

—

Air

Arabia

PJSC

66,300

47,473

Asiana

Airlines,

Inc.*

12,600

91,337

Bangkok

Airways

PCL,

NVDR

39,100

23,036

China

Airlines

Ltd.

61,000

42,591

China

Eastern

Airlines

Corp.

Ltd.,

Class

A*

14,300

7,895

China

Eastern

Airlines

Corp.

Ltd.,

Class

H*(b)

46,000

12,012

China

Southern

Airlines

Co.

Ltd.,

Class

A*

14,100

11,550

China

Southern

Airlines

Co.

Ltd.,

Class

H*

24,000

8,817

Eva

Airways

Corp.

82,300

86,256

Hainan

Airlines

Holding

Co.

Ltd.,

Class

A*

67,200

10,228

Hanjin

Kal

Corp.

816

40,837

InterGlobe

Aviation

Ltd.*(a)

3,350

178,933

Jazeera

Airways

Co.

KSCP

4,053

12,283

Jeju

Air

Co.

Ltd.*

13,550

94,582

Jin

Air

Co.

Ltd.*

7,800

59,545

Korean

Air

Lines

Co.

Ltd.

5,200

80,261

Latam

Airlines

Group

SA

7,263,077

89,631

Pegasus

Hava

Tasimaciligi

A/S*

5,283

35,741

Investments

Shares

Value

Passenger

Airlines

(continued)

Turk

Hava

Yollari

AO*

20,035

$

175,024

1,121,173

Personal

Care

Products

-

0

.6

%

Amorepacific

Corp.

661

87,237

AMOREPACIFIC

Group

611

13,802

APR

Corp.*

100

18,195

Colgate-Palmolive

India

Ltd.

2,600

105,955

Cosmax,

Inc.

144

16,202

Dabur

India

Ltd.

13,650

103,636

EIS

Eczacibasi

Ilac

ve

Sinai

ve

Finansal

Yatirimlar

Sanayi

ve

Ticaret

A/S

5,880

9,625

Emami

Ltd.

3,696

36,062

Giant

Biogene

Holding

Co.

Ltd.(a)

10,000

51,843

Gillette

India

Ltd.

192

17,943

Godrej

Consumer

Products

Ltd.

8,100

139,380

Grape

King

Bio

Ltd.

4,752

20,601

Hengan

International

Group

Co.

Ltd.

25,000

78,085

Hindustan

Unilever

Ltd.

17,600

568,735

Hyundai

Bioscience

Co.

Ltd.*

576

7,966

Industri

Jamu

Dan

Farmasi

Sido

Muncul

Tbk.

PT

456,000

20,332

Kolmar

Korea

Co.

Ltd.

240

11,279

LG

H&H

Co.

Ltd.

144

36,817

LG

H&H

Co.

Ltd.

(Preference)

43

4,850

Microbio

Co.

Ltd.*

1,580

1,944

Natura

&

Co.

Holding

SA

14,958

39,507

Procter

&

Gamble

Hygiene

&

Health

Care

Ltd.

256

51,686

Raymond

Lifestyle

Ltd.*‡

1,052

19,633

Sarantis

SA

1,666

19,795

TCI

Co.

Ltd.

1,000

4,366

1,485,476

Pharmaceuticals

-

1

.6

%

Ajanta

Pharma

Ltd.

576

18,541

Alembic

Pharmaceuticals

Ltd.

2,000

28,175

Alkem

Laboratories

Ltd.

1,350

85,608

Aspen

Pharmacare

Holdings

Ltd.

11,500

159,219

Asymchem

Laboratories

Tianjin

Co.

Ltd.,

Class

A

700

7,181

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

118

Investments

Shares

Value

COMMON

STOCKS

(continued)

Pharmaceuticals

(continued)

Aurobindo

Pharma

Ltd.

6,900

$

118,187

Beijing

Tong

Ren

Tang

Chinese

Medicine

Co.

Ltd.(b)

5,000

5,504

Bora

Pharmaceuticals

Co.

Ltd.*

1,008

25,146

Boryung

11,000

83,494

BrightGene

Bio-Medical

Technology

Co.

Ltd.,

Class

A

3,959

14,829

Caplin

Point

Laboratories

Ltd.

912

17,145

Caregen

Co.

Ltd.

144

2,364

Celltrion

Pharm,

Inc.*

142

10,355

Center

Laboratories,

Inc.

11,446

17,411

Changchun

High-Tech

Industry

Group

Co.

Ltd.,

Class

A

600

7,871

China

Medical

System

Holdings

Ltd.

50,000

41,475

China

Resources

Pharmaceutical

Group

Ltd.(a)

51,000

34,862

China

Shineway

Pharmaceutical

Group

Ltd.

100,000

103,303

China

Traditional

Chinese

Medicine

Holdings

Co.

Ltd.*(b)

100,000

42,243

Chong

Kun

Dang

Pharmaceutical

Corp.

302

24,458

Cipla

Ltd.*

11,050

203,807

Concord

Biotech

Ltd.

1,056

20,689

CSPC

Pharmaceutical

Group

Ltd.

182,080

135,651

Daewoong

Co.

Ltd.

7,350

114,781

Daewoong

Pharmaceutical

Co.

Ltd.

49

4,435

Dong-A

Socio

Holdings

Co.

Ltd.

1,100

89,087

DongKook

Pharmaceutical

Co.

Ltd.

720

9,225

Dr

Reddy's

Laboratories

Ltd.

2,650

213,652

Eris

Lifesciences

Ltd.*(a)

2,150

29,087

Gland

Pharma

Ltd.*(a)

971

24,836

GlaxoSmithKline

Pharmaceuticals

Ltd.

376

12,262

Glenmark

Pharmaceuticals

Ltd.

2,400

42,100

Grand

Pharmaceutical

Group

Ltd.

52,000

29,688

Granules

India

Ltd.

5,750

43,272

Investments

Shares

Value

Pharmaceuticals

(continued)

Hanall

Biopharma

Co.

Ltd.*

576

$

14,810

Hanmi

Pharm

Co.

Ltd.

150

31,487

Hansoh

Pharmaceutical

Group

Co.

Ltd.(a)(b)

14,000

30,609

HK

inno

N

Corp.

192

5,536

Hua

Han

Health

Industry

Holdings

Ltd.*‡

3,780,000

—

Hypera

SA*

10,000

50,949

Ipca

Laboratories

Ltd.

3,800

59,361

Jamjoom

Pharmaceuticals

Factory

Co.

480

20,137

JB

Chemicals

&

Pharmaceuticals

Ltd.

1,152

26,480

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.,

Class

A

10,200

59,574

Joincare

Pharmaceutical

Group

Industry

Co.

Ltd.,

Class

A

4,700

6,868

JW

Pharmaceutical

Corp.

4,000

92,537

Kalbe

Farma

Tbk.

PT

358,400

35,046

Laurus

Labs

Ltd.(a)

8,100

44,878

Livzon

Pharmaceutical

Group,

Inc.,

Class

H

3,930

12,049

Lotus

Pharmaceutical

Co.

Ltd.*

2,000

16,124

Lupin

Ltd.

5,450

124,444

Luye

Pharma

Group

Ltd.*(a)

24,000

8,571

Mankind

Pharma

Ltd.*

2,068

50,092

Mezzion

Pharma

Co.

Ltd.*

600

14,098

Natco

Pharma

Ltd.

2,500

40,648

Oneness

Biotech

Co.

Ltd.*

4,406

21,246

Oscotec,

Inc.*

1,034

31,131

Pfizer

Ltd.

341

23,014

Pharmally

International

Holding

Co.

Ltd.*‡

2,564

—

Piramal

Pharma

Ltd.

15,800

33,221

Richter

Gedeon

Nyrt.

4,089

116,547

Sam

Chun

Dang

Pharm

Co.

Ltd.*

240

31,849

Sanofi

Consumer

Healthcare

India

Ltd.*‡

144

6,488

Sanofi

India

Ltd.

144

11,367

Saudi

Pharmaceutical

Industries

&

Medical

Appliances

Corp.*

1,470

11,284

Shanghai

Fosun

Pharmaceutical

Group

Co.

Ltd.,

Class

A

6,900

22,513

Shanghai

Fosun

Pharmaceutical

Group

Co.

Ltd.,

Class

H(b)

19,000

31,569

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

119

Investments

Shares

Value

COMMON

STOCKS

(continued)

Pharmaceuticals

(continued)

Shanghai

Shyndec

Pharmaceutical

Co.

Ltd.,

Class

A

14,400

$

24,289

Shenzhen

Salubris

Pharmaceuticals

Co.

Ltd.,

Class

A

5,200

20,866

Shijiazhuang

Yiling

Pharmaceutical

Co.

Ltd.,

Class

A

4,700

10,288

Shin

Poong

Pharmaceutical

Co.

Ltd.*

1,824

15,713

Sichuan

Kelun

Pharmaceutical

Co.

Ltd.,

Class

A

4,800

19,952

Sino

Biopharmaceutical

Ltd.

178,999

64,386

SK

Biopharmaceuticals

Co.

Ltd.*

330

20,542

SSY

Group

Ltd.

10,000

4,992

ST

Pharm

Co.

Ltd.

141

9,135

Strides

Pharma

Science

Ltd.

2,300

29,371

Sun

Pharmaceutical

Industries

Ltd.

23,050

473,326

Suven

Pharmaceuticals

Ltd.*

3,300

39,303

Synmosa

Biopharma

Corp.

16,272

20,247

Tianjin

Pharmaceutical

Da

Re

Tang

Group

Corp.

Ltd.,

Class

S

9,600

22,656

Torrent

Pharmaceuticals

Ltd.

2,300

87,127

TTY

Biopharm

Co.

Ltd.

2,575

5,805

United

Laboratories

International

Holdings

Ltd.

(The)(b)

24,000

27,650

YiChang

HEC

ChangJiang

Pharmaceutical

Co.

Ltd.,

Class

H*(a)

144,600

171,588

Yuhan

Corp.

1,151

78,921

Yunnan

Baiyao

Group

Co.

Ltd.,

Class

A

5,000

34,945

Zhangzhou

Pientzehuang

Pharmaceutical

Co.

Ltd.,

Class

A

600

17,663

Zydus

Lifesciences

Ltd.

4,658

69,384

4,172,619

Professional

Services

-

0

.1

%

BLS

International

Services

Ltd.

3,626

15,567

Investments

Shares

Value

Professional

Services

(continued)

Computer

Age

Management

Services

Ltd.

1,007

$

54,532

CTOS

Digital

Bhd.

84,900

26,240

eClerx

Services

Ltd.

679

19,427

Firstsource

Solutions

Ltd.

6,900

22,534

L&T

Technology

Services

Ltd.(a)

510

31,771

My

EG

Services

Bhd.

88,989

19,175

NICE

Information

Service

Co.

Ltd.

11,000

82,695

RITES

Ltd.

2,100

17,935

Sporton

International,

Inc.

3,150

21,514

311,390

Real

Estate

Management

&

Development

-

2

.9

%

Advancetek

Enterprise

Co.

Ltd.*

111,650

228,599

Aldar

Properties

PJSC

107,700

216,690

Allos

SA

10,000

38,636

Amata

Corp.

PCL,

NVDR

159,300

105,470

Anant

Raj

Ltd.

3,840

25,458

Arabian

Centres

Co.(a)

4,032

21,472

Arriyadh

Development

Co.

2,145

13,652

Ayala

Land,

Inc.

86,700

43,814

Barwa

Real

Estate

Co.

70,750

54,000

Brigade

Enterprises

Ltd.

3,200

48,068

Bumi

Serpong

Damai

Tbk.

PT*

2,125,000

135,263

C&D

International

Investment

Group

Ltd.

(b)

32,004

53,668

Cathay

Real

Estate

Development

Co.

Ltd.

20,550

19,443

Cencosud

Shopping

SA

11,750

18,293

Central

Pattana

PCL,

NVDR

30,700

47,585

China

Dili

Group*‡

50,001

—

China

Jinmao

Holdings

Group

Ltd.(b)

1,800,000

142,857

China

Merchants

Shekou

Industrial

Zone

Holdings

Co.

Ltd.,

Class

A

19,600

23,839

China

Overseas

Land

&

Investment

Ltd.

100,000

162,058

China

Overseas

Property

Holdings

Ltd.

15,000

9,025

China

Resources

Land

Ltd.

78,500

235,641

China

Resources

Mixc

Lifestyle

Services

Ltd.

(a)

9,800

27,536

China

Vanke

Co.

Ltd.,

Class

A

24,000

23,545

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

120

Investments

Shares

Value

COMMON

STOCKS

(continued)

Real

Estate

Management

&

Development

(continued)

China

Vanke

Co.

Ltd.,

Class

H*(b)

60,000

$

32,949

Chong

Hong

Construction

Co.

Ltd.

7,150

29,692

Ciputra

Development

Tbk.

PT

2,885,049

222,678

Commercial

Real

Estate

Co.

KSC

478,050

228,425

Corp.

Inmobiliaria

Vesta

SAB

de

CV(b)

15,000

43,928

Country

Garden

Holdings

Co.

Ltd.*‡

282,000

11,075

Country

Garden

Services

Holdings

Co.

Ltd.(b)

52,000

31,352

Dar

Al

Arkan

Real

Estate

Development

Co.*

7,655

27,626

Delpha

Construction

Co.

Ltd.

8,965

15,764

DLF

Ltd.

16,550

175,751

Eco

World

Development

Group

Bhd.

370,000

142,540

Emaar

Development

PJSC

26,438

61,110

Emaar

Economic

City*

9,847

18,897

Emaar

Properties

PJSC

178,750

419,987

Fortress

Real

Estate

Investments

Ltd.,

Class

B

28,150

26,477

Gemdale

Corp.,

Class

A

14,100

6,165

Godrej

Properties

Ltd.*

2,100

80,750

Greenland

Holdings

Corp.

Ltd.,

Class

A*

33,600

6,695

Greentown

China

Holdings

Ltd.

25,000

18,913

Greentown

Service

Group

Co.

Ltd.(a)

500,000

218,894

Hainan

Airport

Infrastructure

Co.

Ltd.,

Class

A*

9,800

4,638

Hangzhou

Binjiang

Real

Estate

Group

Co.

Ltd.,

Class

A

4,300

4,843

Hanson

International

Tbk.

PT*‡

2,409,275

—

Highwealth

Construction

Corp.

50,000

97,353

Hopson

Development

Holdings

Ltd.*(b)

24,816

9,530

Huaku

Development

Co.

Ltd.

5,702

28,885

Huang

Hsiang

Construction

Corp.*

5,050

9,971

Iguatemi

SA

78,900

294,231

IOI

Properties

Group

Bhd.

52,800

24,478

KE

Holdings,

Inc.,

ADR

11,500

159,275

Investments

Shares

Value

Real

Estate

Management

&

Development

(continued)

KE

Holdings,

Inc.,

Class

A

10,000

$

46,467

Kindom

Development

Co.

Ltd.

12,950

23,836

LAMDA

Development

SA*

1,368

11,265

Land

&

Houses

PCL,

NVDR

150,800

24,326

Longfor

Group

Holdings

Ltd.(a)(b)

52,488

68,264

LSR

Group

PJSC,

Class

A‡

21,295

—

Mabanee

Co.

KPSC

16,577

45,518

Macrotech

Developers

Ltd.(a)

5,450

85,191

Mah

Sing

Group

Bhd.

535,000

218,914

MAS

P.L.C.*(b)

162,200

164,507

Matrix

Concepts

Holdings

Bhd.

275,000

113,723

MBK

PCL,

NVDR

147,444

67,424

Megaworld

Corp.

3,100,000

96,119

Metropolitan

Kentjana

Tbk.

PT

9,600

15,882

Multiplan

Empreendimentos

Imobiliarios

SA*

5,000

21,193

Oberoi

Realty

Ltd.

2,400

53,384

Onewo,

Inc.,

Class

H

5,000

12,340

OSK

Holdings

Bhd.

320,000

110,045

Pakuwon

Jati

Tbk.

PT

5,090,000

133,354

Parque

Arauco

SA

224,950

357,120

Phoenix

Mills

Ltd.

(The)

1,666

71,576

Plaza

SA

8,634

13,341

Poly

Developments

and

Holdings

Group

Co.

Ltd.,

Class

A

31,200

38,077

Prestige

Estates

Projects

Ltd.

2,208

47,887

Prince

Housing

&

Development

Corp.

50,000

18,938

Pruksa

Holding

PCL,

NVDR

305,000

76,154

Quality

Houses

PCL,

NVDR

1,850,000

92,902

Radiance

Holdings

Group

Co.

Ltd.*(a)(b)

200,000

61,444

Red

Star

Macalline

Group

Corp.

Ltd.,

Class

A*

14,700

5,227

Redco

Properties

Group

Ltd.*‡(a)

294,000

8,656

Retal

Urban

Development

Co.,

Class

A

5,400

17,703

Robinsons

Land

Corp.

570,000

144,317

Ruentex

Development

Co.

Ltd.

50,000

77,883

Salhia

Real

Estate

Co.

KSCP

17,090

23,771

Sansiri

PCL,

NVDR

2,660,000

125,370

Saudi

Real

Estate

Co.*

3,478

20,802

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

121

Investments

Shares

Value

COMMON

STOCKS

(continued)

Real

Estate

Management

&

Development

(continued)

Seazen

Group

Ltd.*(b)

900,000

$

161,290

Seazen

Holdings

Co.

Ltd.,

Class

A*

4,700

6,302

Shanghai

Jinqiao

Export

Processing

Zone

Development

Co.

Ltd.,

Class

B

4,800

4,042

Shanghai

Lujiazui

Finance

&

Trade

Zone

Development

Co.

Ltd.,

Class

B

4,900

2,269

Shanghai

Zhangjiang

High-Tech

Park

Development

Co.

Ltd.,

Class

A*

4,700

12,727

Shenzhen

Investment

Ltd.(b)

800,000

96,262

Shenzhen

Overseas

Chinese

Town

Co.

Ltd.,

Class

A*

22,200

6,328

Shoucheng

Holdings

Ltd.

98,000

15,681

Sichuan

Languang

Justbon

Services

Group

Co.

Ltd.,

Class

H*‡

26,500

—

SignatureGlobal

India

Ltd.*

765

13,596

Sime

Darby

Property

Bhd.

86,400

29,712

Sinic

Holdings

Group

Co.

Ltd.*‡

318,000

—

SK

D&D

Co.

Ltd.

1

7

SM

Prime

Holdings,

Inc.

195,000

96,205

Sobha

Ltd.

900

19,350

SP

Setia

Bhd.

Group

50,000

17,412

Sunac

China

Holdings

Ltd.*(b)

1,850,000

251,024

Supalai

PCL,

NVDR

23,800

11,284

Talaat

Moustafa

Group

19,728

22,833

United

Development

Co.

QSC

582,650

176,187

UOA

Development

Bhd.

28,000

11,518

Valor

Estate

Ltd.*

8,592

21,631

WHA

Corp.

PCL,

NVDR

117,490

17,305

Youngor

Fashion

Co.

Ltd.,

Class

A

14,400

14,246

Yuexiu

Property

Co.

Ltd.

(b)

57,079

36,533

Yungshin

Construction

&

Development

Co.

Ltd.

1,600

14,116

Zhuhai

Huafa

Properties

Co.

Ltd.,

Class

A

4,900

4,061

‌

7,722,325

Investments

Shares

Value

Residential

REITs

-

0

.0

%

(d)

Emlak

Konut

Gayrimenkul

Yatirim

Ortakligi

A/S,

REIT*

111,256

$

38,978

Retail

REITs

-

0

.4

%

CPN

Retail

Growth

Leasehold

REIT,

REIT

870,100

263,630

Hyprop

Investments

Ltd.,

REIT(b)

125,800

223,299

IGB

REIT,

REIT

53,900

22,993

LOTTE

Reit

Co.

Ltd.,

REIT

1,828

5,045

Pavilion

REIT,

REIT

15,000

4,375

Resilient

REIT

Ltd.,

REIT(b)

96,500

266,564

Sunway

REIT,

REIT

53,900

19,005

Vukile

Property

Fund

Ltd.,

REIT(b)

362,670

328,354

1,133,265

Semiconductors

&

Semiconductor

Equipment

-

8

.1

%

3peak,

Inc.,

Class

A*

245

3,048

ADATA

Technology

Co.

Ltd.

8,352

23,707

Advanced

Wireless

Semiconductor

Co.*

5,104

16,615

Airoha

Technology

Corp.

1,250

23,426

Alchip

Technologies

Ltd.

1,600

127,533

Amlogic

Shanghai

Co.

Ltd.,

Class

A

1,536

14,034

Andes

Technology

Corp.*

1,507

17,078

Anji

Microelectronics

Technology

Shanghai

Co.

Ltd.,

Class

A

165

2,624

AP

Memory

Technology

Corp.

2,224

21,584

Ardentec

Corp.

12,672

24,673

ASE

Technology

Holding

Co.

Ltd.

100,000

456,343

ASMedia

Technology,

Inc.

464

23,503

ASPEED

Technology,

Inc.

709

88,005

Cambricon

Technologies

Corp.

Ltd.,

Class

A*

500

18,269

China

Resources

Microelectronics

Ltd.,

Class

A

1,350

7,427

Chipbond

Technology

Corp.

21,776

42,200

ChipMOS

Technologies,

Inc.

15,504

18,608

D&O

Green

Technologies

Bhd.

15,300

11,555

Daqo

New

Energy

Corp.,

ADR*(b)

16,900

296,257

DB

HiTek

Co.

Ltd.

988

38,967

Duk

San

Neolux

Co.

Ltd.*

423

10,569

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

122

Investments

Shares

Value

COMMON

STOCKS

(continued)

Semiconductors

&

Semiconductor

Equipment

(continued)

Elan

Microelectronics

Corp.

3,378

$

14,182

Elite

Semiconductor

Microelectronics

Technology,

Inc.

12,360

31,887

eMemory

Technology,

Inc.

1,350

94,668

Ennostar,

Inc.

7,000

8,731

Eo

Technics

Co.

Ltd.

144

18,377

Episil

Technologies,

Inc.*

6,292

11,811

Eugene

Technology

Co.

Ltd.

350

11,643

Everlight

Electronics

Co.

Ltd.

11,850

28,120

Faraday

Technology

Corp.

4,154

37,471

Fitipower

Integrated

Technology,

Inc.

1,488

11,815

Flat

Glass

Group

Co.

Ltd.,

Class

A

5,200

13,563

Flat

Glass

Group

Co.

Ltd.,

Class

H(b)

1,000

1,449

FocalTech

Systems

Co.

Ltd.

9,176

23,059

Formosa

Advanced

Technologies

Co.

Ltd.

13,950

15,703

Formosa

Sumco

Technology

Corp.

1,000

4,609

Foxsemicon

Integrated

Technology,

Inc.

2,650

24,549

GCL

System

Integration

Technology

Co.

Ltd.,

Class

A*

9,800

2,644

GCL

Technology

Holdings

Ltd.*(b)

550,000

77,445

Global

Mixed

Mode

Technology,

Inc.

2,448

18,619

Global

Unichip

Corp.

1,432

50,100

Globalwafers

Co.

Ltd.

5,616

84,744

Grand

Process

Technology

Corp.

500

23,578

Greatek

Electronics,

Inc.

7,632

14,326

Gudeng

Precision

Industrial

Co.

Ltd.

1,812

25,165

HAESUNG

DS

Co.

Ltd.

3,750

98,738

Hana

Materials,

Inc.

318

11,618

Hangzhou

First

Applied

Material

Co.

Ltd.,

Class

A

5,213

11,195

Hangzhou

Silan

Microelectronics

Co.

Ltd.,

Class

A*

5,200

15,506

Hanmi

Semiconductor

Co.

Ltd.

969

92,343

Holtek

Semiconductor,

Inc.

5,712

9,245

HPSP

Co.

Ltd.

768

18,102

Investments

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Hua

Hong

Semiconductor

Ltd.(a)(b)

6,000

$

15,899

Inari

Amertron

Bhd.

39,200

32,251

Innox

Advanced

Materials

Co.

Ltd.

4,500

98,220

ISC

Co.

Ltd.

144

5,156

ITE

Technology,

Inc.

4,100

18,710

JA

Solar

Technology

Co.

Ltd.,

Class

A

9,992

14,918

JCET

Group

Co.

Ltd.,

Class

A

4,800

22,177

Jentech

Precision

Industrial

Co.

Ltd.

1,287

45,419

Jinko

Solar

Co.

Ltd.,

Class

A

35,651

36,060

Jusung

Engineering

Co.

Ltd.

1,152

23,889

King

Yuan

Electronics

Co.

Ltd.

18,480

59,033

Kinsus

Interconnect

Technology

Corp.

4,000

12,960

Koh

Young

Technology,

Inc.

1,692

14,232

LEENO

Industrial,

Inc.

200

29,127

LONGi

Green

Energy

Technology

Co.

Ltd.,

Class

A

15,248

30,593

LX

Semicon

Co.

Ltd.

3,650

198,838

M31

Technology

Corp.

460

15,604

Macronix

International

Co.

Ltd.

50,000

44,722

Marketech

International

Corp.

4,550

20,833

Materials

Analysis

Technology,

Inc.

1,000

8,092

MediaTek,

Inc.

30,500

1,132,035

Montage

Technology

Co.

Ltd.,

Class

A

3,875

31,956

MPI

Corp.

2,428

39,962

Nanya

Technology

Corp.*

26,600

46,208

NAURA

Technology

Group

Co.

Ltd.,

Class

A

800

37,924

NEXTIN,

Inc.

265

10,779

Novatek

Microelectronics

Corp.

12,100

192,525

Nuvoton

Technology

Corp.

4,000

12,778

Orient

Semiconductor

Electronics

Ltd.

14,256

20,818

Pan

Jit

International,

Inc.*

8,000

13,264

Parade

Technologies

Ltd.

1,400

31,433

Phison

Electronics

Corp.

2,776

43,325

Pixart

Imaging,

Inc.

4,200

20,827

Powerchip

Semiconductor

Manufacturing

Corp.*

52,000

36,386

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

123

Investments

Shares

Value

COMMON

STOCKS

(continued)

Semiconductors

&

Semiconductor

Equipment

(continued)

Powertech

Technology,

Inc.

14,550

$

72,374

Radiant

Opto-Electronics

Corp.

9,350

50,633

Raydium

Semiconductor

Corp.

1,824

20,726

RDC

Semiconductor

Co.

Ltd.

1,500

12,435

Realtek

Semiconductor

Corp.

9,850

153,429

S&S

Tech

Corp.

423

9,171

Sanan

Optoelectronics

Co.

Ltd.,

Class

A

4,800

7,910

SDI

Corp.

1,781

6,448

Seoul

Semiconductor

Co.

Ltd.

1,911

12,701

SFA

Semicon

Co.

Ltd.*

3,381

11,665

Shanghai

Aiko

Solar

Energy

Co.

Ltd.,

Class

A*

4,800

6,263

Shanghai

Fudan

Microelectronics

Group

Co.

Ltd.,

Class

A

1,050

4,819

Shanghai

Fudan

Microelectronics

Group

Co.

Ltd.,

Class

H

4,000

6,103

Sigurd

Microelectronics

Corp.

16,300

38,085

Silergy

Corp.

6,650

90,535

Silicon

Integrated

Systems

Corp.

5,959

14,159

SIMMTECH

Co.

Ltd.

7,100

156,259

Sino-American

Silicon

Products,

Inc.

16,352

95,764

Sitronix

Technology

Corp.

2,160

16,330

SK

Hynix,

Inc.

10,650

1,505,350

Sunplus

Technology

Co.

Ltd.*

5,116

5,058

Taiwan

Mask

Corp.*

7,000

15,163

Taiwan

Semiconductor

Co.

Ltd.

75,300

144,552

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

477,510

13,568,431

Taiwan-Asia

Semiconductor

Corp.

13,000

14,950

TCL

Zhonghuan

Renewable

Energy

Technology

Co.

Ltd.,

Class

A

10,375

12,533

TechWing,

Inc.

750

29,689

Tokai

Carbon

Korea

Co.

Ltd.

86

7,109

TongFu

Microelectronics

Co.

Ltd.,

Class

A

5,200

16,369

Tongwei

Co.

Ltd.,

Class

A

15,300

38,382

Investments

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Topco

Scientific

Co.

Ltd.

2,704

$

22,088

Trina

Solar

Co.

Ltd.,

Class

A

10,325

24,916

TSEC

Corp.*

26,708

22,467

Unisem

M

Bhd.

14,700

11,646

United

Microelectronics

Corp.

350,000

536,660

United

Renewable

Energy

Co.

Ltd.*

50,256

19,417

UPI

Semiconductor

Corp.

2,688

21,098

Vanguard

International

Semiconductor

Corp.

13,440

47,635

Verisilicon

Microelectronics

Shanghai

Co.

Ltd.,

Class

A*

528

2,450

Via

Technologies,

Inc.

5,424

19,967

VisEra

Technologies

Co.

Ltd.

1,392

13,869

Visual

Photonics

Epitaxy

Co.

Ltd.

4,000

18,254

ViTrox

Corp.

Bhd.

9,400

8,163

Wafer

Works

Corp.

26,154

29,281

Will

Semiconductor

Co.

Ltd.

Shanghai,

Class

A*

900

12,823

Win

Semiconductors

Corp.*

6,961

28,589

Winbond

Electronics

Corp.

59,371

41,814

WinWay

Technology

Co.

Ltd.

650

20,665

WONIK

IPS

Co.

Ltd.*

329

9,045

Wonik

QnC

Corp.

400

8,949

Xinjiang

Daqo

New

Energy

Co.

Ltd.,

Class

A

5,488

15,415

XinTec,

Inc.

3,000

21,402

Xinyi

Solar

Holdings

Ltd.

124,000

58,889

21,766,880

Software

-

0

.3

%

360

Security

Technology,

Inc.,

Class

A

9,800

10,143

Ahnlab,

Inc.

1,950

82,008

Beijing

Kingsoft

Office

Software,

Inc.,

Class

A

611

17,808

Beijing

Shiji

Information

Technology

Co.

Ltd.,

Class

A

6,370

4,936

Birlasoft

Ltd.

5,614

45,302

CE

Info

Systems

Ltd.

480

13,642

Douzone

Bizon

Co.

Ltd.

350

15,558

EMRO,

Inc.*

294

10,955

Hundsun

Technologies,

Inc.,

Class

A

4,550

11,534

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

124

Investments

Shares

Value

COMMON

STOCKS

(continued)

Software

(continued)

Iflytek

Co.

Ltd.,

Class

A

4,800

$

26,381

Intellect

Design

Arena

Ltd.

3,072

35,573

Kingdee

International

Software

Group

Co.

Ltd.*

50,000

40,131

KPIT

Technologies

Ltd.

2,593

57,064

NavInfo

Co.

Ltd.,

Class

A*

4,700

4,585

Newgen

Software

Technologies

Ltd.

1,920

23,601

Oracle

Financial

Services

Software

Ltd.

450

59,360

Qi

An

Xin

Technology

Group,

Inc.,

Class

A*

539

1,802

Rategain

Travel

Technologies

Ltd.*

1,968

19,302

Route

Mobile

Ltd.

954

18,544

Shanghai

Baosight

Software

Co.

Ltd.,

Class

A

3,200

14,231

Shanghai

Baosight

Software

Co.

Ltd.,

Class

B

9,949

16,276

Tanla

Platforms

Ltd.

2,652

31,457

Tata

Elxsi

Ltd.

650

54,222

TOTVS

SA

10,000

49,091

Yonyou

Network

Technology

Co.

Ltd.,

Class

A*

4,700

6,230

669,736

Specialty

Retail

-

0

.9

%

Abu

Dhabi

National

Oil

Co.

for

Distribution

PJSC

49,400

48,015

Aditya

Birla

Fashion

and

Retail

Ltd.*

6,536

26,830

Ali

Alghanim

Sons

Automotive

Co.

KSCC

40,550

140,807

Aurora

Design

PCL,

NVDR

29,300

12,412

Bermaz

Auto

Bhd.

330,000

174,535

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

Class

A

4,600

43,670

Chow

Tai

Fook

Jewellery

Group

Ltd.(b)

49,000

44,534

Com7

PCL,

NVDR

9,300

5,322

Detsky

Mir

PJSC*‡(a)

258,500

—

Dogan

Sirketler

Grubu

Holding

A/S

39,249

19,891

Dogus

Otomotiv

Servis

ve

Ticaret

A/S

893

6,486

EEKA

Fashion

Holdings

Ltd.

100,000

116,615

Investments

Shares

Value

Specialty

Retail

(continued)

Foschini

Group

Ltd.

(The)

11,250

$

83,129

FSN

E-Commerce

Ventures

Ltd.*

18,240

42,042

HLA

Group

Corp.

Ltd.,

Class

A

4,900

4,448

Home

Product

Center

PCL,

NVDR

78,600

20,066

Hotai

Motor

Co.

Ltd.

9,550

187,978

Hotel

Shilla

Co.

Ltd.

470

17,069

Italtile

Ltd.(b)

142,050

93,704

Jarir

Marketing

Co.

7,312

25,296

JUMBO

SA

1,800

48,227

Lojas

Renner

SA

30,000

70,373

M.Video

PJSC*‡

31,680

—

Map

Aktif

Adiperkasa

PT

240,000

11,956

Metro

Brands

Ltd.

1,785

28,820

Motus

Holdings

Ltd.(b)

46,050

261,346

MR

DIY

Group

M

Bhd.(a)

57,600

26,327

Mr

Price

Group

Ltd.

6,950

82,638

National

Petroleum

Co.

Ltd.

2,000

3,918

Padini

Holdings

Bhd.

9,600

7,083

Pan

German

Universal

Motors

Ltd.

10,320

92,933

Pepkor

Holdings

Ltd.(a)

50,750

56,884

Pop

Mart

International

Group

Ltd.(a)

9,800

51,998

PTT

Oil

&

Retail

Business

PCL,

NVDR

29,400

13,032

Shanghai

Yuyuan

Tourist

Mart

Group

Co.

Ltd.,

Class

A

9,400

7,102

Shinsegae

International,

Inc.

5,850

60,338

Siam

Global

House

PCL,

NVDR

42,188

18,227

Super

Group

Ltd.(b)

108,300

180,984

Topsports

International

Holdings

Ltd.(a)

52,000

23,231

Truworths

International

Ltd.

9,740

48,445

United

Electronics

Co.

310

7,585

Vibra

Energia

SA

30,000

122,914

Wilcon

Depot,

Inc.

34,300

10,283

Zhongsheng

Group

Holdings

Ltd.

26,000

40,671

2,388,164

Technology

Hardware,

Storage

&

Peripherals

-

4

.0

%

Acer,

Inc.

69,444

92,641

Advantech

Co.

Ltd.

8,734

92,070

AIC,

Inc.

9,350

107,950

Asia

Vital

Components

Co.

Ltd.

6,650

128,671

ASROCK,

Inc.

2,736

16,606

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

125

Investments

Shares

Value

COMMON

STOCKS

(continued)

Technology

Hardware,

Storage

&

Peripherals

(continued)

Asustek

Computer,

Inc.

20,000

$

277,457

AURAS

Technology

Co.

Ltd.

1,550

31,594

Catcher

Technology

Co.

Ltd.

13,550

87,805

Chenbro

Micom

Co.

Ltd.

3,360

28,264

Chicony

Electronics

Co.

Ltd.

13,050

61,736

China

Greatwall

Technology

Group

Co.

Ltd.,

Class

A*

5,500

6,606

Clevo

Co.

13,536

24,914

CMC

Magnetics

Corp.*

350,000

131,503

Compal

Electronics,

Inc.

123,700

118,356

CosmoAM&T

Co.

Ltd.*

450

42,426

Darfon

Electronics

Corp.

68,800

115,957

Elitegroup

Computer

Systems

Co.

Ltd.

100,900

88,100

Ennoconn

Corp.

2,304

21,239

Getac

Holdings

Corp.

13,624

42,484

Gigabyte

Technology

Co.

Ltd.

11,550

91,009

HTC

Corp.*

11,432

15,320

Ibase

Technology,

Inc.*

4,512

11,242

IEI

Integration

Corp.

43,500

108,915

Innodisk

Corp.

1,321

11,032

Inventec

Corp.

63,200

91,714

King

Slide

Works

Co.

Ltd.

1,104

37,114

Kinpo

Electronics

407,500

290,717

Legend

Holdings

Corp.,

Class

H*(a)(b)

195,000

139,036

Lenovo

Group

Ltd.

208,000

268,387

Lite-On

Technology

Corp.

64,300

193,859

Micro-Star

International

Co.

Ltd.

21,000

108,290

Mitac

Holdings

Corp.

14,304

18,386

Ninestar

Corp.,

Class

A*

5,200

19,434

Pegatron

Corp.

58,304

178,264

Qisda

Corp.

50,000

53,088

Quanta

Computer,

Inc.

56,450

467,984

Quanta

Storage,

Inc.

5,200

15,804

Samsung

Electronics

Co.

Ltd.

99,763

6,079,619

Samsung

Electronics

Co.

Ltd.

(Preference)

15,950

751,883

Shenzhen

Transsion

Holdings

Co.

Ltd.,

Class

A

1,842

20,609

Wistron

Corp.

56,000

164,916

Wiwynn

Corp.

2,150

132,781

‌

10,785,782

Investments

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

-

1

.1

%

361

Degrees

International

Ltd.

250,000

$

110,087

Aksa

Akrilik

Kimya

Sanayii

A/S

38,400

11,748

Alok

Industries

Ltd.*

23,980

7,713

Alpargatas

SA

(Preference)*

5,500

8,368

ANTA

Sports

Products

Ltd.

28,200

253,049

Arvind

Ltd.

4,000

18,030

Bata

India

Ltd.

848

16,167

Bosideng

International

Holdings

Ltd.(b)

100,000

50,051

Eclat

Textile

Co.

Ltd.

3,546

56,961

F&F

Co.

Ltd.

245

10,250

Feng

TAY

Enterprise

Co.

Ltd.

11,872

50,565

FF

Group*‡

3,536

—

Fila

Holdings

Corp.

1,167

36,279

Fuguiniao

Group

Ltd.*‡

334,800

—

Fulgent

Sun

International

Holding

Co.

Ltd.

45,850

165,294

Grendene

SA

90,000

93,618

Grupo

de

Moda

Soma

SA*

25,000

26,271

Hansae

Co.

Ltd.

5,750

82,068

JNBY

Design

Ltd.(a)

52,000

84,936

Kalyan

Jewellers

India

Ltd.

4,224

29,230

KPR

Mill

Ltd.

1,754

18,223

Lao

Feng

Xiang

Co.

Ltd.,

Class

B

7,400

26,574

Li

Ning

Co.

Ltd.

50,000

93,446

Makalot

Industrial

Co.

Ltd.

4,334

58,938

Mavi

Giyim

Sanayi

ve

Ticaret

A/S,

Class

B(a)

9,850

33,527

Page

Industries

Ltd.

104

52,661

Pou

Chen

Corp.

79,600

87,422

Rajesh

Exports

Ltd.*

38,750

145,621

Raymond

Ltd.

1,316

30,955

Relaxo

Footwears

Ltd.

987

10,240

Ruentex

Industries

Ltd.

24,300

59,364

Safari

Industries

India

Ltd.

864

21,371

Shenzhou

International

Group

Holdings

Ltd.

15,000

127,400

Shinkong

Textile

Co.

Ltd.

7,600

11,098

Sports

Gear

Co.

Ltd.

13,263

40,753

Swan

Energy

Ltd.

2,940

26,607

Tainan

Spinning

Co.

Ltd.*

49,000

26,311

Taiwan

Paiho

Ltd.

7,000

14,268

Titan

Co.

Ltd.

7,950

328,426

Trident

Ltd.

22,165

10,425

Vardhman

Textiles

Ltd.

40,300

262,630

Vedant

Fashions

Ltd.

864

11,873

VIP

Industries

Ltd.

3,025

16,816

Viva

Goods

Co.

Ltd.

1,200,000

89,094

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

126

Investments

Shares

Value

COMMON

STOCKS

(continued)

Textiles,

Apparel

&

Luxury

Goods

(continued)

Vivara

Participacoes

SA

5,300

$

22,549

Vulcabras

SA

30,000

82,155

Welspun

Living

Ltd.

7,370

16,155

Xtep

International

Holdings

Ltd.

27,500

16,545

Youngone

Corp.

480

13,545

Youngone

Holdings

Co.

Ltd.

1,800

106,032

2,971,709

Tobacco

-

0

.3

%

British

American

Tobacco

Malaysia

Bhd.

55,000

99,837

Eastern

Co.

SAE

37,292

17,150

Gudang

Garam

Tbk.

PT*

14,900

14,433

ITC

Ltd.

57,250

338,698

KT&G

Corp.

3,001

203,372

RLX

Technology,

Inc.,

ADR(b)

15,484

27,716

Smoore

International

Holdings

Ltd.(a)(b)

50,000

58,436

759,642

Trading

Companies

&

Distributors

-

0

.4

%

Adani

Enterprises

Ltd.

8,100

306,611

ALAFCO

Aviation

Lease

&

Finance

Co.

KSCP*

3,260

2,369

Barloworld

Ltd.

47,600

243,217

BOC

Aviation

Ltd.(a)

5,100

44,752

Chin

Hin

Group

Bhd.*

18,800

13,380

COSCO

SHIPPING

Development

Co.

Ltd.,

Class

A

37,600

12,747

HextarTechnologies

Solutions

Bhd.*

88,400

20,780

IndiaMart

InterMesh

Ltd.

(a)

480

16,882

LX

International

Corp.

9,000

201,017

Posco

International

Corp.

1,150

44,271

Realord

Group

Holdings

Ltd.*(b)

14,000

9,588

Shanghai

Waigaoqiao

Free

Trade

Zone

Group

Co.

Ltd.,

Class

B

65,000

46,735

Shanxi

Coal

International

Energy

Group

Co.

Ltd.,

Class

A

11,600

20,705

SK

Networks

Co.

Ltd.

31,750

107,121

Investments

Shares

Value

Trading

Companies

&

Distributors

(continued)

Xiamen

C

&

D,

Inc.,

Class

A

9,400

$

10,314

1,100,489

Transportation

Infrastructure

-

0

.9

%

Abu

Dhabi

Ports

Co.

PJSC*

13,395

18,964

Adani

Ports

&

Special

Economic

Zone

Ltd.

18,050

338,435

Airports

of

Thailand

PCL

54,000

85,215

Airports

of

Thailand

PCL,

NVDR

21,000

33,287

Athens

International

Airport

SA(b)

2,950

25,416

Bangkok

Expressway

&

Metro

PCL,

NVDR

148,000

32,386

CCR

SA

20,382

44,638

China

Merchants

Expressway

Network

&

Technology

Holdings

Co.

Ltd.,

Class

A

9,600

16,365

China

Merchants

Port

Holdings

Co.

Ltd.

22,521

33,153

COSCO

SHIPPING

Ports

Ltd.

11,464

6,824

EcoRodovias

Infraestrutura

e

Logistica

SA

80,000

100,341

GMR

Airports

Infrastructure

Ltd.*

50,434

61,277

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV,

Class

B

5,200

44,641

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

Class

B

7,750

123,651

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

Class

B

3,600

108,558

Guangdong

Provincial

Expressway

Development

Co.

Ltd.,

Class

B

9,800

9,032

International

Container

Terminal

Services,

Inc.

16,500

100,624

Jasa

Marga

Persero

Tbk.

PT

39,723

13,559

Jiangsu

Expressway

Co.

Ltd.,

Class

H

32,000

30,435

JSW

Infrastructure

Ltd.

5,850

23,682

Malaysia

Airports

Holdings

Bhd.

20,808

46,376

Ningbo

Zhoushan

Port

Co.

Ltd.,

Class

A

23,500

11,544

Novorossiysk

Commercial

Sea

Port

PJSC‡

189,696

—

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

127

Investments

Shares

Value

COMMON

STOCKS

(continued)

Transportation

Infrastructure

(continued)

Piraeus

Port

Authority

SA(b)

2,750

$

77,221

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

4,394

41,269

Qingdao

Port

International

Co.

Ltd.,

Class

A

20,800

26,219

Qingdao

Port

International

Co.

Ltd.,

Class

H(a)

49,000

36,568

Salik

Co.

PJSC

24,346

22,338

Santos

Brasil

Participacoes

SA

20,000

46,385

Saudi

Ground

Services

Co.*

1,815

24,768

Shanghai

International

Airport

Co.

Ltd.,

Class

A

5,200

24,881

Shanghai

International

Port

Group

Co.

Ltd.,

Class

A

43,200

36,104

Shenzhen

International

Holdings

Ltd.

24,500

19,633

Sociedad

Matriz

SAAM

SA

1,314,200

149,161

Taiwan

High

Speed

Rail

Corp.

51,000

46,159

TangShan

Port

Group

Co.

Ltd.,

Class

A

4,900

3,566

TAV

Havalimanlari

Holding

A/S*

5,712

44,638

Westports

Holdings

Bhd.

17,500

17,064

Wilson

Sons

SA

9,600

26,731

Yuexiu

Transport

Infrastructure

Ltd.

292,000

139,795

Zhejiang

Expressway

Co.

Ltd.,

Class

H(b)

600,000

394,009

2,484,912

Water

Utilities

-

0

.5

%

Aguas

Andinas

SA,

Class

A

908,850

269,235

AlKhorayef

Water

&

Power

Technologies

Co.*

411

19,828

Beijing

Capital

Eco-

Environment

Protection

Group

Co.

Ltd.,

Class

A

24,000

9,730

Beijing

Enterprises

Water

Group

Ltd.

132,000

40,722

China

Water

Affairs

Group

Ltd.(b)

300,000

195,085

Investments

Shares

Value

Water

Utilities

(continued)

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

5,600

$

87,417

Cia

de

Saneamento

de

Minas

Gerais

Copasa

MG

60,000

233,196

Cia

De

Sanena

Do

Parana

80,000

386,644

Emirates

Central

Cooling

Systems

Corp.

34,496

15,496

Guangdong

Investment

Ltd.

100,000

52,483

National

Central

Cooling

Co.

PJSC

5,029

4,190

1,314,026

Wireless

Telecommunication

Services

-

1

.1

%

Advanced

Info

Service

PCL,

NVDR

20,000

131,295

America

Movil

SAB

de

CV,

Series

B

539,000

450,167

Axiata

Group

Bhd.

49,004

25,598

Bharti

Airtel

Ltd.

52,050

927,222

Celcomdigi

Bhd.

65,000

53,760

Empresa

Nacional

de

Telecomunicaciones

SA

45,200

126,704

Etihad

Etisalat

Co.

8,667

120,122

Far

EasTone

Telecommunications

Co.

Ltd.

38,300

100,440

Indosat

Tbk.

PT

31,800

21,708

Intouch

Holdings

PCL,

NVDR

11,100

25,613

Kuwait

Telecommunications

Co.

3,699

6,489

Maxis

Bhd.

60,000

46,099

Mobile

Telecommunications

Co.

KSCP

64,200

95,601

Mobile

Telecommunications

Co.

Saudi

Arabia

8,508

24,672

Mobile

TeleSystems

PJSC‡

31,356

—

MTN

Group

Ltd.

50,800

220,919

PLDT,

Inc.

3,000

77,858

Sistema

AFK

PAO‡

122,643

—

SK

Telecom

Co.

Ltd.

2,850

111,992

Taiwan

Mobile

Co.

Ltd.

32,300

103,670

TIM

SA

25,000

77,352

Turkcell

Iletisim

Hizmetleri

A/S

29,150

92,969

Vodacom

Group

Ltd.

15,100

84,850

Vodafone

Idea

Ltd.*

577,750

112,267

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

128

Investments

Shares

Value

COMMON

STOCKS

(continued)

Wireless

Telecommunication

Services

(continued)

Vodafone

Qatar

QSC

44,198

$

20,515

XL

Axiata

Tbk.

PT

102,900

13,733

3,071,615

Total

Common

Stocks

(Cost

$227,017,217)

267,701,089

Number

of

Rights

RIGHTS

-

0

.0

%

(d)

Chemicals

-

0.0%

Eternal

Materials

Co.

Ltd.,

expiring

7/26/2024,

price

100.00

TWD*‡

158

—

Construction

&

Engineering

-

0.0%(d)

Kontrolmatik

Enerji

ve

Muhendislik

A/S,

expiring

8/2/2024,

price

1.00

TRY*

736

1,410

Consumer

Staples

Distribution

&

Retail

-

0.0%(d)

Pick

n

Pay

Stores

Ltd.,

expiring

8/2/2024,

price

1,586.00

ZAR*(b)

3,467

1,408

Food

Products

-

0.0%(d)

Tata

Consumer

Products

Ltd.,

expiring

8/19/2024,

price

818.00

INR*

446

1,976

Ground

Transportation

-

0.0%(d)

Localiza

Rent

a

Car

SA,

expiring

8/6/2024,

price

33.48

BRL*

153

314

Machinery

-

0.0%(d)

Shin

Zu

Shing

Co.

Ltd.,

expiring

9/13/2024,

price

1.00

TWD

184

230

Semiconductors

&

Semiconductor

Equipment

-

0.0%(d)

Winbond

Electronics

Corp.,

expiring

8/12/2024,

price

23.00

TWD*

3,636

17

Total

Rights

(Cost

$6,891)

5,355

Principal

Amount

CORPORATE

BONDS

-

0

.0

%

(d)

Independent

Power

and

Renewable

Electricity

Producers

-

0

.0

%

(d)

NTPC

Ltd.

Series

54,

8.49%,

3/25/2025

(Cost

$–)

$

19,650

1,213

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

-

1

.2

%

(f)

REPURCHASE

AGREEMENTS

-

1

.2

%

CF

Secured

LLC

5.34%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$3,181,247,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.88%,

maturing

8/15/2024

-

8/15/2053;

total

market

value

$3,257,056

$

3,180,775

$

3,180,775

TD

Prime

Services

LLC

5.42%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$100,015,

collateralized

by

various

Common

Stocks;

total

market

value

$111,615

100,000

100,000

3,280,775

Total

Securities

Lending

Reinvestments

(Cost

$3,280,775)

3,280,775

Total

Investments

-

100.9%

(Cost

$230,304,883)

270,988,432

Liabilities

in

excess

of

other

assets

-

(0.9%)

(2,436,625)

NET

ASSETS

-

100.0%

$268,551,807

*

Non-income

producing

security.

‡

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(a)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States

and

as

such

may

have

restrictions

on

resale.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2024.

The

total

value

of

securities

on

loan

at

July

31,

2024

was

$10,002,420,

collateralized

in

the

form

of

cash

with

a

value

of

$3,280,775

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$4,029,991

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

August

1,

2024

–

November

15,

2053

and

$3,284,385

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

5.75%,

and

maturity

dates

ranging

from

August

15,

2024

–

June

30,

2120;

a

total

value

of

$10,595,151.

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

129

(c)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

At

July

31,

2024,

the

value

of

these

securities

amounted

to

approximately

$14,775

or

0.01%

of

net

assets.

(d)

Represents

less

than

0.05%

of

net

assets.

(e)

Security

fair

valued

as

of

July

31,

2024

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Total

value

of

all

such

securities

at

July

31,

2024

amounted

to

$0,

which

represents

approximately

0.00%

of

net

assets

of

the

Fund.

(f)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2024.

The

total

value

of

securities

purchased

was

$3,280,775.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

NVDR

Non-Voting

Depositary

Receipt

OJSC

Open

Joint

Stock

Company

PJSC

Public

Joint

Stock

Company

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

REIT

Real

Estate

Investment

Trust

SCA

Limited

partnership

with

share

capital

Futures

Contracts

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2024:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

MSCI

Emerging

Markets

E-Mini

Index

71

09/20/2024

USD

$

3,892,575

$

5,419

Forward

Foreign

Currency

Contracts

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

had

the

following

outstanding

contracts

as

of

July

31,

2024:

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

USD

234,690

Goldman

Sachs

&

Co.

BRL

*

1,270,000

09/18/2024

$

11,135

USD

111,644

Goldman

Sachs

&

Co.

INR

*

9,340,000

09/18/2024

260

USD

254,896

Goldman

Sachs

&

Co.

TWD

*

8,206,120

09/18/2024

3,930

USD

294,244

JPMorgan

Chase

Bank

NA

TWD

*

9,600,000

09/18/2024

649

USD

113,940

UBS

AG

ZAR

2,080,000

09/18/2024

27

ZAR

1,130,000

BNP

Paribas

SA

USD

60,308

09/18/2024

1,577

USD

5,922

JPMorgan

Chase

Bank

NA

HKD

46,137

09/19/2024

8

Total

unrealized

appreciation

$

17,586

INR

*

4,031,500

Citibank

NA

USD

48,089

09/18/2024

$

(

12

)

TWD

*

3,940,000

JPMorgan

Chase

Bank

NA

USD

122,235

09/18/2024

(

1,739

)

KRW

*

140,093,410

Citibank

NA

USD

102,198

09/19/2024

(

141

)

USD

155,863

Citibank

NA

KRW

*

215,060,000

09/19/2024

(

805

)

Total

unrealized

depreciation

$

(

2,697

)

Net

unrealized

appreciation

$

14,889

*

Non-deliverable

forward.

Abbreviations:

BRL

—

Brazilian

Real

HKD

—

Hong

Kong

Dollar

INR

—

Indian

Rupee

KRW

—

Korean

Won

TWD

—

Taiwan

Dollar

USD

—

US

Dollar

ZAR

—

South

African

Rand

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

(cont.)

130

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

invested,

as

a

percentage

of

net

assets,

in

companies

domiciled

in

the

following

countries

as

of

July

31,

2024:

Australia

0‌

.0

†

Brazil

5‌

.5

%

Cayman

Islands

0‌

.0

†

Chile

1‌

.1

China

21‌

.1

Colombia

0‌

.5

Czech

Republic

0‌

.1

Egypt

0‌

.2

Germany

0‌

.0

†

Greece

0‌

.6

Hungary

0‌

.2

India

19‌

.2

Indonesia

2‌

.0

Italy

0‌

.0

†

Kuwait

0‌

.9

Luxembourg

0‌

.0

†

Malaysia

2‌

.3

Mexico

2‌

.6

Peru

0‌

.4

Philippines

0‌

.9

Qatar

1‌

.1

Romania

0‌

.1

Saudi

Arabia

2‌

.8

Singapore

0‌

.0

†

South

Africa

4‌

.1

South

Korea

12‌

.0

Taiwan

16‌

.2

Thailand

1‌

.9

Turkey

1‌

.4

United

Arab

Emirates

2‌

.2

United

Kingdom

0‌

.0

†

United

States

0‌

.3

Other

1

0‌

.3

100.0%

†

Amount

represents

less

than

0.05%.

1

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

%

of

Net

Assets

Common

Stocks

99‌

.7

%

Rights

0‌

.0

†

Corporate

Bonds

0‌

.0

†

Securities

Lending

Reinvestments

1‌

.2

Others

(1)

(

0‌

.9

)

100‌

.0

%

†

Amount

represents

less

than

0.05%.

(1)

Includes

any

other

net

assets/(liabilities).

131

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

US

Quality

Large

Cap

Index

Fund

July

31,2024

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

99

.4

%

Aerospace

&

Defense

-

1

.6

%

General

Electric

Co.

13,050

$

2,221,110

Lockheed

Martin

Corp.

2,610

1,414,411

Textron,

Inc.

580

53,882

3,689,403

Air

Freight

&

Logistics

-

0

.8

%

Expeditors

International

of

Washington,

Inc.

7,830

977,340

United

Parcel

Service,

Inc.,

Class

B

6,670

869,568

1,846,908

Automobile

Components

-

0

.0

%

(a)

Mobileye

Global,

Inc.,

Class

A*(b)

4,350

91,350

Automobiles

-

0

.6

%

Tesla,

Inc.*

5,510

1,278,706

Banks

-

4

.7

%

Bank

of

America

Corp.

51,185

2,063,267

Citigroup,

Inc.

44,805

2,906,948

Fifth

Third

Bancorp

13,485

570,955

JPMorgan

Chase

&

Co.

20,590

4,381,552

Wells

Fargo

&

Co.

14,355

851,826

10,774,548

Beverages

-

0

.3

%

Molson

Coors

Beverage

Co.,

Class

B(b)

10,730

567,081

Biotechnology

-

2

.2

%

AbbVie,

Inc.

2,610

483,685

Amgen,

Inc.

9,280

3,085,322

Gilead

Sciences,

Inc.

4,060

308,804

Regeneron

Pharmaceuticals,

Inc.*

216

233,105

United

Therapeutics

Corp.*

870

272,562

Vertex

Pharmaceuticals,

Inc.*

1,160

575,035

4,958,513

Broadline

Retail

-

3

.1

%

Amazon.com,

Inc.*

27,985

5,232,635

eBay,

Inc.(b)

18,415

1,024,058

Investments

Shares

Value

Broadline

Retail

(continued)

MercadoLibre,

Inc.*

495

$

826,106

7,082,799

Building

Products

-

0

.6

%

A

O

Smith

Corp.

2,610

221,954

Builders

FirstSource,

Inc.*

2,755

461,104

Masco

Corp.

7,395

575,701

1,258,759

Capital

Markets

-

2

.0

%

Bank

of

New

York

Mellon

Corp.

(The)

21,750

1,415,273

Goldman

Sachs

Group,

Inc.

(The)

1,015

516,665

Morgan

Stanley

12,325

1,272,063

Robinhood

Markets,

Inc.,

Class

A*

16,240

334,057

State

Street

Corp.

11,020

936,369

4,474,427

Chemicals

-

0

.3

%

Celanese

Corp.(b)

2,320

327,468

LyondellBasell

Industries

NV,

Class

A

3,045

302,856

630,324

Communications

Equipment

-

1

.1

%

Cisco

Systems,

Inc.

52,200

2,529,090

Consumer

Finance

-

1

.2

%

Capital

One

Financial

Corp.

9,425

1,426,945

Discover

Financial

Services

2,320

334,057

Synchrony

Financial

21,025

1,067,860

2,828,862

Consumer

Staples

Distribution

&

Retail

-

0

.5

%

Kroger

Co.

(The)

19,140

1,043,130

Target

Corp.

1,160

174,476

1,217,606

Diversified

Telecommunication

Services

-

0

.7

%

AT&T,

Inc.

81,925

1,577,056

Electric

Utilities

-

2

.5

%

Edison

International

6,090

487,261

Entergy

Corp.(b)

10,585

1,227,542

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

US

Quality

Large

Cap

Index

Fund

(cont.)

132

Investments

Shares

Value

COMMON

STOCKS

(continued)

Electric

Utilities

(continued)

Evergy,

Inc.

1,305

$

75,690

Exelon

Corp.

22,910

852,252

PPL

Corp.

40,165

1,193,704

Southern

Co.

(The)

23,055

1,925,554

5,762,003

Electrical

Equipment

-

0

.1

%

Emerson

Electric

Co.

1,740

203,771

Electronic

Equipment,

Instruments

&

Components

-

0

.3

%

Flex

Ltd.*

5,365

172,485

Jabil,

Inc.

5,075

571,800

744,285

Entertainment

-

0

.9

%

Electronic

Arts,

Inc.

4,350

656,589

Netflix,

Inc.*

2,030

1,275,550

1,932,139

Financial

Services

-

3

.1

%

Berkshire

Hathaway,

Inc.,

Class

B*

12,035

5,277,347

Corebridge

Financial,

Inc.

7,105

209,953

Fidelity

National

Information

Services,

Inc.

6,670

512,456

Fiserv,

Inc.*

5,800

948,706

6,948,462

Food

Products

-

0

.6

%

Archer-Daniels-Midland

Co.

1,160

71,931

Campbell

Soup

Co.

7,830

366,914

General

Mills,

Inc.

12,905

866,442

Kraft

Heinz

Co.

(The)

2,900

102,109

1,407,396

Health

Care

Equipment

&

Supplies

-

1

.2

%

Abbott

Laboratories

2,610

276,503

Align

Technology,

Inc.*

725

168,113

GE

HealthCare

Technologies,

Inc.(b)

2,030

171,799

Hologic,

Inc.*

6,235

508,838

IDEXX

Laboratories,

Inc.*

1,251

595,626

ResMed,

Inc.(b)

3,770

803,953

Stryker

Corp.

290

94,961

‌

2,619,793

Investments

Shares

Value

Health

Care

Providers

&

Services

-

4

.4

%

Cardinal

Health,

Inc.

4,495

$

453,231

Cencora,

Inc.

5,510

1,310,719

Centene

Corp.*

12,180

936,885

Cigna

Group

(The)

5,655

1,971,729

Elevance

Health,

Inc.

725

385,722

HCA

Healthcare,

Inc.

1,305

473,780

Labcorp

Holdings,

Inc.

3,358

723,447

McKesson

Corp.

3,045

1,878,826

UnitedHealth

Group,

Inc.

3,411

1,965,282

10,099,621

Hotel

&

Resort

REITs

-

0

.5

%

Host

Hotels

&

Resorts,

Inc.,

REIT

62,495

1,094,287

Hotels,

Restaurants

&

Leisure

-

1

.5

%

Airbnb,

Inc.,

Class

A*

3,770

526,141

Booking

Holdings,

Inc.

320

1,188,803

Carnival

Corp.*

24,795

413,085

DoorDash,

Inc.,

Class

A*

3,625

401,360

DraftKings,

Inc.,

Class

A*

5,365

198,237

Expedia

Group,

Inc.*

870

111,073

Royal

Caribbean

Cruises

Ltd.*

4,205

659,007

3,497,706

Household

Durables

-

1

.4

%

Lennar

Corp.,

Class

A

7,105

1,257,088

NVR,

Inc.*

145

1,248,084

PulteGroup,

Inc.(b)

4,205

555,060

3,060,232

Household

Products

-

1

.7

%

Colgate-Palmolive

Co.

8,555

848,570

Kimberly-Clark

Corp.

1,450

195,823

Procter

&

Gamble

Co.

(The)

17,980

2,890,465

3,934,858

Industrial

Conglomerates

-

0

.2

%

3M

Co.

3,625

462,369

Insurance

-

2

.0

%

Aflac,

Inc.(b)

13,775

1,313,859

American

International

Group,

Inc.

16,530

1,309,672

MetLife,

Inc.

15,805

1,214,614

Prudential

Financial,

Inc.

5,365

672,342

‌

4,510,487

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

US

Quality

Large

Cap

Index

Fund

(cont.)

133

Investments

Shares

Value

Interactive

Media

&

Services

-

7

.9

%

Alphabet,

Inc.,

Class

A

39,701

$

6,810,309

Alphabet,

Inc.,

Class

C

38,999

6,752,677

Meta

Platforms,

Inc.,

Class

A(b)

9,425

4,475,273

18,038,259

IT

Services

-

1

.6

%

Accenture

plc,

Class

A

5,075

1,677,897

Cognizant

Technology

Solutions

Corp.,

Class

A

10,730

812,046

Gartner,

Inc.*

2,320

1,162,761

3,652,704

Life

Sciences

Tools

&

Services

-

0

.8

%

Danaher

Corp.

580

160,706

ICON

plc*

1,740

571,486

Mettler-Toledo

International,

Inc.*

640

973,459

1,705,651

Machinery

-

2

.2

%

Caterpillar,

Inc.

5,945

2,058,159

Cummins,

Inc.

2,030

592,354

Illinois

Tool

Works,

Inc.

6,815

1,685,213

PACCAR,

Inc.

6,525

643,757

4,979,483

Media

-

1

.3

%

Comcast

Corp.,

Class

A

48,430

1,998,706

Omnicom

Group,

Inc.(b)

9,425

924,027

2,922,733

Metals

&

Mining

-

0

.9

%

Nucor

Corp.

6,380

1,039,557

Steel

Dynamics,

Inc.

8,120

1,081,747

2,121,304

Multi-Utilities

-

1

.6

%

Consolidated

Edison,

Inc.

12,615

1,230,215

DTE

Energy

Co.

9,280

1,118,518

Public

Service

Enterprise

Group,

Inc.

16,385

1,307,032

3,655,765

Oil,

Gas

&

Consumable

Fuels

-

2

.2

%

Exxon

Mobil

Corp.

8,555

1,014,538

Marathon

Petroleum

Corp.

8,990

1,591,410

Investments

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Occidental

Petroleum

Corp.

10,005

$

608,504

Phillips

66

3,480

506,270

Valero

Energy

Corp.

8,265

1,336,616

5,057,338

Pharmaceuticals

-

3

.5

%

Bristol-Myers

Squibb

Co.

18,560

882,713

Eli

Lilly

&

Co.

3,682

2,961,322

Johnson

&

Johnson

23,055

3,639,232

Merck

&

Co.,

Inc.

4,060

459,308

7,942,575

Professional

Services

-

0

.5

%

Automatic

Data

Processing,

Inc.

435

114,240

Leidos

Holdings,

Inc.

5,220

753,768

Paychex,

Inc.(b)

2,610

334,132

1,202,140

Real

Estate

Management

&

Development

-

0

.6

%

CBRE

Group,

Inc.,

Class

A*

11,890

1,340,122

Residential

REITs

-

1

.2

%

AvalonBay

Communities,

Inc.,

REIT

6,090

1,247,963

Equity

Residential,

REIT

3,770

262,505

Essex

Property

Trust,

Inc.,

REIT(b)

4,350

1,210,866

Mid-America

Apartment

Communities,

Inc.,

REIT

435

60,800

2,782,134

Retail

REITs

-

0

.6

%

Simon

Property

Group,

Inc.,

REIT

8,845

1,357,177

Semiconductors

&

Semiconductor

Equipment

-

12

.1

%

Analog

Devices,

Inc.

5,655

1,308,454

Applied

Materials,

Inc.

9,425

1,999,985

Broadcom,

Inc.

28,120

4,518,322

KLA

Corp.

2,534

2,085,659

Lam

Research

Corp.

2,465

2,270,857

Microchip

Technology,

Inc.

13,485

1,197,198

NVIDIA

Corp.

105,468

12,341,865

QUALCOMM,

Inc.

9,860

1,784,167

27,506,507

Software

-

9

.6

%

Adobe,

Inc.*

3,915

2,159,710

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

US

Quality

Large

Cap

Index

Fund

(cont.)

134

Investments

Shares

Value

COMMON

STOCKS

(continued)

Software

(continued)

ANSYS,

Inc.*

580

$

181,905

Bentley

Systems,

Inc.,

Class

B(b)

1,160

56,538

Cadence

Design

Systems,

Inc.*

435

116,432

Check

Point

Software

Technologies

Ltd.*

6,380

1,170,411

Fair

Isaac

Corp.*

725

1,160,000

Fortinet,

Inc.*

12,470

723,759

Intuit,

Inc.

3,770

2,440,509

Manhattan

Associates,

Inc.*

1,015

259,211

Microsoft

Corp.

27,130

11,349,836

Oracle

Corp.

14,500

2,022,025

Roper

Technologies,

Inc.

145

78,989

Salesforce,

Inc.

145

37,526

Zoom

Video

Communications,

Inc.,

Class

A*

1,450

87,580

21,844,431

Specialized

REITs

-

0

.9

%

Public

Storage,

REIT(b)

3,480

1,029,802

Weyerhaeuser

Co.,

REIT

32,915

1,045,380

2,075,182

Specialty

Retail

-

1

.9

%

AutoZone,

Inc.*(b)

435

1,363,155

Best

Buy

Co.,

Inc.

5,075

439,089

Home

Depot,

Inc.

(The)

3,915

1,441,346

Lowe's

Cos.,

Inc.

4,060

996,771

4,240,361

Technology

Hardware,

Storage

&

Peripherals

-

8

.7

%

Apple,

Inc.

83,334

18,506,815

Dell

Technologies,

Inc.,

Class

C

5,945

675,828

NetApp,

Inc.

2,465

313,006

Super

Micro

Computer,

Inc.*

290

203,478

19,699,127

Tobacco

-

0

.6

%

Altria

Group,

Inc.

5,800

284,258

Philip

Morris

International,

Inc.

10,150

1,168,874

‌

1,453,132

Investments

Shares

Value

Trading

Companies

&

Distributors

-

0

.6

%

WW

Grainger,

Inc.(b)

1,305

$

1,274,737

Total

Common

Stocks

(Cost

$171,352,506)

225,933,703

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

1

.6

%

(c)

REPURCHASE

AGREEMENTS

-

1

.6

%

CF

Secured

LLC

5.34%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$3,535,127,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.88%,

maturing

8/15/2024

-

8/15/2053;

total

market

value

$3,619,370  

(Cost

$3,534,603)

$3,534,603

3,534,603

Total

Investments

-

101.0%

(Cost

$174,887,109)

229,468,306

Liabilities

in

excess

of

other

assets

-

(1.0%)

(2,283,929)

NET

ASSETS

-

100.0%

$227,184,377

*

Non-income

producing

security.

(a)

Represents

less

than

0.05%

of

net

assets.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2024.

The

total

value

of

securities

on

loan

at

July

31,

2024

was

$11,920,779,

collateralized

in

the

form

of

cash

with

a

value

of

$3,534,603

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments

and

$8,489,941

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

August

15,

2024

–

February

15,

2054;

a

total

value

of

$12,024,544.

(c)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2024.

The

total

value

of

securities

purchased

was

$3,534,603.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

REIT

Real

Estate

Investment

Trust

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

US

Quality

Large

Cap

Index

Fund

(cont.)

135

Futures

Contracts

FlexShares®

US

Quality

Large

Cap

Index

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2024:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

S&P

500

Micro

E-Mini

Index

44

09/20/2024

USD

$

1,222,760

$

12,023

Abbreviations:

USD

—

US

Dollar

Security

Type

%

of

Net

Assets

Common

Stocks

99‌

.4

%

Securities

Lending

Reinvestments

1‌

.6

Others

(1)

(

1‌

.0

)

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

136

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares

®

STOXX

®

US

ESG

Select

Index

Fund

July

31,2024

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

99

.2

%

Air

Freight

&

Logistics

-

0

.3

%

Expeditors

International

of

Washington,

Inc.

486

$

60,663

FedEx

Corp.

1,350

408,037

468,700

Automobile

Components

-

0

.0

%

(a)

Aptiv

plc*

1,080

74,941

Automobiles

-

3

.6

%

Ford

Motor

Co.

11,880

128,542

General

Motors

Co.

9,882

437,970

Tesla,

Inc.*

24,462

5,676,896

6,243,408

Banks

-

5

.4

%

Bank

of

America

Corp.

40,122

1,617,318

Citigroup,

Inc.

16,848

1,093,098

Fifth

Third

Bancorp

3,132

132,609

Huntington

Bancshares,

Inc.

6,750

100,912

JPMorgan

Chase

&

Co.

25,326

5,389,373

KeyCorp

3,402

54,874

NU

Holdings

Ltd.,

Class

A*

9,774

118,559

Regions

Financial

Corp.

3,510

78,519

Truist

Financial

Corp.

7,938

354,749

US

Bancorp

13,824

620,421

9,560,432

Beverages

-

1

.9

%

Coca-Cola

Co.

(The)

34,560

2,306,535

Coca-Cola

Europacific

Partners

plc

1,728

127,475

Constellation

Brands,

Inc.,

Class

A

540

132,386

Keurig

Dr

Pepper,

Inc.

4,428

151,792

PepsiCo,

Inc.

3,996

689,989

3,408,177

Biotechnology

-

0

.8

%

Gilead

Sciences,

Inc.

5,346

406,617

Moderna,

Inc.*

1,674

199,574

Vertex

Pharmaceuticals,

Inc.*

1,512

749,529

‌

1,355,720

Investments

Shares

Value

Broadline

Retail

-

5

.0

%

Amazon.com,

Inc.*

46,332

$

8,663,157

eBay,

Inc.(b)

3,024

168,165

8,831,322

Building

Products

-

0

.5

%

Lennox

International,

Inc.

(b)

270

157,545

Masco

Corp.

1,026

79,874

Owens

Corning

378

70,451

Trane

Technologies

plc

1,674

559,585

867,455

Capital

Markets

-

3

.6

%

Bank

of

New

York

Mellon

Corp.

(The)

5,616

365,433

BlackRock,

Inc.

1,242

1,088,613

Blackstone,

Inc.(b)

2,106

299,368

FactSet

Research

Systems,

Inc.

270

111,534

Goldman

Sachs

Group,

Inc.

(The)

2,862

1,456,844

Intercontinental

Exchange,

Inc.

5,076

769,319

Moody's

Corp.

486

221,849

Morgan

Stanley

3,726

384,561

MSCI,

Inc.

324

175,206

Nasdaq,

Inc.

2,700

182,736

Northern

Trust

Corp.(b)(c)

594

52,658

S&P

Global,

Inc.

2,322

1,125,543

State

Street

Corp.

1,458

123,886

6,357,550

Chemicals

-

0

.7

%

Corteva,

Inc.

3,024

169,646

Dow,

Inc.

4,266

232,369

DuPont

de

Nemours,

Inc.

2,430

203,391

Ecolab,

Inc.

1,242

286,517

Sherwin-Williams

Co.

(The)

702

246,262

1,138,185

Commercial

Services

&

Supplies

-

0

.3

%

Cintas

Corp.

756

577,539

Communications

Equipment

-

0

.7

%

Cisco

Systems,

Inc.

23,922

1,159,021

Construction

&

Engineering

-

0

.0

%

(a)

AECOM

324

29,358

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

US

ESG

Select

Index

Fund

(cont.)

137

Investments

Shares

Value

COMMON

STOCKS

(continued)

Construction

Materials

-

0

.1

%

CRH

plc

2,916

$

249,901

Consumer

Finance

-

0

.1

%

Discover

Financial

Services

1,080

155,509

Consumer

Staples

Distribution

&

Retail

-

3

.1

%

Costco

Wholesale

Corp.

1,944

1,597,968

Dollar

General

Corp.

918

110,518

Dollar

Tree,

Inc.*

864

90,150

Kroger

Co.

(The)

5,994

326,673

Sysco

Corp.

1,512

115,895

Target

Corp.

3,348

503,573

Walgreens

Boots

Alliance,

Inc.

5,724

67,944

Walmart,

Inc.

38,718

2,657,603

5,470,324

Containers

&

Packaging

-

0

.2

%

Ball

Corp.

2,862

182,682

Smurfit

WestRock

plc*

3,024

135,596

318,278

Distributors

-

0

.0

%

(a)

LKQ

Corp.

540

22,410

Diversified

Telecommunication

Services

-

0

.4

%

Verizon

Communications,

Inc.

18,468

748,323

Electric

Utilities

-

0

.1

%

Alliant

Energy

Corp.

756

42,079

American

Electric

Power

Co.,

Inc.

1,620

158,954

201,033

Electrical

Equipment

-

0

.2

%

Emerson

Electric

Co.

1,728

202,366

nVent

Electric

plc

1,404

101,972

Rockwell

Automation,

Inc.

324

90,283

394,621

Electronic

Equipment,

Instruments

&

Components

-

0

.4

%

Corning,

Inc.

2,376

95,064

Flex

Ltd.*

1,080

34,722

Jabil,

Inc.

756

85,178

Keysight

Technologies,

Inc.*

486

67,831

TE

Connectivity

Ltd.

1,350

208,345

Investments

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Zebra

Technologies

Corp.,

Class

A*

324

$

113,786

604,926

Energy

Equipment

&

Services

-

0

.5

%

Baker

Hughes

Co.

4,428

171,452

Schlumberger

NV

12,690

612,800

784,252

Entertainment

-

0

.7

%

Walt

Disney

Co.

(The)

13,392

1,254,696

Financial

Services

-

6

.2

%

Apollo

Global

Management,

Inc.

3,780

473,672

Berkshire

Hathaway,

Inc.,

Class

B*

11,556

5,067,306

Fidelity

National

Information

Services,

Inc.

1,728

132,762

Mastercard,

Inc.,

Class

A

3,618

1,677,703

PayPal

Holdings,

Inc.*

5,994

394,285

Visa,

Inc.,

Class

A(b)

11,556

3,070,083

10,815,811

Food

Products

-

1

.1

%

Bunge

Global

SA(b)

432

45,459

Conagra

Brands,

Inc.

2,700

81,864

General

Mills,

Inc.

5,076

340,803

Hershey

Co.

(The)

1,080

213,278

J

M

Smucker

Co.

(The)

432

50,954

Kellanova

2,430

141,304

Kraft

Heinz

Co.

(The)

5,346

188,233

McCormick

&

Co.,

Inc.

(Non-Voting)

1,458

112,281

Mondelez

International,

Inc.,

Class

A

9,936

679,126

1,853,302

Ground

Transportation

-

1

.2

%

CSX

Corp.

5,940

208,494

Uber

Technologies,

Inc.*

12,150

783,310

Union

Pacific

Corp.

4,482

1,105,844

XPO,

Inc.*

756

86,857

2,184,505

Health

Care

Equipment

&

Supplies

-

2

.3

%

Abbott

Laboratories

10,206

1,081,224

Baxter

International,

Inc.

1,944

69,634

Becton

Dickinson

&

Co.

810

195,259

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

US

ESG

Select

Index

Fund

(cont.)

138

Investments

Shares

Value

COMMON

STOCKS

(continued)

Health

Care

Equipment

&

Supplies

(continued)

Boston

Scientific

Corp.*

4,428

$

327,141

Edwards

Lifesciences

Corp.*

3,618

228,115

GE

HealthCare

Technologies,

Inc.

3,672

310,761

Hologic,

Inc.*

1,350

110,173

IDEXX

Laboratories,

Inc.*

270

128,552

Medtronic

plc

7,722

620,231

Stryker

Corp.

2,646

866,433

Zimmer

Biomet

Holdings,

Inc.

540

60,129

3,997,652

Health

Care

Providers

&

Services

-

2

.9

%

Cardinal

Health,

Inc.

1,458

147,010

Cencora,

Inc.

540

128,455

Cigna

Group

(The)

1,674

583,674

CVS

Health

Corp.

9,072

547,314

Elevance

Health,

Inc.

1,674

890,618

McKesson

Corp.

756

466,467

UnitedHealth

Group,

Inc.

4,050

2,333,448

5,096,986

Health

Care

REITs

-

0

.5

%

Alexandria

Real

Estate

Equities,

Inc.,

REIT

1,188

139,340

Healthpeak

Properties,

Inc.,

REIT

6,696

146,107

Ventas,

Inc.,

REIT

2,268

123,470

Welltower,

Inc.,

REIT

4,428

492,615

901,532

Hotel

&

Resort

REITs

-

0

.0

%

(a)

Host

Hotels

&

Resorts,

Inc.,

REIT

3,186

55,787

Hotels,

Restaurants

&

Leisure

-

2

.0

%

Booking

Holdings,

Inc.

200

743,002

Carnival

Corp.*

2,754

45,882

Chipotle

Mexican

Grill,

Inc.*

8,100

439,992

Domino's

Pizza,

Inc.

162

69,449

Expedia

Group,

Inc.*

702

89,624

Hilton

Worldwide

Holdings,

Inc.

1,836

394,134

Las

Vegas

Sands

Corp.

1,566

62,123

Marriott

International,

Inc.,

Class

A

1,836

417,323

McDonald's

Corp.

2,106

558,932

MGM

Resorts

International*

1,512

64,971

Starbucks

Corp.

5,022

391,465

Investments

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Yum!

Brands,

Inc.

1,674

$

222,358

3,499,255

Household

Products

-

2

.6

%

Church

&

Dwight

Co.,

Inc.

756

74,096

Clorox

Co.

(The)

1,080

142,484

Colgate-Palmolive

Co.

6,102

605,257

Kimberly-Clark

Corp.

2,916

393,806

Procter

&

Gamble

Co.

(The)

20,736

3,333,519

4,549,162

Independent

Power

and

Renewable

Electricity

Producers

-

0

.0

%

(a)

AES

Corp.

(The)

3,186

56,679

Insurance

-

2

.3

%

Aflac,

Inc.

3,888

370,837

Allstate

Corp.

(The)

810

138,607

American

International

Group,

Inc.

3,024

239,592

Aon

plc,

Class

A

1,296

425,749

Arthur

J

Gallagher

&

Co.

972

275,552

Chubb

Ltd.

2,268

625,197

Hartford

Financial

Services

Group,

Inc.

(The)

2,106

233,598

Marsh

&

McLennan

Cos.,

Inc.

2,916

649,014

MetLife,

Inc.

4,266

327,842

Principal

Financial

Group,

Inc.

1,782

145,251

RenaissanceRe

Holdings

Ltd.

162

37,569

Travelers

Cos.,

Inc.

(The)

1,674

362,321

Willis

Towers

Watson

plc

864

243,890

4,075,019

Interactive

Media

&

Services

-

6

.2

%

Alphabet,

Inc.,

Class

C

16,524

2,861,130

Meta

Platforms,

Inc.,

Class

A(b)

16,848

7,999,936

Snap,

Inc.,

Class

A*(b)

5,724

76,244

10,937,310

IT

Services

-

2

.4

%

Accenture

plc,

Class

A

5,886

1,946,029

Akamai

Technologies,

Inc.*

702

68,992

Amdocs

Ltd.

1,080

94,468

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

US

ESG

Select

Index

Fund

(cont.)

139

Investments

Shares

Value

COMMON

STOCKS

(continued)

IT

Services

(continued)

Cognizant

Technology

Solutions

Corp.,

Class

A

3,726

$

281,984

Gartner,

Inc.*

540

270,643

International

Business

Machines

Corp.

8,100

1,556,334

Okta,

Inc.*

702

65,946

4,284,396

Life

Sciences

Tools

&

Services

-

0

.4

%

Agilent

Technologies,

Inc.

864

122,170

Avantor,

Inc.*

2,160

57,780

Illumina,

Inc.*

648

79,445

IQVIA

Holdings,

Inc.*

1,350

332,410

West

Pharmaceutical

Services,

Inc.

216

66,133

657,938

Machinery

-

1

.9

%

Caterpillar,

Inc.

2,160

747,792

Cummins,

Inc.

1,026

299,387

Deere

&

Co.

2,052

763,303

Dover

Corp.

594

109,450

Fortive

Corp.

2,592

186,235

IDEX

Corp.

324

67,548

Illinois

Tool

Works,

Inc.

864

213,650

Lincoln

Electric

Holdings,

Inc.

270

55,461

Nordson

Corp.

324

81,107

Otis

Worldwide

Corp.

3,024

285,768

Pentair

plc

1,134

99,645

Stanley

Black

&

Decker,

Inc.

810

85,552

Westinghouse

Air

Brake

Technologies

Corp.

810

130,531

Xylem,

Inc.

1,080

144,180

3,269,609

Media

-

0

.2

%

Interpublic

Group

of

Cos.,

Inc.

(The)(b)

3,672

118,128

Omnicom

Group,

Inc.

1,782

174,708

292,836

Metals

&

Mining

-

0

.5

%

Freeport-McMoRan,

Inc.

6,372

289,353

Newmont

Corp.

8,262

405,416

Nucor

Corp.

702

114,384

‌

809,153

Investments

Shares

Value

Multi-Utilities

-

0

.1

%

Public

Service

Enterprise

Group,

Inc.

1,404

$

111,997

Oil,

Gas

&

Consumable

Fuels

-

4

.6

%

Cheniere

Energy,

Inc.

702

128,213

Chevron

Corp.

15,120

2,426,306

ConocoPhillips

3,402

378,302

Diamondback

Energy,

Inc.

486

98,323

Exxon

Mobil

Corp.

39,474

4,681,222

Marathon

Oil

Corp.

3,240

90,882

Valero

Energy

Corp.

1,458

235,788

8,039,036

Personal

Care

Products

-

0

.1

%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

1,620

161,368

Pharmaceuticals

-

6

.5

%

Bristol-Myers

Squibb

Co.

11,718

557,308

Eli

Lilly

&

Co.

4,968

3,995,613

Johnson

&

Johnson

21,168

3,341,369

Merck

&

Co.,

Inc.

18,684

2,113,721

Pfizer,

Inc.

24,624

752,017

Royalty

Pharma

plc,

Class

A

3,780

106,483

Zoetis,

Inc.

3,402

612,496

11,479,007

Professional

Services

-

0

.7

%

Automatic

Data

Processing,

Inc.

3,024

794,163

Broadridge

Financial

Solutions,

Inc.

702

150,228

Verisk

Analytics,

Inc.

864

226,152

1,170,543

Real

Estate

Management

&

Development

-

0

.2

%

CBRE

Group,

Inc.,

Class

A*

2,700

304,317

Residential

REITs

-

0

.1

%

Camden

Property

Trust,

REIT

270

29,902

Essex

Property

Trust,

Inc.,

REIT

378

105,220

Sun

Communities,

Inc.,

REIT

756

95,808

230,930

Semiconductors

&

Semiconductor

Equipment

-

6

.7

%

Advanced

Micro

Devices,

Inc.*

9,504

1,373,138

Applied

Materials,

Inc.

4,914

1,042,751

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

US

ESG

Select

Index

Fund

(cont.)

140

Investments

Shares

Value

COMMON

STOCKS

(continued)

Semiconductors

&

Semiconductor

Equipment

(continued)

Broadcom,

Inc.

20,520

$

3,297,154

Intel

Corp.

31,050

954,477

KLA

Corp.

378

311,121

Lam

Research

Corp.

972

895,445

Micron

Technology,

Inc.

9,774

1,073,381

NXP

Semiconductors

NV

1,890

497,372

QUALCOMM,

Inc.

6,534

1,182,327

Skyworks

Solutions,

Inc.

432

49,084

Texas

Instruments,

Inc.

5,346

1,089,568

11,765,818

Software

-

8

.4

%

Adobe,

Inc.*

2,646

1,459,666

Autodesk,

Inc.*

1,890

467,813

Crowdstrike

Holdings,

Inc.,

Class

A*

1,350

313,146

Gen

Digital,

Inc.(b)

4,536

117,891

HubSpot,

Inc.*

378

187,877

Intuit,

Inc.

1,242

804,009

Microsoft

Corp.

19,278

8,064,951

Oracle

Corp.

7,074

986,469

Palo

Alto

Networks,

Inc.*

1,404

455,921

Salesforce,

Inc.

2,808

726,710

ServiceNow,

Inc.*

918

747,610

Synopsys,

Inc.*

864

482,389

14,814,452

Specialized

REITs

-

0

.9

%

American

Tower

Corp.,

REIT(b)

3,402

749,801

Crown

Castle,

Inc.,

REIT

1,296

142,664

Iron

Mountain,

Inc.,

REIT(b)

2,160

221,529

VICI

Properties,

Inc.,

Class

A,

REIT

9,288

290,343

Weyerhaeuser

Co.,

REIT

6,480

205,805

1,610,142

Specialty

Retail

-

2

.8

%

AutoZone,

Inc.*

54

169,219

Best

Buy

Co.,

Inc.

1,782

154,179

Burlington

Stores,

Inc.*

324

84,344

Dick's

Sporting

Goods,

Inc.

162

35,049

Home

Depot,

Inc.

(The)

4,374

1,610,332

Lowe's

Cos.,

Inc.

4,158

1,020,830

Ross

Stores,

Inc.

2,484

355,783

TJX

Cos.,

Inc.

(The)

10,044

1,135,173

Tractor

Supply

Co.

810

213,289

Investments

Shares

Value

Specialty

Retail

(continued)

Williams-Sonoma,

Inc.(b)

1,080

$

167,054

4,945,252

Technology

Hardware,

Storage

&

Peripherals

-

5

.7

%

Apple,

Inc.

39,744

8,826,348

Hewlett

Packard

Enterprise

Co.

9,342

185,999

HP,

Inc.

8,856

319,613

NetApp,

Inc.

1,188

150,852

Pure

Storage,

Inc.,

Class

A*

918

55,016

Seagate

Technology

Holdings

plc

594

60,689

Super

Micro

Computer,

Inc.*(b)

432

303,113

Western

Digital

Corp.*(b)

2,808

188,276

10,089,906

Textiles,

Apparel

&

Luxury

Goods

-

0

.5

%

Deckers

Outdoor

Corp.*

162

149,466

Lululemon

Athletica,

Inc.*

1,080

279,353

NIKE,

Inc.,

Class

B

7,020

525,517

954,336

Trading

Companies

&

Distributors

-

0

.5

%

Ferguson

plc

1,782

396,762

United

Rentals,

Inc.

216

163,534

WW

Grainger,

Inc.(b)

270

263,739

824,035

Water

Utilities

-

0

.1

%

American

Water

Works

Co.,

Inc.

1,404

199,873

Total

Common

Stocks

(Cost

$139,676,781)

174,314,025

Total

Investments

-

99.2%

(Cost

$139,676,781)

174,314,025

Other

assets

less

liabilities

-

0.8%

1,363,431

NET

ASSETS

-

100.0%

$175,677,456

*

Non-income

producing

security.

(a)

Represents

less

than

0.05%

of

net

assets.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2024.

The

total

value

of

securities

on

loan

at

July

31,

2024

was

$11,919,821,

collateralized

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

August

15,

2024

–

February

15,

2054;

a

total

value

of

$11,955,046.

(c)

Investment

in

affiliated

company.

Northern

Trust

Investments,

Inc.,

the

Investment

Adviser

of

the

Fund,

is

a

subsidiary

of

Northern

Trust

Corporation.

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

US

ESG

Select

Index

Fund

(cont.)

141

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

REIT

Real

Estate

Investment

Trust

Investment

in

a

company

which

was

affiliated

for

the

period

ended

July

31,

2024,

was

as

follows:

Security

Value

October

31,

2023

Purchases

at

Cost

Sales

Proceeds

Shares

July

31,

2024

Value

July

31,

2024

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Realized

Gain

Northern

Trust

Corp.

$

77,115

$

12,799

$

61,832

594

$

52,658

$

24,070

$

1,962

$

506

Futures

Contracts

FlexShares®

STOXX®

US

ESG

Select

Index

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2024:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

S&P

500

E-Mini

Index

2

09/20/2024

USD

$

555,800

$

5,507

S&P

500

Micro

E-Mini

Index

29

09/20/2024

USD

805,910

4,011

$

9,518

Abbreviations:

USD

—

US

Dollar

Security

Type

%

of

Net

Assets

Common

Stocks

99‌

.2

%

Others

(1)

0‌

.8

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

142

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares

®

STOXX

®

Global

ESG

Select

Index

Fund

July

31,

2024

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

99

.1

%

Air

Freight

&

Logistics

-

0

.1

%

Deutsche

Post

AG

1,932

$

86,238

DSV

A/S

672

123,176

International

Distribution

Services

plc*

1,035

4,586

214,000

Automobile

Components

-

0

.2

%

Aisin

Corp.

700

23,960

Bridgestone

Corp.

2,300

94,547

Cie

Generale

des

Etablissements

Michelin

SCA

3,234

128,082

Continental

AG

552

33,868

Denso

Corp.

5,000

83,544

Forvia

SE

92

1,078

Niterra

Co.

Ltd.

600

18,025

383,104

Automobiles

-

1

.3

%

Bayerische

Motoren

Werke

AG

1,134

105,310

Ferrari

NV

294

121,019

General

Motors

Co.

7,812

346,228

Honda

Motor

Co.

Ltd.

21,000

229,875

Mazda

Motor

Corp.

2,300

20,973

Mercedes-Benz

Group

AG

3,864

255,724

Mitsubishi

Motors

Corp.(a)

6,900

20,137

Nissan

Motor

Co.

Ltd.

13,800

44,594

Renault

SA

1,058

51,336

Stellantis

NV

6,930

115,514

Subaru

Corp.

2,300

45,653

Suzuki

Motor

Corp.

6,800

79,520

Toyota

Motor

Corp.

35,000

685,996

Volkswagen

AG

(Preference)

756

84,424

Yamaha

Motor

Co.

Ltd.

4,200

39,499

2,245,802

Banks

-

8

.5

%

ABN

AMRO

Bank

NV,

CVA(b)

2,254

39,305

AIB

Group

plc

8,786

50,389

ANZ

Group

Holdings

Ltd.

17,262

327,454

Banco

Bilbao

Vizcaya

Argentaria

SA(a)

23,394

245,653

Banco

BPM

SpA

8,484

58,755

Banco

Santander

SA

69,678

335,901

Bank

of

Ireland

Group

plc

4,554

51,619

Bank

of

Montreal

1,722

145,157

Investments

Shares

Value

Banks

(continued)

Bank

Polska

Kasa

Opieki

SA

920

$

37,185

Bankinter

SA

3,726

31,804

Banque

Cantonale

Vaudoise

(Registered)

(a)

138

14,643

Barclays

plc

62,118

186,543

BAWAG

Group

AG(b)

422

30,801

BNP

Paribas

SA

5,082

348,981

CaixaBank

SA

17,934

104,523

Canadian

Imperial

Bank

of

Commerce

2,982

154,124

Citigroup,

Inc.

16,254

1,054,559

Commerzbank

AG

2,265

36,985

Commonwealth

Bank

of

Australia

10,122

908,763

Danske

Bank

A/S

3,234

98,954

DBS

Group

Holdings

Ltd.

5,680

155,376

Erste

Group

Bank

AG

966

50,258

FinecoBank

Banca

Fineco

SpA(a)

3,648

61,976

Hang

Seng

Bank

Ltd.

4,800

58,894

HSBC

Holdings

plc

73,122

661,208

Intesa

Sanpaolo

SpA

85,302

346,191

JPMorgan

Chase

&

Co.

24,696

5,255,309

KBC

Group

NV

966

74,886

Lloyds

Banking

Group

plc

307,608

235,405

Mediobanca

Banca

di

Credito

Finanziario

SpA

2,254

36,574

Mitsubishi

UFJ

Financial

Group,

Inc.

50,400

586,202

National

Australia

Bank

Ltd.

11,802

297,325

National

Bank

of

Canada

714

59,686

NatWest

Group

plc

33,180

156,877

Nordea

Bank

Abp

16,296

190,799

NU

Holdings

Ltd.,

Class

A*

10,794

130,931

Oversea-Chinese

Banking

Corp.

Ltd.

15,500

172,081

Ringkjoebing

Landbobank

A/S

42

7,443

Royal

Bank

of

Canada

3,696

412,768

Santander

Bank

Polska

SA

46

6,051

Skandinaviska

Enskilda

Banken

AB,

Class

A

7,350

113,155

Societe

Generale

SA

2,772

71,930

Standard

Chartered

plc

9,576

94,365

Svenska

Handelsbanken

AB,

Class

A

6,174

62,330

Swedbank

AB,

Class

A

4,494

95,603

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

ESG

Select

Index

Fund

(cont.)

143

Investments

Shares

Value

COMMON

STOCKS

(continued)

Banks

(continued)

Toronto-Dominion

Bank

(The)

4,242

$

250,353

UniCredit

SpA

4,620

189,748

US

Bancorp

7,728

346,833

Virgin

Money

UK

plc

6,946

19,217

Westpac

Banking

Corp.

21,420

416,820

14,878,692

Beverages

-

1

.4

%

Anheuser-Busch

InBev

SA/NV

3,024

179,844

Britvic

plc

1,811

29,519

Carlsberg

A/S,

Class

B

252

30,455

Coca-Cola

Co.

(The)

20,412

1,362,297

Coca-Cola

Europacific

Partners

plc

1,360

100,327

Coca-Cola

HBC

AG

982

35,822

Davide

Campari-Milano

NV(a)

222

2,003

Diageo

plc

10,290

319,719

Heineken

Holding

NV

460

33,898

Heineken

NV

1,316

116,800

Kirin

Holdings

Co.

Ltd.

2,900

41,064

Pernod

Ricard

SA

924

123,983

Treasury

Wine

Estates

Ltd.

2,394

19,306

2,395,037

Biotechnology

-

0

.8

%

CSL

Ltd.

1,386

280,314

Gilead

Sciences,

Inc.

4,494

341,814

Moderna,

Inc.*(a)

1,302

155,224

Swedish

Orphan

Biovitrum

AB*

609

15,899

Vertex

Pharmaceuticals,

Inc.*

1,344

666,248

1,459,499

Broadline

Retail

-

5

.4

%

Allegro.eu

SA*(b)

1,012

9,282

Amazon.com,

Inc.*

46,410

8,677,742

B&M

European

Value

Retail

SA

2,100

12,626

eBay,

Inc.(a)

1,722

95,760

Isetan

Mitsukoshi

Holdings

Ltd.

3,100

62,449

J

Front

Retailing

Co.

Ltd.

2,300

27,944

Next

plc

588

68,532

Prosus

NV

4,116

143,038

Rakuten

Group,

Inc.*

5,700

33,429

Ryohin

Keikaku

Co.

Ltd.

500

9,443

Investments

Shares

Value

Broadline

Retail

(continued)

Wesfarmers

Ltd.

6,510

$

313,088

9,453,333

Building

Products

-

0

.5

%

AGC,

Inc.

900

32,295

Assa

Abloy

AB,

Class

B

3,822

116,219

Belimo

Holding

AG

(Registered)

46

27,827

Cie

de

Saint-Gobain

SA

2,604

223,845

Fletcher

Building

Ltd.

2,898

5,371

Geberit

AG

(Registered)

126

80,216

Lennox

International,

Inc.

(a)

168

98,028

Lixil

Corp.

2,200

25,442

Nibe

Industrier

AB,

Class

B(a)

2,898

12,711

Reliance

Worldwide

Corp.

Ltd.

2,576

8,663

ROCKWOOL

A/S,

Class

B

49

21,658

Trane

Technologies

plc

756

252,716

904,991

Capital

Markets

-

2

.4

%

abrdn

plc

3,700

8,082

Allfunds

Group

plc

2,438

14,668

ASX

Ltd.

840

35,637

BlackRock,

Inc.

1,218

1,067,577

Daiwa

Securities

Group,

Inc.

8,800

73,548

Euronext

NV(b)

414

41,887

FactSet

Research

Systems,

Inc.

126

52,049

Goldman

Sachs

Group,

Inc.

(The)

1,680

855,170

Hong

Kong

Exchanges

&

Clearing

Ltd.

3,600

106,820

IG

Group

Holdings

plc

1,288

15,510

Intercontinental

Exchange,

Inc.

4,872

738,400

Investec

plc

714

5,645

Julius

Baer

Group

Ltd.

690

37,665

London

Stock

Exchange

Group

plc

1,890

229,895

Macquarie

Group

Ltd.

2,058

281,945

Man

Group

plc

2,576

8,087

Nasdaq,

Inc.

1,140

77,155

S&P

Global,

Inc.

1,050

508,966

Schroders

plc

3,772

19,031

4,177,737

Chemicals

-

0

.4

%

Air

Liquide

SA

1,386

253,135

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

ESG

Select

Index

Fund

(cont.)

144

Investments

Shares

Value

COMMON

STOCKS

(continued)

Chemicals

(continued)

Akzo

Nobel

NV

504

$

31,152

Arkema

SA

179

16,193

BASF

SE

2,772

129,282

Covestro

AG*(b)

610

35,948

Croda

International

plc

506

26,270

FUCHS

SE

(Preference)

528

22,980

Hexpol

AB

2,691

30,054

Incitec

Pivot

Ltd.

3,726

7,178

LANXESS

AG

92

2,407

Mitsubishi

Chemical

Group

Corp.

4,600

27,338

Nippon

Sanso

Holdings

Corp.

1,400

46,245

Novonesis

(Novozymes)

B

1,092

69,518

OCI

NV

598

14,398

Orica

Ltd.

2,346

27,514

Wacker

Chemie

AG

92

9,238

Yara

International

ASA

920

26,167

775,017

Commercial

Services

&

Supplies

-

0

.4

%

Brambles

Ltd.

6,888

69,987

Cintas

Corp.

462

352,941

Downer

EDI

Ltd.

6,762

22,034

Elis

SA

1,080

24,986

ISS

A/S(a)

598

10,935

Rentokil

Initial

plc

8,862

54,034

Securitas

AB,

Class

B

2,731

29,329

SPIE

SA

759

29,370

TOPPAN

Holdings,

Inc.

1,800

51,143

644,759

Construction

&

Engineering

-

0

.4

%

Balfour

Beatty

plc

2,990

16,176

Bouygues

SA

736

25,438

Eiffage

SA

425

42,356

Ferrovial

SE

2,490

98,993

HOCHTIEF

AG

46

5,475

Obayashi

Corp.

4,600

60,703

Shimizu

Corp.

2,300

14,533

Skanska

AB,

Class

B(a)

2,116

41,283

Sweco

AB,

Class

B

1,334

21,521

Vinci

SA

2,940

335,953

Worley

Ltd.(a)

2,024

20,063

WSP

Global,

Inc.

230

38,183

720,677

Construction

Materials

-

0

.2

%

Buzzi

SpA

368

14,439

Heidelberg

Materials

AG

184

19,210

Investments

Shares

Value

Construction

Materials

(continued)

Holcim

AG

2,394

$

223,667

Wienerberger

AG

437

15,491

272,807

Consumer

Finance

-

0

.0

%

(c)

Cembra

Money

Bank

AG(a)

46

4,011

Marui

Group

Co.

Ltd.

2,300

37,245

41,256

Consumer

Staples

Distribution

&

Retail

-

2

.0

%

Aeon

Co.

Ltd.(a)

4,200

95,886

Axfood

AB

598

14,819

Carrefour

SA

3,288

49,100

Coles

Group

Ltd.

1,512

17,871

Dollar

Tree,

Inc.*

798

83,263

Endeavour

Group

Ltd.

874

3,133

J

Sainsbury

plc

9,108

32,218

Jeronimo

Martins

SGPS

SA

1,334

23,313

Kesko

OYJ,

Class

B

1,472

26,601

Koninklijke

Ahold

Delhaize

NV

3,570

115,043

Kroger

Co.

(The)

3,444

187,698

Loblaw

Cos.

Ltd.

420

51,761

Marks

&

Spencer

Group

plc

10,166

42,868

Seven

&

i

Holdings

Co.

Ltd.

8,400

101,078

Target

Corp.

2,394

360,082

Tesco

plc

9,338

39,773

Walgreens

Boots

Alliance,

Inc.

4,452

52,845

Walmart,

Inc.

30,156

2,069,908

Woolworths

Group

Ltd.

6,678

150,445

3,517,705

Containers

&

Packaging

-

0

.1

%

Ball

Corp.

1,512

96,511

DS

Smith

plc

2,226

13,004

Huhtamaki

OYJ

230

9,323

Orora

Ltd.(a)

5,198

6,924

125,762

Distributors

-

0

.0

%

(c)

D'ieteren

Group

92

21,145

Inchcape

plc

1,656

17,931

39,076

Diversified

Consumer

Services

-

0

.0

%

(c)

Pearson

plc

3,864

52,410

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

ESG

Select

Index

Fund

(cont.)

145

Investments

Shares

Value

COMMON

STOCKS

(continued)

Diversified

REITs

-

0

.1

%

British

Land

Co.

plc

(The),

REIT

6,348

$

33,561

Covivio

SA,

REIT

349

18,029

Mirvac

Group,

REIT(a)

31,602

44,161

Stockland,

REIT(a)

10,668

32,045

127,796

Diversified

Telecommunication

Services

-

0

.7

%

BT

Group

plc(a)

12,374

22,387

Cellnex

Telecom

SA(b)

2,324

80,926

Chorus

Ltd.(a)

2,070

9,713

Deutsche

Telekom

AG

(Registered)

15,162

396,552

Elisa

OYJ

552

25,697

Infrastrutture

Wireless

Italiane

SpA(b)

1,403

15,607

Koninklijke

KPN

NV

18,018

70,892

Nippon

Telegraph

&

Telephone

Corp.

218,400

232,828

Singapore

Telecommunications

Ltd.

29,400

67,697

Spark

New

Zealand

Ltd.

3,604

9,247

Swisscom

AG

(Registered)

84

51,340

Telenor

ASA

2,967

35,275

Telia

Co.

AB(a)

13,846

40,217

Telstra

Group

Ltd.

47,973

123,426

1,181,804

Electric

Utilities

-

0

.7

%

Alliant

Energy

Corp.

922

51,319

American

Electric

Power

Co.,

Inc.

1,848

181,326

BKW

AG

42

7,577

Contact

Energy

Ltd.

782

3,948

EDP

SA

13,776

56,647

Elia

Group

SA/NV(a)

92

9,547

Endesa

SA(a)

782

15,147

Enel

SpA(a)

15,078

107,587

Fortum

OYJ(a)

2,438

37,435

Iberdrola

SA(a)

26,546

349,876

Kansai

Electric

Power

Co.,

Inc.

(The)

3,100

53,002

Origin

Energy

Ltd.

12,264

84,008

Orsted

A/S*(a)(b)

690

41,064

Redeia

Corp.

SA

2,352

41,663

SSE

plc

5,586

134,925

Terna

-

Rete

Elettrica

Nazionale

3,312

27,560

Investments

Shares

Value

Electric

Utilities

(continued)

Verbund

AG

276

$

22,101

1,224,732

Electrical

Equipment

-

0

.8

%

ABB

Ltd.

(Registered)

5,670

314,209

Legrand

SA

1,176

127,102

Nexans

SA

253

32,743

Nidec

Corp.(a)

4,200

186,971

nVent

Electric

plc

1,008

73,211

Prysmian

SpA

1,536

105,610

Schneider

Electric

SE

1,470

354,485

Siemens

Energy

AG*

1,794

52,240

Vestas

Wind

Systems

A/S*

4,736

116,925

1,363,496

Electronic

Equipment,

Instruments

&

Components

-

0

.5

%

Comet

Holding

AG

(Registered)

42

16,819

Halma

plc

690

23,592

Hexagon

AB,

Class

B

6,726

68,405

Ibiden

Co.

Ltd.

1,000

38,834

Jabil,

Inc.

588

66,250

Kyocera

Corp.

4,200

53,065

Murata

Manufacturing

Co.

Ltd.

10,700

238,307

Omron

Corp.

1,200

44,432

Shimadzu

Corp.

900

26,666

TDK

Corp.

1,000

70,019

TE

Connectivity

Ltd.

1,512

233,347

879,736

Energy

Equipment

&

Services

-

0

.3

%

Schlumberger

NV

10,164

490,820

Technip

Energies

NV

138

3,524

494,344

Entertainment

-

0

.5

%

Bollore

SE

4,117

25,661

Square

Enix

Holdings

Co.

Ltd.

900

30,459

Walt

Disney

Co.

(The)

9,534

893,240

949,360

Financial

Services

-

3

.5

%

AMP

Ltd.

46

36

Apollo

Global

Management,

Inc.(a)

2,856

357,885

Berkshire

Hathaway,

Inc.,

Class

B*

9,030

3,959,655

Edenred

SE

924

38,505

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

ESG

Select

Index

Fund

(cont.)

146

Investments

Shares

Value

COMMON

STOCKS

(continued)

Financial

Services

(continued)

EXOR

NV

296

$

30,300

Industrivarden

AB,

Class

C

460

15,576

Kinnevik

AB,

Class

B*

690

5,772

M&G

plc

14,398

39,262

Nexi

SpA*(b)

4,232

25,993

ORIX

Corp.

4,200

102,278

Visa,

Inc.,

Class

A(a)

5,418

1,439,400

Wendel

SE

82

7,866

6,022,528

Food

Products

-

0

.7

%

AAK

AB

1,400

40,233

Ajinomoto

Co.,

Inc.

2,500

103,533

Associated

British

Foods

plc

1,012

32,263

Bakkafrost

P/F

46

2,398

Danone

SA

1,386

90,227

General

Mills,

Inc.

3,024

203,031

Hershey

Co.

(The)(a)

546

107,824

JDE

Peet's

NV

92

2,019

Kellanova

1,134

65,942

Kerry

Group

plc,

Class

A

798

74,608

MEIJI

Holdings

Co.

Ltd.

2,300

58,073

Mondelez

International,

Inc.,

Class

A

4,704

321,518

Mowi

ASA

1,590

26,785

Orkla

ASA

3,726

31,384

Salmar

ASA

368

21,135

Viscofan

SA(a)

47

3,133

1,184,106

Gas

Utilities

-

0

.1

%

APA

Group

5,082

26,250

Enagas

SA(a)

322

4,822

Naturgy

Energy

Group

SA

46

1,104

Rubis

SCA(a)

276

8,649

Snam

SpA(a)

11,280

53,914

Tokyo

Gas

Co.

Ltd.

2,100

46,087

140,826

Ground

Transportation

-

0

.9

%

Canadian

National

Railway

Co.

1,932

223,527

Canadian

Pacific

Kansas

City

Ltd.

2,184

183,042

ComfortDelGro

Corp.

Ltd.

13,800

14,444

Hankyu

Hanshin

Holdings,

Inc.

1,300

37,196

MTR

Corp.

Ltd.(a)

10,000

32,386

Uber

Technologies,

Inc.*

7,350

473,855

Investments

Shares

Value

Ground

Transportation

(continued)

Union

Pacific

Corp.

2,058

$

507,770

XPO,

Inc.*

356

40,901

1,513,121

Health

Care

Equipment

&

Supplies

-

2

.3

%

Abbott

Laboratories

8,904

943,290

Alcon,

Inc.

2,394

226,767

Ansell

Ltd.(a)

322

5,755

Baxter

International,

Inc.

1,800

64,476

BioMerieux(a)

230

24,316

Carl

Zeiss

Meditec

AG

46

3,153

Cochlear

Ltd.

420

94,622

ConvaTec

Group

plc(b)

9,660

29,059

Demant

A/S*

408

15,620

Edwards

Lifesciences

Corp.*

2,226

140,349

Elekta

AB,

Class

B

920

5,777

EssilorLuxottica

SA

714

163,564

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

3,150

60,525

GE

HealthCare

Technologies,

Inc.(a)

4,452

376,773

Getinge

AB,

Class

B

1,058

20,622

Hologic,

Inc.*

966

78,835

Hoya

Corp.

1,900

239,173

Koninklijke

Philips

NV*

3,528

99,564

Medtronic

plc

4,452

357,585

Olympus

Corp.

4,000

69,228

Siemens

Healthineers

AG(b)

714

38,345

Smith

&

Nephew

plc

1,150

16,588

Sonova

Holding

AG

(Registered)

252

77,096

Straumann

Holding

AG

(Registered)

630

81,197

Stryker

Corp.

2,478

811,421

4,043,700

Health

Care

Providers

&

Services

-

2

.0

%

Cardinal

Health,

Inc.

840

84,697

Cigna

Group

(The)

1,008

351,459

CVS

Health

Corp.

4,368

263,521

Elevance

Health,

Inc.

1,596

849,120

Fresenius

Medical

Care

AG

1,058

41,078

Fresenius

SE

&

Co.

KGaA*

2,160

77,576

Galenica

AG(b)

184

15,981

Ramsay

Health

Care

Ltd.

(a)

714

21,666

UnitedHealth

Group,

Inc.

3,192

1,839,103

‌

3,544,201

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

ESG

Select

Index

Fund

(cont.)

147

Investments

Shares

Value

COMMON

STOCKS

(continued)

Health

Care

REITs

-

0

.4

%

Alexandria

Real

Estate

Equities,

Inc.,

REIT

882

$

103,450

Healthpeak

Properties,

Inc.,

REIT

6,258

136,549

Ventas,

Inc.,

REIT(a)

1,974

107,465

Welltower,

Inc.,

REIT

3,024

336,420

683,884

Hotel

&

Resort

REITs

-

0

.0

%

(c)

Host

Hotels

&

Resorts,

Inc.,

REIT

2,518

44,090

Hotels,

Restaurants

&

Leisure

-

1

.4

%

Accor

SA

1,295

49,845

Amadeus

IT

Group

SA

2,100

138,026

Aristocrat

Leisure

Ltd.

4,200

148,704

Booking

Holdings,

Inc.

114

423,511

Chipotle

Mexican

Grill,

Inc.,

Class

A*

4,550

247,156

Compass

Group

plc

6,342

195,178

Domino's

Pizza

Enterprises

Ltd.(a)

100

2,140

Entain

plc

1,380

10,121

Expedia

Group,

Inc.*

402

51,323

Greggs

plc

683

27,494

Hilton

Worldwide

Holdings,

Inc.

1,260

270,484

InterContinental

Hotels

Group

plc

672

67,671

Just

Eat

Takeaway.com

NV*(a)(b)

1,564

19,953

La

Francaise

des

Jeux

SAEM(b)

276

10,722

Lottery

Corp.

Ltd.

(The)

8,106

26,307

Marriott

International,

Inc.,

Class

A

1,260

286,398

MGM

Resorts

International*

988

42,454

Oriental

Land

Co.

Ltd.

7,200

204,908

Sodexo

SA

551

52,201

TUI

AG*

714

4,611

Whitbread

plc

736

27,510

Yum!

Brands,

Inc.

1,050

139,472

2,446,189

Household

Durables

-

0

.7

%

Berkeley

Group

Holdings

plc

460

30,015

GN

Store

Nord

A/S*(a)

506

13,255

Nikon

Corp.

2,300

26,530

Panasonic

Holdings

Corp.

10,500

86,953

SEB

SA

184

18,427

Sekisui

House

Ltd.(a)

3,100

77,881

Investments

Shares

Value

Household

Durables

(continued)

Sony

Group

Corp.

10,400

$

935,212

Sumitomo

Forestry

Co.

Ltd.(a)

800

34,162

Taylor

Wimpey

plc

22,448

45,946

Vistry

Group

plc*

920

16,355

1,284,736

Household

Products

-

1

.6

%

Clorox

Co.

(The)

546

72,034

Colgate-Palmolive

Co.

2,730

270,788

Essity

AB,

Class

B

2,324

65,334

Henkel

AG

&

Co.

KGaA

(Preference)

966

82,684

Kimberly-Clark

Corp.

1,722

232,556

Procter

&

Gamble

Co.

(The)

12,180

1,958,057

Reckitt

Benckiser

Group

plc

2,604

139,742

2,821,195

Independent

Power

and

Renewable

Electricity

Producers

-

0

.1

%

AES

Corp.

(The)

3,528

62,763

Drax

Group

plc

2,438

20,308

EDP

Renovaveis

SA

607

9,419

Meridian

Energy

Ltd.

8,142

31,433

123,923

Industrial

Conglomerates

-

0

.4

%

CK

Hutchison

Holdings

Ltd.

6,500

34,114

Hitachi

Ltd.

20,000

437,060

Investment

AB

Latour,

Class

B(a)

322

9,443

Keppel

Ltd.

4,600

22,835

Lifco

AB,

Class

B

552

16,358

Siemens

AG

(Registered)

1,218

223,295

743,105

Industrial

REITs

-

0

.2

%

CapitaLand

Ascendas

REIT,

REIT

13,800

28,062

Goodman

Group,

REIT

8,862

203,120

Segro

plc,

REIT

4,494

52,863

Tritax

Big

Box

REIT

plc,

REIT

11,025

23,436

Warehouses

De

Pauw

CVA,

REIT

522

14,167

‌

321,648

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

ESG

Select

Index

Fund

(cont.)

148

Investments

Shares

Value

Insurance

-

1

.9

%

Admiral

Group

plc

828

$

29,289

Aegon

Ltd.

5,341

34,504

Aflac,

Inc.

1,638

156,232

Ageas

SA/NV

1,012

48,337

Allianz

SE

(Registered)

672

189,646

ASR

Nederland

NV

506

25,390

Aviva

plc

11,704

75,196

AXA

SA

9,114

320,425

Beazley

plc

3,772

33,115

Direct

Line

Insurance

Group

plc

3,680

8,910

Generali

5,334

138,122

Gjensidige

Forsikring

ASA

294

4,963

Hannover

Rueck

SE

308

76,556

Hartford

Financial

Services

Group,

Inc.

(The)

924

102,490

Hiscox

Ltd.

1,518

24,782

Insurance

Australia

Group

Ltd.

10,098

48,796

Japan

Post

Holdings

Co.

Ltd.

4,200

44,775

Legal

&

General

Group

plc

8,946

26,624

Medibank

Pvt

Ltd.(a)

14,122

36,702

MetLife,

Inc.

1,890

145,247

MS&AD

Insurance

Group

Holdings,

Inc.

4,200

99,989

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

546

269,181

nib

holdings

Ltd.

3,082

15,155

NN

Group

NV

1,582

79,329

Phoenix

Group

Holdings

plc

4,554

31,996

Poste

Italiane

SpA(b)

2,244

30,389

Power

Corp.

of

Canada

2,064

59,704

Principal

Financial

Group,

Inc.

714

58,198

QBE

Insurance

Group

Ltd.

5,348

63,140

Sampo

OYJ,

Class

A

1,226

53,690

Steadfast

Group

Ltd.

5,658

23,978

Storebrand

ASA

2,760

27,664

Sun

Life

Financial,

Inc.

1,722

85,436

Swiss

Life

Holding

AG

(Registered)

84

64,299

Swiss

Re

AG

924

113,840

Travelers

Cos.,

Inc.

(The)

756

163,629

Tryg

A/S

1,492

32,670

Unipol

Gruppo

SpA

1,840

19,831

Willis

Towers

Watson

plc

504

142,269

Investments

Shares

Value

Insurance

(continued)

Zurich

Insurance

Group

AG

504

$

276,663

3,281,151

Interactive

Media

&

Services

-

4

.3

%

Auto

Trader

Group

plc(b)

5,208

54,559

CAR

Group

Ltd.

2,663

60,602

LY

Corp.

5,400

13,387

Meta

Platforms,

Inc.,

Class

A

15,120

7,179,429

REA

Group

Ltd.(a)

276

36,878

Rightmove

plc

32

237

Snap,

Inc.,

Class

A*(a)

6,224

82,904

7,427,996

IT

Services

-

2

.8

%

Accenture

plc,

Class

A

6,972

2,305,083

Akamai

Technologies,

Inc.*

588

57,789

Alten

SA

92

10,135

Amdocs

Ltd.

840

73,475

Bechtle

AG

126

5,574

Capgemini

SE

798

158,541

CGI,

Inc.*

1,176

134,017

Cognizant

Technology

Solutions

Corp.,

Class

A

2,394

181,178

Computacenter

plc

575

19,882

Fujitsu

Ltd.

9,600

174,345

Gartner,

Inc.*

378

189,450

International

Business

Machines

Corp.

6,258

1,202,412

NEC

Corp.

1,700

146,883

Nomura

Research

Institute

Ltd.

900

27,934

NTT

Data

Group

Corp.

2,000

31,364

Okta,

Inc.,

Class

A*

546

51,291

Reply

SpA

92

13,061

Softcat

plc(a)

644

13,450

Sopra

Steria

Group

92

17,083

TIS,

Inc.

1,200

25,761

4,838,708

Leisure

Products

-

0

.1

%

Bandai

Namco

Holdings,

Inc.

2,900

61,793

Thule

Group

AB(b)

690

19,070

Yamaha

Corp.

900

21,504

102,367

Life

Sciences

Tools

&

Services

-

0

.3

%

Eurofins

Scientific

SE

552

32,757

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

ESG

Select

Index

Fund

(cont.)

149

Investments

Shares

Value

COMMON

STOCKS

(continued)

Life

Sciences

Tools

&

Services

(continued)

Gerresheimer

AG

92

$

9,532

Illumina,

Inc.*

588

72,089

IQVIA

Holdings,

Inc.*

924

227,516

Lonza

Group

AG

(Registered)

168

112,108

QIAGEN

NV*(a)

713

31,849

Sartorius

AG

(Preference)

92

26,153

Sartorius

Stedim

Biotech

141

28,219

Siegfried

Holding

AG

(Registered)

23

26,756

Tecan

Group

AG

(Registered)

46

17,099

Wuxi

Biologics

Cayman,

Inc.*(b)

11,500

16,959

601,037

Machinery

-

1

.2

%

Aalberts

NV

230

8,786

Alfa

Laval

AB

621

27,407

Alstom

SA*(a)

845

16,568

ANDRITZ

AG

299

19,138

Atlas

Copco

AB,

Class

A

8,904

158,347

Cummins,

Inc.

462

134,812

Daimler

Truck

Holding

AG

1,492

57,702

Deere

&

Co.

966

359,333

Ebara

Corp.

1,500

21,873

Epiroc

AB,

Class

A

2,688

50,160

FANUC

Corp.

2,100

62,947

Fortive

Corp.

1,218

87,513

Georg

Fischer

AG

(Registered)

506

37,192

Husqvarna

AB,

Class

B(a)

1,242

8,385

IMI

plc

667

16,226

Indutrade

AB

690

20,241

Interpump

Group

SpA

322

13,972

KION

Group

AG

322

12,760

Knorr-Bremse

AG

92

7,412

Kone

OYJ,

Class

B

2,016

102,880

Konecranes

OYJ

594

41,491

Metso

OYJ(a)

3,318

33,671

MINEBEA

MITSUMI,

Inc.

2,300

55,459

Otis

Worldwide

Corp.

1,386

130,977

Pentair

plc

598

52,546

Rotork

plc

7,199

33,455

Sandvik

AB

4,428

90,563

Schindler

Holding

AG

184

49,122

Seatrium

Ltd.*

6,900

8,666

SFS

Group

AG

23

3,350

SKF

AB,

Class

B

782

14,516

Spirax

Group

plc

180

20,947

Techtronic

Industries

Co.

Ltd.

4,500

57,661

TOMRA

Systems

ASA

140

2,302

Investments

Shares

Value

Machinery

(continued)

Trelleborg

AB,

Class

B

966

$

35,855

Valmet

OYJ(a)

552

15,632

Volvo

AB,

Class

B

6,132

156,367

Wartsila

OYJ

Abp

2,881

59,405

Weir

Group

plc

(The)

1,035

27,014

Yaskawa

Electric

Corp.

400

13,978

2,126,631

Marine

Transportation

-

0

.0

%

(c)

AP

Moller

-

Maersk

A/S,

Class

B

23

38,123

Media

-

0

.3

%

Dentsu

Group,

Inc.

2,300

61,192

Informa

plc

7,140

79,714

Interpublic

Group

of

Cos.,

Inc.

(The)

1,728

55,590

ITV

plc

19,343

19,951

Omnicom

Group,

Inc.(a)

1,638

160,589

Publicis

Groupe

SA

1,218

127,345

SES

SA,

Class

A,

ADR(a)

3,036

16,443

Vivendi

SE

4,554

48,648

WPP

plc

1,426

13,748

583,220

Metals

&

Mining

-

0

.7

%

Anglo

American

plc

4,326

130,579

Antofagasta

plc

1,679

43,563

Aurubis

AG

184

14,346

BlueScope

Steel

Ltd.

1,861

26,930

Boliden

AB

1,308

39,859

Fortescue

Ltd.

9,114

112,304

IGO

Ltd.(a)

1,311

4,751

Iluka

Resources

Ltd.

2,162

8,555

Mineral

Resources

Ltd.

960

34,027

Newmont

Corp.

4,200

206,094

Norsk

Hydro

ASA

4,278

23,631

Northern

Star

Resources

Ltd.

6,947

63,872

Pilbara

Minerals

Ltd.(a)

4,928

9,429

Rio

Tinto

Ltd.

1,344

103,104

Rio

Tinto

plc

2,646

170,816

South32

Ltd.

23,230

46,569

SSAB

AB,

Class

B

3,358

16,982

Teck

Resources

Ltd.,

Class

B

1,764

86,422

thyssenkrupp

AG

1,426

5,461

voestalpine

AG

782

20,021

1,167,315

Multi-Utilities

-

0

.4

%

A2A

SpA

10,971

23,233

AGL

Energy

Ltd.

3,956

26,815

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

ESG

Select

Index

Fund

(cont.)

150

Investments

Shares

Value

COMMON

STOCKS

(continued)

Multi-Utilities

(continued)

Centrica

plc

14,122

$

24,043

Engie

SA

8,274

130,181

Hera

SpA

6,691

24,472

National

Grid

plc

18,102

229,256

Public

Service

Enterprise

Group,

Inc.

1,890

150,765

Veolia

Environnement

SA

1,386

43,554

652,319

Office

REITs

-

0

.0

%

(c)

Dexus,

REIT

8,886

40,734

Gecina

SA,

REIT

184

18,258

58,992

Oil,

Gas

&

Consumable

Fuels

-

5

.7

%

Aker

BP

ASA

322

7,801

Ampol

Ltd.

1,564

34,183

BP

plc

42,210

248,773

Chevron

Corp.

17,850

2,864,389

Eni

SpA

10,920

174,861

Equinor

ASA

3,780

100,252

Exxon

Mobil

Corp.

38,766

4,597,260

Galp

Energia

SGPS

SA

1,150

24,210

Gaztransport

Et

Technigaz

SA

184

27,158

Marathon

Oil

Corp.

1,932

54,193

ORLEN

SA

2,070

33,733

Pembina

Pipeline

Corp.

1,806

69,955

Santos

Ltd.(a)

9,996

52,154

Shell

plc

29,484

1,078,217

Suncor

Energy,

Inc.

3,612

144,171

TC

Energy

Corp.

1,428

60,595

TotalEnergies

SE

5,712

386,186

Woodside

Energy

Group

Ltd.

3,066

55,258

10,013,349

Paper

&

Forest

Products

-

0

.0

%

(c)

Holmen

AB,

Class

B(a)

460

18,061

Mondi

plc

920

17,967

Stora

Enso

OYJ,

Class

R(a)

1,610

20,105

Svenska

Cellulosa

AB

SCA,

Class

B(a)

1,218

16,547

72,680

Passenger

Airlines

-

0

.1

%

ANA

Holdings,

Inc.

2,300

43,971

International

Consolidated

Airlines

Group

SA*(a)

16,330

34,777

Investments

Shares

Value

Passenger

Airlines

(continued)

Qantas

Airways

Ltd.*

11,914

$

50,258

Ryanair

Holdings

plc,

ADR

598

60,577

Singapore

Airlines

Ltd.

6,900

35,955

225,538

Personal

Care

Products

-

0

.9

%

Beiersdorf

AG

378

54,892

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

1,260

125,509

Haleon

plc

25,200

113,159

Kao

Corp.

1,600

70,227

L'Oreal

SA

1,176

509,847

Shiseido

Co.

Ltd.

3,400

106,660

Unilever

plc

9,828

602,590

1,582,884

Pharmaceuticals

-

9

.0

%

Astellas

Pharma,

Inc.

4,800

55,749

AstraZeneca

plc

7,182

1,140,938

Bristol-Myers

Squibb

Co.

6,720

319,603

Daiichi

Sankyo

Co.

Ltd.

5,800

236,996

Eisai

Co.

Ltd.

1,300

49,767

Eli

Lilly

&

Co.

4,410

3,546,831

GSK

plc

15,792

306,695

Hikma

Pharmaceuticals

plc

828

20,250

Ipsen

SA

115

12,942

Johnson

&

Johnson

20,832

3,288,331

Kyowa

Kirin

Co.

Ltd.(a)

1,900

40,144

Merck

&

Co.,

Inc.

17,388

1,967,104

Merck

KGaA

504

90,424

Novartis

AG

(Registered)

8,484

950,131

Novo

Nordisk

A/S,

Class

B

8,190

1,083,148

Ono

Pharmaceutical

Co.

Ltd.

2,300

34,203

Orion

OYJ,

Class

B

782

35,938

Pfizer,

Inc.

19,950

609,273

Roche

Holding

AG

2,352

763,649

Sandoz

Group

AG

1,092

47,352

Sanofi

SA

4,620

476,583

Santen

Pharmaceutical

Co.

Ltd.

2,300

27,638

Shionogi

&

Co.

Ltd.

2,000

87,691

UCB

SA

288

48,196

Zoetis,

Inc.,

Class

A

2,394

431,016

15,670,592

Professional

Services

-

0

.8

%

Adecco

Group

AG

(Registered)

1,056

35,942

ALS

Ltd.

1,846

18,612

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

ESG

Select

Index

Fund

(cont.)

151

Investments

Shares

Value

COMMON

STOCKS

(continued)

Professional

Services

(continued)

Arcadis

NV

506

$

36,110

Automatic

Data

Processing,

Inc.

1,386

363,991

Bureau

Veritas

SA

1,380

43,306

Computershare

Ltd.

3,596

64,927

Intertek

Group

plc

552

35,805

Randstad

NV(a)

552

26,856

RELX

plc

9,030

426,016

SGS

SA

(Registered)

545

59,500

Teleperformance

SE

322

41,534

Wolters

Kluwer

NV

1,008

169,176

1,321,775

Real

Estate

Management

&

Development

-

0

.5

%

Castellum

AB*(a)

2,309

28,869

CBRE

Group,

Inc.,

Class

A*

2,604

293,497

CK

Asset

Holdings

Ltd.

11,500

44,016

Daito

Trust

Construction

Co.

Ltd.

300

36,159

Daiwa

House

Industry

Co.

Ltd.

2,200

62,771

Mitsubishi

Estate

Co.

Ltd.

4,200

71,866

Mitsui

Fudosan

Co.

Ltd.

7,500

78,434

Sagax

AB,

Class

B

552

13,618

Swiss

Prime

Site

AG

(Registered)

460

46,013

Tokyu

Fudosan

Holdings

Corp.

4,600

33,477

Vonovia

SE

3,990

122,662

Wharf

Real

Estate

Investment

Co.

Ltd.

12,000

29,524

Wihlborgs

Fastigheter

AB

2,346

23,750

884,656

Residential

REITs

-

0

.2

%

Camden

Property

Trust,

REIT

394

43,635

Equity

Residential,

REIT

1,260

87,734

Essex

Property

Trust,

Inc.,

REIT

308

85,735

Sun

Communities,

Inc.,

REIT

714

90,485

307,589

Retail

REITs

-

0

.1

%

CapitaLand

Integrated

Commercial

Trust,

REIT

27,600

42,919

Klepierre

SA,

REIT

1,351

38,711

Link

REIT,

REIT(a)

8,400

35,484

Region

RE

Ltd.,

REIT

12,512

18,547

Investments

Shares

Value

Retail

REITs

(continued)

Unibail-Rodamco-

Westfield,

REIT

322

$

24,146

Vicinity

Ltd.,

REIT

27,126

37,375

197,182

Semiconductors

&

Semiconductor

Equipment

-

7

.9

%

Advanced

Micro

Devices,

Inc.*

8,316

1,201,496

Advantest

Corp.

1,100

44,077

AIXTRON

SE

253

5,913

Applied

Materials,

Inc.

4,284

909,065

ASM

International

NV

252

172,776

ASML

Holding

NV

1,344

1,236,918

ASMPT

Ltd.

2,000

20,865

BE

Semiconductor

Industries

NV

336

43,321

Broadcom,

Inc.

23,940

3,846,679

Infineon

Technologies

AG

4,746

164,597

Intel

Corp.

29,274

899,883

Lam

Research

Corp.

882

812,534

Micron

Technology,

Inc.

9,450

1,037,799

NXP

Semiconductors

NV

1,722

453,162

QUALCOMM,

Inc.

5,754

1,041,186

Renesas

Electronics

Corp.

11,100

190,189

Rohm

Co.

Ltd.

2,400

32,684

SOITEC*

46

5,938

STMicroelectronics

NV(a)

2,562

84,834

SUMCO

Corp.(a)

2,300

38,117

Texas

Instruments,

Inc.

4,662

950,162

Tokyo

Electron

Ltd.

2,400

494,803

13,686,998

Software

-

9

.0

%

Adobe,

Inc.*

2,310

1,274,312

Autodesk,

Inc.*

1,806

447,021

Crowdstrike

Holdings,

Inc.,

Class

A*

1,596

370,208

Dassault

Systemes

SE

2,100

79,625

Gen

Digital,

Inc.

3,738

97,151

HubSpot,

Inc.*

336

167,002

Intuit,

Inc.

1,428

924,416

Microsoft

Corp.

19,320

8,082,522

Oracle

Corp.

5,586

778,968

Palo

Alto

Networks,

Inc.*

1,638

531,908

Sage

Group

plc

(The)

4,662

65,031

Salesforce,

Inc.

3,360

869,568

SAP

SE

4,284

904,057

ServiceNow,

Inc.*

714

581,474

Synopsys,

Inc.*

798

445,539

Temenos

AG

(Registered)

230

15,913

Xero

Ltd.*

840

75,794

‌

15,710,509

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

ESG

Select

Index

Fund

(cont.)

152

Investments

Shares

Value

COMMON

STOCKS

(continued)

Specialized

REITs

-

0

.7

%

American

Tower

Corp.,

REIT

2,394

$

527,638

Big

Yellow

Group

plc,

REIT

874

13,583

Crown

Castle,

Inc.,

REIT

1,638

180,311

Iron

Mountain,

Inc.,

REIT(a)

1,638

167,993

Keppel

DC

REIT,

REIT

2,300

3,473

Safestore

Holdings

plc,

REIT

230

2,383

VICI

Properties,

Inc.,

Class

A,

REIT

7,476

233,700

Weyerhaeuser

Co.,

REIT

4,788

152,067

1,281,148

Specialty

Retail

-

1

.5

%

Best

Buy

Co.,

Inc.

924

79,944

Fast

Retailing

Co.

Ltd.

1,000

276,818

H

&

M

Hennes

&

Mauritz

AB,

Class

B(a)

3,906

60,589

Industria

de

Diseno

Textil

SA

2,730

132,522

JB

Hi-Fi

Ltd.

748

34,020

Kingfisher

plc

11,270

39,996

Lowe's

Cos.,

Inc.

2,016

494,948

Nitori

Holdings

Co.

Ltd.

600

71,242

Ross

Stores,

Inc.

1,680

240,626

TJX

Cos.,

Inc.

(The)

7,728

873,419

Tractor

Supply

Co.

546

143,773

USS

Co.

Ltd.

4,200

37,852

Williams-Sonoma,

Inc.(a)

1,092

168,911

Zalando

SE*(b)

414

10,622

2,665,282

Technology

Hardware,

Storage

&

Peripherals

-

5

.8

%

Apple,

Inc.

39,816

8,842,337

Brother

Industries

Ltd.

900

18,621

FUJIFILM

Holdings

Corp.

4,200

99,933

Hewlett

Packard

Enterprise

Co.

8,358

166,408

HP,

Inc.

8,106

292,546

Konica

Minolta,

Inc.

4,600

13,596

Logitech

International

SA

(Registered)

330

29,684

NetApp,

Inc.

1,008

127,996

Pure

Storage,

Inc.,

Class

A*

1,008

60,409

Ricoh

Co.

Ltd.

2,300

21,577

Seiko

Epson

Corp.

2,300

40,211

Super

Micro

Computer,

Inc.*(a)

378

265,224

Investments

Shares

Value

Technology

Hardware,

Storage

&

Peripherals

(continued)

Western

Digital

Corp.*(a)

2,142

$

143,621

10,122,163

Textiles,

Apparel

&

Luxury

Goods

-

1

.3

%

adidas

AG

294

73,585

Asics

Corp.

5,200

85,538

Brunello

Cucinelli

SpA

42

3,925

Burberry

Group

plc

1,104

10,990

Christian

Dior

SE

23

15,157

Deckers

Outdoor

Corp.*

126

116,251

Hermes

International

SCA

84

183,884

HUGO

BOSS

AG

391

15,549

Kering

SA

336

103,440

Lululemon

Athletica,

Inc.*

840

217,274

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,260

890,330

Moncler

SpA

756

45,059

NIKE,

Inc.,

Class

B

4,284

320,700

Pandora

A/S

420

65,839

Puma

SE

230

11,424

Swatch

Group

AG

(The)

(a)

69

14,176

2,173,121

Trading

Companies

&

Distributors

-

1

.1

%

AddTech

AB,

Class

B

1,127

36,278

Ashtead

Group

plc

1,890

135,995

Beijer

Ref

AB,

Class

B(a)

1,656

26,267

Diploma

plc

679

38,793

DKSH

Holding

AG(a)

138

10,786

Ferguson

plc

1,806

402,106

Grafton

Group

plc

1,150

15,953

IMCD

NV

184

26,481

ITOCHU

Corp.(a)

6,300

325,887

Mitsubishi

Corp.

16,800

351,051

Mitsui

&

Co.

Ltd.

13,200

309,690

Rexel

SA

1,219

31,025

RS

GROUP

plc

2,070

21,749

Sojitz

Corp.

1,599

38,269

Sumitomo

Corp.

4,200

105,461

Toyota

Tsusho

Corp.

3,900

78,617

1,954,408

Transportation

Infrastructure

-

0

.2

%

Aena

SME

SA(b)

288

54,569

Aeroports

de

Paris

SA

92

12,096

Auckland

International

Airport

Ltd.

5,607

24,911

Flughafen

Zurich

AG

(Registered)

46

10,629

Getlink

SE

2,047

36,493

Qube

Holdings

Ltd.

10,166

25,359

SATS

Ltd.

4,600

11,280

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

ESG

Select

Index

Fund

(cont.)

153

Investments

Shares

Value

COMMON

STOCKS

(continued)

Transportation

Infrastructure

(continued)

Transurban

Group

13,776

$

117,034

292,371

Water

Utilities

-

0

.2

%

American

Water

Works

Co.,

Inc.

1,428

203,290

Pennon

Group

plc

20

159

Severn

Trent

plc

1,146

37,845

United

Utilities

Group

plc

1,512

20,062

261,356

Wireless

Telecommunication

Services

-

0

.1

%

Millicom

International

Cellular

SA,

SDR*

414

10,298

Tele2

AB,

Class

B

1,978

20,338

Vodafone

Group

plc

91,224

84,880

115,516

Total

Common

Stocks

(Cost

$122,793,924)

172,857,160

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

0

.6

%

(d)

REPURCHASE

AGREEMENTS

-

0

.6

%

CF

Secured

LLC

5.34%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$1,001,914,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.88%,

maturing

8/15/2024

-

8/15/2053;

total

market

value

$1,025,790  

(Cost

$1,001,766)

$1,001,766

1,001,766

Total

Investments

-

99.7%

(Cost

$123,795,690)

173,858,926

Other

assets

less

liabilities

-

0.3%

589,564

NET

ASSETS

-

100.0%

$174,448,490

*

Non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2024.

The

total

value

of

securities

on

loan

at

July

31,

2024

was

$5,209,191,

collateralized

in

the

form

of

cash

with

a

value

of

$1,001,766

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$3,932,654

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

August

15,

2024

–

February

15,

2054

and

$428,493

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

5.75%,

and

maturity

dates

ranging

from

August

15,

2024

–

June

30,

2120;

a

total

value

of

$5,362,913.

(b)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States

and

as

such

may

have

restrictions

on

resale.

(c)

Represents

less

than

0.05%

of

net

assets.

(d)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2024.

The

total

value

of

securities

purchased

was

$1,001,766.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

ADR

American

Depositary

Receipt

CVA

Dutch

Certification

OYJ

Public

Limited

Company

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

REIT

Real

Estate

Investment

Trust

SCA

Limited

partnership

with

share

capital

SDR

Swedish

Depositary

Receipt

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

ESG

Select

Index

Fund

(cont.)

154

Futures

Contracts

FlexShares®

STOXX®

Global

ESG

Select

Index

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2024:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

/

(

Depreciation

)

Long

Contracts

EURO

STOXX

50

Index

3

09/20/2024

EUR

$

159,004

$

(

2,634

)

MSCI

EAFE

E-Mini

Index

5

09/20/2024

USD

597,425

13,244

S&P

500

E-Mini

Index

3

09/20/2024

USD

833,700

6,002

$

16,612

Forward

Foreign

Currency

Contracts

FlexShares®

STOXX®

Global

ESG

Select

Index

Fund

had

the

following

outstanding

contracts

as

of

July

31,

2024:

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

USD

216,795

Citibank

NA

EUR

200,000

09/18/2024

$

(

115

)

USD

161,799

Citibank

NA

JPY

25,000,000

09/18/2024

(

5,552

)

Net

unrealized

depreciation

$

(

5,667

)

Abbreviations:

EUR

—

Euro

JPY

—

Japanese

Yen

USD

—

US

Dollar

FlexShares®

STOXX®

Global

ESG

Select

Index

invested,

as

a

percentage

of

net

assets,

in

companies

domiciled

in

the

following

countries

as

of

July

31,

2024:

Australia

3‌

.1

%

Austria

0‌

.1

Belgium

0‌

.2

Brazil

0‌

.1

Canada

1‌

.2

Chile

0‌

.0

†

China

0‌

.1

Colombia

0‌

.0

†

Denmark

1‌

.0

Faeroe

Islands

0‌

.0

†

Finland

0‌

.4

France

3‌

.8

Germany

2‌

.2

Hong

Kong

0‌

.2

Ireland

0‌

.1

Italy

1‌

.0

Japan

6‌

.2

Jordan

0‌

.0

†

Luxembourg

0‌

.0

†

Morocco

0‌

.0

†

Netherlands

2‌

.4

New

Zealand

0‌

.1

Norway

0‌

.2

Poland

0‌

.1

Portugal

0‌

.1

Singapore

0‌

.4

South

Africa

0‌

.1

Spain

0‌

.9

Sweden

1‌

.0

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

ESG

Select

Index

Fund

(cont.)

155

Switzerland

2‌

.2

%

United

Kingdom

4‌

.2

United

States

67‌

.7

Other

1

0‌

.9

100.0%

†

Amount

represents

less

than

0.05%.

1

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

%

of

Net

Assets

Common

Stocks

99‌

.1

%

Securities

Lending

Reinvestments

0‌

.6

Others

(1)

0‌

.3

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

156

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares

®

ESG &

Climate

US

Large

Cap

Core

Index

July

31,

2024

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

98

.7

%

Automobiles

-

2

.3

%

Tesla,

Inc.*

6,273

$

1,455,775

Banks

-

2

.8

%

Bank

of

America

Corp.

20,459

824,702

Citigroup,

Inc.

9,512

617,139

Fifth

Third

Bancorp

4,305

182,274

JPMorgan

Chase

&

Co.

779

165,771

1,789,886

Beverages

-

0

.7

%

PepsiCo,

Inc.

2,501

431,848

Biotechnology

-

2

.6

%

Amgen,

Inc.

2,091

695,195

Biogen,

Inc.*

943

201,047

Gilead

Sciences,

Inc.

1,599

121,620

Regeneron

Pharmaceuticals,

Inc.*

615

663,702

1,681,564

Broadline

Retail

-

4

.1

%

Amazon.com,

Inc.*

12,710

2,376,516

eBay,

Inc.

3,444

191,521

Etsy,

Inc.*

820

53,414

2,621,451

Building

Products

-

2

.0

%

Carrier

Global

Corp.

5,412

368,612

Johnson

Controls

International

plc

4,059

290,381

Owens

Corning

574

106,982

Trane

Technologies

plc

1,476

493,397

1,259,372

Capital

Markets

-

3

.8

%

BlackRock,

Inc.(a)

205

179,682

Moody's

Corp.

1,066

486,608

Morgan

Stanley

6,109

630,510

MSCI,

Inc.

492

266,054

Nasdaq,

Inc.

2,173

147,069

S&P

Global,

Inc.

1,435

695,587

2,405,510

Chemicals

-

1

.3

%

Albemarle

Corp.(a)

738

69,128

Ecolab,

Inc.

1,640

378,332

Investments

Shares

Value

Chemicals

(continued)

Sherwin-Williams

Co.

(The)

1,025

$

359,570

807,030

Commercial

Services

&

Supplies

-

0

.7

%

Cintas

Corp.

574

438,502

Communications

Equipment

-

0

.0

%

(b)

Cisco

Systems,

Inc.

574

27,810

Consumer

Finance

-

0

.1

%

American

Express

Co.

369

93,372

Consumer

Staples

Distribution

&

Retail

-

2

.3

%

Kroger

Co.

(The)

4,346

236,857

Sysco

Corp.

3,239

248,269

Target

Corp.

2,952

444,010

Walgreens

Boots

Alliance,

Inc.

4,879

57,914

Walmart,

Inc.

6,765

464,350

1,451,400

Containers

&

Packaging

-

0

.2

%

Avery

Dennison

Corp.

533

115,570

Diversified

Telecommunication

Services

-

0

.8

%

Verizon

Communications,

Inc.

12,546

508,364

Electric

Utilities

-

1

.3

%

Eversource

Energy

2,255

146,372

Exelon

Corp.

6,314

234,881

NextEra

Energy,

Inc.

2,706

206,711

PG&E

Corp.

14,719

268,622

856,586

Energy

Equipment

&

Services

-

1

.0

%

Baker

Hughes

Co.

4,346

168,277

Schlumberger

NV(a)

9,184

443,496

611,773

Financial

Services

-

4

.4

%

Berkshire

Hathaway,

Inc.,

Class

B*

902

395,527

Mastercard,

Inc.,

Class

A

2,091

969,618

PayPal

Holdings,

Inc.*

6,765

445,002

Visa,

Inc.,

Class

A(a)

3,690

980,322

‌

2,790,469

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

US

Large

Cap

Core

Index

(cont.)

157

Investments

Shares

Value

COMMON

STOCKS

(continued)

Food

Products

-

0

.1

%

Mondelez

International,

Inc.,

Class

A

615

$

42,035

Ground

Transportation

-

2

.3

%

CSX

Corp.

12,833

450,438

Norfolk

Southern

Corp.

1,435

358,119

Union

Pacific

Corp.

2,624

647,419

1,455,976

Health

Care

Equipment

&

Supplies

-

1

.5

%

Boston

Scientific

Corp.*

7,913

584,612

Medtronic

plc

4,674

375,416

960,028

Health

Care

Providers

&

Services

-

2

.5

%

Cencora,

Inc.

246

58,518

Cigna

Group

(The)

1,722

600,410

Elevance

Health,

Inc.

1,148

610,770

Humana,

Inc.

820

296,520

UnitedHealth

Group,

Inc.

41

23,623

1,589,841

Hotel

&

Resort

REITs

-

0

.1

%

Host

Hotels

&

Resorts,

Inc.,

REIT

4,428

77,534

Hotels,

Restaurants

&

Leisure

-

1

.2

%

Airbnb,

Inc.,

Class

A*(a)

2,665

371,928

Booking

Holdings,

Inc.

21

78,015

Caesars

Entertainment,

Inc.*

1,476

58,966

Expedia

Group,

Inc.*

902

115,158

Las

Vegas

Sands

Corp.

2,173

86,203

MGM

Resorts

International*

1,804

77,518

787,788

Household

Products

-

1

.8

%

Clorox

Co.

(The)

779

102,773

Colgate-Palmolive

Co.

5,043

500,215

Procter

&

Gamble

Co.

(The)

3,280

527,293

1,130,281

Industrial

REITs

-

1

.0

%

Prologis,

Inc.,

REIT

5,289

666,678

Insurance

-

2

.0

%

Aflac,

Inc.(a)

3,690

351,952

Chubb

Ltd.

1,394

384,270

Investments

Shares

Value

Insurance

(continued)

Hartford

Financial

Services

Group,

Inc.

(The)

1,968

$

218,291

MetLife,

Inc.

4,141

318,236

1,272,749

Interactive

Media

&

Services

-

8

.1

%

Alphabet,

Inc.,

Class

A

10,250

1,758,285

Alphabet,

Inc.,

Class

C

9,307

1,611,507

Meta

Platforms,

Inc.,

Class

A

3,813

1,810,527

5,180,319

IT

Services

-

2

.5

%

Accenture

plc,

Class

A

2,337

772,659

Akamai

Technologies,

Inc.*

984

96,707

International

Business

Machines

Corp.

3,854

740,508

1,609,874

Machinery

-

1

.8

%

CNH

Industrial

NV

5,740

61,131

Cummins,

Inc.

902

263,204

Deere

&

Co.

1,435

533,791

Westinghouse

Air

Brake

Technologies

Corp.

1,148

185,000

Xylem,

Inc.

738

98,523

1,141,649

Media

-

0

.1

%

Interpublic

Group

of

Cos.,

Inc.

(The)

2,378

76,500

Metals

&

Mining

-

0

.6

%

Newmont

Corp.

7,339

360,125

Multi-Utilities

-

0

.3

%

Consolidated

Edison,

Inc.

2,255

219,908

Office

REITs

-

0

.1

%

BXP,

Inc.,

REIT(a)

984

70,169

Oil,

Gas

&

Consumable

Fuels

-

2

.6

%

Cheniere

Energy,

Inc.

1,312

239,624

EQT

Corp.

3,116

107,533

Exxon

Mobil

Corp.

738

87,519

Marathon

Petroleum

Corp.

2,583

457,243

ONEOK,

Inc.

3,772

314,321

Valero

Energy

Corp.

656

106,088

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

US

Large

Cap

Core

Index

(cont.)

158

Investments

Shares

Value

COMMON

STOCKS

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

Williams

Cos.,

Inc.

(The)

7,790

$

334,503

1,646,831

Personal

Care

Products

-

0

.3

%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

1,476

147,025

Kenvue,

Inc.

1,435

26,533

173,558

Pharmaceuticals

-

5

.1

%

Bristol-Myers

Squibb

Co.

12,054

573,288

Eli

Lilly

&

Co.

287

230,825

Johnson

&

Johnson

6,314

996,665

Merck

&

Co.,

Inc.

6,683

756,048

Pfizer,

Inc.

22,837

697,442

3,254,268

Professional

Services

-

1

.4

%

Automatic

Data

Processing,

Inc.

2,378

624,510

Paychex,

Inc.

2,091

267,690

Verisk

Analytics,

Inc.

41

10,732

902,932

Semiconductors

&

Semiconductor

Equipment

-

9

.7

%

Applied

Materials,

Inc.

3,157

669,915

Broadcom,

Inc.

2,460

395,273

Enphase

Energy,

Inc.*

861

99,110

First

Solar,

Inc.*

656

141,689

Intel

Corp.

19,885

611,265

NVIDIA

Corp.

36,490

4,270,060

SolarEdge

Technologies,

Inc.*

369

10,649

6,197,961

Software

-

10

.5

%

Adobe,

Inc.*

1,517

836,853

Autodesk,

Inc.*

738

182,670

Microsoft

Corp.

10,127

4,236,631

Salesforce,

Inc.

2,829

732,145

ServiceNow,

Inc.*

492

400,680

Workday,

Inc.,

Class

A*

1,312

297,981

6,686,960

Specialized

REITs

-

1

.0

%

Equinix,

Inc.,

REIT

615

485,998

Investments

Shares

Value

Specialized

REITs

(continued)

Weyerhaeuser

Co.,

REIT

4,428

$

140,633

626,631

Specialty

Retail

-

1

.9

%

Home

Depot,

Inc.

(The)

779

286,797

Lowe's

Cos.,

Inc.

123

30,198

TJX

Cos.,

Inc.

(The)

6,068

685,805

Tractor

Supply

Co.(a)

697

183,534

1,186,334

Technology

Hardware,

Storage

&

Peripherals

-

8

.9

%

Apple,

Inc.

22,181

4,925,956

Dell

Technologies,

Inc.,

Class

C

1,640

186,435

Hewlett

Packard

Enterprise

Co.

8,364

166,527

HP,

Inc.

5,617

202,718

NetApp,

Inc.

1,353

171,804

5,653,440

Textiles,

Apparel

&

Luxury

Goods

-

0

.8

%

Lululemon

Athletica,

Inc.*

164

42,420

NIKE,

Inc.,

Class

B

6,519

488,013

530,433

Water

Utilities

-

0

.1

%

American

Water

Works

Co.,

Inc.

697

99,225

Total

Common

Stocks

(Cost

$52,268,429)

62,946,309

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

2

.8

%

(c)

REPURCHASE

AGREEMENTS

-

2

.8

%

CF

Secured

LLC

5.34%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$1,771,582,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.88%,

maturing

8/15/2024

-

8/15/2053;

total

market

value

$1,813,799  

(Cost

$1,771,319)

$1,771,319

1,771,319

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

US

Large

Cap

Core

Index

(cont.)

159

Investments

Principal

Amount

Value

SHORT-TERM

INVESTMENTS

-

0

.1

%

(d)

U.S.

TREASURY

OBLIGATIONS

-

0

.1

%

U.S.

Treasury

Bills

5.29%,

10/3/2024(d)(e)

(Cost

$39,639)

$

40,000

$

39,637

Total

Investments

-

101.6%

(Cost

$54,079,387)

64,757,265

Liabilities

in

excess

of

other

assets

-

(1.6%)

(1,010,533)

NET

ASSETS

-

100.0%

$63,746,732

*

Non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2024.

The

total

value

of

securities

on

loan

at

July

31,

2024

was

$2,405,092,

collateralized

in

the

form

of

cash

with

a

value

of

$1,771,319

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$662,989

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

August

15,

2024

–

February

15,

2054

and

$10,222

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

5.75%,

and

maturity

dates

ranging

from

August

15,

2024

–

June

30,

2120;

a

total

value

of

$2,444,530.

(b)

Represents

less

than

0.05%

of

net

assets.

(c)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2024.

The

total

value

of

securities

purchased

was

$1,771,319.

(d)

All

or

a

portion

of

the

security

pledged

as

collateral

for

Futures

Contracts.

(e)

The

rate

shown

was

the

current

yield

as

of

July

31,

2024.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

REIT

Real

Estate

Investment

Trust

Futures

Contracts

FlexShares®

ESG &

Climate

US

Large

Cap

Core

Index

Fund

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2024:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

S&P

500

Micro

E-Mini

Index

28

09/20/2024

USD

$

778,120

$

7,026

Abbreviations:

USD

—

US

Dollar

Security

Type

%

of

Net

Assets

Common

Stocks

98‌

.7

%

Securities

Lending

Reinvestments

2‌

.8

Short-Term

Investments

0‌

.1

Others

(1)

(

1‌

.6

)

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

160

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares

®

ESG &

Climate

Developed

Markets ex-US Core

Index

July

31,

2024

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

98.4%

Air

Freight

&

Logistics

-

0.9%

Deutsche

Post

AG

10,802

$

482,165

Automobile

Components

-

0.6%

Bridgestone

Corp.

8,400

345,301

Automobiles

-

2.3%

Honda

Motor

Co.

Ltd.

2,800

30,650

Isuzu

Motors

Ltd.

4,400

60,461

Mazda

Motor

Corp.

6,600

60,184

Mercedes-Benz

Group

AG

5,566

368,365

Nissan

Motor

Co.

Ltd.

30,800

99,528

Porsche

Automobil

Holding

SE

(Preference)

2,112

94,455

Renault

SA

748

36,294

Toyota

Motor

Corp.

18,400

360,638

Volvo

Car

AB,

Class

B*

8,778

24,841

Yamaha

Motor

Co.

Ltd.(a)

13,200

124,139

1,259,555

Banks

-

12.9%

ABN

AMRO

Bank

NV,

CVA(b)

6,908

120,462

AIB

Group

plc

4,928

27,914

Banco

Santander

SA

50,358

242,764

Bank

of

Montreal

924

77,889

Bank

of

Nova

Scotia

(The)

6,358

296,717

Barclays

plc

38,940

116,939

BNP

Paribas

SA

4,312

296,105

Commonwealth

Bank

of

Australia

10,186

914,509

Credit

Agricole

SA

4,246

64,462

Danske

Bank

A/S

10,076

308,304

DBS

Group

Holdings

Ltd.

2,400

65,652

HSBC

Holdings

plc

66,066

597,404

ING

Groep

NV(a)

34,122

618,467

Mitsubishi

UFJ

Financial

Group,

Inc.

52,800

614,117

Mizuho

Financial

Group,

Inc.

3,600

82,499

National

Australia

Bank

Ltd.

13,046

328,664

National

Bank

of

Canada

2,332

194,940

NatWest

Group

plc

24,288

114,835

Royal

Bank

of

Canada(a)

6,842

764,113

Societe

Generale

SA

5,368

139,293

Standard

Chartered

plc

10,164

100,159

Toronto-Dominion

Bank

(The)

11,792

695,937

Investments

Shares

Value

Banks

(continued)

Westpac

Banking

Corp.

21,714

$

422,541

7,204,686

Beverages

-

1.7%

Asahi

Group

Holdings

Ltd.(a)

2,700

99,684

Coca-Cola

HBC

AG

2,068

75,437

Diageo

plc

17,028

529,075

Kirin

Holdings

Co.

Ltd.(a)

11,000

155,759

Pernod

Ricard

SA

638

85,607

945,562

Biotechnology

-

0.9%

CSL

Ltd.

2,354

476,090

Grifols

SA*(a)

3,564

35,859

511,949

Broadline

Retail

-

1.1%

Canadian

Tire

Corp.

Ltd.,

Class

A

660

67,737

Dollarama,

Inc.

2,464

230,855

Next

plc

1,760

205,130

Rakuten

Group,

Inc.*

22,000

129,023

632,745

Building

Products

-

1.3%

Cie

de

Saint-Gobain

SA

3,696

317,716

Geberit

AG

(Registered)

308

196,084

Kingspan

Group

plc

2,288

213,913

727,713

Capital

Markets

-

2.7%

Amundi

SA(b)

990

72,365

Daiwa

Securities

Group,

Inc.

15,400

128,709

Deutsche

Boerse

AG

242

49,598

EQT

AB(a)

5,214

168,763

London

Stock

Exchange

Group

plc

220

26,760

Macquarie

Group

Ltd.

1,496

204,951

Nomura

Holdings,

Inc.

41,800

261,174

Schroders

plc

10,186

51,392

UBS

Group

AG

(Registered)

17,314

524,386

1,488,098

Chemicals

-

3.1%

Akzo

Nobel

NV

2,398

148,219

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Developed

Markets ex-US Core

Index

(cont.)

161

Investments

Shares

Value

COMMON

STOCKS

(continued)

Chemicals

(continued)

Covestro

AG*(b)

2,706

$

159,468

Croda

International

plc

1,914

99,370

Givaudan

SA

(Registered)

93

455,042

Nippon

Paint

Holdings

Co.

Ltd.

6,600

42,014

Nitto

Denko

Corp.

2,200

192,131

Sika

AG

(Registered)

1,254

380,082

Symrise

AG,

Class

A

2,002

252,923

Wacker

Chemie

AG

176

17,674

1,746,923

Commercial

Services

&

Supplies

-

0.6%

Brambles

Ltd.

4,202

42,695

Dai

Nippon

Printing

Co.

Ltd.

2,900

95,793

Rentokil

Initial

plc

8,294

50,571

Secom

Co.

Ltd.

2,200

140,691

329,750

Communications

Equipment

-

0.1%

Nokia

OYJ

21,076

82,582

Construction

&

Engineering

-

0.5%

Taisei

Corp.

2,200

93,945

WSP

Global,

Inc.

990

164,354

258,299

Consumer

Staples

Distribution

&

Retail

-

2.0%

Carrefour

SA

7,854

117,284

Jeronimo

Martins

SGPS

SA

3,806

66,513

Loblaw

Cos.

Ltd.

1,078

132,853

Tesco

plc

106,260

452,586

Woolworths

Group

Ltd.

16,038

361,312

1,130,548

Containers

&

Packaging

-

0.5%

SIG

Group

AG(a)

4,818

100,985

Smurfit

WestRock

plc*

3,806

168,706

269,691

Diversified

Consumer

Services

-

0.2%

Pearson

plc

9,702

131,596

Diversified

REITs

-

0.2%

GPT

Group

(The),

REIT

26,554

80,283

Investments

Shares

Value

Diversified

REITs

(continued)

Land

Securities

Group

plc,

REIT

3,256

$

26,578

106,861

Diversified

Telecommunication

Services

-

2.0%

BCE,

Inc.

5,500

185,515

Deutsche

Telekom

AG

(Registered)

16,170

422,916

Nippon

Telegraph

&

Telephone

Corp.

94,600

100,850

Swisscom

AG

(Registered)

374

228,585

Telefonica

SA(a)

6,688

30,244

Telia

Co.

AB

8,008

23,260

TELUS

Corp.

6,578

106,137

1,097,507

Electric

Utilities

-

1.9%

Acciona

SA(a)

418

54,052

EDP

SA

44,198

181,741

Iberdrola

SA(a)

29,833

393,198

Orsted

A/S*(b)

2,838

168,900

Terna

-

Rete

Elettrica

Nazionale

21,736

180,873

Verbund

AG

1,078

86,321

1,065,085

Electrical

Equipment

-

2.5%

Legrand

SA

440

47,555

Mitsubishi

Electric

Corp.

7,500

129,653

Schneider

Electric

SE

3,234

779,866

Siemens

Energy

AG*

2,156

62,781

Vestas

Wind

Systems

A/S*

14,630

361,194

1,381,049

Electronic

Equipment,

Instruments

&

Components

-

0.6%

Murata

Manufacturing

Co.

Ltd.

11,700

260,579

Omron

Corp.

2,400

88,863

349,442

Energy

Equipment

&

Services

-

0.1%

Tenaris

SA

4,840

76,675

Financial

Services

-

0.3%

Edenred

SE

2,222

92,594

M&G

plc

29,854

81,409

‌

174,003

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Developed

Markets ex-US Core

Index

(cont.)

162

Investments

Shares

Value

COMMON

STOCKS

(continued)

Food

Products

-

1.6%

Ajinomoto

Co.,

Inc.

1,300

$

53,837

Mowi

ASA

814

13,713

Nestle

SA

(Registered)

8,404

851,045

918,595

Gas

Utilities

-

0.3%

AltaGas

Ltd.(a)

1,848

44,038

Hong

Kong

&

China

Gas

Co.

Ltd.

176,000

143,512

187,550

Ground

Transportation

-

1.8%

Canadian

National

Railway

Co.

4,070

470,888

Canadian

Pacific

Kansas

City

Ltd.

2,442

204,665

East

Japan

Railway

Co.

13,200

247,840

MTR

Corp.

Ltd.

24,000

77,727

1,001,120

Health

Care

Equipment

&

Supplies

-

1.9%

Koninklijke

Philips

NV*

11,506

324,713

Olympus

Corp.

8,800

152,301

Siemens

Healthineers

AG(b)

4,312

231,574

Sonova

Holding

AG

(Registered)

726

222,109

Sysmex

Corp.

7,400

121,604

1,052,301

Hotels,

Restaurants

&

Leisure

-

1.3%

Amadeus

IT

Group

SA

6,534

429,459

Genting

Singapore

Ltd.

77,000

48,931

Oriental

Land

Co.

Ltd.

2,200

62,611

Sands

China

Ltd.*

35,200

66,056

Whitbread

plc

2,530

94,565

701,622

Household

Durables

-

1.0%

Sekisui

House

Ltd.

5,700

143,201

Sony

Group

Corp.

4,400

395,666

538,867

Household

Products

-

0.4%

Henkel

AG

&

Co.

KGaA

(Preference)

2,596

222,202

Investments

Shares

Value

Independent

Power

and

Renewable

Electricity

Producers

-

0.2%

Corp.

ACCIONA

Energias

Renovables

SA

1,276

$

26,856

EDP

Renovaveis

SA

4,070

63,155

90,011

Industrial

Conglomerates

-

2.4%

Hitachi

Ltd.

36,100

788,893

Siemens

AG

(Registered)

2,882

528,355

1,317,248

Industrial

REITs

-

0.5%

Goodman

Group,

REIT

2,618

60,005

Segro

plc,

REIT

17,974

211,428

271,433

Insurance

-

6.4%

AIA

Group

Ltd.

35,200

236,559

Allianz

SE

(Registered)

2,596

732,621

ASR

Nederland

NV

1,210

60,714

Aviva

plc

41,206

264,741

AXA

SA

14,938

525,182

Japan

Post

Insurance

Co.

Ltd.

1,000

20,823

Legal

&

General

Group

plc

89,848

267,394

MS&AD

Insurance

Group

Holdings,

Inc.

17,300

411,861

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

352

173,538

NN

Group

NV

1,242

62,279

QBE

Insurance

Group

Ltd.

15,994

188,829

Sompo

Holdings,

Inc.

1,800

41,477

Swiss

Re

AG

1,210

149,076

Tokio

Marine

Holdings,

Inc.

500

20,012

Zurich

Insurance

Group

AG

726

398,527

3,553,633

Interactive

Media

&

Services

-

0.2%

LY

Corp.

37,400

92,717

IT

Services

-

1.9%

Capgemini

SE

1,826

362,778

CGI,

Inc.*

1,540

175,498

Fujitsu

Ltd.

26,400

479,450

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Developed

Markets ex-US Core

Index

(cont.)

163

Investments

Shares

Value

COMMON

STOCKS

(continued)

IT

Services

(continued)

Nomura

Research

Institute

Ltd.

1,000

$

31,038

1,048,764

Leisure

Products

-

0.4%

Shimano,

Inc.

1,100

195,421

Machinery

-

2.0%

Atlas

Copco

AB,

Class

A

9,042

160,802

Epiroc

AB,

Class

A

5,720

106,740

GEA

Group

AG

2,244

99,169

KION

Group

AG

1,078

42,717

Komatsu

Ltd.

6,600

191,122

Kone

OYJ,

Class

B

2,464

125,743

Kubota

Corp.

700

10,142

MINEBEA

MITSUMI,

Inc.

4,400

106,096

SKF

AB,

Class

B

4,708

87,394

Spirax

Group

plc

396

46,083

Volvo

AB,

Class

B

1,672

42,636

Weir

Group

plc

(The)

858

22,394

Yaskawa

Electric

Corp.

2,800

97,849

1,138,887

Media

-

0.9%

Dentsu

Group,

Inc.

2,800

74,494

Publicis

Groupe

SA

2,684

280,619

WPP

plc

15,136

145,928

501,041

Metals

&

Mining

-

2.5%

Anglo

American

plc

3,498

105,586

Barrick

Gold

Corp.

1,672

30,960

BlueScope

Steel

Ltd.

7,128

103,146

Fortescue

Ltd.

15,422

190,032

Kinross

Gold

Corp.

17,754

161,289

Mineral

Resources

Ltd.

2,442

86,556

Norsk

Hydro

ASA

15,158

83,730

Northern

Star

Resources

Ltd.

16,940

155,750

Sumitomo

Metal

Mining

Co.

Ltd.

3,500

107,238

Wheaton

Precious

Metals

Corp.

6,688

399,648

1,423,935

Multi-Utilities

-

0.1%

National

Grid

plc

5,703

72,227

Office

REITs

-

0.1%

Gecina

SA,

REIT

616

61,125

Investments

Shares

Value

Oil,

Gas

&

Consumable

Fuels

-

5.4%

Ampol

Ltd.

3,608

$

78,856

Enbridge,

Inc.

17,182

642,654

ENEOS

Holdings,

Inc.

44,000

231,668

Neste

OYJ

6,336

127,936

Pembina

Pipeline

Corp.

8,250

319,561

Repsol

SA

15,180

216,416

Shell

plc

26,092

951,794

TotalEnergies

SE

6,358

429,862

2,998,747

Paper

&

Forest

Products

-

0.3%

Mondi

plc

5,720

111,712

West

Fraser

Timber

Co.

Ltd.

858

76,040

187,752

Personal

Care

Products

-

2.2%

Haleon

plc

65,340

293,405

Kao

Corp.

6,600

289,688

L'Oreal

SA

1,540

667,657

1,250,750

Pharmaceuticals

-

9.3%

AstraZeneca

plc

5,368

852,764

Daiichi

Sankyo

Co.

Ltd.

8,100

330,977

GSK

plc

13,970

271,310

Novartis

AG

(Registered)

6,248

699,719

Novo

Nordisk

A/S,

Class

B

12,694

1,678,813

Ono

Pharmaceutical

Co.

Ltd.

3,100

46,100

Roche

Holding

AG

154

50,001

Sanofi

SA

5,830

601,403

Takeda

Pharmaceutical

Co.

Ltd.

15,400

440,322

Teva

Pharmaceutical

Industries

Ltd.*

9,328

159,962

UCB

SA

528

88,359

5,219,730

Professional

Services

-

2.6%

Computershare

Ltd.

3,674

66,336

Recruit

Holdings

Co.

Ltd.

4,400

253,191

RELX

plc

14,762

696,439

Wolters

Kluwer

NV

2,684

450,466

1,466,432

Real

Estate

Management

&

Development

-

0.5%

Daiwa

House

Industry

Co.

Ltd.

8,800

251,086

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Developed

Markets ex-US Core

Index

(cont.)

164

Investments

Shares

Value

COMMON

STOCKS

(continued)

Retail

REITs

-

0.3%

CapitaLand

Integrated

Commercial

Trust,

REIT

77,000

$

119,737

Vicinity

Ltd.,

REIT

50,292

69,294

189,031

Semiconductors

&

Semiconductor

Equipment

-

3.1%

Advantest

Corp.

6,000

240,423

ASML

Holding

NV

1,320

1,214,830

Renesas

Electronics

Corp.

1,400

23,988

Tokyo

Electron

Ltd.

1,300

268,018

1,747,259

Software

-

2.4%

Open

Text

Corp.

3,740

117,822

SAP

SE

5,192

1,095,674

Xero

Ltd.*

1,672

150,867

1,364,363

Specialty

Retail

-

1.4%

Fast

Retailing

Co.

Ltd.

100

27,682

H

&

M

Hennes

&

Mauritz

AB,

Class

B(a)

9,636

149,472

Industria

de

Diseno

Textil

SA

11,968

580,963

JD

Sports

Fashion

plc

12,430

21,011

779,128

Technology

Hardware,

Storage

&

Peripherals

-

0.8%

Canon,

Inc.(a)

12,200

384,504

Seiko

Epson

Corp.

4,400

76,925

461,429

Textiles,

Apparel

&

Luxury

Goods

-

1.7%

Burberry

Group

plc

5,654

56,283

Hermes

International

SCA

66

144,480

Kering

SA

1,078

331,870

LVMH

Moet

Hennessy

Louis

Vuitton

SE

572

404,181

936,814

Trading

Companies

&

Distributors

-

1.5%

Ashtead

Group

plc

220

15,830

Bunzl

plc

4,774

199,779

Ferguson

plc

132

29,390

ITOCHU

Corp.

10,200

527,626

Investments

Shares

Value

Trading

Companies

&

Distributors

(continued)

Rexel

SA

2,464

$

62,711

835,336

Transportation

Infrastructure

-

0.8%

Getlink

SE

4,796

85,501

Transurban

Group

44,594

378,850

464,351

Water

Utilities

-

0.2%

Severn

Trent

plc

3,696

122,054

Wireless

Telecommunication

Services

-

1.0%

SoftBank

Corp.

30,800

402,246

Vodafone

Group

plc

169,246

157,476

559,722

Total

Common

Stocks

(Cost

$47,804,275)

55,020,468

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

1.7%(c)

REPURCHASE

AGREEMENTS

-

1.7%

CF

Secured

LLC

5.34%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$927,344,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.88%,

maturing

8/15/2024

-

8/15/2053;

total

market

value

$949,443  

(Cost

$927,206)

$927,206

927,206

Total

Investments

-

100.1%

(Cost

$48,731,481)

55,947,674

Liabilities

in

excess

of

other

assets

-

(0.1%)

(51,649)

NET

ASSETS

-

100.0%

$55,896,025

*

Non-income

producing

security.

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Developed

Markets ex-US Core

Index

(cont.)

165

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2024.

The

total

value

of

securities

on

loan

at

July

31,

2024

was

$2,503,432,

collateralized

in

the

form

of

cash

with

a

value

of

$927,206

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$1,072,626

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

5.34%,

and

maturity

dates

ranging

from

November

15,

2024

–

August

15,

2053

and

$616,313

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

5.75%,

and

maturity

dates

ranging

from

August

15,

2024

–

June

30,

2120;

a

total

value

of

$2,616,146.

(b)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States

and

as

such

may

have

restrictions

on

resale.

(c)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2024.

The

total

value

of

securities

purchased

was

$927,206.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

CVA

Dutch

Certification

OYJ

Public

Limited

Company

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

REIT

Real

Estate

Investment

Trust

SCA

Limited

partnership

with

share

capital

Futures

Contracts

FlexShares®

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2024:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

MSCI

EAFE

E-Mini

Index

7

09/20/2024

USD

$

836,395

$

18,911

Forward

Foreign

Currency

Contracts

FlexShares®

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

Fund

had

the

following

outstanding

contracts

as

of

July

31,

2024:

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

JPY

13,893,000

Morgan

Stanley

USD

88,189

09/18/2024

$

4,812

SGD

6,689

UBS

Securities

LLC

USD

4,963

09/18/2024

49

USD

45,686

Citibank

NA

AUD

69,070

09/18/2024

528

USD

24,051

Barclays

Bank

plc

NOK

257,473

09/18/2024

476

USD

22,112

Citibank

NA

NZD

36,099

09/18/2024

670

USD

37,310

Barclays

Bank

plc

SEK

390,201

09/18/2024

812

USD

20,153

Citibank

NA

HKD

157,028

09/19/2024

24

Total

unrealized

appreciation

$

7,371

CAD

74,291

UBS

Securities

LLC

USD

54,064

09/18/2024

$

(211)

USD

68,454

Barclays

Bank

plc

CHF

60,857

09/18/2024

(1,085)

USD

68,530

Citibank

NA

EUR

63,606

09/18/2024

(453)

USD

70,442

Morgan

Stanley

EUR

65,000

09/18/2024

(54)

USD

82,731

Citibank

NA

GBP

65,011

09/18/2024

(808)

USD

105,308

Goldman

Sachs

&

Co.

JPY

16,327,090

09/18/2024

(3,987)

Total

unrealized

depreciation

$

(6,598)

Net

unrealized

appreciation

$

773

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Developed

Markets ex-US Core

Index

(cont.)

166

Abbreviations:

AUD

—

Australian

Dollar

CAD

—

Canadian

Dollar

CHF

—

Swiss

Franc

EUR

—

Euro

GBP

—

British

Pound

HKD

—

Hong

Kong

Dollar

JPY

—

Japanese

Yen

NOK

—

Norwegian

Krone

NZD

—

New

Zealand

Dollar

SEK

—

Swedish

Krona

SGD

—

Singapore

Dollar

USD

—

US

Dollar

FlexShares®

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

invested,

as

a

percentage

of

net

assets,

in

companies

domiciled

in

the

following

countries

as

of

July

31,

2024:

Australia

7.5

%

Austria

0.1

Belgium

0.2

Canada

9.9

Denmark

4.5

Finland

0.6

France

10.7

Germany

9.0

Hong

Kong

0.9

Ireland

0.4

Israel

0.3

Italy

0.5

Japan

20.3

Netherlands

5.4

New

Zealand

0.3

Norway

0.2

Portugal

0.6

Singapore

0.4

Spain

3‌

.6

Sweden

1.4

Switzerland

7.6

United

Kingdom

14.0

Other

1

1.6

100.0%

1

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

%

of

Net

Assets

Common

Stocks

98.4

%

Securities

Lending

Reinvestments

1.7

Others

(1)

(0.1)

100.0%

(1)

Includes

any

other

net

assets/(liabilities).

167

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

July

31,

2024

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

99

.3

%

Building

Products

-

0

.7

%

Simpson

Manufacturing

Co.,

Inc.

103,140

$

19,812,162

UFP

Industries,

Inc.

151,845

20,032,911

39,845,073

Chemicals

-

17

.1

%

CF

Industries

Holdings,

Inc.

1,103,025

84,260,080

Corteva,

Inc.

4,414,965

247,679,536

FMC

Corp.(a)

776,415

45,311,579

Hektas

Ticaret

TAS*

25,280,760

9,253,975

ICL

Group

Ltd.

6,486,360

27,368,171

K+S

AG

(Registered)

1,587,210

20,490,013

Mosaic

Co.

(The)

2,051,340

61,068,392

Nutrien

Ltd.

4,910,610

251,706,753

PhosAgro

PJSC‡

308,581

—

PI

Industries

Ltd.

724,845

38,357,278

Qinghai

Salt

Lake

Industry

Co.

Ltd.,

Class

A*

14,898,050

32,034,606

SABIC

Agri-Nutrients

Co.

2,062,800

64,656,649

Scotts

Miracle-Gro

Co.

(The)(a)

254,985

20,041,821

Taiwan

Fertilizer

Co.

Ltd.

6,541,130

12,835,500

UPL

Ltd.

4,509,510

30,809,790

Yara

International

ASA

1,561,425

44,410,186

Yunnan

Yuntianhua

Co.

Ltd.,

Class

A

4,870,586

13,202,452

1,003,486,781

Food

Products

-

12

.1

%

Archer-Daniels-Midland

Co.

2,928,030

181,567,140

Bakkafrost

P/F

469,860

24,493,137

Bunge

Global

SA(a)

839,445

88,334,797

Charoen

Pokphand

Foods

PCL,

NVDR*

28,363,500

19,097,321

Charoen

Pokphand

Indonesia

Tbk.

PT

65,880,000

21,169,926

Golden

Agri-Resources

Ltd.

58,588,800

12,045,395

Mowi

ASA

4,137,060

69,691,934

Muyuan

Foods

Co.

Ltd.,

Class

A*

14,898,058

90,125,722

New

Hope

Liuhe

Co.

Ltd.,

Class

A*

12,606,084

16,518,443

PPB

Group

Bhd.

6,589,500

21,255,064

QL

Resources

Bhd.

10,314,000

14,995,651

Salmar

ASA

756,360

43,439,945

Investments

Shares

Value

Food

Products

(continued)

Tyson

Foods,

Inc.,

Class

A

1,690,350

$

102,942,315

705,676,790

Metals

&

Mining

-

28

.6

%

Agnico

Eagle

Mines

Ltd.

(a)

1,111,620

85,722,161

Anglo

American

plc

2,747,535

82,933,176

Antofagasta

plc(a)

744,900

19,327,093

Barrick

Gold

Corp.

3,922,185

72,626,221

BHP

Group

Ltd.

9,941,550

274,604,500

Boliden

AB

604,515

18,421,531

First

Quantum

Minerals

Ltd.(a)

1,489,800

18,225,502

Fortescue

Ltd.(a)

3,564,060

43,916,739

Franco-Nevada

Corp.

422,670

54,436,604

Freeport-McMoRan,

Inc.

2,546,985

115,658,589

Glencore

plc

21,745,350

120,046,642

GMK

Norilskiy

Nickel

PAO‡

5,847,273

—

Gold

Fields

Ltd.

1,939,605

34,034,050

Grupo

Mexico

SAB

de

CV,

Series

B

8,022,000

45,211,347

Hindalco

Industries

Ltd.

3,395,025

27,150,874

Ivanhoe

Mines

Ltd.,

Class

A*(a)

1,466,880

19,166,227

Kinross

Gold

Corp.

2,824,890

25,663,158

Newmont

Corp.

1,973,985

96,863,444

Norsk

Hydro

ASA

3,022,575

16,696,102

Northern

Star

Resources

Ltd.

2,552,715

23,470,274

Rio

Tinto

plc

2,286,270

147,593,491

Royal

Gold,

Inc.(a)

114,600

15,828,552

Saudi

Arabian

Mining

Co.*

2,632,935

30,210,787

South32

Ltd.(a)

10,471,575

20,992,471

Southern

Copper

Corp.(a)

160,440

17,104,508

Sumitomo

Metal

Mining

Co.

Ltd.

573,000

17,556,361

Teck

Resources

Ltd.,

Class

B

1,057,185

51,793,609

Vale

SA

8,108,600

88,405,293

Wheaton

Precious

Metals

Corp.(a)

991,290

59,235,578

Zijin

Mining

Group

Co.

Ltd.,

Class

A

13,465,500

30,891,995

1,673,786,879

Oil,

Gas

&

Consumable

Fuels

-

30

.7

%

BP

plc

18,017,985

106,192,577

Cameco

Corp.(a)

1,005,615

45,743,854

Canadian

Natural

Resources

Ltd.(a)

2,329,245

82,651,989

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

(cont.)

168

Investments

Shares

Value

COMMON

STOCKS

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

Cenovus

Energy,

Inc.

1,484,070

$

29,886,588

Chevron

Corp.(a)

1,272,060

204,127,468

China

Petroleum

&

Chemical

Corp.,

Class

H

24,942,000

16,027,757

ConocoPhillips

799,335

88,886,052

Coterra

Energy,

Inc.

498,510

12,861,558

Devon

Energy

Corp.

435,480

20,480,624

Diamondback

Energy,

Inc.

117,465

23,764,344

Eni

SpA

2,274,810

36,426,341

EOG

Resources,

Inc.

389,640

49,406,352

EQT

Corp.(a)

275,040

9,491,631

Equinor

ASA

999,885

26,518,510

Exxon

Mobil

Corp.

2,558,445

303,405,993

Gazprom

PJSC*‡

15,937,700

—

Hess

Corp.

194,820

29,889,284

Inpex

Corp.

989,300

15,293,844

LUKOIL

PJSC‡

214,305

—

LUKOIL

PJSC,

ADR*‡

269,035

—

Marathon

Oil

Corp.

392,505

11,009,765

Novatek

PJSC‡

1,237,715

—

Occidental

Petroleum

Corp.(a)

432,615

26,311,644

Oil

&

Natural

Gas

Corp.

Ltd.

4,168,575

16,638,703

Ovintiv,

Inc.

189,090

8,781,340

PetroChina

Co.

Ltd.,

Class

H

22,920,000

19,980,184

Petroleo

Brasileiro

SA

(Preference)

4,870,500

32,233,056

Repsol

SA

1,237,680

17,645,192

Rosneft

Oil

Co.

PJSC‡

2,926,433

—

Santos

Ltd.(a)

3,240,315

16,906,246

Saudi

Arabian

Oil

Co.(b)

4,612,650

33,931,912

Shell

plc

6,684,045

243,823,134

Suncor

Energy,

Inc.

1,426,770

56,948,929

Tatneft

PJSC‡

2,021,036

—

TotalEnergies

SE

2,349,300

158,835,252

Tourmaline

Oil

Corp.(a)

349,530

15,370,768

Woodside

Energy

Group

Ltd.

2,011,231

36,248,008

1,795,718,899

Paper

&

Forest

Products

-

3

.0

%

Canfor

Corp.*(a)

189,090

2,168,146

Dexco

SA

1,146,000

1,481,980

Dongwha

Enterprise

Co.

Ltd.*

48,705

482,539

Mondi

plc

1,535,640

29,991,145

Stella-Jones,

Inc.(a)

157,575

10,595,492

Stora

Enso

OYJ,

Class

R(a)

2,137,290

26,689,268

Svenska

Cellulosa

AB

SCA,

Class

B(a)

1,971,120

26,777,923

Investments

Shares

Value

Paper

&

Forest

Products

(continued)

UPM-Kymmene

OYJ

1,876,575

$

61,995,494

West

Fraser

Timber

Co.

Ltd.(a)

186,225

16,504,055

176,686,042

Semiconductors

&

Semiconductor

Equipment

-

0

.5

%

Tongwei

Co.

Ltd.,

Class

A

12,892,587

32,342,740

Specialized

REITs

-

1

.3

%

PotlatchDeltic

Corp.,

REIT(a)

191,955

8,515,124

Rayonier,

Inc.,

REIT(a)

312,285

9,471,604

Weyerhaeuser

Co.,

REIT(a)

1,747,650

55,505,364

73,492,092

Water

Utilities

-

5

.3

%

AlKhorayef

Water

&

Power

Technologies

Co.*

65,895

3,178,921

American

States

Water

Co.

126,060

10,403,732

American

Water

Works

Co.,

Inc.

650,355

92,584,538

Beijing

Enterprises

Water

Group

Ltd.(a)

22,920,000

7,070,814

California

Water

Service

Group

194,820

10,415,077

Chengdu

Xingrong

Environment

Co.

Ltd.,

Class

A

4,297,500

4,757,128

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

1,719,000

26,833,764

Cia

de

Saneamento

de

Minas

Gerais

Copasa

MG

1,146,000

4,454,048

Cia

De

Sanena

Do

Parana

1,146,000

5,538,671

Essential

Utilities,

Inc.(a)

833,715

33,890,515

Grandblue

Environment

Co.

Ltd.,

Class

A

1,146,000

3,423,546

Guangdong

Investment

Ltd.

13,857,941

7,273,113

Pennon

Group

plc

1,538,505

12,252,023

Severn

Trent

plc

1,332,225

43,994,345

United

Utilities

Group

plc

3,389,295

44,970,415

311,040,650

Total

Common

Stocks

(Cost

$5,395,200,383)

5,812,075,946

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

(cont.)

169

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

-

2

.8

%

(c)

CERTIFICATES

OF

DEPOSIT

-

0

.5

%

Bank

of

Montreal,

London

(SOFR

+

0.20%),

5.53%,

12/17/2024(d)

$

5,000,000

$

5,000,000

Cooperatieve

Rabobank

UA,

London

5.68%,

7/3/2025

3,000,000

3,002,100

Credit

Agricole

CIB,

New

York

(SOFR

+

0.17%),

5.50%,

9/11/2024(d)

3,000,000

3,000,000

MUFG

Bank

Ltd.,

London

Branch

5.54%,

9/23/2024

2,000,000

2,000,000

Natixis

SA,

New

York

(SOFR

+

0.22%),

5.55%,

11/1/2024(d)

2,000,000

2,000,100

Nordea

Bank

Abp,

New

York

Branch

(SOFR

+

0.32%),

5.65%,

7/18/2025(d)

4,000,000

4,000,736

Oversea-Chinese

Banking

Corp.

Ltd.,

New

York

(SOFR

+

0.20%),

5.55%,

10/22/2024(d)

3,000,000

3,000,309

Svenska

Handelsbanken,

New

York

(SOFR

+

0.20%),

5.53%,

10/30/2024(d)

3,000,000

3,000,372

The

Sumitomo

Bank

Ltd.,

New

York

(SOFR

+

0.17%),

5.50%,

8/7/2024(d)

5,000,000

5,000,000

Total

Certificates

of

Deposit

(Cost

$29,999,863)

30,003,617

REPURCHASE

AGREEMENTS

-

2

.3

%

BofA

Securities,

Inc.

5.77%,

dated

7/31/2024,

due

10/31/2024,

repurchase

price

$8,117,964,

collateralized

by

various

Common

Stocks;

total

market

value

$8,966,089

8,000,000

8,000,000

Investments

Principal

Amount

Value

REPURCHASE

AGREEMENTS

(continued)

CF

Secured

LLC

5.34%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$14,279,583,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.88%,

maturing

8/15/2024

-

8/15/2053;

total

market

value

$14,619,866

$

14,277,465

$

14,277,465

MetLife,

Inc.

5.34%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$39,977,929,

collateralized

by

various

U.S.

Treasury

Securities,

0.00%,

5/15/2046;

total

market

value

$41,206,490

39,972,000

39,972,000

National

Bank

of

Canada

Financial

Inc.

5.47%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$63,009,573,

collateralized

by

various

Common

Stocks,

U.S.

Treasury

Securities,

0.63%,

1/15/2026;

total

market

value

$69,273,536

63,000,000

63,000,000

TD

Prime

Services

LLC

5.42%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$11,001,656,

collateralized

by

various

Common

Stocks;

total

market

value

$12,277,621

11,000,000

11,000,000

Total

Repurchase

Agreements

(Cost

$136,249,465)

136,249,465

Total

Securities

Lending

Reinvestments

(Cost

$166,249,328)

166,253,082

Total

Investments

-

102.1%

(Cost

$5,561,449,711)

5,978,329,028

Liabilities

in

excess

of

other

assets

-

(2.1%)

(124,083,268)

NET

ASSETS

-

100.0%

$5,854,245,760

*

Non-income

producing

security.

‡

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

(cont.)

170

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2024.

The

total

value

of

securities

on

loan

at

July

31,

2024

was

$320,787,114,

collateralized

in

the

form

of

cash

with

a

value

of

$166,249,311

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$153,270,915

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

August

15,

2024

–

February

15,

2054

and

$14,853,575

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

5.75%,

and

maturity

dates

ranging

from

August

15,

2024

–

June

30,

2120;

a

total

value

of

$334,373,801.

(b)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States

and

as

such

may

have

restrictions

on

resale.

(c)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2024.

The

total

value

of

securities

purchased

was

$166,253,082.

(d)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

is

the

rate

in

effect

as

of

July

31,

2024.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

ADR

American

Depositary

Receipt

NVDR

Non-Voting

Depositary

Receipt

OYJ

Public

Limited

Company

PJSC

Public

Joint

Stock

Company

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

REIT

Real

Estate

Investment

Trust

SCA

Limited

partnership

with

share

capital

SOFR

Secured

Overnight

Financing

Rate

Futures

Contracts

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2024:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

FTSE

100

Index

83

09/20/2024

GBP

$

8,909,876

$

130,789

FTSE/JSE

Top

40

Index

22

09/19/2024

ZAR

918,204

39,138

Hang

Seng

Index

19

08/29/2024

HKD

2,109,773

2,227

MSCI

Emerging

Markets

E-Mini

Index

16

09/20/2024

USD

877,200

8,476

Russell

2000

E-Mini

Index

99

09/20/2024

USD

11,251,350

1,126,863

S&P/TSX

60

Index

92

09/19/2024

CAD

18,451,280

1,125,832

SPI

200

Index

13

09/19/2024

AUD

1,710,746

71,963

$

2,505,288

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

(cont.)

171

Forward

Foreign

Currency

Contracts

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

had

the

following

outstanding

contracts

as

of

July

31,

2024:

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

EUR

1,223,602

Citibank

NA

USD

1,326,354

09/18/2024

$

701

GBP

3,286,860

Morgan

Stanley

USD

4,200,586

09/18/2024

23,063

GBP

740,000

Toronto-Dominion

Bank

(The)

USD

936,218

09/18/2024

14,689

JPY

9,759,416

Citibank

NA

USD

63,163

09/18/2024

2,167

USD

500,592

Morgan

Stanley

AUD

750,000

09/18/2024

10,242

USD

811,964

Toronto-Dominion

Bank

(The)

BRL

*

4,430,000

09/18/2024

32,162

USD

2,004,855

Bank

of

Montreal

CAD

2,742,000

09/18/2024

17,196

USD

449,405

Citibank

NA

MXN

8,380,000

09/18/2024

2,972

USD

455,145

Citibank

NA

NOK

4,808,952

09/18/2024

14,840

USD

48,328

Morgan

Stanley

SEK

500,827

09/18/2024

1,483

USD

1,621,035

Citibank

NA

HKD

12,630,000

09/19/2024

1,973

USD

567,943

JPMorgan

Chase

Bank

NA

HKD

4,424,345

09/19/2024

779

USD

255,362

Citibank

NA

KRW

*

350,052,156

09/19/2024

353

Total

unrealized

appreciation

$

122,620

AUD

4,324,480

Citibank

NA

USD

2,885,786

09/18/2024

$

(

58,442

)

AUD

690,000

Toronto-Dominion

Bank

(The)

USD

459,784

09/18/2024

(

8,662

)

BRL

*

102,240

Goldman

Sachs

&

Co.

USD

18,894

09/18/2024

(

896

)

CAD

6,318,539

Citibank

NA

USD

4,612,140

09/18/2024

(

31,871

)

CAD

1,010,000

Toronto-Dominion

Bank

(The)

USD

736,896

09/18/2024

(

4,753

)

EUR

2,500,000

Citibank

NA

USD

2,730,883

09/18/2024

(

19,514

)

GBP

1,885,000

JPMorgan

Chase

Bank

NA

USD

2,445,795

09/18/2024

(

23,551

)

INR

*

16,415,711

Citibank

NA

USD

195,813

09/18/2024

(

47

)

INR

*

23,000,000

Goldman

Sachs

&

Co.

USD

274,568

09/18/2024

(

282

)

NOK

3,840,000

Toronto-Dominion

Bank

(The)

USD

360,389

09/18/2024

(

8,801

)

USD

4,192,197

JPMorgan

Chase

Bank

NA

EUR

3,905,000

09/18/2024

(

42,962

)

USD

1,112,709

Citibank

NA

GBP

870,000

09/18/2024

(

5,250

)

USD

3,213,321

JPMorgan

Chase

Bank

NA

GBP

2,541,000

09/18/2024

(

51,891

)

USD

37,893

BNP

Paribas

SA

ZAR

710,000

09/18/2024

(

991

)

USD

181,119

Morgan

Stanley

ZAR

3,350,000

09/18/2024

(

2,346

)

Total

unrealized

depreciation

$

(

260,259

)

Net

unrealized

depreciation

$

(

137,639

)

*

Non-deliverable

forward.

Abbreviations:

AUD

—

Australian

Dollar

BRL

—

Brazilian

Real

CAD

—

Canadian

Dollar

EUR

—

Euro

GBP

—

British

Pound

HKD

—

Hong

Kong

Dollar

INR

—

Indian

Rupee

JPY

—

Japanese

Yen

KRW

—

Korean

Won

MXN

—

Mexican

Peso

NOK

—

Norwegian

Krone

SEK

—

Swedish

Krona

USD

—

US

Dollar

ZAR

—

South

African

Rand

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

(cont.)

172

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

invested,

as

a

percentage

of

net

assets,

in

companies

domiciled

in

the

following

countries

as

of

July

31,

2024:

Australia

11‌

.7

%

Austria

0‌

.5

Brazil

2‌

.7

Canada

15‌

.0

Chile

0‌

.3

China

4‌

.7

Faeroe

Islands

0‌

.4

Finland

1‌

.5

France

2‌

.7

Germany

0‌

.4

Hong

Kong

0‌

.3

India

1‌

.9

Indonesia

0‌

.4

Israel

0‌

.5

Italy

0‌

.6

Japan

0‌

.6

Malaysia

0‌

.6

Mexico

0‌

.8

Norway

3‌

.4

Saudi

Arabia

2‌

.3

Singapore

0‌

.2

South

Africa

2‌

.0

South

Korea

0‌

.0

†

Spain

0‌

.3

Sweden

0‌

.8

Taiwan

0‌

.2

Thailand

0‌

.3

Turkey

0‌

.2

United

Kingdom

7‌

.7

United

States

36‌

.0

Zambia

0‌

.3

Other

1

0‌

.7

100.0%

†

Amount

represents

less

than

0.05%.

1

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

%

of

Net

Assets

Common

Stocks

99‌

.3

%

Securities

Lending

Reinvestments

2‌

.8

Others

(1)

(

2‌

.1

)

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

173

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

STOXX

®

Global

Broad

Infrastructure

Index

Fund

July

31,

2024

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

99.1%

Air

Freight

&

Logistics

-

2.5%

Deutsche

Post

AG

1,152,021

$

51,422,329

International

Distribution

Services

plc*

770,724

3,415,350

Oesterreichische

Post

AG

31,707

1,046,460

PostNL

NV(a)

443,898

653,265

56,537,404

Chemicals

-

0.0%(b)

PureCycle

Technologies,

Inc.*(a)

56,910

438,776

Commercial

Services

&

Supplies

-

6.3%

Befesa

SA(a)(c)

38,211

1,185,864

Casella

Waste

Systems,

Inc.,

Class

A*(a)

21,951

2,273,246

China

Everbright

Environment

Group

Ltd.

4,065,000

1,836,847

Clean

Harbors,

Inc.*

18,699

4,464,012

Cleanaway

Co.

Ltd.

112,000

613,325

Cleanaway

Waste

Management

Ltd.(a)

2,591,844

4,772,777

CoreCivic,

Inc.*

46,341

645,994

Daiei

Kankyo

Co.

Ltd.

38,300

734,894

Daiseki

Co.

Ltd.(a)

63,460

1,522,601

GEO

Group,

Inc.

(The)*

49,593

719,099

GFL

Environmental,

Inc.

404,061

15,685,648

Li-Cycle

Holdings

Corp.*(a)

25,203

87,706

Renewi

plc(a)

80,487

696,792

Republic

Services,

Inc.,

Class

A

75,609

14,692,341

Shanghai

Environment

Group

Co.

Ltd.,

Class

A

19,599

20,475

Stericycle,

Inc.*

33,333

1,951,647

TRE

Holdings

Corp.(a)

81,300

712,712

Veralto

Corp.

90,243

9,616,294

Waste

Connections,

Inc.

(a)

308,127

54,768,964

Waste

Management,

Inc.

134,958

27,350,588

144,351,826

Diversified

Telecommunication

Services

-

15.1%

AT&T,

Inc.

2,623,551

50,503,357

BCE,

Inc.(a)

766,659

25,844,808

BT

Group

plc(a)

5,312,955

9,611,921

Cellnex

Telecom

SA(c)

406,500

14,155,134

China

Tower

Corp.

Ltd.,

Class

H(a)(c)

35,772,000

4,395,945

Investments

Shares

Value

Diversified

Telecommunication

Services

(continued)

Cogent

Communications

Holdings,

Inc.(a)

15,447

$

1,090,404

Deutsche

Telekom

AG

(Registered)

2,886,963

75,506,661

Frontier

Communications

Parent,

Inc.*(a)

92,682

2,715,583

HKT

Trust

&

HKT

Ltd.

3,252,000

3,938,034

Indus

Towers

Ltd.*

1,160,151

6,001,754

Infrastrutture

Wireless

Italiane

SpA

(c)

315,444

3,508,995

Iridium

Communications,

Inc.

32,520

933,324

KINX,

Inc.

813

44,230

Koninklijke

KPN

NV

3,285,333

12,926,194

Liberty

Global

Ltd.,

Class

A*

74,796

1,457,774

Liberty

Global

Ltd.,

Class

C*(a)

52,032

1,046,363

Nippon

Telegraph

&

Telephone

Corp.

45,853,200

48,882,449

Quebecor,

Inc.,

Class

B

138,210

3,051,435

Spark

New

Zealand

Ltd.

1,573,155

4,036,502

Swisscom

AG

(Registered)

21,138

12,919,334

Verizon

Communications,

Inc.

1,534,944

62,195,931

344,766,132

Electric

Utilities

-

13.3%

American

Electric

Power

Co.,

Inc.

191,868

18,826,088

Constellation

Energy

Corp.

116,259

22,065,958

Duke

Energy

Corp.

282,111

30,826,269

Edison

International

143,088

11,448,471

Enel

SpA(a)

5,094,258

36,349,402

Exelon

Corp.

359,346

13,367,671

Iberdrola

SA(a)

3,866,627

50,962,059

NextEra

Energy,

Inc.

749,586

57,260,875

PG&E

Corp.

963,405

17,582,141

Southern

Co.

(The)

402,435

33,611,371

Xcel

Energy,

Inc.

199,185

11,608,502

303,908,807

Energy

Equipment

&

Services

-

0.1%

Secure

Energy

Services,

Inc.

197,559

1,743,273

Gas

Utilities

-

0.8%

AltaGas

Ltd.(a)

203,250

4,843,454

APA

Group

726,822

3,754,203

Enagas

SA(a)

141,462

2,118,572

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

Broad

Infrastructure

Index

Fund

(cont.)

174

Investments

Shares

Value

COMMON

STOCKS

(continued)

Gas

Utilities

(continued)

Snam

SpA

1,304,052

$

6,232,894

16,949,123

Ground

Transportation

-

16.6%

Aurizon

Holdings

Ltd.

2,290,221

5,563,313

Canadian

National

Railway

Co.(a)

695,115

80,422,911

Canadian

Pacific

Kansas

City

Ltd.

1,114,623

93,418,088

Central

Japan

Railway

Co.

1,219,500

28,732,736

CSX

Corp.

719,505

25,254,626

East

Japan

Railway

Co.

1,352,600

25,396,085

Keisei

Electric

Railway

Co.

Ltd.(a)

207,400

6,201,599

Kyushu

Railway

Co.

185,900

4,966,888

MTR

Corp.

Ltd.(a)

1,964,000

6,360,625

Norfolk

Southern

Corp.(a)

82,113

20,492,120

Odakyu

Electric

Railway

Co.

Ltd.

453,300

4,583,916

Rumo

SA

1,544,700

6,052,825

Tobu

Railway

Co.

Ltd.

243,900

4,281,137

Union

Pacific

Corp.

223,575

55,162,660

West

Japan

Railway

Co.

586,000

11,512,801

378,402,330

Health

Care

Providers

&

Services

-

3.4%

Acadia

Healthcare

Co.,

Inc.*

32,520

2,108,922

Bangkok

Chain

Hospital

PCL,

NVDR

1,382,100

666,913

Bangkok

Dusit

Medical

Services

PCL,

NVDR

16,016,100

11,794,715

Bumrungrad

Hospital

PCL,

NVDR

813,000

5,610,829

Encompass

Health

Corp.

37,398

3,475,770

HCA

Healthcare,

Inc.

70,731

25,678,890

IHH

Healthcare

Bhd.

2,520,300

3,455,847

Life

Healthcare

Group

Holdings

Ltd.

1,014,624

744,601

Mitra

Keluarga

Karyasehat

Tbk.

PT(c)

6,016,200

1,117,400

Ramsay

Health

Care

Ltd.

(a)

228,453

6,932,386

Rede

D'Or

Sao

Luiz

SA(c)

1,056,900

5,158,528

Select

Medical

Holdings

Corp.(a)

43,089

1,713,219

Tenet

Healthcare

Corp.*

36,585

5,476,775

Universal

Health

Services,

Inc.,

Class

B(a)

20,325

4,344,672

‌

78,279,467

Investments

Shares

Value

Independent

Power

and

Renewable

Electricity

Producers

-

0.7%

RWE

AG

445,524

$

16,627,681

IT

Services

-

0.3%

Fastly,

Inc.,

Class

A*(a)

31,707

256,827

NEXTDC

Ltd.*

497,556

5,442,143

5,698,970

Media

-

3.3%

Charter

Communications,

Inc.,

Class

A*(a)

35,772

13,583,344

Comcast

Corp.,

Class

A

1,426,815

58,884,655

Liberty

Broadband

Corp.,

Class

C*

40,650

2,739,403

Sirius

XM

Holdings,

Inc.

(a)

278,046

959,259

76,166,661

Multi-Utilities

-

7.9%

Consolidated

Edison,

Inc.

126,828

12,368,267

Dominion

Energy,

Inc.(a)

302,436

16,168,229

E.ON

SE

1,336,572

18,751,339

Engie

SA

1,214,622

19,110,539

National

Grid

plc

3,314,601

41,978,351

Public

Service

Enterprise

Group,

Inc.

184,551

14,721,633

Sempra(a)

230,892

18,485,214

Veolia

Environnement

SA

872,349

27,412,855

WEC

Energy

Group,

Inc.

113,007

9,725,382

178,721,809

Oil,

Gas

&

Consumable

Fuels

-

8.0%

Antero

Midstream

Corp.

135,771

1,949,671

DT

Midstream,

Inc.(a)

36,585

2,757,046

Enbridge,

Inc.

1,390,230

51,998,396

Hess

Midstream

LP,

Class

A

26,016

975,080

Keyera

Corp.

146,340

4,126,058

Kinder

Morgan,

Inc.(a)

708,936

14,979,818

Koninklijke

Vopak

NV

41,463

1,847,628

New

Fortress

Energy,

Inc.(a)

44,715

882,674

ONEOK,

Inc.

215,445

17,953,032

Pembina

Pipeline

Corp.

384,549

14,895,376

Santos

Ltd.

2,140,629

11,168,667

Targa

Resources

Corp.

82,113

11,108,247

TC

Energy

Corp.

676,416

28,702,816

Transneft

PJSC

(Preference)‡

147,300

—

Williams

Cos.,

Inc.

(The)

448,776

19,270,441

‌

182,614,950

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

Broad

Infrastructure

Index

Fund

(cont.)

175

Investments

Shares

Value

COMMON

STOCKS

(continued)

Real

Estate

Management

&

Development

-

0.0%(b)

Shanghai

SMI

Holding

Co.

Ltd.,

Class

A

45,236

$

22,220

Specialized

REITs

-

4.9%

American

Tower

Corp.,

REIT

169,917

37,449,707

Crown

Castle,

Inc.,

REIT

156,909

17,272,543

Digital

Core

REIT

Management

Pte.

Ltd.,

REIT

894,300

509,751

Digital

Realty

Trust,

Inc.,

REIT(a)

118,698

17,744,164

Equinix,

Inc.,

REIT

34,959

27,626,000

Keppel

DC

REIT,

REIT

1,219,500

1,841,649

SBA

Communications

Corp.,

Class

A,

REIT

39,024

8,567,329

Uniti

Group,

Inc.,

REIT(a)

42,276

162,340

111,173,483

Specialty

Retail

-

0.0%

GCI

Liberty,

Inc.*‡

36,294

—

Transportation

Infrastructure

-

7.0%

Adani

Ports

&

Special

Economic

Zone

Ltd.

1,213,809

22,758,715

Aena

SME

SA(c)

87,804

16,636,725

Aeroports

de

Paris

SA

28,455

3,741,125

Airports

of

Thailand

PCL,

NVDR

5,203,200

8,247,462

Atlas

Arteria

Ltd.

1,197,549

4,097,677

Auckland

International

Airport

Ltd.

1,580,472

7,021,636

Bangkok

Expressway

&

Metro

PCL,

NVDR

8,617,800

1,885,786

CCR

SA

1,382,100

3,026,916

China

Merchants

Port

Holdings

Co.

Ltd.

1,626,000

2,393,625

COSCO

SHIPPING

Ports

Ltd.

1,626,000

967,857

Flughafen

Zurich

AG

(Registered)

22,764

5,260,094

Gemadept

Corp.

325,200

1,030,439

Getlink

SE

375,606

6,696,153

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

Class

B

483,735

7,718,002

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

Class

B

207,315

6,251,553

International

Container

Terminal

Services,

Inc.

2,097,540

12,791,740

Japan

Airport

Terminal

Co.

Ltd.

113,700

4,157,010

Investments

Shares

Value

Transportation

Infrastructure

(continued)

Jiangsu

Expressway

Co.

Ltd.,

Class

H

1,626,000

$

1,546,490

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

235,770

2,214,381

Qube

Holdings

Ltd.

2,050,386

5,114,606

Santos

Brasil

Participacoes

SA

569,100

1,319,871

Transurban

Group

3,725,166

31,647,260

Westports

Holdings

Bhd.

1,056,900

1,030,561

Zhejiang

Expressway

Co.

Ltd.,

Class

H

1,626,000

1,067,765

158,623,449

Water

Utilities

-

2.4%

Aguas

Andinas

SA,

Class

A

3,478,827

1,030,559

American

States

Water

Co.

12,195

1,006,453

American

Water

Works

Co.,

Inc.(a)

69,918

9,953,527

Beijing

Enterprises

Water

Group

Ltd.(a)

4,878,000

1,504,862

California

Water

Service

Group

24,390

1,303,889

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

406,500

6,345,506

Cia

de

Saneamento

de

Minas

Gerais

Copasa

MG

243,900

947,943

Cia

De

Sanena

Do

Parana

(Preference)

1,138,200

1,115,497

Essential

Utilities,

Inc.(a)

86,178

3,503,136

Guangdong

Investment

Ltd.

3,252,000

1,706,759

Middlesex

Water

Co.(a)

10,569

702,627

Pennon

Group

plc

314,631

2,505,593

Ranhill

Utilities

Bhd.*

898,887

285,640

Severn

Trent

plc

325,200

10,739,148

SJW

Group

8,130

492,759

United

Utilities

Group

plc

828,447

10,992,140

54,136,038

Wireless

Telecommunication

Services

-

6.5%

KDDI

Corp.

1,247,400

37,473,402

SoftBank

Corp.

2,357,700

30,791,443

SoftBank

Group

Corp.

869,300

52,934,511

T-Mobile

US,

Inc.

148,779

27,119,436

148,318,792

Total

Common

Stocks

(Cost

$2,053,009,442)

2,257,481,191

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

Broad

Infrastructure

Index

Fund

(cont.)

176

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

-

3.9%(d)

REPURCHASE

AGREEMENTS

-

3.9%

BofA

Securities,

Inc.

5.77%,

dated

7/31/2024,

due

10/31/2024,

repurchase

price

$2,029,491,

collateralized

by

various

Common

Stocks;

total

market

value

$2,241,522

$

2,000,000

$

2,000,000

CF

Secured

LLC

5.34%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$5,601,980,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.88%,

maturing

8/15/2024

-

8/15/2053;

total

market

value

$5,735,476

5,601,149

5,601,149

ING

Financial

Markets

LLC

5.34%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$15,002,225,

collateralized

by

various

U.S.

Treasury

Securities,

3.75%,

5/31/2030;

total

market

value

$15,288,122

15,000,000

15,000,000

MetLife,

Inc.

5.34%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$45,006,675,

collateralized

by

various

U.S.

Treasury

Securities,

0.00%,

5/15/2046;

total

market

value

$46,389,774

45,000,000

45,000,000

National

Bank

of

Canada

Financial

Inc.

5.47%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$12,001,823,

collateralized

by

various

Common

Stocks,

U.S.

Treasury

Securities,

0.63%,

1/15/2026;

total

market

value

$13,194,959

12,000,000

12,000,000

Investments

Principal

Amount

Value

REPURCHASE

AGREEMENTS

(continued)

TD

Prime

Services

LLC

5.42%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$10,001,506,

collateralized

by

various

Common

Stocks;

total

market

value

$11,161,473

$

10,000,000

$

10,000,000

89,601,149

Total

Securities

Lending

Reinvestments

(Cost

$89,601,149)

89,601,149

Total

Investments

-

103.0%

(Cost

$2,142,610,591)

2,347,082,340

Liabilities

in

excess

of

other

assets

-

(3.0%)

(69,031,712)

NET

ASSETS

-

100.0%

$2,278,050,628

*

Non-income

producing

security.

‡

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2024.

The

total

value

of

securities

on

loan

at

July

31,

2024

was

$194,710,148,

collateralized

in

the

form

of

cash

with

a

value

of

$89,601,149

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$94,536,810

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

August

15,

2024

–

February

15,

2054

and

$19,300,163

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

5.75%,

and

maturity

dates

ranging

from

August

15,

2024

–

June

30,

2120;

a

total

value

of

$203,438,122.

(b)

Represents

less

than

0.05%

of

net

assets.

(c)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States

and

as

such

may

have

restrictions

on

resale.

(d)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2024.

The

total

value

of

securities

purchased

was

$89,601,149.

Percentages

shown

are

based

on

Net

Assets.

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

Broad

Infrastructure

Index

Fund

(cont.)

177

Abbreviations

NVDR

Non-Voting

Depositary

Receipt

PJSC

Public

Joint

Stock

Company

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

REIT

Real

Estate

Investment

Trust

Futures

Contracts

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2024:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

/

(

Deprecia

tion

)

Long

Contracts

‌

FTSE

100

Index

47

09/20/2024

GBP

$

5,045,352

$

76,833

S&P

500

E-Mini

Index

18

09/20/2024

USD

5,002,200

13,004

S&P/TSX

60

Index

39

09/19/2024

CAD

7,821,738

408,989

SPI

200

Index

16

09/19/2024

AUD

2,105,533

82,758

TOPIX

Index

11

09/12/2024

JPY

2,044,862

(20,943)

$

560,641

Forward

Foreign

Currency

Contracts

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

Fund

had

the

following

outstanding

contracts

as

of

July

31,

2024:

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

JPY

244,600,000

Morgan

Stanley

USD

1,552,647

09/18/2024

$

84,719

Total

unrealized

appreciation

$

84,719

USD

846,535

JPMorgan

Chase

Bank

NA

GBP

670,000

09/18/2024

$

(14,421)

USD

1,712,511

Morgan

Stanley

GBP

1,340,000

09/18/2024

(9,402)

USD

1,324,165

Citibank

NA

JPY

204,600,000

09/18/2024

(45,439)

Total

unrealized

depreciation

$

(69,262)

Net

unrealized

appreciation

$

15,457

Abbreviations:

AUD

—

Australian

Dollar

CAD

—

Canadian

Dollar

GBP

—

British

Pound

JPY

—

Japanese

Yen

USD

—

US

Dollar

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

STOXX

®

Global

Broad

Infrastructure

Index

Fund

(cont.)

178

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

invested,

as

a

percentage

of

net

assets,

in

companies

domiciled

in

the

following

countries

as

of

July

31,

2024:

Australia

3.4

%

Austria

0.1

Brazil

1.1

Canada

14.3

Chile

0.0

†

China

0.7

France

2.5

Germany

7.1

Hong

Kong

0.5

India

1.3

Indonesia

0.1

Italy

2.0

Japan

11.5

Malaysia

0.2

Mexico

0.7

Netherlands

0.7

New

Zealand

0.5

Philippines

0.6

Singapore

0.1

South

Africa

0.0

†

South

Korea

0.0

†

Spain

3.7

Switzerland

0.8

Taiwan

0.0

†

Thailand

1.2

United

Kingdom

3.6

United

States

42.4

Vietnam

0.0

†

Other

1

0.9

100.0%

†

Amount

represents

less

than

0.05%.

1

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

%

of

Net

Assets

Common

Stocks

99.1

%

Securities

Lending

Reinvestments

3.9

Others

(1)

(3.0)

100.0%

(1)

Includes

any

other

net

assets/(liabilities).

179

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

Global

Quality

Real

Estate

Index

Fund

July

31,

2024

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

98

.1

%

Diversified

REITs

-

5

.6

%

Alexander

&

Baldwin,

Inc.,

REIT

49,842

$

982,386

American

Assets

Trust,

Inc.,

REIT

36,036

955,675

Broadstone

Net

Lease,

Inc.,

REIT(a)

90,441

1,574,578

Charter

Hall

Group,

REIT(a)

228,384

1,891,029

Covivio

SA,

REIT

5,733

296,164

Empire

State

Realty

Trust,

Inc.,

Class

A,

REIT

89,739

966,489

Essential

Properties

Realty

Trust,

Inc.,

REIT(a)

75,231

2,226,085

GPT

Group

(The),

REIT

401,310

1,213,317

Hankyu

Hanshin

REIT,

Inc.,

REIT

819

724,504

Merlin

Properties

Socimi

SA,

REIT

160,173

1,828,560

Mori

Trust

Reit,

Inc.,

REIT(a)

1,521

705,608

NIPPON

REIT

Investment

Corp.,

REIT

351

769,839

OUE

REIT,

REIT

362,700

73,212

Reit

1

Ltd.,

REIT

184,275

693,251

Stockland,

REIT(a)

1,153,737

3,465,595

Tokyu

REIT,

Inc.,

REIT(a)

585

589,821

18,956,113

Health

Care

REITs

-

2

.1

%

LTC

Properties,

Inc.,

REIT(a)

25,506

910,819

National

Health

Investors,

Inc.,

REIT

20,826

1,559,034

Sabra

Health

Care

REIT,

Inc.,

REIT

111,267

1,805,864

Welltower,

Inc.,

REIT(a)

25,623

2,850,559

7,126,276

Hotel

&

Resort

REITs

-

4

.4

%

Apple

Hospitality

REIT,

Inc.,

REIT(a)

106,002

1,567,770

CDL

Hospitality

Trusts,

REIT

1,029,600

742,796

Covivio

Hotels

SACA,

REIT(a)

5,850

102,234

DiamondRock

Hospitality

Co.,

REIT(a)

100,854

830,028

Far

East

Hospitality

Trust,

REIT

163,800

76,536

Investments

Shares

Value

Hotel

&

Resort

REITs

(continued)

Host

Hotels

&

Resorts,

Inc.,

REIT

342,459

$

5,996,457

Park

Hotels

&

Resorts,

Inc.,

REIT(a)

101,322

1,525,909

Pebblebrook

Hotel

Trust,

REIT(a)

59,436

813,679

RLJ

Lodging

Trust,

REIT

87,633

827,256

Summit

Hotel

Properties,

Inc.,

REIT(a)

125,424

795,188

Sunstone

Hotel

Investors,

Inc.,

REIT

94,302

976,969

Xenia

Hotels

&

Resorts,

Inc.,

REIT

60,957

846,083

15,100,905

Industrial

REITs

-

8

.7

%

AIMS

APAC

REIT,

REIT

783,900

767,725

First

Industrial

Realty

Trust,

Inc.,

REIT

63,882

3,495,623

Goodman

Group,

REIT

149,292

3,421,817

Innovative

Industrial

Properties,

Inc.,

REIT

13,338

1,638,040

Mapletree

Logistics

Trust,

REIT

1,684,869

1,624,911

Montea

NV,

REIT

9,692

840,066

Prologis,

Inc.,

REIT

91,260

11,503,323

STAG

Industrial,

Inc.,

REIT(a)

87,750

3,581,077

Tritax

Big

Box

REIT

plc,

REIT

1,207,323

2,566,485

29,439,067

Office

REITs

-

4

.3

%

Cousins

Properties,

Inc.,

REIT

73,944

2,034,199

Equity

Commonwealth,

REIT*

52,182

1,062,947

Global

One

Real

Estate

Investment

Corp.,

REIT(a)

1,053

708,252

Highwoods

Properties,

Inc.,

REIT

51,597

1,597,959

Hudson

Pacific

Properties,

Inc.,

REIT(a)

140,634

842,398

Keppel

REIT,

REIT

1,333,800

872,514

Kilroy

Realty

Corp.,

REIT(a)

53,703

1,985,400

Piedmont

Office

Realty

Trust,

Inc.,

Class

A,

REIT

108,927

942,219

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Global

Quality

Real

Estate

Index

Fund

(cont.)

180

Investments

Shares

Value

COMMON

STOCKS

(continued)

Office

REITs

(continued)

SL

Green

Realty

Corp.,

REIT(a)

30,889

$

2,058,441

Vornado

Realty

Trust,

REIT(a)

78,741

2,361,443

14,465,772

Real

Estate

Management

&

Development

-

16

.3

%

Aeon

Mall

Co.

Ltd.(a)

61,800

847,974

Airport

City

Ltd.*

52,650

731,396

Amot

Investments

Ltd.

186,615

759,608

Aroundtown

SA*(a)

446,823

954,927

Big

Shopping

Centers

Ltd.*

8,424

826,666

Bukit

Sembawang

Estates

Ltd.

35,100

88,695

Capitaland

India

Trust

982,800

800,876

City

Developments

Ltd.

234,000

928,932

CTP

NV(b)

53,703

937,928

Daito

Trust

Construction

Co.

Ltd.

30,100

3,627,964

DigitalBridge

Group,

Inc.

(a)

78,273

1,105,998

Fastighets

AB

Balder,

Class

B*(a)

311,922

2,293,955

Grand

City

Properties

SA*(a)

61,074

720,361

Heiwa

Real

Estate

Co.

Ltd.

29,000

838,429

Henderson

Land

Development

Co.

Ltd.

702,000

1,972,465

Hulic

Co.

Ltd.

187,200

1,830,817

Ichigo,

Inc.

292,500

830,104

International

Workplace

Group

plc

367,146

814,891

Intershop

Holding

AG

917

122,093

Israel

Canada

T.R

Ltd.

195,273

693,093

Kerry

Properties

Ltd.

409,500

698,226

Lifestyle

Communities

Ltd.(a)

66,807

392,625

Melisron

Ltd.

13,221

931,490

Mitsubishi

Estate

Co.

Ltd.

374,400

6,406,306

Mitsui

Fudosan

Co.

Ltd.

403,800

4,222,912

Nexity

SA*(a)

29,250

330,124

Nomura

Real

Estate

Holdings,

Inc.

52,300

1,474,175

Pandox

AB,

Class

B(a)

53,703

997,135

PSP

Swiss

Property

AG

(Registered)

21,996

2,933,633

Sino

Land

Co.

Ltd.(a)

1,872,000

1,936,221

Sirius

Real

Estate

Ltd.,

REIT

736,164

890,723

St

Joe

Co.

(The)(a)

16,848

1,039,185

Sumitomo

Realty

&

Development

Co.

Ltd.

140,400

4,668,491

Investments

Shares

Value

Real

Estate

Management

&

Development

(continued)

Swire

Properties

Ltd.

561,600

$

888,553

Tokyo

Tatemono

Co.

Ltd.

(a)

88,000

1,545,235

Tokyu

Fudosan

Holdings

Corp.

292,500

2,128,722

UOL

Group

Ltd.

222,300

894,119

Wihlborgs

Fastigheter

AB

134,316

1,359,753

Zug

Estates

Holding

AG,

Class

B

50

96,563

55,561,363

Residential

REITs

-

13

.5

%

American

Homes

4

Rent,

Class

A,

REIT

157,833

5,696,193

AvalonBay

Communities,

Inc.,

REIT

68,796

14,097,676

Boardwalk

REIT,

REIT(a)

15,678

885,218

Centerspace,

REIT

11,700

817,011

Equity

Residential,

REIT

174,915

12,179,331

Essex

Property

Trust,

Inc.,

REIT

30,888

8,597,984

Ingenia

Communities

Group,

REIT

262,899

901,283

InterRent

REIT,

REIT

72,657

670,583

Killam

Apartment

REIT,

REIT(a)

57,915

776,840

NexPoint

Residential

Trust,

Inc.,

REIT

21,411

935,447

UNITE

Group

plc

(The),

REIT

33,813

413,898

45,971,464

Retail

REITs

-

22

.0

%

Acadia

Realty

Trust,

REIT(a)

53,469

1,157,069

Brixmor

Property

Group,

Inc.,

REIT

145,197

3,698,168

CapitaLand

Integrated

Commercial

Trust,

REIT

2,562,300

3,984,438

Carmila

SA,

REIT

46,449

839,383

Choice

Properties

REIT,

REIT(a)

94,068

943,778

CT

REIT,

REIT(a)

65,169

679,311

Eurocommercial

Properties

NV,

REIT

33,579

835,724

Fukuoka

REIT

Corp.,

REIT(a)

702

731,580

HMC

Capital

Ltd.,

REIT

175,383

887,569

InvenTrust

Properties

Corp.,

REIT

34,983

985,471

Japan

Metropolitan

Fund

Invest,

REIT(a)

3,393

2,110,759

Kimco

Realty

Corp.,

REIT

327,132

7,108,578

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Global

Quality

Real

Estate

Index

Fund

(cont.)

181

Investments

Shares

Value

COMMON

STOCKS

(continued)

Retail

REITs

(continued)

Kite

Realty

Group

Trust,

REIT

106,704

$

2,631,321

Klepierre

SA,

REIT

104,598

2,997,152

Link

REIT,

REIT

1,251,900

5,288,364

Mercialys

SA,

REIT

67,743

859,864

NNN

REIT,

Inc.,

REIT(a)

88,569

3,975,862

PARAGON

REIT,

REIT

187,200

123,158

Realty

Income

Corp.,

REIT

16,965

974,300

Regency

Centers

Corp.,

REIT

75,231

5,066,056

Retail

Estates

NV,

REIT

1,731

118,194

Shaftesbury

Capital

plc,

REIT(a)

705,510

1,380,131

Simon

Property

Group,

Inc.,

REIT

117,936

18,096,100

SITE

Centers

Corp.,

REIT

91,962

1,420,813

SmartCentres

REIT,

REIT(a)

45,747

794,103

Tanger,

Inc.,

REIT(a)

51,129

1,477,628

Unibail-Rodamco-

Westfield,

REIT

57,330

4,299,150

Urban

Edge

Properties,

REIT(a)

57,447

1,166,174

74,630,198

Specialized

REITs

-

21

.2

%

American

Tower

Corp.,

REIT

42,003

9,257,461

Crown

Castle,

Inc.,

REIT

7,137

785,641

Digital

Realty

Trust,

Inc.,

REIT(a)

112,905

16,878,169

EPR

Properties,

REIT(a)

36,387

1,637,415

Equinix,

Inc.,

REIT

7,020

5,547,485

Iron

Mountain,

Inc.,

REIT(a)

78,039

8,003,680

Lamar

Advertising

Co.,

Class

A,

REIT(a)

42,471

5,090,574

National

Storage

Affiliates

Trust,

REIT(a)

38,376

1,633,666

National

Storage

REIT,

REIT(a)

629,577

1,015,451

Public

Storage,

REIT

6,786

2,008,113

Safestore

Holdings

plc,

REIT

106,119

1,099,296

Shurgard

Self

Storage

Ltd.,

REIT

18,374

717,759

Shurgard

Self

Storage

Ltd.,

REIT*

580

22,657

VICI

Properties,

Inc.,

Class

A,

REIT

226,278

7,073,450

Investments

Shares

Value

Specialized

REITs

(continued)

Weyerhaeuser

Co.,

REIT

352,053

$

11,181,203

71,952,020

Total

Common

Stocks

(Cost

$306,532,726)

333,203,178

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

7

.7

%

(c)

REPURCHASE

AGREEMENTS

-

7

.7

%

CF

Secured

LLC

5.34%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$6,285,392,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.88%,

maturing

8/15/2024

-

8/15/2053;

total

market

value

$6,435,173

$

6,284,459

6,284,459

ING

Financial

Markets

LLC

5.34%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$10,001,483,

collateralized

by

various

U.S.

Treasury

Securities,

3.75%,

5/31/2030;

total

market

value

$10,192,081

10,000,000

10,000,000

MetLife,

Inc.

5.34%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$5,000,742,

collateralized

by

various

U.S.

Treasury

Securities,

0.00%,

5/15/2046;

total

market

value

$5,154,419

5,000,000

5,000,000

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Global

Quality

Real

Estate

Index

Fund

(cont.)

182

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

(continued)

REPURCHASE

AGREEMENTS

(continued)

National

Bank

of

Canada

Financial

Inc.

5.47%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$5,000,760,

collateralized

by

various

Common

Stocks,

U.S.

Treasury

Securities,

0.63%,

1/15/2026;

total

market

value

$5,497,900

$

5,000,000

$

5,000,000

26,284,459

Total

Securities

Lending

Reinvestments

(Cost

$26,284,459)

26,284,459

Total

Investments

-

105.8%

(Cost

$332,817,185)

359,487,637

Liabilities

in

excess

of

other

assets

-

(5.8%)

(19,771,090)

NET

ASSETS

-

100.0%

$339,716,547

*

Non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2024.

The

total

value

of

securities

on

loan

at

July

31,

2024

was

$59,111,425,

collateralized

in

the

form

of

cash

with

a

value

of

$26,284,459

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$30,260,186

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

August

15,

2024

–

November

15,

2053

and

$4,311,280

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

5.75%,

and

maturity

dates

ranging

from

August

15,

2024

–

June

30,

2120;

a

total

value

of

$60,855,925.

(b)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States

and

as

such

may

have

restrictions

on

resale.

(c)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2024.

The

total

value

of

securities

purchased

was

$26,284,459.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

REIT

Real

Estate

Investment

Trust

Futures

Contracts

FlexShares®

Global

Quality

Real

Estate

Index

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2024:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

EURO

STOXX

50

Index

7

09/20/2024

EUR

$

371,009

$

744

S&P

Midcap

400

E-Mini

Index

15

09/20/2024

USD

4,680,150

261,683

SPI

200

Index

10

09/19/2024

AUD

1,315,958

56,305

$

318,732

Forward

Foreign

Currency

Contracts

FlexShares®

Global

Quality

Real

Estate

Index

Fund

had

the

following

outstanding

contracts

as

of

July

31,

2024:

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

USD

22,928

Citibank

NA

AUD

34,359

09/18/2024

$

464

USD

219,380

JPMorgan

Chase

Bank

NA

CAD

300,000

09/18/2024

1,912

USD

30,283

Citibank

NA

ILS

111,846

09/18/2024

450

Total

unrealized

appreciation

$

2,826

CAD

209,730

Citibank

NA

USD

153,090

09/18/2024

$

(

1,058

)

USD

216,096

Citibank

NA

EUR

199,355

09/18/2024

(

114

)

USD

46,692

JPMorgan

Chase

Bank

NA

SGD

62,894

09/18/2024

(

439

)

Total

unrealized

depreciation

$

(

1,611

)

Net

unrealized

appreciation

$

1,215

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Global

Quality

Real

Estate

Index

Fund

(cont.)

183

Abbreviations:

AUD

—

Australian

Dollar

CAD

—

Canadian

Dollar

EUR

—

Euro

ILS

—

Israeli

Shekel

SGD

—

Singapore

Dollar

USD

—

US

Dollar

FlexShares®

Global

Quality

Real

Estate

Index

invested,

as

a

percentage

of

net

assets,

in

companies

domiciled

in

the

following

countries

as

of

July

31,

2024:

Australia

3‌

.9

%

Belgium

0‌

.5

Canada

1‌

.4

France

2‌

.9

Germany

0‌

.5

Hong

Kong

3‌

.2

Israel

1‌

.4

Japan

10‌

.2

Netherlands

0‌

.5

Singapore

3‌

.2

Spain

0‌

.5

Sweden

1‌

.4

Switzerland

0‌

.9

United

Kingdom

2‌

.1

United

States

65‌

.5

Other

1

1‌

.9

100.0%

1

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

%

of

Net

Assets

Common

Stocks

98‌

.1

%

Securities

Lending

Reinvestments

7‌

.7

Others

(1)

(

5‌

.8

)

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

184

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares

®

Real

Assets

Allocation

Index

Fund

July

31,2024

(Unaudited)

The

underlying

index

of

the

FlexShares®

Real

Assets

Allocation

Index

Fund

is

comprised

of

securities

of

affiliated

FlexShares®

Funds.

The

Schedules

of

Investments

of

the

affiliated

FlexShares®

Funds

are

located

elsewhere

in

this

Report.

Investments

Shares

Value

EXCHANGE

TRADED

FUNDS

-

99.9%

FlexShares®

Global

Quality

Real

Estate

Index

Fund(a)

14,180

$

823,114

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund(a)

72,600

2,968,614

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

Fund(a)

72,210

4,045,204

Total

Exchange

Traded

Funds

(Cost

$8,405,313)

7,836,932

Total

Investments

-

99.9%

(Cost

$8,405,313)

7,836,932

Other

assets

less

liabilities

-

0.1%

4,206

NET

ASSETS

-

100.0%

$7,841,138

(a)

Investment

in

affiliated

Fund.

Northern

Trust

Investments,

Inc.

is

the

Investment

Adviser

to

both

the

Fund

and

the

affiliated

Funds.

Percentages

shown

are

based

on

Net

Assets.

Investment

in

a

company

which

was

affiliated

for

the

period

ended

July

31,

2024,

was

as

follows:

Security

Value

October

31,

2023

Purchases

at

Cost

Sales

Proceeds

Shares

July

31,

2024

Value

July

31,

2024

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Realized

Loss

FlexShares®

Global

Quality

Real

Estate

Index

Fund

$

2,773,255

$

170,412

$

2,588,995

14,180

$

823,114

$

1,199,959

$

37,541

$

(

731,517

)

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

5,421,708

971,557

3,675,672

72,600

2,968,614

456,815

113,215

(

205,794

)

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

Fund

8,376,484

512,759

5,990,148

72,210

4,045,204

1,581,263

123,841

(

435,154

)

$16,571,447

$1,654,728

$12,254,815

158,990

$7,836,932

$3,238,037

$274,597

$(1,372,465)

Security

Type

%

of

Net

Assets

Exchange

Traded

Funds

99‌

.9

%

Others

(1)

0‌

.1

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

185

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

Quality

Dividend

Index

Fund

July

31,2024

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

99

.2

%

Aerospace

&

Defense

-

0

.6

%

Lockheed

Martin

Corp.

20,800

$

11,271,936

Air

Freight

&

Logistics

-

0

.5

%

CH

Robinson

Worldwide,

Inc.

95,680

8,520,304

Banks

-

2

.1

%

Bank

of

America

Corp.

22,880

922,293

Comerica,

Inc.

159,120

8,721,367

Cullen/Frost

Bankers,

Inc.(a)

55,120

6,452,347

JPMorgan

Chase

&

Co.

57,200

12,172,160

Popular,

Inc.

95,680

9,819,639

38,087,806

Beverages

-

2

.6

%

Coca-Cola

Co.

(The)

694,720

46,365,613

Biotechnology

-

4

.0

%

AbbVie,

Inc.

298,480

55,314,314

Gilead

Sciences,

Inc.

211,120

16,057,787

71,372,101

Broadline

Retail

-

0

.7

%

Dillard's,

Inc.,

Class

A(a)

7,280

2,901,735

eBay,

Inc.(a)

184,080

10,236,689

13,138,424

Building

Products

-

0

.5

%

Advanced

Drainage

Systems,

Inc.

50,960

9,021,958

Capital

Markets

-

3

.0

%

Bank

of

New

York

Mellon

Corp.

(The)

170,560

11,098,339

Invesco

Ltd.

543,920

9,388,059

Janus

Henderson

Group

plc

251,680

9,370,047

Lazard,

Inc.(a)

212,160

10,431,907

Morgan

Stanley

135,200

13,953,992

54,242,344

Chemicals

-

1

.3

%

LyondellBasell

Industries

NV,

Class

A

81,120

8,068,195

Olin

Corp.

115,440

5,265,219

Investments

Shares

Value

Chemicals

(continued)

Scotts

Miracle-Gro

Co.

(The)(a)

126,880

$

9,972,768

23,306,182

Commercial

Services

&

Supplies

-

0

.3

%

Cintas

Corp.

8,320

6,355,981

Communications

Equipment

-

1

.9

%

Cisco

Systems,

Inc.

689,520

33,407,244

Construction

Materials

-

0

.1

%

Eagle

Materials,

Inc.

5,200

1,415,960

Consumer

Finance

-

1

.0

%

Ally

Financial,

Inc.

188,240

8,472,682

OneMain

Holdings,

Inc.(a)

173,680

9,076,517

17,549,199

Consumer

Staples

Distribution

&

Retail

-

0

.3

%

Costco

Wholesale

Corp.

4,160

3,419,520

Walmart,

Inc.

17,680

1,213,555

4,633,075

Containers

&

Packaging

-

0

.6

%

Packaging

Corp.

of

America

49,920

9,977,510

Distributors

-

0

.5

%

Pool

Corp.(a)

22,880

8,558,035

Diversified

Consumer

Services

-

0

.2

%

H&R

Block,

Inc.(a)

53,040

3,073,138

Diversified

Telecommunication

Services

-

0

.3

%

Iridium

Communications,

Inc.

200,720

5,760,664

Electric

Utilities

-

1

.4

%

Edison

International

75,920

6,074,359

Evergy,

Inc.

121,680

7,057,440

OGE

Energy

Corp.(a)

220,480

8,548,010

Pinnacle

West

Capital

Corp.(a)

33,280

2,848,435

24,528,244

Electrical

Equipment

-

0

.4

%

Vertiv

Holdings

Co.,

Class

A

98,800

7,775,560

Entertainment

-

0

.9

%

Electronic

Arts,

Inc.

65,520

9,889,589

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Quality

Dividend

Index

Fund

(cont.)

186

Investments

Shares

Value

COMMON

STOCKS

(continued)

Entertainment

(continued)

Warner

Music

Group

Corp.,

Class

A(a)

230,880

$

6,928,709

16,818,298

Financial

Services

-

2

.2

%

Fidelity

National

Information

Services,

Inc.

128,960

9,907,997

Mastercard,

Inc.,

Class

A

10,400

4,822,584

Radian

Group,

Inc.

277,680

10,301,928

Visa,

Inc.,

Class

A(a)

23,920

6,354,826

Western

Union

Co.

(The)

647,920

7,703,769

39,091,104

Gas

Utilities

-

0

.5

%

UGI

Corp.(a)

344,240

8,530,267

Ground

Transportation

-

1

.4

%

Union

Pacific

Corp.

98,800

24,376,924

Health

Care

Equipment

&

Supplies

-

0

.2

%

ResMed,

Inc.(a)

13,520

2,883,140

Health

Care

Providers

&

Services

-

0

.6

%

Cencora,

Inc.

10,400

2,473,952

UnitedHealth

Group,

Inc.

15,600

8,988,096

11,462,048

Hotel

&

Resort

REITs

-

0

.8

%

Apple

Hospitality

REIT,

Inc.,

REIT(a)

414,960

6,137,258

Host

Hotels

&

Resorts,

Inc.,

REIT(a)

435,760

7,630,158

13,767,416

Hotels,

Restaurants

&

Leisure

-

0

.9

%

Domino's

Pizza,

Inc.

7,280

3,120,936

Marriott

International,

Inc.,

Class

A

3,120

709,176

Starbucks

Corp.

137,280

10,700,976

Wingstop,

Inc.

5,200

1,944,176

16,475,264

Household

Products

-

3

.6

%

Colgate-Palmolive

Co.

30,160

2,991,571

Procter

&

Gamble

Co.

(The)

330,720

53,166,547

WD-40

Co.(a)

31,200

8,162,232

‌

64,320,350

Investments

Shares

Value

Industrial

Conglomerates

-

1

.0

%

3M

Co.

99,840

$

12,734,592

Honeywell

International,

Inc.

24,960

5,110,560

17,845,152

Insurance

-

4

.3

%

Aflac,

Inc.

112,320

10,713,082

American

Financial

Group,

Inc.

48,880

6,401,325

First

American

Financial

Corp.

133,120

8,064,409

Lincoln

National

Corp.

208,000

6,926,400

MetLife,

Inc.

123,760

9,510,956

Old

Republic

International

Corp.

274,560

9,505,267

Principal

Financial

Group,

Inc.

85,280

6,951,173

Prudential

Financial,

Inc.

83,200

10,426,624

Willis

Towers

Watson

plc

33,280

9,394,278

77,893,514

Interactive

Media

&

Services

-

5

.9

%

Alphabet,

Inc.,

Class

A

194,480

33,361,099

Alphabet,

Inc.,

Class

C

169,520

29,352,388

Meta

Platforms,

Inc.,

Class

A

92,560

43,950,265

106,663,752

IT

Services

-

1

.9

%

Accenture

plc,

Class

A

101,920

33,696,790

Machinery

-

1

.4

%

Caterpillar,

Inc.

10,400

3,600,480

Illinois

Tool

Works,

Inc.

50,960

12,601,389

Snap-on,

Inc.

29,120

8,358,313

24,560,182

Media

-

1

.6

%

Comcast

Corp.,

Class

A

299,520

12,361,191

New

York

Times

Co.

(The),

Class

A

173,680

9,307,511

TEGNA,

Inc.

473,200

7,538,076

29,206,778

Metals

&

Mining

-

0

.7

%

Nucor

Corp.

53,040

8,642,337

Southern

Copper

Corp.(a)

38,480

4,102,353

‌

12,744,690

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Quality

Dividend

Index

Fund

(cont.)

187

Investments

Shares

Value

COMMON

STOCKS

(continued)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0

.9

%

Blackstone

Mortgage

Trust,

Inc.,

Class

A(a)

469,040

$

8,372,364

Starwood

Property

Trust,

Inc.(a)

412,880

8,236,956

16,609,320

Multi-Utilities

-

1

.1

%

Dominion

Energy,

Inc.(a)

187,200

10,007,712

Public

Service

Enterprise

Group,

Inc.

132,080

10,536,022

20,543,734

Oil,

Gas

&

Consumable

Fuels

-

2

.5

%

Chevron

Corp.

8,320

1,335,110

ConocoPhillips

7,280

809,536

CVR

Energy,

Inc.(a)

289,120

8,268,832

Exxon

Mobil

Corp.

115,440

13,690,030

Marathon

Petroleum

Corp.

67,600

11,966,552

Peabody

Energy

Corp.(a)

320,320

7,114,307

Valero

Energy

Corp.

5,200

840,944

44,025,311

Pharmaceuticals

-

4

.2

%

Johnson

&

Johnson

360,880

56,964,908

Merck

&

Co.,

Inc.

21,840

2,470,759

Royalty

Pharma

plc,

Class

A

34,320

966,795

Zoetis,

Inc.

78,000

14,043,120

74,445,582

Professional

Services

-

1

.9

%

Automatic

Data

Processing,

Inc.

69,680

18,299,361

Paychex,

Inc.(a)

74,880

9,586,138

Robert

Half,

Inc.

94,640

6,074,942

33,960,441

Residential

REITs

-

2

.5

%

AvalonBay

Communities,

Inc.,

REIT

46,800

9,590,256

Camden

Property

Trust,

REIT

83,200

9,214,400

Equity

Residential,

REIT

137,280

9,558,807

Mid-America

Apartment

Communities,

Inc.,

REIT

65,520

9,157,730

Investments

Shares

Value

Residential

REITs

(continued)

UDR,

Inc.,

REIT

202,800

$

8,126,196

45,647,389

Retail

REITs

-

0

.1

%

Brixmor

Property

Group,

Inc.,

REIT

107,120

2,728,346

Semiconductors

&

Semiconductor

Equipment

-

10

.4

%

Broadcom,

Inc.

114,400

18,381,792

KLA

Corp.

22,880

18,831,842

Lam

Research

Corp.

22,880

21,077,971

Microchip

Technology,

Inc.

104,000

9,233,120

NVIDIA

Corp.

742,318

86,866,052

QUALCOMM,

Inc.

112,320

20,324,304

Skyworks

Solutions,

Inc.

(a)

96,720

10,989,326

185,704,407

Software

-

7

.0

%

Bentley

Systems,

Inc.,

Class

B(a)

52,000

2,534,480

Intuit,

Inc.

47,064

30,466,880

Microsoft

Corp.

218,400

91,367,640

Salesforce,

Inc.

3,120

807,456

125,176,456

Specialized

REITs

-

1

.8

%

CubeSmart,

REIT

140,400

6,680,232

National

Storage

Affiliates

Trust,

REIT(a)

192,400

8,190,468

Public

Storage,

REIT

34,320

10,155,974

Weyerhaeuser

Co.,

REIT(a)

248,560

7,894,266

32,920,940

Specialty

Retail

-

3

.4

%

Bath

&

Body

Works,

Inc.

6,240

229,320

Home

Depot,

Inc.

(The)

80,080

29,482,253

Lowe's

Cos.,

Inc.

87,360

21,447,754

Williams-Sonoma,

Inc.(a)

58,240

9,008,563

60,167,890

Technology

Hardware,

Storage

&

Peripherals

-

9

.3

%

Apple,

Inc.

747,760

166,062,541

Textiles,

Apparel

&

Luxury

Goods

-

1

.3

%

NIKE,

Inc.,

Class

B

206,960

15,493,026

Tapestry,

Inc.(a)

189,280

7,588,235

‌

23,081,261

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Quality

Dividend

Index

Fund

(cont.)

188

Investments

Shares

Value

Tobacco

-

2

.1

%

Altria

Group,

Inc.

301,600

$

14,781,416

Philip

Morris

International,

Inc.

198,640

22,875,382

37,656,798

Trading

Companies

&

Distributors

-

0

.5

%

Fastenal

Co.

137,280

9,712,560

Total

Common

Stocks

(Cost

$1,364,224,800)

1,777,139,923

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

6

.1

%

(b)

CERTIFICATES

OF

DEPOSIT

-

0

.4

%

Bank

of

Montreal,

London

(SOFR

+

0.20%),

5.53%,

12/17/2024(c)

$

2,000,000

2,000,000

Cooperatieve

Rabobank

UA,

London

5.68%,

7/3/2025

1,000,000

1,000,700

MUFG

Bank

Ltd.,

London

Branch

5.54%,

9/23/2024

1,000,000

1,000,000

Nordea

Bank

Abp,

New

York

Branch

(SOFR

+

0.32%),

5.65%,

7/18/2025(c)

1,000,000

1,000,184

Oversea-Chinese

Banking

Corp.

Ltd.,

New

York

(SOFR

+

0.20%),

5.55%,

10/22/2024(c)

1,000,000

1,000,103

Total

Certificates

of

Deposit

(Cost

$5,999,954)

6,000,987

REPURCHASE

AGREEMENTS

-

5

.7

%

BofA

Securities,

Inc.

5.77%,

dated

7/31/2024,

due

10/31/2024,

repurchase

price

$8,117,964,

collateralized

by

various

Common

Stocks;

total

market

value

$8,966,089

8,000,000

8,000,000

Investments

Principal

Amount

Value

REPURCHASE

AGREEMENTS

(continued)

CF

Secured

LLC

5.34%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$10,964,735,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.88%,

maturing

8/15/2024

-

8/15/2053;

total

market

value

$11,226,026

$

10,963,109

$

10,963,109

MetLife,

Inc.

5.34%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$17,002,522,

collateralized

by

various

U.S.

Treasury

Securities,

0.00%,

5/15/2046;

total

market

value

$17,525,026

17,000,000

17,000,000

National

Bank

of

Canada

Financial

Inc.

5.47%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$33,005,014,

collateralized

by

various

Common

Stocks,

U.S.

Treasury

Securities,

0.63%,

1/15/2026;

total

market

value

$36,286,138

33,000,000

33,000,000

TD

Prime

Services

LLC

5.42%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$34,005,119,

collateralized

by

various

Common

Stocks;

total

market

value

$37,949,010

34,000,000

34,000,000

Total

Repurchase

Agreements

(Cost

$102,963,109)

102,963,109

Total

Securities

Lending

Reinvestments

(Cost

$108,963,063)

108,964,096

Total

Investments

-

105.3%

(Cost

$1,473,187,863)

1,886,104,019

Liabilities

in

excess

of

other

assets

-

(5.3%)

(95,430,724)

NET

ASSETS

-

100.0%

$1,790,673,295

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Quality

Dividend

Index

Fund

(cont.)

189

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2024.

The

total

value

of

securities

on

loan

at

July

31,

2024

was

$138,119,952,

collateralized

in

the

form

of

cash

with

a

value

of

$108,963,058

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$26,498,006

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

August

1,

2024

–

February

15,

2054

and

$5,789,387

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

5.75%,

and

maturity

dates

ranging

from

August

15,

2024

–

June

30,

2120;

a

total

value

of

$141,250,451.

(b)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2024.

The

total

value

of

securities

purchased

was

$108,964,096.

(c)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

is

the

rate

in

effect

as

of

July

31,

2024.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

Futures

Contracts

FlexShares®

Quality

Dividend

Index

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2024:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

S&P

500

E-Mini

Index

37

09/20/2024

USD

$

10,282,300

$

66,332

S&P

Midcap

400

E-Mini

Index

9

09/20/2024

USD

2,808,090

151,390

$

217,722

Abbreviations:

USD

—

US

Dollar

Security

Type

%

of

Net

Assets

Common

Stocks

99‌

.2

%

Securities

Lending

Reinvestments

6‌

.1

Others

(1)

(

5‌

.3

)

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

190

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares

®

Quality

Dividend

Defensive

Index

Fund

July

31,2024

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

99

.3

%

Aerospace

&

Defense

-

1

.9

%

BWX

Technologies,

Inc.

21,018

$

2,091,081

Lockheed

Martin

Corp.

8,136

4,409,061

Northrop

Grumman

Corp.

1,952

945,393

7,445,535

Air

Freight

&

Logistics

-

0

.5

%

Expeditors

International

of

Washington,

Inc.

14,238

1,777,187

Banks

-

2

.4

%

Bank

of

America

Corp.

5,198

209,531

Cullen/Frost

Bankers,

Inc.(a)

16,272

1,904,800

JPMorgan

Chase

&

Co.

12,204

2,597,011

Popular,

Inc.

20,566

2,110,689

UMB

Financial

Corp.(a)

21,244

2,167,313

8,989,344

Beverages

-

2

.4

%

Coca-Cola

Co.

(The)

137,182

9,155,527

Biotechnology

-

4

.7

%

AbbVie,

Inc.

63,732

11,810,814

Amgen,

Inc.

8,136

2,704,976

Gilead

Sciences,

Inc.

44,974

3,420,723

17,936,513

Broadline

Retail

-

0

.6

%

Dillard's,

Inc.,

Class

A(a)

4,147

1,652,953

eBay,

Inc.

11,526

640,961

2,293,914

Building

Products

-

0

.8

%

Carlisle

Cos.,

Inc.

4,746

1,986,581

Masco

Corp.

11,978

932,487

2,919,068

Capital

Markets

-

1

.3

%

Bank

of

New

York

Mellon

Corp.

(The)

36,386

2,367,637

CME

Group,

Inc.

12,882

2,495,372

4,863,009

Chemicals

-

0

.4

%

LyondellBasell

Industries

NV,

Class

A

15,142

1,506,023

Investments

Shares

Value

Commercial

Services

&

Supplies

-

0

.1

%

Rollins,

Inc.

9,944

$

476,417

Communications

Equipment

-

2

.5

%

Cisco

Systems,

Inc.

147,352

7,139,204

Motorola

Solutions,

Inc.

6,102

2,434,210

9,573,414

Construction

&

Engineering

-

0

.5

%

EMCOR

Group,

Inc.

5,198

1,951,537

Consumer

Finance

-

0

.5

%

OneMain

Holdings,

Inc.(a)

36,838

1,925,154

Consumer

Staples

Distribution

&

Retail

-

0

.3

%

Costco

Wholesale

Corp.

904

743,088

Walmart,

Inc.

4,068

279,228

1,022,316

Containers

&

Packaging

-

0

.5

%

Packaging

Corp.

of

America

10,396

2,077,849

Diversified

Consumer

Services

-

0

.6

%

H&R

Block,

Inc.

36,160

2,095,110

Diversified

Telecommunication

Services

-

1

.2

%

AT&T,

Inc.

109,610

2,109,992

Verizon

Communications,

Inc.

64,184

2,600,736

4,710,728

Electric

Utilities

-

3

.1

%

Duke

Energy

Corp.

27,798

3,037,488

Evergy,

Inc.

25,990

1,507,420

Exelon

Corp.

41,810

1,555,332

OGE

Energy

Corp.

46,556

1,804,976

Pinnacle

West

Capital

Corp.(a)

24,182

2,069,737

PPL

Corp.

66,896

1,988,149

11,963,102

Electrical

Equipment

-

0

.4

%

Vertiv

Holdings

Co.,

Class

A

21,018

1,654,117

Electronic

Equipment,

Instruments

&

Components

-

0

.0

%

(b)

Badger

Meter,

Inc.(a)

452

93,184

Entertainment

-

0

.6

%

Electronic

Arts,

Inc.

14,012

2,114,971

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Quality

Dividend

Defensive

Index

Fund

(cont.)

191

Investments

Shares

Value

COMMON

STOCKS

(continued)

Financial

Services

-

2

.3

%

Corebridge

Financial,

Inc.

13,334

$

394,020

Fidelity

National

Information

Services,

Inc.

27,572

2,118,357

Mastercard,

Inc.,

Class

A

2,186

1,013,670

Radian

Group,

Inc.

58,986

2,188,380

Visa,

Inc.,

Class

A(a)

5,198

1,380,953

Western

Union

Co.

(The)

138,990

1,652,591

8,747,971

Food

Products

-

1

.0

%

General

Mills,

Inc.

28,476

1,911,879

Kellanova

31,640

1,839,866

3,751,745

Health

Care

Equipment

&

Supplies

-

0

.5

%

ResMed,

Inc.

9,266

1,975,974

Health

Care

Providers

&

Services

-

3

.4

%

Cardinal

Health,

Inc.

5,650

569,689

Cencora,

Inc.(a)

9,492

2,257,957

Chemed

Corp.

2,807

1,600,439

Cigna

Group

(The)

10,622

3,703,573

McKesson

Corp.

4,879

3,010,441

UnitedHealth

Group,

Inc.

3,390

1,953,182

13,095,281

Health

Care

REITs

-

0

.6

%

Omega

Healthcare

Investors,

Inc.,

REIT

61,472

2,237,581

Hotels,

Restaurants

&

Leisure

-

2

.3

%

Domino's

Pizza,

Inc.

3,842

1,647,065

McDonald's

Corp.(a)

11,978

3,178,961

Starbucks

Corp.

40,228

3,135,773

Wendy's

Co.

(The)(a)

37,742

638,972

8,600,771

Household

Products

-

3

.8

%

Clorox

Co.

(The)

1,356

178,897

Kimberly-Clark

Corp.

9,944

1,342,937

Procter

&

Gamble

Co.

(The)

68,704

11,044,855

WD-40

Co.(a)

7,684

2,010,212

14,576,901

Independent

Power

and

Renewable

Electricity

Producers

-

0

.1

%

Vistra

Corp.

6,328

501,304

Investments

Shares

Value

Industrial

Conglomerates

-

0

.7

%

3M

Co.

21,244

$

2,709,672

Insurance

-

3

.9

%

Aflac,

Inc.

24,860

2,371,147

Allstate

Corp.

(The)

4,068

696,116

American

Financial

Group,

Inc.

14,238

1,864,608

Assurant,

Inc.

10,622

1,857,469

Loews

Corp.

24,408

1,951,420

MetLife,

Inc.

25,764

1,979,963

Old

Republic

International

Corp.

58,308

2,018,623

Willis

Towers

Watson

plc

7,006

1,977,654

14,717,000

Interactive

Media

&

Services

-

5

.1

%

Alphabet,

Inc.,

Class

A

32,544

5,582,597

Alphabet,

Inc.,

Class

C

27,572

4,774,092

Meta

Platforms,

Inc.,

Class

A

19,436

9,228,796

19,585,485

IT

Services

-

2

.2

%

Amdocs

Ltd.

23,278

2,036,127

International

Business

Machines

Corp.

32,996

6,339,851

8,375,978

Machinery

-

1

.8

%

Illinois

Tool

Works,

Inc.

11,074

2,738,379

Mueller

Industries,

Inc.

32,544

2,308,671

Otis

Worldwide

Corp.

21,018

1,986,201

7,033,251

Media

-

0

.5

%

TEGNA,

Inc.

116,616

1,857,693

Metals

&

Mining

-

0

.2

%

Southern

Copper

Corp.(a)

6,780

722,816

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0

.9

%

AGNC

Investment

Corp.

(a)

39,324

393,633

Blackstone

Mortgage

Trust,

Inc.,

Class

A(a)

100,344

1,791,140

Starwood

Property

Trust,

Inc.(a)

66,444

1,325,558

3,510,331

Multi-Utilities

-

2

.0

%

Consolidated

Edison,

Inc.(a)

21,244

2,071,715

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Quality

Dividend

Defensive

Index

Fund

(cont.)

192

Investments

Shares

Value

COMMON

STOCKS

(continued)

Multi-Utilities

(continued)

Dominion

Energy,

Inc.(a)

39,550

$

2,114,343

Public

Service

Enterprise

Group,

Inc.

28,024

2,235,474

WEC

Energy

Group,

Inc.

11,978

1,030,827

7,452,359

Oil,

Gas

&

Consumable

Fuels

-

1

.1

%

Chevron

Corp.(a)

1,808

290,130

Chord

Energy

Corp.

2,260

387,951

Coterra

Energy,

Inc.

18,758

483,956

CVR

Energy,

Inc.(a)

6,554

187,444

DT

Midstream,

Inc.(a)

6,102

459,847

Exxon

Mobil

Corp.

21,696

2,572,929

4,382,257

Pharmaceuticals

-

4

.6

%

Bristol-Myers

Squibb

Co.

31,188

1,483,301

Johnson

&

Johnson

77,292

12,200,542

Merck

&

Co.,

Inc.

32,092

3,630,568

Zoetis,

Inc.

2,486

447,580

17,761,991

Professional

Services

-

3

.2

%

Automatic

Data

Processing,

Inc.

14,916

3,917,240

Booz

Allen

Hamilton

Holding

Corp.

3,390

485,821

Leidos

Holdings,

Inc.

13,108

1,892,795

Paychex,

Inc.(a)

15,820

2,025,277

Science

Applications

International

Corp.(a)

13,108

1,630,635

Verisk

Analytics,

Inc.

8,136

2,129,598

12,081,366

Residential

REITs

-

3

.2

%

American

Homes

4

Rent,

Class

A,

REIT

51,302

1,851,489

AvalonBay

Communities,

Inc.,

REIT

3,164

648,367

Camden

Property

Trust,

REIT

17,854

1,977,331

Equity

Residential,

REIT

29,380

2,045,729

Essex

Property

Trust,

Inc.,

REIT

7,232

2,013,100

Mid-America

Apartment

Communities,

Inc.,

REIT

14,012

1,958,457

UDR,

Inc.,

REIT

47,460

1,901,722

‌

12,396,195

Investments

Shares

Value

Semiconductors

&

Semiconductor

Equipment

-

8

.1

%

Broadcom,

Inc.

50,790

$

8,160,937

KLA

Corp.

4,972

4,092,304

NVIDIA

Corp.

158,589

18,558,085

30,811,326

Software

-

7

.6

%

Bentley

Systems,

Inc.,

Class

B(a)

31,640

1,542,134

Gen

Digital,

Inc.

76,614

1,991,198

Intuit,

Inc.

7,458

4,827,936

Microsoft

Corp.

49,042

20,516,721

Salesforce,

Inc.

678

175,466

29,053,455

Specialized

REITs

-

1

.6

%

CubeSmart,

REIT

33,900

1,612,962

Digital

Realty

Trust,

Inc.,

REIT

4,746

709,479

National

Storage

Affiliates

Trust,

REIT(a)

36,612

1,558,573

Public

Storage,

REIT

7,339

2,171,757

6,052,771

Specialty

Retail

-

3

.9

%

Home

Depot,

Inc.

(The)

30,736

11,315,766

Lowe's

Cos.,

Inc.

7,006

1,720,043

Williams-Sonoma,

Inc.(a)

12,656

1,957,630

14,993,439

Technology

Hardware,

Storage

&

Peripherals

-

6

.7

%

Apple,

Inc.

108,028

23,990,858

Dell

Technologies,

Inc.,

Class

C

13,786

1,567,193

25,558,051

Tobacco

-

0

.8

%

Altria

Group,

Inc.

64,410

3,156,734

Philip

Morris

International,

Inc.

678

78,079

3,234,813

Trading

Companies

&

Distributors

-

0

.9

%

Fastenal

Co.

28,928

2,046,656

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

17,628

1,568,011

‌

3,614,667

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Quality

Dividend

Defensive

Index

Fund

(cont.)

193

Investments

Shares

Value

COMMON

STOCKS

(continued)

Wireless

Telecommunication

Services

-

1

.0

%

T-Mobile

US,

Inc.

21,244

$

3,872,356

Total

Common

Stocks

(Cost

$297,338,879)

379,808,819

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

3

.3

%

(c)

REPURCHASE

AGREEMENTS

-

3

.3

%

BofA

Securities,

Inc.

5.77%,

dated

7/31/2024,

due

10/31/2024,

repurchase

price

$1,014,746,

collateralized

by

various

Common

Stocks;

total

market

value

$1,120,761

$

1,000,000

1,000,000

CF

Secured

LLC

5.34%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$1,605,059,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.88%,

maturing

8/15/2024

-

8/15/2053;

total

market

value

$1,643,307

1,604,821

1,604,821

MetLife,

Inc.

5.34%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$3,000,445,

collateralized

by

various

U.S.

Treasury

Securities,

0.00%,

5/15/2046;

total

market

value

$3,092,652

3,000,000

3,000,000

National

Bank

of

Canada

Financial

Inc.

5.47%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$5,000,760,

collateralized

by

various

Common

Stocks,

U.S.

Treasury

Securities,

0.63%,

1/15/2026;

total

market

value

$5,497,900

5,000,000

5,000,000

Investments

Principal

Amount

Value

REPURCHASE

AGREEMENTS

(continued)

TD

Prime

Services

LLC

5.42%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$2,000,301,

collateralized

by

various

Common

Stocks;

total

market

value

$2,232,295

$

2,000,000

$

2,000,000

12,604,821

Total

Securities

Lending

Reinvestments

(Cost

$12,604,821)

12,604,821

Total

Investments

-

102.6%

(Cost

$309,943,700)

392,413,640

Liabilities

in

excess

of

other

assets

-

(2.6%)

(10,015,332)

NET

ASSETS

-

100.0%

$382,398,308

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2024.

The

total

value

of

securities

on

loan

at

July

31,

2024

was

$18,929,847,

collateralized

in

the

form

of

cash

with

a

value

of

$12,604,821

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$6,643,319

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

August

15,

2024

–

February

15,

2054

and

$156,012

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

5.75%,

and

maturity

dates

ranging

from

August

15,

2024

–

June

30,

2120;

a

total

value

of

$19,404,152.

(b)

Represents

less

than

0.05%

of

net

assets.

(c)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2024.

The

total

value

of

securities

purchased

was

$12,604,821.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

REIT

Real

Estate

Investment

Trust

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Quality

Dividend

Defensive

Index

Fund

(cont.)

194

Futures

Contracts

FlexShares®

Quality

Dividend

Defensive

Index

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2024:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

/

(

Depreciation

)

Long

Contracts

‌

S&P

500

E-Mini

Index

9

09/20/2024

USD

$

2,501,100

$

22,179

S&P

500

Micro

E-Mini

Index

5

09/20/2024

USD

138,950

(

3,275

)

$

18,904

Abbreviations:

USD

—

US

Dollar

Security

Type

%

of

Net

Assets

Common

Stocks

99‌

.3

%

Securities

Lending

Reinvestments

3‌

.3

Others

(1)

(

2‌

.6

)

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

195

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

International

Quality

Dividend

Index

Fund

July

31,

2024

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

98

.2

%

Air

Freight

&

Logistics

-

0

.7

%

SG

Holdings

Co.

Ltd.(a)

39,900

$

404,012

Sinotrans

Ltd.,

Class

H

7,922,000

3,681,114

4,085,126

Automobile

Components

-

0

.2

%

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

H(b)

206,000

1,075,883

Automobiles

-

2

.5

%

Bayerische

Motoren

Werke

AG

17,708

1,644,468

Bayerische

Motoren

Werke

AG

(Preference)

1,398

120,039

Dr

Ing

hc

F

Porsche

AG

(Preference)(b)

15,378

1,160,844

Isuzu

Motors

Ltd.

315,900

4,340,843

Kia

Corp.

13,514

1,100,359

Mercedes-Benz

Group

AG

44,503

2,945,263

Stellantis

NV

123,490

2,058,414

Subaru

Corp.

30,000

595,474

Yadea

Group

Holdings

Ltd.(a)(b)

466,000

627,537

14,593,241

Banks

-

15

.7

%

ABN

AMRO

Bank

NV,

CVA(b)

265,154

4,623,766

Banco

del

Bajio

SA(b)

1,048,500

3,124,592

Bancolombia

SA

129,548

1,165,584

Bancolombia

SA

(Preference)

135,373

1,130,613

Bank

Leumi

Le-Israel

BM

69,667

604,568

Bank

Polska

Kasa

Opieki

SA

110,442

4,463,934

Barclays

plc

1,905,474

5,722,222

BOC

Hong

Kong

Holdings

Ltd.

466,000

1,357,079

Canara

Bank

3,234,273

4,431,016

China

Construction

Bank

Corp.,

Class

H

10,485,000

7,341,647

China

Merchants

Bank

Co.

Ltd.,

Class

H

643,000

2,675,051

Commonwealth

Bank

of

Australia

1,631

146,433

FinecoBank

Banca

Fineco

SpA

267,950

4,552,195

First

Abu

Dhabi

Bank

PJSC

539,628

1,915,804

Investments

Shares

Value

Banks

(continued)

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

466,000

$

3,492,030

HSBC

Holdings

plc

98,326

889,116

ING

Bank

Slaski

SA

58,716

4,468,302

Japan

Post

Bank

Co.

Ltd.

23,300

243,979

KBC

Group

NV

64,541

5,003,324

Mitsubishi

UFJ

Financial

Group,

Inc.

267,300

3,108,966

National

Bank

of

Canada

4,893

409,022

Royal

Bank

of

Canada(a)

145,456

16,244,491

Santander

Bank

Polska

SA

12,349

1,624,357

Sberbank

of

Russia

PJSC‡

1,227,390

—

Skandinaviska

Enskilda

Banken

AB,

Class

A

313,851

4,831,811

Sumitomo

Mitsui

Financial

Group,

Inc.

56,000

4,062,475

Swedbank

AB,

Class

A

213,428

4,540,343

92,172,720

Beverages

-

0

.1

%

Nongfu

Spring

Co.

Ltd.,

Class

H(a)(b)

77,000

300,134

Broadline

Retail

-

0

.5

%

Alibaba

Group

Holding

Ltd.,

ADR

23,999

1,892,321

B&M

European

Value

Retail

SA

49,163

295,593

Next

plc

7,922

923,317

3,111,231

Building

Products

-

0

.5

%

Geberit

AG

(Registered)

4,660

2,966,730

Capital

Markets

-

3

.2

%

Brookfield

Asset

Management

Ltd.,

Class

A(a)

76,657

3,343,842

China

Galaxy

Securities

Co.

Ltd.,

Class

H(a)

6,407,500

3,280,850

Japan

Exchange

Group,

Inc.

101,600

2,396,507

Julius

Baer

Group

Ltd.

24,465

1,335,465

Macquarie

Korea

Infrastructure

Fund

434,079

3,881,251

Moscow

Exchange

MICEX-RTS

PJSC‡

775,590

—

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

International

Quality

Dividend

Index

Fund

(cont.)

196

Investments

Shares

Value

COMMON

STOCKS

(continued)

Capital

Markets

(continued)

Partners

Group

Holding

AG

3,392

$

4,564,413

18,802,328

Chemicals

-

2

.5

%

BASF

SE

50,561

2,358,090

Fertiglobe

plc

5,463,384

3,688,863

Nissan

Chemical

Corp.(a)

10,400

336,897

Nitto

Denko

Corp.

17,300

1,510,847

Sahara

International

Petrochemical

Co.

162,634

1,237,560

Shin-Etsu

Chemical

Co.

Ltd.

116,500

5,224,923

14,357,180

Consumer

Staples

Distribution

&

Retail

-

0

.8

%

Coles

Group

Ltd.

406,818

4,808,304

Diversified

Telecommunication

Services

-

3

.2

%

BCE,

Inc.

55,221

1,862,604

Elisa

OYJ

7,223

336,245

Emirates

Integrated

Telecommunications

Co.

PJSC

2,585,834

4,259,269

Koninklijke

KPN

NV

677,098

2,664,053

Orange

SA

10,019

111,126

Telenor

ASA

243,252

2,892,017

Telia

Co.

AB(a)

521,687

1,515,275

Telstra

Group

Ltd.

1,490,967

3,835,990

TELUS

Corp.

83,181

1,342,144

18,818,723

Electric

Utilities

-

1

.7

%

Fortum

OYJ(a)

282,396

4,336,190

Origin

Energy

Ltd.

698,068

4,781,745

Power

Grid

Corp.

of

India

Ltd.

236,495

983,504

10,101,439

Electrical

Equipment

-

0

.1

%

Schneider

Electric

SE

466

112,374

Voltronic

Power

Technology

Corp.

4,839

273,086

385,460

Electronic

Equipment,

Instruments

&

Components

-

0

.1

%

Largan

Precision

Co.

Ltd.

4,000

342,562

Investments

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Shimadzu

Corp.

13,200

$

391,104

733,666

Entertainment

-

1

.1

%

Capcom

Co.

Ltd.

20,800

442,653

Nintendo

Co.

Ltd.

109,100

6,082,220

6,524,873

Financial

Services

-

3

.1

%

Banca

Mediolanum

SpA

378,625

4,469,937

FirstRand

Ltd.

426,157

1,913,944

M&G

plc

504,911

1,376,836

ORIX

Corp.

178,700

4,351,700

Power

Finance

Corp.

Ltd.

98,093

652,323

REC

Ltd.

704,126

5,417,890

18,182,630

Food

Products

-

1

.9

%

China

Feihe

Ltd.(b)

3,262,000

1,478,172

Nestle

SA

(Registered)

84,389

8,545,794

Want

Want

China

Holdings

Ltd.

1,944,000

1,167,097

11,191,063

Gas

Utilities

-

0

.8

%

Kunlun

Energy

Co.

Ltd.

686,000

665,627

Snam

SpA

888,662

4,247,481

4,913,108

Ground

Transportation

-

0

.1

%

Canadian

National

Railway

Co.

2,187

253,030

Health

Care

Equipment

&

Supplies

-

0

.3

%

Hoya

Corp.

13,000

1,636,448

Health

Care

Providers

&

Services

-

0

.0

%

(c)

Sonic

Healthcare

Ltd.

11,650

210,422

Hotels,

Restaurants

&

Leisure

-

0

.4

%

InterContinental

Hotels

Group

plc

23,999

2,416,720

Household

Durables

-

0

.7

%

Nien

Made

Enterprise

Co.

Ltd.

313,710

3,793,725

Household

Products

-

0

.2

%

Unilever

Indonesia

Tbk.

PT

9,389,900

1,409,062

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

International

Quality

Dividend

Index

Fund

(cont.)

197

Investments

Shares

Value

COMMON

STOCKS

(continued)

Independent

Power

and

Renewable

Electricity

Producers

-

0

.0

%

(c)

Huadian

Power

International

Corp.

Ltd.,

Class

H(a)

242,000

$

124,532

Unipro

PJSC*‡

125,500,000

—

124,532

Industrial

Conglomerates

-

0

.8

%

Astra

International

Tbk.

PT

4,450,300

1,291,846

Hitachi

Ltd.

140,800

3,076,900

Siemens

AG

(Registered)

1,864

341,726

4,710,472

Insurance

-

1

.7

%

Admiral

Group

plc

33,836

1,196,906

BB

Seguridade

Participacoes

SA

605,800

3,769,137

Caixa

Seguridade

Participacoes

SA

256,300

653,814

Manulife

Financial

Corp.

146,790

3,908,166

Sampo

OYJ,

Class

A

12,815

561,202

10,089,225

Interactive

Media

&

Services

-

1

.0

%

Rightmove

plc

253,737

1,877,908

Tencent

Holdings

Ltd.

90,600

4,200,630

6,078,538

IT

Services

-

2

.0

%

HCL

Technologies

Ltd.

185,701

3,643,103

Infosys

Ltd.

58,716

1,310,137

Nomura

Research

Institute

Ltd.

69,900

2,169,567

Obic

Co.

Ltd.

5,200

787,983

SCSK

Corp.

198,800

3,902,405

11,813,195

Leisure

Products

-

0

.0

%

(c)

Shimano,

Inc.

600

106,593

Machinery

-

1

.3

%

Kone

OYJ,

Class

B

86,676

4,423,236

VAT

Group

AG(b)

6,058

3,030,204

‌

7,453,440

Investments

Shares

Value

Marine

Transportation

-

1

.5

%

Cia

Sud

Americana

de

Vapores

SA

38,835,508

$

2,660,552

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H

2,796,000

3,987,127

Evergreen

Marine

Corp.

Taiwan

Ltd.

202,883

1,052,375

Orient

Overseas

International

Ltd.(a)

68,500

967,172

8,667,226

Metals

&

Mining

-

5

.6

%

BHP

Group

Ltd.

531,794

14,689,161

Cia

Siderurgica

Nacional

SA

466,000

977,712

Fortescue

Ltd.

266,552

3,284,483

Glencore

plc

85,083

469,706

GMK

Norilskiy

Nickel

PAO‡

1,631,500

—

Grupo

Mexico

SAB

de

CV,

Series

B

163,100

919,218

Kumba

Iron

Ore

Ltd.(a)

123,956

2,707,152

Rio

Tinto

plc

81,783

5,279,621

Severstal

PAO‡

58,985

—

Vedanta

Ltd.

850,217

4,577,105

32,904,158

Oil,

Gas

&

Consumable

Fuels

-

7

.5

%

Adaro

Energy

Indonesia

Tbk.

PT

24,348,500

4,821,782

Aker

BP

ASA

53,124

1,286,986

Ampol

Ltd.(a)

39,377

860,620

Canadian

Natural

Resources

Ltd.

97,930

3,474,993

China

Shenhua

Energy

Co.

Ltd.,

Class

H

1,026,000

4,275,000

Coal

India

Ltd.

271,678

1,694,403

Equinor

ASA

106,015

2,811,683

Exxaro

Resources

Ltd.

435,011

4,659,965

Petroleo

Brasileiro

SA

(Preference)

582,500

3,854,995

Shell

plc

62,677

2,286,355

TotalEnergies

SE

13,514

913,676

Turkiye

Petrol

Rafinerileri

A/S

344,840

1,700,746

United

Tractors

Tbk.

PT

3,192,100

5,064,956

Var

Energi

ASA

1,333,692

4,247,031

Woodside

Energy

Group

Ltd.

107,413

1,935,883

43,889,074

Passenger

Airlines

-

0

.8

%

Singapore

Airlines

Ltd.

908,700

4,735,077

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

International

Quality

Dividend

Index

Fund

(cont.)

198

Investments

Shares

Value

COMMON

STOCKS

(continued)

Personal

Care

Products

-

2

.0

%

Hengan

International

Group

Co.

Ltd.

116,500

$

363,876

L'Oreal

SA

25,344

10,987,723

Unilever

plc

7,922

485,978

11,837,577

Pharmaceuticals

-

7

.5

%

Astellas

Pharma,

Inc.

69,900

811,845

AstraZeneca

plc

15,844

2,516,990

China

Medical

System

Holdings

Ltd.

892,000

739,908

Novartis

AG

(Registered)

102,198

11,445,247

Novo

Nordisk

A/S,

Class

B

131,303

17,365,150

Roche

Holding

AG

466

164,007

Roche

Holding

AG

-

BR

32,834

10,660,559

Sanofi

SA

1,165

120,177

43,823,883

Professional

Services

-

3

.1

%

Adecco

Group

AG

(Registered)

33,319

1,134,038

Bureau

Veritas

SA

143,528

4,504,038

Randstad

NV(a)

73,162

3,559,420

Recruit

Holdings

Co.

Ltd.

43,800

2,520,407

RELX

plc

64,075

3,022,921

SGS

SA

(Registered)

29,358

3,205,116

17,945,940

Real

Estate

Management

&

Development

-

1

.3

%

CK

Asset

Holdings

Ltd.

932,000

3,567,179

Daito

Trust

Construction

Co.

Ltd.

33,400

4,025,714

7,592,893

Retail

REITs

-

0

.6

%

Link

REIT,

REIT(a)

885,400

3,740,169

Semiconductors

&

Semiconductor

Equipment

-

6

.4

%

ASML

Holding

NV

6,058

5,575,335

BE

Semiconductor

Industries

NV

12,116

1,562,143

MediaTek,

Inc.

169,004

6,272,737

Novatek

Microelectronics

Corp.

243,986

3,882,101

Realtek

Semiconductor

Corp.

81,271

1,265,919

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

439,004

12,474,285

Tokyo

Electron

Ltd.

20,100

4,143,972

Investments

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

United

Microelectronics

Corp.

932,000

$

1,429,048

Vanguard

International

Semiconductor

Corp.

304,000

1,077,457

37,682,997

Software

-

1

.3

%

Nemetschek

SE

40,076

3,831,407

Oracle

Financial

Services

Software

Ltd.

6,990

922,067

SAP

SE

8,155

1,720,959

Temenos

AG

(Registered)

16,310

1,128,406

7,602,839

Specialty

Retail

-

1

.4

%

Fast

Retailing

Co.

Ltd.

600

166,091

H

&

M

Hennes

&

Mauritz

AB,

Class

B(a)

112,073

1,738,461

Industria

de

Diseno

Textil

SA

120,461

5,847,539

Topsports

International

Holdings

Ltd.(b)

972,000

434,240

8,186,331

Technology

Hardware,

Storage

&

Peripherals

-

0

.8

%

Catcher

Technology

Co.

Ltd.

178,000

1,153,453

Lite-On

Technology

Corp.

735,421

2,217,226

Micro-Star

International

Co.

Ltd.

233,000

1,201,506

Wiwynn

Corp.

2,000

123,517

4,695,702

Textiles,

Apparel

&

Luxury

Goods

-

3

.0

%

ANTA

Sports

Products

Ltd.

139,800

1,254,478

Bosideng

International

Holdings

Ltd.(a)

5,804,000

2,904,972

Burberry

Group

plc

194,788

1,939,015

Cie

Financiere

Richemont

SA

(Registered)

2,187

332,926

Eclat

Textile

Co.

Ltd.

6,000

96,380

Feng

TAY

Enterprise

Co.

Ltd.

21,284

90,653

Hermes

International

SCA

3,088

6,759,904

LVMH

Moet

Hennessy

Louis

Vuitton

SE

3,029

2,140,325

Pandora

A/S

4,893

767,026

Shenzhou

International

Group

Holdings

Ltd.

121,500

1,031,941

‌

17,317,620

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

International

Quality

Dividend

Index

Fund

(cont.)

199

Investments

Shares

Value

COMMON

STOCKS

(continued)

Tobacco

-

3

.2

%

British

American

Tobacco

plc

238,825

$

8,420,528

Imperial

Brands

plc

192,691

5,306,442

Japan

Tobacco,

Inc.

173,200

5,104,140

18,831,110

Trading

Companies

&

Distributors

-

3

.1

%

Howden

Joinery

Group

plc

352,995

4,264,269

ITOCHU

Corp.(a)

116,500

6,026,316

Marubeni

Corp.

186,400

3,543,780

Mitsubishi

Corp.

128,200

2,678,857

Mitsui

&

Co.

Ltd.

55,800

1,309,145

17,822,367

Transportation

Infrastructure

-

0

.4

%

Jiangsu

Expressway

Co.

Ltd.,

Class

H

2,204,000

2,096,226

Wireless

Telecommunication

Services

-

1

.5

%

Intouch

Holdings

PCL,

NVDR

233,000

537,642

KDDI

Corp.

20,500

615,845

Mobile

Telecommunications

Co.

KSCP

816,898

1,216,457

Tele2

AB,

Class

B

469,262

4,825,024

Vodafone

Group

plc

1,707,657

1,588,899

8,783,867

Total

Common

Stocks

(Cost

$507,294,358)

575,374,297

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

0

.4

%

(d)

REPURCHASE

AGREEMENTS

-

0

.4

%

CF

Secured

LLC

5.34%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$88,678,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.88%,

maturing

8/15/2024

-

8/15/2053;

total

market

value

$90,791

$

88,665

88,665

Investments

Principal

Amount

Value

REPURCHASE

AGREEMENTS

(continued)

MetLife,

Inc.

5.34%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$1,000,148,

collateralized

by

various

U.S.

Treasury

Securities,

0.00%,

5/15/2046;

total

market

value

$1,030,884

$

1,000,000

$

1,000,000

TD

Prime

Services

LLC

5.42%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$1,000,151,

collateralized

by

various

Common

Stocks;

total

market

value

$1,116,148

1,000,000

1,000,000

2,088,665

Total

Securities

Lending

Reinvestments

(Cost

$2,088,665)

2,088,665

Total

Investments

-

98.6%

(Cost

$509,383,023)

577,462,962

Other

assets

less

liabilities

-

1.4%

8,060,875

NET

ASSETS

-

100.0%

$585,523,837

*

Non-income

producing

security.

‡

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2024.

The

total

value

of

securities

on

loan

at

July

31,

2024

was

$34,379,427,

collateralized

in

the

form

of

cash

with

a

value

of

$2,088,665

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$25,708,219

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.50%,

and

maturity

dates

ranging

from

August

15,

2024

–

November

15,

2053

and

$8,250,074

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

5.75%,

and

maturity

dates

ranging

from

September

7,

2024

–

June

30,

2120;

a

total

value

of

$36,046,958.

(b)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States

and

as

such

may

have

restrictions

on

resale.

(c)

Represents

less

than

0.05%

of

net

assets.

(d)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2024.

The

total

value

of

securities

purchased

was

$2,088,665.

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

International

Quality

Dividend

Index

Fund

(cont.)

200

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

ADR

American

Depositary

Receipt

CVA

Dutch

Certification

NVDR

Non-Voting

Depositary

Receipt

OYJ

Public

Limited

Company

PJSC

Public

Joint

Stock

Company

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

REIT

Real

Estate

Investment

Trust

SCA

Limited

partnership

with

share

capital

Futures

Contracts

FlexShares®

International

Quality

Dividend

Index

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2024:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

MSCI

EAFE

E-Mini

Index

66

09/20/2024

USD

$

7,886,010

$

167,371

MSCI

Emerging

Markets

E-Mini

Index

65

09/20/2024

USD

3,563,625

37,478

$

204,849

Forward

Foreign

Currency

Contracts

FlexShares®

International

Quality

Dividend

Index

Fund

had

the

following

outstanding

contracts

as

of

July

31,

2024:

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

GBP

411,000

JPMorgan

Chase

Bank

NA

USD

519,293

09/18/2024

$

8,846

JPY

104,189,000

Morgan

Stanley

USD

661,360

09/18/2024

36,087

USD

490,762

Goldman

Sachs

&

Co.

BRL

*

2,653,155

09/18/2024

23,733

USD

244,963

Citibank

NA

HKD

1,908,608

09/19/2024

295

USD

1,061,805

Goldman

Sachs

&

Co.

HKD

8,278,000

09/19/2024

633

USD

856,449

Morgan

Stanley

HKD

6,676,000

09/19/2024

641

Total

unrealized

appreciation

$

70,235

CAD

434,313

UBS

AG

USD

316,026

09/18/2024

$

(

1,195

)

USD

509,892

Goldman

Sachs

&

Co.

CHF

453,364

09/18/2024

(

8,152

)

USD

367,382

JPMorgan

Chase

Bank

NA

DKK

2,540,779

09/18/2024

(

2,086

)

USD

1,732,107

Citibank

NA

EUR

1,607,812

09/18/2024

(

11,642

)

USD

701,149

JPMorgan

Chase

Bank

NA

GBP

550,955

09/18/2024

(

6,834

)

USD

330,877

JPMorgan

Chase

Bank

NA

INR

*

27,750,000

09/18/2024

(

55

)

USD

1,772,111

JPMorgan

Chase

Bank

NA

JPY

274,789,715

09/18/2024

(

67,347

)

USD

535,016

Citibank

NA

KRW

*

734,577,039

09/19/2024

(

114

)

Total

unrealized

depreciation

$

(

97,425

)

Net

unrealized

depreciation

$

(

27,190

)

*

Non-deliverable

forward.

Abbreviations:

BRL

—

Brazilian

Real

CAD

—

Canadian

Dollar

CHF

—

Swiss

Franc

DKK

—

Danish

Krone

EUR

—

Euro

GBP

—

British

Pound

HKD

—

Hong

Kong

Dollar

INR

—

Indian

Rupee

JPY

—

Japanese

Yen

KRW

—

Korean

Won

USD

—

US

Dollar

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

International

Quality

Dividend

Index

Fund

(cont.)

201

FlexShares®

International

Quality

Dividend

Index

invested,

as

a

percentage

of

net

assets,

in

companies

domiciled

in

the

following

countries

as

of

July

31,

2024:

Australia

5‌

.9

%

Belgium

0‌

.9

Brazil

1‌

.6

Canada

5‌

.3

Chile

0‌

.4

China

7‌

.9

Colombia

0‌

.4

Denmark

3‌

.1

Finland

1‌

.6

France

4‌

.4

Germany

2‌

.4

Hong

Kong

1‌

.5

India

4‌

.0

Indonesia

2‌

.1

Israel

0‌

.1

Italy

2‌

.6

Japan

13‌

.0

Kuwait

0‌

.2

Mexico

1‌

.3

Netherlands

3‌

.1

Norway

1‌

.9

Poland

1‌

.8

Saudi

Arabia

0‌

.2

Singapore

0‌

.8

South

Africa

1‌

.6

South

Korea

0‌

.8

Spain

1‌

.0

Sweden

3‌

.0

Switzerland

8‌

.3

Taiwan

6‌

.3

Thailand

0‌

.1

Turkey

0‌

.3

United

Arab

Emirates

1‌

.7

United

Kingdom

8‌

.6

Other

1

1‌

.8

100.0%

1

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

%

of

Net

Assets

Common

Stocks

98‌

.2

%

Securities

Lending

Reinvestments

0‌

.4

Others

(1)

1‌

.4

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

202

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares

®

International

Quality

Dividend

Defensive

Index

Fund

July

31,

2024

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

98.4%

Aerospace

&

Defense

-

0.3%

BAE

Systems

plc

720

$

11,995

Thales

SA

340

54,065

66,060

Air

Freight

&

Logistics

-

0.5%

Deutsche

Post

AG

870

38,834

Sinotrans

Ltd.,

Class

H

150,000

69,700

108,534

Automobile

Components

-

0.2%

Bridgestone

Corp.

1,301

53,481

Automobiles

-

0.7%

Bayerische

Motoren

Werke

AG

150

13,930

Bayerische

Motoren

Werke

AG

(Preference)

40

3,435

Subaru

Corp.

7,400

146,883

164,248

Banks

-

10.7%

Abu

Dhabi

Commercial

Bank

PJSC

43,810

106,036

Arab

National

Bank

7,573

43,275

Banco

de

Chile

405,900

48,204

Bank

Hapoalim

BM

19,410

179,276

Bank

Leumi

Le-Israel

BM

7,140

61,961

Barclays

plc

73,410

220,453

CaixaBank

SA

4,030

23,488

Canara

Bank

121,550

166,526

Commonwealth

Bank

of

Australia

3,480

312,438

Credit

Agricole

SA

3,580

54,351

HSBC

Holdings

plc

3,550

32,101

Indian

Bank

2,090

15,197

IndusInd

Bank

Ltd.

2,740

46,724

KBC

Group

NV

1,600

124,035

Mizrahi

Tefahot

Bank

Ltd.

1,300

47,213

Royal

Bank

of

Canada

3,720

415,449

Saudi

Investment

Bank

(The)

7,750

26,399

Sberbank

of

Russia

PJSC‡

79,800

—

Sumitomo

Mitsui

Financial

Group,

Inc.

1,796

130,289

Swedbank

AB,

Class

A

8,090

172,102

Toronto-Dominion

Bank

(The)

200

11,804

Investments

Shares

Value

Banks

(continued)

Union

Bank

of

India

Ltd.

88,660

$

142,739

2,380,060

Broadline

Retail

-

1.9%

Alibaba

Group

Holding

Ltd.,

ADR

890

70,176

B&M

European

Value

Retail

SA

7,330

44,072

Dollarama,

Inc.

720

67,458

momo.com,

Inc.

3,000

38,150

Pan

Pacific

International

Holdings

Corp.

6,583

172,429

Woolworths

Holdings

Ltd.

11,060

36,601

428,886

Capital

Markets

-

1.9%

Deutsche

Boerse

AG

590

120,920

Macquarie

Korea

Infrastructure

Fund

15,739

140,728

Moscow

Exchange

MICEX-RTS

PJSC‡

227,100

—

NH

Investment

&

Securities

Co.

Ltd.

4,910

49,573

Singapore

Exchange

Ltd.

14,000

103,095

414,316

Chemicals

-

2.4%

Evonik

Industries

AG

1,540

31,270

Fertiglobe

plc

146,230

98,734

Gujarat

Fluorochemicals

Ltd.

1,150

46,497

Nissan

Chemical

Corp.(a)

5,596

181,277

Nutrien

Ltd.

330

16,915

Sasol

Ltd.

3,330

26,973

Saudi

Industrial

Investment

Group

7,590

41,269

Wacker

Chemie

AG

50

5,021

Yara

International

ASA

3,180

90,446

538,402

Commercial

Services

&

Supplies

-

0.6%

Brambles

Ltd.

2,780

28,247

Secom

Co.

Ltd.

1,656

105,902

134,149

Construction

&

Engineering

-

0.3%

WSP

Global,

Inc.

360

59,765

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

International

Quality

Dividend

Defensive

Index

Fund

(cont.)

203

Investments

Shares

Value

COMMON

STOCKS

(continued)

Consumer

Staples

Distribution

&

Retail

-

0.4%

Loblaw

Cos.

Ltd.

550

$

67,782

Metro,

Inc.,

Class

A

350

20,831

88,613

Containers

&

Packaging

-

0.0%(b)

Smurfit

WestRock

plc*

220

9,752

Diversified

Telecommunication

Services

-

1.8%

Elisa

OYJ

1,030

47,949

Hellenic

Telecommunications

Organization

SA

4,250

69,766

Koninklijke

KPN

NV

42,250

166,233

Nippon

Telegraph

&

Telephone

Corp.

59,400

63,324

Telenor

ASA

4,440

52,787

400,059

Electric

Utilities

-

1.4%

EDP

SA

9,370

38,529

Enel

SpA

16,920

120,730

Fortum

OYJ(a)

3,730

57,274

Hydro

One

Ltd.(c)

1,710

53,561

Iberdrola

SA(a)

3,376

44,496

314,590

Electrical

Equipment

-

0.0%(b)

Schneider

Electric

SE

20

4,823

Electronic

Equipment,

Instruments

&

Components

-

0.7%

Largan

Precision

Co.

Ltd.

332

28,433

Omron

Corp.

1,453

53,799

Shimadzu

Corp.

1,754

51,969

Synnex

Technology

International

Corp.

11,852

25,637

159,838

Entertainment

-

0.4%

Capcom

Co.

Ltd.

1,100

23,409

Nexon

Co.

Ltd.

2,789

60,707

84,116

Financial

Services

-

2.8%

M&G

plc

17,100

46,630

Meritz

Financial

Group,

Inc.

2,820

172,876

Power

Finance

Corp.

Ltd.

30,530

203,026

Investments

Shares

Value

Financial

Services

(continued)

REC

Ltd.

26,660

$

205,135

627,667

Food

Products

-

4.1%

Nestle

SA

(Registered)

5,770

584,309

Nissin

Foods

Holdings

Co.

Ltd.

5,490

163,211

WH

Group

Ltd.(c)

65,000

42,268

Yakult

Honsha

Co.

Ltd.

6,618

135,738

925,526

Gas

Utilities

-

0.4%

China

Gas

Holdings

Ltd.

46,000

41,866

Snam

SpA

9,720

46,458

88,324

Ground

Transportation

-

0.4%

Canadian

National

Railway

Co.

820

94,872

Health

Care

Equipment

&

Supplies

-

1.0%

Cochlear

Ltd.

760

171,221

Siemens

Healthineers

AG(c)

990

53,168

224,389

Hotels,

Restaurants

&

Leisure

-

1.7%

InterContinental

Hotels

Group

plc

1,790

180,254

OPAP

SA

9,120

158,986

Sodexo

SA

450

42,632

381,872

Household

Durables

-

0.2%

Sekisui

Chemical

Co.

Ltd.

3,000

45,331

Independent

Power

and

Renewable

Electricity

Producers

-

1.6%

China

Resources

Power

Holdings

Co.

Ltd.

17,145

47,186

Datang

International

Power

Generation

Co.

Ltd.,

Class

H(a)

800,000

160,778

Huadian

Power

International

Corp.

Ltd.,

Class

H(a)

280,000

144,086

‌

352,050

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

International

Quality

Dividend

Defensive

Index

Fund

(cont.)

204

Investments

Shares

Value

Industrial

Conglomerates

-

0.7%

Jardine

Matheson

Holdings

Ltd.

1,237

$

43,542

Quinenco

SA

12,910

44,844

Siemens

AG

(Registered)

430

78,832

167,218

Insurance

-

4.9%

Admiral

Group

plc

4,680

165,549

Allianz

SE

(Registered)

640

180,616

BB

Seguridade

Participacoes

SA

23,000

143,100

Caixa

Seguridade

Participacoes

SA

54,000

137,752

Medibank

Pvt

Ltd.(a)

17,880

46,469

Muenchener

Rueckversicherungs

-

Gesellschaft

AG

in

Muenchen

(Registered)

280

138,041

Sampo

OYJ,

Class

A

1,390

60,872

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

180

48,702

Zurich

Insurance

Group

AG

310

170,170

1,091,271

Interactive

Media

&

Services

-

2.4%

Tencent

Holdings

Ltd.

11,397

528,417

IT

Services

-

2.7%

Arabian

Internet

&

Communications

Services

Co.

580

45,418

Capgemini

SE

30

5,960

Elm

Co.

210

51,158

HCL

Technologies

Ltd.

8,450

165,773

Obic

Co.

Ltd.

754

114,258

SCSK

Corp.

700

13,741

Tech

Mahindra

Ltd.

10,950

203,283

599,591

Leisure

Products

-

0.3%

Shimano,

Inc.

340

60,403

Machinery

-

2.3%

Doosan

Bobcat,

Inc.

3,840

114,914

Kone

OYJ,

Class

B

3,330

169,936

SMC

Corp.

122

60,125

Techtronic

Industries

Co.

Ltd.(a)

12,946

165,885

‌

510,860

Investments

Shares

Value

Marine

Transportation

-

1.7%

Cia

Sud

Americana

de

Vapores

SA

2,075,301

$

142,175

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H

105,000

149,731

Evergreen

Marine

Corp.

Taiwan

Ltd.

7,593

39,386

HMM

Co.

Ltd.

4,130

54,597

385,889

Metals

&

Mining

-

5.7%

BHP

Group

Ltd.

20,770

573,707

Jindal

Stainless

Ltd.

8,120

71,814

Kumba

Iron

Ore

Ltd.(a)

2,610

57,001

Magnitogorsk

Iron

&

Steel

Works

PJSC‡

172,884

—

Novolipetsk

Steel

PJSC‡

47,108

—

Pilbara

Minerals

Ltd.(a)

52,540

100,524

Rio

Tinto

plc

4,600

296,960

Severstal

PAO‡

6,900

—

Vedanta

Ltd.

32,200

173,347

1,273,353

Multi-Utilities

-

0.1%

Engie

SA

1,500

23,601

Oil,

Gas

&

Consumable

Fuels

-

7.5%

Adaro

Energy

Indonesia

Tbk

.

PT

922,000

182,586

Aker

BP

ASA

1,930

46,756

ARC

Resources

Ltd.

2,040

35,279

BP

plc

23,190

136,675

Cenovus

Energy,

Inc.

1,180

23,763

Equinor

ASA

5,240

138,973

Exxaro

Resources

Ltd.

1,880

20,139

Idemitsu

Kosan

Co.

Ltd.

5,155

34,399

LUKOIL

PJSC‡

240

—

Pembina

Pipeline

Corp.

1,530

59,264

Petroleo

Brasileiro

SA

(Preference)

16,710

110,587

Shell

plc

2,710

98,856

Suncor

Energy,

Inc.

5,000

199,573

Surgutneftegas

PJSC

(Preference)‡

276,000

—

TotalEnergies

SE

2,700

182,546

United

Tractors

Tbk.

PT

118,100

187,391

Var

Energi

ASA

49,450

157,469

Woodside

Energy

Group

Ltd.

2,890

52,086

‌

1,666,342

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

International

Quality

Dividend

Defensive

Index

Fund

(cont.)

205

Investments

Shares

Value

Passenger

Airlines

-

0.8%

Ryanair

Holdings

plc,

ADR(a)

1,850

$

187,405

Personal

Care

Products

-

1.6%

L'Oreal

SA

750

325,158

Unilever

plc

420

25,765

350,923

Pharmaceuticals

-

8.8%

Astellas

Pharma,

Inc.

10,864

126,179

AstraZeneca

plc

620

98,494

China

Medical

System

Holdings

Ltd.

85,248

70,713

GSK

plc

8,610

167,214

Novartis

AG

(Registered)

2,590

290,056

Novo

Nordisk

A/S,

Class

B

1,920

253,925

Roche

Holding

AG

20

7,039

Roche

Holding

AG

-

BR

2,290

743,518

Sanofi

SA

380

39,199

Shionogi

&

Co.

Ltd.

3,733

163,675

1,960,012

Professional

Services

-

2.0%

Bureau

Veritas

SA

5,770

181,068

Computershare

Ltd.

6,740

121,694

Randstad

NV(a)

410

19,947

RELX

plc

160

7,548

SGS

SA

(Registered)

898

98,038

Teleperformance

SE

190

24,507

452,802

Real

Estate

Management

&

Development

-

1.4%

CK

Asset

Holdings

Ltd.

19,228

73,594

Daito

Trust

Construction

Co.

Ltd.

1,382

166,573

Emaar

Properties

PJSC

26,880

63,157

303,324

Retail

REITs

-

0.2%

Unibail-Rodamco-

Westfield,

REIT

700

52,493

Semiconductors

&

Semiconductor

Equipment

-

5.4%

ASML

Holding

NV

425

391,139

eMemory

Technology,

Inc.

363

25,455

Novatek

Microelectronics

Corp.

5,594

89,007

Renesas

Electronics

Corp.

10,280

176,139

Silergy

Corp.

3,305

44,995

Investments

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

16,505

$

468,989

1,195,724

Software

-

1.3%

Open

Text

Corp.

1,180

37,174

SAP

SE

310

65,420

Temenos

AG

(Registered)

2,690

186,107

288,701

Specialty

Retail

-

2.4%

Abu

Dhabi

National

Oil

Co.

for

Distribution

PJSC

35,820

34,816

Industria

de

Diseno

Textil

SA

4,590

222,812

Jarir

Marketing

Co.

33,610

116,276

Topsports

International

Holdings

Ltd.(c)

220,000

98,285

ZOZO,

Inc.(a)

2,228

64,948

537,137

Technology

Hardware,

Storage

&

Peripherals

-

0.8%

Catcher

Technology

Co.

Ltd.

6,952

45,049

Lite-On

Technology

Corp.

44,321

133,624

178,673

Textiles,

Apparel

&

Luxury

Goods

-

1.4%

Bosideng

International

Holdings

Ltd.(a)

281,540

140,914

Burberry

Group

plc

7,950

79,138

LVMH

Moet

Hennessy

Louis

Vuitton

SE

123

86,913

306,965

Tobacco

-

1.8%

Imperial

Brands

plc

7,050

194,147

Japan

Tobacco,

Inc.

6,848

201,808

395,955

Trading

Companies

&

Distributors

-

1.8%

ITOCHU

Corp.(a)

3,303

170,858

Mitsubishi

Corp.

8,005

167,272

Sumitomo

Corp.

2,484

62,372

‌

400,502

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

International

Quality

Dividend

Defensive

Index

Fund

(cont.)

206

Investments

Shares

Value

Transportation

Infrastructure

-

1.0%

China

Merchants

Port

Holdings

Co.

Ltd.

30,000

$

44,163

International

Container

Terminal

Services,

Inc.

29,100

177,465

221,628

Wireless

Telecommunication

Services

-

3.0%

Etihad

Etisalat

Co.

12,380

171,582

Intouch

Holdings

PCL,

NVDR

43,000

99,221

KDDI

Corp.

4,028

121,006

SK

Telecom

Co.

Ltd.

1,120

44,011

SoftBank

Corp.

5,100

66,606

Tele2

AB,

Class

B

15,520

159,579

662,005

Total

Common

Stocks

(Cost

$20,615,441)

21,950,917

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

2.3%(d)

REPURCHASE

AGREEMENTS

-

2.3%

CF

Secured

LLC

5.34%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$520,872,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.88%,

maturing

8/15/2024

-

8/15/2053;

total

market

value

$533,285  

(Cost

$520,795)

$520,795

520,795

Total

Investments

-

100.7%

(Cost

$21,136,236)

22,471,712

Liabilities

in

excess

of

other

assets

-

(0.7%)

(156,223)

NET

ASSETS

-

100.0%

$22,315,489

*

Non-income

producing

security.

‡

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2024.

The

total

value

of

securities

on

loan

at

July

31,

2024

was

$1,228,411,

collateralized

in

the

form

of

cash

with

a

value

of

$520,795

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$446,482

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.50%,

and

maturity

dates

ranging

from

August

15,

2024

–

November

15,

2053

and

$328,821

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

5.75%,

and

maturity

dates

ranging

from

September

7,

2024

–

June

30,

2120;

a

total

value

of

$1,296,098.

(b)

Represents

less

than

0.05%

of

net

assets.

(c)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States

and

as

such

may

have

restrictions

on

resale.

(d)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2024.

The

total

value

of

securities

purchased

was

$520,795.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

ADR

American

Depositary

Receipt

NVDR

Non-Voting

Depositary

Receipt

OYJ

Public

Limited

Company

PJSC

Public

Joint

Stock

Company

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

REIT

Real

Estate

Investment

Trust

Futures

Contracts

FlexShares®

International

Quality

Dividend

Defensive

Index

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2024:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

MSCI

EAFE

E-Mini

Index

2

09/20/2024

USD

$

238,970

$

5,620

MSCI

Emerging

Markets

E-Mini

Index

4

09/20/2024

USD

219,300

1,754

$

7,374

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

International

Quality

Dividend

Defensive

Index

Fund

(cont.)

207

Forward

Foreign

Currency

Contracts

FlexShares®

International

Quality

Dividend

Defensive

Index

Fund

had

the

following

outstanding

contracts

as

of

July

31,

2024:

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

EUR

30,000

JPMorgan

Chase

Bank

NA

USD

32,176

09/18/2024

$

360

JPY

6,180,000

Morgan

Stanley

USD

39,229

09/18/2024

2,140

USD

17,459

JPMorgan

Chase

Bank

NA

DKK

120,000

09/18/2024

10

Total

unrealized

appreciation

$

2,510

USD

56,492

Citibank

NA

CHF

50,000

09/18/2024

$

(641)

USD

173,436

Citibank

NA

EUR

160,000

09/18/2024

(92)

USD

12,780

Morgan

Stanley

GBP

10,000

09/18/2024

(70)

USD

56,565

Citibank

NA

JPY

8,740,000

09/18/2024

(1,941)

Total

unrealized

depreciation

$

(2,744)

Net

unrealized

depreciation

$

(234)

Abbreviations:

CHF

—

Swiss

Franc

DKK

—

Danish

Krone

EUR

—

Euro

GBP

—

British

Pound

JPY

—

Japanese

Yen

USD

—

US

Dollar

FlexShares®

International

Quality

Dividend

Defensive

Index

invested,

as

a

percentage

of

net

assets,

in

companies

domiciled

in

the

following

countries

as

of

July

31,

2024:

Australia

6.3

%

Belgium

0.6

Brazil

1.8

Canada

5.2

Chile

1‌

.1

China

7.0

Denmark

1.1

Finland

1.5

France

4.8

Germany

3.3

Greece

1.0

Hong

Kong

1.3

India

6.5

Indonesia

1.7

Ireland

0.8

Israel

1.3

Italy

0.7

Japan

14.1

Netherlands

2.6

Norway

2.2

Philippines

0.8

Portugal

0.2

Saudi

Arabia

2.2

Singapore

0.7

South

Africa

0.6

South

Korea

2.8

Spain

1.3

Sweden

1.5

Switzerland

9.3

Taiwan

4.2

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

International

Quality

Dividend

Defensive

Index

Fund

(cont.)

208

Thailand

0.4

%

United

Arab

Emirates

1.4

United

Kingdom

8.1

Other

1

1.6

100.0%

1

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

%

of

Net

Assets

Common

Stocks

98.4

%

Securities

Lending

Reinvestments

2.3

Others

(1)

(0.7)

100.0%

(1)

Includes

any

other

net

assets/(liabilities).

209

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

International

Quality

Dividend

Dynamic

Index

Fund

July

31,

2024

(Unaudited)

Investments

Shares

Value

COMMON

STOCKS

-

98

.6

%

Air

Freight

&

Logistics

-

2

.0

%

Deutsche

Post

AG

10,327

$

460,963

DSV

A/S

2,668

489,037

Sinotrans

Ltd.,

Class

H

920,000

427,496

1,377,496

Automobile

Components

-

0

.2

%

Magna

International,

Inc.

(a)

3,611

160,155

Automobiles

-

2

.1

%

Dr

Ing

hc

F

Porsche

AG

(Preference)(b)

1,817

137,160

Isuzu

Motors

Ltd.

23,000

316,047

Kia

Corp.

1,127

91,764

Mercedes-Benz

Group

AG

5,152

340,966

Stellantis

NV

14,398

239,996

Yadea

Group

Holdings

Ltd.(a)(b)

224,000

301,649

1,427,582

Banks

-

15

.2

%

ABN

AMRO

Bank

NV,

CVA(b)

31,119

542,654

ANZ

Group

Holdings

Ltd.

34,845

660,998

Banco

del

Bajio

SA(b)

13,800

41,125

Bancolombia

SA

15,134

136,165

Bancolombia

SA

(Preference)

15,939

133,120

Bank

Polska

Kasa

Opieki

SA

12,903

521,524

Barclays

plc

228,321

685,658

BOC

Hong

Kong

Holdings

Ltd.

23,000

66,980

CaixaBank

SA

37,168

216,622

Canara

Bank

379,408

519,796

China

Construction

Bank

Corp.,

Class

H

1,242,000

869,654

China

Merchants

Bank

Co.

Ltd.,

Class

H

88,500

368,184

FinecoBank

Banca

Fineco

SpA

31,671

538,058

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

55,200

413,648

ING

Bank

Slaski

SA

6,992

532,093

KBC

Group

NV

7,613

590,172

Mitsubishi

UFJ

Financial

Group,

Inc.

4,600

53,503

National

Bank

of

Canada

2,530

211,491

Investments

Shares

Value

Banks

(continued)

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

37,582

$

558,363

Royal

Bank

of

Canada

9,660

1,078,827

Santander

Bank

Polska

SA

3,979

523,388

Sberbank

of

Russia

PJSC

(Preference)‡

31,920

—

Skandinaviska

Enskilda

Banken

AB,

Class

A

36,432

560,879

Swedbank

AB,

Class

A

25,047

532,835

10,355,737

Broadline

Retail

-

0

.3

%

Alibaba

Group

Holding

Ltd.,

ADR

874

68,915

B&M

European

Value

Retail

SA

18,745

112,704

181,619

Building

Products

-

0

.8

%

Geberit

AG

(Registered)

897

571,064

Capital

Markets

-

4

.2

%

3i

Group

plc

16,491

662,569

Brookfield

Asset

Management

Ltd.,

Class

A

12,489

544,781

Hong

Kong

Exchanges

&

Clearing

Ltd.

11,000

326,395

Julius

Baer

Group

Ltd.

2,806

153,171

Partners

Group

Holding

AG

405

544,984

UBS

Group

AG

(Registered)

20,286

614,399

2,846,299

Chemicals

-

2

.7

%

BASF

SE

5,934

276,753

Fertiglobe

plc

620,632

419,049

Nissan

Chemical

Corp.(a)

3,100

100,421

Shin-Etsu

Chemical

Co.

Ltd.

20,700

928,377

Sika

AG

(Registered)

345

104,568

1,829,168

Consumer

Staples

Distribution

&

Retail

-

0

.8

%

Coles

Group

Ltd.

40,135

474,368

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

International

Quality

Dividend

Dynamic

Index

Fund

(cont.)

210

Investments

Shares

Value

COMMON

STOCKS

(continued)

Consumer

Staples

Distribution

&

Retail

(continued)

Jeronimo

Martins

SGPS

SA

3,335

$

58,282

532,650

Diversified

REITs

-

0

.2

%

Land

Securities

Group

plc,

REIT

17,963

146,626

Diversified

Telecommunication

Services

-

0

.1

%

BCE,

Inc.

2,254

76,027

Electric

Utilities

-

1

.9

%

Enel

SpA

106,467

759,681

Fortum

OYJ(a)

33,419

513,149

1,272,830

Electrical

Equipment

-

0

.6

%

Voltronic

Power

Technology

Corp.

6,800

383,754

Electronic

Equipment,

Instruments

&

Components

-

0

.4

%

Nan

Ya

Printed

Circuit

Board

Corp.

23,000

116,155

Unimicron

Technology

Corp.

27,000

147,444

263,599

Entertainment

-

0

.6

%

NetEase,

Inc.,

ADR

667

61,437

Universal

Music

Group

NV

13,524

321,809

383,246

Financial

Services

-

3

.0

%

Banca

Mediolanum

SpA

45,034

531,658

FirstRand

Ltd.

144,647

649,634

M&G

plc

58,351

159,117

Power

Finance

Corp.

Ltd.

79,212

526,763

REC

Ltd.

21,988

169,187

2,036,359

Food

Products

-

0

.3

%

Nestle

SA

(Registered)

2,116

214,280

Gas

Utilities

-

1

.2

%

China

Gas

Holdings

Ltd.

142,600

129,786

Kunlun

Energy

Co.

Ltd.

154,000

149,426

Snam

SpA

105,938

506,345

‌

785,557

Investments

Shares

Value

Ground

Transportation

-

0

.1

%

TFI

International,

Inc.

391

$

60,827

Health

Care

Equipment

&

Supplies

-

2

.6

%

Hoya

Corp.

4,800

604,227

Sonova

Holding

AG

(Registered)

1,587

485,520

Straumann

Holding

AG

(Registered)

4,140

533,579

Sysmex

Corp.

7,800

128,177

1,751,503

Health

Care

Technology

-

0

.2

%

M3,

Inc.

11,500

107,426

Hotels,

Restaurants

&

Leisure

-

0

.2

%

Evolution

AB(b)

667

64,568

Haidilao

International

Holding

Ltd.(b)

46,000

74,782

139,350

Household

Durables

-

0

.8

%

Nien

Made

Enterprise

Co.

Ltd.

43,000

520,003

Household

Products

-

0

.2

%

Reckitt

Benckiser

Group

plc

2,691

144,411

Industrial

Conglomerates

-

2

.5

%

Astra

International

Tbk.

PT

517,500

150,222

GS

Holdings

Corp.

4,439

157,666

Hitachi

Ltd.

57,500

1,256,547

Quinenco

SA

40,204

139,651

1,704,086

Insurance

-

1

.7

%

BB

Seguridade

Participacoes

SA

25,300

157,410

Caixa

Seguridade

Participacoes

SA

4,600

11,734

Legal

&

General

Group

plc

57,247

170,371

Manulife

Financial

Corp.

23,989

638,688

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H(a)

45,000

196,717

1,174,920

Interactive

Media

&

Services

-

2

.3

%

REA

Group

Ltd.(a)

4,117

550,101

Rightmove

plc

70,564

522,244

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

International

Quality

Dividend

Dynamic

Index

Fund

(cont.)

211

Investments

Shares

Value

COMMON

STOCKS

(continued)

Interactive

Media

&

Services

(continued)

Tencent

Holdings

Ltd.

11,200

$

519,283

1,591,628

IT

Services

-

0

.2

%

Infosys

Ltd.

6,072

135,485

Leisure

Products

-

0

.2

%

Shimano,

Inc.

800

142,124

Life

Sciences

Tools

&

Services

-

0

.4

%

WuXi

AppTec

Co.

Ltd.,

Class

H(b)

57,500

235,903

Machinery

-

1

.3

%

Kone

OYJ,

Class

B

6,923

353,293

VAT

Group

AG(b)

1,035

517,706

870,999

Marine

Transportation

-

1

.6

%

Cia

Sud

Americana

de

Vapores

SA

5,689,027

389,745

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H

322,000

459,176

Evergreen

Marine

Corp.

Taiwan

Ltd.

23,000

119,303

Orient

Overseas

International

Ltd.

9,000

127,074

1,095,298

Media

-

0

.3

%

Publicis

Groupe

SA

1,863

194,781

Metals

&

Mining

-

5

.6

%

BHP

Group

Ltd.

57,615

1,591,436

Cia

Siderurgica

Nacional

SA

52,900

110,989

Fortescue

Ltd.

32,936

405,841

GMK

Norilskiy

Nickel

PAO‡

212,800

—

Kumba

Iron

Ore

Ltd.(a)

14,720

321,479

Rio

Tinto

plc

7,751

500,377

Severstal

PAO‡

7,952

—

Vale

SA

48,300

526,599

Vedanta

Ltd.

66,125

355,981

3,812,702

Oil,

Gas

&

Consumable

Fuels

-

7

.4

%

Adaro

Energy

Indonesia

Tbk.

PT

2,870,400

568,431

Aker

BP

ASA

6,394

154,902

Investments

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Canadian

Natural

Resources

Ltd.(a)

26,266

$

932,035

China

Shenhua

Energy

Co.

Ltd.,

Class

H

31,000

129,167

Coal

India

Ltd.

87,308

544,523

Equinor

ASA

11,661

309,268

Exxaro

Resources

Ltd.

50,508

541,056

Petroleo

Brasileiro

SA

(Preference)

69,000

456,643

Shell

plc

2,668

97,324

United

Tractors

Tbk.

PT

372,600

591,210

Var

Energi

ASA

156,239

497,530

Woodside

Energy

Group

Ltd.

12,582

226,762

5,048,851

Passenger

Airlines

-

0

.7

%

Ryanair

Holdings

plc,

ADR(a)

1,288

130,475

Singapore

Airlines

Ltd.

62,100

323,592

454,067

Personal

Care

Products

-

1

.8

%

L'Oreal

SA

2,852

1,236,466

Pharmaceuticals

-

4

.2

%

Astellas

Pharma,

Inc.

12,700

147,503

AstraZeneca

plc

736

116,922

China

Medical

System

Holdings

Ltd.

552,000

457,880

CSPC

Pharmaceutical

Group

Ltd.

184,000

137,081

Hansoh

Pharmaceutical

Group

Co.

Ltd.(a)(b)

228,000

498,495

Novartis

AG

(Registered)

1,127

126,214

Novo

Nordisk

A/S,

Class

B

5,911

781,744

Roche

Holding

AG

1,771

575,009

2,840,848

Professional

Services

-

3

.4

%

Adecco

Group

AG

(Registered)

3,864

131,514

Bureau

Veritas

SA

17,986

564,417

Randstad

NV

7,590

369,263

Recruit

Holdings

Co.

Ltd.

18,600

1,070,310

Teleperformance

SE

1,357

175,034

2,310,538

Real

Estate

Management

&

Development

-

0

.7

%

CK

Asset

Holdings

Ltd.

111,000

424,846

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

International

Quality

Dividend

Dynamic

Index

Fund

(cont.)

212

Investments

Shares

Value

COMMON

STOCKS

(continued)

Real

Estate

Management

&

Development

(continued)

Daiwa

House

Industry

Co.

Ltd.

2,600

$

74,185

499,031

Retail

REITs

-

1

.2

%

Link

REIT,

REIT

117,300

495,507

Unibail-Rodamco-

Westfield,

REIT

4,600

344,952

840,459

Semiconductors

&

Semiconductor

Equipment

-

8

.5

%

ASML

Holding

NV

1,564

1,439,390

BE

Semiconductor

Industries

NV

3,036

391,438

eMemory

Technology,

Inc.

2,400

168,299

MediaTek,

Inc.

20,000

742,318

Novatek

Microelectronics

Corp.

30,000

477,335

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

46,000

1,307,089

Tokyo

Electron

Ltd.

6,100

1,257,623

United

Microelectronics

Corp.

12,000

18,400

5,801,892

Software

-

1

.2

%

Nemetschek

SE

4,692

448,572

SAP

SE

69

14,561

Temenos

AG

(Registered)

5,451

377,127

840,260

Specialty

Retail

-

2

.2

%

Fast

Retailing

Co.

Ltd.

2,300

636,681

Industria

de

Diseno

Textil

SA

14,053

682,175

ZOZO,

Inc.(a)

6,400

186,564

1,505,420

Technology

Hardware,

Storage

&

Peripherals

-

0

.0

%

(c)

Lite-On

Technology

Corp.

4,000

12,060

Textiles,

Apparel

&

Luxury

Goods

-

4

.3

%

Burberry

Group

plc

37,950

377,773

Cie

Financiere

Richemont

SA

(Registered)

6,417

976,857

Hermes

International

SCA

253

553,839

LVMH

Moet

Hennessy

Louis

Vuitton

SE

184

130,016

Pandora

A/S

3,197

501,161

Investments

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

(continued)

Shenzhou

International

Group

Holdings

Ltd.

43,700

$

371,159

2,910,805

Tobacco

-

2

.4

%

British

American

Tobacco

plc

11,408

402,225

Imperial

Brands

plc

22,678

624,521

Japan

Tobacco,

Inc.

20,700

610,021

1,636,767

Trading

Companies

&

Distributors

-

2

.7

%

Howden

Joinery

Group

plc

44,896

542,355

ITOCHU

Corp.(a)

11,300

584,527

Marubeni

Corp.

30,400

577,956

Mitsui

&

Co.

Ltd.

5,200

121,999

1,826,837

Wireless

Telecommunication

Services

-

1

.1

%

Tele2

AB,

Class

B

56,120

577,034

Vodafone

Group

plc

201,296

187,297

764,331

Total

Common

Stocks

(Cost

$60,862,676)

67,054,126

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

1

.1

%

(d)

REPURCHASE

AGREEMENTS

-

1

.1

%

CF

Secured

LLC

5.34%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$742,701,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.88%,

maturing

8/15/2024

-

8/15/2053;

total

market

value

$760,400  

(Cost

$742,591)

$742,591

742,591

Total

Investments

-

99.7%

(Cost

$61,605,267)

67,796,717

Other

assets

less

liabilities

-

0.3%

214,304

NET

ASSETS

-

100.0%

$68,011,021

‡

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

International

Quality

Dividend

Dynamic

Index

Fund

(cont.)

213

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2024.

The

total

value

of

securities

on

loan

at

July

31,

2024

was

$4,245,620,

collateralized

in

the

form

of

cash

with

a

value

of

$742,591

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments;

$2,570,492

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.00%,

and

maturity

dates

ranging

from

August

15,

2024

–

November

15,

2053

and

$1,276,434

of

collateral

in

the

form

of

Foreign

Government

Fixed

Income

Securities,

interest

rates

ranging

from

0.00%

–

5.75%,

and

maturity

dates

ranging

from

September

7,

2024

–

June

30,

2120;

a

total

value

of

$4,589,517.

(b)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States

and

as

such

may

have

restrictions

on

resale.

(c)

Represents

less

than

0.05%

of

net

assets.

(d)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2024.

The

total

value

of

securities

purchased

was

$742,591.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

ADR

American

Depositary

Receipt

CVA

Dutch

Certification

OYJ

Public

Limited

Company

PJSC

Public

Joint

Stock

Company

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

REIT

Real

Estate

Investment

Trust

SCA

Limited

partnership

with

share

capital

Futures

Contracts

FlexShares®

International

Quality

Dividend

Dynamic

Index

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2024:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

MSCI

EAFE

E-Mini

Index

7

09/20/2024

USD

$

836,395

$

16,892

MSCI

Emerging

Markets

E-Mini

Index

6

09/20/2024

USD

328,950

3,556

$

20,448

Forward

Foreign

Currency

Contracts

FlexShares®

International

Quality

Dividend

Dynamic

Index

Fund

had

the

following

outstanding

contracts

as

of

July

31,

2024:

Contracts

to

Receive

Counterparty

In

Exchange

For

Maturity

Date

Unrealized

Appreciation/

(Depreciation)

JPY

8,800,000

Morgan

Stanley

USD

55,860

09/18/2024

$

3,048

USD

53,833

JPMorgan

Chase

Bank

NA

DKK

370,000

09/18/2024

30

Total

unrealized

appreciation

$

3,078

CAD

85,542

Citibank

NA

USD

62,440

09/18/2024

$

(

431

)

USD

30,506

Citibank

NA

CHF

27,000

09/18/2024

(

346

)

USD

224,691

Citibank

NA

EUR

207,284

09/18/2024

(

119

)

USD

63,900

Morgan

Stanley

GBP

50,000

09/18/2024

(

351

)

USD

146,422

Citibank

NA

JPY

22,624,060

09/18/2024

(

5,025

)

Total

unrealized

depreciation

$

(

6,272

)

Net

unrealized

depreciation

$

(

3,194

)

Abbreviations:

CAD

—

Canadian

Dollar

CHF

—

Swiss

Franc

DKK

—

Danish

Krone

EUR

—

Euro

GBP

—

British

Pound

JPY

—

Japanese

Yen

USD

—

US

Dollar

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

International

Quality

Dividend

Dynamic

Index

Fund

(cont.)

214

FlexShares®

International

Quality

Dividend

Dynamic

Index

invested,

as

a

percentage

of

net

assets,

in

companies

domiciled

in

the

following

countries

as

of

July

31,

2024:

Australia

5‌

.7

%

Belgium

0‌

.9

Brazil

1‌

.9

Canada

5‌

.4

Chile

0‌

.8

China

8‌

.2

Colombia

0‌

.4

Denmark

2‌

.6

Finland

1‌

.3

France

4‌

.7

Germany

2‌

.5

Hong

Kong

1‌

.9

India

3‌

.3

Indonesia

1‌

.9

Ireland

0‌

.2

Italy

3‌

.8

Japan

13‌

.1

Mexico

0‌

.7

Netherlands

4‌

.5

Norway

1‌

.4

Poland

3‌

.1

Portugal

0‌

.1

Singapore

0‌

.5

South

Africa

2‌

.2

South

Korea

0‌

.4

Spain

1‌

.3

Sweden

2‌

.6

Switzerland

8‌

.7

Taiwan

5‌

.9

United

Arab

Emirates

0‌

.6

United

Kingdom

8‌

.0

Other

1

1‌

.4

100.0%

1

Includes

any

non-equity

securities,

securities

lending

reinvestments

and

net

other

assets

(liabilities).

Security

Type

%

of

Net

Assets

Common

Stocks

98‌

.6

%

Securities

Lending

Reinvestments

1‌

.1

Others

(1)

0‌

.3

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

215

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund

July

31,2024

(Unaudited)

Investments

Principal

Amount

Value

U.S.

TREASURY

OBLIGATIONS

-

99

.8

%

U.S.

Treasury

Inflation

Linked

Bonds

2.00%,

1/15/2026

$

39,857,239

$

39,401,811

2.38%,

1/15/2027

32,413,750

32,566,584

1.75%,

1/15/2028

96,785,770

96,134,092

3.63%,

4/15/2028

135,328,623

143,324,460

2.50%,

1/15/2029

26,206,599

26,983,449

3.88%,

4/15/2029

47,125,563

51,465,060

3.38%,

4/15/2032

11,071,136

12,304,120

U.S.

Treasury

Inflation

Linked

Notes

0.13%,

10/15/2025

51,917,764

50,280,334

0.63%,

1/15/2026

69,949,919

67,844,916

0.13%,

4/15/2026

59,729,801

57,222,882

0.13%,

7/15/2026

60,435,281

58,053,629

0.13%,

10/15/2026

55,087,196

52,691,509

0.38%,

1/15/2027

62,569,381

59,855,002

0.13%,

4/15/2027

54,797,698

51,898,078

0.38%,

7/15/2027

60,857,334

58,249,415

1.63%,

10/15/2027

173,321,099

171,956,196

0.50%,

1/15/2028

202,550,201

192,882,561

1.25%,

4/15/2028

64,902,634

63,303,887

0.75%,

7/15/2028

57,628,560

55,435,154

2.38%,

10/15/2028

53,871,414

55,148,005

0.88%,

1/15/2029

56,519,635

54,256,352

2.13%,

4/15/2029

57,483,259

58,216,630

0.25%,

7/15/2029

61,221,561

57,004,314

0.13%,

1/15/2030

62,748,156

57,414,557

0.13%,

7/15/2030

65,788,927

59,917,331

0.13%,

1/15/2031

65,456,908

58,898,931

Total

U.S.

Treasury

Obligations

(Cost

$1,753,813,266)

1,742,709,259

Total

Investments

-

99.8%

(Cost

$1,753,813,266)

1,742,709,259

Other

assets

less

liabilities

-

0.2%

4,177,392

NET

ASSETS

-

100.0%

$1,746,886,651

Percentages

shown

are

based

on

Net

Assets.

Security

Type

%

of

Net

Assets

U.S.

Treasury

Obligations

99‌

.8

%

Others

(1)

0‌

.2

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

216

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares

®

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund

July

31,

2024

(Unaudited)

Investments

Principal

Amount

Value

U.S.

TREASURY

OBLIGATIONS

-

99

.8

%

U.S.

Treasury

Inflation

Linked

Bonds

1.75%,

1/15/2028

$

14,733,744

$

14,634,539

3.63%,

4/15/2028

20,332,693

21,534,041

2.50%,

1/15/2029

13,052,832

13,439,761

3.88%,

4/15/2029

23,475,855

25,637,599

3.38%,

4/15/2032

5,509,912

6,123,547

2.13%,

2/15/2040

13,667,670

13,880,573

U.S.

Treasury

Inflation

Linked

Notes

1.63%,

10/15/2027

26,429,413

26,221,282

0.50%,

1/15/2028

30,888,014

29,413,742

1.25%,

4/15/2028

26,101,361

25,458,406

0.75%,

7/15/2028

28,708,555

27,615,875

2.38%,

10/15/2028

26,838,296

27,474,283

0.88%,

1/15/2029

28,155,336

27,027,878

2.13%,

4/15/2029

44,576,636

45,145,345

Investments

Principal

Amount

Value

0.25%,

7/15/2029

$

48,656,051

$

45,304,379

0.13%,

1/15/2030

49,895,301

45,654,195

0.13%,

7/15/2030

52,315,592

47,646,478

0.13%,

1/15/2031

52,052,805

46,837,754

0.13%,

7/15/2031

34,233,257

30,626,065

0.13%,

1/15/2032

36,107,258

31,907,500

0.63%,

7/15/2032

32,874,932

30,064,971

1.13%,

1/15/2033

32,927,663

31,095,420

1.38%,

7/15/2033

30,621,031

29,492,502

1.75%,

1/15/2034

32,728,757

32,388,577

1.88%,

7/15/2034

12,801,639

12,843,560

Total

U.S.

Treasury

Obligations

(Cost

$701,719,232)

687,468,272

Total

Investments

-

99.8%

(Cost

$701,719,232)

687,468,272

Other

assets

less

liabilities

-

0.2%

1,503,058

NET

ASSETS

-

100.0%

$688,971,330

Percentages

shown

are

based

on

Net

Assets.

Security

Type

%

of

Net

Assets

U.S.

Treasury

Obligations

99‌

.8

%

Others

(1)

0‌

.2

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

217

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

Disciplined

Duration

MBS

Index

Fund

July

31,

2024

(Unaudited)

Investments

Principal

Amount

Value

MORTGAGE-BACKED

SECURITIES

-

99

.3

%

FHLMC

2.50%,

1/1/2028

$

86,951

$

84,091

2.50%,

4/1/2028

1,391,202

1,346,410

2.50%,

7/1/2028

144,167

138,940

2.50%,

1/1/2029

19,321

18,635

2.50%,

1/1/2030

220,079

212,787

3.00%,

1/1/2032

917,665

881,091

2.50%,

2/1/2032

1,129,188

1,067,989

5.00%,

5/1/2034

35,131

35,552

5.00%,

7/1/2035

84,715

85,715

5.00%,

8/1/2035

71,653

72,494

5.00%,

10/1/2035

13,157

13,338

5.00%,

12/1/2035

69,110

69,957

6.00%,

1/1/2037

47,912

49,583

6.00%,

4/1/2037

25,684

26,577

6.00%,

5/1/2037

42,296

43,767

5.00%,

2/1/2038

36,250

36,686

5.00%,

7/1/2038

37,555

38,088

5.00%,

10/1/2038

34,450

34,939

5.00%,

2/1/2039

84,648

85,677

5.00%,

5/1/2039

48,867

49,561

5.00%,

6/1/2039

16,175

16,404

5.00%,

7/1/2039

39,271

39,829

5.00%,

9/1/2039

3,950

4,006

6.00%,

11/1/2039

26,648

27,575

5.00%,

1/1/2040

11,941

12,111

5.00%,

3/1/2040

33,122

33,593

5.00%,

4/1/2040

14,189

14,391

6.00%,

4/1/2040

31,216

32,299

5.00%,

5/1/2040

12,893

13,076

6.00%,

5/1/2040

73,291

75,834

5.00%,

7/1/2040

72,468

73,499

6.00%,

7/1/2040

113,426

117,374

4.00%,

1/1/2041

10,110

9,774

5.00%,

5/1/2041

99,942

101,362

3.50%,

11/1/2041

52,286

49,026

3.00%,

3/1/2042

8,686

7,893

3.00%,

4/1/2042

65,098

59,152

3.00%,

6/1/2042

55,163

50,124

3.50%,

7/1/2042

532,884

499,486

3.00%,

8/1/2042

31,457

28,584

3.00%,

12/1/2042

67,109

60,975

3.00%,

1/1/2043

35,144

31,919

3.00%,

2/1/2043

18,162

16,504

3.00%,

4/1/2043

22,908

20,792

3.00%,

6/1/2043

13,853

12,587

3.50%,

8/1/2043

597,103

559,659

3.00%,

10/1/2043

45,043

40,867

4.00%,

8/1/2044

10,001

9,619

5.00%,

8/1/2044

27,449

27,838

4.00%,

1/1/2045

30,555

29,369

4.00%,

2/1/2045

66,635

64,657

4.50%,

2/1/2045

338,967

331,818

4.00%,

8/1/2045

75,974

72,884

Investments

Principal

Amount

Value

4.00%,

9/1/2045

$

12,533

$

12,023

4.00%,

10/1/2045

128,315

122,988

4.00%,

11/1/2045

26,243

25,175

4.00%,

12/1/2045

10,542

10,114

4.00%,

1/1/2046

34,136

32,802

2.50%,

9/1/2046

20,410

17,682

3.00%,

11/1/2046

20,986

18,871

FHLMC

UMBS

3.00%,

8/1/2026

23,993

23,508

3.00%,

1/1/2027

41,888

40,928

3.00%,

2/1/2027

25,640

25,025

3.00%,

4/1/2027

149,618

145,997

2.50%,

6/1/2027

15,779

15,286

2.50%,

3/1/2028

572,977

552,883

3.00%,

8/1/2029

85,618

82,861

2.50%,

8/1/2030

715,149

679,358

2.50%,

11/1/2030

26,355

25,364

3.00%,

5/1/2031

43,659

42,447

2.00%,

8/1/2031

23,244

21,730

4.00%,

8/1/2031

56,011

55,108

4.00%,

9/1/2031

51,511

50,595

2.00%,

11/1/2031

37,376

34,901

2.00%,

1/1/2032

75,547

70,417

4.00%,

1/1/2032

69,170

67,922

2.00%,

2/1/2032

81,189

75,373

3.50%,

2/1/2032

128,762

124,750

4.00%,

2/1/2032

109,158

107,199

3.50%,

3/1/2032

106,877

103,429

3.50%,

7/1/2032

83,440

80,669

2.00%,

12/1/2032

623,173

580,868

3.00%,

4/1/2033

1,048,863

1,019,376

3.50%,

5/1/2033

26,114

25,215

3.00%,

10/1/2033

1,149,102

1,106,802

2.00%,

10/1/2035

973,666

879,631

1.50%,

2/1/2036

1,054,859

926,367

2.00%,

3/1/2036

361,608

327,728

1.50%,

4/1/2036

278,443

244,385

4.00%,

5/1/2036

19,621

19,297

4.50%,

9/1/2037

1,172,859

1,165,375

5.00%,

3/1/2038

42,953

43,508

5.00%,

7/1/2039

61,711

62,512

3.00%,

9/1/2039

94,178

86,550

3.00%,

10/1/2039

26,451

24,293

5.00%,

10/1/2039

21,545

21,825

3.00%,

11/1/2039

104,041

95,527

5.00%,

1/1/2040

22,337

22,706

5.00%,

3/1/2040

32,648

33,072

5.00%,

5/1/2040

46,823

47,431

2.00%,

7/1/2040

98,868

85,061

1.50%,

10/1/2040

503,354

416,815

3.50%,

12/1/2040

37,857

35,459

2.00%,

1/1/2041

154,648

132,953

2.00%,

2/1/2041

484,968

416,874

1.50%,

3/1/2041

659,070

545,311

2.00%,

3/1/2041

560,762

481,850

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Disciplined

Duration

MBS

Index

Fund

(cont.)

218

Investments

Principal

Amount

Value

MORTGAGE-BACKED

SECURITIES

(continued)

4.50%,

3/1/2041

$

63,113

$

62,573

4.50%,

4/1/2041

14,662

14,538

1.50%,

5/1/2041

543,128

449,376

2.50%,

6/1/2041

431,922

381,391

2.00%,

10/1/2041

477,578

408,733

4.00%,

1/1/2042

48,882

47,322

5.00%,

2/1/2042

39,141

39,649

3.50%,

11/1/2042

67,707

63,384

3.50%,

1/1/2043

32,635

30,553

3.50%,

2/1/2043

23,368

21,876

2.50%,

6/1/2043

351,129

305,007

4.00%,

12/1/2043

9,978

9,632

4.50%,

3/1/2044

46,716

46,241

4.00%,

6/1/2044

3,618

3,473

4.50%,

7/1/2044

17,050

16,830

4.00%,

8/1/2044

10,807

10,381

4.50%,

12/1/2044

11,478

11,324

4.00%,

2/1/2045

13,327

12,916

4.50%,

9/1/2045

8,508

8,395

4.00%,

10/1/2045

34,635

33,185

4.00%,

12/1/2045

17,271

16,650

4.50%,

12/1/2045

511,229

504,404

3.00%,

1/1/2046

36,616

32,906

4.00%,

1/1/2046

30,807

29,614

4.00%,

2/1/2046

212,359

205,050

4.50%,

4/1/2046

27,668

27,339

4.00%,

11/1/2046

156,336

148,947

4.50%,

3/1/2047

391,777

385,939

4.50%,

8/1/2048

378,766

371,364

2.00%,

5/1/2052

1,347,414

1,084,205

6.50%,

2/1/2053

87,072

90,004

6.00%,

6/1/2053

262,972

267,129

6.00%,

10/1/2053

418,417

424,269

7.00%,

12/1/2053

608,049

628,300

6.50%,

4/1/2054

281,606

288,729

FNMA

UMBS

3.50%,

12/1/2025

210,946

208,079

4.00%,

5/1/2026

127,880

126,461

3.00%,

11/1/2026

383,312

374,667

3.00%,

12/1/2026

112,677

110,088

3.50%,

12/1/2026

128,611

126,635

3.00%,

1/1/2027

35,885

35,061

3.00%,

2/1/2027

44,346

43,306

3.00%,

6/1/2027

153,227

149,331

3.00%,

8/1/2027

181,065

176,389

3.00%,

10/1/2027

52,359

50,941

3.00%,

11/1/2027

58,937

57,351

2.50%,

12/1/2027

123,527

119,331

2.50%,

1/1/2028

694,168

667,960

2.50%,

4/1/2028

40,477

39,057

2.00%,

5/1/2028

167,411

160,014

2.50%,

9/1/2028

31,978

30,898

3.50%,

12/1/2028

63,828

62,437

3.00%,

2/1/2029

82,163

79,649

2.50%,

3/1/2029

154,966

149,495

2.50%,

6/1/2029

55,795

53,980

Investments

Principal

Amount

Value

3.50%,

12/1/2029

$

518,606

$

505,955

3.50%,

4/1/2030

528,573

516,207

2.50%,

7/1/2030

142,415

137,311

3.00%,

7/1/2030

561,007

543,937

2.50%,

8/1/2030

714,369

678,640

3.00%,

9/1/2030

812,558

787,914

3.50%,

10/1/2030

40,210

39,085

3.50%,

11/1/2030

6,722

6,534

3.00%,

12/1/2030

1,132,884

1,091,085

3.50%,

2/1/2031

567,387

554,958

2.50%,

3/1/2031

299,850

288,421

4.00%,

8/1/2031

138,356

135,925

2.00%,

9/1/2031

19,381

18,108

2.00%,

11/1/2031

46,437

43,360

4.00%,

12/1/2031

48,553

47,669

4.00%,

3/1/2032

35,386

34,744

3.50%,

7/1/2032

187,135

181,101

3.50%,

10/1/2032

145,926

143,389

6.00%,

12/1/2032

7,719

7,955

6.00%,

4/1/2033

5,875

6,031

4.00%,

10/1/2033

27,517

26,988

4.00%,

3/1/2034

252,436

249,183

6.00%,

8/1/2034

26,989

27,828

6.50%,

9/1/2034

75,422

78,454

6.00%,

12/1/2034

122,350

126,003

3.00%,

2/1/2035

566,492

546,781

3.00%,

7/1/2035

816,414

784,257

5.00%,

8/1/2035

17,399

17,582

1.50%,

10/1/2035

140,177

123,285

6.00%,

11/1/2035

24,787

25,483

5.00%,

12/1/2035

38,904

39,336

6.00%,

6/1/2036

35,322

36,480

2.00%,

7/1/2036

825,015

744,252

5.00%,

7/1/2036

17,061

17,247

6.50%,

8/1/2036

12,276

12,797

2.50%,

11/1/2036

306,344

280,333

6.00%,

11/1/2036

34,332

35,479

1.50%,

2/1/2037

790,716

690,416

2.50%,

4/1/2037

725,272

663,291

1.50%,

8/1/2037

272,944

238,485

6.00%,

8/1/2037

115,709

119,194

6.00%,

9/1/2037

17,589

18,164

6.50%,

10/1/2037

27,415

28,533

5.00%,

3/1/2038

43,306

43,867

5.00%,

5/1/2038

32,906

33,252

6.00%,

5/1/2038

11,849

12,248

6.00%,

9/1/2038

21,937

22,675

5.00%,

6/1/2039

38,109

38,603

3.50%,

8/1/2039

415,326

399,778

5.00%,

10/1/2039

36,222

36,692

3.00%,

1/1/2040

33,396

30,646

5.00%,

2/1/2040

33,344

34,083

5.00%,

6/1/2040

12,260

12,419

6.00%,

6/1/2040

91,225

94,295

3.50%,

1/1/2041

30,793

28,856

1.50%,

2/1/2041

727,680

602,127

3.50%,

2/1/2041

20,172

18,905

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Disciplined

Duration

MBS

Index

Fund

(cont.)

219

Investments

Principal

Amount

Value

MORTGAGE-BACKED

SECURITIES

(continued)

1.50%,

4/1/2041

$

394,598

$

326,512

2.00%,

5/1/2041

451,273

387,382

4.50%,

5/1/2041

34,469

34,180

5.00%,

5/1/2041

28,046

28,410

6.00%,

5/1/2041

20,291

20,974

4.50%,

6/1/2041

10,544

10,456

2.50%,

7/1/2041

542,154

474,685

5.00%,

7/1/2041

360,856

365,541

6.00%,

7/1/2041

22,914

23,685

4.50%,

8/1/2041

98,384

97,558

5.00%,

8/1/2041

53,051

53,739

4.00%,

9/1/2041

154,952

149,618

4.50%,

9/1/2041

63,541

63,007

3.50%,

10/1/2041

112,763

105,583

4.00%,

10/1/2041

43,887

42,391

5.00%,

10/1/2041

55,002

55,716

4.00%,

11/1/2041

61,873

59,743

4.00%,

12/1/2041

15,545

15,010

4.00%,

1/1/2042

139,382

133,080

4.50%,

1/1/2042

15,724

15,592

6.00%,

1/1/2042

56,381

58,435

3.00%,

3/1/2042

23,680

21,490

4.00%,

3/1/2042

70,559

68,486

3.00%,

4/1/2042

43,514

39,491

4.50%,

4/1/2042

76,874

76,228

3.50%,

5/1/2042

20,872

19,540

4.50%,

5/1/2042

55,925

55,455

3.50%,

6/1/2042

38,181

35,744

3.50%,

7/1/2042

117,137

109,661

4.00%,

7/1/2042

94,561

91,619

3.50%,

8/1/2042

36,125

33,819

3.00%,

9/1/2042

61,301

55,632

3.50%,

9/1/2042

11,712

10,964

4.00%,

9/1/2042

59,484

57,649

3.00%,

10/1/2042

122,560

111,226

3.50%,

10/1/2042

22,122

20,710

2.50%,

12/1/2042

209,359

181,860

3.00%,

12/1/2042

120,235

109,115

2.50%,

1/1/2043

7,336

6,372

3.00%,

1/1/2043

120,515

109,294

3.50%,

1/1/2043

33,596

31,451

4.00%,

1/1/2043

63,002

60,834

4.50%,

1/1/2043

158,525

157,193

2.50%,

2/1/2043

279,571

242,516

3.00%,

2/1/2043

161,770

146,757

3.50%,

2/1/2043

62,810

58,800

3.50%,

3/1/2043

73,494

68,802

2.50%,

5/1/2043

11,009

9,476

2.50%,

6/1/2043

5,948

5,179

4.00%,

8/1/2043

33,882

32,710

4.00%,

9/1/2043

80,254

77,479

4.50%,

9/1/2043

23,826

23,534

4.00%,

10/1/2043

100,119

96,672

4.00%,

11/1/2043

212,500

205,840

4.50%,

11/1/2043

77,868

76,919

4.50%,

12/1/2043

57,812

57,046

Investments

Principal

Amount

Value

4.00%,

1/1/2044

$

82,708

$

79,835

4.50%,

2/1/2044

15,644

15,435

4.50%,

3/1/2044

97,078

97,351

5.00%,

3/1/2044

15,905

16,008

4.00%,

4/1/2044

780,069

749,687

4.50%,

4/1/2044

166,612

164,478

5.00%,

6/1/2044

27,749

28,038

4.00%,

10/1/2044

31,273

30,242

4.50%,

10/1/2044

7,112

7,017

4.50%,

12/1/2044

30,080

29,679

4.00%,

2/1/2045

22,849

21,942

4.50%,

2/1/2045

100,767

99,422

4.00%,

4/1/2045

21,309

20,533

4.00%,

8/1/2045

9,819

9,408

4.00%,

11/1/2045

60,797

58,473

4.50%,

11/1/2045

67,785

66,931

4.00%,

12/1/2045

132,316

128,233

4.00%,

2/1/2046

6,671

6,440

4.50%,

3/1/2046

108,795

107,372

4.00%,

4/1/2046

10,057

9,649

2.50%,

6/1/2046

65,617

57,004

4.50%,

6/1/2046

74,092

73,103

4.50%,

7/1/2046

14,996

14,782

4.50%,

8/1/2046

12,137

11,975

2.50%,

10/1/2046

54,945

47,592

4.50%,

10/1/2046

25,550

25,145

2.50%,

12/1/2046

18,385

15,864

4.50%,

1/1/2047

23,818

23,463

4.00%,

2/1/2047

25,890

24,902

4.50%,

2/1/2047

28,796

28,453

4.50%,

5/1/2047

461,379

450,679

4.50%,

7/1/2047

63,795

62,943

5.00%,

7/1/2047

24,886

25,208

5.50%,

2/1/2049

1,563,744

1,600,518

6.00%,

2/1/2049

70,213

73,543

4.50%,

7/1/2049

428,885

417,853

4.50%,

11/1/2049

425,090

419,154

4.00%,

1/1/2050

867,825

826,379

4.50%,

5/1/2050

686,026

667,682

3.50%,

7/1/2050

440,669

407,828

4.00%,

7/1/2050

667,510

633,636

4.50%,

10/1/2050

1,117,005

1,093,334

1.50%,

2/1/2051

678,104

521,644

1.50%,

10/1/2051

1,297,183

996,207

5.00%,

11/1/2052

1,538,404

1,517,645

6.50%,

11/1/2052

82,034

84,918

6.50%,

11/1/2053

899,768

922,526

7.50%,

11/1/2053

417,573

435,099

7.00%,

12/1/2053

598,708

619,162

7.50%,

3/1/2054

673,272

701,378

GNMA

5.50%,

8/20/2033

22,049

22,816

5.50%,

11/20/2033

20,585

21,301

5.50%,

3/20/2034

25,741

26,637

5.50%,

7/20/2034

16,158

16,717

5.50%,

9/20/2034

7,195

7,249

5.50%,

3/20/2036

55,659

57,599

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Disciplined

Duration

MBS

Index

Fund

(cont.)

220

Investments

Principal

Amount

Value

MORTGAGE-BACKED

SECURITIES

(continued)

5.50%,

9/20/2038

$

33,416

$

34,581

5.50%,

2/20/2039

54,930

56,846

4.50%,

5/15/2039

1,354,522

1,345,005

5.00%,

8/15/2039

934,098

947,282

5.00%,

11/15/2039

463,588

466,664

4.00%,

6/15/2040

269,665

260,607

4.00%,

8/15/2040

267,812

258,792

4.00%,

11/15/2040

201,412

194,419

5.50%,

12/20/2040

15,740

16,274

5.50%,

1/20/2041

15,789

16,339

4.00%,

9/15/2041

776,198

743,708

5.50%,

12/20/2041

41,025

41,725

5.50%,

2/20/2042

11,231

11,622

3.00%,

4/15/2042

936,277

855,721

3.50%,

6/15/2042

418,880

394,077

2.50%,

3/20/2043

35,683

31,255

2.50%,

5/20/2043

51,640

45,232

5.50%,

3/20/2044

46,028

47,630

4.50%,

10/20/2044

105,617

104,384

2.50%,

11/20/2044

32,410

28,390

5.00%,

6/20/2045

127,688

129,537

4.00%,

8/15/2045

768,984

738,675

4.50%,

12/20/2045

221,111

218,531

4.50%,

4/20/2046

255,671

252,689

Investments

Principal

Amount

Value

5.00%,

5/20/2046

$

315,065

$

319,626

3.50%,

6/15/2046

1,617,706

1,522,994

3.50%,

10/20/2047

937,819

871,110

3.00%,

1/20/2048

1,164,325

1,052,156

4.00%,

2/20/2048

834,976

798,844

5.00%,

5/20/2048

114,375

114,764

5.50%,

1/20/2049

266,058

270,015

5.50%,

7/20/2049

7,206

7,361

4.00%,

12/20/2051

375,104

356,751

5.50%,

12/20/2052

305,554

307,616

6.50%,

6/20/2053

1,345,183

1,373,260

7.00%,

8/20/2053

929,492

950,774

7.00%,

10/20/2053

267,965

274,106

7.50%,

2/20/2054

731,969

752,106

Total

Mortgage-Backed

Securities

(Cost

$79,304,027)

75,854,776

Total

Investments

-

99.3%

(Cost

$79,304,027)

75,854,776

Other

assets

less

liabilities

-

0.7%

535,636

NET

ASSETS

-

100.0%

$76,390,412

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

UMBS

Uniform

Mortgage-Backed

Securities

Security

Type

%

of

Net

Assets

Mortgage-Backed

Securities

99‌

.3

%

Others

(1)

0‌

.7

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

221

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

July

31,

2024

(Unaudited)

Investments

Principal

Amount

Value

CORPORATE

BONDS

-

98

.7

%

Aerospace

&

Defense

-

1

.4

%

Boeing

Co.

(The)

2.75%,

2/1/2026

$

50,000

$

47,976

2.20%,

2/4/2026

400,000

380,682

5.04%,

5/1/2027(a)

100,000

99,303

5.15%,

5/1/2030

350,000

344,679

6.53%,

5/1/2034(b)

100,000

104,973

GE

Capital

International

Funding

Co.

Unlimited

Co.

3.37%,

11/15/2025

200,000

196,027

General

Dynamics

Corp.

1.15%,

6/1/2026

250,000

235,139

3.50%,

4/1/2027

250,000

243,792

HEICO

Corp.

5.25%,

8/1/2028

250,000

253,981

5.35%,

8/1/2033(a)

200,000

202,832

Hexcel

Corp.

4.20%,

2/15/2027(c)

300,000

291,733

Howmet

Aerospace,

Inc.

5.90%,

2/1/2027(a)

150,000

152,912

6.75%,

1/15/2028

100,000

105,341

3.00%,

1/15/2029

400,000

368,425

Huntington

Ingalls

Industries,

Inc.

3.48%,

12/1/2027

150,000

143,270

2.04%,

8/16/2028

150,000

134,520

4.20%,

5/1/2030

50,000

48,047

Leidos,

Inc.

4.38%,

5/15/2030

252,000

242,921

2.30%,

2/15/2031

500,000

423,359

5.75%,

3/15/2033

130,000

134,625

Lockheed

Martin

Corp.

3.55%,

1/15/2026

152,000

149,513

4.45%,

5/15/2028

60,000

59,994

4.50%,

2/15/2029

100,000

100,254

3.90%,

6/15/2032(a)

140,000

133,515

4.75%,

2/15/2034

50,000

50,046

Northrop

Grumman

Corp.

3.25%,

1/15/2028

50,000

47,824

Textron,

Inc.

3.65%,

3/15/2027

325,000

315,684

3.90%,

9/17/2029

200,000

191,340

3.00%,

6/1/2030(a)

400,000

361,518

6.10%,

11/15/2033

100,000

106,034

5,670,259

Automobile

Components

-

0

.0

%

(d)

Lear

Corp.

4.25%,

5/15/2029

50,000

48,578

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

-

23

.3

%

Australia

&

New

Zealand

Banking

Group

Ltd.

4.75%,

1/18/2027

$

250,000

$

251,372

Banco

Bilbao

Vizcaya

Argentaria

SA

5.86%,

9/14/2026(e)

400,000

402,086

6.14%,

9/14/2028(e)

200,000

206,280

7.88%,

11/15/2034(e)

400,000

449,079

6.03%,

3/13/2035(e)

200,000

206,046

Banco

Santander

SA

5.18%,

11/19/2025(a)

481,000

479,171

1.85%,

3/25/2026(a)

110,000

104,236

4.25%,

4/11/2027

200,000

196,181

1.72%,

9/14/2027(e)

2,000

1,858

2.75%,

12/3/2030

200,000

171,831

6.92%,

8/8/2033

600,000

643,332

6.35%,

3/14/2034

400,000

412,044

Bank

of

America

Corp.

1.20%,

10/24/2026(e)

150,000

142,738

Series

N,

1.66%,

3/11/2027(e)

200,000

189,481

3.56%,

4/23/2027(e)

431,000

420,248

1.73%,

7/22/2027(e)

1,599,000

1,500,943

5.93%,

9/15/2027(a)(e)

250,000

254,855

3.25%,

10/21/2027

100,000

95,996

3.82%,

1/20/2028(e)

650,000

633,427

2.55%,

2/4/2028(e)

400,000

377,953

3.71%,

4/24/2028(e)

650,000

630,260

4.38%,

4/27/2028(e)

650,000

641,878

3.59%,

7/21/2028(e)

750,000

723,689

4.95%,

7/22/2028(e)

800,000

802,184

3.42%,

12/20/2028(e)

300,000

286,721

4.27%,

7/23/2029(e)

250,000

244,867

3.97%,

2/7/2030(e)

375,000

361,161

3.19%,

7/23/2030(e)

200,000

185,038

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

222

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

-

23.3%

(continued)

Bank

of

America

Corp.

(continued)

2.88%,

10/22/2030(e)

$

100,000

$

90,832

2.50%,

2/13/2031(e)

50,000

44,147

2.69%,

4/22/2032(e)

59,000

51,016

5.29%,

4/25/2034(e)

181,000

182,691

5.47%,

1/23/2035(e)

50,000

51,127

2.48%,

9/21/2036(e)

800,000

656,453

3.85%,

3/8/2037(e)

1,000,000

899,860

Bank

of

America

NA

5.65%,

8/18/2025

100,000

100,681

Bank

of

Montreal

0.95%,

1/22/2027(e)

50,000

47,163

5.20%,

2/1/2028

200,000

203,132

3.80%,

12/15/2032(e)

945,000

901,911

3.09%,

1/10/2037(e)

600,000

502,445

7.70%,

5/26/2084(a)(e)

250,000

257,323

Bank

of

Nova

Scotia

(The)

4.50%,

12/16/2025

500,000

495,737

2.15%,

8/1/2031(a)

250,000

210,833

4.59%,

5/4/2037(e)

500,000

461,759

Series

2,

3.63%,

10/27/2081(e)

300,000

259,447

8.63%,

10/27/2082(e)

200,000

211,860

8.00%,

1/27/2084(e)

400,000

418,949

Bank

OZK

2.75%,

10/1/2031(e)

201,000

164,072

BankUnited,

Inc.

4.88%,

11/17/2025

400,000

396,407

5.13%,

6/11/2030

80,000

75,022

Barclays

plc

5.20%,

5/12/2026

372,000

371,273

5.67%,

3/12/2028(e)

50,000

50,670

5.09%,

6/20/2030(e)

600,000

586,994

7.44%,

11/2/2033(e)

200,000

225,800

7.12%,

6/27/2034(e)

450,000

487,035

3.56%,

9/23/2035(e)

400,000

354,137

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

-

23.3%

(continued)

Canadian

Imperial

Bank

of

Commerce

5.24%,

6/28/2027

$

50,000

$

50,628

6.09%,

10/3/2033(a)

125,000

132,767

Citibank

NA

5.57%,

4/30/2034

250,000

260,047

Citigroup,

Inc.

4.60%,

3/9/2026(a)

884,000

877,584

5.61%,

9/29/2026(e)

150,000

150,639

3.20%,

10/21/2026(a)

303,000

292,561

4.30%,

11/20/2026(a)

50,000

49,302

1.12%,

1/28/2027(e)

150,000

141,335

1.46%,

6/9/2027(a)

(e)

150,000

140,620

4.45%,

9/29/2027

600,000

592,355

3.89%,

1/10/2028(e)

650,000

634,196

3.07%,

2/24/2028(e)

800,000

764,683

4.66%,

5/24/2028(a)(e)

200,000

199,021

3.67%,

7/24/2028(e)

850,000

821,165

5.17%,

2/13/2030(e)

250,000

252,750

3.98%,

3/20/2030(e)

1,107,000

1,063,643

2.98%,

11/5/2030(e)

500,000

454,569

4.41%,

3/31/2031(a)(e)

800,000

777,574

2.57%,

6/3/2031(e)

150,000

131,775

2.56%,

5/1/2032(e)

100,000

85,318

6.63%,

6/15/2032

250,000

271,870

3.06%,

1/25/2033(e)

150,000

130,292

3.79%,

3/17/2033(e)

300,000

273,540

4.91%,

5/24/2033(e)

50,000

49,115

6.27%,

11/17/2033(e)

353,000

378,081

6.17%,

5/25/2034(e)

1,400,000

1,453,352

5.83%,

2/13/2035(a)(e)

750,000

760,196

Citizens

Bank

NA

3.75%,

2/18/2026

275,000

268,282

4.58%,

8/9/2028(a)

(e)

500,000

491,181

Citizens

Financial

Group,

Inc.

2.64%,

9/30/2032

250,000

198,096

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

223

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

-

23.3%

(continued)

Citizens

Financial

Group,

Inc.

(continued)

5.64%,

5/21/2037(e)

$

250,000

$

238,883

Comerica

Bank

5.33%,

8/25/2033(e)

250,000

228,990

Comerica,

Inc.

4.00%,

2/1/2029

433,000

405,106

5.98%,

1/30/2030(e)

250,000

250,633

Cooperatieve

Rabobank

UA

5.50%,

10/5/2026

250,000

253,824

5.04%,

3/5/2027(a)

250,000

252,310

4.80%,

1/9/2029

250,000

251,841

Discover

Bank

4.25%,

3/13/2026

250,000

246,329

3.45%,

7/27/2026

502,000

484,399

4.65%,

9/13/2028

327,000

319,887

2.70%,

2/6/2030

303,000

266,740

Fifth

Third

Bancorp

6.36%,

10/27/2028(e)

455,000

471,330

6.34%,

7/27/2029(e)

200,000

208,442

4.77%,

7/28/2030(e)

556,000

546,375

5.63%,

1/29/2032(e)

50,000

50,833

Fifth

Third

Bank

NA

3.85%,

3/15/2026

593,000

579,788

First

Horizon

Bank

5.75%,

5/1/2030

250,000

245,671

HSBC

Holdings

plc

4.25%,

8/18/2025(a)

500,000

493,803

4.29%,

9/12/2026(e)

250,000

247,175

4.38%,

11/23/2026

1,040,000

1,024,164

5.89%,

8/14/2027(e)

650,000

660,139

2.25%,

11/22/2027(e)

400,000

376,039

4.04%,

3/13/2028(e)

614,000

598,550

5.60%,

5/17/2028(e)

200,000

202,779

4.76%,

6/9/2028(a)

(e)

480,000

477,243

5.21%,

8/11/2028(a)(e)

450,000

453,087

2.01%,

9/22/2028(e)

400,000

365,432

7.39%,

11/3/2028(a)(e)

383,000

409,859

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

-

23.3%

(continued)

HSBC

Holdings

plc

(continued)

6.16%,

3/9/2029(a)

(e)

$

250,000

$

259,601

4.58%,

6/19/2029(e)

620,000

609,777

2.21%,

8/17/2029(e)

450,000

404,026

5.55%,

3/4/2030(e)

200,000

203,868

3.97%,

5/22/2030(e)

1,328,000

1,265,256

2.36%,

8/18/2031(e)

150,000

128,391

7.63%,

5/17/2032

200,000

226,967

2.80%,

5/24/2032(e)

202,000

173,020

2.87%,

11/22/2032(e)

200,000

170,380

4.76%,

3/29/2033(e)

952,000

905,985

5.40%,

8/11/2033(e)

202,000

203,920

8.11%,

11/3/2033(e)

600,000

694,894

6.25%,

3/9/2034(a)

(e)

300,000

319,306

6.55%,

6/20/2034(e)

900,000

951,168

7.40%,

11/13/2034(a)(e)

250,000

277,799

Huntington

Bancshares,

Inc.

4.44%,

8/4/2028(e)

251,000

246,893

6.21%,

8/21/2029(e)

480,000

498,855

5.71%,

2/2/2035(e)

350,000

353,836

2.49%,

8/15/2036(e)

300,000

235,584

Huntington

National

Bank

(The)

4.55%,

5/17/2028(e)

250,000

246,692

5.65%,

1/10/2030

344,000

352,099

ING

Groep

NV

1.73%,

4/1/2027(e)

112,000

105,958

6.08%,

9/11/2027(a)(e)

600,000

612,433

4.02%,

3/28/2028(e)

600,000

586,394

JPMorgan

Chase

&

Co.

1.05%,

11/19/2026(e)

290,000

275,023

3.96%,

1/29/2027(a)(e)

200,000

196,943

1.58%,

4/22/2027(a)(e)

1,432,000

1,351,615

1.47%,

9/22/2027(e)

550,000

511,946

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

224

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

-

23.3%

(continued)

JPMorgan

Chase

&

Co.

(continued)

6.07%,

10/22/2027(e)

$

250,000

$

256,491

5.04%,

1/23/2028(e)

250,000

251,132

3.78%,

2/1/2028(a)

(e)

400,000

389,973

2.95%,

2/24/2028(e)

250,000

238,576

5.57%,

4/22/2028(e)

150,000

152,812

4.32%,

4/26/2028(e)

250,000

246,921

3.54%,

5/1/2028(e)

200,000

193,209

2.18%,

6/1/2028(e)

271,000

252,193

4.98%,

7/22/2028(e)

350,000

351,805

4.85%,

7/25/2028(e)

250,000

250,361

4.01%,

4/23/2029(e)

502,000

488,203

2.07%,

6/1/2029(e)

150,000

135,756

4.20%,

7/23/2029(e)

253,000

247,377

5.30%,

7/24/2029(e)

400,000

407,115

6.09%,

10/23/2029(e)

200,000

209,772

4.45%,

12/5/2029(e)

353,000

348,242

5.01%,

1/23/2030(e)

320,000

322,643

5.58%,

4/22/2030(e)

325,000

335,138

3.70%,

5/6/2030(a)

(e)

465,000

442,541

4.57%,

6/14/2030(e)

400,000

395,521

5.00%,

7/22/2030(e)

550,000

554,085

8.75%,

9/1/2030

60,000

71,835

2.74%,

10/15/2030(e)

225,000

203,504

4.49%,

3/24/2031(e)

100,000

98,371

2.96%,

5/13/2031(a)(e)

800,000

716,121

2.58%,

4/22/2032(e)

310,000

267,416

2.96%,

1/25/2033(e)

200,000

174,353

4.59%,

4/26/2033(e)

163,000

158,411

4.91%,

7/25/2033(e)

350,000

346,720

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

-

23.3%

(continued)

JPMorgan

Chase

&

Co.

(continued)

5.72%,

9/14/2033(e)

$

650,000

$

673,225

5.35%,

6/1/2034(e)

300,000

305,475

6.25%,

10/23/2034(e)

300,000

324,738

5.77%,

4/22/2035(e)

200,000

209,614

KeyBank

NA

4.15%,

8/8/2025

403,000

397,782

4.70%,

1/26/2026

250,000

247,145

3.40%,

5/20/2026

255,000

245,123

5.85%,

11/15/2027

505,000

511,721

4.90%,

8/8/2032

350,000

323,681

KeyCorp

2.25%,

4/6/2027

303,000

280,376

6.40%,

3/6/2035(e)

50,000

52,156

Lloyds

Banking

Group

plc

5.99%,

8/7/2027(a)

(e)

200,000

203,390

3.75%,

3/18/2028(e)

300,000

291,152

M&T

Bank

Corp.

4.55%,

8/16/2028(e)

371,000

362,736

7.41%,

10/30/2029(e)

350,000

376,202

6.08%,

3/13/2032(e)

175,000

179,557

5.05%,

1/27/2034(a)(e)

525,000

501,203

Manufacturers

&

Traders

Trust

Co.

5.40%,

11/21/2025

250,000

251,132

4.65%,

1/27/2026

505,000

500,326

3.40%,

8/17/2027

303,000

287,486

4.70%,

1/27/2028(a)

502,000

494,028

Mitsubishi

UFJ

Financial

Group,

Inc.

3.74%,

3/7/2029

200,000

192,629

2.31%,

7/20/2032(e)

200,000

168,431

5.44%,

2/22/2034(e)

200,000

205,780

5.43%,

4/17/2035(e)

50,000

51,134

Mizuho

Financial

Group,

Inc.

4.02%,

3/5/2028

83,000

81,143

5.74%,

5/27/2031(e)

200,000

207,237

2.56%,

9/13/2031

250,000

208,256

Morgan

Stanley

Bank

NA

5.50%,

5/26/2028(e)

450,000

458,052

National

Australia

Bank

Ltd.

4.94%,

1/12/2028

250,000

253,256

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

225

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

-

23.3%

(continued)

National

Bank

of

Canada

5.60%,

7/2/2027(e)

$

250,000

$

252,609

5.60%,

12/18/2028

250,000

257,611

NatWest

Group

plc

7.47%,

11/10/2026(e)

50,000

51,315

1.64%,

6/14/2027(e)

200,000

187,624

3.07%,

5/22/2028(e)

225,000

213,865

5.52%,

9/30/2028(e)

350,000

355,671

4.89%,

5/18/2029(e)

50,000

49,660

5.08%,

1/27/2030(a)(e)

143,000

143,173

4.45%,

5/8/2030(e)

535,000

521,814

6.48%,

6/1/2034(e)

250,000

259,197

3.03%,

11/28/2035(a)(e)

500,000

433,180

PNC

Bank

NA

4.05%,

7/26/2028(a)

200,000

194,168

PNC

Financial

Services

Group,

Inc.

(The)

1.15%,

8/13/2026

250,000

232,501

4.63%,

6/6/2033(a)

(e)

50,000

47,745

Regions

Financial

Corp.

1.80%,

8/12/2028(a)

260,000

229,458

5.72%,

6/6/2030(e)

150,000

152,769

Royal

Bank

of

Canada

4.88%,

1/12/2026(a)

50,000

50,028

4.65%,

1/27/2026

400,000

397,625

6.00%,

11/1/2027

250,000

260,093

5.15%,

2/1/2034

200,000

203,209

7.50%,

5/2/2084(e)

400,000

415,415

Santander

Holdings

USA,

Inc.

3.24%,

10/5/2026

400,000

383,500

2.49%,

1/6/2028(e)

800,000

745,597

6.57%,

6/12/2029(e)

100,000

103,833

Santander

UK

Group

Holdings

plc

1.67%,

6/14/2027(e)

200,000

187,274

2.47%,

1/11/2028(e)

200,000

187,134

3.82%,

11/3/2028(e)

50,000

47,925

Sumitomo

Mitsui

Financial

Group,

Inc.

5.81%,

9/14/2033

200,000

211,626

Synovus

Bank

5.63%,

2/15/2028

250,000

247,361

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

-

23.3%

(continued)

Toronto-Dominion

Bank

(The)

0.75%,

1/6/2026

$

50,000

$

47,230

4.69%,

9/15/2027

75,000

74,963

5.16%,

1/10/2028

50,000

50,712

3.63%,

9/15/2031(a)(e)

905,000

872,321

8.13%,

10/31/2082(e)

755,000

787,162

7.25%,

7/31/2084(e)

200,000

200,963

Truist

Bank

3.63%,

9/16/2025

752,000

737,950

3.30%,

5/15/2026

230,000

222,520

3.80%,

10/30/2026

360,000

349,660

2.25%,

3/11/2030

250,000

213,806

Truist

Financial

Corp.

6.05%,

6/8/2027(e)

500,000

508,288

4.12%,

6/6/2028(e)

700,000

683,467

3.88%,

3/19/2029(a)

350,000

333,624

7.16%,

10/30/2029(e)

675,000

727,071

5.44%,

1/24/2030(a)(e)

325,000

330,008

4.92%,

7/28/2033(e)

650,000

616,582

6.12%,

10/28/2033(e)

100,000

104,749

5.12%,

1/26/2034(e)

400,000

392,395

5.87%,

6/8/2034(e)

225,000

232,182

5.71%,

1/24/2035(e)

750,000

766,817

US

Bancorp

2.22%,

1/27/2028(e)

50,000

46,795

4.55%,

7/22/2028(e)

450,000

445,528

4.97%,

7/22/2033(e)

151,000

145,485

2.49%,

11/3/2036(e)

100,000

80,624

Wachovia

Corp.

7.57%,

8/1/2026(c)

115,000

120,507

Webster

Financial

Corp.

4.10%,

3/25/2029

115,000

108,671

Wells

Fargo

&

Co.

3.00%,

4/22/2026

250,000

242,296

3.20%,

6/17/2027(e)

300,000

290,331

3.53%,

3/24/2028(e)

250,000

241,271

5.71%,

4/22/2028(e)

200,000

203,904

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

226

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

-

23.3%

(continued)

Wells

Fargo

&

Co.

(continued)

3.58%,

5/22/2028(e)

$

250,000

$

241,148

2.39%,

6/2/2028(e)

675,000

630,285

4.81%,

7/25/2028(a)(e)

200,000

199,483

4.15%,

1/24/2029

100,000

97,904

5.57%,

7/25/2029(e)

250,000

256,001

6.30%,

10/23/2029(e)

100,000

105,288

2.88%,

10/30/2030(e)

225,000

203,830

2.57%,

2/11/2031(e)

150,000

132,893

Wells

Fargo

Bank

NA

5.25%,

12/11/2026

100,000

101,155

Westpac

Banking

Corp.

5.51%,

11/17/2025

50,000

50,475

2.85%,

5/13/2026

100,000

96,868

1.15%,

6/3/2026

400,000

375,200

2.70%,

8/19/2026

250,000

240,577

1.95%,

11/20/2028(a)

200,000

179,965

2.15%,

6/3/2031

100,000

85,682

4.32%,

11/23/2031(e)

454,000

444,451

5.41%,

8/10/2033(e)

500,000

500,188

6.82%,

11/17/2033

250,000

275,475

4.11%,

7/24/2034(e)

554,000

522,967

2.67%,

11/15/2035(e)

650,000

552,286

3.02%,

11/18/2036(e)

600,000

506,116

Wintrust

Financial

Corp.

4.85%,

6/6/2029

150,000

141,313

Zions

Bancorp

NA

3.25%,

10/29/2029

252,000

216,679

95,606,402

Beverages

-

1

.6

%

Coca-Cola

Co.

(The)

1.45%,

6/1/2027

250,000

231,050

2.13%,

9/6/2029

250,000

224,702

3.45%,

3/25/2030(a)

303,000

288,451

1.65%,

6/1/2030(a)

550,000

471,417

2.00%,

3/5/2031(a)

350,000

300,099

1.38%,

3/15/2031(a)

350,000

287,841

2.25%,

1/5/2032

250,000

215,713

5.00%,

5/13/2034(a)

450,000

463,140

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Beverages

-

1.6%

(continued)

Coca-Cola

Consolidated,

Inc.

5.25%,

6/1/2029

$

250,000

$

255,683

Constellation

Brands,

Inc.

4.40%,

11/15/2025

200,000

198,497

4.75%,

12/1/2025

150,000

149,453

3.70%,

12/6/2026

200,000

195,154

3.50%,

5/9/2027(a)

250,000

241,454

4.35%,

5/9/2027(a)

250,000

246,992

3.60%,

2/15/2028

300,000

288,369

4.65%,

11/15/2028

200,000

198,865

4.80%,

1/15/2029

150,000

150,355

3.15%,

8/1/2029(a)

300,000

278,190

2.88%,

5/1/2030

200,000

180,450

2.25%,

8/1/2031

325,000

273,290

4.75%,

5/9/2032(a)

500,000

491,704

4.90%,

5/1/2033

150,000

148,029

Pepsico

Singapore

Financing

I

Pte.

Ltd.

4.65%,

2/16/2027

200,000

200,741

4.55%,

2/16/2029(a)

100,000

100,360

4.70%,

2/16/2034(a)

150,000

149,569

PepsiCo,

Inc.

2.63%,

3/19/2027

100,000

95,451

7.00%,

3/1/2029

100,000

110,900

1.63%,

5/1/2030(a)

100,000

85,757

3.90%,

7/18/2032(a)

50,000

47,894

6,569,570

Biotechnology

-

0

.2

%

AbbVie,

Inc.

3.20%,

11/21/2029

67,000

62,862

Biogen,

Inc.

4.05%,

9/15/2025

102,000

100,820

2.25%,

5/1/2030

150,000

130,573

Gilead

Sciences,

Inc.

3.65%,

3/1/2026

200,000

196,347

Regeneron

Pharmaceuticals,

Inc.

1.75%,

9/15/2030

515,000

435,302

925,904

Broadline

Retail

-

0

.1

%

eBay,

Inc.

1.40%,

5/10/2026

250,000

234,926

3.60%,

6/5/2027

250,000

242,659

477,585

Building

Products

-

0

.7

%

Allegion

plc

3.50%,

10/1/2029(a)

152,000

142,690

Carlisle

Cos.,

Inc.

3.75%,

12/1/2027

300,000

290,105

2.75%,

3/1/2030

200,000

179,830

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

227

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Building

Products

-

0.7%

(continued)

Carlisle

Cos.,

Inc.

(continued)

2.20%,

3/1/2032

$

250,000

$

206,682

Lennox

International,

Inc.

5.50%,

9/15/2028

150,000

153,827

Masco

Corp.

3.50%,

11/15/2027

50,000

47,826

1.50%,

2/15/2028

201,000

179,736

2.00%,

10/1/2030

250,000

211,380

2.00%,

2/15/2031(a)

150,000

125,297

Owens

Corning

3.40%,

8/15/2026

150,000

145,522

3.95%,

8/15/2029(a)

143,000

137,267

Trane

Technologies

Financing

Ltd.

3.50%,

3/21/2026

202,000

197,531

3.80%,

3/21/2029

352,000

339,362

5.25%,

3/3/2033

130,000

133,374

Trane

Technologies

Global

Holding

Co.

Ltd.

3.75%,

8/21/2028

300,000

289,846

2,780,275

Capital

Markets

-

6

.4

%

Affiliated

Managers

Group,

Inc.

3.30%,

6/15/2030

100,000

91,328

Ameriprise

Financial,

Inc.

5.70%,

12/15/2028

250,000

259,664

5.15%,

5/15/2033

100,000

101,532

Apollo

Debt

Solutions

BDC

6.90%,

4/13/2029(b)

175,000

179,572

Ares

Capital

Corp.

3.88%,

1/15/2026

150,000

146,182

2.15%,

7/15/2026

50,000

46,794

5.88%,

3/1/2029

50,000

50,174

Bain

Capital

Specialty

Finance,

Inc.

2.55%,

10/13/2026

227,000

211,070

Bank

of

New

York

Mellon

Corp.

(The)

4.95%,

4/26/2027(e)

450,000

450,904

4.89%,

7/21/2028(e)

200,000

200,750

5.06%,

7/22/2032(e)

50,000

50,626

Series

J,

4.97%,

4/26/2034(e)

350,000

349,087

BlackRock,

Inc.

3.25%,

4/30/2029

100,000

94,891

4.75%,

5/25/2033(a)

100,000

100,080

Blackstone

Private

Credit

Fund

7.05%,

9/29/2025

500,000

507,259

2.63%,

12/15/2026

452,000

419,630

3.25%,

3/15/2027(a)

600,000

561,849

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Capital

Markets

-

6.4%

(continued)

Blackstone

Private

Credit

Fund

(continued)

7.30%,

11/27/2028(b)

$

150,000

$

157,899

4.00%,

1/15/2029

275,000

256,634

5.95%,

7/16/2029(b)

200,000

199,946

6.25%,

1/25/2031(a)(b)

175,000

178,116

Blackstone

Secured

Lending

Fund

3.63%,

1/15/2026

410,000

397,335

2.75%,

9/16/2026

252,000

236,827

2.13%,

2/15/2027

252,000

231,002

2.85%,

9/30/2028

300,000

268,711

Blue

Owl

Capital

Corp.

4.25%,

1/15/2026

350,000

343,188

3.40%,

7/15/2026

440,000

420,730

2.63%,

1/15/2027

150,000

139,234

5.95%,

3/15/2029

400,000

401,997

Blue

Owl

Capital

Corp.

II

8.45%,

11/15/2026(b)

200,000

208,660

Blue

Owl

Credit

Income

Corp.

3.13%,

9/23/2026

150,000

140,621

4.70%,

2/8/2027

200,000

193,626

7.75%,

9/16/2027(a)

350,000

365,503

7.95%,

6/13/2028

50,000

52,901

6.60%,

9/15/2029(b)

250,000

252,144

6.65%,

3/15/2031

50,000

50,357

Blue

Owl

Finance

LLC

6.25%,

4/18/2034(b)

250,000

257,338

Blue

Owl

Technology

Finance

Corp.

2.50%,

1/15/2027

105,000

96,006

Blue

Owl

Technology

Finance

Corp.

II

6.75%,

4/4/2029(b)

300,000

298,635

Brookfield

Finance,

Inc.

4.85%,

3/29/2029

100,000

100,325

6.35%,

1/5/2034

100,000

107,449

Cboe

Global

Markets,

Inc.

3.65%,

1/12/2027

151,000

147,469

1.63%,

12/15/2030

51,000

42,714

Charles

Schwab

Corp.

(The)

6.14%,

8/24/2034(a)(e)

150,000

158,857

CI

Financial

Corp.

3.20%,

12/17/2030

50,000

40,316

Deutsche

Bank

AG

2.13%,

11/24/2026(e)

150,000

143,683

7.15%,

7/13/2027(e)

350,000

361,645

2.31%,

11/16/2027(e)

750,000

701,143

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

228

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Capital

Markets

-

6.4%

(continued)

Deutsche

Bank

AG

(continued)

2.55%,

1/7/2028(e)

$

500,000

$

468,611

5.71%,

2/8/2028(e)

150,000

151,497

6.72%,

1/18/2029(e)

50,000

52,221

5.88%,

7/8/2031(e)

200,000

200,801

3.73%,

1/14/2032(e)

550,000

476,397

4.88%,

12/1/2032(e)

503,000

482,077

3.74%,

1/7/2033(e)

550,000

463,338

7.08%,

2/10/2034(e)

700,000

729,243

FactSet

Research

Systems,

Inc.

2.90%,

3/1/2027(a)

200,000

190,183

3.45%,

3/1/2032

250,000

222,479

Franklin

BSP

Capital

Corp.

7.20%,

6/15/2029(b)

150,000

152,527

Goldman

Sachs

Bank

USA

5.41%,

5/21/2027(e)

250,000

251,765

Goldman

Sachs

Group,

Inc.

(The)

3.75%,

2/25/2026

250,000

245,725

3.50%,

11/16/2026

100,000

97,162

3.85%,

1/26/2027

125,000

122,295

1.95%,

10/21/2027(e)

250,000

233,945

3.81%,

4/23/2029(e)

100,000

96,183

4.22%,

5/1/2029(a)

(e)

150,000

146,537

6.48%,

10/24/2029(e)

100,000

105,819

2.60%,

2/7/2030

100,000

89,541

3.80%,

3/15/2030

100,000

95,312

5.73%,

4/25/2030(a)(e)

100,000

103,294

5.05%,

7/23/2030(e)

100,000

100,491

1.99%,

1/27/2032(e)

100,000

82,909

2.62%,

4/22/2032(e)

150,000

128,860

2.38%,

7/21/2032(e)

151,000

126,973

2.65%,

10/21/2032(e)

150,000

127,740

6.13%,

2/15/2033

50,000

54,299

3.10%,

2/24/2033(e)

150,000

131,015

6.56%,

10/24/2034(e)

250,000

274,829

5.85%,

4/25/2035(e)

100,000

104,496

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Capital

Markets

-

6.4%

(continued)

Goldman

Sachs

Group,

Inc.

(The)

(continued)

5.33%,

7/23/2035(e)

$

150,000

$

151,114

LPL

Holdings,

Inc.

5.70%,

5/20/2027(a)

250,000

252,649

6.75%,

11/17/2028

200,000

211,158

6.00%,

5/20/2034

150,000

151,195

Moody's

Corp.

3.25%,

1/15/2028

140,000

134,258

4.25%,

2/1/2029(a)

252,000

248,606

2.00%,

8/19/2031(a)

200,000

167,013

4.25%,

8/8/2032(a)

175,000

168,369

Morgan

Stanley

0.99%,

12/10/2026(e)

100,000

94,324

5.17%,

1/16/2030(e)

100,000

101,182

4.43%,

1/23/2030(e)

113,000

111,063

5.04%,

7/19/2030(e)

500,000

503,480

2.70%,

1/22/2031(e)

100,000

89,405

3.62%,

4/1/2031(e)

50,000

46,865

1.93%,

4/28/2032(e)

50,000

41,124

2.24%,

7/21/2032(e)

100,000

83,462

6.34%,

10/18/2033(e)

153,000

165,615

5.25%,

4/21/2034(e)

125,000

125,581

5.47%,

1/18/2035(e)

250,000

254,417

5.83%,

4/19/2035(e)

250,000

261,199

5.32%,

7/19/2035(e)

450,000

453,709

Nasdaq,

Inc.

3.85%,

6/30/2026

150,000

147,623

5.35%,

6/28/2028

100,000

102,484

5.55%,

2/15/2034(a)

400,000

410,782

Nomura

Holdings,

Inc.

5.59%,

7/2/2027

50,000

50,773

5.84%,

1/18/2028

200,000

205,210

6.07%,

7/12/2028

200,000

207,661

2.68%,

7/16/2030

200,000

174,197

5.78%,

7/3/2034

100,000

102,796

S&P

Global,

Inc.

2.95%,

1/22/2027

500,000

480,408

2.45%,

3/1/2027

550,000

521,511

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

229

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Capital

Markets

-

6.4%

(continued)

S&P

Global,

Inc.

(continued)

2.70%,

3/1/2029

$

402,000

$

371,899

4.25%,

5/1/2029(a)

300,000

296,018

2.50%,

12/1/2029

250,000

226,199

1.25%,

8/15/2030

200,000

166,057

2.90%,

3/1/2032

475,000

419,635

5.25%,

9/15/2033(a)(b)

325,000

336,151

State

Street

Corp.

2.65%,

5/19/2026

450,000

434,555

2.40%,

1/24/2030

25,000

22,531

5.16%,

5/18/2034(a)(e)

150,000

151,953

Stifel

Financial

Corp.

4.00%,

5/15/2030

301,000

283,725

UBS

AG

1.25%,

6/1/2026

250,000

234,371

1.25%,

8/7/2026(a)

154,000

143,239

26,386,533

Chemicals

-

0

.9

%

Cabot

Corp.

4.00%,

7/1/2029

150,000

144,439

Celanese

US

Holdings

LLC

6.33%,

7/15/2029

150,000

156,950

DuPont

de

Nemours,

Inc.

4.49%,

11/15/2025

500,000

495,814

FMC

Corp.

3.20%,

10/1/2026

51,000

48,932

Huntsman

International

LLC

4.50%,

5/1/2029

150,000

144,647

Linde,

Inc.

3.20%,

1/30/2026

200,000

195,498

LYB

International

Finance

II

BV

3.50%,

3/2/2027

110,000

106,236

LYB

International

Finance

III

LLC

1.25%,

10/1/2025

200,000

190,983

5.50%,

3/1/2034

300,000

304,088

NewMarket

Corp.

2.70%,

3/18/2031

150,000

128,187

PPG

Industries,

Inc.

1.20%,

3/15/2026

250,000

235,399

3.75%,

3/15/2028

250,000

242,409

RPM

International,

Inc.

4.55%,

3/1/2029

250,000

246,257

2.95%,

1/15/2032

100,000

86,264

Sherwin-Williams

Co.

(The)

4.25%,

8/8/2025

250,000

247,834

3.95%,

1/15/2026

150,000

147,881

3.45%,

6/1/2027

250,000

241,490

2.95%,

8/15/2029

251,000

231,253

2.30%,

5/15/2030

250,000

219,237

‌

‌

3,813,798

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Commercial

Services

&

Supplies

-

1

.1

%

Cintas

Corp.

No.

2

3.70%,

4/1/2027

$

300,000

$

293,052

4.00%,

5/1/2032(a)

265,000

253,951

RELX

Capital,

Inc.

4.00%,

3/18/2029(a)

352,000

343,880

3.00%,

5/22/2030

352,000

323,068

4.75%,

5/20/2032

200,000

198,744

Republic

Services,

Inc.

0.88%,

11/15/2025

150,000

142,368

3.38%,

11/15/2027

50,000

48,118

3.95%,

5/15/2028(a)

551,000

539,132

4.88%,

4/1/2029

225,000

227,313

2.30%,

3/1/2030(a)

200,000

177,186

1.75%,

2/15/2032(a)

150,000

121,454

2.38%,

3/15/2033

225,000

185,557

5.00%,

12/15/2033(a)

200,000

201,039

5.00%,

4/1/2034(a)

100,000

100,484

Veralto

Corp.

5.50%,

9/18/2026(b)

350,000

353,186

5.35%,

9/18/2028(b)

225,000

229,673

5.45%,

9/18/2033(a)(b)

300,000

306,942

Waste

Connections,

Inc.

5.00%,

3/1/2034

150,000

150,612

Waste

Management,

Inc.

4.88%,

2/15/2029

150,000

152,436

4.88%,

2/15/2034(a)

275,000

276,085

4,624,280

Communications

Equipment

-

1

.0

%

Cisco

Systems,

Inc.

4.80%,

2/26/2027(a)

50,000

50,418

4.85%,

2/26/2029

475,000

483,852

4.95%,

2/26/2031

400,000

408,878

5.05%,

2/26/2034

600,000

613,644

Juniper

Networks,

Inc.

1.20%,

12/10/2025

100,000

94,661

3.75%,

8/15/2029

151,000

143,254

2.00%,

12/10/2030

200,000

166,520

Motorola

Solutions,

Inc.

4.60%,

2/23/2028

301,000

299,961

5.00%,

4/15/2029

250,000

252,122

4.60%,

5/23/2029

303,000

300,431

2.30%,

11/15/2030(a)

252,000

217,032

2.75%,

5/24/2031

400,000

348,568

5.60%,

6/1/2032

250,000

257,512

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

230

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Communications

Equipment

-

1.0%

(continued)

Motorola

Solutions,

Inc.

(continued)

5.40%,

4/15/2034

$

400,000

$

407,121

Nokia

OYJ

4.38%,

6/12/2027(a)

175,000

170,196

4,214,170

Construction

Materials

-

0

.1

%

Eagle

Materials,

Inc.

2.50%,

7/1/2031

150,000

129,079

Martin

Marietta

Materials,

Inc.

Series

CB,

2.50%,

3/15/2030

250,000

222,626

Vulcan

Materials

Co.

3.50%,

6/1/2030

175,000

163,638

515,343

Consumer

Finance

-

1

.5

%

AerCap

Ireland

Capital

DAC

5.30%,

1/19/2034

150,000

150,812

American

Express

Co.

6.34%,

10/30/2026(e)

525,000

532,684

1.65%,

11/4/2026(a)

300,000

280,127

2.55%,

3/4/2027(a)

120,000

113,793

3.30%,

5/3/2027

200,000

192,836

5.39%,

7/28/2027(a)(e)

425,000

428,940

5.10%,

2/16/2028(e)

350,000

351,853

5.28%,

7/27/2029(e)

500,000

508,809

5.53%,

4/25/2030(e)

200,000

205,931

6.49%,

10/30/2031(e)

250,000

271,952

4.99%,

5/26/2033(e)

276,000

274,023

4.42%,

8/3/2033(e)

100,000

96,448

5.04%,

5/1/2034(e)

100,000

99,897

5.63%,

7/28/2034(e)

200,000

205,386

5.92%,

4/25/2035(e)

250,000

260,713

Capital

One

Financial

Corp.

4.20%,

10/29/2025

550,000

542,110

7.15%,

10/29/2027(e)

100,000

104,264

6.38%,

6/8/2034(e)

100,000

104,895

Caterpillar

Financial

Services

Corp.

5.00%,

5/14/2027

150,000

152,092

Synchrony

Financial

3.70%,

8/4/2026

170,000

164,310

3.95%,

12/1/2027

605,000

574,992

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Consumer

Finance

-

1.5%

(continued)

Synchrony

Financial

(continued)

5.15%,

3/19/2029

$

302,000

$

295,969

2.88%,

10/28/2031

300,000

247,052

6,159,888

Consumer

Staples

Distribution

&

Retail

-

0

.8

%

Ahold

Finance

USA

LLC

6.88%,

5/1/2029

250,000

272,134

Costco

Wholesale

Corp.

1.38%,

6/20/2027(a)

625,000

575,176

1.60%,

4/20/2030

900,000

773,781

1.75%,

4/20/2032(a)

320,000

264,049

Kroger

Co.

(The)

Series

B,

7.70%,

6/1/2029

100,000

112,246

7.50%,

4/1/2031(a)

150,000

172,505

Sysco

Corp.

3.75%,

10/1/2025

150,000

147,745

3.30%,

7/15/2026

225,000

218,790

3.25%,

7/15/2027

150,000

143,984

5.75%,

1/17/2029

100,000

104,062

2.40%,

2/15/2030

100,000

88,562

5.95%,

4/1/2030

200,000

211,606

2.45%,

12/14/2031(a)

100,000

84,717

6.00%,

1/17/2034(a)

125,000

134,141

3,303,498

Containers

&

Packaging

-

0

.3

%

Amcor

Finance

USA,

Inc.

3.63%,

4/28/2026

150,000

146,368

4.50%,

5/15/2028

12,000

11,826

Amcor

Flexibles

North

America,

Inc.

2.63%,

6/19/2030

50,000

43,877

AptarGroup,

Inc.

3.60%,

3/15/2032(a)

150,000

133,644

Avery

Dennison

Corp.

4.88%,

12/6/2028

156,000

156,362

2.65%,

4/30/2030

350,000

312,169

2.25%,

2/15/2032

250,000

207,326

5.75%,

3/15/2033

100,000

104,840

Packaging

Corp.

of

America

3.00%,

12/15/2029

278,000

254,731

1,371,143

Distributors

-

0

.2

%

Genuine

Parts

Co.

6.50%,

11/1/2028

150,000

159,825

1.88%,

11/1/2030

100,000

83,161

2.75%,

2/1/2032

100,000

85,056

6.88%,

11/1/2033

100,000

112,016

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

231

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Distributors

-

0.2%

(continued)

LKQ

Corp.

5.75%,

6/15/2028

$

200,000

$

204,644

644,702

Diversified

REITs

-

1

.1

%

Broadstone

Net

Lease

LLC

REIT,

2.60%,

9/15/2031

150,000

123,116

GLP

Capital

LP

REIT,

5.38%,

4/15/2026(a)

403,000

402,282

REIT,

5.75%,

6/1/2028

300,000

303,806

REIT,

5.30%,

1/15/2029

400,000

399,226

REIT,

4.00%,

1/15/2030(a)

315,000

293,907

REIT,

4.00%,

1/15/2031

400,000

365,974

REIT,

3.25%,

1/15/2032

355,000

304,504

REIT,

6.75%,

12/1/2033

150,000

160,893

Rayonier

LP

REIT,

2.75%,

5/17/2031(a)

250,000

213,815

Store

Capital

LLC

REIT,

4.50%,

3/15/2028

225,000

217,521

REIT,

4.63%,

3/15/2029(a)

141,000

136,274

VICI

Properties

LP

REIT,

4.75%,

2/15/2028

505,000

499,155

REIT,

4.95%,

2/15/2030

403,000

394,795

REIT,

5.13%,

5/15/2032(a)

600,000

585,027

REIT,

5.75%,

4/1/2034

250,000

253,746

WP

Carey,

Inc.

REIT,

3.85%,

7/15/2029

50,000

47,608

4,701,649

Diversified

Telecommunication

Services

-

0

.4

%

Deutsche

Telekom

International

Finance

BV

8.75%,

6/15/2030(c)

750,000

891,137

Koninklijke

KPN

NV

8.38%,

10/1/2030

201,000

235,588

Orange

SA

9.00%,

3/1/2031(c)

50,000

60,675

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Diversified

Telecommunication

Services

-

0.4%

(continued)

Sprint

Capital

Corp.

6.88%,

11/15/2028(a)

$

300,000

$

321,645

8.75%,

3/15/2032

100,000

121,592

1,630,637

Electric

Utilities

-

1

.5

%

American

Electric

Power

Co.,

Inc.

Series

N,

1.00%,

11/1/2025

150,000

142,545

3.88%,

2/15/2062(a)(e)

351,000

326,655

Appalachian

Power

Co.

5.65%,

4/1/2034

250,000

255,325

Avangrid,

Inc.

3.80%,

6/1/2029

225,000

213,994

Duke

Energy

Corp.

3.25%,

1/15/2082(e)

101,000

91,573

Enel

Chile

SA

4.88%,

6/12/2028

75,000

73,745

Fortis,

Inc.

3.06%,

10/4/2026

250,000

239,931

Kentucky

Utilities

Co.

Series

KENT,

5.45%,

4/15/2033(a)

50,000

51,630

Louisville

Gas

and

Electric

Co.

Series

LOU,

5.45%,

4/15/2033

50,000

51,517

MidAmerican

Energy

Co.

3.10%,

5/1/2027

125,000

120,453

3.65%,

4/15/2029(a)

353,000

339,924

6.75%,

12/30/2031

150,000

170,375

5.35%,

1/15/2034

250,000

259,438

Nevada

Power

Co.

Series

CC,

3.70%,

5/1/2029

252,000

242,063

Series

DD,

2.40%,

5/1/2030

200,000

176,387

NextEra

Energy

Capital

Holdings,

Inc.

4.80%,

12/1/2077(e)

61,000

56,606

5.65%,

5/1/2079(e)

97,000

93,584

3.80%,

3/15/2082(e)

110,000

102,413

Oncor

Electric

Delivery

Co.

LLC

5.65%,

11/15/2033(a)

150,000

157,690

PacifiCorp

5.10%,

2/15/2029

150,000

152,105

3.50%,

6/15/2029

150,000

141,889

2.70%,

9/15/2030

150,000

132,904

5.30%,

2/15/2031

250,000

253,986

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

232

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Electric

Utilities

-

1.5%

(continued)

PacifiCorp

(continued)

5.45%,

2/15/2034

$

400,000

$

404,432

Public

Service

Electric

and

Gas

Co.

5.20%,

8/1/2033

150,000

153,776

Sierra

Pacific

Power

Co.

2.60%,

5/1/2026

200,000

192,629

Southern

Co.

(The)

5.70%,

3/15/2034

250,000

260,338

Series

B,

4.00%,

1/15/2051(e)

542,000

526,434

Series

21-

A,

3.75%,

9/15/2051(e)

450,000

424,250

System

Energy

Resources,

Inc.

6.00%,

4/15/2028

150,000

154,993

5,963,584

Electrical

Equipment

-

0

.2

%

Acuity

Brands

Lighting,

Inc.

2.15%,

12/15/2030

400,000

338,916

Hubbell,

Inc.

3.35%,

3/1/2026

351,000

342,165

3.50%,

2/15/2028

100,000

95,970

777,051

Electronic

Equipment,

Instruments

&

Components

-

2

.1

%

Allegion

US

Holding

Co.,

Inc.

3.55%,

10/1/2027

150,000

144,058

5.41%,

7/1/2032

100,000

102,138

5.60%,

5/29/2034

100,000

102,413

Amphenol

Corp.

4.75%,

3/30/2026(a)

150,000

149,901

5.05%,

4/5/2027(a)

150,000

151,599

5.05%,

4/5/2029

250,000

254,835

4.35%,

6/1/2029

243,000

240,066

2.80%,

2/15/2030

361,000

328,473

2.20%,

9/15/2031(a)

350,000

295,068

5.25%,

4/5/2034

150,000

153,231

Arrow

Electronics,

Inc.

3.88%,

1/12/2028

115,000

110,308

Avnet,

Inc.

4.63%,

4/15/2026

176,000

174,295

6.25%,

3/15/2028

100,000

103,917

CDW

LLC

2.67%,

12/1/2026

404,000

381,989

4.25%,

4/1/2028(a)

402,000

388,770

3.28%,

12/1/2028(a)

202,000

186,830

3.25%,

2/15/2029(a)

350,000

320,559

3.57%,

12/1/2031

400,000

355,801

Flex

Ltd.

3.75%,

2/1/2026

130,000

127,261

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Electronic

Equipment,

Instruments

&

Components

-

2.1%

(continued)

Flex

Ltd.

(continued)

6.00%,

1/15/2028

$

130,000

$

133,762

4.88%,

6/15/2029

200,000

197,608

4.88%,

5/12/2030

62,000

61,110

Jabil,

Inc.

1.70%,

4/15/2026

250,000

236,053

4.25%,

5/15/2027

250,000

245,500

3.95%,

1/12/2028(a)

130,000

125,246

3.60%,

1/15/2030

200,000

184,889

Keysight

Technologies,

Inc.

4.60%,

4/6/2027

350,000

348,097

3.00%,

10/30/2029

300,000

273,413

TD

SYNNEX

Corp.

1.75%,

8/9/2026

150,000

140,316

2.38%,

8/9/2028

102,000

92,456

2.65%,

8/9/2031

200,000

166,807

6.10%,

4/12/2034

200,000

205,751

Teledyne

Technologies,

Inc.

1.60%,

4/1/2026

200,000

188,983

2.25%,

4/1/2028

257,000

235,160

2.75%,

4/1/2031(a)

500,000

437,628

Tyco

Electronics

Group

SA

4.50%,

2/13/2026

200,000

199,453

3.70%,

2/15/2026

131,000

128,965

3.13%,

8/15/2027(a)

350,000

335,378

2.50%,

2/4/2032

100,000

86,521

Vontier

Corp.

2.40%,

4/1/2028

352,000

317,965

2.95%,

4/1/2031(a)

225,000

191,451

8,604,024

Energy

Equipment

&

Services

-

0

.1

%

Baker

Hughes

Holdings

LLC

2.06%,

12/15/2026(a)

200,000

188,359

3.14%,

11/7/2029

100,000

93,096

Helmerich

&

Payne,

Inc.

2.90%,

9/29/2031

250,000

213,344

Schlumberger

Investment

SA

4.85%,

5/15/2033

50,000

50,201

545,000

Entertainment

-

1

.0

%

Electronic

Arts,

Inc.

4.80%,

3/1/2026

200,000

199,988

1.85%,

2/15/2031

300,000

251,825

Netflix,

Inc.

4.38%,

11/15/2026(a)

350,000

347,908

4.88%,

4/15/2028

650,000

656,000

5.88%,

11/15/2028

815,000

854,739

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

233

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Entertainment

-

1.0%

(continued)

Netflix,

Inc.

(continued)

6.38%,

5/15/2029(a)

$

300,000

$

322,198

Take-Two

Interactive

Software,

Inc.

5.00%,

3/28/2026

200,000

200,273

3.70%,

4/14/2027

150,000

146,056

4.95%,

3/28/2028

300,000

301,511

4.00%,

4/14/2032

150,000

139,793

5.60%,

6/12/2034

150,000

152,878

Tencent

Music

Entertainment

Group

2.00%,

9/3/2030

400,000

340,531

3,913,700

Financial

Services

-

3

.7

%

Apollo

Global

Management,

Inc.

6.38%,

11/15/2033(a)

200,000

216,513

Berkshire

Hathaway,

Inc.

3.13%,

3/15/2026(a)

150,000

146,932

Block

Financial

LLC

2.50%,

7/15/2028

200,000

182,144

3.88%,

8/15/2030(a)

350,000

327,462

Citigroup

Global

Markets

Holdings,

Inc.

5.00%,

5/28/2029

100,000

98,608

Corebridge

Financial,

Inc.

6.88%,

12/15/2052(e)

400,000

407,203

Equitable

Holdings,

Inc.

4.35%,

4/20/2028

575,000

564,516

Fidelity

National

Information

Services,

Inc.

1.15%,

3/1/2026(a)

500,000

471,915

1.65%,

3/1/2028

150,000

134,698

5.10%,

7/15/2032

150,000

151,494

Fiserv,

Inc.

3.20%,

7/1/2026

900,000

873,420

5.15%,

3/15/2027(a)

250,000

252,930

2.25%,

6/1/2027

350,000

327,334

5.45%,

3/2/2028

350,000

358,226

5.38%,

8/21/2028

250,000

256,025

4.20%,

10/1/2028

596,000

583,790

3.50%,

7/1/2029(a)

1,311,000

1,239,961

2.65%,

6/1/2030(a)

550,000

491,094

5.35%,

3/15/2031(a)

200,000

205,284

5.60%,

3/2/2033(a)

400,000

413,959

5.63%,

8/21/2033

575,000

595,332

5.45%,

3/15/2034

350,000

357,914

Global

Payments,

Inc.

3.20%,

8/15/2029

25,000

22,910

Mastercard,

Inc.

2.95%,

11/21/2026

250,000

241,616

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Financial

Services

-

3.7%

(continued)

Mastercard,

Inc.

(continued)

3.30%,

3/26/2027(a)

$

403,000

$

391,895

2.95%,

6/1/2029

551,000

517,561

3.35%,

3/26/2030

653,000

618,647

1.90%,

3/15/2031(a)

250,000

213,765

2.00%,

11/18/2031(a)

275,000

231,944

4.85%,

3/9/2033(a)

250,000

254,247

4.88%,

5/9/2034

250,000

253,353

MGIC

Investment

Corp.

5.25%,

8/15/2028(a)

250,000

246,814

National

Rural

Utilities

Cooperative

Finance

Corp.

8.00%,

3/1/2032

100,000

118,034

5.25%,

4/20/2046(e)

100,000

97,952

NMI

Holdings,

Inc.

6.00%,

8/15/2029

150,000

151,042

Radian

Group,

Inc.

4.88%,

3/15/2027(a)

193,000

190,863

Synchrony

Bank

5.40%,

8/22/2025

312,000

311,202

5.63%,

8/23/2027

404,000

405,302

Visa,

Inc.

3.15%,

12/14/2025

282,000

276,346

1.90%,

4/15/2027

167,000

156,356

2.75%,

9/15/2027

260,000

248,061

2.05%,

4/15/2030(a)

675,000

594,390

1.10%,

2/15/2031(a)

250,000

203,883

Voya

Financial,

Inc.

4.70%,

1/23/2048(e)

250,000

217,429

Western

Union

Co.

(The)

1.35%,

3/15/2026

250,000

235,468

2.75%,

3/15/2031

150,000

127,635

14,983,469

Food

Products

-

1

.3

%

Bunge

Ltd.

Finance

Corp.

1.63%,

8/17/2025

250,000

240,954

3.25%,

8/15/2026

250,000

241,999

Flowers

Foods,

Inc.

3.50%,

10/1/2026

150,000

145,429

General

Mills,

Inc.

3.20%,

2/10/2027

300,000

288,909

4.20%,

4/17/2028

292,000

287,648

5.50%,

10/17/2028(a)

100,000

103,070

2.88%,

4/15/2030

177,000

160,128

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

234

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Food

Products

-

1.3%

(continued)

General

Mills,

Inc.

(continued)

4.95%,

3/29/2033

$

175,000

$

174,428

Hershey

Co.

(The)

1.70%,

6/1/2030(a)

150,000

128,686

Ingredion,

Inc.

3.20%,

10/1/2026

200,000

193,429

2.90%,

6/1/2030

200,000

181,322

Kellanova

Series

B,

7.45%,

4/1/2031

100,000

113,489

Mondelez

International,

Inc.

2.63%,

3/17/2027

452,000

429,332

4.75%,

2/20/2029(a)

150,000

150,913

2.75%,

4/13/2030(a)

323,000

292,407

1.50%,

2/4/2031

100,000

81,705

3.00%,

3/17/2032(a)

500,000

441,763

1.88%,

10/15/2032

150,000

120,953

Unilever

Capital

Corp.

2.00%,

7/28/2026

150,000

142,686

2.90%,

5/5/2027

251,000

240,993

3.50%,

3/22/2028

202,000

195,589

4.88%,

9/8/2028

100,000

101,660

2.13%,

9/6/2029(a)

325,000

291,211

1.38%,

9/14/2030(a)

100,000

83,627

1.75%,

8/12/2031

250,000

208,742

5.90%,

11/15/2032

200,000

216,895

5.00%,

12/8/2033(a)

150,000

153,767

5,411,734

Gas

Utilities

-

0

.3

%

Atmos

Energy

Corp.

2.63%,

9/15/2029

200,000

182,126

5.90%,

11/15/2033(a)

250,000

266,748

National

Fuel

Gas

Co.

5.50%,

1/15/2026

233,000

233,720

5.50%,

10/1/2026

100,000

100,840

3.95%,

9/15/2027

150,000

145,186

4.75%,

9/1/2028

51,000

50,351

2.95%,

3/1/2031

350,000

300,960

Southern

Natural

Gas

Co.

LLC

8.00%,

3/1/2032

100,000

115,897

1,395,828

Ground

Transportation

-

0

.2

%

Burlington

Northern

Santa

Fe

LLC

3.65%,

9/1/2025

250,000

246,822

7.95%,

8/15/2030(a)

100,000

117,743

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Ground

Transportation

-

0.2%

(continued)

Canadian

National

Railway

Co.

3.85%,

8/5/2032(a)

$

50,000

$

47,197

CSX

Corp.

3.35%,

11/1/2025

200,000

196,136

3.25%,

6/1/2027(a)

30,000

29,011

JB

Hunt

Transport

Services,

Inc.

3.88%,

3/1/2026

150,000

147,595

784,504

Health

Care

Equipment

&

Supplies

-

0

.9

%

Becton

Dickinson

&

Co.

3.70%,

6/6/2027

50,000

48,696

Boston

Scientific

Corp.

3.75%,

3/1/2026

250,000

245,353

4.00%,

3/1/2028

100,000

98,273

2.65%,

6/1/2030

600,000

539,300

DH

Europe

Finance

II

Sarl

2.60%,

11/15/2029

152,000

138,439

Edwards

Lifesciences

Corp.

4.30%,

6/15/2028

250,000

244,962

Smith

&

Nephew

plc

2.03%,

10/14/2030(a)

100,000

84,864

STERIS

Irish

FinCo.

UnLtd

Co.

2.70%,

3/15/2031

150,000

129,336

Stryker

Corp.

3.38%,

11/1/2025(a)

350,000

343,296

3.50%,

3/15/2026(a)

480,000

470,565

3.65%,

3/7/2028

250,000

241,677

4.85%,

12/8/2028

350,000

352,857

1.95%,

6/15/2030

300,000

258,469

Zimmer

Biomet

Holdings,

Inc.

3.05%,

1/15/2026(a)

200,000

194,697

5.35%,

12/1/2028

50,000

51,167

3.55%,

3/20/2030

50,000

46,417

3,488,368

Health

Care

Providers

&

Services

-

1

.7

%

Cardinal

Health,

Inc.

3.75%,

9/15/2025

200,000

197,038

3.41%,

6/15/2027

504,000

485,303

5.13%,

2/15/2029(a)

400,000

405,502

5.45%,

2/15/2034(a)

125,000

128,005

Cencora,

Inc.

3.45%,

12/15/2027(a)

311,000

298,811

2.80%,

5/15/2030

300,000

269,360

2.70%,

3/15/2031

430,000

376,264

5.13%,

2/15/2034

200,000

201,620

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

235

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Health

Care

Providers

&

Services

-

1.7%

(continued)

Centene

Corp.

4.25%,

12/15/2027(a)

$

480,000

$

464,735

4.63%,

12/15/2029(a)

252,000

242,540

3.38%,

2/15/2030

650,000

585,631

2.50%,

3/1/2031

100,000

83,717

Elevance

Health,

Inc.

5.35%,

10/15/2025

200,000

200,599

1.50%,

3/15/2026(a)

275,000

260,718

3.65%,

12/1/2027

100,000

96,952

4.10%,

3/1/2028(a)

100,000

98,080

2.88%,

9/15/2029

250,000

229,363

2.25%,

5/15/2030

150,000

131,322

2.55%,

3/15/2031

150,000

130,785

4.75%,

2/15/2033

50,000

49,362

HCA,

Inc.

4.13%,

6/15/2029

150,000

144,707

3.63%,

3/15/2032

100,000

90,030

Laboratory

Corp.

of

America

Holdings

1.55%,

6/1/2026

152,000

142,786

2.95%,

12/1/2029

400,000

364,737

McKesson

Corp.

0.90%,

12/3/2025(a)

225,000

213,421

1.30%,

8/15/2026

252,000

235,279

4.90%,

7/15/2028

150,000

151,896

5.10%,

7/15/2033(a)

300,000

306,484

Quest

Diagnostics,

Inc.

4.20%,

6/30/2029

100,000

97,956

UnitedHealth

Group,

Inc.

4.00%,

5/15/2029

80,000

78,317

2.00%,

5/15/2030

150,000

130,515

4.20%,

5/15/2032

150,000

144,020

7,035,855

Health

Care

REITs

-

0

.7

%

Alexandria

Real

Estate

Equities,

Inc.

REIT,

3.38%,

8/15/2031(a)

100,000

90,296

REIT,

1.88%,

2/1/2033

150,000

116,180

Healthpeak

OP

LLC

REIT,

2.88%,

1/15/2031

250,000

221,175

National

Health

Investors,

Inc.

REIT,

3.00%,

2/1/2031

200,000

170,021

Omega

Healthcare

Investors,

Inc.

REIT,

5.25%,

1/15/2026

400,000

398,925

REIT,

4.50%,

4/1/2027

391,000

383,124

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Health

Care

REITs

-

0.7%

(continued)

Omega

Healthcare

Investors,

Inc.

(continued)

REIT,

4.75%,

1/15/2028(a)

$

251,000

$

246,807

REIT,

3.63%,

10/1/2029

251,000

229,429

REIT,

3.38%,

2/1/2031

250,000

220,401

REIT,

3.25%,

4/15/2033

250,000

208,145

Sabra

Health

Care

LP

REIT,

5.13%,

8/15/2026(a)

302,000

300,497

REIT,

3.90%,

10/15/2029

151,000

139,689

REIT,

3.20%,

12/1/2031(a)

100,000

85,362

Welltower

OP

LLC

REIT,

4.13%,

3/15/2029

25,000

24,324

2,834,375

Hotel

&

Resort

REITs

-

0

.2

%

Host

Hotels

&

Resorts

LP

Series

H,

REIT,

3.38%,

12/15/2029

253,000

230,930

Series

I,

REIT,

3.50%,

9/15/2030

550,000

500,402

Series

J,

REIT,

2.90%,

12/15/2031

250,000

213,742

945,074

Hotels,

Restaurants

&

Leisure

-

2

.6

%

Choice

Hotels

International,

Inc.

3.70%,

12/1/2029(a)

250,000

229,530

3.70%,

1/15/2031

75,000

67,666

Darden

Restaurants,

Inc.

3.85%,

5/1/2027

300,000

292,115

6.30%,

10/10/2033

150,000

158,518

Las

Vegas

Sands

Corp.

5.90%,

6/1/2027(a)

650,000

660,324

3.90%,

8/8/2029

250,000

231,100

6.00%,

8/15/2029

100,000

101,860

Marriott

International,

Inc.

3.75%,

10/1/2025(a)

150,000

147,738

Series

R,

3.13%,

6/15/2026

300,000

290,446

5.45%,

9/15/2026(a)

150,000

152,142

5.00%,

10/15/2027

343,000

346,019

Series

X,

4.00%,

4/15/2028

102,000

99,392

5.55%,

10/15/2028

200,000

206,158

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

236

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Hotels,

Restaurants

&

Leisure

-

2.6%

(continued)

Marriott

International,

Inc.

(continued)

Series

AA,

4.65%,

12/1/2028

$

100,000

$

99,608

4.90%,

4/15/2029

500,000

503,104

4.88%,

5/15/2029

150,000

150,906

Series

FF,

4.63%,

6/15/2030

302,000

299,577

Series

HH,

2.85%,

4/15/2031

450,000

394,430

Series

GG,

3.50%,

10/15/2032

375,000

334,236

Series

II,

2.75%,

10/15/2033(a)

125,000

104,033

5.30%,

5/15/2034

400,000

403,180

McDonald's

Corp.

1.45%,

9/1/2025(a)

200,000

192,825

3.50%,

3/1/2027(a)

310,000

301,361

3.50%,

7/1/2027(a)

434,000

421,183

3.80%,

4/1/2028

206,000

200,791

4.80%,

8/14/2028

300,000

302,228

5.00%,

5/17/2029

100,000

101,801

2.63%,

9/1/2029(a)

190,000

174,053

2.13%,

3/1/2030

301,000

263,689

3.60%,

7/1/2030(a)

200,000

189,168

4.60%,

9/9/2032

230,000

227,562

4.95%,

8/14/2033(a)

300,000

302,717

5.20%,

5/17/2034

100,000

102,991

Sands

China

Ltd.

5.12%,

8/8/2025(c)

450,000

446,779

3.80%,

1/8/2026(c)

450,000

436,719

2.30%,

3/8/2027(c)

200,000

183,624

5.40%,

8/8/2028(c)

750,000

739,181

2.85%,

3/8/2029(c)

400,000

352,586

4.38%,

6/18/2030(a)(c)

300,000

278,119

10,489,459

Household

Durables

-

0

.5

%

DR

Horton,

Inc.

2.60%,

10/15/2025

280,000

271,935

1.30%,

10/15/2026(a)

300,000

278,119

Lennar

Corp.

5.25%,

6/1/2026

200,000

200,714

Meritage

Homes

Corp.

5.13%,

6/6/2027

50,000

49,998

NVR,

Inc.

3.00%,

5/15/2030

527,000

478,800

PulteGroup,

Inc.

5.00%,

1/15/2027

293,000

294,372

7.88%,

6/15/2032

100,000

117,203

6.38%,

5/15/2033(a)

150,000

161,888

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Household

Durables

-

0.5%

(continued)

Toll

Brothers

Finance

Corp.

4.88%,

3/15/2027

$

303,000

$

301,896

2,154,925

Household

Products

-

0

.7

%

Church

&

Dwight

Co.,

Inc.

3.15%,

8/1/2027

350,000

336,345

2.30%,

12/15/2031

150,000

127,509

5.60%,

11/15/2032

200,000

211,264

Colgate-Palmolive

Co.

3.25%,

8/15/2032(a)

200,000

183,122

4.60%,

3/1/2033

250,000

251,794

Kimberly-Clark

Corp.

1.05%,

9/15/2027(a)

150,000

135,195

3.95%,

11/1/2028

100,000

98,246

3.20%,

4/25/2029

300,000

284,531

3.10%,

3/26/2030

52,000

48,586

Procter

&

Gamble

Co.

(The)

2.45%,

11/3/2026

162,000

155,184

2.80%,

3/25/2027

316,000

304,327

3.00%,

3/25/2030(a)

264,000

247,785

1.95%,

4/23/2031

25,000

21,778

4.55%,

1/29/2034

175,000

176,028

5.50%,

2/1/2034

75,000

80,025

2,661,719

Independent

Power

and

Renewable

Electricity

Producers

-

0

.0

%

(d)

Constellation

Energy

Generation

LLC

6.13%,

1/15/2034

75,000

80,023

Industrial

Conglomerates

-

0

.2

%

Honeywell

International,

Inc.

2.50%,

11/1/2026(a)

100,000

95,706

4.25%,

1/15/2029

150,000

149,164

1.95%,

6/1/2030

50,000

43,636

1.75%,

9/1/2031

100,000

82,978

5.00%,

2/15/2033(a)

85,000

86,577

Pentair

Finance

Sarl

4.50%,

7/1/2029

100,000

98,250

5.90%,

7/15/2032

200,000

210,267

766,578

Industrial

REITs

-

0

.0

%

(d)

Prologis

LP

REIT,

4.75%,

6/15/2033

100,000

98,789

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

237

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Insurance

-

5

.4

%

ACE

Capital

Trust

II

9.70%,

4/1/2030

$

100,000

$

119,739

Aegon

Ltd.

5.50%,

4/11/2048(e)

200,000

194,741

Aflac,

Inc.

1.13%,

3/15/2026(a)

50,000

47,197

3.60%,

4/1/2030

252,000

237,814

Alleghany

Corp.

3.63%,

5/15/2030

175,000

166,674

American

Financial

Group,

Inc.

5.25%,

4/2/2030

100,000

102,247

American

International

Group,

Inc.

Series

A-9,

5.75%,

4/1/2048(e)

402,000

396,731

Aon

Corp.

8.21%,

1/1/2027(a)

230,000

246,004

2.85%,

5/28/2027

313,000

297,991

4.50%,

12/15/2028

170,000

168,060

3.75%,

5/2/2029(a)

325,000

311,223

2.80%,

5/15/2030

437,000

393,087

2.05%,

8/23/2031

200,000

165,656

2.60%,

12/2/2031

185,000

157,833

5.00%,

9/12/2032

175,000

175,084

5.35%,

2/28/2033(a)

350,000

356,112

Aon

Global

Ltd.

3.88%,

12/15/2025

335,000

330,408

Aon

North

America,

Inc.

5.13%,

3/1/2027

250,000

252,820

5.15%,

3/1/2029

250,000

253,933

5.30%,

3/1/2031(a)

150,000

152,832

5.45%,

3/1/2034

750,000

765,448

Arch

Capital

Finance

LLC

4.01%,

12/15/2026

200,000

195,487

Arch

Capital

Group

Ltd.

7.35%,

5/1/2034

150,000

173,716

Arthur

J

Gallagher

&

Co.

2.40%,

11/9/2031

150,000

124,903

5.50%,

3/2/2033

150,000

153,739

6.50%,

2/15/2034

150,000

162,775

5.45%,

7/15/2034

150,000

152,724

Assurant,

Inc.

4.90%,

3/27/2028

250,000

248,019

3.70%,

2/22/2030

201,000

186,455

2.65%,

1/15/2032

125,000

104,740

6.75%,

2/15/2034

75,000

81,554

Athene

Holding

Ltd.

4.13%,

1/12/2028

500,000

488,204

6.15%,

4/3/2030

200,000

210,949

3.50%,

1/15/2031

200,000

181,610

6.65%,

2/1/2033

150,000

161,379

5.88%,

1/15/2034

300,000

305,916

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Insurance

-

5.4%

(continued)

AXA

SA

8.60%,

12/15/2030

$

100,000

$

119,616

AXIS

Specialty

Finance

LLC

4.90%,

1/15/2040(e)

202,000

188,277

Berkshire

Hathaway

Finance

Corp.

1.85%,

3/12/2030

250,000

218,731

1.45%,

10/15/2030(a)

250,000

210,865

2.88%,

3/15/2032(a)

250,000

224,082

Brown

&

Brown,

Inc.

4.50%,

3/15/2029

250,000

245,240

2.38%,

3/15/2031(a)

252,000

211,966

4.20%,

3/17/2032(a)

200,000

186,088

5.65%,

6/11/2034(a)

250,000

253,103

Chubb

INA

Holdings

LLC

3.35%,

5/3/2026

150,000

146,385

CNA

Financial

Corp.

4.50%,

3/1/2026(a)

200,000

198,619

3.90%,

5/1/2029

300,000

289,182

2.05%,

8/15/2030

200,000

171,027

5.50%,

6/15/2033

175,000

178,740

5.13%,

2/15/2034

225,000

223,629

Enstar

Finance

LLC

5.75%,

9/1/2040(e)

200,000

191,999

5.50%,

1/15/2042(e)

200,000

178,716

Enstar

Group

Ltd.

4.95%,

6/1/2029

2,000

1,938

3.10%,

9/1/2031

400,000

329,795

F&G

Annuities

&

Life,

Inc.

7.40%,

1/13/2028

35,000

36,578

6.50%,

6/4/2029(a)

250,000

253,931

Fairfax

Financial

Holdings

Ltd.

4.63%,

4/29/2030

225,000

219,802

3.38%,

3/3/2031

150,000

133,194

5.63%,

8/16/2032(a)

125,000

126,901

6.00%,

12/7/2033(b)

150,000

155,544

Fidelity

National

Financial,

Inc.

4.50%,

8/15/2028

100,000

98,342

3.40%,

6/15/2030

250,000

226,538

2.45%,

3/15/2031

75,000

62,882

First

American

Financial

Corp.

2.40%,

8/15/2031(a)

100,000

81,486

Globe

Life,

Inc.

4.55%,

9/15/2028

50,000

48,606

Hanover

Insurance

Group,

Inc.

(The)

2.50%,

9/1/2030

300,000

257,289

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

238

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Insurance

-

5.4%

(continued)

Hartford

Financial

Services

Group,

Inc.

(The)

2.80%,

8/19/2029(a)

$

302,000

$

275,264

Horace

Mann

Educators

Corp.

4.50%,

12/1/2025

100,000

98,625

7.25%,

9/15/2028

100,000

107,425

Kemper

Corp.

3.80%,

2/23/2032

250,000

218,884

Manulife

Financial

Corp.

4.15%,

3/4/2026

252,000

249,107

2.48%,

5/19/2027

102,000

95,881

4.06%,

2/24/2032(e)

301,000

292,480

Markel

Group,

Inc.

3.35%,

9/17/2029

200,000

187,434

Marsh

&

McLennan

Cos.,

Inc.

3.75%,

3/14/2026

50,000

49,160

4.38%,

3/15/2029(a)

105,000

104,404

2.38%,

12/15/2031

150,000

127,693

5.75%,

11/1/2032(a)

200,000

213,034

5.88%,

8/1/2033

100,000

107,593

5.40%,

9/15/2033

150,000

156,174

5.15%,

3/15/2034

175,000

179,116

Old

Republic

International

Corp.

3.88%,

8/26/2026

251,000

245,162

5.75%,

3/28/2034

150,000

152,462

Primerica,

Inc.

2.80%,

11/19/2031

250,000

214,244

Principal

Financial

Group,

Inc.

3.10%,

11/15/2026

250,000

240,062

3.70%,

5/15/2029

250,000

238,541

2.13%,

6/15/2030(a)

150,000

128,713

5.38%,

3/15/2033

100,000

102,068

Progressive

Corp.

(The)

3.20%,

3/26/2030

1,000

929

Prudential

Financial,

Inc.

4.50%,

9/15/2047(a)(e)

150,000

142,796

5.70%,

9/15/2048(e)

550,000

541,535

3.70%,

10/1/2050(e)

250,000

220,289

5.13%,

3/1/2052(e)

300,000

282,158

6.00%,

9/1/2052(e)

220,000

220,623

6.75%,

3/1/2053(e)

100,000

103,254

6.50%,

3/15/2054(a)(e)

325,000

331,339

Reinsurance

Group

of

America,

Inc.

3.90%,

5/15/2029

202,000

193,263

6.00%,

9/15/2033

250,000

260,494

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Insurance

-

5.4%

(continued)

RenaissanceRe

Finance,

Inc.

3.45%,

7/1/2027

$

150,000

$

143,945

RenaissanceRe

Holdings

Ltd.

3.60%,

4/15/2029

200,000

188,851

5.75%,

6/5/2033

300,000

303,784

Trinity

Acquisition

plc

4.40%,

3/15/2026

301,000

297,562

Unum

Group

3.88%,

11/5/2025

100,000

98,284

Willis

North

America,

Inc.

4.65%,

6/15/2027

281,000

279,361

4.50%,

9/15/2028

260,000

255,913

2.95%,

9/15/2029

354,000

322,604

5.35%,

5/15/2033

390,000

391,428

22,054,833

Interactive

Media

&

Services

-

0

.3

%

Meta

Platforms,

Inc.

3.50%,

8/15/2027(a)

500,000

487,042

3.85%,

8/15/2032

150,000

142,288

4.95%,

5/15/2033

250,000

255,172

Weibo

Corp.

3.38%,

7/8/2030

200,000

177,547

1,062,049

IT

Services

-

0

.8

%

Amdocs

Ltd.

2.54%,

6/15/2030

250,000

220,281

Booz

Allen

Hamilton,

Inc.

5.95%,

8/4/2033(a)

200,000

208,292

CGI,

Inc.

1.45%,

9/14/2026(a)

251,000

233,095

2.30%,

9/14/2031

200,000

163,587

Genpact

Luxembourg

Sarl

1.75%,

4/10/2026

250,000

236,412

IBM

International

Capital

Pte.

Ltd.

4.60%,

2/5/2029

150,000

150,086

4.90%,

2/5/2034

175,000

174,192

International

Business

Machines

Corp.

3.45%,

2/19/2026

100,000

97,965

3.30%,

5/15/2026

100,000

97,681

2.20%,

2/9/2027(a)

100,000

94,301

1.70%,

5/15/2027(a)

150,000

138,955

4.15%,

7/27/2027

92,000

90,962

3.50%,

5/15/2029

705,000

670,833

VeriSign,

Inc.

4.75%,

7/15/2027

250,000

248,024

2.70%,

6/15/2031

300,000

256,996

‌

‌

3,081,662

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

239

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Life

Sciences

Tools

&

Services

-

0

.2

%

Agilent

Technologies,

Inc.

3.05%,

9/22/2026

$

100,000

$

96,223

2.75%,

9/15/2029

332,000

302,725

2.10%,

6/4/2030

200,000

173,413

2.30%,

3/12/2031

301,000

256,976

829,337

Machinery

-

1

.4

%

AGCO

Corp.

5.80%,

3/21/2034(a)

200,000

203,716

Dover

Corp.

3.15%,

11/15/2025

301,000

294,330

Flowserve

Corp.

3.50%,

10/1/2030

500,000

458,597

2.80%,

1/15/2032(a)

125,000

105,978

Fortive

Corp.

3.15%,

6/15/2026

401,000

387,444

IDEX

Corp.

3.00%,

5/1/2030(a)

250,000

225,752

2.63%,

6/15/2031

200,000

172,955

Ingersoll

Rand,

Inc.

5.40%,

8/14/2028(a)

250,000

256,212

5.70%,

8/14/2033(a)

475,000

497,987

Nordson

Corp.

5.60%,

9/15/2028

250,000

257,315

5.80%,

9/15/2033(a)

150,000

158,029

nVent

Finance

Sarl

4.55%,

4/15/2028

100,000

98,623

2.75%,

11/15/2031

50,000

42,133

5.65%,

5/15/2033(a)

100,000

101,913

Otis

Worldwide

Corp.

2.29%,

4/5/2027

200,000

187,846

5.25%,

8/16/2028(a)

250,000

255,008

2.57%,

2/15/2030

653,000

582,980

Westinghouse

Air

Brake

Technologies

Corp.

3.45%,

11/15/2026

320,000

309,775

4.70%,

9/15/2028(c)

614,000

610,608

5.61%,

3/11/2034

200,000

205,748

Xylem,

Inc.

3.25%,

11/1/2026

200,000

193,562

1.95%,

1/30/2028

150,000

136,908

2.25%,

1/30/2031

150,000

128,339

5,871,758

Media

-

0

.5

%

Fox

Corp.

4.71%,

1/25/2029

800,000

798,896

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Media

-

0.5%

(continued)

Fox

Corp.

(continued)

6.50%,

10/13/2033(a)

$

400,000

$

429,230

Interpublic

Group

of

Cos.,

Inc.

(The)

4.75%,

3/30/2030

27,000

26,815

Omnicom

Group,

Inc.

3.60%,

4/15/2026

400,000

390,782

2.45%,

4/30/2030

150,000

132,219

4.20%,

6/1/2030

100,000

96,843

2.60%,

8/1/2031

100,000

86,452

1,961,237

Metals

&

Mining

-

1

.4

%

AngloGold

Ashanti

Holdings

plc

3.38%,

11/1/2028

52,000

47,614

ArcelorMittal

SA

6.80%,

11/29/2032

100,000

108,184

BHP

Billiton

Finance

USA

Ltd.

4.88%,

2/27/2026(a)

450,000

450,374

6.42%,

3/1/2026

100,000

102,425

5.25%,

9/8/2026

700,000

707,844

4.75%,

2/28/2028

215,000

216,251

5.10%,

9/8/2028

400,000

407,448

5.25%,

9/8/2030

125,000

129,238

4.90%,

2/28/2033

100,000

100,333

5.25%,

9/8/2033

550,000

562,957

Nucor

Corp.

3.13%,

4/1/2032

150,000

133,293

Reliance,

Inc.

1.30%,

8/15/2025

252,000

241,654

2.15%,

8/15/2030

150,000

128,713

Rio

Tinto

Alcan,

Inc.

7.25%,

3/15/2031(a)

150,000

169,668

6.13%,

12/15/2033(a)

350,000

380,522

Rio

Tinto

Finance

USA

Ltd.

7.13%,

7/15/2028

132,000

144,177

Steel

Dynamics,

Inc.

1.65%,

10/15/2027

100,000

90,605

3.45%,

4/15/2030

100,000

92,802

3.25%,

1/15/2031

150,000

135,522

Vale

Canada

Ltd.

7.20%,

9/15/2032

100,000

106,500

Vale

Overseas

Ltd.

3.75%,

7/8/2030

420,000

387,968

6.13%,

6/12/2033

725,000

741,621

8.25%,

1/17/2034

150,000

177,977

5,763,690

Multi-Utilities

-

0

.9

%

Berkshire

Hathaway

Energy

Co.

3.25%,

4/15/2028(a)

250,000

238,271

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

240

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Multi-Utilities

-

0.9%

(continued)

Berkshire

Hathaway

Energy

Co.

(continued)

8.48%,

9/15/2028

$

150,000

$

171,643

3.70%,

7/15/2030

633,000

601,364

1.65%,

5/15/2031

300,000

246,256

CMS

Energy

Corp.

4.75%,

6/1/2050(e)

85,000

78,439

3.75%,

12/1/2050(e)

100,000

83,937

NiSource,

Inc.

5.35%,

4/1/2034

150,000

151,110

6.95%,

11/30/2054(e)

100,000

101,408

Public

Service

Enterprise

Group,

Inc.

0.80%,

8/15/2025(a)

152,000

145,182

5.85%,

11/15/2027

200,000

206,100

5.88%,

10/15/2028(a)

125,000

129,959

5.20%,

4/1/2029

350,000

355,966

1.60%,

8/15/2030(a)

150,000

124,807

2.45%,

11/15/2031

150,000

126,717

6.13%,

10/15/2033

100,000

106,448

5.45%,

4/1/2034

150,000

152,550

Puget

Energy,

Inc.

4.10%,

6/15/2030

50,000

47,223

Sempra

3.25%,

6/15/2027

130,000

124,470

5.50%,

8/1/2033(a)

125,000

127,920

4.13%,

4/1/2052(a)

(e)

200,000

184,540

3,504,310

Office

REITs

-

0

.1

%

COPT

Defense

Properties

LP

REIT,

2.25%,

3/15/2026

50,000

47,687

REIT,

2.00%,

1/15/2029

175,000

152,143

REIT,

2.75%,

4/15/2031

100,000

84,660

Highwoods

Realty

LP

REIT,

4.13%,

3/15/2028

100,000

95,291

REIT,

4.20%,

4/15/2029(a)

50,000

46,917

Kilroy

Realty

LP

REIT,

3.05%,

2/15/2030

25,000

21,618

448,316

Oil,

Gas

&

Consumable

Fuels

-

12

.7

%

Apache

Corp.

4.38%,

10/15/2028(a)

100,000

95,789

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

12.7%

(continued)

Apache

Corp.

(continued)

4.25%,

1/15/2030

$

250,000

$

236,410

Boardwalk

Pipelines

LP

5.95%,

6/1/2026

150,000

151,784

4.80%,

5/3/2029

302,000

300,226

3.40%,

2/15/2031(a)

100,000

89,433

3.60%,

9/1/2032

200,000

176,209

BP

Capital

Markets

America,

Inc.

4.81%,

2/13/2033

150,000

148,564

4.89%,

9/11/2033

50,000

49,780

Burlington

Resources

LLC

7.20%,

8/15/2031

100,000

114,035

7.40%,

12/1/2031

200,000

231,021

Canadian

Natural

Resources

Ltd.

3.85%,

6/1/2027

750,000

730,492

2.95%,

7/15/2030(a)

200,000

179,468

7.20%,

1/15/2032

100,000

112,364

6.45%,

6/30/2033

150,000

160,203

Cenovus

Energy,

Inc.

2.65%,

1/15/2032(a)

150,000

126,660

Cheniere

Corpus

Christi

Holdings

LLC

3.70%,

11/15/2029

350,000

331,123

Cheniere

Energy

Partners

LP

4.50%,

10/1/2029

525,000

508,077

4.00%,

3/1/2031

500,000

462,772

3.25%,

1/31/2032(a)

200,000

174,482

5.95%,

6/30/2033

250,000

258,257

Cheniere

Energy,

Inc.

5.65%,

4/15/2034(b)

350,000

355,659

Chevron

Corp.

2.95%,

5/16/2026

50,000

48,602

2.00%,

5/11/2027

50,000

46,836

2.24%,

5/11/2030(a)

50,000

44,271

Conoco

Funding

Co.

7.25%,

10/15/2031

100,000

114,446

ConocoPhillips

5.90%,

10/15/2032

100,000

107,299

ConocoPhillips

Co.

6.95%,

4/15/2029

301,000

331,017

5.05%,

9/15/2033(a)

500,000

506,726

Continental

Resources,

Inc.

4.38%,

1/15/2028

403,000

393,191

Coterra

Energy,

Inc.

3.90%,

5/15/2027

402,000

391,200

4.38%,

3/15/2029

150,000

146,108

5.60%,

3/15/2034

100,000

101,798

Devon

Energy

Corp.

5.85%,

12/15/2025

215,000

216,790

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

241

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

12.7%

(continued)

Devon

Energy

Corp.

(continued)

7.88%,

9/30/2031

$

250,000

$

288,711

7.95%,

4/15/2032

150,000

174,528

Diamondback

Energy,

Inc.

3.25%,

12/1/2026

250,000

241,563

5.20%,

4/18/2027

650,000

657,152

3.50%,

12/1/2029(a)

303,000

284,855

5.15%,

1/30/2030(a)

300,000

304,701

3.13%,

3/24/2031

200,000

179,568

6.25%,

3/15/2033

400,000

427,211

5.40%,

4/18/2034(a)

500,000

506,133

Eastern

Gas

Transmission

&

Storage,

Inc.

3.00%,

11/15/2029

202,000

185,268

El

Paso

Natural

Gas

Co.

LLC

8.38%,

6/15/2032(c)

100,000

117,966

Enbridge,

Inc.

5.70%,

3/8/2033(a)

200,000

206,506

2.50%,

8/1/2033(a)

200,000

163,078

5.63%,

4/5/2034

350,000

358,312

7.20%,

6/27/2054(e)

150,000

152,654

7.38%,

3/15/2055(e)

100,000

101,330

Series

16-

A,

6.00%,

1/15/2077(e)

300,000

292,222

5.50%,

7/15/2077(e)

400,000

380,370

6.25%,

3/1/2078(a)

(e)

352,000

338,205

Series

20-

A,

5.75%,

7/15/2080(e)

435,000

412,706

7.38%,

1/15/2083(e)

200,000

201,191

7.63%,

1/15/2083(e)

250,000

259,770

8.25%,

1/15/2084(a)(e)

350,000

367,064

8.50%,

1/15/2084(e)

400,000

437,467

Energy

Transfer

LP

5.95%,

12/1/2025

250,000

252,004

4.75%,

1/15/2026

350,000

348,587

3.90%,

7/15/2026

100,000

97,865

6.05%,

12/1/2026(a)

200,000

204,492

4.40%,

3/15/2027

350,000

345,939

4.20%,

4/15/2027

150,000

147,437

5.50%,

6/1/2027

200,000

202,957

4.00%,

10/1/2027

100,000

97,554

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

12.7%

(continued)

Energy

Transfer

LP

(continued)

5.55%,

2/15/2028

$

220,000

$

224,082

4.95%,

5/15/2028

200,000

200,473

4.95%,

6/15/2028(a)

200,000

200,567

6.10%,

12/1/2028

150,000

156,390

5.25%,

4/15/2029

400,000

405,956

5.25%,

7/1/2029

250,000

252,713

4.15%,

9/15/2029

500,000

483,929

8.25%,

11/15/2029

50,000

57,093

3.75%,

5/15/2030(a)

275,000

259,032

6.40%,

12/1/2030(a)

200,000

214,226

5.75%,

2/15/2033

350,000

358,616

6.55%,

12/1/2033

525,000

566,876

5.55%,

5/15/2034

350,000

353,142

EnLink

Midstream

LLC

5.38%,

6/1/2029

50,000

49,814

EnLink

Midstream

Partners

LP

4.85%,

7/15/2026

150,000

148,190

Enterprise

Products

Operating

LLC

5.05%,

1/10/2026

200,000

200,840

3.70%,

2/15/2026(a)

170,000

167,272

4.60%,

1/11/2027

200,000

200,095

4.15%,

10/16/2028(a)

231,000

227,173

3.13%,

7/31/2029(a)

332,000

309,875

2.80%,

1/31/2030

257,000

234,429

5.35%,

1/31/2033

502,000

518,348

Series

D,

6.88%,

3/1/2033

200,000

226,850

4.85%,

1/31/2034

350,000

348,911

Series

E,

5.25%,

8/16/2077(e)

552,000

532,943

5.38%,

2/15/2078(e)

350,000

330,706

EOG

Resources,

Inc.

4.38%,

4/15/2030

102,000

101,284

EQT

Corp.

7.00%,

2/1/2030(a)

(c)

50,000

53,928

Exxon

Mobil

Corp.

3.04%,

3/1/2026

50,000

48,792

3.48%,

3/19/2030

200,000

190,197

2.61%,

10/15/2030

126,000

113,227

Hess

Corp.

4.30%,

4/1/2027

400,000

395,052

7.88%,

10/1/2029

200,000

227,517

7.30%,

8/15/2031

250,000

283,666

7.13%,

3/15/2033

200,000

227,916

HF

Sinclair

Corp.

5.88%,

4/1/2026

400,000

402,966

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

242

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

12.7%

(continued)

HF

Sinclair

Corp.

(continued)

5.00%,

2/1/2028(b)

$

200,000

$

196,974

4.50%,

10/1/2030

100,000

95,509

Kinder

Morgan

Energy

Partners

LP

7.40%,

3/15/2031

100,000

112,541

7.75%,

3/15/2032

100,000

114,615

7.30%,

8/15/2033

175,000

198,309

Kinder

Morgan,

Inc.

7.80%,

8/1/2031(a)

102,000

117,655

7.75%,

1/15/2032

200,000

230,818

5.40%,

2/1/2034

275,000

277,042

Marathon

Oil

Corp.

4.40%,

7/15/2027

250,000

247,814

5.30%,

4/1/2029

250,000

255,511

6.80%,

3/15/2032

100,000

110,921

5.70%,

4/1/2034

250,000

260,359

Marathon

Petroleum

Corp.

3.80%,

4/1/2028

102,000

98,733

MPLX

LP

1.75%,

3/1/2026

652,000

619,703

4.13%,

3/1/2027

500,000

491,116

4.25%,

12/1/2027

200,000

196,118

4.00%,

3/15/2028

505,000

490,887

4.80%,

2/15/2029

150,000

149,938

2.65%,

8/15/2030

550,000

485,628

4.95%,

9/1/2032

300,000

293,769

5.00%,

3/1/2033

225,000

220,141

5.50%,

6/1/2034

550,000

554,018

Occidental

Petroleum

Corp.

5.88%,

9/1/2025

250,000

251,016

5.50%,

12/1/2025(a)

170,000

170,309

5.55%,

3/15/2026

300,000

300,896

3.40%,

4/15/2026

150,000

145,150

8.50%,

7/15/2027

220,000

238,242

6.38%,

9/1/2028

205,000

213,579

3.50%,

8/15/2029

100,000

92,646

8.88%,

7/15/2030(a)

412,000

481,751

6.63%,

9/1/2030(a)

703,000

750,303

6.13%,

1/1/2031

500,000

522,218

7.50%,

5/1/2031(a)

425,000

477,308

7.88%,

9/15/2031

250,000

285,845

ONEOK,

Inc.

2.20%,

9/15/2025

350,000

339,381

5.85%,

1/15/2026

150,000

151,537

5.00%,

3/1/2026

302,000

301,918

4.00%,

7/13/2027

190,000

186,212

4.55%,

7/15/2028

360,000

356,595

5.65%,

11/1/2028

150,000

154,640

4.35%,

3/15/2029

200,000

195,938

3.40%,

9/1/2029

200,000

187,204

3.10%,

3/15/2030(a)

229,000

209,169

5.80%,

11/1/2030

150,000

156,714

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

12.7%

(continued)

ONEOK,

Inc.

(continued)

6.35%,

1/15/2031

$

210,000

$

223,016

6.10%,

11/15/2032(a)

225,000

237,761

6.05%,

9/1/2033(a)

850,000

894,151

Ovintiv,

Inc.

5.38%,

1/1/2026

175,000

175,200

5.65%,

5/15/2028

150,000

153,213

8.13%,

9/15/2030

100,000

114,485

7.38%,

11/1/2031

100,000

110,760

6.25%,

7/15/2033(a)

150,000

156,880

Phillips

66

1.30%,

2/15/2026

100,000

94,581

3.90%,

3/15/2028

100,000

97,221

2.15%,

12/15/2030

250,000

214,205

Phillips

66

Co.

3.55%,

10/1/2026

155,000

150,871

4.95%,

12/1/2027

50,000

50,422

3.75%,

3/1/2028(a)

100,000

96,792

3.15%,

12/15/2029(a)

350,000

322,978

5.25%,

6/15/2031

250,000

254,955

5.30%,

6/30/2033

100,000

101,174

Pioneer

Natural

Resources

Co.

1.13%,

1/15/2026(a)

450,000

427,612

5.10%,

3/29/2026

450,000

452,473

1.90%,

8/15/2030

300,000

257,803

2.15%,

1/15/2031

225,000

193,345

Plains

All

American

Pipeline

LP

4.65%,

10/15/2025

350,000

347,614

4.50%,

12/15/2026(a)

400,000

395,619

3.55%,

12/15/2029

452,000

421,853

3.80%,

9/15/2030

300,000

280,721

Sabine

Pass

Liquefaction

LLC

5.88%,

6/30/2026

500,000

505,017

4.20%,

3/15/2028

150,000

146,769

4.50%,

5/15/2030(a)

400,000

392,298

Suncor

Energy,

Inc.

7.88%,

6/15/2026(a)

150,000

157,239

7.15%,

2/1/2032

250,000

279,252

Targa

Resources

Corp.

5.20%,

7/1/2027

235,000

237,405

6.15%,

3/1/2029

280,000

293,527

4.20%,

2/1/2033

250,000

229,960

6.13%,

3/15/2033

100,000

105,193

6.50%,

3/30/2034(a)

325,000

351,833

Targa

Resources

Partners

LP

5.00%,

1/15/2028

125,000

123,814

5.50%,

3/1/2030

175,000

175,355

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

243

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

12.7%

(continued)

Targa

Resources

Partners

LP

(continued)

4.88%,

2/1/2031

$

200,000

$

193,843

4.00%,

1/15/2032

350,000

318,837

Tennessee

Gas

Pipeline

Co.

LLC

7.00%,

10/15/2028

100,000

107,185

Texas

Eastern

Transmission

LP

7.00%,

7/15/2032

100,000

110,992

Tosco

Corp.

8.13%,

2/15/2030

152,000

178,544

TotalEnergies

Capital

International

SA

2.83%,

1/10/2030(a)

25,000

22,921

Transcanada

Trust

Series

16-

A,

5.88%,

8/15/2076(a)(e)

300,000

293,204

5.30%,

3/15/2077(e)

300,000

282,039

5.50%,

9/15/2079(a)(e)

200,000

185,930

5.60%,

3/7/2082(e)

25,000

23,188

Transcontinental

Gas

Pipe

Line

Co.

LLC

7.85%,

2/1/2026

350,000

361,574

Valero

Energy

Corp.

2.15%,

9/15/2027

500,000

462,892

4.35%,

6/1/2028

200,000

197,099

4.00%,

4/1/2029

250,000

242,227

2.80%,

12/1/2031(a)

200,000

173,273

7.50%,

4/15/2032

200,000

228,828

Valero

Energy

Partners

LP

4.50%,

3/15/2028

200,000

197,739

Western

Midstream

Operating

LP

4.65%,

7/1/2026

252,000

249,299

4.50%,

3/1/2028

150,000

146,620

4.75%,

8/15/2028

100,000

98,409

6.35%,

1/15/2029

300,000

313,552

4.05%,

2/1/2030(c)

250,000

236,854

6.15%,

4/1/2033

200,000

207,790

Williams

Cos.,

Inc.

(The)

4.90%,

3/15/2029

150,000

150,431

Series

A,

7.50%,

1/15/2031

100,000

112,369

7.75%,

6/15/2031

100,000

112,204

8.75%,

3/15/2032(c)

100,000

121,297

5.65%,

3/15/2033

25,000

25,819

5.15%,

3/15/2034

200,000

199,455

52,214,015

Paper

&

Forest

Products

-

0

.0

%

(d)

Suzano

Austria

GmbH

5.00%,

1/15/2030

200,000

192,392

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Personal

Care

Products

-

0

.2

%

Conopco,

Inc.

6.63%,

4/15/2028

$

190,000

$

203,540

Haleon

US

Capital

LLC

3.38%,

3/24/2027

350,000

338,484

3.63%,

3/24/2032

200,000

183,643

725,667

Pharmaceuticals

-

0

.7

%

Eli

Lilly

&

Co.

4.70%,

2/27/2033

300,000

301,343

Johnson

&

Johnson

2.45%,

3/1/2026

100,000

96,937

Merck

&

Co.,

Inc.

3.40%,

3/7/2029(a)

200,000

191,924

1.45%,

6/24/2030(a)

100,000

84,593

2.15%,

12/10/2031

320,000

272,188

4.50%,

5/17/2033(a)

275,000

271,620

6.50%,

12/1/2033(c)

150,000

170,468

Zoetis,

Inc.

4.50%,

11/13/2025

300,000

298,183

5.40%,

11/14/2025(a)

250,000

251,280

3.00%,

9/12/2027

376,000

356,980

3.90%,

8/20/2028

252,000

245,019

2.00%,

5/15/2030

300,000

259,085

5.60%,

11/16/2032(a)

225,000

235,035

3,034,655

Professional

Services

-

0

.5

%

Automatic

Data

Processing,

Inc.

1.25%,

9/1/2030

51,000

42,513

Broadridge

Financial

Solutions,

Inc.

3.40%,

6/27/2026(a)

200,000

194,268

2.90%,

12/1/2029

452,000

412,165

2.60%,

5/1/2031

400,000

344,238

Equifax,

Inc.

2.60%,

12/15/2025

100,000

96,599

3.25%,

6/1/2026

100,000

96,788

Jacobs

Engineering

Group,

Inc.

6.35%,

8/18/2028

150,000

156,847

5.90%,

3/1/2033

200,000

204,384

Verisk

Analytics,

Inc.

4.13%,

3/15/2029(a)

252,000

246,891

5.75%,

4/1/2033

200,000

210,230

5.25%,

6/5/2034

150,000

151,423

‌

‌

2,156,346

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

244

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Real

Estate

Management

&

Development

-

0

.2

%

CBRE

Services,

Inc.

4.88%,

3/1/2026

$

250,000

$

249,450

5.50%,

4/1/2029

150,000

153,828

2.50%,

4/1/2031

151,000

128,556

Jones

Lang

LaSalle,

Inc.

6.88%,

12/1/2028

120,000

128,737

660,571

Residential

REITs

-

0

.8

%

American

Homes

4

Rent

LP

REIT,

4.25%,

2/15/2028

350,000

340,548

REIT,

4.90%,

2/15/2029

162,000

161,214

AvalonBay

Communities,

Inc.

REIT,

5.00%,

2/15/2033

100,000

100,077

Essential

Properties

LP

REIT,

2.95%,

7/15/2031(a)

200,000

168,970

Essex

Portfolio

LP

REIT,

3.38%,

4/15/2026

150,000

145,883

REIT,

3.63%,

5/1/2027(a)

150,000

145,320

REIT,

1.70%,

3/1/2028

250,000

224,035

REIT,

4.00%,

3/1/2029

151,000

145,238

REIT,

3.00%,

1/15/2030

202,000

183,305

REIT,

1.65%,

1/15/2031

100,000

81,321

REIT,

2.55%,

6/15/2031

250,000

213,986

REIT,

2.65%,

3/15/2032(a)

150,000

127,194

REIT,

5.50%,

4/1/2034

150,000

152,550

Invitation

Homes

Operating

Partnership

LP

REIT,

2.30%,

11/15/2028

250,000

224,899

REIT,

5.45%,

8/15/2030(a)

150,000

153,554

REIT,

2.00%,

8/15/2031(a)

150,000

121,839

REIT,

5.50%,

8/15/2033

200,000

201,948

Mid-America

Apartments

LP

REIT,

3.95%,

3/15/2029

28,000

27,186

Tanger

Properties

LP

REIT,

3.13%,

9/1/2026

200,000

190,970

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Residential

REITs

-

0.8%

(continued)

Tanger

Properties

LP

(continued)

REIT,

3.88%,

7/15/2027

$

100,000

$

96,104

REIT,

2.75%,

9/1/2031

200,000

167,115

3,373,256

Retail

REITs

-

0

.6

%

Agree

LP

REIT,

2.00%,

6/15/2028

202,000

181,512

REIT,

2.90%,

10/1/2030

150,000

132,388

REIT,

4.80%,

10/1/2032

150,000

144,403

REIT,

2.60%,

6/15/2033

100,000

80,567

REIT,

5.63%,

6/15/2034

150,000

152,298

Brixmor

Operating

Partnership

LP

REIT,

4.13%,

6/15/2026

352,000

346,085

REIT,

4.13%,

5/15/2029

252,000

242,451

REIT,

4.05%,

7/1/2030

51,000

48,467

NNN

REIT,

Inc.

REIT,

4.00%,

11/15/2025

50,000

49,298

REIT,

3.60%,

12/15/2026

350,000

339,608

REIT,

3.50%,

10/15/2027

176,000

169,250

REIT,

4.30%,

10/15/2028(a)

91,000

89,104

REIT,

2.50%,

4/15/2030

100,000

87,771

REIT,

5.60%,

10/15/2033(a)

275,000

280,748

Phillips

Edison

Grocery

Center

Operating

Partnership

I

LP

REIT,

2.63%,

11/15/2031

100,000

83,373

Regency

Centers

LP

REIT,

3.90%,

11/1/2025

100,000

98,126

REIT,

2.95%,

9/15/2029

50,000

45,837

2,571,286

Semiconductors

&

Semiconductor

Equipment

-

1

.7

%

Analog

Devices,

Inc.

4.25%,

10/1/2032

150,000

145,528

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

245

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Semiconductors

&

Semiconductor

Equipment

-

1.7%

(continued)

Broadcom,

Inc.

3.42%,

4/15/2033(b)

$

415,000

$

366,388

Lam

Research

Corp.

3.75%,

3/15/2026

300,000

295,349

4.00%,

3/15/2029

300,000

294,184

1.90%,

6/15/2030(a)

300,000

259,673

Microchip

Technology,

Inc.

4.25%,

9/1/2025

400,000

395,699

5.05%,

3/15/2029

500,000

505,565

Micron

Technology,

Inc.

6.75%,

11/1/2029

25,000

26,973

NXP

BV

3.88%,

6/18/2026(a)

400,000

392,648

3.15%,

5/1/2027(a)

100,000

95,659

5.55%,

12/1/2028

100,000

102,691

4.30%,

6/18/2029

450,000

439,882

3.40%,

5/1/2030(a)

402,000

372,360

2.50%,

5/11/2031

200,000

171,227

5.00%,

1/15/2033

200,000

198,905

Qorvo,

Inc.

4.38%,

10/15/2029(a)

302,000

287,464

Skyworks

Solutions,

Inc.

1.80%,

6/1/2026

201,000

189,071

3.00%,

6/1/2031

325,000

284,012

Texas

Instruments,

Inc.

4.90%,

3/14/2033(a)

200,000

204,658

4.85%,

2/8/2034

250,000

253,702

TSMC

Arizona

Corp.

1.75%,

10/25/2026

500,000

468,621

3.88%,

4/22/2027

452,000

442,883

4.13%,

4/22/2029

200,000

197,809

2.50%,

10/25/2031

500,000

433,229

6,824,180

Software

-

1

.9

%

Adobe,

Inc.

2.15%,

2/1/2027

412,000

389,602

4.80%,

4/4/2029

200,000

203,582

2.30%,

2/1/2030(a)

373,000

334,755

4.95%,

4/4/2034

200,000

203,728

Autodesk,

Inc.

3.50%,

6/15/2027

210,000

203,338

2.85%,

1/15/2030

280,000

255,403

2.40%,

12/15/2031(a)

350,000

297,499

Fortinet,

Inc.

1.00%,

3/15/2026

200,000

187,806

2.20%,

3/15/2031

250,000

210,415

Intuit,

Inc.

1.35%,

7/15/2027

200,000

183,098

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Software

-

1.9%

(continued)

Intuit,

Inc.

(continued)

5.13%,

9/15/2028(a)

$

350,000

$

358,386

1.65%,

7/15/2030

650,000

553,912

5.20%,

9/15/2033

500,000

514,409

Oracle

Corp.

1.65%,

3/25/2026

50,000

47,438

Roper

Technologies,

Inc.

1.00%,

9/15/2025

300,000

286,574

3.85%,

12/15/2025

125,000

123,287

3.80%,

12/15/2026

400,000

391,056

1.40%,

9/15/2027

500,000

452,362

4.20%,

9/15/2028(a)

301,000

295,527

2.95%,

9/15/2029

200,000

183,999

2.00%,

6/30/2030

250,000

214,228

1.75%,

2/15/2031

477,000

393,235

ServiceNow,

Inc.

1.40%,

9/1/2030

600,000

501,453

VMware

LLC

1.40%,

8/15/2026(a)

75,000

69,953

4.65%,

5/15/2027(a)

40,000

39,810

3.90%,

8/21/2027

125,000

121,550

1.80%,

8/15/2028

50,000

44,559

4.70%,

5/15/2030

92,000

91,070

2.20%,

8/15/2031

125,000

104,400

Workday,

Inc.

3.50%,

4/1/2027

300,000

290,794

3.70%,

4/1/2029

250,000

239,232

3.80%,

4/1/2032

200,000

184,695

7,971,155

Specialized

REITs

-

1

.1

%

Crown

Castle,

Inc.

REIT,

1.05%,

7/15/2026

250,000

231,868

CubeSmart

LP

REIT,

4.00%,

11/15/2025

351,000

345,570

REIT,

2.25%,

12/15/2028

300,000

269,441

REIT,

4.38%,

2/15/2029

150,000

146,676

REIT,

3.00%,

2/15/2030(a)

150,000

135,651

REIT,

2.00%,

2/15/2031

200,000

166,119

REIT,

2.50%,

2/15/2032

200,000

168,866

EPR

Properties

REIT,

4.50%,

6/1/2027(a)

303,000

295,284

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

246

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Specialized

REITs

-

1.1%

(continued)

EPR

Properties

(continued)

REIT,

4.95%,

4/15/2028

$

153,000

$

149,761

REIT,

3.75%,

8/15/2029

200,000

183,047

REIT,

3.60%,

11/15/2031

150,000

129,926

Equinix,

Inc.

REIT,

1.45%,

5/15/2026(a)

200,000

187,868

REIT,

3.20%,

11/18/2029

2,000

1,848

REIT,

2.50%,

5/15/2031

250,000

214,684

Public

Storage

Operating

Co.

REIT,

0.88%,

2/15/2026(a)

50,000

47,107

REIT,

1.85%,

5/1/2028(a)

50,000

45,237

REIT,

1.95%,

11/9/2028

81,000

72,600

Weyerhaeuser

Co.

REIT,

4.75%,

5/15/2026(a)

305,000

304,337

REIT,

6.95%,

10/1/2027

150,000

159,600

REIT,

4.00%,

11/15/2029

276,000

265,063

REIT,

4.00%,

4/15/2030

229,000

219,335

REIT,

7.38%,

3/15/2032

350,000

398,723

REIT,

3.38%,

3/9/2033

150,000

132,210

REIT,

6.88%,

12/15/2033

100,000

110,991

4,381,812

Specialty

Retail

-

2

.7

%

AutoZone,

Inc.

3.13%,

4/21/2026

125,000

121,313

5.05%,

7/15/2026

150,000

150,796

3.75%,

6/1/2027

100,000

97,434

4.50%,

2/1/2028

100,000

99,205

6.25%,

11/1/2028(a)

200,000

211,573

3.75%,

4/18/2029

150,000

143,653

4.00%,

4/15/2030(a)

150,000

143,963

1.65%,

1/15/2031

150,000

123,361

4.75%,

8/1/2032

350,000

343,966

4.75%,

2/1/2033

175,000

170,963

5.20%,

8/1/2033

100,000

100,652

6.55%,

11/1/2033

150,000

164,218

5.40%,

7/15/2034

200,000

202,354

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Specialty

Retail

-

2.7%

(continued)

Best

Buy

Co.,

Inc.

4.45%,

10/1/2028(a)

$

51,000

$

50,432

Home

Depot,

Inc.

(The)

3.00%,

4/1/2026(a)

250,000

243,585

2.13%,

9/15/2026(a)

250,000

237,803

4.95%,

9/30/2026(a)

150,000

151,183

2.50%,

4/15/2027

100,000

94,975

2.88%,

4/15/2027

150,000

143,920

4.88%,

6/25/2027

200,000

202,230

2.80%,

9/14/2027

100,000

95,176

1.50%,

9/15/2028(a)

200,000

178,731

3.90%,

12/6/2028(a)

150,000

147,271

4.90%,

4/15/2029(a)

300,000

305,662

2.95%,

6/15/2029

726,000

678,179

2.70%,

4/15/2030

350,000

317,819

1.38%,

3/15/2031

500,000

408,480

4.85%,

6/25/2031

50,000

50,695

1.88%,

9/15/2031

350,000

292,248

3.25%,

4/15/2032

528,000

480,649

4.50%,

9/15/2032

150,000

149,221

4.95%,

6/25/2034

100,000

100,981

Lowe's

Cos.,

Inc.

3.65%,

4/5/2029

100,000

95,670

1.70%,

10/15/2030

250,000

209,402

2.63%,

4/1/2031

100,000

87,328

O'Reilly

Automotive,

Inc.

3.55%,

3/15/2026(a)

300,000

293,537

3.60%,

9/1/2027

501,000

484,532

4.35%,

6/1/2028

200,000

197,499

3.90%,

6/1/2029

250,000

241,408

4.20%,

4/1/2030

50,000

48,623

1.75%,

3/15/2031

200,000

164,985

4.70%,

6/15/2032

600,000

590,952

Ross

Stores,

Inc.

0.88%,

4/15/2026

200,000

186,903

1.88%,

4/15/2031(a)

400,000

334,025

TJX

Cos.,

Inc.

(The)

2.25%,

9/15/2026

340,000

323,885

1.15%,

5/15/2028

150,000

133,025

3.88%,

4/15/2030(a)

281,000

272,154

1.60%,

5/15/2031

400,000

330,879

Tractor

Supply

Co.

1.75%,

11/1/2030(a)

300,000

250,547

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

247

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Specialty

Retail

-

2.7%

(continued)

Tractor

Supply

Co.

(continued)

5.25%,

5/15/2033(a)

$

300,000

$

303,675

10,951,720

Technology

Hardware,

Storage

&

Peripherals

-

1

.9

%

Apple,

Inc.

0.70%,

2/8/2026(a)

150,000

141,707

3.25%,

2/23/2026

523,000

512,661

2.45%,

8/4/2026

927,000

890,818

2.05%,

9/11/2026(a)

882,000

839,274

3.35%,

2/9/2027(a)

212,000

206,876

3.20%,

5/11/2027(a)

225,000

218,361

2.90%,

9/12/2027(a)

282,000

270,569

1.20%,

2/8/2028

664,000

597,388

1.40%,

8/5/2028(a)

404,000

361,838

3.25%,

8/8/2029(a)

332,000

317,060

2.20%,

9/11/2029

542,000

490,850

1.65%,

5/11/2030

550,000

475,031

1.25%,

8/20/2030(a)

275,000

230,776

1.65%,

2/8/2031

502,000

425,630

1.70%,

8/5/2031

300,000

251,963

3.35%,

8/8/2032

275,000

255,116

HP,

Inc.

1.45%,

6/17/2026

250,000

234,981

3.00%,

6/17/2027

200,000

190,691

4.00%,

4/15/2029

2,000

1,936

5.50%,

1/15/2033

100,000

102,828

NetApp,

Inc.

2.38%,

6/22/2027(a)

500,000

468,939

2.70%,

6/22/2030(a)

250,000

222,991

Teledyne

FLIR

LLC

2.50%,

8/1/2030

250,000

218,095

7,926,379

Textiles,

Apparel

&

Luxury

Goods

-

0

.3

%

Tapestry,

Inc.

7.00%,

11/27/2026

100,000

103,390

4.13%,

7/15/2027

108,000

104,722

7.35%,

11/27/2028

225,000

236,197

7.70%,

11/27/2030

400,000

423,529

7.85%,

11/27/2033(a)

150,000

159,960

1,027,798

Tobacco

-

2

.9

%

Altria

Group,

Inc.

4.40%,

2/14/2026

401,000

397,500

2.63%,

9/16/2026

171,000

163,109

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Tobacco

-

2.9%

(continued)

Altria

Group,

Inc.

(continued)

6.20%,

11/1/2028(a)

$

400,000

$

421,618

4.80%,

2/14/2029

804,000

803,001

3.40%,

5/6/2030(a)

303,000

280,366

2.45%,

2/4/2032

750,000

622,655

6.88%,

11/1/2033(a)

200,000

221,851

BAT

Capital

Corp.

2.26%,

3/25/2028

150,000

136,704

Philip

Morris

International,

Inc.

5.00%,

11/17/2025

250,000

250,336

4.88%,

2/13/2026(a)

325,000

325,287

2.75%,

2/25/2026(a)

195,000

188,742

0.88%,

5/1/2026

461,000

430,813

4.75%,

2/12/2027

50,000

50,131

5.13%,

11/17/2027(a)

523,000

530,047

4.88%,

2/15/2028(a)

850,000

855,927

3.13%,

3/2/2028

600,000

569,447

5.25%,

9/7/2028(a)

150,000

153,153

4.88%,

2/13/2029

250,000

251,482

3.38%,

8/15/2029(a)

200,000

188,570

5.63%,

11/17/2029(a)

550,000

574,434

5.13%,

2/15/2030(a)

770,000

782,707

2.10%,

5/1/2030

400,000

347,857

5.50%,

9/7/2030(a)

250,000

259,139

1.75%,

11/1/2030(a)

750,000

628,029

5.13%,

2/13/2031

400,000

405,653

5.75%,

11/17/2032(a)

475,000

497,057

5.38%,

2/15/2033(a)

600,000

611,971

5.63%,

9/7/2033(a)

350,000

361,961

5.25%,

2/13/2034

400,000

403,063

11,712,610

Trading

Companies

&

Distributors

-

0

.2

%

Air

Lease

Corp.

2.20%,

1/15/2027

25,000

23,435

5.85%,

12/15/2027

25,000

25,654

5.30%,

2/1/2028

300,000

303,816

3.00%,

2/1/2030

50,000

45,326

3.13%,

12/1/2030

100,000

89,594

2.88%,

1/15/2032

25,000

21,457

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Corporate

Bond

Index

Fund

(cont.)

248

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Trading

Companies

&

Distributors

-

0.2%

(continued)

Aircastle

Ltd.

4.25%,

6/15/2026

$

152,000

$

149,251

658,533

Wireless

Telecommunication

Services

-

0

.3

%

Sprint

LLC

7.63%,

3/1/2026

250,000

256,796

T-Mobile

USA,

Inc.

2.25%,

2/15/2026

100,000

95,798

3.75%,

4/15/2027

250,000

243,666

4.80%,

7/15/2028

350,000

351,035

4.85%,

1/15/2029

100,000

100,489

3.88%,

4/15/2030

300,000

286,100

1,333,884

Total

Corporate

Bonds

(Cost

$399,525,595)

404,671,724

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

6

.4

%

(f)

REPURCHASE

AGREEMENTS

-

6

.4

%

CF

Secured

LLC

5.34%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$26,289,732,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.88%,

maturing

8/15/2024

-

8/15/2053;

total

market

value

$26,916,218  

(Cost

$26,285,833)

$26,285,833

26,285,833

Total

Investments

-

105.1%

(Cost

$425,811,428)

430,957,557

Liabilities

in

excess

of

other

assets

-

(5.1%)

(21,050,831)

NET

ASSETS

-

100.0%

$409,906,726

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2024.

The

total

value

of

securities

on

loan

at

July

31,

2024

was

$29,248,798,

collateralized

in

the

form

of

cash

with

a

value

of

$26,285,833

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments

and

$3,665,991

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.75%,

and

maturity

dates

ranging

from

August

15,

2024

–

November

15,

2053;

a

total

value

of

$29,951,824.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

At

July

31,

2024,

the

value

of

these

securities

amounted

to

approximately

$4,290,327

or

1.05%

of

net

assets.

(c)

Step

bond.

Interest

rate

is

a

fixed

rate

for

an

initial

period

that

either

resets

at

a

specific

date

or

may

reset

in

the

future

at

a

contingent

upon

predetermined

trigger.

The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2024.

(d)

Represents

less

than

0.05%

of

net

assets.

(e)

Security

issued

at

a

fixed

coupon

rate,

which

converts

to

a

variable

rate

at

a

future

date.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(f)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2024.

The

total

value

of

securities

purchased

was

$26,285,833.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

OYJ

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

Security

Type

%

of

Net

Assets

Corporate

Bonds

98‌

.7

%

Securities

Lending

Reinvestments

6‌

.4

Others

(1)

(

5‌

.1

)

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

249

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

July

31,2024

(Unaudited)

Investments

Principal

Amount

Value

CORPORATE

BONDS

-

97

.2

%

Aerospace

&

Defense

-

2

.1

%

Boeing

Co.

(The)

5.71%,

5/1/2040

$

10,000

$

9,532

5.81%,

5/1/2050

100,000

93,186

6.86%,

5/1/2054(a)

55,000

58,225

5.93%,

5/1/2060

50,000

45,987

7.01%,

5/1/2064(a)

15,000

15,899

General

Dynamics

Corp.

4.25%,

4/1/2040

50,000

44,919

Howmet

Aerospace,

Inc.

5.95%,

2/1/2037

10,000

10,509

Lockheed

Martin

Corp.

Series

B,

6.15%,

9/1/2036

35,000

38,910

5.72%,

6/1/2040(b)

25,000

26,407

2.80%,

6/15/2050

25,000

16,455

4.09%,

9/15/2052

65,000

53,946

4.15%,

6/15/2053

70,000

58,513

5.70%,

11/15/2054

100,000

105,940

5.20%,

2/15/2055

50,000

49,499

4.30%,

6/15/2062

70,000

58,880

5.90%,

11/15/2063

80,000

87,328

5.20%,

2/15/2064

80,000

78,588

Northrop

Grumman

Corp.

5.20%,

6/1/2054

10,000

9,621

Precision

Castparts

Corp.

3.90%,

1/15/2043

35,000

29,614

891,958

Automobile

Components

-

0

.1

%

Lear

Corp.

5.25%,

5/15/2049

25,000

22,739

Banks

-

6

.1

%

Bank

of

America

Corp.

2.68%,

6/19/2041(c)

70,000

50,158

3.31%,

4/22/2042(c)

5,000

3,846

4.44%,

1/20/2048(c)

50,000

44,245

3.95%,

1/23/2049(c)

10,000

8,162

4.33%,

3/15/2050(c)

15,000

12,937

4.08%,

3/20/2051(c)

40,000

32,998

2.97%,

7/21/2052(c)

15,000

10,115

Citigroup,

Inc.

6.88%,

3/5/2038

20,000

22,497

5.32%,

3/26/2041(c)

145,000

143,367

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

-

6.1%

(continued)

Citigroup,

Inc.

(continued)

5.88%,

1/30/2042

$

45,000

$

47,533

6.68%,

9/13/2043

75,000

84,448

5.30%,

5/6/2044

50,000

48,287

4.75%,

5/18/2046

220,000

195,898

6.88%,

2/15/2098

25,000

29,313

Cooperatieve

Rabobank

UA

5.25%,

5/24/2041

60,000

60,798

Fifth

Third

Bancorp

8.25%,

3/1/2038

40,000

49,126

HSBC

Holdings

plc

6.50%,

9/15/2037

125,000

132,183

6.80%,

6/1/2038

225,000

248,931

JPMorgan

Chase

&

Co.

6.40%,

5/15/2038

45,000

51,302

5.50%,

10/15/2040

10,000

10,355

3.11%,

4/22/2041(c)

40,000

30,769

3.16%,

4/22/2042(c)

20,000

15,314

5.63%,

8/16/2043

25,000

26,039

3.96%,

11/15/2048(c)

10,000

8,243

3.33%,

4/22/2052(c)

40,000

29,062

Lloyds

Banking

Group

plc

4.34%,

1/9/2048

250,000

201,337

Regions

Financial

Corp.

7.38%,

12/10/2037

50,000

56,580

Wells

Fargo

&

Co.

3.07%,

4/30/2041(c)

5,000

3,774

5.38%,

11/2/2043

40,000

38,653

5.61%,

1/15/2044

130,000

128,704

4.65%,

11/4/2044

20,000

17,466

3.90%,

5/1/2045

15,000

12,284

4.90%,

11/17/2045

240,000

216,419

4.40%,

6/14/2046

245,000

204,336

4.75%,

12/7/2046

140,000

122,757

5.01%,

4/4/2051(c)

40,000

37,670

4.61%,

4/25/2053(c)

10,000

8,873

Westpac

Banking

Corp.

2.96%,

11/16/2040

75,000

54,184

3.13%,

11/18/2041

75,000

54,716

2,553,679

Beverages

-

2

.1

%

Coca-Cola

Co.

(The)

2.50%,

6/1/2040

90,000

65,123

2.88%,

5/5/2041

50,000

37,768

4.20%,

3/25/2050

50,000

44,026

2.60%,

6/1/2050

140,000

89,988

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

250

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Beverages

-

2.1%

(continued)

Coca-Cola

Co.

(The)

(continued)

3.00%,

3/5/2051

$

140,000

$

97,510

2.50%,

3/15/2051

130,000

81,459

5.30%,

5/13/2054

100,000

101,757

2.75%,

6/1/2060

80,000

50,064

5.40%,

5/13/2064

75,000

76,256

Constellation

Brands,

Inc.

4.50%,

5/9/2047

85,000

72,976

4.10%,

2/15/2048

20,000

16,175

5.25%,

11/15/2048

30,000

28,548

3.75%,

5/1/2050

20,000

15,203

Diageo

Investment

Corp.

7.45%,

4/15/2035

20,000

23,979

PepsiCo,

Inc.

5.50%,

1/15/2040

35,000

36,530

3.50%,

3/19/2040

5,000

4,160

3.60%,

8/13/2042

15,000

12,213

4.60%,

7/17/2045

10,000

9,111

862,846

Biotechnology

-

0

.6

%

AbbVie,

Inc.

4.50%,

5/14/2035

5,000

4,841

4.05%,

11/21/2039

70,000

62,530

5.40%,

3/15/2054

10,000

10,131

5.50%,

3/15/2064

55,000

55,627

Amgen,

Inc.

4.66%,

6/15/2051

25,000

21,901

5.65%,

3/2/2053

25,000

25,191

5.75%,

3/2/2063

10,000

10,067

Biogen,

Inc.

5.20%,

9/15/2045

10,000

9,414

3.15%,

5/1/2050

10,000

6,662

Regeneron

Pharmaceuticals,

Inc.

2.80%,

9/15/2050

50,000

31,646

238,010

Broadline

Retail

-

0

.4

%

Alibaba

Group

Holding

Ltd.

3.15%,

2/9/2051

200,000

133,175

eBay,

Inc.

4.00%,

7/15/2042

50,000

40,963

174,138

Building

Products

-

0

.7

%

Masco

Corp.

4.50%,

5/15/2047

25,000

21,386

Owens

Corning

7.00%,

12/1/2036(b)

25,000

28,544

4.30%,

7/15/2047

65,000

53,683

4.40%,

1/30/2048

15,000

12,408

5.95%,

6/15/2054

25,000

25,709

Trane

Technologies

Financing

Ltd.

4.65%,

11/1/2044

25,000

22,710

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Building

Products

-

0.7%

(continued)

Trane

Technologies

Financing

Ltd.

(continued)

4.50%,

3/21/2049

$

20,000

$

17,530

Trane

Technologies

Global

Holding

Co.

Ltd.

5.75%,

6/15/2043

80,000

83,833

4.30%,

2/21/2048

20,000

17,072

282,875

Capital

Markets

-

2

.4

%

Bank

of

New

York

Mellon

Corp.

(The)

5.19%,

3/14/2035(c)

25,000

25,217

BlackRock

Funding,

Inc.

5.25%,

3/14/2054

15,000

14,887

Brookfield

Finance,

Inc.

5.97%,

3/4/2054

25,000

25,608

Goldman

Sachs

Group,

Inc.

(The)

6.75%,

10/1/2037

75,000

83,472

4.02%,

10/31/2038(c)

20,000

17,508

6.25%,

2/1/2041

20,000

21,978

3.21%,

4/22/2042(c)

10,000

7,597

2.91%,

7/21/2042(c)

65,000

47,032

3.44%,

2/24/2043(c)

10,000

7,782

5.15%,

5/22/2045

25,000

24,058

4.75%,

10/21/2045

15,000

14,054

Moody's

Corp.

2.75%,

8/19/2041

55,000

39,153

5.25%,

7/15/2044

50,000

49,075

4.88%,

12/17/2048

35,000

32,369

3.25%,

5/20/2050

60,000

41,847

3.75%,

2/25/2052

25,000

19,202

2.55%,

8/18/2060

50,000

27,256

3.10%,

11/29/2061

45,000

28,490

Morgan

Stanley

3.22%,

4/22/2042(c)

25,000

19,237

6.38%,

7/24/2042

15,000

16,996

4.30%,

1/27/2045

55,000

48,405

5.60%,

3/24/2051(c)

50,000

52,106

Nasdaq,

Inc.

2.50%,

12/21/2040

50,000

33,803

5.95%,

8/15/2053

60,000

62,447

6.10%,

6/28/2063

60,000

63,110

Raymond

James

Financial,

Inc.

4.95%,

7/15/2046

25,000

23,238

S&P

Global,

Inc.

6.55%,

11/15/2037

20,000

22,661

4.50%,

5/15/2048

20,000

17,048

3.25%,

12/1/2049

15,000

10,792

3.70%,

3/1/2052

75,000

58,327

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

251

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Capital

Markets

-

2.4%

(continued)

S&P

Global,

Inc.

(continued)

3.90%,

3/1/2062

$

30,000

$

23,149

977,904

Chemicals

-

2

.0

%

CF

Industries,

Inc.

4.95%,

6/1/2043

55,000

49,430

5.38%,

3/15/2044

25,000

23,626

Dow

Chemical

Co.

(The)

9.40%,

5/15/2039

10,000

13,621

6.90%,

5/15/2053

60,000

68,474

Ecolab,

Inc.

2.75%,

8/18/2055

35,000

21,984

Lubrizol

Corp.

(The)

6.50%,

10/1/2034

15,000

17,142

LYB

International

Finance

BV

5.25%,

7/15/2043

50,000

46,521

4.88%,

3/15/2044

85,000

75,942

LYB

International

Finance

III

LLC

3.38%,

10/1/2040

50,000

37,795

4.20%,

10/15/2049

85,000

66,683

4.20%,

5/1/2050

85,000

66,383

3.63%,

4/1/2051

85,000

60,066

3.80%,

10/1/2060

45,000

31,291

LyondellBasell

Industries

NV

4.63%,

2/26/2055

85,000

70,594

PPG

Industries,

Inc.

5.50%,

11/15/2040

25,000

24,564

RPM

International,

Inc.

5.25%,

6/1/2045

20,000

18,737

Sherwin-Williams

Co.

(The)

4.00%,

12/15/2042

25,000

20,674

4.55%,

8/1/2045

25,000

21,669

4.50%,

6/1/2047

90,000

78,345

3.80%,

8/15/2049

20,000

15,459

3.30%,

5/15/2050

20,000

13,994

842,994

Commercial

Services

&

Supplies

-

0

.2

%

Republic

Services,

Inc.

6.20%,

3/1/2040

20,000

21,750

5.70%,

5/15/2041

25,000

25,830

Waste

Management,

Inc.

3.90%,

3/1/2035

25,000

22,787

2.95%,

6/1/2041

15,000

11,186

81,553

Communications

Equipment

-

1

.8

%

Cisco

Systems,

Inc.

5.90%,

2/15/2039

170,000

185,416

5.50%,

1/15/2040

170,000

176,625

5.30%,

2/26/2054

195,000

196,524

5.35%,

2/26/2064

90,000

90,281

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Communications

Equipment

-

1.8%

(continued)

Juniper

Networks,

Inc.

5.95%,

3/15/2041

$

30,000

$

30,541

Motorola

Solutions,

Inc.

5.50%,

9/1/2044

30,000

29,895

Nokia

OYJ

6.63%,

5/15/2039

35,000

35,387

744,669

Construction

&

Engineering

-

0

.1

%

Valmont

Industries,

Inc.

5.00%,

10/1/2044

15,000

13,828

5.25%,

10/1/2054

10,000

9,200

23,028

Construction

Materials

-

0

.2

%

Lafarge

SA

7.13%,

7/15/2036

25,000

28,765

Vulcan

Materials

Co.

4.50%,

6/15/2047

25,000

21,611

4.70%,

3/1/2048

30,000

26,736

77,112

Consumer

Staples

Distribution

&

Retail

-

0

.5

%

Kroger

Co.

(The)

6.90%,

4/15/2038

25,000

28,714

5.40%,

7/15/2040

5,000

4,913

5.00%,

4/15/2042

25,000

23,220

5.15%,

8/1/2043

30,000

28,131

Sysco

Corp.

5.38%,

9/21/2035

5,000

5,120

6.60%,

4/1/2040

5,000

5,513

4.85%,

10/1/2045

15,000

13,572

4.50%,

4/1/2046

5,000

4,319

6.60%,

4/1/2050

60,000

67,955

3.15%,

12/14/2051

30,000

20,043

201,500

Containers

&

Packaging

-

0

.1

%

Packaging

Corp.

of

America

4.05%,

12/15/2049

30,000

24,059

Diversified

REITs

-

0

.2

%

VICI

Properties

LP

REIT,

5.63%,

5/15/2052

50,000

45,977

REIT,

6.13%,

4/1/2054

35,000

34,581

80,558

Diversified

Telecommunication

Services

-

0

.3

%

AT&T,

Inc.

4.50%,

5/15/2035

25,000

23,570

3.55%,

9/15/2055

50,000

34,659

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

252

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Diversified

Telecommunication

Services

-

0.3%

(continued)

AT&T,

Inc.

(continued)

3.80%,

12/1/2057

$

40,000

$

28,771

3.65%,

9/15/2059

75,000

51,830

138,830

Electric

Utilities

-

3

.0

%

AEP

Texas,

Inc.

3.80%,

10/1/2047

50,000

37,257

3.45%,

5/15/2051

25,000

16,954

5.25%,

5/15/2052

25,000

23,216

AEP

Transmission

Co.

LLC

3.15%,

9/15/2049

25,000

17,049

Alabama

Power

Co.

5.50%,

3/15/2041

25,000

24,883

Series

11-C,

5.20%,

6/1/2041

25,000

24,009

4.10%,

1/15/2042

25,000

20,782

Appalachian

Power

Co.

4.45%,

6/1/2045

25,000

20,693

Series

Y,

4.50%,

3/1/2049

25,000

20,423

Duke

Energy

Corp.

3.75%,

9/1/2046

25,000

18,847

5.80%,

6/15/2054

25,000

25,011

Georgia

Power

Co.

5.40%,

6/1/2040

20,000

19,870

Series

10-C,

4.75%,

9/1/2040

25,000

23,124

4.30%,

3/15/2042

10,000

8,736

4.30%,

3/15/2043

25,000

21,356

Indiana

Michigan

Power

Co.

3.25%,

5/1/2051

25,000

16,989

International

Transmission

Co.

4.63%,

8/15/2043

20,000

17,641

Interstate

Power

and

Light

Co.

3.10%,

11/30/2051

25,000

16,365

Kentucky

Utilities

Co.

5.13%,

11/1/2040

50,000

48,358

3.30%,

6/1/2050

25,000

17,531

Louisville

Gas

and

Electric

Co.

5.13%,

11/15/2040

20,000

19,020

MidAmerican

Energy

Co.

2.70%,

8/1/2052

75,000

46,691

Mississippi

Power

Co.

Series

12-A,

4.25%,

3/15/2042

25,000

20,972

Series

B,

3.10%,

7/30/2051

25,000

16,303

Nevada

Power

Co.

Series

R,

6.75%,

7/1/2037

25,000

28,109

5.38%,

9/15/2040

25,000

24,971

5.45%,

5/15/2041

25,000

25,106

Series

EE,

3.13%,

8/1/2050

25,000

16,556

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Electric

Utilities

-

3.0%

(continued)

Nevada

Power

Co.

(continued)

Series

GG,

5.90%,

5/1/2053

$

25,000

$

25,775

Ohio

Power

Co.

Series

R,

2.90%,

10/1/2051

50,000

31,389

Oklahoma

Gas

and

Electric

Co.

5.85%,

6/1/2040

10,000

10,382

Pacific

Gas

and

Electric

Co.

4.95%,

7/1/2050

15,000

12,785

6.75%,

1/15/2053

40,000

42,902

PacifiCorp

6.10%,

8/1/2036

25,000

26,580

5.75%,

4/1/2037

25,000

25,646

6.25%,

10/15/2037

50,000

53,195

6.00%,

1/15/2039

50,000

52,262

4.13%,

1/15/2049

25,000

19,657

4.15%,

2/15/2050

25,000

19,640

3.30%,

3/15/2051

25,000

16,705

2.90%,

6/15/2052

75,000

45,714

5.35%,

12/1/2053

25,000

23,236

5.50%,

5/15/2054

25,000

23,747

5.80%,

1/15/2055

25,000

24,814

Progress

Energy,

Inc.

6.00%,

12/1/2039

25,000

26,026

Public

Service

Co.

of

Oklahoma

Series

K,

3.15%,

8/15/2051

25,000

16,517

Public

Service

Electric

and

Gas

Co.

Series

K,

4.05%,

5/1/2045

5,000

4,121

Southwestern

Electric

Power

Co.

Series

J,

3.90%,

4/1/2045

25,000

19,097

Series

L,

3.85%,

2/1/2048

25,000

18,484

3.25%,

11/1/2051

50,000

32,757

Wisconsin

Electric

Power

Co.

3.65%,

12/15/2042

10,000

7,895

4.25%,

6/1/2044

10,000

8,405

4.30%,

12/15/2045

10,000

8,449

Xcel

Energy,

Inc.

4.80%,

9/15/2041

25,000

22,102

1,255,104

Electronic

Equipment,

Instruments

&

Components

-

0

.2

%

Corning,

Inc.

5.75%,

8/15/2040

20,000

20,391

4.75%,

3/15/2042

25,000

22,815

Tyco

Electronics

Group

SA

7.13%,

10/1/2037

40,000

47,548

‌

‌

90,754

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

253

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Energy

Equipment

&

Services

-

0

.0

%

(d)

NOV,

Inc.

3.95%,

12/1/2042

$

25,000

$

19,369

Entertainment

-

0

.3

%

Electronic

Arts,

Inc.

2.95%,

2/15/2051

50,000

33,576

NBCUniversal

Media

LLC

6.40%,

4/30/2040

10,000

10,992

Warnermedia

Holdings,

Inc.

5.05%,

3/15/2042

50,000

39,444

5.14%,

3/15/2052

50,000

37,197

121,209

Financial

Services

-

2

.5

%

Apollo

Global

Management,

Inc.

5.80%,

5/21/2054

50,000

50,381

Fidelity

National

Information

Services,

Inc.

3.10%,

3/1/2041

25,000

18,407

Fiserv,

Inc.

4.40%,

7/1/2049

170,000

142,451

Mastercard,

Inc.

3.80%,

11/21/2046

45,000

36,971

3.95%,

2/26/2048

80,000

66,742

3.65%,

6/1/2049

120,000

94,500

3.85%,

3/26/2050

100,000

81,347

2.95%,

3/15/2051

50,000

34,215

Shell

International

Finance

BV

6.38%,

12/15/2038

20,000

22,672

Visa,

Inc.

2.70%,

4/15/2040

80,000

60,010

4.30%,

12/14/2045

300,000

268,025

3.65%,

9/15/2047

105,000

84,147

Voya

Financial,

Inc.

5.70%,

7/15/2043

30,000

29,574

Western

Union

Co.

(The)

6.20%,

11/17/2036

35,000

36,464

6.20%,

6/21/2040

20,000

20,175

1,046,081

Food

Products

-

0

.6

%

General

Mills,

Inc.

4.55%,

4/17/2038

20,000

18,343

5.40%,

6/15/2040

25,000

24,846

Ingredion,

Inc.

6.63%,

4/15/2037

25,000

27,460

3.90%,

6/1/2050

35,000

26,694

Kellanova

5.75%,

5/16/2054

25,000

25,381

Kraft

Heinz

Foods

Co.

6.50%,

2/9/2040

50,000

54,588

5.00%,

6/4/2042

10,000

9,291

5.20%,

7/15/2045

10,000

9,420

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Food

Products

-

0.6%

(continued)

Mondelez

International,

Inc.

2.63%,

9/4/2050

$

60,000

$

37,178

233,201

Gas

Utilities

-

0

.3

%

Atmos

Energy

Corp.

2.85%,

2/15/2052

50,000

32,002

5.75%,

10/15/2052

25,000

25,894

6.20%,

11/15/2053

25,000

27,614

Piedmont

Natural

Gas

Co.,

Inc.

4.65%,

8/1/2043

25,000

22,053

107,563

Ground

Transportation

-

2

.6

%

Burlington

Northern

Santa

Fe

LLC

6.15%,

5/1/2037

25,000

27,745

5.75%,

5/1/2040

90,000

94,481

5.40%,

6/1/2041

75,000

75,940

4.40%,

3/15/2042

50,000

45,123

4.45%,

3/15/2043

75,000

67,591

5.15%,

9/1/2043

50,000

49,358

4.55%,

9/1/2044

15,000

13,598

4.15%,

12/15/2048

5,000

4,214

3.05%,

2/15/2051

75,000

51,547

3.30%,

9/15/2051

65,000

46,670

2.88%,

6/15/2052

90,000

58,896

4.45%,

1/15/2053

120,000

105,540

5.20%,

4/15/2054

180,000

176,642

Canadian

National

Railway

Co.

4.50%,

11/7/2043

25,000

22,377

Canadian

Pacific

Railway

Co.

5.75%,

1/15/2042

10,000

10,102

CSX

Corp.

6.22%,

4/30/2040

10,000

10,946

4.65%,

3/1/2068

25,000

21,594

Union

Pacific

Corp.

3.95%,

8/15/2059

25,000

19,352

3.84%,

3/20/2060

75,000

56,966

3.55%,

5/20/2061

15,000

10,726

5.15%,

1/20/2063

40,000

38,171

4.10%,

9/15/2067

25,000

19,626

3.75%,

2/5/2070

15,000

10,847

3.80%,

4/6/2071

25,000

18,276

3.85%,

2/14/2072

15,000

11,024

1,067,352

Health

Care

Equipment

&

Supplies

-

0

.9

%

Abbott

Laboratories

6.15%,

11/30/2037

40,000

44,821

6.00%,

4/1/2039

20,000

22,251

4.90%,

11/30/2046

15,000

14,540

Becton

Dickinson

&

Co.

4.67%,

6/6/2047

25,000

22,380

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

254

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Health

Care

Equipment

&

Supplies

-

0.9%

(continued)

Boston

Scientific

Corp.

6.50%,

11/15/2035(b)

$

30,000

$

34,037

7.38%,

1/15/2040

20,000

24,013

4.70%,

3/1/2049

50,000

45,510

Stryker

Corp.

4.10%,

4/1/2043

25,000

21,223

4.38%,

5/15/2044

25,000

22,103

4.63%,

3/15/2046

100,000

90,194

Zimmer

Biomet

Holdings,

Inc.

4.25%,

8/15/2035

25,000

22,635

363,707

Health

Care

Providers

&

Services

-

2

.5

%

Cardinal

Health,

Inc.

4.60%,

3/15/2043

30,000

26,129

4.50%,

11/15/2044

25,000

21,363

4.90%,

9/15/2045

55,000

49,646

4.37%,

6/15/2047

40,000

33,112

Cencora,

Inc.

4.25%,

3/1/2045

35,000

30,008

4.30%,

12/15/2047

60,000

51,120

CVS

Health

Corp.

4.78%,

3/25/2038

50,000

45,927

Elevance

Health,

Inc.

5.95%,

12/15/2034

10,000

10,643

5.85%,

1/15/2036

20,000

21,106

6.38%,

6/15/2037

25,000

27,412

4.63%,

5/15/2042

65,000

58,813

4.65%,

1/15/2043

60,000

53,982

5.10%,

1/15/2044

40,000

38,081

4.65%,

8/15/2044

10,000

8,965

4.38%,

12/1/2047

5,000

4,255

4.55%,

3/1/2048

10,000

8,697

4.55%,

5/15/2052

15,000

12,920

6.10%,

10/15/2052

15,000

16,017

5.13%,

2/15/2053

5,000

4,698

4.85%,

8/15/2054

25,000

21,872

HCA,

Inc.

5.25%,

6/15/2049

20,000

18,243

4.63%,

3/15/2052

20,000

16,517

5.90%,

6/1/2053

10,000

9,952

6.00%,

4/1/2054

105,000

105,794

6.10%,

4/1/2064

25,000

25,074

McKesson

Corp.

4.88%,

3/15/2044

25,000

22,748

OhioHealth

Corp.

2.83%,

11/15/2041

10,000

7,449

Series

2020,

3.04%,

11/15/2050

20,000

14,432

UnitedHealth

Group,

Inc.

5.95%,

2/15/2041

25,000

26,767

3.88%,

8/15/2059

45,000

33,821

4.95%,

5/15/2062

55,000

50,039

6.05%,

2/15/2063

55,000

59,093

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Health

Care

Providers

&

Services

-

2.5%

(continued)

UnitedHealth

Group,

Inc.

(continued)

5.20%,

4/15/2063

$

75,000

$

71,057

5.50%,

4/15/2064

55,000

54,507

1,060,259

Health

Care

REITs

-

0

.1

%

Alexandria

Real

Estate

Equities,

Inc.

REIT,

4.75%,

4/15/2035

25,000

23,733

Hotels,

Restaurants

&

Leisure

-

2

.1

%

Darden

Restaurants,

Inc.

4.55%,

2/15/2048

20,000

16,569

Marriott

International,

Inc.

4.50%,

10/1/2034

25,000

23,369

McDonald's

Corp.

4.70%,

12/9/2035

75,000

73,441

6.30%,

10/15/2037

100,000

111,027

6.30%,

3/1/2038

45,000

49,621

5.70%,

2/1/2039

25,000

26,261

3.70%,

2/15/2042

35,000

28,135

3.63%,

5/1/2043

60,000

47,276

4.60%,

5/26/2045

40,000

35,457

4.88%,

12/9/2045

65,000

60,049

4.45%,

3/1/2047

90,000

77,436

4.45%,

9/1/2048

50,000

42,840

3.63%,

9/1/2049

170,000

126,532

4.20%,

4/1/2050

100,000

81,940

5.15%,

9/9/2052

65,000

61,567

861,520

Household

Durables

-

0

.1

%

PulteGroup,

Inc.

6.00%,

2/15/2035

25,000

26,377

Household

Products

-

0

.4

%

Church

&

Dwight

Co.,

Inc.

3.95%,

8/1/2047

25,000

20,252

5.00%,

6/15/2052

50,000

47,513

Kimberly-Clark

Corp.

6.63%,

8/1/2037

25,000

29,186

5.30%,

3/1/2041

25,000

25,302

3.70%,

6/1/2043

25,000

20,094

3.90%,

5/4/2047

25,000

20,509

162,856

Independent

Power

and

Renewable

Electricity

Producers

-

0

.3

%

Constellation

Energy

Generation

LLC

5.75%,

10/1/2041

5,000

5,029

5.60%,

6/15/2042

25,000

24,679

Southern

Power

Co.

5.15%,

9/15/2041

45,000

42,521

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

255

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Independent

Power

and

Renewable

Electricity

Producers

-

0.3%

(continued)

Southern

Power

Co.

(continued)

5.25%,

7/15/2043

$

25,000

$

23,590

Series

F,

4.95%,

12/15/2046

25,000

22,339

118,158

Industrial

Conglomerates

-

0

.7

%

Honeywell

International,

Inc.

5.70%,

3/15/2037

50,000

53,570

5.38%,

3/1/2041

20,000

20,343

5.25%,

3/1/2054

180,000

178,491

5.35%,

3/1/2064

40,000

39,878

292,282

Industrial

REITs

-

0

.1

%

Prologis

LP

REIT,

5.25%,

6/15/2053

25,000

24,275

Insurance

-

6

.8

%

Aflac,

Inc.

6.45%,

8/15/2040

20,000

21,992

4.00%,

10/15/2046

25,000

20,326

Alleghany

Corp.

4.90%,

9/15/2044

25,000

23,905

3.25%,

8/15/2051

50,000

34,717

Allstate

Corp.

(The)

6.50%,

5/15/2057(c)

20,000

20,305

American

International

Group,

Inc.

4.75%,

4/1/2048

25,000

22,753

Aon

Corp.

6.25%,

9/30/2040

20,000

21,536

2.90%,

8/23/2051

30,000

19,050

3.90%,

2/28/2052

75,000

57,214

Aon

Global

Ltd.

4.25%,

12/12/2042

20,000

16,567

4.45%,

5/24/2043

20,000

17,016

4.60%,

6/14/2044

40,000

35,114

4.75%,

5/15/2045

30,000

26,775

Aon

North

America,

Inc.

5.75%,

3/1/2054

200,000

201,742

Arch

Capital

Finance

LLC

5.03%,

12/15/2046

30,000

27,865

Arch

Capital

Group

Ltd.

3.64%,

6/30/2050

100,000

72,577

Arch

Capital

Group

US,

Inc.

5.14%,

11/1/2043

40,000

37,585

Arthur

J

Gallagher

&

Co.

3.50%,

5/20/2051

60,000

42,588

3.05%,

3/9/2052

25,000

15,781

5.75%,

3/2/2053

95,000

94,566

6.75%,

2/15/2054

45,000

50,896

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Insurance

-

6.8%

(continued)

Arthur

J

Gallagher

&

Co.

(continued)

5.75%,

7/15/2054

$

35,000

$

35,071

Athene

Holding

Ltd.

3.95%,

5/25/2051

35,000

25,567

3.45%,

5/15/2052

40,000

26,131

6.25%,

4/1/2054

95,000

96,902

Berkshire

Hathaway

Finance

Corp.

5.75%,

1/15/2040

5,000

5,430

4.20%,

8/15/2048

150,000

130,513

2.85%,

10/15/2050

175,000

116,867

3.85%,

3/15/2052

240,000

191,935

Brown

&

Brown,

Inc.

4.95%,

3/17/2052

50,000

43,729

Cincinnati

Financial

Corp.

6.13%,

11/1/2034

25,000

26,664

Everest

Reinsurance

Holdings,

Inc.

4.87%,

6/1/2044

25,000

22,377

Fairfax

Financial

Holdings

Ltd.

6.35%,

3/22/2054(a)

35,000

36,001

Hartford

Financial

Services

Group,

Inc.

(The)

5.95%,

10/15/2036

25,000

26,849

6.63%,

3/30/2040

25,000

27,534

6.10%,

10/1/2041

25,000

26,329

4.30%,

4/15/2043

25,000

21,721

4.40%,

3/15/2048

35,000

29,821

Markel

Group,

Inc.

5.00%,

3/30/2043

25,000

23,124

5.00%,

4/5/2046

35,000

31,647

5.00%,

5/20/2049

5,000

4,496

4.15%,

9/17/2050

10,000

7,856

3.45%,

5/7/2052

30,000

20,489

6.00%,

5/16/2054

25,000

25,348

Marsh

&

McLennan

Cos.,

Inc.

4.75%,

3/15/2039

25,000

23,917

4.35%,

1/30/2047

25,000

21,560

4.20%,

3/1/2048

50,000

41,734

4.90%,

3/15/2049

135,000

124,777

2.90%,

12/15/2051

35,000

22,538

6.25%,

11/1/2052

45,000

50,245

5.45%,

3/15/2053

50,000

50,055

5.70%,

9/15/2053

75,000

78,007

5.45%,

3/15/2054

85,000

85,628

MetLife,

Inc.

10.75%,

8/1/2039

20,000

27,014

Old

Republic

International

Corp.

3.85%,

6/11/2051

50,000

36,235

Prudential

Financial,

Inc.

4.35%,

2/25/2050

50,000

42,132

3.70%,

3/13/2051

25,000

18,704

Reinsurance

Group

of

America,

Inc.

5.75%,

9/15/2034

25,000

25,573

Transatlantic

Holdings,

Inc.

8.00%,

11/30/2039

25,000

32,165

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

256

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Insurance

-

6.8%

(continued)

Travelers

Cos.,

Inc.

(The)

4.05%,

3/7/2048

$

50,000

$

41,895

Trinity

Acquisition

plc

6.13%,

8/15/2043

25,000

25,213

Unum

Group

5.75%,

8/15/2042

50,000

49,245

Willis

North

America,

Inc.

5.05%,

9/15/2048

80,000

71,572

3.88%,

9/15/2049

25,000

18,678

5.90%,

3/5/2054

50,000

50,032

2,820,190

Interactive

Media

&

Services

-

2

.0

%

Alphabet,

Inc.

1.90%,

8/15/2040

75,000

50,632

Meta

Platforms,

Inc.

4.45%,

8/15/2052

250,000

219,335

5.60%,

5/15/2053

260,000

271,066

4.65%,

8/15/2062

100,000

88,427

5.75%,

5/15/2063

185,000

194,251

823,711

IT

Services

-

1

.9

%

IBM

International

Capital

Pte.

Ltd.

5.30%,

2/5/2054

100,000

96,232

International

Business

Machines

Corp.

4.15%,

5/15/2039

190,000

168,559

5.60%,

11/30/2039

50,000

52,706

2.85%,

5/15/2040

100,000

73,737

4.00%,

6/20/2042

105,000

88,254

4.25%,

5/15/2049

170,000

141,515

2.95%,

5/15/2050

10,000

6,588

3.43%,

2/9/2052

10,000

7,114

4.90%,

7/27/2052

30,000

27,700

5.10%,

2/6/2053

120,000

115,647

7.13%,

12/1/2096

25,000

32,072

810,124

Leisure

Products

-

0

.1

%

Brunswick

Corp.

5.10%,

4/1/2052

15,000

12,097

Mattel,

Inc.

6.20%,

10/1/2040

25,000

25,100

37,197

Machinery

-

1

.0

%

Dover

Corp.

6.60%,

3/15/2038

25,000

28,144

5.38%,

3/1/2041

25,000

25,047

Illinois

Tool

Works,

Inc.

4.88%,

9/15/2041

45,000

43,878

3.90%,

9/1/2042

130,000

110,457

Ingersoll

Rand,

Inc.

5.45%,

6/15/2034

45,000

46,411

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Machinery

-

1.0%

(continued)

Otis

Worldwide

Corp.

3.11%,

2/15/2040

$

75,000

$

57,293

3.36%,

2/15/2050

50,000

36,070

Parker-Hannifin

Corp.

6.25%,

5/15/2038

15,000

16,484

Snap-on,

Inc.

4.10%,

3/1/2048

25,000

20,933

3.10%,

5/1/2050

25,000

17,302

Xylem,

Inc.

4.38%,

11/1/2046

25,000

21,417

423,436

Media

-

3

.3

%

Charter

Communications

Operating

LLC

6.38%,

10/23/2035

25,000

25,064

5.38%,

4/1/2038

25,000

22,573

6.48%,

10/23/2045

125,000

118,255

5.38%,

5/1/2047

85,000

70,361

5.75%,

4/1/2048

90,000

77,756

5.13%,

7/1/2049

50,000

39,473

4.80%,

3/1/2050

105,000

79,306

5.25%,

4/1/2053

20,000

16,179

6.83%,

10/23/2055

15,000

14,485

3.85%,

4/1/2061

30,000

18,111

4.40%,

12/1/2061

40,000

26,735

3.95%,

6/30/2062

20,000

12,245

5.50%,

4/1/2063

25,000

19,959

Comcast

Corp.

6.50%,

11/15/2035

50,000

55,874

6.45%,

3/15/2037

60,000

66,688

6.95%,

8/15/2037

25,000

29,015

3.90%,

3/1/2038

10,000

8,721

6.55%,

7/1/2039

20,000

22,540

6.40%,

3/1/2040

10,000

11,038

2.89%,

11/1/2051

25,000

16,028

5.35%,

5/15/2053

15,000

14,683

5.65%,

6/1/2054

25,000

25,492

2.94%,

11/1/2056

35,000

21,773

2.99%,

11/1/2063

5,000

3,023

Fox

Corp.

5.48%,

1/25/2039

100,000

98,538

5.58%,

1/25/2049

130,000

122,876

Interpublic

Group

of

Cos.,

Inc.

(The)

3.38%,

3/1/2041

35,000

26,381

5.40%,

10/1/2048

45,000

42,522

Time

Warner

Cable

LLC

6.55%,

5/1/2037

100,000

98,009

7.30%,

7/1/2038

75,000

78,197

6.75%,

6/15/2039

35,000

34,661

5.88%,

11/15/2040

20,000

17,941

5.50%,

9/1/2041

45,000

38,607

4.50%,

9/15/2042

25,000

18,882

‌

‌

1,391,991

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

257

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Metals

&

Mining

-

1

.5

%

BHP

Billiton

Finance

USA

Ltd.

5.00%,

9/30/2043

$

105,000

$

101,126

5.50%,

9/8/2053

75,000

76,468

Freeport-McMoRan,

Inc.

5.45%,

3/15/2043

20,000

19,171

Nucor

Corp.

6.40%,

12/1/2037

65,000

72,421

2.98%,

12/15/2055

25,000

15,699

Reliance,

Inc.

6.85%,

11/15/2036

25,000

27,891

Rio

Tinto

Alcan,

Inc.

5.75%,

6/1/2035

5,000

5,357

Rio

Tinto

Finance

USA

Ltd.

5.20%,

11/2/2040

70,000

69,588

Rio

Tinto

Finance

USA

plc

5.13%,

3/9/2053

85,000

82,206

Steel

Dynamics,

Inc.

3.25%,

10/15/2050

20,000

13,497

Vale

Overseas

Ltd.

6.88%,

11/21/2036

75,000

80,747

6.88%,

11/10/2039

65,000

69,888

634,059

Multi-Utilities

-

1

.8

%

Berkshire

Hathaway

Energy

Co.

6.13%,

4/1/2036

35,000

37,746

5.95%,

5/15/2037

25,000

26,555

5.15%,

11/15/2043

5,000

4,845

3.80%,

7/15/2048

75,000

57,349

4.45%,

1/15/2049

25,000

21,050

4.25%,

10/15/2050

75,000

60,858

2.85%,

5/15/2051

50,000

31,923

4.60%,

5/1/2053

20,000

17,205

Consolidated

Edison

Co.

of

New

York,

Inc.

5.70%,

6/15/2040

25,000

25,578

Series

12-A,

4.20%,

3/15/2042

25,000

21,337

3.20%,

12/1/2051

25,000

17,091

Series

C,

4.30%,

12/1/2056

25,000

20,364

Series

C,

4.00%,

11/15/2057

25,000

19,375

4.50%,

5/15/2058

25,000

21,035

3.70%,

11/15/2059

25,000

17,962

Series

C,

3.00%,

12/1/2060

25,000

15,272

3.60%,

6/15/2061

25,000

17,560

Consumers

Energy

Co.

4.35%,

8/31/2064

25,000

19,890

NiSource,

Inc.

5.95%,

6/15/2041

35,000

36,017

5.80%,

2/1/2042

10,000

10,105

5.25%,

2/15/2043

15,000

14,167

4.80%,

2/15/2044

50,000

44,898

5.65%,

2/1/2045

45,000

44,719

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Multi-Utilities

-

1.8%

(continued)

NiSource,

Inc.

(continued)

4.38%,

5/15/2047

$

10,000

$

8,328

Puget

Sound

Energy,

Inc.

5.76%,

7/15/2040

25,000

25,094

Southern

Co.

Gas

Capital

Corp.

6.00%,

10/1/2034

25,000

25,754

5.88%,

3/15/2041

25,000

25,885

4.40%,

6/1/2043

25,000

21,308

3.95%,

10/1/2046

25,000

19,469

4.40%,

5/30/2047

25,000

20,943

Series

21A,

3.15%,

9/30/2051

25,000

16,114

765,796

Oil,

Gas

&

Consumable

Fuels

-

19

.4

%

Apache

Corp.

5.10%,

9/1/2040

125,000

109,411

5.25%,

2/1/2042

25,000

21,766

4.75%,

4/15/2043

75,000

61,003

5.35%,

7/1/2049

25,000

21,319

Boardwalk

Pipelines

LP

5.63%,

8/1/2034

25,000

25,259

BP

Capital

Markets

America,

Inc.

3.38%,

2/8/2061

125,000

85,328

Canadian

Natural

Resources

Ltd.

6.50%,

2/15/2037

35,000

37,422

6.25%,

3/15/2038

130,000

137,564

6.75%,

2/1/2039

50,000

54,662

4.95%,

6/1/2047

50,000

44,563

Cenovus

Energy,

Inc.

5.25%,

6/15/2037

20,000

19,525

6.75%,

11/15/2039

35,000

38,658

5.40%,

6/15/2047

37,000

35,055

ConocoPhillips

Co.

5.30%,

5/15/2053

40,000

38,986

5.55%,

3/15/2054

35,000

35,265

4.03%,

3/15/2062

205,000

157,948

5.70%,

9/15/2063

70,000

71,425

Continental

Resources,

Inc.

4.90%,

6/1/2044

75,000

63,343

Devon

Energy

Corp.

5.60%,

7/15/2041

140,000

134,343

4.75%,

5/15/2042

50,000

43,053

5.00%,

6/15/2045

65,000

57,088

Diamondback

Energy,

Inc.

4.40%,

3/24/2051

50,000

41,160

4.25%,

3/15/2052

100,000

79,691

6.25%,

3/15/2053

45,000

47,535

5.75%,

4/18/2054

110,000

108,882

5.90%,

4/18/2064

95,000

94,490

Eastern

Gas

Transmission

&

Storage,

Inc.

4.80%,

11/1/2043

25,000

22,534

4.60%,

12/15/2044

25,000

21,842

3.90%,

11/15/2049

25,000

18,335

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

258

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

19.4%

(continued)

Enbridge

Energy

Partners

LP

Series

B,

7.50%,

4/15/2038

$

25,000

$

29,421

5.50%,

9/15/2040

40,000

39,231

7.38%,

10/15/2045

70,000

81,438

Enbridge,

Inc.

4.50%,

6/10/2044

45,000

38,285

5.50%,

12/1/2046

25,000

24,699

3.40%,

8/1/2051

55,000

38,227

6.70%,

11/15/2053

100,000

111,723

5.95%,

4/5/2054

55,000

55,799

Energy

Transfer

LP

5.60%,

9/1/2034

25,000

25,366

6.63%,

10/15/2036

15,000

16,286

7.50%,

7/1/2038

25,000

29,188

6.85%,

2/15/2040

10,000

10,652

6.05%,

6/1/2041

15,000

15,157

6.50%,

2/1/2042

70,000

74,259

6.10%,

2/15/2042

15,000

15,123

4.95%,

1/15/2043

15,000

13,172

5.15%,

2/1/2043

25,000

22,526

5.95%,

10/1/2043

40,000

39,639

5.30%,

4/1/2044

25,000

23,032

5.00%,

5/15/2044(b)

15,000

13,301

5.15%,

3/15/2045

35,000

31,656

5.35%,

5/15/2045

75,000

69,249

6.13%,

12/15/2045

40,000

40,472

5.30%,

4/15/2047

25,000

22,747

5.40%,

10/1/2047

60,000

55,337

6.00%,

6/15/2048

35,000

34,779

6.25%,

4/15/2049

90,000

92,148

5.00%,

5/15/2050

100,000

87,214

5.95%,

5/15/2054

90,000

88,874

6.05%,

9/1/2054

25,000

25,060

EnLink

Midstream

Partners

LP

5.60%,

4/1/2044

5,000

4,488

Enterprise

Products

Operating

LLC

Series

J,

5.75%,

3/1/2035

25,000

25,971

7.55%,

4/15/2038

15,000

18,230

6.13%,

10/15/2039

20,000

21,685

6.45%,

9/1/2040

45,000

49,701

5.95%,

2/1/2041

50,000

52,628

5.70%,

2/15/2042

55,000

56,326

4.85%,

8/15/2042

50,000

46,413

4.45%,

2/15/2043

65,000

57,334

4.85%,

3/15/2044

50,000

46,307

5.10%,

2/15/2045

40,000

38,182

4.90%,

5/15/2046

40,000

37,020

4.25%,

2/15/2048

25,000

21,039

4.80%,

2/1/2049

25,000

22,727

4.20%,

1/31/2050

20,000

16,621

3.70%,

1/31/2051

50,000

38,074

3.20%,

2/15/2052

100,000

68,698

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

19.4%

(continued)

Enterprise

Products

Operating

LLC

(continued)

3.30%,

2/15/2053

$

75,000

$

52,059

4.95%,

10/15/2054

30,000

27,644

3.95%,

1/31/2060

100,000

76,310

Hess

Corp.

5.60%,

2/15/2041

25,000

25,423

Kinder

Morgan

Energy

Partners

LP

5.80%,

3/15/2035

25,000

25,787

6.50%,

2/1/2037

25,000

26,749

6.95%,

1/15/2038

50,000

55,822

6.50%,

9/1/2039

25,000

26,803

6.55%,

9/15/2040

25,000

26,537

7.50%,

11/15/2040

25,000

28,797

6.38%,

3/1/2041

50,000

52,354

5.63%,

9/1/2041

25,000

24,327

5.00%,

8/15/2042

25,000

22,448

4.70%,

11/1/2042

25,000

21,466

5.00%,

3/1/2043

25,000

22,376

5.50%,

3/1/2044

25,000

23,838

5.40%,

9/1/2044

15,000

14,093

Kinder

Morgan,

Inc.

5.55%,

6/1/2045

65,000

62,564

5.05%,

2/15/2046

25,000

22,479

5.20%,

3/1/2048

25,000

22,742

3.60%,

2/15/2051

50,000

35,068

5.45%,

8/1/2052

35,000

33,031

Marathon

Oil

Corp.

6.60%,

10/1/2037

5,000

5,557

5.20%,

6/1/2045

25,000

23,848

Marathon

Petroleum

Corp.

6.50%,

3/1/2041

75,000

80,134

4.75%,

9/15/2044

50,000

43,742

5.85%,

12/15/2045

35,000

34,914

4.50%,

4/1/2048

15,000

12,340

5.00%,

9/15/2054

25,000

21,673

MPLX

LP

5.20%,

3/1/2047

60,000

55,188

5.20%,

12/1/2047

40,000

36,281

4.70%,

4/15/2048

125,000

105,980

5.50%,

2/15/2049

105,000

99,395

4.95%,

3/14/2052

130,000

113,290

5.65%,

3/1/2053

50,000

48,077

4.90%,

4/15/2058

45,000

37,915

Occidental

Petroleum

Corp.

6.45%,

9/15/2036

175,000

186,932

7.95%,

6/15/2039

30,000

35,560

6.20%,

3/15/2040

30,000

30,842

4.63%,

6/15/2045

25,000

20,191

6.60%,

3/15/2046

85,000

90,529

4.40%,

4/15/2046

75,000

60,590

4.10%,

2/15/2047

25,000

18,500

4.20%,

3/15/2048

10,000

7,759

4.40%,

8/15/2049

25,000

18,969

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

259

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

19.4%

(continued)

ONEOK

Partners

LP

6.65%,

10/1/2036

$

50,000

$

54,706

6.85%,

10/15/2037

50,000

55,440

6.13%,

2/1/2041

65,000

66,355

6.20%,

9/15/2043

25,000

25,752

ONEOK,

Inc.

6.00%,

6/15/2035

20,000

20,968

6.40%,

5/1/2037

15,000

15,694

4.20%,

12/1/2042

10,000

8,022

5.15%,

10/15/2043

30,000

27,838

4.20%,

3/15/2045

25,000

19,833

4.25%,

9/15/2046

40,000

32,175

4.95%,

7/13/2047

40,000

35,082

4.20%,

10/3/2047

45,000

35,423

5.20%,

7/15/2048

90,000

81,401

4.85%,

2/1/2049

40,000

34,577

4.45%,

9/1/2049

25,000

20,224

3.95%,

3/1/2050

60,000

44,996

4.50%,

3/15/2050

40,000

32,724

7.15%,

1/15/2051

20,000

22,521

6.63%,

9/1/2053

155,000

169,387

Ovintiv,

Inc.

6.50%,

2/1/2038

30,000

31,476

7.10%,

7/15/2053

30,000

33,513

Phillips

66

5.88%,

5/1/2042

30,000

30,953

4.88%,

11/15/2044

25,000

22,765

3.30%,

3/15/2052

85,000

57,016

Phillips

66

Co.

4.68%,

2/15/2045

25,000

21,958

5.65%,

6/15/2054

25,000

24,608

Plains

All

American

Pipeline

LP

6.65%,

1/15/2037

20,000

21,656

5.15%,

6/1/2042

35,000

31,954

4.30%,

1/31/2043

75,000

60,998

4.70%,

6/15/2044

50,000

42,611

4.90%,

2/15/2045

50,000

43,614

Spectra

Energy

Partners

LP

5.95%,

9/25/2043

30,000

30,391

4.50%,

3/15/2045

50,000

41,980

Suncor

Energy,

Inc.

6.80%,

5/15/2038

50,000

55,564

6.50%,

6/15/2038

80,000

88,295

6.85%,

6/1/2039

45,000

50,182

4.00%,

11/15/2047

55,000

42,581

3.75%,

3/4/2051

55,000

40,316

Targa

Resources

Corp.

4.95%,

4/15/2052

25,000

21,896

6.25%,

7/1/2052

15,000

15,559

6.50%,

2/15/2053

50,000

53,657

Tennessee

Gas

Pipeline

Co.

LLC

7.63%,

4/1/2037

15,000

17,613

TotalEnergies

Capital

International

SA

3.39%,

6/29/2060

30,000

20,688

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

19.4%

(continued)

TotalEnergies

Capital

SA

5.64%,

4/5/2064

$

115,000

$

116,857

Valero

Energy

Corp.

6.63%,

6/15/2037

75,000

82,144

4.90%,

3/15/2045

20,000

18,435

3.65%,

12/1/2051

80,000

56,963

4.00%,

6/1/2052

45,000

33,985

Western

Midstream

Operating

LP

5.45%,

4/1/2044

95,000

86,863

5.30%,

3/1/2048

75,000

66,010

5.50%,

8/15/2048

25,000

22,429

5.25%,

2/1/2050(b)

35,000

31,057

Williams

Cos.,

Inc.

(The)

6.30%,

4/15/2040

75,000

79,542

5.80%,

11/15/2043

25,000

25,016

5.40%,

3/4/2044

25,000

23,976

5.75%,

6/24/2044

25,000

24,932

4.90%,

1/15/2045

25,000

22,386

5.10%,

9/15/2045

35,000

32,338

4.85%,

3/1/2048

30,000

26,602

3.50%,

10/15/2051

50,000

35,524

5.30%,

8/15/2052

20,000

19,008

8,038,911

Pharmaceuticals

-

3

.2

%

AstraZeneca

plc

6.45%,

9/15/2037

35,000

39,939

Eli

Lilly

&

Co.

5.95%,

11/15/2037

10,000

11,027

4.15%,

3/15/2059

45,000

37,579

4.95%,

2/27/2063

85,000

81,049

5.10%,

2/9/2064

130,000

126,781

GlaxoSmithKline

Capital,

Inc.

6.38%,

5/15/2038

35,000

39,637

Johnson

&

Johnson

3.63%,

3/3/2037

25,000

22,438

5.95%,

8/15/2037

60,000

67,169

5.85%,

7/15/2038

30,000

33,421

3.70%,

3/1/2046

20,000

16,570

3.75%,

3/3/2047

5,000

4,141

5.25%,

6/1/2054

70,000

72,271

2.45%,

9/1/2060

120,000

70,401

Merck

&

Co.,

Inc.

6.55%,

9/15/2037

25,000

28,686

2.35%,

6/24/2040

25,000

17,518

3.60%,

9/15/2042

20,000

16,300

4.15%,

5/18/2043

10,000

8,757

3.70%,

2/10/2045

20,000

16,138

4.00%,

3/7/2049

15,000

12,433

2.75%,

12/10/2051

90,000

58,053

5.00%,

5/17/2053

120,000

115,165

2.90%,

12/10/2061

130,000

80,146

5.15%,

5/17/2063

100,000

97,291

Merck

Sharp

&

Dohme

Corp.

5.85%,

6/30/2039

20,000

21,496

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

260

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Pharmaceuticals

-

3.2%

(continued)

Novartis

Capital

Corp.

4.40%,

5/6/2044

$

20,000

$

18,364

Pfizer

Investment

Enterprises

Pte.

Ltd.

5.34%,

5/19/2063

50,000

48,715

Zoetis,

Inc.

4.70%,

2/1/2043

90,000

82,185

3.95%,

9/12/2047

50,000

40,319

4.45%,

8/20/2048

25,000

21,838

3.00%,

5/15/2050

50,000

33,633

1,339,460

Professional

Services

-

0

.1

%

Verisk

Analytics,

Inc.

5.50%,

6/15/2045

25,000

24,704

3.63%,

5/15/2050

50,000

36,915

61,619

Real

Estate

Management

&

Development

-

0

.1

%

CBRE

Services,

Inc.

5.95%,

8/15/2034

55,000

57,709

Retail

REITs

-

0

.0

%

(d)

Federal

Realty

OP

LP

REIT,

3.63%,

8/1/2046

25,000

17,220

Semiconductors

&

Semiconductor

Equipment

-

3

.6

%

Advanced

Micro

Devices,

Inc.

4.39%,

6/1/2052

25,000

22,089

Analog

Devices,

Inc.

2.80%,

10/1/2041

25,000

18,254

5.30%,

12/15/2045

20,000

19,924

5.30%,

4/1/2054

65,000

65,332

Applied

Materials,

Inc.

5.85%,

6/15/2041

45,000

48,928

Broadcom,

Inc.

3.14%,

11/15/2035(a)

165,000

136,162

4.93%,

5/15/2037(a)

130,000

125,450

KLA

Corp.

5.65%,

11/1/2034

25,000

26,652

5.00%,

3/15/2049

20,000

19,227

4.95%,

7/15/2052

70,000

66,706

5.25%,

7/15/2062

105,000

103,116

Lam

Research

Corp.

4.88%,

3/15/2049

30,000

28,276

3.13%,

6/15/2060

70,000

46,032

NVIDIA

Corp.

3.70%,

4/1/2060

45,000

35,315

NXP

BV

3.25%,

5/11/2041

95,000

70,985

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Semiconductors

&

Semiconductor

Equipment

-

3.6%

(continued)

NXP

BV

(continued)

3.13%,

2/15/2042

$

35,000

$

25,383

QUALCOMM,

Inc.

4.30%,

5/20/2047

65,000

56,801

4.50%,

5/20/2052

75,000

66,328

6.00%,

5/20/2053

85,000

93,645

Texas

Instruments,

Inc.

4.15%,

5/15/2048

175,000

149,847

2.70%,

9/15/2051

5,000

3,230

4.10%,

8/16/2052

10,000

8,433

5.00%,

3/14/2053

50,000

48,380

5.15%,

2/8/2054

55,000

54,463

5.05%,

5/18/2063

160,000

153,324

1,492,282

Software

-

3

.7

%

Intuit,

Inc.

5.50%,

9/15/2053

100,000

103,131

Microsoft

Corp.

3.50%,

2/12/2035

25,000

23,176

3.45%,

8/8/2036

75,000

67,382

2.53%,

6/1/2050

95,000

61,756

2.50%,

9/15/2050

25,000

16,109

2.92%,

3/17/2052

100,000

70,239

4.00%,

2/12/2055

50,000

42,874

3.95%,

8/8/2056

50,000

42,081

4.50%,

2/6/2057

50,000

47,235

2.68%,

6/1/2060

340,000

214,522

3.04%,

3/17/2062

160,000

109,442

Oracle

Corp.

3.90%,

5/15/2035

25,000

22,244

3.85%,

7/15/2036

50,000

43,286

3.80%,

11/15/2037

25,000

21,195

6.50%,

4/15/2038

75,000

82,465

6.13%,

7/8/2039

55,000

58,328

3.60%,

4/1/2040

45,000

35,611

5.38%,

7/15/2040

50,000

48,788

3.65%,

3/25/2041

25,000

19,645

4.50%,

7/8/2044

10,000

8,532

4.13%,

5/15/2045

25,000

20,094

4.00%,

7/15/2046

50,000

39,370

4.00%,

11/15/2047

25,000

19,514

3.60%,

4/1/2050

75,000

53,766

3.95%,

3/25/2051

40,000

30,381

6.90%,

11/9/2052

100,000

114,735

5.55%,

2/6/2053

25,000

24,314

4.38%,

5/15/2055

14,000

11,275

3.85%,

4/1/2060

15,000

10,655

Salesforce,

Inc.

2.70%,

7/15/2041

100,000

72,096

1,534,241

Specialty

Retail

-

3

.8

%

Dick's

Sporting

Goods,

Inc.

4.10%,

1/15/2052

55,000

39,824

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

261

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Specialty

Retail

-

3.8%

(continued)

Home

Depot,

Inc.

(The)

5.88%,

12/16/2036

$

165,000

$

179,389

3.30%,

4/15/2040

90,000

72,294

5.40%,

9/15/2040

35,000

35,701

5.95%,

4/1/2041

75,000

81,068

4.20%,

4/1/2043

10,000

8,736

4.40%,

3/15/2045

25,000

22,251

4.25%,

4/1/2046

25,000

21,677

3.90%,

6/15/2047

70,000

56,999

4.50%,

12/6/2048

75,000

66,783

3.35%,

4/15/2050

25,000

18,263

2.75%,

9/15/2051

35,000

22,460

3.63%,

4/15/2052

105,000

79,868

4.95%,

9/15/2052

120,000

113,469

3.50%,

9/15/2056

35,000

25,635

Lowe's

Cos.,

Inc.

2.80%,

9/15/2041

50,000

35,262

5.00%,

9/15/2043

20,000

18,588

3.70%,

4/15/2046

100,000

75,845

4.05%,

5/3/2047

75,000

59,679

3.00%,

10/15/2050

150,000

96,809

4.25%,

4/1/2052

50,000

40,237

5.63%,

4/15/2053

100,000

99,089

5.75%,

7/1/2053

50,000

50,379

4.45%,

4/1/2062

150,000

120,059

5.80%,

9/15/2062

75,000

74,729

5.85%,

4/1/2063

40,000

40,269

TJX

Cos.,

Inc.

(The)

4.50%,

4/15/2050

25,000

22,925

1,578,287

Technology

Hardware,

Storage

&

Peripherals

-

2

.1

%

Apple,

Inc.

2.38%,

2/8/2041

50,000

35,786

3.85%,

5/4/2043

75,000

64,969

3.45%,

2/9/2045

25,000

20,051

4.38%,

5/13/2045

25,000

23,052

4.65%,

2/23/2046

50,000

47,849

3.85%,

8/4/2046

25,000

21,163

3.75%,

11/13/2047

20,000

16,483

2.95%,

9/11/2049

25,000

17,700

2.65%,

5/11/2050

25,000

16,540

2.65%,

2/8/2051

175,000

114,761

2.70%,

8/5/2051

75,000

49,342

3.95%,

8/8/2052

75,000

63,062

4.85%,

5/10/2053

25,000

24,950

2.80%,

2/8/2061

175,000

111,199

2.85%,

8/5/2061

150,000

96,076

4.10%,

8/8/2062

100,000

84,106

HP,

Inc.

6.00%,

9/15/2041

80,000

83,495

‌

‌

890,584

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Tobacco

-

4

.8

%

Altria

Group,

Inc.

5.80%,

2/14/2039

$

125,000

$

128,609

3.40%,

2/4/2041

40,000

29,786

4.25%,

8/9/2042

120,000

98,993

4.50%,

5/2/2043

40,000

33,823

5.38%,

1/31/2044

175,000

170,001

3.88%,

9/16/2046

45,000

33,719

5.95%,

2/14/2049

225,000

227,517

3.70%,

2/4/2051

100,000

69,871

4.00%,

2/4/2061

25,000

17,994

BAT

Capital

Corp.

4.39%,

8/15/2037

90,000

79,067

3.73%,

9/25/2040

25,000

19,193

7.08%,

8/2/2043

45,000

49,259

4.54%,

8/15/2047

100,000

80,155

4.76%,

9/6/2049

75,000

61,345

5.28%,

4/2/2050

35,000

30,843

3.98%,

9/25/2050

10,000

7,338

5.65%,

3/16/2052

45,000

42,064

7.08%,

8/2/2053

70,000

77,563

Philip

Morris

International,

Inc.

6.38%,

5/16/2038

110,000

121,855

4.38%,

11/15/2041

50,000

43,441

4.50%,

3/20/2042

50,000

44,143

3.88%,

8/21/2042

50,000

40,412

4.13%,

3/4/2043

205,000

170,751

4.88%,

11/15/2043

55,000

50,562

4.25%,

11/10/2044

60,000

50,293

Reynolds

American,

Inc.

5.70%,

8/15/2035

5,000

5,053

7.25%,

6/15/2037

20,000

22,371

6.15%,

9/15/2043

70,000

69,807

5.85%,

8/15/2045

115,000

110,373

1,986,201

Trading

Companies

&

Distributors

-

0

.3

%

WW

Grainger,

Inc.

4.60%,

6/15/2045

75,000

68,687

3.75%,

5/15/2046

30,000

24,089

4.20%,

5/15/2047

30,000

25,765

118,541

Wireless

Telecommunication

Services

-

1

.1

%

T-Mobile

USA,

Inc.

4.38%,

4/15/2040

50,000

44,335

3.00%,

2/15/2041

25,000

18,411

4.50%,

4/15/2050

50,000

42,781

5.65%,

1/15/2053

50,000

50,434

5.75%,

1/15/2054

100,000

102,133

6.00%,

6/15/2054

75,000

79,320

5.50%,

1/15/2055

50,000

49,401

3.60%,

11/15/2060

25,000

17,432

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

(cont.)

262

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Wireless

Telecommunication

Services

-

1.1%

(continued)

T-Mobile

USA,

Inc.

(continued)

5.80%,

9/15/2062

$

50,000

$

51,015

455,262

Total

Corporate

Bonds

(Cost

$40,483,442)

40,369,073

U.S.

TREASURY

OBLIGATIONS

-

1

.1

%

U.S.

Treasury

Bonds

4.63%,

5/15/2044

$

350,000

359,461

U.S.

Treasury

Notes

4.00%,

2/15/2034

100,000

99,578

Total

U.S.

Treasury

Obligations

(Cost

$457,797)

459,039

Total

Investments

-

98.3%

(Cost

$40,941,239)

40,828,112

Other

assets

less

liabilities

-

1.7%

707,865

NET

ASSETS

-

100.0%

$41,535,977

(a)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

At

July

31,

2024,

the

value

of

these

securities

amounted

to

approximately

$371,737

or

0.89%

of

net

assets.

(b)

Step

bond.

Interest

rate

is

a

fixed

rate

for

an

initial

period

that

either

resets

at

a

specific

date

or

may

reset

in

the

future

at

a

contingent

upon

predetermined

trigger.

The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2024.

(c)

Security

issued

at

a

fixed

coupon

rate,

which

converts

to

a

variable

rate

at

a

future

date.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(d)

Represents

less

than

0.05%

of

net

assets.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

OYJ

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

Security

Type

%

of

Net

Assets

Corporate

Bonds

97‌

.2

%

U.S.

Treasury

Obligations

1‌

.1

Others

(1)

1‌

.7

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

263

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

{FamilyName}

Schedule

of

Investments

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

July

31,

2024

(Unaudited)

tS

Investments

Principal

Amount

Value

CORPORATE

BONDS

-

97

.3

%

Aerospace

&

Defense

-

2

.6

%

AAR

Escrow

Issuer

LLC

6.75%,

3/15/2029(a)

$

2,090,000

$

2,136,374

Bombardier,

Inc.

7.13%,

6/15/2026(a)

130,000

131,684

6.00%,

2/15/2028(a)

545,000

543,435

7.50%,

2/1/2029(a)

835,000

871,862

BWX

Technologies,

Inc.

4.13%,

6/30/2028(a)

805,000

765,928

4.13%,

4/15/2029(a)

1,209,000

1,140,047

F-Brasile

SpA

Series

NR,

7.38%,

8/15/2026(a)

1,650,000

1,640,129

TransDigm,

Inc.

5.50%,

11/15/2027

6,280,000

6,201,200

6.75%,

8/15/2028(a)

4,420,000

4,504,961

4.63%,

1/15/2029

6,905,000

6,530,043

6.38%,

3/1/2029(a)

2,815,000

2,867,361

4.88%,

5/1/2029(b)

3,621,000

3,445,737

6.88%,

12/15/2030(a)

1,270,000

1,306,019

7.13%,

12/1/2031(a)

850,000

882,204

6.63%,

3/1/2032(a)

2,050,000

2,096,795

Triumph

Group,

Inc.

9.00%,

3/15/2028(a)

1,914,000

2,015,999

37,079,778

Air

Freight

&

Logistics

-

0

.4

%

Cargo

Aircraft

Management,

Inc.

4.75%,

2/1/2028(a)

3,250,000

3,055,753

Rand

Parent

LLC

8.50%,

2/15/2030(a)

2,765,000

2,734,218

5,789,971

Automobile

Components

-

1

.3

%

Adient

Global

Holdings

Ltd.

8.25%,

4/15/2031(a)(b)

285,000

299,643

Allison

Transmission,

Inc.

3.75%,

1/30/2031(a)

938,000

834,861

American

Axle

&

Manufacturing,

Inc.

6.50%,

4/1/2027

565,000

566,694

6.88%,

7/1/2028

330,000

330,071

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Automobile

Components

-

1.3%

(continued)

Dornoch

Debt

Merger

Sub,

Inc.

6.63%,

10/15/2029(a)(b)

$

1,100,000

$

963,755

Garrett

Motion

Holdings,

Inc.

7.75%,

5/31/2032(a)

2,600,000

2,643,717

Icahn

Enterprises

LP

6.25%,

5/15/2026(b)

1,080,000

1,076,527

5.25%,

5/15/2027

865,000

829,613

9.75%,

1/15/2029(a)

470,000

494,939

4.38%,

2/1/2029

535,000

465,561

9.00%,

6/15/2030(a)

500,000

506,495

IHO

Verwaltungs

GmbH

4.75%,

9/15/2026(a)(c)

900,000

877,539

6.37%,

5/15/2029(a)(c)

1,680,000

1,681,648

Patrick

Industries,

Inc.

4.75%,

5/1/2029(a)

815,000

760,136

Real

Hero

Merger

Sub

2,

Inc.

6.25%,

2/1/2029(a)

845,000

725,812

Tenneco,

Inc.

8.00%,

11/17/2028(a)(b)

2,435,000

2,209,913

ZF

North

America

Capital,

Inc.

6.88%,

4/14/2028(a)

1,070,000

1,096,719

7.13%,

4/14/2030(a)

1,340,000

1,390,966

6.75%,

4/23/2030(a)

500,000

509,339

18,263,948

Automobiles

-

1

.0

%

Jaguar

Land

Rover

Automotive

plc

7.75%,

10/15/2025(a)

853,000

853,944

4.50%,

10/1/2027(a)

3,275,000

3,129,312

5.88%,

1/15/2028(a)

3,076,000

3,045,650

5.50%,

7/15/2029(a)

2,057,000

2,011,698

Mclaren

Finance

plc

7.50%,

8/1/2026(a)

2,140,000

1,870,360

Thor

Industries,

Inc.

4.00%,

10/15/2029(a)

2,565,000

2,311,329

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

264

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Automobiles

-

1.0%

(continued)

Winnebago

Industries,

Inc.

6.25%,

7/15/2028(a)

$

1,050,000

$

1,040,921

14,263,214

Banks

-

0

.5

%

Intesa

Sanpaolo

SpA

5.71%,

1/15/2026(a)

1,350,000

1,348,569

4.20%,

6/1/2032(a)

(d)

940,000

813,844

4.95%,

6/1/2042(a)

(d)

170,000

131,790

Texas

Capital

Bancshares,

Inc.

4.00%,

5/6/2031(d)

565,000

523,727

UniCredit

SpA

7.30%,

4/2/2034(a)

(d)

1,060,000

1,100,682

5.46%,

6/30/2035(a)(d)

1,565,000

1,502,369

Valley

National

Bancorp

3.00%,

6/15/2031(d)

1,625,000

1,292,180

6,713,161

Beverages

-

0

.1

%

Primo

Water

Holdings,

Inc.

4.38%,

4/30/2029(a)(b)

530,000

493,552

Triton

Water

Holdings,

Inc.

6.25%,

4/1/2029(a)

(b)

800,000

775,140

1,268,692

Biotechnology

-

0

.1

%

Grifols

SA

4.75%,

10/15/2028(a)

1,600,000

1,459,838

Broadline

Retail

-

0

.6

%

ANGI

Group

LLC

3.88%,

8/15/2028(a)

2,490,000

2,168,012

Go

Daddy

Operating

Co.

LLC

3.50%,

3/1/2029(a)

1,000,000

909,226

Liberty

Interactive

LLC

8.25%,

2/1/2030

845,000

437,205

Macy's

Retail

Holdings

LLC

5.88%,

3/15/2030(a)

100,000

95,983

6.13%,

3/15/2032(a)

190,000

181,332

6.70%,

7/15/2034(a)

1,000,000

880,216

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Broadline

Retail

-

0.6%

(continued)

Macy’s

Retail

Holdings

LLC

(continued)

5.13%,

1/15/2042

$

1,000,000

$

810,556

Millennium

Escrow

Corp.

6.63%,

8/1/2026(a)

2,630,000

1,382,716

NMG

Holding

Co.,

Inc.

7.13%,

4/1/2026(a)

705,000

708,174

Nordstrom,

Inc.

5.00%,

1/15/2044

360,000

288,081

QVC,

Inc.

4.75%,

2/15/2027(b)

650,000

569,068

4.38%,

9/1/2028

555,000

424,575

8,855,144

Building

Products

-

1

.5

%

ACProducts

Holdings,

Inc.

6.38%,

5/15/2029(a)

1,700,000

1,011,476

AmeriTex

HoldCo

Intermediate

LLC

10.25%,

10/15/2028(a)

1,785,000

1,897,814

Camelot

Return

Merger

Sub,

Inc.

8.75%,

8/1/2028(a)

(b)

1,180,000

1,173,173

CP

Atlas

Buyer,

Inc.

7.00%,

12/1/2028(a)

795,000

680,633

Eco

Material

Technologies,

Inc.

7.88%,

1/31/2027(a)

1,680,000

1,709,443

EMRLD

Borrower

LP

6.63%,

12/15/2030(a)

2,280,000

2,322,803

Griffon

Corp.

5.75%,

3/1/2028(b)

2,070,000

2,026,332

James

Hardie

International

Finance

DAC

5.00%,

1/15/2028(a)

1,100,000

1,060,505

JELD-WEN,

Inc.

4.88%,

12/15/2027(a)(b)

491,000

467,494

Miter

Brands

Acquisition

Holdco,

Inc.

6.75%,

4/1/2032(a)

1,150,000

1,166,787

MIWD

Holdco

II

LLC

5.50%,

2/1/2030(a)

840,000

784,642

Oscar

Acquisition

Co.

LLC

9.50%,

4/15/2030(a)

970,000

908,101

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/1/2028(a)

1,387,000

1,373,969

8.88%,

11/15/2031(a)

1,755,000

1,891,283

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

265

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Building

Products

-

1.5%

(continued)

Standard

Industries,

Inc.

5.00%,

2/15/2027(a)

$

685,000

$

670,229

4.75%,

1/15/2028(a)

670,000

641,897

4.38%,

7/15/2030(a)

900,000

819,899

3.38%,

1/15/2031(a)

780,000

667,271

21,273,751

Capital

Markets

-

0

.6

%

AG

Issuer

LLC

6.25%,

3/1/2028(a)

1,000,000

958,378

AG

TTMT

Escrow

Issuer

LLC

8.63%,

9/30/2027(a)

800,000

816,831

Aretec

Group,

Inc.

10.00%,

8/15/2030(a)(b)

540,000

575,744

Brightsphere

Investment

Group,

Inc.

4.80%,

7/27/2026

225,000

218,043

Coinbase

Global,

Inc.

3.38%,

10/1/2028(a)

750,000

660,236

3.63%,

10/1/2031(a)

735,000

611,066

Compass

Group

Diversified

Holdings

LLC

5.25%,

4/15/2029(a)

835,000

800,060

Dresdner

Funding

Trust

I

8.15%,

6/30/2031(a)

2,150,000

2,351,278

Jane

Street

Group

4.50%,

11/15/2029(a)

375,000

354,987

Nomura

Holdings,

Inc.

2.65%,

1/16/2025

1,650,000

1,627,913

8,974,536

Chemicals

-

3

.8

%

Ashland,

Inc.

3.38%,

9/1/2031(a)

(b)

1,007,000

867,741

6.88%,

5/15/2043

1,060,000

1,093,583

ASP

Unifrax

Holdings,

Inc.

5.25%,

9/30/2028(a)

2,911,000

1,557,385

7.50%,

9/30/2029(a)

1,169,000

584,500

Axalta

Coating

Systems

Dutch

Holding

B

BV

7.25%,

2/15/2031(a)

1,055,000

1,106,418

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Chemicals

-

3.8%

(continued)

Axalta

Coating

Systems

LLC

4.75%,

6/15/2027(a)

$

500,000

$

489,473

Cerdia

Finanz

GmbH

10.50%,

2/15/2027(a)

1,215,000

1,251,280

Chemours

Co.

(The)

5.38%,

5/15/2027(b)

1,695,000

1,628,318

5.75%,

11/15/2028(a)(b)

1,190,000

1,113,242

Consolidated

Energy

Finance

SA

5.63%,

10/15/2028(a)

1,500,000

1,198,841

12.00%,

2/15/2031(a)

1,550,000

1,530,227

Cornerstone

Chemical

Co.

LLC

10.25%,

9/1/2027(a)

195,000

125,092

CVR

Partners

LP

6.13%,

6/15/2028(a)

2,955,000

2,854,522

Element

Solutions,

Inc.

3.88%,

9/1/2028(a)

(b)

2,695,000

2,496,449

FXI

Holdings,

Inc.

12.25%,

11/15/2026(a)(b)

2,781,000

2,766,590

GPD

Cos.,

Inc.

10.13%,

4/1/2026(a)(b)

405,000

377,730

HB

Fuller

Co.

4.25%,

10/15/2028(b)

620,000

578,953

Herens

Holdco

Sarl

4.75%,

5/15/2028(a)(b)

1,185,000

1,028,488

Illuminate

Buyer

LLC

9.00%,

7/1/2028(a)

650,000

652,127

INEOS

Finance

plc

6.75%,

5/15/2028(a)

760,000

763,096

7.50%,

4/15/2029(a)

1,985,000

2,020,589

INEOS

Quattro

Finance

2

plc

9.63%,

3/15/2029(a)

1,350,000

1,447,050

Ingevity

Corp.

3.88%,

11/1/2028(a)(b)

855,000

782,833

Innophos

Holdings,

Inc.

9.38%,

2/15/2028(a)(b)

460,000

397,900

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

266

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Chemicals

-

3.8%

(continued)

LSB

Industries,

Inc.

6.25%,

10/15/2028(a)

$

970,000

$

943,392

Methanex

Corp.

5.13%,

10/15/2027

650,000

632,885

Minerals

Technologies,

Inc.

5.00%,

7/1/2028(a)

2,205,000

2,119,887

NOVA

Chemicals

Corp.

5.25%,

6/1/2027(a)

3,450,000

3,366,841

8.50%,

11/15/2028(a)

875,000

928,661

4.25%,

5/15/2029(a)

3,220,000

2,912,918

9.00%,

2/15/2030(a)

3,600,000

3,805,853

Nufarm

Australia

Ltd.

5.00%,

1/27/2030(a)

1,750,000

1,609,724

Olympus

Water

US

Holding

Corp.

7.13%,

10/1/2027(a)

315,000

317,125

4.25%,

10/1/2028(a)

800,000

737,643

9.75%,

11/15/2028(a)

1,375,000

1,461,170

Polar

US

Borrower

LLC

6.75%,

5/15/2026(a)

245,000

68,232

Rain

Carbon,

Inc.

12.25%,

9/1/2029(a)(b)

905,000

978,194

SCIH

Salt

Holdings,

Inc.

4.88%,

5/1/2028(a)

1,728,000

1,610,976

SCIL

IV

LLC

5.38%,

11/1/2026(a)

1,380,000

1,348,361

SNF

Group

SACA

3.13%,

3/15/2027(a)

1,250,000

1,155,957

Vibrantz

Technologies,

Inc.

9.00%,

2/15/2030(a)(b)

1,260,000

1,127,857

WR

Grace

Holdings

LLC

4.88%,

6/15/2027(a)

800,000

773,695

54,611,798

Commercial

Services

&

Supplies

-

2

.9

%

ADT

Security

Corp.

(The)

4.13%,

8/1/2029(a)

(b)

700,000

653,030

4.88%,

7/15/2032(a)(b)

781,000

726,102

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Commercial

Services

&

Supplies

-

2.9%

(continued)

Allied

Universal

Holdco

LLC

9.75%,

7/15/2027(a)(b)

$

875,000

$

874,261

4.63%,

6/1/2028(a)

1,425,000

1,314,629

6.00%,

6/1/2029(a)

775,000

675,253

7.88%,

2/15/2031(a)

490,000

498,530

APi

Group

DE,

Inc.

4.13%,

7/15/2029(a)(b)

1,500,000

1,384,689

4.75%,

10/15/2029(a)(b)

1,000,000

951,525

APX

Group,

Inc.

6.75%,

2/15/2027(a)

1,320,000

1,318,470

5.75%,

7/15/2029(a)(b)

2,500,000

2,432,196

Aramark

Services,

Inc.

5.00%,

2/1/2028(a)

985,000

962,069

Brink's

Co.

(The)

4.63%,

10/15/2027(a)(b)

385,000

373,230

Cimpress

plc

7.00%,

6/15/2026(b)

605,000

605,109

Clean

Harbors,

Inc.

4.88%,

7/15/2027(a)(b)

1,000,000

978,755

CoreCivic,

Inc.

4.75%,

10/15/2027

1,370,000

1,297,392

8.25%,

4/15/2029(b)

2,055,000

2,162,812

Deluxe

Corp.

8.00%,

6/1/2029(a)

2,590,000

2,443,774

Garda

World

Security

Corp.

4.63%,

2/15/2027(a)

1,070,000

1,030,164

9.50%,

11/1/2027(a)(b)

970,000

976,126

7.75%,

2/15/2028(a)(b)

580,000

598,501

GFL

Environmental,

Inc.

4.00%,

8/1/2028(a)

2,080,000

1,955,184

4.75%,

6/15/2029(a)

485,000

462,156

4.38%,

8/15/2029(a)

185,000

173,019

Interface,

Inc.

5.50%,

12/1/2028(a)

655,000

632,182

Madison

IAQ

LLC

4.13%,

6/30/2028(a)

1,001,000

934,834

5.88%,

6/30/2029(a)

1,229,000

1,150,586

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

267

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Commercial

Services

&

Supplies

-

2.9%

(continued)

Pitney

Bowes,

Inc.

6.88%,

3/15/2027(a)

$

685,000

$

677,482

Prime

Security

Services

Borrower

LLC

5.75%,

4/15/2026(a)

2,775,000

2,772,844

3.38%,

8/31/2027(a)

2,020,000

1,885,014

6.25%,

1/15/2028(a)(b)

1,635,000

1,629,625

Reworld

Holding

Corp.

4.88%,

12/1/2029(a)(b)

720,000

658,394

Stericycle,

Inc.

3.88%,

1/15/2029(a)

185,000

175,889

VM

Consolidated,

Inc.

5.50%,

4/15/2029(a)

1,469,000

1,423,124

WASH

Multifamily

Acquisition,

Inc.

5.75%,

4/15/2026(a)

1,765,000

1,736,956

West

Technology

Group

LLC

8.50%,

4/10/2027(a)

1,225,000

1,050,565

Williams

Scotsman,

Inc.

4.63%,

8/15/2028(a)

1,760,000

1,674,811

41,249,282

Communications

Equipment

-

0

.3

%

CommScope

LLC

6.00%,

3/1/2026(a)

(b)

980,000

919,905

8.25%,

3/1/2027(a)

750,000

519,050

CommScope

Technologies

LLC

5.00%,

3/15/2027(a)

500,000

320,938

Viasat,

Inc.

5.63%,

9/15/2025(a)(b)

1,000,000

989,214

Viavi

Solutions,

Inc.

3.75%,

10/1/2029(a)(b)

1,795,000

1,556,686

4,305,793

Construction

&

Engineering

-

1

.3

%

AECOM

5.13%,

3/15/2027(b)

5,580,000

5,513,008

Arcosa,

Inc.

4.38%,

4/15/2029(a)

2,335,000

2,200,893

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Construction

&

Engineering

-

1.3%

(continued)

Artera

Services

LLC

8.50%,

2/15/2031(a)

$

1,100,000

$

1,127,793

Brand

Industrial

Services,

Inc.

10.38%,

8/1/2030(a)(b)

2,800,000

3,074,750

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.

6.00%,

2/1/2026(a)

700,000

697,447

Global

Infrastructure

Solutions,

Inc.

5.63%,

6/1/2029(a)

(b)

723,000

695,189

7.50%,

4/15/2032(a)

616,000

620,618

Great

Lakes

Dredge

&

Dock

Corp.

5.25%,

6/1/2029(a)

1,530,000

1,378,191

Railworks

Holdings

LP

8.25%,

11/15/2028(a)

825,000

836,996

Tutor

Perini

Corp.

11.88%,

4/30/2029(a)

750,000

821,146

Weekley

Homes

LLC

4.88%,

9/15/2028(a)(b)

1,020,000

971,068

17,937,099

Construction

Materials

-

0

.0

%

(e)

Knife

River

Corp.

7.75%,

5/1/2031(a)

220,000

230,825

Consumer

Finance

-

1

.9

%

Bread

Financial

Holdings,

Inc.

9.75%,

3/15/2029(a)

1,335,000

1,431,350

Cobra

Acquisition

Co.

LLC

6.38%,

11/1/2029(a)

665,000

545,094

Credit

Acceptance

Corp.

6.63%,

3/15/2026

65,000

65,043

9.25%,

12/15/2028(a)

300,000

320,144

Encore

Capital

Group,

Inc.

9.25%,

4/1/2029(a)

710,000

748,126

Enova

International,

Inc.

11.25%,

12/15/2028(a)(b)

2,210,000

2,382,395

FirstCash,

Inc.

4.63%,

9/1/2028(a)

1,420,000

1,356,670

5.63%,

1/1/2030(a)

(b)

2,390,000

2,321,439

6.88%,

3/1/2032(a)

(b)

2,180,000

2,204,776

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

268

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Consumer

Finance

-

1.9%

(continued)

GGAM

Finance

Ltd.

8.00%,

2/15/2027(a)

$

500,000

$

516,963

8.00%,

6/15/2028(a)(b)

900,000

952,513

goeasy

Ltd.

4.38%,

5/1/2026(a)

675,000

655,265

9.25%,

12/1/2028(a)

130,000

139,415

7.63%,

7/1/2029(a)

1,500,000

1,534,278

LFS

Topco

LLC

5.88%,

10/15/2026(a)

490,000

455,203

Macquarie

Airfinance

Holdings

Ltd.

8.38%,

5/1/2028(a)

1,060,000

1,122,391

OneMain

Finance

Corp.

7.13%,

3/15/2026

510,000

518,728

3.88%,

9/15/2028(b)

300,000

274,056

7.50%,

5/15/2031

550,000

565,549

PRA

Group,

Inc.

7.38%,

9/1/2025(a)

115,000

114,903

PROG

Holdings,

Inc.

6.00%,

11/15/2029(a)

3,350,000

3,222,573

SLM

Corp.

3.13%,

11/2/2026(b)

200,000

189,263

Synchrony

Financial

7.25%,

2/2/2033(b)

4,235,000

4,331,377

World

Acceptance

Corp.

7.00%,

11/1/2026(a)

580,000

557,916

26,525,430

Consumer

Staples

Distribution

&

Retail

-

2

.7

%

Albertsons

Cos.,

Inc.

3.25%,

3/15/2026(a)

2,710,000

2,620,135

4.63%,

1/15/2027(a)

3,490,000

3,402,587

5.88%,

2/15/2028(a)(b)

600,000

594,907

6.50%,

2/15/2028(a)

4,385,000

4,448,420

3.50%,

3/15/2029(a)(b)

7,730,000

7,042,407

4.88%,

2/15/2030(a)(b)

3,170,000

3,028,651

C&S

Group

Enterprises

LLC

5.00%,

12/15/2028(a)(b)

1,485,000

1,102,091

Ingles

Markets,

Inc.

4.00%,

6/15/2031(a)(b)

2,020,000

1,787,031

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Consumer

Staples

Distribution

&

Retail

-

2.7%

(continued)

KeHE

Distributors

LLC

9.00%,

2/15/2029(a)

$

1,680,000

$

1,724,134

Performance

Food

Group,

Inc.

5.50%,

10/15/2027(a)

3,590,000

3,542,077

4.25%,

8/1/2029(a)

5,440,000

5,038,421

United

Natural

Foods,

Inc.

6.75%,

10/15/2028(a)(b)

555,000

507,008

US

Foods,

Inc.

6.88%,

9/15/2028(a)

1,500,000

1,541,984

4.75%,

2/15/2029(a)

730,000

699,006

4.63%,

6/1/2030(a)

1,640,000

1,537,317

7.25%,

1/15/2032(a)

295,000

308,512

38,924,688

Containers

&

Packaging

-

1

.6

%

Ardagh

Metal

Packaging

Finance

USA

LLC

6.00%,

6/15/2027(a)

770,000

765,406

3.25%,

9/1/2028(a)

(b)

1,070,000

953,004

4.00%,

9/1/2029(a)

1,570,000

1,333,488

Cascades,

Inc.

5.13%,

1/15/2026(a)

190,000

187,603

Clydesdale

Acquisition

Holdings,

Inc.

6.63%,

4/15/2029(a)

2,355,000

2,346,267

8.75%,

4/15/2030(a)(b)

6,674,000

6,549,863

Graham

Packaging

Co.,

Inc.

7.13%,

8/15/2028(a)

595,000

579,956

Intelligent

Packaging

Ltd.

Finco,

Inc.

6.00%,

9/15/2028(a)(b)

1,270,000

1,244,773

Iris

Holding,

Inc.

10.00%,

12/15/2028(a)(b)

1,345,000

1,138,405

LABL,

Inc.

10.50%,

7/15/2027(a)

1,195,000

1,163,966

5.88%,

11/1/2028(a)

567,000

523,608

9.50%,

11/1/2028(a)

745,000

752,631

8.25%,

11/1/2029(a)

700,000

613,321

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

269

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Containers

&

Packaging

-

1.6%

(continued)

Mauser

Packaging

Solutions

Holding

Co.

9.25%,

4/15/2027(a)

$

862,000

$

863,160

Pactiv

LLC

7.95%,

12/15/2025

195,000

200,215

TriMas

Corp.

4.13%,

4/15/2029(a)

2,375,000

2,193,083

Trivium

Packaging

Finance

BV

5.50%,

8/15/2026(a)(b)(f)

950,000

930,494

8.50%,

8/15/2027(a)(f)

880,000

863,897

23,203,140

Distributors

-

0

.5

%

American

Builders

&

Contractors

Supply

Co.,

Inc.

4.00%,

1/15/2028(a)

1,270,000

1,199,412

BCPE

Empire

Holdings,

Inc.

7.63%,

5/1/2027(a)

725,000

701,492

Resideo

Funding,

Inc.

4.00%,

9/1/2029(a)

660,000

601,571

Ritchie

Bros

Holdings,

Inc.

6.75%,

3/15/2028(a)

250,000

255,255

7.75%,

3/15/2031(a)

650,000

683,478

Verde

Purchaser

LLC

10.50%,

11/30/2030(a)

2,405,000

2,556,457

Windsor

Holdings

III

LLC

8.50%,

6/15/2030(a)

1,325,000

1,394,570

7,392,235

Diversified

Consumer

Services

-

0

.6

%

Adtalem

Global

Education,

Inc.

5.50%,

3/1/2028(a)

2,295,000

2,230,326

Champions

Financing,

Inc.

8.75%,

2/15/2029(a)

2,010,000

2,050,093

Grand

Canyon

University

4.38%,

10/1/2026

500,000

493,750

5.13%,

10/1/2028

1,970,000

1,804,174

Signal

Parent,

Inc.

6.13%,

4/1/2029(a)

780,000

529,036

StoneMor,

Inc.

8.50%,

5/15/2029(a)

1,010,000

844,819

‌

‌

7,952,198

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Diversified

REITs

-

1

.5

%

Global

Net

Lease,

Inc.

REIT,

3.75%,

12/15/2027(a)

$

1,390,000

$

1,258,004

Iron

Mountain

Information

Management

Services,

Inc.

REIT,

5.00%,

7/15/2032(a)(b)

2,510,000

2,344,363

Uniti

Group

LP

Series

MAY,

REIT,

10.50%,

2/15/2028(a)

10,750,000

10,873,070

REIT,

4.75%,

4/15/2028(a)

1,300,000

1,122,718

REIT,

6.50%,

2/15/2029(a)(b)

6,200,000

4,686,154

REIT,

6.00%,

1/15/2030(a)

2,000,000

1,432,892

21,717,201

Diversified

Telecommunication

Services

-

5

.4

%

Altice

Financing

SA

5.00%,

1/15/2028(a)

1,555,000

1,241,733

5.75%,

8/15/2029(a)

2,275,000

1,726,649

Altice

France

SA

8.13%,

2/1/2027(a)

(b)

835,000

675,301

5.50%,

1/15/2028(a)

800,000

585,682

5.13%,

1/15/2029(a)

435,000

302,031

5.13%,

7/15/2029(a)

1,480,000

1,037,917

5.50%,

10/15/2029(a)

1,200,000

843,910

CCO

Holdings

LLC

5.13%,

5/1/2027(a)

2,256,000

2,191,173

5.00%,

2/1/2028(a)

1,410,000

1,342,351

5.38%,

6/1/2029(a)

(b)

1,390,000

1,299,455

6.38%,

9/1/2029(a)

1,300,000

1,265,764

4.75%,

3/1/2030(a)

3,155,000

2,824,524

4.50%,

8/15/2030(a)

2,805,000

2,455,895

4.25%,

2/1/2031(a)

3,115,000

2,650,423

7.38%,

3/1/2031(a)

(b)

935,000

944,182

4.75%,

2/1/2032(a)

1,645,000

1,406,808

4.50%,

5/1/2032

3,117,000

2,609,793

4.50%,

6/1/2033(a)

5,020,000

4,123,939

4.25%,

1/15/2034(a)

1,420,000

1,121,783

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

270

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Diversified

Telecommunication

Services

-

5.4%

(continued)

Consolidated

Communications,

Inc.

5.00%,

10/1/2028(a)

$

2,350,000

$

2,034,051

6.50%,

10/1/2028(a)

4,175,000

3,760,092

Frontier

Communications

Holdings

LLC

6.75%,

5/1/2029(a)

2,400,000

2,267,674

5.88%,

11/1/2029

390,000

350,999

6.00%,

1/15/2030(a)

555,000

500,189

Iliad

Holding

SASU

6.50%,

10/15/2026(a)

950,000

951,967

7.00%,

10/15/2028(a)

1,125,000

1,127,943

Intelsat

Jackson

Holdings

SA

6.50%,

3/15/2030(a)

16,765,000

15,948,937

Level

3

Financing,

Inc.

4.63%,

9/15/2027(a)

500,000

330,200

10.50%,

4/15/2029(a)

750,000

768,750

11.00%,

11/15/2029(a)

1,735,000

1,836,740

10.50%,

5/15/2030(a)

1,200,000

1,226,400

10.75%,

12/15/2030(a)

695,000

716,719

Lumen

Technologies,

Inc.

4.00%,

2/15/2027(a)

700,000

448,490

Optics

Bidco

SpA

Series

2033,

6.38%,

11/15/2033(a)

250,000

245,125

Series

2038,

7.72%,

6/4/2038(a)

250,000

267,705

Telesat

Canada

5.63%,

12/6/2026(a)

1,725,000

819,240

4.88%,

6/1/2027(a)

1,345,000

613,613

Virgin

Media

Finance

plc

5.00%,

7/15/2030(a)

550,000

463,505

Virgin

Media

Secured

Finance

plc

5.50%,

5/15/2029(a)

550,000

512,243

4.50%,

8/15/2030(a)

515,000

446,586

Windstream

Escrow

LLC

7.75%,

8/15/2028(a)(b)

2,776,000

2,677,769

Zayo

Group

Holdings,

Inc.

4.00%,

3/1/2027(a)

(b)

7,410,000

6,301,218

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Diversified

Telecommunication

Services

-

5.4%

(continued)

Zayo

Group

Holdings,

Inc.

(continued)

6.13%,

3/1/2028(a)

$

3,910,000

$

2,669,486

77,934,954

Electric

Utilities

-

1

.9

%

Edison

International

8.13%,

6/15/2053(d)

1,920,000

2,011,467

7.88%,

6/15/2054(b)(d)

1,700,000

1,779,390

Emera,

Inc.

Series

16-

A,

6.75%,

6/15/2076(b)(d)

6,620,000

6,585,254

EUSHI

Finance,

Inc.

7.63%,

12/15/2054(a)(b)

(d)

2,750,000

2,801,798

Leeward

Renewable

Energy

Operations

LLC

4.25%,

7/1/2029(a)

1,245,000

1,132,852

NextEra

Energy

Operating

Partners

LP

3.88%,

10/15/2026(a)

1,230,000

1,180,376

4.50%,

9/15/2027(a)(b)

1,480,000

1,417,171

7.25%,

1/15/2029(a)

825,000

856,952

NRG

Energy,

Inc.

3.38%,

2/15/2029(a)

79,000

71,101

5.25%,

6/15/2029(a)

1,150,000

1,118,215

3.63%,

2/15/2031(a)(b)

1,035,000

905,630

3.88%,

2/15/2032(a)

650,000

567,668

Pattern

Energy

Operations

LP

4.50%,

8/15/2028(a)(b)

1,670,000

1,575,941

PG&E

Corp.

5.00%,

7/1/2028(b)

805,000

785,203

5.25%,

7/1/2030

905,000

874,496

Vistra

Operations

Co.

LLC

5.63%,

2/15/2027(a)

1,860,000

1,845,711

5.00%,

7/31/2027(a)

930,000

910,601

7.75%,

10/15/2031(a)

330,000

348,729

26,768,555

Electronic

Equipment,

Instruments

&

Components

-

0

.1

%

Crane

NXT

Co.

4.20%,

3/15/2048

1,070,000

758,794

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

271

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Electronic

Equipment,

Instruments

&

Components

-

0.1%

(continued)

Likewize

Corp.

9.75%,

10/15/2025(a)

$

131,000

$

132,739

891,533

Energy

Equipment

&

Services

-

2

.4

%

Archrock

Partners

LP

6.88%,

4/1/2027(a)

(b)

1,070,000

1,074,748

6.25%,

4/1/2028(a)

(b)

1,910,000

1,905,404

Borr

IHC

Ltd.

10.00%,

11/15/2028(a)

1,445,122

1,513,316

10.38%,

11/15/2030(a)

487,864

514,876

Bristow

Group,

Inc.

6.88%,

3/1/2028(a)

(b)

1,275,000

1,263,460

Helix

Energy

Solutions

Group,

Inc.

9.75%,

3/1/2029(a)

1,070,000

1,143,308

Kodiak

Gas

Services

LLC

7.25%,

2/15/2029(a)

1,575,000

1,620,190

Nabors

Industries

Ltd.

7.25%,

1/15/2026(a)

795,000

809,468

Noble

Finance

II

LLC

8.00%,

4/15/2030(a)(b)

3,365,000

3,533,825

Precision

Drilling

Corp.

6.88%,

1/15/2029(a)

705,000

704,827

Seadrill

Finance

Ltd.

8.38%,

8/1/2030(a)

2,950,000

3,109,378

Transocean,

Inc.

6.80%,

3/15/2038

250,000

214,606

USA

Compression

Partners

LP

6.88%,

9/1/2027

1,778,000

1,788,167

7.13%,

3/15/2029(a)

3,085,000

3,139,539

Valaris

Ltd.

8.38%,

4/30/2030(a)(b)

6,065,000

6,350,434

Weatherford

International

Ltd.

8.63%,

4/30/2030(a)

5,475,000

5,699,059

34,384,605

Entertainment

-

0

.8

%

Allen

Media

LLC

10.50%,

2/15/2028(a)

2,115,000

867,921

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Entertainment

-

0.8%

(continued)

Banijay

Entertainment

SAS

8.13%,

5/1/2029(a)

$

2,400,000

$

2,485,134

Cinemark

USA,

Inc.

5.25%,

7/15/2028(a)

1,665,000

1,609,604

Lions

Gate

Capital

Holdings

LLC

5.50%,

4/15/2029(a)

1,855,000

1,171,201

Live

Nation

Entertainment,

Inc.

5.63%,

3/15/2026(a)

750,000

743,564

4.75%,

10/15/2027(a)(b)

3,640,000

3,529,452

3.75%,

1/15/2028(a)

250,000

235,059

ROBLOX

Corp.

3.88%,

5/1/2030(a)

850,000

761,667

11,403,602

Financial

Services

-

2

.5

%

Armor

Holdco,

Inc.

8.50%,

11/15/2029(a)

600,000

573,368

Boost

Newco

Borrower

LLC

7.50%,

1/15/2031(a)

2,150,000

2,264,537

Freedom

Mortgage

Corp.

7.63%,

5/1/2026(a)

150,000

150,166

6.63%,

1/15/2027(a)

610,000

597,916

12.00%,

10/1/2028(a)

1,010,000

1,086,688

12.25%,

10/1/2030(a)(b)

1,300,000

1,424,864

Jefferies

Finance

LLC

5.00%,

8/15/2028(a)

2,620,000

2,433,367

Jefferson

Capital

Holdings

LLC

6.00%,

8/15/2026(a)

701,000

696,016

9.50%,

2/15/2029(a)

1,325,000

1,390,172

Midcap

Financial

Issuer

Trust

6.50%,

5/1/2028(a)

5,340,000

5,157,745

5.63%,

1/15/2030(a)

2,330,000

2,092,878

Mobius

Merger

Sub,

Inc.

9.00%,

6/1/2030(a)

2,700,000

2,673,798

Nationstar

Mortgage

Holdings,

Inc.

5.00%,

2/1/2026(a)

585,000

575,245

6.00%,

1/15/2027(a)

1,290,000

1,280,391

5.50%,

8/15/2028(a)

1,851,000

1,797,712

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

272

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Financial

Services

-

2.5%

(continued)

Nationstar

Mortgage

Holdings,

Inc.

(continued)

5.13%,

12/15/2030(a)(b)

$

275,000

$

256,102

5.75%,

11/15/2031(a)

220,000

209,963

7.13%,

2/1/2032(a)

840,000

857,427

NCR

Atleos

Corp.

9.50%,

4/1/2029(a)

1,300,000

1,420,149

Oxford

Finance

LLC

6.38%,

2/1/2027(a)

(b)

965,000

942,038

PennyMac

Financial

Services,

Inc.

4.25%,

2/15/2029(a)

75,000

69,528

5.75%,

9/15/2031(a)

225,000

214,947

Rocket

Mortgage

LLC

2.88%,

10/15/2026(a)

630,000

595,279

3.63%,

3/1/2029(a)

539,000

494,801

3.88%,

3/1/2031(a)

1,022,000

909,097

4.00%,

10/15/2033(a)

830,000

713,867

Stena

International

SA

7.25%,

1/15/2031(a)

1,650,000

1,687,895

7.63%,

2/15/2031(a)

1,000,000

1,028,271

United

Wholesale

Mortgage

LLC

5.50%,

11/15/2025(a)

620,000

615,372

5.75%,

6/15/2027(a)

715,000

704,289

5.50%,

4/15/2029(a)

1,190,000

1,147,354

36,061,242

Food

Products

-

0

.8

%

B&G

Foods,

Inc.

5.25%,

9/15/2027

900,000

843,091

Lamb

Weston

Holdings,

Inc.

4.88%,

5/15/2028(a)

300,000

290,654

4.13%,

1/31/2030(a)(b)

2,270,000

2,072,263

4.38%,

1/31/2032(a)

1,588,000

1,431,332

Post

Holdings,

Inc.

5.63%,

1/15/2028(a)

2,020,000

2,000,011

5.50%,

12/15/2029(a)(b)

1,105,000

1,072,063

4.63%,

4/15/2030(a)(b)

1,379,000

1,284,700

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Food

Products

-

0.8%

(continued)

Post

Holdings,

Inc.

(continued)

4.50%,

9/15/2031(a)(b)

$

965,000

$

877,588

6.25%,

2/15/2032(a)

500,000

506,344

Simmons

Foods,

Inc.

4.63%,

3/1/2029(a)

1,500,000

1,349,827

TreeHouse

Foods,

Inc.

4.00%,

9/1/2028

265,000

239,083

11,966,956

Gas

Utilities

-

0

.8

%

AmeriGas

Partners

LP

5.88%,

8/20/2026(b)

2,355,000

2,319,757

5.75%,

5/20/2027

2,600,000

2,515,913

9.38%,

6/1/2028(a)

(b)

2,800,000

2,931,183

Ferrellgas

LP

5.88%,

4/1/2029(a)

3,000,000

2,794,617

Suburban

Propane

Partners

LP

5.88%,

3/1/2027

405,000

401,727

10,963,197

Ground

Transportation

-

0

.8

%

Albion

Financing

1

Sarl

6.13%,

10/15/2026(a)

1,055,000

1,042,251

Albion

Financing

2

Sarl

8.75%,

4/15/2027(a)(b)

1,145,000

1,160,104

Avis

Budget

Car

Rental

LLC

8.00%,

2/15/2031(a)

100,000

99,180

Brightline

East

LLC

11.00%,

1/31/2030(a)(b)

3,000,000

2,729,538

Carriage

Purchaser,

Inc.

7.88%,

10/15/2029(a)

495,000

458,145

First

Student

Bidco,

Inc.

4.00%,

7/31/2029(a)

1,075,000

980,516

Hertz

Corp.

(The)

4.63%,

12/1/2026(a)

1,380,000

1,041,184

5.00%,

12/1/2029(a)(b)

2,844,000

1,879,741

NESCO

Holdings

II,

Inc.

5.50%,

4/15/2029(a)

1,530,000

1,424,023

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

273

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Ground

Transportation

-

0.8%

(continued)

Uber

Technologies,

Inc.

4.50%,

8/15/2029(a)

$

250,000

$

240,978

11,055,660

Health

Care

Equipment

&

Supplies

-

1

.0

%

Embecta

Corp.

5.00%,

2/15/2030(a)

1,665,000

1,426,200

6.75%,

2/15/2030(a)

1,150,000

1,025,408

Hologic,

Inc.

4.63%,

2/1/2028(a)

2,285,000

2,212,116

3.25%,

2/15/2029(a)

5,500,000

5,014,259

Medline

Borrower

LP

5.25%,

10/1/2029(a)(b)

2,540,000

2,455,151

Neogen

Food

Safety

Corp.

8.63%,

7/20/2030(a)

180,000

194,427

Teleflex,

Inc.

4.63%,

11/15/2027

1,040,000

1,011,411

4.25%,

6/1/2028(a)

500,000

474,958

Varex

Imaging

Corp.

7.88%,

10/15/2027(a)

269,000

273,010

14,086,940

Health

Care

Providers

&

Services

-

2

.9

%

180

Medical,

Inc.

3.88%,

10/15/2029(a)(b)

200,000

181,308

Acadia

Healthcare

Co.,

Inc.

5.50%,

7/1/2028(a)

930,000

912,161

5.00%,

4/15/2029(a)

250,000

239,374

AdaptHealth

LLC

6.13%,

8/1/2028(a)

(b)

575,000

560,543

AHP

Health

Partners,

Inc.

5.75%,

7/15/2029(a)

427,000

407,846

Community

Health

Systems,

Inc.

6.88%,

4/1/2028(a)

200,000

156,255

6.00%,

1/15/2029(a)(b)

250,000

232,113

6.88%,

4/15/2029(a)(b)

250,000

205,006

5.25%,

5/15/2030(a)

450,000

392,433

10.88%,

1/15/2032(a)(b)

250,000

268,746

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Health

Care

Providers

&

Services

-

2.9%

(continued)

DaVita,

Inc.

4.63%,

6/1/2030(a)

(b)

$

2,853,000

$

2,612,635

3.75%,

2/15/2031(a)(b)

1,340,000

1,159,134

Encompass

Health

Corp.

4.50%,

2/1/2028

610,000

589,738

4.75%,

2/1/2030(b)

610,000

581,500

4.63%,

4/1/2031(b)

1,335,000

1,243,689

Global

Medical

Response,

Inc.

10.00%,

10/31/2028(a)(c)

1,500,000

1,472,415

HealthEquity,

Inc.

4.50%,

10/1/2029(a)

1,820,000

1,714,367

Heartland

Dental

LLC

10.50%,

4/30/2028(a)

1,800,000

1,916,999

Kedrion

SpA

6.50%,

9/1/2029(a)

2,065,000

1,907,383

Legacy

LifePoint

Health

LLC

4.38%,

2/15/2027(a)

490,000

473,643

LifePoint

Health,

Inc.

5.38%,

1/15/2029(a)

445,000

403,148

9.88%,

8/15/2030(a)

780,000

850,057

11.00%,

10/15/2030(a)

1,300,000

1,459,060

ModivCare

Escrow

Issuer,

Inc.

5.00%,

10/1/2029(a)

500,000

338,392

Molina

Healthcare,

Inc.

4.38%,

6/15/2028(a)

2,660,000

2,532,223

3.88%,

11/15/2030(a)

3,870,000

3,499,796

3.88%,

5/15/2032(a)(b)

4,205,000

3,708,195

Option

Care

Health,

Inc.

4.38%,

10/31/2029(a)

240,000

224,155

Prime

Healthcare

Services,

Inc.

7.25%,

11/1/2025(a)

1,710,000

1,709,838

Radiology

Partners,

Inc.

7.78%,

1/31/2029(a)(c)

1,657,962

1,552,964

9.78%,

2/15/2030(a)(c)

1,500,000

1,248,461

Star

Parent,

Inc.

9.00%,

10/1/2030(a)

865,000

923,088

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

274

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Health

Care

Providers

&

Services

-

2.9%

(continued)

Tenet

Healthcare

Corp.

5.13%,

11/1/2027

$

665,000

$

653,169

6.13%,

10/1/2028(b)

1,825,000

1,829,567

6.88%,

11/15/2031(b)

115,000

123,095

Toledo

Hospital

(The)

Series

B,

5.33%,

11/15/2028

900,000

869,229

6.02%,

11/15/2048

580,000

511,867

US

Acute

Care

Solutions

LLC

9.75%,

5/15/2029(a)(b)

2,500,000

2,478,694

42,142,286

Health

Care

REITs

-

0

.2

%

CTR

Partnership

LP

REIT,

3.88%,

6/30/2028(a)(b)

2,225,000

2,078,893

Diversified

Healthcare

Trust

REIT,

4.38%,

3/1/2031

805,000

613,151

2,692,044

Hotel

&

Resort

REITs

-

0

.9

%

RHP

Hotel

Properties

LP

REIT,

4.75%,

10/15/2027

250,000

242,706

REIT,

4.50%,

2/15/2029(a)(b)

240,000

227,371

REIT,

6.50%,

4/1/2032(a)

1,350,000

1,365,249

RLJ

Lodging

Trust

LP

REIT,

4.00%,

9/15/2029(a)

1,500,000

1,338,523

Service

Properties

Trust

REIT,

5.25%,

2/15/2026

350,000

344,984

REIT,

4.75%,

10/1/2026(b)

1,495,000

1,432,172

REIT,

4.95%,

2/15/2027(b)

290,000

271,695

REIT,

5.50%,

12/15/2027

250,000

238,223

REIT,

3.95%,

1/15/2028(b)

2,310,000

1,991,226

REIT,

8.38%,

6/15/2029(b)

4,150,000

4,131,425

REIT,

4.95%,

10/1/2029(b)

400,000

318,851

REIT,

4.38%,

2/15/2030

475,000

355,451

REIT,

8.88%,

6/15/2032

450,000

428,741

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Hotel

&

Resort

REITs

-

0.9%

(continued)

XHR

LP

REIT,

4.88%,

6/1/2029(a)

$

290,000

$

273,650

12,960,267

Hotels,

Restaurants

&

Leisure

-

7

.1

%

1011778

BC

ULC

3.88%,

1/15/2028(a)

320,000

300,870

4.38%,

1/15/2028(a)

510,000

484,953

4.00%,

10/15/2030(a)

3,260,000

2,907,837

Affinity

Interactive

6.88%,

12/15/2027(a)

1,830,000

1,595,608

Boyd

Gaming

Corp.

4.75%,

12/1/2027(b)

845,000

821,225

4.75%,

6/15/2031(a)

2,245,000

2,067,937

Carnival

Corp.

7.63%,

3/1/2026(a)

1,260,000

1,272,189

5.75%,

3/1/2027(a)

1,097,000

1,091,531

10.50%,

6/1/2030(a)

1,115,000

1,211,871

Carnival

Holdings

Bermuda

Ltd.

10.38%,

5/1/2028(a)

931,000

1,006,450

CEC

Entertainment

LLC

6.75%,

5/1/2026(a)

(b)

3,579,000

3,574,772

Cedar

Fair

LP

6.50%,

10/1/2028(b)

645,000

651,127

5.25%,

7/15/2029(b)

746,000

726,479

Churchill

Downs,

Inc.

5.50%,

4/1/2027(a)

1,535,000

1,516,819

4.75%,

1/15/2028(a)(b)

1,690,000

1,631,685

5.75%,

4/1/2030(a)

1,340,000

1,313,843

6.75%,

5/1/2031(a)

275,000

279,281

Everi

Holdings,

Inc.

5.00%,

7/15/2029(a)

600,000

594,335

Fertitta

Entertainment

LLC

4.63%,

1/15/2029(a)(b)

2,820,000

2,633,635

6.75%,

1/15/2030(a)

7,095,000

6,295,223

Genting

New

York

LLC

3.30%,

2/15/2026(a)

1,800,000

1,733,387

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

275

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Hotels,

Restaurants

&

Leisure

-

7.1%

(continued)

GPS

Hospitality

Holding

Co.

LLC

7.00%,

8/15/2028(a)

$

1,240,000

$

900,583

Hilton

Domestic

Operating

Co.,

Inc.

3.75%,

5/1/2029(a)

(b)

585,000

542,353

4.88%,

1/15/2030

795,000

768,647

4.00%,

5/1/2031(a)

5,660,000

5,126,635

3.63%,

2/15/2032(a)

5,525,000

4,839,039

Hilton

Grand

Vacations

Borrower

Escrow

LLC

5.00%,

6/1/2029(a)

1,890,000

1,777,676

4.88%,

7/1/2031(a)

(b)

855,000

769,826

Jacobs

Entertainment,

Inc.

6.75%,

2/15/2029(a)

1,685,000

1,575,201

KFC

Holding

Co.

4.75%,

6/1/2027(a)

445,000

435,485

Life

Time,

Inc.

8.00%,

4/15/2026(a)

1,005,000

1,018,549

Light

&

Wonder

International,

Inc.

7.00%,

5/15/2028(a)

495,000

498,643

7.25%,

11/15/2029(a)

300,000

308,704

Marriott

Ownership

Resorts,

Inc.

4.75%,

1/15/2028(b)

1,026,000

978,215

4.50%,

6/15/2029(a)

1,110,000

1,032,290

Midwest

Gaming

Borrower

LLC

4.88%,

5/1/2029(a)

4,245,000

4,008,454

Mohegan

Tribal

Gaming

Authority

8.00%,

2/1/2026(a)

3,020,000

2,828,502

NCL

Corp.

Ltd.

5.88%,

3/15/2026(a)

885,000

881,044

5.88%,

2/15/2027(a)

745,000

739,603

8.38%,

2/1/2028(a)

(b)

440,000

463,564

Papa

John's

International,

Inc.

3.88%,

9/15/2029(a)(b)

1,920,000

1,710,410

Penn

Entertainment,

Inc.

5.63%,

1/15/2027(a)(b)

740,000

722,119

Resorts

World

Las

Vegas

LLC

4.63%,

4/16/2029(a)(b)

5,650,000

5,129,685

8.45%,

7/27/2030(a)

2,600,000

2,771,077

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Hotels,

Restaurants

&

Leisure

-

7.1%

(continued)

Resorts

World

Las

Vegas

LLC

(continued)

4.63%,

4/6/2031(a)

$

1,455,000

$

1,274,610

Royal

Caribbean

Cruises

Ltd.

4.25%,

7/1/2026(a)

1,405,000

1,368,396

5.50%,

8/31/2026(a)

2,145,000

2,135,332

5.38%,

7/15/2027(a)

810,000

805,248

3.70%,

3/15/2028

240,000

226,165

5.50%,

4/1/2028(a)

290,000

288,897

Scientific

Games

Holdings

LP

6.63%,

3/1/2030(a)

2,550,000

2,493,962

SeaWorld

Parks

&

Entertainment,

Inc.

5.25%,

8/15/2029(a)

1,495,000

1,424,061

Six

Flags

Entertainment

Corp.

5.50%,

4/15/2027(a)

555,000

551,886

7.25%,

5/15/2031(a)

650,000

670,113

Sizzling

Platter

LLC

8.50%,

11/28/2025(a)

330,000

332,475

Station

Casinos

LLC

4.50%,

2/15/2028(a)

490,000

465,043

TKC

Holdings,

Inc.

6.88%,

5/15/2028(a)

1,155,000

1,124,537

10.50%,

5/15/2029(a)

1,190,000

1,157,275

Travel

+

Leisure

Co.

6.63%,

7/31/2026(a)

1,425,000

1,438,150

6.00%,

4/1/2027(f)

850,000

852,757

4.50%,

12/1/2029(a)

720,000

669,213

4.63%,

3/1/2030(a)

85,000

78,115

VOC

Escrow

Ltd.

5.00%,

2/15/2028(a)

500,000

487,886

Wyndham

Hotels

&

Resorts,

Inc.

4.38%,

8/15/2028(a)

1,650,000

1,556,842

Wynn

Las

Vegas

LLC

5.25%,

5/15/2027(a)

735,000

720,139

Wynn

Resorts

Finance

LLC

5.13%,

10/1/2029(a)

380,000

365,797

7.13%,

2/15/2031(a)(b)

1,080,000

1,125,858

Yum!

Brands,

Inc.

4.75%,

1/15/2030(a)

2,100,000

2,023,737

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

276

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Hotels,

Restaurants

&

Leisure

-

7.1%

(continued)

Yum!

Brands,

Inc.

(continued)

3.63%,

3/15/2031

$

915,000

$

816,148

4.63%,

1/31/2032

600,000

559,546

5.38%,

4/1/2032

955,000

925,280

6.88%,

11/15/2037(b)

1,365,000

1,495,734

100,970,563

Household

Durables

-

1

.9

%

Adams

Homes,

Inc.

9.25%,

10/15/2028(a)

1,550,000

1,605,515

Ashton

Woods

USA

LLC

6.63%,

1/15/2028(a)(b)

310,000

311,567

4.63%,

4/1/2030(a)

285,000

260,168

Brookfield

Residential

Properties,

Inc.

6.25%,

9/15/2027(a)

1,990,000

1,975,513

5.00%,

6/15/2029(a)(b)

1,300,000

1,207,337

4.88%,

2/15/2030(a)

1,630,000

1,494,267

CD&R

Smokey

Buyer,

Inc.

6.75%,

7/15/2025(a)

225,000

223,458

Empire

Communities

Corp.

9.75%,

5/1/2029(a)

(b)

1,500,000

1,548,653

Installed

Building

Products,

Inc.

5.75%,

2/1/2028(a)

250,000

246,485

LGI

Homes,

Inc.

8.75%,

12/15/2028(a)

1,095,000

1,163,384

4.00%,

7/15/2029(a)

365,000

326,773

M/I

Homes,

Inc.

3.95%,

2/15/2030

5,000

4,546

Mattamy

Group

Corp.

5.25%,

12/15/2027(a)

840,000

821,442

4.63%,

3/1/2030(a)

(b)

1,225,000

1,147,112

New

Home

Co.,

Inc.

(The)

9.25%,

10/1/2029(a)

650,000

654,810

Newell

Brands,

Inc.

5.70%,

4/1/2026(f)

845,000

842,981

Shea

Homes

LP

4.75%,

2/15/2028(b)

1,200,000

1,149,584

4.75%,

4/1/2029

494,000

468,332

STL

Holding

Co.

LLC

8.75%,

2/15/2029(a)

1,000,000

1,041,108

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Household

Durables

-

1.9%

(continued)

SWF

Holdings

I

Corp.

6.50%,

10/1/2029(a)

$

2,115,000

$

1,152,675

Taylor

Morrison

Communities,

Inc.

5.75%,

1/15/2028(a)

1,440,000

1,441,571

5.13%,

8/1/2030(a)

160,000

156,004

Tempur

Sealy

International,

Inc.

4.00%,

4/15/2029(a)

2,595,000

2,370,288

3.88%,

10/15/2031(a)

4,685,000

4,032,492

TopBuild

Corp.

4.13%,

2/15/2032(a)

245,000

220,698

Tri

Pointe

Homes,

Inc.

5.70%,

6/15/2028(b)

755,000

752,986

26,619,749

Household

Products

-

0

.2

%

Central

Garden

&

Pet

Co.

4.13%,

10/15/2030(b)

265,000

239,437

4.13%,

4/30/2031(a)(b)

150,000

133,274

Energizer

Holdings,

Inc.

6.50%,

12/31/2027(a)

970,000

975,208

4.75%,

6/15/2028(a)

1,495,000

1,418,103

4.38%,

3/31/2029(a)

80,000

73,861

2,839,883

Independent

Power

and

Renewable

Electricity

Producers

-

0

.0

%

(e)

TransAlta

Corp.

6.50%,

3/15/2040

80,000

80,997

Insurance

-

1

.2

%

Acrisure

LLC

4.25%,

2/15/2029(a)(b)

500,000

460,138

Alliant

Holdings

Intermediate

LLC

4.25%,

10/15/2027(a)

550,000

523,407

7.00%,

1/15/2031(a)

900,000

916,230

AmWINS

Group,

Inc.

4.88%,

6/30/2029(a)

590,000

556,316

Ardonagh

Group

Finance

Ltd.

8.88%,

2/15/2032(a)

1,360,000

1,375,757

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

277

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Insurance

-

1.2%

(continued)

Assurant,

Inc.

7.00%,

3/27/2048(d)

$

2,200,000

$

2,237,411

Constellation

Insurance,

Inc.

6.80%,

1/24/2030(a)(f)

220,000

218,080

6.63%,

5/1/2031(a)

830,000

813,295

Global

Atlantic

Fin

Co.

4.70%,

10/15/2051(a)(b)

(d)

4,170,000

3,911,722

7.95%,

10/15/2054(a)(d)

1,500,000

1,522,257

HUB

International

Ltd.

7.25%,

6/15/2030(a)

2,355,000

2,428,898

Liberty

Mutual

Group,

Inc.

7.80%,

3/15/2037(a)(b)

325,000

348,541

4.13%,

12/15/2051(a)(d)

1,310,000

1,226,140

16,538,192

Interactive

Media

&

Services

-

0

.3

%

Cars.com,

Inc.

6.38%,

11/1/2028(a)

916,000

900,457

Ziff

Davis,

Inc.

4.63%,

10/15/2030(a)(b)

2,225,000

2,006,916

ZipRecruiter,

Inc.

5.00%,

1/15/2030(a)

1,105,000

966,785

3,874,158

IT

Services

-

1

.1

%

Acuris

Finance

US,

Inc.

5.00%,

5/1/2028(a)

609,000

542,768

Ahead

DB

Holdings

LLC

6.63%,

5/1/2028(a)

(b)

500,000

475,575

Arches

Buyer,

Inc.

4.25%,

6/1/2028(a)

770,000

687,036

6.13%,

12/1/2028(a)

850,000

703,885

ASGN,

Inc.

4.63%,

5/15/2028(a)

2,930,000

2,807,488

Cablevision

Lightpath

LLC

5.63%,

9/15/2028(a)(b)

500,000

424,457

Cogent

Communications

Group

LLC

3.50%,

5/1/2026(a)

(b)

1,275,000

1,224,920

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

IT

Services

-

1.1%

(continued)

Cogent

Communications

Group

LLC

(continued)

7.00%,

6/15/2027(a)(b)

$

875,000

$

882,672

Conduent

Business

Services

LLC

6.00%,

11/1/2029(a)(b)

600,000

568,635

ION

Trading

Technologies

Sarl

5.75%,

5/15/2028(a)(b)

640,000

591,560

9.50%,

5/30/2029(a)

1,500,000

1,558,742

Newfold

Digital

Holdings

Group,

Inc.

11.75%,

10/15/2028(a)

1,730,000

1,748,150

6.00%,

2/15/2029(a)

850,000

590,795

Twilio,

Inc.

3.63%,

3/15/2029(b)

250,000

226,781

3.88%,

3/15/2031(b)

1,300,000

1,167,353

Unisys

Corp.

6.88%,

11/1/2027(a)

1,075,000

963,117

Virtusa

Corp.

7.13%,

12/15/2028(a)

400,000

379,098

15,543,032

Machinery

-

1

.4

%

Amsted

Industries,

Inc.

4.63%,

5/15/2030(a)

200,000

184,290

Calderys

Financing

LLC

11.25%,

6/1/2028(a)(b)

1,835,000

1,962,509

Hillenbrand,

Inc.

3.75%,

3/1/2031

100,000

87,691

Husky

Injection

Molding

Systems

Ltd.

9.00%,

2/15/2029(a)

2,800,000

2,875,527

Interpipe

Holdings

plc

8.38%,

5/13/2026(a)

300,000

225,024

Maxim

Crane

Works

Holdings

Capital

LLC

11.50%,

9/1/2028(a)

2,885,000

2,967,739

OT

Merger

Corp.

7.88%,

10/15/2029(a)

1,045,000

455,333

Roller

Bearing

Co.

of

America,

Inc.

4.38%,

10/15/2029(a)(b)

1,750,000

1,633,611

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

278

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Machinery

-

1.4%

(continued)

Terex

Corp.

5.00%,

5/15/2029(a)(b)

$

675,000

$

648,697

Titan

International,

Inc.

7.00%,

4/30/2028

2,301,000

2,234,739

TK

Elevator

US

Newco,

Inc.

5.25%,

7/15/2027(a)

2,135,000

2,093,487

Trinity

Industries,

Inc.

7.75%,

7/15/2028(a)(b)

1,130,000

1,179,207

Wabash

National

Corp.

4.50%,

10/15/2028(a)(b)

2,285,000

2,074,595

Werner

FinCo.

LP

11.50%,

6/15/2028(a)

1,200,000

1,303,498

14.50%,

10/15/2028(a)(c)

435,000

428,255

20,354,202

Media

-

7

.7

%

Advantage

Sales

&

Marketing,

Inc.

6.50%,

11/15/2028(a)(b)

1,230,000

1,127,658

AMC

Networks,

Inc.

10.25%,

1/15/2029(a)

2,000,000

1,976,320

4.25%,

2/15/2029

3,570,000

2,456,307

Belo

Corp.

7.75%,

6/1/2027

450,000

466,731

7.25%,

9/15/2027

395,000

399,178

Cable

One,

Inc.

4.00%,

11/15/2030(a)

3,650,000

2,806,342

Clear

Channel

Outdoor

Holdings,

Inc.

7.75%,

4/15/2028(a)

2,235,000

1,973,913

7.50%,

6/1/2029(a)

2,355,000

2,022,167

CMG

Media

Corp.

8.88%,

12/15/2027(a)

2,965,000

1,728,299

CSC

Holdings

LLC

5.50%,

4/15/2027(a)(b)

3,000,000

2,508,094

5.38%,

2/1/2028(a)

(b)

1,150,000

912,975

7.50%,

4/1/2028(a)

5,685,000

3,187,381

11.25%,

5/15/2028(a)(b)

2,250,000

2,034,174

11.75%,

1/31/2029(a)

4,900,000

4,429,548

6.50%,

2/1/2029(a)

(b)

1,950,000

1,501,787

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Media

-

7.7%

(continued)

CSC

Holdings

LLC

(continued)

5.75%,

1/15/2030(a)

$

1,295,000

$

522,353

4.13%,

12/1/2030(a)

750,000

519,269

4.63%,

12/1/2030(a)

1,100,000

434,540

5.00%,

11/15/2031(a)

500,000

200,441

Cumulus

Media

New

Holdings,

Inc.

8.00%,

7/1/2029(a)

250,000

97,500

Directv

Financing

LLC

5.88%,

8/15/2027(a)

2,520,000

2,426,638

8.88%,

2/1/2030(a)

(b)

500,000

500,703

DISH

DBS

Corp.

7.75%,

7/1/2026

500,000

321,616

5.25%,

12/1/2026(a)(b)

950,000

790,759

DISH

Network

Corp.

11.75%,

11/15/2027(a)(b)

3,515,000

3,518,265

Gannett

Holdings

LLC

6.00%,

11/1/2026(a)

330,000

320,541

GCI

LLC

4.75%,

10/15/2028(a)(b)

1,915,000

1,777,675

Gray

Television,

Inc.

7.00%,

5/15/2027(a)(b)

1,670,000

1,616,414

4.75%,

10/15/2030(a)

3,070,000

2,061,078

5.38%,

11/15/2031(a)

1,055,000

687,699

Lamar

Media

Corp.

4.00%,

2/15/2030

310,000

285,929

3.63%,

1/15/2031

315,000

279,893

McGraw-Hill

Education,

Inc.

8.00%,

8/1/2029(a)

(b)

705,000

687,398

Neptune

Bidco

US,

Inc.

9.29%,

4/15/2029(a)

3,345,000

3,275,988

News

Corp.

3.88%,

5/15/2029(a)

3,325,000

3,078,341

5.13%,

2/15/2032(a)

3,008,000

2,857,555

Nexstar

Media,

Inc.

5.63%,

7/15/2027(a)

3,400,000

3,297,539

4.75%,

11/1/2028(a)(b)

790,000

726,858

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

279

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Media

-

7.7%

(continued)

Paramount

Global

6.25%,

2/28/2057(b)(d)

$

1,440,000

$

1,257,692

6.38%,

3/30/2062(d)

2,215,000

2,033,647

Radiate

Holdco

LLC

4.50%,

9/15/2026(a)

1,570,000

1,256,389

Scripps

Escrow

II,

Inc.

3.88%,

1/15/2029(a)

750,000

487,921

5.38%,

1/15/2031(a)

430,000

205,838

Scripps

Escrow,

Inc.

5.88%,

7/15/2027(a)

1,767,000

1,228,595

Sinclair

Television

Group,

Inc.

5.13%,

2/15/2027(a)

600,000

507,453

5.50%,

3/1/2030(a)

1,450,000

882,687

4.13%,

12/1/2030(a)

950,000

660,307

Sirius

XM

Radio,

Inc.

3.13%,

9/1/2026(a)

1,480,000

1,406,091

5.00%,

8/1/2027(a)

2,935,000

2,840,003

4.00%,

7/15/2028(a)(b)

2,255,000

2,069,534

5.50%,

7/1/2029(a)

2,472,000

2,362,949

4.13%,

7/1/2030(a)

8,395,000

7,296,722

3.88%,

9/1/2031(a)

(b)

8,390,000

7,008,591

Summer

BC

Bidco

B

LLC

5.50%,

10/31/2026(a)

700,000

687,956

Sunrise

HoldCo

IV

BV

5.50%,

1/15/2028(a)(b)

784,000

766,130

TEGNA,

Inc.

4.75%,

3/15/2026(a)

660,000

649,851

4.63%,

3/15/2028

5,702,000

5,231,232

5.00%,

9/15/2029

4,000,000

3,650,167

Townsquare

Media,

Inc.

6.88%,

2/1/2026(a)

550,000

541,807

Univision

Communications,

Inc.

6.63%,

6/1/2027(a)

(b)

905,000

900,602

8.00%,

8/15/2028(a)

765,000

768,787

4.50%,

5/1/2029(a)

(b)

630,000

550,282

7.38%,

6/30/2030(a)

545,000

524,716

Urban

One,

Inc.

7.38%,

2/1/2028(a)

2,411,000

1,840,205

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Media

-

7.7%

(continued)

Virgin

Media

Vendor

Financing

Notes

IV

DAC

5.00%,

7/15/2028(a)

$

525,000

$

491,840

VZ

Secured

Financing

BV

5.00%,

1/15/2032(a)

1,560,000

1,366,998

Ziggo

Bond

Co.

BV

6.00%,

1/15/2027(a)(b)

450,000

447,468

5.13%,

2/28/2030(a)

398,000

351,449

Ziggo

BV

4.88%,

1/15/2030(a)

870,000

792,042

110,881,817

Metals

&

Mining

-

3

.5

%

Arsenal

AIC

Parent

LLC

8.00%,

10/1/2030(a)

1,535,000

1,633,160

11.50%,

10/1/2031(a)

2,800,000

3,128,730

ATI,

Inc.

5.88%,

12/1/2027

750,000

743,709

5.13%,

10/1/2031

95,000

89,671

Century

Aluminum

Co.

7.50%,

4/1/2028(a)

830,000

842,312

Cleveland-Cliffs,

Inc.

6.75%,

4/15/2030(a)

755,000

760,131

Compass

Minerals

International,

Inc.

6.75%,

12/1/2027(a)(b)

500,000

491,924

Eldorado

Gold

Corp.

6.25%,

9/1/2029(a)

(b)

2,780,000

2,704,059

FMG

Resources

August

2006

Pty.

Ltd.

4.50%,

9/15/2027(a)

3,000,000

2,877,405

5.88%,

4/15/2030(a)

2,525,000

2,488,265

4.38%,

4/1/2031(a)

8,370,000

7,565,290

6.13%,

4/15/2032(a)

4,920,000

4,870,193

Hudbay

Minerals,

Inc.

4.50%,

4/1/2026(a)

1,215,000

1,188,174

IAMGOLD

Corp.

5.75%,

10/15/2028(a)

1,500,000

1,442,162

Infrabuild

Australia

Pty.

Ltd.

14.50%,

11/15/2028(a)

1,170,000

1,206,184

Mineral

Resources

Ltd.

8.13%,

5/1/2027(a)

1,885,000

1,910,276

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

280

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Metals

&

Mining

-

3.5%

(continued)

Mineral

Resources

Ltd.

(continued)

8.00%,

11/1/2027(a)

$

2,180,000

$

2,237,435

9.25%,

10/1/2028(a)

5,920,000

6,295,705

8.50%,

5/1/2030(a)

2,003,000

2,091,325

Novelis

Corp.

3.25%,

11/15/2026(a)

550,000

523,264

3.88%,

8/15/2031(a)

525,000

461,204

SunCoke

Energy,

Inc.

4.88%,

6/30/2029(a)

2,960,000

2,707,061

TMS

International

Corp.

6.25%,

4/15/2029(a)

1,685,000

1,564,204

Warrior

Met

Coal,

Inc.

7.88%,

12/1/2028(a)

56,000

57,404

49,879,247

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

1

.1

%

Apollo

Commercial

Real

Estate

Finance,

Inc.

4.63%,

6/15/2029(a)(b)

2,830,000

2,414,650

Blackstone

Mortgage

Trust,

Inc.

3.75%,

1/15/2027(a)

1,410,000

1,294,287

Ladder

Capital

Finance

Holdings

LLLP

5.25%,

10/1/2025(a)

564,000

561,288

4.25%,

2/1/2027(a)

1,310,000

1,267,623

4.75%,

6/15/2029(a)(b)

1,415,000

1,344,852

Rithm

Capital

Corp.

6.25%,

10/15/2025(a)

425,000

424,693

8.00%,

4/1/2029(a)

4,410,000

4,371,574

Starwood

Property

Trust,

Inc.

3.63%,

7/15/2026(a)

955,000

909,960

4.38%,

1/15/2027(a)(b)

1,015,000

974,630

7.25%,

4/1/2029(a)

2,140,000

2,200,875

15,764,432

Multi-Utilities

-

0

.1

%

Algonquin

Power

&

Utilities

Corp.

4.75%,

1/18/2082(d)

850,000

777,022

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Office

REITs

-

0

.1

%

Hudson

Pacific

Properties

LP

REIT,

5.95%,

2/15/2028

$

545,000

$

491,642

REIT,

4.65%,

4/1/2029

500,000

421,717

913,359

Oil,

Gas

&

Consumable

Fuels

-

9

.5

%

Aethon

United

BR

LP

8.25%,

2/15/2026(a)

1,280,000

1,296,828

Alliance

Resource

Operating

Partners

LP

8.63%,

6/15/2029(a)

2,250,000

2,365,472

Antero

Midstream

Partners

LP

5.75%,

3/1/2027(a)

924,000

921,749

5.75%,

1/15/2028(a)(b)

1,465,000

1,455,148

5.38%,

6/15/2029(a)

1,370,000

1,339,591

6.63%,

2/1/2032(a)

400,000

408,091

Ascent

Resources

Utica

Holdings

LLC

7.00%,

11/1/2026(a)

710,000

710,786

8.25%,

12/31/2028(a)(b)

325,000

333,627

Athabasca

Oil

Corp.

9.75%,

11/1/2026(a)

174,000

183,603

Baytex

Energy

Corp.

8.50%,

4/30/2030(a)

1,350,000

1,424,958

Berry

Petroleum

Co.

LLC

7.00%,

2/15/2026(a)(b)

405,000

400,931

Buckeye

Partners

LP

3.95%,

12/1/2026(b)

745,000

718,034

4.13%,

12/1/2027

345,000

324,334

4.50%,

3/1/2028(a)

800,000

763,070

5.85%,

11/15/2043

100,000

88,737

5.60%,

10/15/2044

465,000

385,447

California

Resources

Corp.

7.13%,

2/1/2026(a)

3,250,000

3,257,158

8.25%,

6/15/2029(a)(b)

3,150,000

3,225,710

Calumet

Specialty

Products

Partners

LP

8.13%,

1/15/2027(a)

550,000

515,661

9.75%,

7/15/2028(a)

2,300,000

2,109,361

Chesapeake

Energy

Corp.

5.88%,

2/1/2029(a)

1,185,000

1,177,680

6.75%,

4/15/2029(a)

800,000

808,295

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

281

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

9.5%

(continued)

CITGO

Petroleum

Corp.

8.38%,

1/15/2029(a)

$

1,470,000

$

1,531,699

Civitas

Resources,

Inc.

5.00%,

10/15/2026(a)

695,000

679,743

8.38%,

7/1/2028(a)

1,550,000

1,627,363

8.75%,

7/1/2031(a)

2,135,000

2,295,931

CNX

Midstream

Partners

LP

4.75%,

4/15/2030(a)

2,210,000

2,025,137

CNX

Resources

Corp.

6.00%,

1/15/2029(a)

1,520,000

1,504,587

7.38%,

1/15/2031(a)

1,115,000

1,151,135

CQP

Holdco

LP

5.50%,

6/15/2031(a)(b)

2,415,000

2,316,318

Crescent

Energy

Finance

LLC

9.25%,

2/15/2028(a)(b)

1,395,000

1,472,676

CVR

Energy,

Inc.

5.75%,

2/15/2028(a)

1,100,000

1,037,020

8.50%,

1/15/2029(a)

1,400,000

1,423,841

Delek

Logistics

Partners

LP

7.13%,

6/1/2028(a)

(b)

1,185,000

1,180,696

8.63%,

3/15/2029(a)

2,900,000

3,012,778

DT

Midstream,

Inc.

4.13%,

6/15/2029(a)

1,085,000

1,014,268

4.38%,

6/15/2031(a)(b)

830,000

765,233

Encino

Acquisition

Partners

Holdings

LLC

8.50%,

5/1/2028(a)

1,690,000

1,733,384

Energean

plc

6.50%,

4/30/2027(a)

1,000,000

983,800

Energy

Transfer

LP

8.00%,

5/15/2054(b)(d)

4,450,000

4,737,466

7.13%,

10/1/2054(d)

2,000,000

2,006,826

EnQuest

plc

11.63%,

11/1/2027(a)

1,000,000

1,022,542

Genesis

Energy

LP

8.00%,

1/15/2027

2,005,000

2,050,167

7.75%,

2/1/2028

1,100,000

1,116,232

8.88%,

4/15/2030

320,000

338,792

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

9.5%

(continued)

Global

Partners

LP

7.00%,

8/1/2027

$

750,000

$

755,770

6.88%,

1/15/2029

800,000

796,867

8.25%,

1/15/2032(a)

750,000

770,440

Greenfire

Resources

Ltd.

12.00%,

10/1/2028(a)

394,000

423,379

Gulfport

Energy

Corp.

8.00%,

5/17/2026(a)

489,000

495,564

Harbour

Energy

plc

5.50%,

10/15/2026(a)

1,060,000

1,046,488

Harvest

Midstream

I

LP

7.50%,

9/1/2028(a)

(b)

1,915,000

1,959,715

Hess

Midstream

Operations

LP

5.63%,

2/15/2026(a)

650,000

646,416

Hilcorp

Energy

I

LP

6.25%,

11/1/2028(a)

400,000

399,898

5.75%,

2/1/2029(a)

(b)

540,000

530,950

6.00%,

4/15/2030(a)

650,000

635,937

6.00%,

2/1/2031(a)

640,000

621,132

6.25%,

4/15/2032(a)

665,000

646,863

8.38%,

11/1/2033(a)

400,000

432,690

Howard

Midstream

Energy

Partners

LLC

8.88%,

7/15/2028(a)

960,000

1,021,880

Ithaca

Energy

North

Sea

plc

9.00%,

7/15/2026(a)

2,068,000

2,102,416

ITT

Holdings

LLC

6.50%,

8/1/2029(a)

(b)

3,232,000

3,032,716

Karoon

USA

Finance,

Inc.

10.50%,

5/14/2029(a)

1,200,000

1,218,271

Magnolia

Oil

&

Gas

Operating

LLC

6.00%,

8/1/2026(a)

230,000

228,787

Martin

Midstream

Partners

LP

11.50%,

2/15/2028(a)

1,186,000

1,299,246

MEG

Energy

Corp.

5.88%,

2/1/2029(a)

2,050,000

2,024,454

Moss

Creek

Resources

Holdings,

Inc.

7.50%,

1/15/2026(a)

500,000

499,550

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

282

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

9.5%

(continued)

Moss

Creek

Resources

Holdings,

Inc.

(continued)

10.50%,

5/15/2027(a)

$

1,850,000

$

1,892,228

Murphy

Oil

Corp.

7.05%,

5/1/2029

250,000

263,944

5.87%,

12/1/2042(f)

285,000

261,102

New

Fortress

Energy,

Inc.

6.75%,

9/15/2025(a)

880,000

865,135

6.50%,

9/30/2026(a)(b)

1,400,000

1,301,783

8.75%,

3/15/2029(a)(b)

750,000

680,069

NGL

Energy

Operating

LLC

8.13%,

2/15/2029(a)

1,000,000

1,013,456

8.38%,

2/15/2032(a)

1,356,000

1,385,630

Northern

Oil

&

Gas,

Inc.

8.13%,

3/1/2028(a)

2,695,000

2,749,912

8.75%,

6/15/2031(a)

1,815,000

1,912,936

NuStar

Logistics

LP

5.75%,

10/1/2025

895,000

895,112

6.00%,

6/1/2026(b)

1,095,000

1,096,145

6.38%,

10/1/2030

240,000

244,939

Parkland

Corp.

5.88%,

7/15/2027(a)

1,040,000

1,036,481

4.50%,

10/1/2029(a)

1,760,000

1,643,398

4.63%,

5/1/2030(a)

(b)

690,000

641,509

PBF

Holding

Co.

LLC

6.00%,

2/15/2028

1,715,000

1,682,286

7.88%,

9/15/2030(a)(b)

280,000

289,994

Prairie

Acquiror

LP

9.00%,

8/1/2029(a)

(b)

550,000

567,096

Rockies

Express

Pipeline

LLC

4.95%,

7/15/2029(a)

295,000

282,127

4.80%,

5/15/2030(a)

70,000

65,400

7.50%,

7/15/2038(a)

870,000

911,693

6.88%,

4/15/2040(a)

260,000

255,730

Sitio

Royalties

Operating

Partnership

LP

7.88%,

11/1/2028(a)

2,200,000

2,301,941

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

9.5%

(continued)

SM

Energy

Co.

6.75%,

9/15/2026(b)

$

385,000

$

385,415

6.63%,

1/15/2027

770,000

770,895

6.50%,

7/15/2028

1,500,000

1,496,453

Strathcona

Resources

Ltd.

6.88%,

8/1/2026(a)

1,120,000

1,124,766

Sunoco

LP

5.88%,

3/15/2028

895,000

891,569

7.00%,

9/15/2028(a)

330,000

339,439

7.00%,

5/1/2029(a)

500,000

514,631

4.50%,

5/15/2029

1,845,000

1,743,519

4.50%,

4/30/2030

1,775,000

1,656,234

7.25%,

5/1/2032(a)

250,000

259,888

Tallgrass

Energy

Partners

LP

6.00%,

3/1/2027(a)

576,000

571,853

5.50%,

1/15/2028(a)

925,000

892,487

7.38%,

2/15/2029(a)(b)

835,000

845,952

6.00%,

12/31/2030(a)

680,000

644,349

6.00%,

9/1/2031(a)

(b)

815,000

768,234

Talos

Production,

Inc.

9.00%,

2/1/2029(a)

2,000,000

2,107,333

9.38%,

2/1/2031(a)

500,000

529,925

Teine

Energy

Ltd.

6.88%,

4/15/2029(a)(b)

635,000

629,680

TGNR

Intermediate

Holdings

LLC

5.50%,

10/15/2029(a)

2,065,000

1,958,119

Topaz

Solar

Farms

LLC

5.75%,

9/30/2039(a)(b)

2,952,894

2,875,381

Venture

Global

Calcasieu

Pass

LLC

3.88%,

8/15/2029(a)

725,000

670,321

6.25%,

1/15/2030(a)

395,000

405,666

4.13%,

8/15/2031(a)

1,125,000

1,022,681

3.88%,

11/1/2033(a)(b)

970,000

841,249

Venture

Global

LNG,

Inc.

8.13%,

6/1/2028(a)

555,000

577,998

9.50%,

2/1/2029(a)

(b)

1,140,000

1,268,238

8.38%,

6/1/2031(a)

675,000

709,335

9.88%,

2/1/2032(a)

690,000

765,960

Vermilion

Energy,

Inc.

6.88%,

5/1/2030(a)

880,000

875,309

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

283

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

9.5%

(continued)

Vital

Energy,

Inc.

7.75%,

7/31/2029(a)

$

665,000

$

672,501

135,886,760

Paper

&

Forest

Products

-

0

.2

%

Clearwater

Paper

Corp.

4.75%,

8/15/2028(a)

295,000

278,540

Domtar

Corp.

6.75%,

10/1/2028(a)

2,125,000

1,934,257

Louisiana-Pacific

Corp.

3.63%,

3/15/2029(a)

755,000

698,767

2,911,564

Passenger

Airlines

-

0

.6

%

Air

Canada

3.88%,

8/15/2026(a)

2,565,000

2,467,114

American

Airlines,

Inc.

5.50%,

4/20/2026(a)

1,172,500

1,164,649

7.25%,

2/15/2028(a)

1,110,000

1,109,057

5.75%,

4/20/2029(a)

1,835,000

1,793,169

United

Airlines,

Inc.

4.38%,

4/15/2026(a)

1,960,000

1,910,975

4.63%,

4/15/2029(a)(b)

685,000

647,351

9,092,315

Personal

Care

Products

-

0

.8

%

BellRing

Brands,

Inc.

7.00%,

3/15/2030(a)(b)

4,500,000

4,637,345

Coty,

Inc.

4.75%,

1/15/2029(a)

100,000

95,680

6.63%,

7/15/2030(a)

1,300,000

1,334,883

Edgewell

Personal

Care

Co.

5.50%,

6/1/2028(a)

1,270,000

1,244,962

4.13%,

4/1/2029(a)

(b)

690,000

642,068

Herbalife

Nutrition

Ltd.

7.88%,

9/1/2025(a)

(b)

656,000

651,716

Oriflame

Investment

Holding

plc

5.13%,

5/4/2026(a)

1,895,000

464,275

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Personal

Care

Products

-

0.8%

(continued)

Prestige

Brands,

Inc.

5.13%,

1/15/2028(a)(b)

$

825,000

$

806,585

3.75%,

4/1/2031(a)

1,995,000

1,758,788

11,636,302

Pharmaceuticals

-

0

.8

%

Bausch

Health

Cos.,

Inc.

5.50%,

11/1/2025(a)(b)

625,000

585,375

9.00%,

12/15/2025(a)

250,000

222,500

4.88%,

6/1/2028(a)

211,000

162,491

11.00%,

9/30/2028(a)

60,000

56,130

Cheplapharm

Arzneimittel

GmbH

5.50%,

1/15/2028(a)

840,000

785,400

HLF

Financing

Sarl

LLC

12.25%,

4/15/2029(a)

4,650,000

4,660,593

4.88%,

6/1/2029(a)

(b)

3,325,000

2,261,000

Jazz

Securities

DAC

4.38%,

1/15/2029(a)(b)

335,000

314,618

Mallinckrodt

International

Finance

SA

14.75%,

11/14/2028(a)

900,000

979,476

Organon

&

Co.

5.13%,

4/30/2031(a)

1,857,000

1,708,991

P&L

Development

LLC

7.75%,

11/15/2025(a)

515,000

473,798

12,210,372

Professional

Services

-

0

.7

%

AMN

Healthcare,

Inc.

4.63%,

10/1/2027(a)(b)

785,000

754,085

4.00%,

4/15/2029(a)

250,000

228,944

CoreLogic,

Inc.

4.50%,

5/1/2028(a)

1,850,000

1,706,532

Dun

&

Bradstreet

Corp.

(The)

5.00%,

12/15/2029(a)

200,000

189,791

KBR,

Inc.

4.75%,

9/30/2028(a)(b)

820,000

779,858

Korn

Ferry

4.63%,

12/15/2027(a)(b)

2,275,000

2,192,529

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

284

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Professional

Services

-

0.7%

(continued)

Science

Applications

International

Corp.

4.88%,

4/1/2028(a)

(b)

$

1,583,000

$

1,529,666

TriNet

Group,

Inc.

3.50%,

3/1/2029(a)

(b)

1,751,000

1,586,640

7.13%,

8/15/2031(a)

1,000,000

1,029,477

9,997,522

Real

Estate

Management

&

Development

-

0

.8

%

Five

Point

Operating

Co.

LP

10.50%,

1/15/2028(a)(f)

1,740,000

1,788,109

Forestar

Group,

Inc.

3.85%,

5/15/2026(a)(b)

831,000

803,536

5.00%,

3/1/2028(a)

1,405,000

1,352,542

Greystar

Real

Estate

Partners

LLC

7.75%,

9/1/2030(a)

650,000

689,248

Howard

Hughes

Corp.

(The)

5.38%,

8/1/2028(a)

530,000

513,964

4.13%,

2/1/2029(a)

500,000

458,778

4.38%,

2/1/2031(a)

(b)

2,170,000

1,939,516

Hunt

Cos.,

Inc.

5.25%,

4/15/2029(a)

1,055,000

993,455

Kennedy-Wilson,

Inc.

4.75%,

3/1/2029

855,000

752,475

4.75%,

2/1/2030

1,050,000

897,405

5.00%,

3/1/2031(b)

2,295,000

1,936,847

WeWork

Cos.

LLC

12.00%,

8/15/2027(g)

3,371,664

35,553

12,161,428

Retail

REITs

-

0

.3

%

Brookfield

Property

REIT,

Inc.

REIT,

5.75%,

5/15/2026(a)(b)

2,125,000

2,101,511

REIT,

4.50%,

4/1/2027(a)(b)

2,435,000

2,301,754

4,403,265

Software

-

2

.6

%

Alteryx,

Inc.

8.75%,

3/15/2028(a)

500,000

513,749

Camelot

Finance

SA

4.50%,

11/1/2026(a)

665,000

648,293

Central

Parent

LLC

8.00%,

6/15/2029(a)

590,000

605,215

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Software

-

2.6%

(continued)

Central

Parent,

Inc.

7.25%,

6/15/2029(a)

$

570,000

$

574,889

Cloud

Software

Group,

Inc.

6.50%,

3/31/2029(a)

1,625,000

1,583,964

9.00%,

9/30/2029(a)

4,250,000

4,226,226

Consensus

Cloud

Solutions,

Inc.

6.00%,

10/15/2026(a)(b)

555,000

543,788

6.50%,

10/15/2028(a)

1,315,000

1,269,099

Crowdstrike

Holdings,

Inc.

3.00%,

2/15/2029

4,035,000

3,621,003

Elastic

NV

4.13%,

7/15/2029(a)

330,000

304,035

Fair

Isaac

Corp.

5.25%,

5/15/2026(a)

1,250,000

1,243,198

4.00%,

6/15/2028(a)

5,000,000

4,704,446

Gen

Digital,

Inc.

7.13%,

9/30/2030(a)(b)

415,000

429,031

GoTo

Group,

Inc.

5.50%,

5/1/2028(a)

4,401,000

2,435,905

Helios

Software

Holdings,

Inc.

4.63%,

5/1/2028(a)

476,000

434,020

McAfee

Corp.

7.38%,

2/15/2030(a)(b)

2,285,000

2,131,464

MicroStrategy,

Inc.

6.13%,

6/15/2028(a)

540,000

534,056

Open

Text

Corp.

3.88%,

12/1/2029(a)(b)

850,000

771,573

Open

Text

Holdings,

Inc.

4.13%,

2/15/2030(a)

746,000

680,423

4.13%,

12/1/2031(a)

200,000

178,053

PTC,

Inc.

4.00%,

2/15/2028(a)

2,980,000

2,822,426

Rackspace

Finance

LLC

3.50%,

5/15/2028(a)

2,000,000

866,186

Rocket

Software,

Inc.

6.50%,

2/15/2029(a)

1,000,000

903,256

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

285

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Software

-

2.6%

(continued)

SS&C

Technologies,

Inc.

5.50%,

9/30/2027(a)

$

1,985,000

$

1,966,321

Veritas

US,

Inc.

7.50%,

9/1/2025(a)

(b)

3,060,000

2,662,200

36,652,819

Specialized

REITs

-

0

.6

%

Iron

Mountain,

Inc.

REIT,

4.88%,

9/15/2027(a)

750,000

732,341

REIT,

5.25%,

3/15/2028(a)

1,405,000

1,376,572

REIT,

5.00%,

7/15/2028(a)(b)

300,000

290,818

REIT,

7.00%,

2/15/2029(a)

910,000

934,968

REIT,

4.88%,

9/15/2029(a)(b)

825,000

788,249

REIT,

5.25%,

7/15/2030(a)

3,375,000

3,248,136

REIT,

4.50%,

2/15/2031(a)

930,000

854,789

REIT,

5.63%,

7/15/2032(a)(b)

539,000

519,788

SBA

Communications

Corp.

REIT,

3.88%,

2/15/2027

300,000

288,840

9,034,501

Specialty

Retail

-

6

.1

%

Asbury

Automotive

Group,

Inc.

5.00%,

2/15/2032(a)(b)

400,000

368,612

At

Home

Group,

Inc.

4.88%,

7/15/2028(a)

360,000

129,605

Bath

&

Body

Works,

Inc.

6.95%,

3/1/2033

1,080,000

1,054,021

6.88%,

11/1/2035

805,000

815,598

6.75%,

7/1/2036

335,000

335,352

7.60%,

7/15/2037

1,250,000

1,212,195

BCPE

Ulysses

Intermediate,

Inc.

7.75%,

4/1/2027(a)

(b)(c)

595,000

574,477

Carvana

Co.

13.00%,

6/1/2030(a)(c)

5,390,000

5,826,152

14.00%,

6/1/2031(a)(c)

10,420,000

11,921,932

eG

Global

Finance

plc

12.00%,

11/30/2028(a)(b)

2,950,000

3,158,751

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Specialty

Retail

-

6.1%

(continued)

Evergreen

Acqco

1

LP

9.75%,

4/26/2028(a)

$

1,511,000

$

1,593,896

Foot

Locker,

Inc.

4.00%,

10/1/2029(a)

100,000

85,594

Gap,

Inc.

(The)

3.63%,

10/1/2029(a)

1,865,000

1,630,186

3.88%,

10/1/2031(a)(b)

1,523,000

1,279,320

Global

Auto

Holdings

Ltd.

8.38%,

1/15/2029(a)

1,450,000

1,415,318

8.75%,

1/15/2032(a)

1,500,000

1,433,036

GYP

Holdings

III

Corp.

4.63%,

5/1/2029(a)

(b)

750,000

707,992

Ken

Garff

Automotive

LLC

4.88%,

9/15/2028(a)(b)

165,000

156,013

LCM

Investments

Holdings

II

LLC

4.88%,

5/1/2029(a)

823,000

775,041

8.25%,

8/1/2031(a)

680,000

713,149

Michaels

Cos.,

Inc.

(The)

5.25%,

5/1/2028(a)

4,795,000

3,547,017

7.88%,

5/1/2029(a)

6,505,000

3,738,992

Murphy

Oil

USA,

Inc.

5.63%,

5/1/2027

745,000

737,584

4.75%,

9/15/2029

2,030,000

1,942,041

3.75%,

2/15/2031(a)

2,780,000

2,468,525

Park

River

Holdings,

Inc.

5.63%,

2/1/2029(a)

575,000

465,277

6.75%,

8/1/2029(a)

500,000

419,933

Penske

Automotive

Group,

Inc.

3.75%,

6/15/2029(b)

470,000

429,353

PetSmart,

Inc.

4.75%,

2/15/2028(a)(b)

5,965,000

5,604,320

7.75%,

2/15/2029(a)

6,560,000

6,366,947

Sonic

Automotive,

Inc.

4.63%,

11/15/2029(a)

505,000

461,604

Specialty

Building

Products

Holdings

LLC

6.38%,

9/30/2026(a)

2,325,000

2,288,543

Staples,

Inc.

10.75%,

9/1/2029(a)

13,500,000

13,076,962

12.75%,

1/15/2030(a)

4,500,000

3,494,507

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

286

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Specialty

Retail

-

6.1%

(continued)

Upbound

Group,

Inc.

6.38%,

2/15/2029(a)

$

2,545,000

$

2,489,821

Valvoline,

Inc.

3.63%,

6/15/2031(a)(b)

1,735,000

1,516,642

Victoria's

Secret

&

Co.

4.63%,

7/15/2029(a)

2,050,000

1,700,579

Victra

Holdings

LLC

7.75%,

2/15/2026(a)

1,450,000

1,455,621

87,390,508

Technology

Hardware,

Storage

&

Peripherals

-

0

.7

%

Seagate

HDD

Cayman

9.63%,

12/1/2032

750,000

858,878

5.75%,

12/1/2034(b)

1,535,000

1,500,756

Western

Digital

Corp.

4.75%,

2/15/2026

1,225,000

1,203,716

Xerox

Corp.

4.80%,

3/1/2035

1,397,000

953,452

Xerox

Holdings

Corp.

5.50%,

8/15/2028(a)

4,050,000

3,436,091

8.88%,

11/30/2029(a)(b)

2,710,000

2,517,627

10,470,520

Textiles,

Apparel

&

Luxury

Goods

-

0

.2

%

Kontoor

Brands,

Inc.

4.13%,

11/15/2029(a)(b)

1,250,000

1,148,972

William

Carter

Co.

(The)

5.63%,

3/15/2027(a)

250,000

247,292

Wolverine

World

Wide,

Inc.

4.00%,

8/15/2029(a)

1,825,000

1,555,922

2,952,186

Tobacco

-

0

.2

%

Turning

Point

Brands,

Inc.

5.63%,

2/15/2026(a)

270,000

266,554

Vector

Group

Ltd.

5.75%,

2/1/2029(a)

3,150,000

3,021,832

3,288,386

Trading

Companies

&

Distributors

-

0

.6

%

Beacon

Roofing

Supply,

Inc.

4.50%,

11/15/2026(a)

620,000

601,784

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Trading

Companies

&

Distributors

-

0.6%

(continued)

Beacon

Roofing

Supply,

Inc.

(continued)

4.13%,

5/15/2029(a)(b)

$

745,000

$

684,261

BlueLinx

Holdings,

Inc.

6.00%,

11/15/2029(a)(b)

640,000

610,578

Boise

Cascade

Co.

4.88%,

7/1/2030(a)

(b)

220,000

207,024

EquipmentShare.com,

Inc.

9.00%,

5/15/2028(a)

1,990,000

2,048,352

Fortress

Transportation

and

Infrastructure

Investors

LLC

5.50%,

5/1/2028(a)

825,000

808,834

7.88%,

12/1/2030(a)

310,000

328,602

Foundation

Building

Materials,

Inc.

6.00%,

3/1/2029(a)

(b)

350,000

313,662

Imola

Merger

Corp.

4.75%,

5/15/2029(a)

2,855,000

2,687,079

United

Rentals

North

America,

Inc.

4.88%,

1/15/2028

610,000

596,591

8,886,767

Transportation

Infrastructure

-

0

.1

%

Port

of

Newcastle

Investments

Financing

Pty.

Ltd.

5.90%,

11/24/2031(a)

990,000

925,858

Wireless

Telecommunication

Services

-

0

.5

%

Connect

Finco

Sarl

6.75%,

10/1/2026(a)(b)

2,505,000

2,462,475

Hughes

Satellite

Systems

Corp.

5.25%,

8/1/2026(b)

1,250,000

952,737

Rogers

Communications,

Inc.

5.25%,

3/15/2082(a)(d)

1,630,000

1,577,850

Vmed

O2

UK

Financing

I

plc

4.25%,

1/31/2031(a)

715,000

605,383

4.75%,

7/15/2031(a)

870,000

746,926

7.75%,

4/15/2032(a)

500,000

499,751

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

High

Yield

Value-Scored

US

Bond

Index

Fund

(cont.)

287

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Wireless

Telecommunication

Services

-

0.5%

(continued)

Vodafone

Group

plc

5.13%,

6/4/2081(d)

$

715,000

$

537,220

7,382,342

Total

Corporate

Bonds

(Cost

$1,369,318,695)

1,391,623,631

Principal

Amount

SECURITIES

LENDING

REINVESTMENTS

-

5

.6

%

(h)

REPURCHASE

AGREEMENTS

-

5

.6

%

CF

Secured

LLC

5.34%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$79,856,483,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.88%,

maturing

8/15/2024

-

8/15/2053;

total

market

value

$81,759,469  

(Cost

$79,844,640)

$79,844,640

79,844,640

Total

Investments

-

102.9%

(Cost

$1,449,163,335)

1,471,468,271

Liabilities

in

excess

of

other

assets

-

(2.9%)

(40,930,433)

NET

ASSETS

-

100.0%

$1,430,537,838

(a)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

At

July

31,

2024,

the

value

of

these

securities

amounted

to

approximately

$1,217,558,444

or

85.11%

of

net

assets.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2024.

The

total

value

of

securities

on

loan

at

July

31,

2024

was

$84,533,914,

collateralized

in

the

form

of

cash

with

a

value

of

$79,844,640

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments

and

$6,558,081

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.75%,

and

maturity

dates

ranging

from

August

15,

2024

–

November

15,

2053;

a

total

value

of

$86,402,721.

(c)

Payment

in-kind

security.

(d)

Security

issued

at

a

fixed

coupon

rate,

which

converts

to

a

variable

rate

at

a

future

date.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(e)

Represents

less

than

0.05%

of

net

assets.

(f)

Step

bond.

Interest

rate

is

a

fixed

rate

for

an

initial

period

that

either

resets

at

a

specific

date

or

may

reset

in

the

future

at

a

contingent

upon

predetermined

trigger.

The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2024.

(g)

Issuer

has

defaulted

on

terms

of

debt

obligation.

Income

is

not

being

accrued.

(h)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2024.

The

total

value

of

securities

purchased

was

$79,844,640.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

REIT

Real

Estate

Investment

Trust

Security

Type

%

of

Net

Assets

Corporate

Bonds

97‌

.3

%

Securities

Lending

Reinvestments

5‌

.6

Others

(1)

(

2‌

.9

)

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

288

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares

®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

July

31,

2024

(Unaudited)

Investments

Principal

Amount

Value

CORPORATE

BONDS

-

97

.2

%

Air

Freight

&

Logistics

-

0

.6

%

CH

Robinson

Worldwide,

Inc.

4.20%,

4/15/2028

$

10,000

$

9,781

GXO

Logistics,

Inc.

2.65%,

7/15/2031

10,000

8,301

United

Parcel

Service,

Inc.

4.45%,

4/1/2030

147,000

146,990

5.20%,

4/1/2040

20,000

19,954

3.75%,

11/15/2047

35,000

27,484

5.05%,

3/3/2053

40,000

38,083

250,593

Automobile

Components

-

0

.2

%

Aptiv

plc

4.35%,

3/15/2029

25,000

24,492

3.10%,

12/1/2051

30,000

18,692

BorgWarner,

Inc.

2.65%,

7/1/2027

40,000

37,801

80,985

Banks

-

14

.7

%

Banco

Santander

SA

5.15%,

8/18/2025

200,000

199,415

4.18%,

3/24/2028(a)

200,000

194,929

5.54%,

3/14/2030(a)

200,000

202,620

Bank

of

America

Corp.

5.08%,

1/20/2027(a)

67,000

67,041

1.73%,

7/22/2027(a)

100,000

93,868

3.42%,

12/20/2028(a)

133,000

127,113

2.09%,

6/14/2029(a)

127,000

114,801

4.27%,

7/23/2029(a)

200,000

195,893

1.92%,

10/24/2031(a)

150,000

125,698

4.57%,

4/27/2033(a)

67,000

64,696

5.29%,

4/25/2034(a)

195,000

196,822

4.08%,

4/23/2040(a)

160,000

140,223

2.68%,

6/19/2041(a)

44,000

31,528

4.33%,

3/15/2050(a)

30,000

25,875

Bank

of

Montreal

3.09%,

1/10/2037(a)

90,000

75,367

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

-

14.7%

(continued)

Barclays

plc

5.83%,

5/9/2027(a)

$

193,000

$

195,163

6.49%,

9/13/2029(a)

220,000

231,489

3.81%,

3/10/2042(a)

200,000

158,533

Citigroup,

Inc.

3.20%,

10/21/2026

187,000

180,557

4.45%,

9/29/2027

417,000

411,687

3.98%,

3/20/2030(a)

67,000

64,376

2.67%,

1/29/2031(a)

107,000

95,259

4.41%,

3/31/2031(a)

100,000

97,197

2.57%,

6/3/2031(a)

73,000

64,130

3.06%,

1/25/2033(a)

77,000

66,883

5.83%,

2/13/2035(a)

150,000

152,039

8.13%,

7/15/2039

30,000

38,482

6.68%,

9/13/2043

92,000

103,590

HSBC

Holdings

plc

5.60%,

5/17/2028(a)

270,000

273,752

7.39%,

11/3/2028(a)

210,000

224,727

5.55%,

3/4/2030(a)

260,000

265,028

6.50%,

9/15/2037

150,000

159,269

ING

Groep

NV

4.02%,

3/28/2028(a)

200,000

195,465

JPMorgan

Chase

&

Co.

3.78%,

2/1/2028(a)

100,000

97,493

6.09%,

10/23/2029(a)

130,000

136,352

4.45%,

12/5/2029(a)

100,000

98,652

4.57%,

6/14/2030(a)

100,000

98,880

2.58%,

4/22/2032(a)

14,000

12,077

5.34%,

1/23/2035(a)

160,000

162,532

Mitsubishi

UFJ

Financial

Group,

Inc.

5.13%,

7/20/2033(a)

200,000

201,690

Royal

Bank

of

Canada

5.00%,

2/1/2033

20,000

20,182

5.00%,

5/2/2033

30,000

30,362

5.15%,

2/1/2034

140,000

142,246

Sumitomo

Mitsui

Financial

Group,

Inc.

1.40%,

9/17/2026

100,000

92,991

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

(cont.)

289

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

-

14.7%

(continued)

Sumitomo

Mitsui

Financial

Group,

Inc.

(continued)

5.80%,

7/13/2028

$

200,000

$

207,205

Toronto-Dominion

Bank

(The)

4.11%,

6/8/2027

17,000

16,712

4.46%,

6/8/2032

177,000

171,298

Westpac

Banking

Corp.

6.82%,

11/17/2033

50,000

55,095

6,377,282

Beverages

-

1

.2

%

Anheuser-Busch

InBev

Worldwide,

Inc.

5.00%,

6/15/2034

50,000

50,707

5.45%,

1/23/2039

62,000

64,476

4.35%,

6/1/2040

100,000

90,583

5.55%,

1/23/2049

10,000

10,287

5.80%,

1/23/2059

22,000

23,527

Pepsico

Singapore

Financing

I

Pte.

Ltd.

4.70%,

2/16/2034

20,000

19,943

PepsiCo,

Inc.

4.45%,

5/15/2028

67,000

67,501

2.63%,

7/29/2029

30,000

27,722

3.50%,

3/19/2040

133,000

110,647

2.63%,

10/21/2041

30,000

21,582

4.65%,

2/15/2053

30,000

27,729

5.25%,

7/17/2054

10,000

10,148

3.88%,

3/19/2060

5,000

4,017

528,869

Biotechnology

-

1

.3

%

Amgen,

Inc.

4.05%,

8/18/2029

26,000

25,294

3.15%,

2/21/2040

20,000

15,339

2.80%,

8/15/2041

26,000

18,816

5.60%,

3/2/2043

120,000

121,157

4.66%,

6/15/2051

284,000

248,795

4.88%,

3/1/2053

26,000

23,426

2.77%,

9/1/2053

14,000

8,610

5.75%,

3/2/2063

5,000

5,034

Biogen,

Inc.

2.25%,

5/1/2030

10,000

8,705

3.15%,

5/1/2050

43,000

28,647

3.25%,

2/15/2051

20,000

13,595

Regeneron

Pharmaceuticals,

Inc.

1.75%,

9/15/2030

54,000

45,643

2.80%,

9/15/2050

20,000

12,659

575,720

Broadline

Retail

-

0

.7

%

Alibaba

Group

Holding

Ltd.

2.70%,

2/9/2041

200,000

139,321

eBay,

Inc.

5.90%,

11/22/2025

67,000

67,675

2.70%,

3/11/2030

50,000

45,037

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Broadline

Retail

-

0.7%

(continued)

eBay,

Inc.

(continued)

6.30%,

11/22/2032

$

35,000

$

37,825

289,858

Building

Products

-

1

.4

%

Carrier

Global

Corp.

2.49%,

2/15/2027

400,000

379,615

Fortune

Brands

Innovations,

Inc.

5.88%,

6/1/2033

25,000

26,068

4.50%,

3/25/2052

10,000

8,155

Johnson

Controls

International

plc

4.90%,

12/1/2032

10,000

10,002

4.63%,

7/2/2044(b)

33,000

29,063

Owens

Corning

4.30%,

7/15/2047

26,000

21,473

5.95%,

6/15/2054

15,000

15,425

Trane

Technologies

Financing

Ltd.

3.80%,

3/21/2029

90,000

86,769

5.25%,

3/3/2033

10,000

10,259

Trane

Technologies

Global

Holding

Co.

Ltd.

4.30%,

2/21/2048

7,000

5,975

592,804

Capital

Markets

-

9

.3

%

Ameriprise

Financial,

Inc.

5.70%,

12/15/2028

50,000

51,933

Apollo

Debt

Solutions

BDC

6.90%,

4/13/2029(c)

10,000

10,261

Ares

Capital

Corp.

7.00%,

1/15/2027

70,000

72,243

Bain

Capital

Specialty

Finance,

Inc.

2.55%,

10/13/2026

7,000

6,509

Bank

of

New

York

Mellon

Corp.

(The)

3.40%,

1/29/2028

67,000

64,487

3.99%,

6/13/2028(a)

77,000

75,321

4.60%,

7/26/2030(a)

33,000

32,849

4.29%,

6/13/2033(a)

20,000

19,106

5.19%,

3/14/2035(a)

80,000

80,695

Barings

BDC,

Inc.

3.30%,

11/23/2026

7,000

6,555

7.00%,

2/15/2029

10,000

10,243

BlackRock

Funding,

Inc.

4.70%,

3/14/2029

80,000

80,869

BlackRock,

Inc.

2.40%,

4/30/2030

20,000

17,796

4.75%,

5/25/2033

25,000

25,020

Blue

Owl

Technology

Finance

Corp.

II

6.75%,

4/4/2029(c)

10,000

9,954

FactSet

Research

Systems,

Inc.

3.45%,

3/1/2032

10,000

8,899

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

(cont.)

290

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Capital

Markets

-

9.3%

(continued)

FS

KKR

Capital

Corp.

7.88%,

1/15/2029

$

10,000

$

10,523

Goldman

Sachs

Group,

Inc.

(The)

4.48%,

8/23/2028(a)

901,000

890,219

5.73%,

4/25/2030(a)

200,000

206,588

2.38%,

7/21/2032(a)

17,000

14,295

3.10%,

2/24/2033(a)

70,000

61,140

6.75%,

10/1/2037

87,000

96,827

4.41%,

4/23/2039(a)

100,000

91,166

3.44%,

2/24/2043(a)

135,000

105,062

Hercules

Capital,

Inc.

3.38%,

1/20/2027

14,000

13,156

HPS

Corporate

Lending

Fund

6.75%,

1/30/2029(c)

10,000

10,257

Moody's

Corp.

2.75%,

8/19/2041

43,000

30,610

3.75%,

2/25/2052

15,000

11,521

Morgan

Stanley

3.13%,

7/27/2026

100,000

96,842

0.99%,

12/10/2026(a)

26,000

24,524

5.12%,

2/1/2029(a)

133,000

134,249

2.70%,

1/22/2031(a)

133,000

118,908

2.24%,

7/21/2032(a)

30,000

25,039

5.25%,

4/21/2034(a)

135,000

135,628

5.42%,

7/21/2034(a)

64,000

64,962

5.83%,

4/19/2035(a)

50,000

52,240

5.30%,

4/20/2037(a)

33,000

32,375

5.94%,

2/7/2039(a)

30,000

30,516

4.46%,

4/22/2039(a)

150,000

138,576

5.60%,

3/24/2051(a)

78,000

81,286

Nasdaq,

Inc.

3.85%,

6/30/2026

50,000

49,207

5.35%,

6/28/2028

70,000

71,739

5.55%,

2/15/2034

40,000

41,078

3.95%,

3/7/2052

7,000

5,341

6.10%,

6/28/2063

20,000

21,037

Oaktree

Specialty

Lending

Corp.

7.10%,

2/15/2029

10,000

10,304

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Capital

Markets

-

9.3%

(continued)

S&P

Global,

Inc.

2.45%,

3/1/2027

$

40,000

$

37,928

1.25%,

8/15/2030

50,000

41,514

2.90%,

3/1/2032

50,000

44,172

5.25%,

9/15/2033(c)

25,000

25,858

4.50%,

5/15/2048

24,000

20,458

3.70%,

3/1/2052

30,000

23,331

Sixth

Street

Lending

Partners

6.50%,

3/11/2029(c)

10,000

10,140

Sixth

Street

Specialty

Lending,

Inc.

6.13%,

3/1/2029

20,000

20,167

State

Street

Corp.

5.82%,

11/4/2028(a)

50,000

51,758

2.40%,

1/24/2030

63,000

56,778

6.12%,

11/21/2034(a)

50,000

53,189

UBS

AG

1.25%,

6/1/2026

200,000

187,497

5.65%,

9/11/2028

200,000

207,073

4,027,818

Chemicals

-

1

.1

%

Albemarle

Corp.

5.05%,

6/1/2032

20,000

19,264

Dow

Chemical

Co.

(The)

5.55%,

11/30/2048

15,000

14,668

6.90%,

5/15/2053

54,000

61,627

Ecolab,

Inc.

4.80%,

3/24/2030

33,000

33,505

1.30%,

1/30/2031

63,000

51,311

3.95%,

12/1/2047

20,000

16,637

FMC

Corp.

5.15%,

5/18/2026

100,000

100,120

3.45%,

10/1/2029

10,000

9,208

5.65%,

5/18/2033

5,000

5,058

6.38%,

5/18/2053

5,000

5,129

International

Flavors

&

Fragrances,

Inc.

5.00%,

9/26/2048

17,000

15,024

Linde,

Inc.

1.10%,

8/10/2030

50,000

41,260

Nutrien

Ltd.

5.88%,

12/1/2036

20,000

20,942

6.13%,

1/15/2041

25,000

26,102

5.25%,

1/15/2045

47,000

44,431

PPG

Industries,

Inc.

3.75%,

3/15/2028

30,000

29,089

493,375

Commercial

Services

&

Supplies

-

0

.6

%

RELX

Capital,

Inc.

3.00%,

5/22/2030

33,000

30,288

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

(cont.)

291

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Commercial

Services

&

Supplies

-

0.6%

(continued)

Waste

Management,

Inc.

4.63%,

2/15/2030

$

210,000

$

211,063

241,351

Construction

&

Engineering

-

0

.0

%

(d)

Quanta

Services,

Inc.

3.05%,

10/1/2041

10,000

7,253

Consumer

Finance

-

5

.0

%

Ally

Financial,

Inc.

6.99%,

6/13/2029(a)

80,000

84,110

6.85%,

1/3/2030(a)

20,000

20,908

American

Express

Co.

3.13%,

5/20/2026

50,000

48,594

3.30%,

5/3/2027

50,000

48,209

5.28%,

7/27/2029(a)

100,000

101,762

4.42%,

8/3/2033(a)

40,000

38,579

5.63%,

7/28/2034(a)

60,000

61,616

4.05%,

12/3/2042

14,000

12,141

Capital

One

Financial

Corp.

3.27%,

3/1/2030(a)

30,000

27,629

5.27%,

5/10/2033(a)

57,000

56,208

6.38%,

6/8/2034(a)

40,000

41,958

Ford

Motor

Credit

Co.

LLC

6.95%,

6/10/2026

400,000

410,827

7.20%,

6/10/2030

400,000

427,579

General

Motors

Financial

Co.,

Inc.

6.00%,

1/9/2028

33,000

34,010

5.85%,

4/6/2030

33,000

34,103

3.10%,

1/12/2032

67,000

57,691

6.40%,

1/9/2033

145,000

153,246

6.10%,

1/7/2034

35,000

36,055

John

Deere

Capital

Corp.

4.80%,

1/9/2026

20,000

20,039

5.15%,

9/8/2026

140,000

141,485

4.90%,

6/11/2027

50,000

50,582

4.85%,

6/11/2029

40,000

40,604

4.70%,

6/10/2030

50,000

50,648

4.35%,

9/15/2032

67,000

65,558

Series

I,

5.15%,

9/8/2033

40,000

41,138

5.10%,

4/11/2034

20,000

20,434

Synchrony

Financial

2.88%,

10/28/2031

44,000

36,234

2,161,947

Consumer

Staples

Distribution

&

Retail

-

0

.5

%

Kroger

Co.

(The)

5.40%,

1/15/2049

28,000

27,103

3.95%,

1/15/2050

54,000

42,790

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Consumer

Staples

Distribution

&

Retail

-

0.5%

(continued)

Target

Corp.

2.65%,

9/15/2030

$

127,000

$

115,566

3.90%,

11/15/2047

10,000

8,155

4.80%,

1/15/2053

47,000

43,848

237,462

Containers

&

Packaging

-

0

.2

%

AptarGroup,

Inc.

3.60%,

3/15/2032

13,000

11,582

Avery

Dennison

Corp.

2.65%,

4/30/2030

10,000

8,919

5.75%,

3/15/2033

14,000

14,678

Berry

Global,

Inc.

1.57%,

1/15/2026

26,000

24,711

1.65%,

1/15/2027

30,000

27,721

5.50%,

4/15/2028

20,000

20,252

107,863

Diversified

REITs

-

0

.3

%

Digital

Realty

Trust

LP

REIT,

5.55%,

1/15/2028

30,000

30,601

REIT,

4.45%,

7/15/2028

33,000

32,484

REIT,

3.60%,

7/1/2029

10,000

9,442

Simon

Property

Group

LP

REIT,

6.75%,

2/1/2040

17,000

18,906

REIT,

5.85%,

3/8/2053

17,000

17,376

Store

Capital

LLC

REIT,

2.70%,

12/1/2031

20,000

16,464

125,273

Diversified

Telecommunication

Services

-

3

.2

%

Deutsche

Telekom

International

Finance

BV

8.75%,

6/15/2030(b)

60,000

71,291

Telefonica

Emisiones

SA

4.90%,

3/6/2048

150,000

130,979

Verizon

Communications,

Inc.

4.13%,

3/16/2027

100,000

98,884

4.33%,

9/21/2028

100,000

99,075

2.55%,

3/21/2031

437,000

378,593

2.36%,

3/15/2032

167,000

139,709

5.05%,

5/9/2033

55,000

55,412

2.65%,

11/20/2040

161,000

113,786

3.40%,

3/22/2041

174,000

136,410

4.86%,

8/21/2046

50,000

46,678

3.88%,

3/1/2052

154,000

120,348

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

(cont.)

292

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Diversified

Telecommunication

Services

-

3.2%

(continued)

Verizon

Communications,

Inc.

(continued)

2.99%,

10/30/2056

$

14,000

$

8,829

1,399,994

Electric

Utilities

-

4

.4

%

Avangrid,

Inc.

3.80%,

6/1/2029

14,000

13,315

Connecticut

Light

and

Power

Co.

(The)

4.65%,

1/1/2029

25,000

25,084

Series

A,

2.05%,

7/1/2031

117,000

97,975

4.00%,

4/1/2048

22,000

17,963

5.25%,

1/15/2053

10,000

9,883

Edison

International

4.13%,

3/15/2028

150,000

145,694

El

Paso

Electric

Co.

5.00%,

12/1/2044

10,000

8,765

Enel

Americas

SA

4.00%,

10/25/2026

7,000

6,807

Enel

Chile

SA

4.88%,

6/12/2028

20,000

19,665

Entergy

Mississippi

LLC

5.85%,

6/1/2054

50,000

51,640

Eversource

Energy

4.60%,

7/1/2027

167,000

165,680

Series

R,

1.65%,

8/15/2030

17,000

14,080

3.45%,

1/15/2050

40,000

28,455

Exelon

Corp.

5.30%,

3/15/2033

10,000

10,187

5.45%,

3/15/2034

10,000

10,201

4.95%,

6/15/2035

70,000

67,453

4.45%,

4/15/2046

53,000

45,225

FirstEnergy

Corp.

Series

C,

4.85%,

7/15/2047(b)

15,000

13,185

Florida

Power

&

Light

Co.

5.60%,

6/15/2054

130,000

135,332

Oklahoma

Gas

and

Electric

Co.

5.60%,

4/1/2053

50,000

50,294

Pacific

Gas

and

Electric

Co.

3.15%,

1/1/2026

50,000

48,584

6.10%,

1/15/2029

130,000

135,165

4.50%,

7/1/2040

60,000

51,040

4.20%,

6/1/2041

98,000

78,618

3.95%,

12/1/2047

200,000

147,981

6.70%,

4/1/2053

10,000

10,726

Public

Service

Co.

of

New

Hampshire

3.60%,

7/1/2049

10,000

7,613

Public

Service

Electric

and

Gas

Co.

4.65%,

3/15/2033

15,000

14,798

5.20%,

3/1/2034

20,000

20,487

3.60%,

12/1/2047

77,000

59,270

4.05%,

5/1/2048

60,000

49,560

5.45%,

3/1/2054

15,000

15,257

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Electric

Utilities

-

4.4%

(continued)

Southern

California

Edison

Co.

5.65%,

10/1/2028

$

40,000

$

41,351

5.95%,

11/1/2032

67,000

70,928

5.20%,

6/1/2034

100,000

100,303

Series

C,

4.13%,

3/1/2048

33,000

26,517

Series

E,

5.45%,

6/1/2052

75,000

73,035

Union

Electric

Co.

5.20%,

4/1/2034

30,000

30,486

5.25%,

1/15/2054

10,000

9,596

1,928,198

Electronic

Equipment,

Instruments

&

Components

-

0

.1

%

Flex

Ltd.

4.88%,

5/12/2030

30,000

29,569

Energy

Equipment

&

Services

-

0

.3

%

Baker

Hughes

Holdings

LLC

4.08%,

12/15/2047

45,000

37,273

Halliburton

Co.

5.00%,

11/15/2045

70,000

65,115

Schlumberger

Investment

SA

4.85%,

5/15/2033

30,000

30,120

132,508

Entertainment

-

0

.7

%

Walt

Disney

Co.

(The)

6.40%,

12/15/2035

67,000

75,115

3.50%,

5/13/2040

5,000

4,082

7.75%,

12/1/2045

54,000

70,305

4.75%,

11/15/2046

107,000

98,559

3.60%,

1/13/2051

10,000

7,648

3.80%,

5/13/2060

50,000

37,978

293,687

Financial

Services

-

2

.1

%

Corebridge

Financial,

Inc.

5.75%,

1/15/2034

10,000

10,295

6.88%,

12/15/2052(a)

7,000

7,126

Equitable

Holdings,

Inc.

5.59%,

1/11/2033

44,000

45,448

5.00%,

4/20/2048

4,000

3,677

Mastercard,

Inc.

3.30%,

3/26/2027

100,000

97,244

2.95%,

6/1/2029

96,000

90,174

2.00%,

11/18/2031

33,000

27,833

4.85%,

3/9/2033

30,000

30,510

3.95%,

2/26/2048

15,000

12,514

2.95%,

3/15/2051

30,000

20,529

PayPal

Holdings,

Inc.

4.40%,

6/1/2032

98,000

95,685

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

(cont.)

293

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Financial

Services

-

2.1%

(continued)

PayPal

Holdings,

Inc.

(continued)

5.05%,

6/1/2052

$

30,000

$

28,286

Shell

International

Finance

BV

3.88%,

11/13/2028

70,000

68,461

2.75%,

4/6/2030

170,000

155,063

6.38%,

12/15/2038

60,000

68,016

4.00%,

5/10/2046

33,000

27,385

3.25%,

4/6/2050

28,000

20,066

3.00%,

11/26/2051

110,000

74,146

Voya

Financial,

Inc.

4.70%,

1/23/2048(a)

30,000

26,092

908,550

Food

Products

-

0

.9

%

Campbell

Soup

Co.

4.15%,

3/15/2028

50,000

49,135

2.38%,

4/24/2030

17,000

15,008

4.80%,

3/15/2048

20,000

17,820

Conagra

Brands,

Inc.

5.40%,

11/1/2048

40,000

37,988

General

Mills,

Inc.

4.55%,

4/17/2038

20,000

18,343

Hershey

Co.

(The)

4.25%,

5/4/2028

20,000

19,940

1.70%,

6/1/2030

32,000

27,453

2.65%,

6/1/2050

10,000

6,358

Hormel

Foods

Corp.

3.05%,

6/3/2051

40,000

27,260

Ingredion,

Inc.

2.90%,

6/1/2030

33,000

29,918

Kellanova

5.25%,

3/1/2033

60,000

60,968

Mondelez

International,

Inc.

3.00%,

3/17/2032

50,000

44,176

2.63%,

9/4/2050

50,000

30,982

385,349

Gas

Utilities

-

0

.4

%

Southern

California

Gas

Co.

2.95%,

4/15/2027

187,000

178,767

Washington

Gas

Light

Co.

3.65%,

9/15/2049

20,000

15,092

193,859

Ground

Transportation

-

1

.6

%

Canadian

National

Railway

Co.

3.65%,

2/3/2048

14,000

11,118

4.45%,

1/20/2049

72,000

64,492

4.40%,

8/5/2052

7,000

6,177

CSX

Corp.

2.40%,

2/15/2030

63,000

56,332

5.20%,

11/15/2033

10,000

10,260

4.30%,

3/1/2048

82,000

70,286

3.80%,

4/15/2050

33,000

25,981

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Ground

Transportation

-

1.6%

(continued)

CSX

Corp.

(continued)

4.65%,

3/1/2068

$

3,000

$

2,591

JB

Hunt

Transport

Services,

Inc.

3.88%,

3/1/2026

30,000

29,519

Norfolk

Southern

Corp.

5.95%,

3/15/2064

105,000

110,736

Union

Pacific

Corp.

4.50%,

1/20/2033

80,000

78,826

2.89%,

4/6/2036

40,000

33,216

4.50%,

9/10/2048

55,000

48,743

5.15%,

1/20/2063

130,000

124,056

672,333

Health

Care

Equipment

&

Supplies

-

1

.6

%

Abbott

Laboratories

1.40%,

6/30/2030

98,000

83,388

4.90%,

11/30/2046

98,000

94,993

Baxter

International,

Inc.

1.73%,

4/1/2031

50,000

40,857

3.13%,

12/1/2051

53,000

34,359

Becton

Dickinson

&

Co.

2.82%,

5/20/2030

50,000

45,142

1.96%,

2/11/2031

50,000

41,917

3.79%,

5/20/2050

50,000

38,703

Boston

Scientific

Corp.

2.65%,

6/1/2030

50,000

44,942

4.55%,

3/1/2039

50,000

47,942

Medtronic

Global

Holdings

SCA

4.25%,

3/30/2028

60,000

59,512

4.50%,

3/30/2033

5,000

4,916

Solventum

Corp.

5.60%,

3/23/2034(c)

90,000

90,548

Zimmer

Biomet

Holdings,

Inc.

3.55%,

3/20/2030

30,000

27,850

2.60%,

11/24/2031

50,000

42,826

697,895

Health

Care

Providers

&

Services

-

5

.0

%

Aetna,

Inc.

3.88%,

8/15/2047

41,000

30,657

Cardinal

Health,

Inc.

4.90%,

9/15/2045

33,000

29,788

Cencora,

Inc.

2.70%,

3/15/2031

50,000

43,752

5.13%,

2/15/2034

30,000

30,243

Centene

Corp.

2.45%,

7/15/2028

150,000

135,140

2.63%,

8/1/2031

50,000

41,677

Cigna

Group

(The)

4.38%,

10/15/2028

40,000

39,445

5.25%,

2/15/2034

20,000

20,208

4.80%,

8/15/2038

40,000

37,970

6.13%,

11/15/2041

33,000

34,981

3.88%,

10/15/2047

24,000

18,631

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

(cont.)

294

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Health

Care

Providers

&

Services

-

5.0%

(continued)

Cigna

Group

(The)

(continued)

4.90%,

12/15/2048

$

67,000

$

60,205

3.40%,

3/15/2051

54,000

37,618

CVS

Health

Corp.

3.63%,

4/1/2027

33,000

32,048

4.30%,

3/25/2028

100,000

98,039

5.25%,

2/21/2033

80,000

79,825

4.78%,

3/25/2038

130,000

119,410

2.70%,

8/21/2040

20,000

13,694

5.05%,

3/25/2048

174,000

153,454

6.05%,

6/1/2054

30,000

30,168

Elevance

Health,

Inc.

2.25%,

5/15/2030

50,000

43,774

4.10%,

5/15/2032

164,000

155,704

4.75%,

2/15/2033

20,000

19,745

4.55%,

3/1/2048

32,000

27,830

3.60%,

3/15/2051

52,000

38,399

6.10%,

10/15/2052

14,000

14,949

5.13%,

2/15/2053

20,000

18,792

5.65%,

6/15/2054

40,000

40,416

HCA,

Inc.

3.63%,

3/15/2032

133,000

119,740

7.50%,

11/6/2033

47,000

53,269

5.60%,

4/1/2034

80,000

81,325

4.38%,

3/15/2042

15,000

12,656

4.63%,

3/15/2052

87,000

71,849

6.00%,

4/1/2054

15,000

15,113

Laboratory

Corp.

of

America

Holdings

1.55%,

6/1/2026

50,000

46,969

2.70%,

6/1/2031

50,000

43,535

Novant

Health,

Inc.

3.32%,

11/1/2061

23,000

15,529

Quest

Diagnostics,

Inc.

4.20%,

6/30/2029

43,000

42,121

2.95%,

6/30/2030

50,000

45,516

6.40%,

11/30/2033

10,000

10,928

UnitedHealth

Group,

Inc.

4.50%,

4/15/2033

10,000

9,749

5.88%,

2/15/2053

64,000

67,726

5.20%,

4/15/2063

70,000

66,320

2,148,907

Health

Care

REITs

-

0

.6

%

Alexandria

Real

Estate

Equities,

Inc.

REIT,

5.25%,

5/15/2036

160,000

158,083

Healthcare

Realty

Holdings

LP

REIT,

2.05%,

3/15/2031

7,000

5,572

Ventas

Realty

LP

REIT,

4.00%,

3/1/2028

33,000

32,001

REIT,

3.00%,

1/15/2030

48,000

43,409

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Health

Care

REITs

-

0.6%

(continued)

Ventas

Realty

LP

(continued)

REIT,

4.75%,

11/15/2030

$

10,000

$

9,847

248,912

Hotel

&

Resort

REITs

-

0

.2

%

Host

Hotels

&

Resorts

LP

Series

F,

REIT,

4.50%,

2/1/2026

50,000

49,528

Series

I,

REIT,

3.50%,

9/15/2030

10,000

9,098

Series

J,

REIT,

2.90%,

12/15/2031

10,000

8,550

67,176

Hotels,

Restaurants

&

Leisure

-

1

.5

%

Las

Vegas

Sands

Corp.

3.90%,

8/8/2029

20,000

18,488

Marriott

International,

Inc.

5.45%,

9/15/2026

50,000

50,714

5.00%,

10/15/2027

20,000

20,176

4.90%,

4/15/2029

30,000

30,186

Series

HH,

2.85%,

4/15/2031

33,000

28,925

Series

II,

2.75%,

10/15/2033

3,000

2,497

5.30%,

5/15/2034

20,000

20,159

McDonald's

Corp.

3.50%,

7/1/2027

130,000

126,161

4.70%,

12/9/2035

33,000

32,314

4.88%,

12/9/2045

33,000

30,486

4.45%,

9/1/2048

15,000

12,852

3.63%,

9/1/2049

74,000

55,079

5.15%,

9/9/2052

7,000

6,630

Sands

China

Ltd.

3.80%,

1/8/2026(b)

200,000

194,097

628,764

Household

Durables

-

0

.3

%

Leggett

&

Platt,

Inc.

4.40%,

3/15/2029

15,000

14,096

Mohawk

Industries,

Inc.

5.85%,

9/18/2028

12,000

12,459

3.63%,

5/15/2030

7,000

6,578

NVR,

Inc.

3.00%,

5/15/2030

14,000

12,719

PulteGroup,

Inc.

5.00%,

1/15/2027

26,000

26,122

Whirlpool

Corp.

4.75%,

2/26/2029

50,000

49,967

4.60%,

5/15/2050

20,000

16,191

‌

‌

138,132

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

(cont.)

295

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Household

Products

-

0

.1

%

Church

&

Dwight

Co.,

Inc.

5.60%,

11/15/2032

$

20,000

$

21,126

3.95%,

8/1/2047

20,000

16,202

5.00%,

6/15/2052

5,000

4,751

42,079

Independent

Power

and

Renewable

Electricity

Producers

-

0

.4

%

Constellation

Energy

Generation

LLC

5.60%,

3/1/2028

80,000

82,173

5.80%,

3/1/2033

30,000

31,204

6.13%,

1/15/2034

40,000

42,679

156,056

Industrial

REITs

-

0

.4

%

Prologis

LP

REIT,

4.88%,

6/15/2028

40,000

40,395

REIT,

4.63%,

1/15/2033

47,000

46,059

REIT,

5.13%,

1/15/2034

44,000

44,548

REIT,

4.38%,

9/15/2048

7,000

6,046

REIT,

3.00%,

4/15/2050

23,000

15,319

152,367

Insurance

-

3

.3

%

Aflac,

Inc.

3.60%,

4/1/2030

53,000

50,016

4.75%,

1/15/2049

10,000

9,100

Allstate

Corp.

(The)

1.45%,

12/15/2030

10,000

8,167

5.25%,

3/30/2033

40,000

40,804

3.85%,

8/10/2049

26,000

20,283

American

International

Group,

Inc.

Series

A-9,

5.75%,

4/1/2048(a)

30,000

29,607

Arch

Capital

Finance

LLC

5.03%,

12/15/2046

10,000

9,288

AXIS

Specialty

Finance

LLC

4.90%,

1/15/2040(a)

17,000

15,845

Brighthouse

Financial,

Inc.

4.70%,

6/22/2047

20,000

15,769

3.85%,

12/22/2051

5,000

3,301

Chubb

INA

Holdings

LLC

3.35%,

5/3/2026

170,000

165,903

1.38%,

9/15/2030

20,000

16,679

5.00%,

3/15/2034

40,000

40,439

4.35%,

11/3/2045

14,000

12,344

Everest

Reinsurance

Holdings,

Inc.

3.13%,

10/15/2052

35,000

22,175

Fidelity

National

Financial,

Inc.

3.20%,

9/17/2051

14,000

8,857

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Insurance

-

3.3%

(continued)

First

American

Financial

Corp.

2.40%,

8/15/2031

$

20,000

$

16,297

Hanover

Insurance

Group,

Inc.

(The)

2.50%,

9/1/2030

10,000

8,576

Hartford

Financial

Services

Group,

Inc.

(The)

4.40%,

3/15/2048

5,000

4,260

3.60%,

8/19/2049

33,000

24,778

2.90%,

9/15/2051

14,000

9,078

Lincoln

National

Corp.

3.05%,

1/15/2030

20,000

18,209

4.35%,

3/1/2048

18,000

14,183

4.38%,

6/15/2050

10,000

7,833

Manulife

Financial

Corp.

4.06%,

2/24/2032(a)

50,000

48,585

3.70%,

3/16/2032

27,000

25,067

MetLife,

Inc.

4.55%,

3/23/2030

60,000

60,141

5.38%,

7/15/2033

15,000

15,466

10.75%,

8/1/2039

33,000

44,573

4.60%,

5/13/2046

56,000

50,253

5.00%,

7/15/2052

33,000

30,919

5.25%,

1/15/2054

14,000

13,710

Primerica,

Inc.

2.80%,

11/19/2031

10,000

8,570

Principal

Financial

Group,

Inc.

3.70%,

5/15/2029

33,000

31,487

2.13%,

6/15/2030

33,000

28,317

5.38%,

3/15/2033

10,000

10,207

5.50%,

3/15/2053

3,000

2,949

Prudential

Financial,

Inc.

1.50%,

3/10/2026

100,000

94,994

3.00%,

3/10/2040

23,000

17,531

4.50%,

9/15/2047(a)

50,000

47,598

3.91%,

12/7/2047

35,000

27,918

4.35%,

2/25/2050

33,000

27,807

6.00%,

9/1/2052(a)

47,000

47,133

Prudential

Funding

Asia

plc

3.13%,

4/14/2030

15,000

13,775

3.63%,

3/24/2032

10,000

9,061

RenaissanceRe

Holdings

Ltd.

5.75%,

6/5/2033

22,000

22,277

Travelers

Cos.,

Inc.

(The)

4.00%,

5/30/2047

70,000

58,105

4.05%,

3/7/2048

8,000

6,703

5.45%,

5/25/2053

27,000

27,778

Unum

Group

4.00%,

6/15/2029

10,000

9,618

4.13%,

6/15/2051

24,000

18,090

W

R

Berkley

Corp.

3.15%,

9/30/2061

20,000

12,375

Willis

North

America,

Inc.

5.35%,

5/15/2033

30,000

30,110

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

(cont.)

296

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Insurance

-

3.3%

(continued)

Willis

North

America,

Inc.

(continued)

5.90%,

3/5/2054

$

20,000

$

20,013

1,432,921

Interactive

Media

&

Services

-

0

.8

%

Alphabet,

Inc.

0.80%,

8/15/2027

317,000

286,883

1.10%,

8/15/2030

10,000

8,386

1.90%,

8/15/2040

7,000

4,726

2.05%,

8/15/2050

60,000

35,403

Meta

Platforms,

Inc.

5.75%,

5/15/2063

23,000

24,150

359,548

IT

Services

-

0

.9

%

Amdocs

Ltd.

2.54%,

6/15/2030

10,000

8,811

IBM

International

Capital

Pte.

Ltd.

4.60%,

2/5/2029

250,000

250,144

International

Business

Machines

Corp.

1.95%,

5/15/2030

100,000

86,477

2.85%,

5/15/2040

72,000

53,091

398,523

Leisure

Products

-

0

.2

%

Brunswick

Corp.

4.40%,

9/15/2032

25,000

22,758

5.10%,

4/1/2052

20,000

16,129

Hasbro,

Inc.

3.90%,

11/19/2029

33,000

31,139

6.35%,

3/15/2040

10,000

10,396

80,422

Machinery

-

0

.7

%

AGCO

Corp.

5.80%,

3/21/2034

10,000

10,186

CNH

Industrial

NV

3.85%,

11/15/2027

10,000

9,701

Cummins,

Inc.

1.50%,

9/1/2030

107,000

89,812

2.60%,

9/1/2050

10,000

6,225

Ingersoll

Rand,

Inc.

5.40%,

8/14/2028

38,000

38,944

5.31%,

6/15/2031

80,000

82,388

Stanley

Black

&

Decker,

Inc.

4.85%,

11/15/2048

10,000

8,766

2.75%,

11/15/2050

22,000

13,055

Westinghouse

Air

Brake

Technologies

Corp.

4.70%,

9/15/2028(b)

22,000

21,879

5.61%,

3/11/2034

10,000

10,287

Xylem,

Inc.

1.95%,

1/30/2028

20,000

18,254

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Machinery

-

0.7%

(continued)

Xylem,

Inc.

(continued)

2.25%,

1/30/2031

$

17,000

$

14,545

324,042

Marine

Transportation

-

0

.0

%

(d)

Kirby

Corp.

4.20%,

3/1/2028

20,000

19,548

Media

-

2

.2

%

Comcast

Corp.

2.65%,

2/1/2030

247,000

223,502

4.65%,

2/15/2033

67,000

66,170

4.60%,

10/15/2038

20,000

18,778

4.00%,

3/1/2048

64,000

51,469

2.89%,

11/1/2051

387,000

248,111

5.35%,

5/15/2053

10,000

9,789

2.99%,

11/1/2063

170,000

102,784

5.50%,

5/15/2064

3,000

2,950

Fox

Corp.

4.71%,

1/25/2029

50,000

49,931

5.48%,

1/25/2039

20,000

19,707

5.58%,

1/25/2049

45,000

42,534

Interpublic

Group

of

Cos.,

Inc.

(The)

3.38%,

3/1/2041

30,000

22,613

Paramount

Global

4.95%,

1/15/2031

25,000

22,705

4.20%,

5/19/2032

20,000

17,056

4.38%,

3/15/2043

30,000

20,979

5.25%,

4/1/2044

30,000

22,718

4.95%,

5/19/2050

40,000

28,922

970,718

Metals

&

Mining

-

0

.5

%

Newmont

Corp.

3.25%,

5/13/2030(c)

30,000

27,827

2.60%,

7/15/2032

10,000

8,588

5.88%,

4/1/2035

57,000

60,708

4.20%,

5/13/2050(c)

25,000

20,920

Nucor

Corp.

4.30%,

5/23/2027

20,000

19,826

2.70%,

6/1/2030

30,000

27,032

3.13%,

4/1/2032

33,000

29,325

4.40%,

5/1/2048

8,000

6,999

2.98%,

12/15/2055

14,000

8,791

Steel

Dynamics,

Inc.

3.25%,

10/15/2050

20,000

13,496

‌

‌

223,512

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

(cont.)

297

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Multi-Utilities

-

1

.4

%

Consolidated

Edison

Co.

of

New

York,

Inc.

Series

20A,

3.35%,

4/1/2030

$

10,000

$

9,398

2.40%,

6/15/2031

50,000

43,271

5.20%,

3/1/2033

10,000

10,234

5.50%,

3/15/2034

50,000

52,211

Series

E,

4.65%,

12/1/2048

22,000

19,464

6.15%,

11/15/2052

7,000

7,659

5.90%,

11/15/2053

10,000

10,539

5.70%,

5/15/2054

30,000

30,783

4.50%,

5/15/2058

67,000

56,373

3.60%,

6/15/2061

23,000

16,156

Dominion

Energy,

Inc.

Series

B,

7.00%,

6/1/2054(a)

20,000

21,004

National

Grid

plc

5.60%,

6/12/2028

15,000

15,375

5.81%,

6/12/2033

25,000

25,788

NiSource,

Inc.

6.95%,

11/30/2054(a)

15,000

15,211

Public

Service

Enterprise

Group,

Inc.

5.85%,

11/15/2027

63,000

64,922

1.60%,

8/15/2030

10,000

8,320

San

Diego

Gas

&

Electric

Co.

Series

VVV,

1.70%,

10/1/2030

20,000

16,891

2.95%,

8/15/2051

77,000

51,774

5.55%,

4/15/2054

10,000

10,099

Sempra

3.70%,

4/1/2029

50,000

47,665

5.50%,

8/1/2033

20,000

20,467

3.80%,

2/1/2038

26,000

21,923

4.00%,

2/1/2048

33,000

25,861

601,388

Office

REITs

-

0

.5

%

Boston

Properties

LP

REIT,

3.25%,

1/30/2031

80,000

69,396

REIT,

2.45%,

10/1/2033

33,000

25,327

Highwoods

Realty

LP

REIT,

3.05%,

2/15/2030

30,000

26,120

Kilroy

Realty

LP

REIT,

4.38%,

10/1/2025

80,000

78,894

REIT,

6.25%,

1/15/2036

7,000

6,897

Piedmont

Operating

Partnership

LP

REIT,

3.15%,

8/15/2030

10,000

8,267

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Office

REITs

-

0.5%

(continued)

Piedmont

Operating

Partnership

LP

(continued)

REIT,

2.75%,

4/1/2032

$

7,000

$

5,302

220,203

Oil,

Gas

&

Consumable

Fuels

-

5

.9

%

Boardwalk

Pipelines

LP

3.40%,

2/15/2031

40,000

35,773

BP

Capital

Markets

America,

Inc.

3.38%,

2/8/2061

10,000

6,826

Canadian

Natural

Resources

Ltd.

2.95%,

7/15/2030

157,000

140,882

Cheniere

Corpus

Christi

Holdings

LLC

3.70%,

11/15/2029

17,000

16,083

2.74%,

12/31/2039

20,000

16,330

Cheniere

Energy,

Inc.

4.63%,

10/15/2028

29,000

28,438

5.65%,

4/15/2034(c)

22,000

22,356

Columbia

Pipeline

Group,

Inc.

5.80%,

6/1/2045

10,000

10,017

Enbridge,

Inc.

6.20%,

11/15/2030

10,000

10,688

5.63%,

4/5/2034

80,000

81,900

6.70%,

11/15/2053

60,000

67,034

5.50%,

7/15/2077(a)

50,000

47,546

8.50%,

1/15/2084(a)

50,000

54,683

EnLink

Midstream

LLC

5.38%,

6/1/2029

10,000

9,963

EnLink

Midstream

Partners

LP

5.45%,

6/1/2047

20,000

17,622

EQT

Corp.

5.75%,

2/1/2034

15,000

15,168

Hess

Corp.

6.00%,

1/15/2040

27,000

28,521

Kinder

Morgan,

Inc.

2.00%,

2/15/2031

14,000

11,746

5.20%,

6/1/2033

50,000

49,680

5.40%,

2/1/2034

100,000

100,742

5.55%,

6/1/2045

33,000

31,763

5.20%,

3/1/2048

27,000

24,562

3.60%,

2/15/2051

10,000

7,014

5.45%,

8/1/2052

10,000

9,437

Marathon

Petroleum

Corp.

3.80%,

4/1/2028

30,000

29,039

4.50%,

4/1/2048

48,000

39,488

MPLX

LP

1.75%,

3/1/2026

120,000

114,056

2.65%,

8/15/2030

17,000

15,010

4.50%,

4/15/2038

82,000

73,977

5.20%,

12/1/2047

30,000

27,211

5.50%,

2/15/2049

30,000

28,398

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

(cont.)

298

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

5.9%

(continued)

MPLX

LP

(continued)

5.65%,

3/1/2053

$

20,000

$

19,231

Occidental

Petroleum

Corp.

6.13%,

1/1/2031

70,000

73,111

7.88%,

9/15/2031

30,000

34,301

6.45%,

9/15/2036

40,000

42,727

Zero

Coupon,

10/10/2036

50,000

27,264

ONEOK,

Inc.

6.10%,

11/15/2032

25,000

26,418

6.05%,

9/1/2033

100,000

105,194

5.20%,

7/15/2048

20,000

18,089

4.85%,

2/1/2049

30,000

25,933

4.50%,

3/15/2050

60,000

49,087

Pioneer

Natural

Resources

Co.

2.15%,

1/15/2031

46,000

39,528

Plains

All

American

Pipeline

LP

4.50%,

12/15/2026

100,000

98,905

3.80%,

9/15/2030

75,000

70,180

Sabine

Pass

Liquefaction

LLC

4.50%,

5/15/2030

17,000

16,673

5.90%,

9/15/2037

40,000

41,478

Targa

Resources

Corp.

6.50%,

3/30/2034

100,000

108,256

TotalEnergies

Capital

International

SA

2.83%,

1/10/2030

50,000

45,842

3.13%,

5/29/2050

74,000

51,579

TotalEnergies

Capital

SA

5.49%,

4/5/2054

70,000

70,813

Transcanada

Trust

5.60%,

3/7/2082(a)

100,000

92,751

Valero

Energy

Corp.

4.00%,

4/1/2029

30,000

29,068

2.80%,

12/1/2031

80,000

69,309

4.00%,

6/1/2052

10,000

7,552

Williams

Cos.,

Inc.

(The)

3.75%,

6/15/2027

50,000

48,604

5.65%,

3/15/2033

73,000

75,392

5.15%,

3/15/2034

15,000

14,959

5.75%,

6/24/2044

33,000

32,911

5.10%,

9/15/2045

37,000

34,186

4.85%,

3/1/2048

29,000

25,715

5.30%,

8/15/2052

14,000

13,306

2,580,315

Paper

&

Forest

Products

-

0

.1

%

Suzano

Austria

GmbH

3.75%,

1/15/2031

20,000

17,739

Series

DM3N,

3.13%,

1/15/2032

50,000

41,413

59,152

Personal

Care

Products

-

0

.4

%

Estee

Lauder

Cos.,

Inc.

(The)

3.15%,

3/15/2027

100,000

96,612

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Personal

Care

Products

-

0.4%

(continued)

Estee

Lauder

Cos.,

Inc.

(The)

(continued)

4.38%,

5/15/2028

$

20,000

$

19,870

2.60%,

4/15/2030

30,000

26,891

1.95%,

3/15/2031

33,000

27,773

4.15%,

3/15/2047

10,000

8,301

5.15%,

5/15/2053

5,000

4,805

184,252

Pharmaceuticals

-

4

.9

%

AstraZeneca

Finance

LLC

4.88%,

3/3/2033

53,000

53,620

5.00%,

2/26/2034

30,000

30,523

AstraZeneca

plc

4.00%,

9/18/2042

30,000

25,788

4.38%,

11/16/2045

60,000

53,433

3.00%,

5/28/2051

14,000

9,688

Bristol-Myers

Squibb

Co.

5.20%,

2/22/2034

20,000

20,483

3.55%,

3/15/2042

135,000

108,099

5.00%,

8/15/2045

73,000

70,273

3.90%,

3/15/2062

91,000

67,855

6.40%,

11/15/2063

3,000

3,352

GlaxoSmithKline

Capital

plc

3.38%,

6/1/2029

33,000

31,489

GlaxoSmithKline

Capital,

Inc.

6.38%,

5/15/2038

47,000

53,227

Johnson

&

Johnson

3.63%,

3/3/2037

210,000

188,476

2.10%,

9/1/2040

80,000

55,137

3.70%,

3/1/2046

50,000

41,425

2.25%,

9/1/2050

20,000

12,295

2.45%,

9/1/2060

7,000

4,107

Merck

&

Co.,

Inc.

4.05%,

5/17/2028

133,000

132,087

3.40%,

3/7/2029

50,000

47,981

4.50%,

5/17/2033

30,000

29,631

2.35%,

6/24/2040

133,000

93,193

4.90%,

5/17/2044

55,000

52,906

2.75%,

12/10/2051

15,000

9,676

Mylan,

Inc.

5.20%,

4/15/2048

37,000

31,197

Novartis

Capital

Corp.

2.00%,

2/14/2027

50,000

47,211

2.20%,

8/14/2030

35,000

31,003

2.75%,

8/14/2050

75,000

50,328

Pfizer

Investment

Enterprises

Pte.

Ltd.

4.45%,

5/19/2028

124,000

123,696

5.11%,

5/19/2043

30,000

29,230

5.34%,

5/19/2063

152,000

148,094

Pfizer,

Inc.

3.45%,

3/15/2029

50,000

48,145

1.75%,

8/18/2031

33,000

27,451

4.10%,

9/15/2038

275,000

248,855

7.20%,

3/15/2039

57,000

68,959

2.55%,

5/28/2040

33,000

23,656

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

(cont.)

299

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Pharmaceuticals

-

4.9%

(continued)

Pfizer,

Inc.

(continued)

2.70%,

5/28/2050

$

33,000

$

21,748

Sanofi

SA

3.63%,

6/19/2028

15,000

14,688

Viatris,

Inc.

3.85%,

6/22/2040

30,000

22,629

4.00%,

6/22/2050

23,000

16,070

2,147,704

Professional

Services

-

0

.1

%

Equifax,

Inc.

3.10%,

5/15/2030

37,000

33,818

Verisk

Analytics,

Inc.

3.63%,

5/15/2050

30,000

22,149

55,967

Real

Estate

Management

&

Development

-

0

.1

%

CBRE

Services,

Inc.

2.50%,

4/1/2031

20,000

17,027

5.95%,

8/15/2034

18,000

18,887

35,914

Residential

REITs

-

0

.8

%

AvalonBay

Communities,

Inc.

REIT,

2.95%,

5/11/2026

100,000

96,845

REIT,

1.90%,

12/1/2028

40,000

35,877

REIT,

5.00%,

2/15/2033

14,000

14,011

REIT,

4.35%,

4/15/2048

10,000

8,542

ERP

Operating

LP

REIT,

4.15%,

12/1/2028

30,000

29,415

REIT,

3.00%,

7/1/2029

67,000

62,055

REIT,

1.85%,

8/1/2031

8,000

6,643

Essex

Portfolio

LP

REIT,

1.65%,

1/15/2031

50,000

40,661

UDR,

Inc.

REIT,

4.40%,

1/26/2029

37,000

36,297

330,346

Retail

REITs

-

0

.6

%

Brixmor

Operating

Partnership

LP

REIT,

3.90%,

3/15/2027

33,000

32,040

REIT,

2.25%,

4/1/2028

30,000

27,247

REIT,

2.50%,

8/16/2031

7,000

5,893

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Retail

REITs

-

0.6%

(continued)

Brixmor

Operating

Partnership

LP

(continued)

REIT,

5.50%,

2/15/2034

$

7,000

$

7,030

Federal

Realty

OP

LP

REIT,

1.25%,

2/15/2026

67,000

63,166

REIT,

3.50%,

6/1/2030

10,000

9,251

REIT,

3.63%,

8/1/2046

10,000

6,888

Kimco

Realty

OP

LLC

REIT,

6.40%,

3/1/2034

60,000

65,202

Regency

Centers

LP

REIT,

4.13%,

3/15/2028

15,000

14,654

REIT,

3.70%,

6/15/2030

26,000

24,528

REIT,

4.65%,

3/15/2049

10,000

8,554

264,453

Semiconductors

&

Semiconductor

Equipment

-

2

.6

%

Applied

Materials,

Inc.

4.35%,

4/1/2047

50,000

44,902

Intel

Corp.

3.75%,

3/25/2027

100,000

97,867

2.00%,

8/12/2031

47,000

39,217

5.63%,

2/10/2043

54,000

55,050

3.73%,

12/8/2047

47,000

35,631

4.75%,

3/25/2050

197,000

173,607

3.05%,

8/12/2051

35,000

22,794

4.95%,

3/25/2060

48,000

43,324

Micron

Technology,

Inc.

3.37%,

11/1/2041

30,000

22,418

QUALCOMM,

Inc.

1.65%,

5/20/2032

180,000

145,402

TSMC

Arizona

Corp.

1.75%,

10/25/2026

200,000

187,449

3.88%,

4/22/2027

280,000

274,352

1,142,013

Software

-

3

.7

%

Adobe,

Inc.

4.80%,

4/4/2029

40,000

40,717

2.30%,

2/1/2030

33,000

29,616

Autodesk,

Inc.

2.85%,

1/15/2030

20,000

18,243

2.40%,

12/15/2031

10,000

8,500

Microsoft

Corp.

2.40%,

8/8/2026

60,000

57,719

3.30%,

2/6/2027

263,000

256,935

3.40%,

6/15/2027

300,000

293,062

3.45%,

8/8/2036

33,000

29,648

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

(cont.)

300

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Software

-

3.7%

(continued)

Microsoft

Corp.

(continued)

4.50%,

6/15/2047

$

15,000

$

14,244

2.53%,

6/1/2050

180,000

117,010

2.92%,

3/17/2052

40,000

28,096

2.68%,

6/1/2060

113,000

71,297

3.04%,

3/17/2062

55,000

37,621

Oracle

Corp.

3.60%,

4/1/2040

140,000

110,788

5.55%,

2/6/2053

310,000

301,496

4.10%,

3/25/2061

115,000

85,501

Salesforce,

Inc.

1.50%,

7/15/2028

50,000

44,766

2.90%,

7/15/2051

64,000

42,483

1,587,742

Specialized

REITs

-

0

.8

%

Equinix,

Inc.

REIT,

3.20%,

11/18/2029

70,000

64,682

REIT,

3.90%,

4/15/2032

140,000

130,517

Public

Storage

Operating

Co.

REIT,

5.13%,

1/15/2029

60,000

61,463

REIT,

5.10%,

8/1/2033

20,000

20,274

Weyerhaeuser

Co.

REIT,

4.00%,

4/15/2030

30,000

28,734

REIT,

3.38%,

3/9/2033

30,000

26,442

332,112

Specialty

Retail

-

2

.0

%

Dick's

Sporting

Goods,

Inc.

4.10%,

1/15/2052

10,000

7,241

Home

Depot,

Inc.

(The)

3.30%,

4/15/2040

100,000

80,327

4.50%,

12/6/2048

20,000

17,809

4.95%,

9/15/2052

180,000

170,203

Lowe's

Cos.,

Inc.

2.50%,

4/15/2026

203,000

195,601

3.65%,

4/5/2029

50,000

47,835

2.63%,

4/1/2031

50,000

43,664

5.00%,

4/15/2033

77,000

77,326

5.15%,

7/1/2033

25,000

25,397

5.50%,

10/15/2035

33,000

34,367

2.80%,

9/15/2041

138,000

97,323

3.00%,

10/15/2050

33,000

21,298

4.45%,

4/1/2062

26,000

20,810

5.85%,

4/1/2063

14,000

14,094

Tiffany

&

Co.

4.90%,

10/1/2044

10,000

9,657

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Specialty

Retail

-

2.0%

(continued)

Tractor

Supply

Co.

5.25%,

5/15/2033

$

10,000

$

10,122

873,074

Technology

Hardware,

Storage

&

Peripherals

-

2

.7

%

Apple,

Inc.

3.25%,

2/23/2026

84,000

82,339

4.30%,

5/10/2033

180,000

181,695

2.38%,

2/8/2041

130,000

93,045

4.45%,

5/6/2044

114,000

109,107

4.65%,

2/23/2046

208,000

199,053

4.85%,

5/10/2053

75,000

74,851

4.10%,

8/8/2062

47,000

39,530

Dell

International

LLC

8.10%,

7/15/2036

110,000

134,015

3.38%,

12/15/2041

30,000

22,644

Hewlett

Packard

Enterprise

Co.

5.25%,

7/1/2028

150,000

153,179

HP,

Inc.

5.50%,

1/15/2033

10,000

10,283

6.00%,

9/15/2041

53,000

55,315

1,155,056

Textiles,

Apparel

&

Luxury

Goods

-

0

.3

%

NIKE,

Inc.

2.85%,

3/27/2030

20,000

18,384

3.25%,

3/27/2040

50,000

39,997

Ralph

Lauren

Corp.

2.95%,

6/15/2030

14,000

12,764

Tapestry,

Inc.

7.70%,

11/27/2030

35,000

37,059

VF

Corp.

2.80%,

4/23/2027

15,000

13,947

2.95%,

4/23/2030

26,000

22,206

144,357

Water

Utilities

-

0

.4

%

American

Water

Capital

Corp.

3.75%,

9/1/2028

10,000

9,669

2.80%,

5/1/2030

30,000

27,026

2.30%,

6/1/2031

100,000

85,100

4.20%,

9/1/2048

5,000

4,172

Essential

Utilities,

Inc.

2.70%,

4/15/2030

48,000

42,798

5.38%,

1/15/2034

10,000

10,119

5.30%,

5/1/2052

10,000

9,425

188,309

Wireless

Telecommunication

Services

-

0

.4

%

Vodafone

Group

plc

5.00%,

5/30/2038

23,000

22,509

5.25%,

5/30/2048

40,000

37,845

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

(cont.)

301

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Wireless

Telecommunication

Services

-

0.4%

(continued)

Vodafone

Group

plc

(continued)

5.63%,

2/10/2053

$

96,000

$

94,311

154,665

Total

Corporate

Bonds

(Cost

$43,046,763)

42,189,044

Total

Investments

-

97.2%

(Cost

$43,046,763)

42,189,044

Other

assets

less

liabilities

-

2.8%

1,213,245

NET

ASSETS

-

100.0%

$43,402,289

(a)

Security

issued

at

a

fixed

coupon

rate,

which

converts

to

a

variable

rate

at

a

future

date.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(b)

Step

bond.

Interest

rate

is

a

fixed

rate

for

an

initial

period

that

either

resets

at

a

specific

date

or

may

reset

in

the

future

at

a

contingent

upon

predetermined

trigger.

The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2024.

(c)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

At

July

31,

2024,

the

value

of

these

securities

amounted

to

approximately

$228,121

or

0.53%

of

net

assets.

(d)

Represents

less

than

0.05%

of

net

assets.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

REIT

Real

Estate

Investment

Trust

SCA

Limited

partnership

with

share

capital

Security

Type

%

of

Net

Assets

Corporate

Bonds

97‌

.2

%

Others

(1)

2‌

.8

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

302

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares

®

Ultra-Short

Income

Fund

July

31,

2024

(Unaudited)

Investments

Principal

Amount

Value

CORPORATE

BONDS

-

96

.3

%

Aerospace

&

Defense

-

1

.6

%

General

Dynamics

Corp.

2.38%,

11/15/2024

$

9,000,000

$

8,918,978

L3Harris

Technologies,

Inc.

3.83%,

4/27/2025

2,700,000

2,669,996

Northrop

Grumman

Corp.

2.93%,

1/15/2025

5,673,000

5,608,434

RTX

Corp.

3.15%,

12/15/2024

97,000

96,130

17,293,538

Automobiles

-

4

.3

%

BMW

US

Capital

LLC

(United

States

SOFR

Compounded

Index

+

0.55%),

5.92%,

4/2/2026(a)

(b)

8,500,000

8,529,767

Hyundai

Capital

America

5.45%,

6/24/2026(b)

1,000,000

1,007,932

(SOFR

+

1.50%),

6.85%,

1/8/2027(a)

(b)

9,000,000

9,135,492

(SOFR

+

1.04%),

6.42%,

3/19/2027(a)(b)

1,000,000

1,007,304

(SOFR

+

1.04%),

6.42%,

6/24/2027(a)(b)

5,000,000

5,005,648

Kia

Corp.

2.38%,

2/14/2025(b)

730,000

718,322

Mercedes-Benz

Finance

North

America

LLC

(SOFR

+

0.93%),

6.30%,

3/30/2025(a)(b)

5,000,000

5,023,501

(SOFR

+

0.57%),

5.98%,

8/1/2025(a)

(b)

7,000,000

7,011,689

(SOFR

+

0.63%),

6.00%,

7/31/2026(a)(b)

4,100,000

4,105,523

Nissan

Motor

Acceptance

Co.

LLC

1.13%,

9/16/2024(b)

900,000

894,115

Volkswagen

Group

of

America

Finance

LLC

(SOFR

+

0.83%),

6.21%,

3/20/2026(a)(b)

5,500,000

5,527,486

‌

‌

47,966,779

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

-

23

.6

%

ANZ

New

Zealand

Int'l

Ltd.

(SOFR

+

0.60%),

6.01%,

2/18/2025(a)(b)

$

1,450,000

$

1,451,983

Australia

&

New

Zealand

Banking

Group

Ltd.

(SOFR

+

0.64%),

5.99%,

10/3/2025(a)(b)

500,000

501,525

Banco

Santander

SA

5.15%,

8/18/2025

1,400,000

1,395,907

Bank

of

America

NA

(SOFR

+

0.78%),

6.17%,

8/18/2025(a)

3,850,000

3,866,555

Bank

of

Montreal

Series

H,

4.25%,

9/14/2024

4,500,000

4,491,094

(United

States

SOFR

Compounded

Index

+

0.95%),

6.33%,

9/25/2025(a)

5,700,000

5,736,061

(United

States

SOFR

Compounded

Index

+

0.62%),

6.00%,

9/15/2026(a)

3,300,000

3,303,347

Bank

of

New

Zealand

(SOFR

+

0.81%),

6.16%,

1/27/2027(a)(b)

4,000,000

4,005,536

Bank

of

Nova

Scotia

(The)

(SOFR

+

0.46%),

5.81%,

1/10/2025(a)

4,355,000

4,358,440

(United

States

SOFR

Compounded

Index

+

0.55%),

5.94%,

3/2/2026(a)

5,000,000

4,994,060

(SOFR

+

0.61%),

5.99%,

9/15/2026(a)

1,780,000

1,778,327

Banque

Federative

du

Credit

Mutuel

SA

(SOFR

+

1.13%),

6.49%,

1/23/2027(a)(b)

2,940,000

2,964,017

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Ultra-Short

Income

Fund

(cont.)

303

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

-

23.6%

(continued)

Banque

Federative

du

Credit

Mutuel

SA

(continued)

(United

States

SOFR

Compounded

Index

+

1.07%),

6.43%,

2/16/2028(a)(b)

$

10,000,000

$

10,019,150

Barclays

plc

(SOFR

+

1.49%),

6.86%,

3/12/2028(a)

10,000,000

10,108,933

Canadian

Imperial

Bank

of

Commerce

(United

States

SOFR

Compounded

Index

+

0.94%),

6.31%,

4/7/2025(a)

7,674,000

7,697,174

Citibank

NA

4.93%,

8/6/2026

5,200,000

5,212,192

(United

States

SOFR

Compounded

Index

+

1.06%),

6.46%,

12/4/2026(a)

3,000,000

3,038,325

Citigroup,

Inc.

(SOFR

+

0.69%),

6.03%,

1/25/2026(a)

2,400,000

2,402,376

(SOFR

+

0.77%),

6.16%,

6/9/2027(a)

3,500,000

3,496,511

Commonwealth

Bank

of

Australia

(SOFR

+

0.52%),

5.90%,

6/15/2026(a)(b)

1,900,000

1,899,709

Cooperatieve

Rabobank

UA

(United

States

SOFR

Compounded

Index

+

0.90%),

6.27%,

10/5/2026(a)

5,000,000

5,034,857

Credit

Agricole

SA

3.25%,

10/4/2024(b)

3,000,000

2,986,751

(SOFR

+

0.87%),

6.26%,

3/11/2027(a)(b)

6,670,000

6,678,450

Danske

Bank

A/S

6.47%,

1/9/2026(b)

(c)

6,980,000

7,008,553

Fifth

Third

Bank

NA

5.85%,

10/27/2025(c)

8,500,000

8,503,057

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

-

23.6%

(continued)

HSBC

Holdings

plc

(SOFR

+

1.43%),

6.81%,

3/10/2026(a)

$

7,000,000

$

7,045,182

HSBC

USA,

Inc.

(SOFR

+

0.96%),

6.36%,

3/4/2027(a)

2,500,000

2,517,488

ING

Groep

NV

(United

States

SOFR

Compounded

Index

+

1.01%),

6.37%,

4/1/2027(a)

5,582,000

5,597,261

JPMorgan

Chase

&

Co.

0.77%,

8/9/2025(c)

1,000,000

998,941

(SOFR

+

0.60%),

5.99%,

12/10/2025(a)

1,000,000

1,003,490

(SOFR

+

0.92%),

6.30%,

2/24/2026(a)

7,000,000

7,020,968

(SOFR

+

0.77%),

6.14%,

9/22/2027(a)

2,500,000

2,503,375

Lloyds

Banking

Group

plc

4.72%,

8/11/2026(c)

2,300,000

2,285,687

Mitsubishi

UFJ

Financial

Group,

Inc.

(SOFR

+

0.94%),

6.34%,

2/20/2026(a)

5,000,000

5,013,131

(SOFR

+

1.44%),

6.79%,

4/17/2026(a)

2,500,000

2,516,608

Morgan

Stanley

Bank

NA

(SOFR

+

0.87%),

6.24%,

5/26/2028(a)

10,000,000

10,011,600

National

Australia

Bank

Ltd.

(SOFR

+

0.86%),

6.25%,

6/9/2025(a)

(b)

5,200,000

5,222,360

(SOFR

+

0.65%),

6.00%,

1/12/2027(a)(b)

4,000,000

4,004,082

(SOFR

+

0.62%),

6.01%,

6/11/2027(a)(b)

2,800,000

2,801,431

National

Bank

of

Canada

(United

States

SOFR

Compounded

Index

+

1.03%),

6.38%,

7/2/2027(a)

7,260,000

7,277,344

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Ultra-Short

Income

Fund

(cont.)

304

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

-

23.6%

(continued)

NatWest

Markets

plc

(SOFR

+

0.90%),

6.29%,

5/17/2027(a)(b)

$

10,250,000

$

10,273,780

Nordea

Bank

Abp

(SOFR

+

0.96%),

6.33%,

6/6/2025(a)

(b)

2,000,000

2,010,360

Royal

Bank

of

Canada

4.95%,

4/25/2025

3,000,000

2,994,244

(United

States

SOFR

Compounded

Index

+

0.53%),

5.88%,

1/20/2026(a)

2,750,000

2,749,967

(United

States

SOFR

Compounded

Index

+

0.57%),

5.92%,

4/27/2026(a)

2,000,000

1,999,147

Santander

Holdings

USA,

Inc.

6.12%,

5/31/2027(c)

3,250,000

3,292,760

Skandinaviska

Enskilda

Banken

AB

(SOFR

+

0.96%),

6.35%,

6/9/2025(a)

(b)

1,000,000

1,005,154

(SOFR

+

0.89%),

6.26%,

3/5/2027(a)

(b)

3,000,000

3,021,047

Societe

Generale

SA

2.63%,

10/16/2024(b)

1,000,000

992,966

Standard

Chartered

plc

6.17%,

1/9/2027(b)

(c)

2,100,000

2,124,741

Sumitomo

Mitsui

Financial

Group,

Inc.

(SOFR

+

0.88%),

6.23%,

1/14/2027(a)

1,480,000

1,488,942

Svenska

Handelsbanken

AB

(SOFR

+

0.66%),

6.06%,

5/28/2027(a)(b)

2,700,000

2,704,603

Swedbank

AB

(United

States

SOFR

Compounded

Index

+

1.38%),

6.76%,

6/15/2026(a)(b)

5,160,000

5,238,464

Toronto-Dominion

Bank

(The)

4.29%,

9/13/2024

3,000,000

2,995,016

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Banks

-

23.6%

(continued)

Toronto-Dominion

Bank

(The)

(continued)

(SOFR

+

0.41%),

5.76%,

1/10/2025(a)

$

2,777,000

$

2,779,707

(SOFR

+

1.02%),

6.39%,

6/6/2025(a)

3,000,000

3,016,533

(SOFR

+

0.48%),

5.83%,

10/10/2025(a)

6,000,000

6,005,130

(SOFR

+

0.59%),

5.98%,

9/10/2026(a)

2,000,000

2,000,412

US

Bank

NA

2.80%,

1/27/2025

1,250,000

1,234,184

Wells

Fargo

&

Co.

(SOFR

+

1.32%),

6.65%,

4/25/2026(a)

5,600,000

5,645,824

Wells

Fargo

Bank

NA

5.55%,

8/1/2025

1,250,000

1,256,622

(SOFR

+

0.80%),

6.20%,

8/1/2025(a)

3,125,000

3,137,337

(SOFR

+

0.71%),

6.07%,

1/15/2026(a)

1,475,000

1,480,484

Westpac

Banking

Corp.

(SOFR

+

1.00%),

6.40%,

8/26/2025(a)

5,000,000

5,031,400

(SOFR

+

0.72%),

6.11%,

11/17/2025(a)

2,350,000

2,360,714

(SOFR

+

0.42%),

5.78%,

4/16/2026(a)

3,710,000

3,707,181

(SOFR

+

0.52%),

5.92%,

6/3/2026(a)

2,568,000

2,569,822

261,868,379

Beverages

-

3

.2

%

Diageo

Capital

plc

2.13%,

10/24/2024

7,000,000

6,945,150

Keurig

Dr

Pepper,

Inc.

(United

States

SOFR

Compounded

Index

+

0.88%),

6.26%,

3/15/2027(a)

10,000,000

10,065,280

Pepsico

Singapore

Financing

I

Pte.

Ltd.

(United

States

SOFR

Compounded

Index

+

0.56%),

5.95%,

2/16/2027(a)

12,200,000

12,241,466

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Ultra-Short

Income

Fund

(cont.)

305

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Beverages

-

3.2%

(continued)

PepsiCo,

Inc.

(United

States

SOFR

Compounded

Index

+

0.40%),

5.81%,

11/12/2024(a)

$

3,330,000

$

3,332,323

(United

States

SOFR

Compounded

Index

+

0.40%),

5.81%,

2/13/2026(a)

3,000,000

3,008,266

35,592,485

Biotechnology

-

1

.2

%

AbbVie,

Inc.

2.60%,

11/21/2024

8,638,000

8,563,312

Amgen,

Inc.

1.90%,

2/21/2025

4,000,000

3,920,997

5.25%,

3/2/2025

1,000,000

999,148

13,483,457

Broadline

Retail

-

0

.9

%

eBay,

Inc.

3.45%,

8/1/2024

8,100,000

8,100,000

1.90%,

3/11/2025

1,700,000

1,665,202

9,765,202

Building

Products

-

1

.1

%

Carlisle

Cos.,

Inc.

3.50%,

12/1/2024

3,608,000

3,579,700

Trane

Technologies

Financing

Ltd.

3.55%,

11/1/2024

8,000,000

7,954,042

11,533,742

Capital

Markets

-

7

.9

%

Bank

of

New

York

Mellon

Corp.

(The)

2.10%,

10/24/2024

3,000,000

2,976,659

BlackRock

Funding,

Inc.

4.60%,

7/26/2027

14,180,000

14,267,690

Blackstone

Private

Credit

Fund

2.70%,

1/15/2025

800,000

788,670

Blue

Owl

Credit

Income

Corp.

5.50%,

3/21/2025

2,901,000

2,893,165

Charles

Schwab

Corp.

(The)

(United

States

SOFR

Compounded

Index

+

0.52%),

5.93%,

5/13/2026(a)

1,000,000

1,000,038

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Capital

Markets

-

7.9%

(continued)

Charles

Schwab

Corp.

(The)

(continued)

(United

States

SOFR

Compounded

Index

+

1.05%),

6.45%,

3/3/2027(a)

$

6,500,000

$

6,543,106

FS

KKR

Capital

Corp.

1.65%,

10/12/2024

980,000

970,799

Goldman

Sachs

Group,

Inc.

(The)

(SOFR

+

0.51%),

5.90%,

9/10/2024(a)

2,600,000

2,600,096

3.50%,

4/1/2025

1,500,000

1,481,268

Macquarie

Bank

Ltd.

5.27%,

7/2/2027(b)

6,290,000

6,397,710

Macquarie

Group

Ltd.

(SOFR

+

0.71%),

6.07%,

10/14/2025(a)(b)

5,000,000

5,000,900

Moody's

Corp.

3.75%,

3/24/2025

8,212,000

8,125,888

Morgan

Stanley

1.16%,

10/21/2025(c)

500,000

494,915

(SOFR

+

0.95%),

6.34%,

2/18/2026(a)

3,111,000

3,119,162

(SOFR

+

1.02%),

6.38%,

4/13/2028(a)

4,000,000

4,011,480

Nasdaq,

Inc.

5.65%,

6/28/2025

2,500,000

2,507,548

State

Street

Corp.

(United

States

SOFR

Compounded

Index

+

0.85%),

6.25%,

8/3/2026(a)

10,000,000

10,049,312

UBS

AG

0.70%,

8/9/2024(b)

200,000

199,773

3.63%,

9/9/2024

1,500,000

1,496,634

7.95%,

1/9/2025

1,260,000

1,273,118

3.70%,

2/21/2025

4,000,000

3,961,821

UBS

Group

AG

(SOFR

+

1.58%),

6.99%,

5/12/2026(a)(b)

6,000,000

6,045,092

6.37%,

7/15/2026(b)(c)

1,900,000

1,916,611

88,121,455

Chemicals

-

2

.0

%

Nutrien

Ltd.

5.90%,

11/7/2024

6,965,000

6,966,034

3.00%,

4/1/2025

2,000,000

1,969,765

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Ultra-Short

Income

Fund

(cont.)

306

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Chemicals

-

2.0%

(continued)

Nutrien

Ltd.

(continued)

5.95%,

11/7/2025

$

1,020,000

$

1,031,172

Sherwin-Williams

Co.

(The)

4.05%,

8/8/2024

7,400,000

7,397,258

Westlake

Corp.

0.88%,

8/15/2024

4,700,000

4,690,815

22,055,044

Commercial

Services

&

Supplies

-

1

.6

%

Element

Fleet

Management

Corp.

6.27%,

6/26/2026(b)

2,820,000

2,871,976

Republic

Services,

Inc.

2.50%,

8/15/2024

8,000,000

7,990,149

Waste

Management,

Inc.

3.13%,

3/1/2025

6,987,000

6,899,901

17,762,026

Consumer

Finance

-

10

.0

%

AerCap

Ireland

Capital

DAC

2.88%,

8/14/2024

2,000,000

1,997,797

1.65%,

10/29/2024

6,750,000

6,682,719

American

Express

Co.

(United

States

SOFR

Compounded

Index

+

0.93%),

6.33%,

3/4/2025(a)

1,914,000

1,920,947

6.34%,

10/30/2026(c)

700,000

710,246

(United

States

SOFR

Compounded

Index

+

1.35%),

6.70%,

10/30/2026(a)

3,500,000

3,535,536

(SOFR

+

0.75%),

6.11%,

4/23/2027(a)

3,000,000

3,003,598

(SOFR

+

0.93%),

6.26%,

7/26/2028(a)

5,000,000

5,007,660

American

Honda

Finance

Corp.

0.75%,

8/9/2024

2,000,000

1,997,811

2.15%,

9/10/2024

3,764,000

3,748,911

(SOFR

+

0.45%),

5.82%,

6/13/2025(a)

8,000,000

8,007,056

(United

States

SOFR

Compounded

Index

+

0.79%),

6.14%,

10/3/2025(a)

2,100,000

2,107,909

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Consumer

Finance

-

10.0%

(continued)

Capital

One

Financial

Corp.

3.20%,

2/5/2025

$

4,000,000

$

3,953,228

Caterpillar

Financial

Services

Corp.

(SOFR

+

0.52%),

5.89%,

6/13/2025(a)

5,000,000

5,013,857

(SOFR

+

0.46%),

5.86%,

2/27/2026(a)

10,000,000

10,030,363

(SOFR

+

0.52%),

5.93%,

5/14/2027(a)

4,800,000

4,811,835

Ford

Motor

Credit

Co.

LLC

4.06%,

11/1/2024

2,019,000

2,009,375

(SOFR

+

2.95%),

8.32%,

3/6/2026(a)

3,300,000

3,403,896

General

Motors

Financial

Co.,

Inc.

1.20%,

10/15/2024

1,500,000

1,486,232

3.50%,

11/7/2024

2,600,000

2,585,034

(United

States

SOFR

Compounded

Index

+

1.30%),

6.67%,

4/7/2025(a)

1,906,000

1,917,017

(United

States

SOFR

Compounded

Index

+

1.35%),

6.75%,

5/8/2027(a)

1,000,000

1,009,237

John

Deere

Capital

Corp.

(SOFR

+

0.20%),

5.56%,

10/11/2024(a)

2,500,000

2,500,423

(SOFR

+

0.56%),

5.94%,

3/7/2025(a)

1,720,000

1,723,959

(SOFR

+

0.44%),

5.82%,

3/6/2026(a)

10,000,000

10,023,271

(United

States

SOFR

Compounded

Index

+

0.79%),

6.17%,

6/8/2026(a)

1,300,000

1,310,053

(SOFR

+

0.60%),

5.99%,

6/11/2027(a)

2,000,000

2,001,106

Synchrony

Financial

4.88%,

6/13/2025

3,583,000

3,554,881

Toyota

Motor

Credit

Corp.

Series

B,

(SOFR

+

0.29%),

5.66%,

9/13/2024(a)

3,000,000

3,000,366

(SOFR

+

0.32%),

5.68%,

1/13/2025(a)

7,000,000

7,003,557

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Ultra-Short

Income

Fund

(cont.)

307

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Consumer

Finance

-

10.0%

(continued)

Toyota

Motor

Credit

Corp.

(continued)

(SOFR

+

0.65%),

6.04%,

9/11/2025(a)

$

5,000,000

$

5,016,322

111,074,202

Consumer

Staples

Distribution

&

Retail

-

1

.5

%

Dollar

General

Corp.

4.25%,

9/20/2024

8,199,000

8,180,179

Dollar

Tree,

Inc.

4.00%,

5/15/2025

8,000,000

7,909,596

16,089,775

Containers

&

Packaging

-

0

.7

%

Avery

Dennison

Corp.

0.85%,

8/15/2024

8,190,000

8,173,296

Diversified

Telecommunication

Services

-

0

.6

%

Verizon

Communications,

Inc.

3.38%,

2/15/2025

3,351,000

3,321,503

(United

States

SOFR

Compounded

Index

+

0.79%),

6.17%,

3/20/2026(a)

2,790,000

2,820,443

6,141,946

Electric

Utilities

-

0

.6

%

NextEra

Energy

Capital

Holdings,

Inc.

6.05%,

3/1/2025

2,950,000

2,962,165

(United

States

SOFR

Compounded

Index

+

0.76%),

6.11%,

1/29/2026(a)

4,000,000

4,016,430

6,978,595

Electronic

Equipment,

Instruments

&

Components

-

0

.1

%

Tyco

Electronics

Group

SA

3.45%,

8/1/2024

1,347,000

1,347,000

Energy

Equipment

&

Services

-

0

.1

%

Schlumberger

Holdings

Corp.

5.00%,

5/29/2027(b)

641,000

645,762

Entertainment

-

2

.1

%

Netflix,

Inc.

5.88%,

2/15/2025

2,552,000

2,562,514

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Entertainment

-

2.1%

(continued)

Netflix,

Inc.

(continued)

3.63%,

6/15/2025(b)

$

5,000,000

$

4,931,741

Take-Two

Interactive

Software,

Inc.

3.55%,

4/14/2025

7,380,000

7,283,164

Walt

Disney

Co.

(The)

3.35%,

3/24/2025

9,000,000

8,895,580

23,672,999

Financial

Services

-

1

.1

%

Corebridge

Financial,

Inc.

3.50%,

4/4/2025

2,300,000

2,267,007

Global

Payments,

Inc.

1.50%,

11/15/2024

240,000

237,081

JPMorgan

Chase

Bank

NA

(SOFR

+

0.62%),

5.97%,

4/29/2026(a)

6,500,000

6,527,750

(SOFR

+

1.00%),

6.39%,

12/8/2026(a)

2,000,000

2,023,826

PayPal

Holdings,

Inc.

2.40%,

10/1/2024

1,080,000

1,074,350

12,130,014

Food

Products

-

3

.1

%

Campbell

Soup

Co.

5.30%,

3/20/2026

960,000

965,861

General

Mills,

Inc.

4.00%,

4/17/2025

5,000,000

4,953,732

J

M

Smucker

Co.

(The)

3.50%,

3/15/2025

11,400,000

11,259,959

McCormick

&

Co.,

Inc.

3.15%,

8/15/2024

5,000,000

4,995,076

0.90%,

2/15/2026

620,000

583,165

Mead

Johnson

Nutrition

Co.

4.13%,

11/15/2025

3,500,000

3,462,084

Tyson

Foods,

Inc.

3.95%,

8/15/2024

8,250,000

8,243,895

34,463,772

Ground

Transportation

-

1

.7

%

Canadian

Pacific

Railway

Co.

1.35%,

12/2/2024

7,410,000

7,306,726

2.90%,

2/1/2025

2,600,000

2,567,602

CSX

Corp.

3.40%,

8/1/2024

6,628,000

6,628,000

Ryder

System,

Inc.

2.50%,

9/1/2024

2,165,000

2,157,845

18,660,173

Health

Care

Equipment

&

Supplies

-

2

.2

%

Baxter

International,

Inc.

1.32%,

11/29/2024

8,000,000

7,888,321

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Ultra-Short

Income

Fund

(cont.)

308

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Health

Care

Equipment

&

Supplies

-

2.2%

(continued)

Baxter

International,

Inc.

(continued)

(United

States

SOFR

Compounded

Index

+

0.44%),

5.84%,

11/29/2024(a)

$

1,435,000

$

1,434,860

GE

HealthCare

Technologies,

Inc.

5.55%,

11/15/2024

7,000,000

6,997,168

Zimmer

Biomet

Holdings,

Inc.

1.45%,

11/22/2024

8,350,000

8,240,793

24,561,142

Health

Care

Providers

&

Services

-

3

.9

%

Aetna,

Inc.

3.50%,

11/15/2024

830,000

824,798

CVS

Health

Corp.

3.88%,

7/20/2025

8,000,000

7,885,233

Elevance

Health,

Inc.

3.50%,

8/15/2024

5,100,000

5,095,606

3.35%,

12/1/2024

2,485,000

2,466,656

HCA,

Inc.

5.25%,

4/15/2025

3,762,000

3,754,879

Humana,

Inc.

3.85%,

10/1/2024

5,000,000

4,984,639

Laboratory

Corp.

of

America

Holdings

3.25%,

9/1/2024

5,000,000

4,988,026

3.60%,

2/1/2025

1,700,000

1,681,877

McKesson

Corp.

0.90%,

12/3/2025

7,439,000

7,056,165

UnitedHealth

Group,

Inc.

(SOFR

+

0.50%),

5.83%,

7/15/2026(a)

3,930,000

3,937,286

42,675,165

Hotels,

Restaurants

&

Leisure

-

0

.4

%

McDonald's

Corp.

3.38%,

5/26/2025

4,300,000

4,238,877

Household

Durables

-

1

.3

%

DR

Horton,

Inc.

2.50%,

10/15/2024

9,200,000

9,137,543

Lennar

Corp.

4.75%,

5/30/2025

3,000,000

2,983,746

Whirlpool

Corp.

3.70%,

5/1/2025

2,500,000

2,467,272

‌

‌

14,588,561

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Life

Sciences

Tools

&

Services

-

0

.9

%

Thermo

Fisher

Scientific,

Inc.

1.22%,

10/18/2024

$

10,090,000

$

9,998,425

Machinery

-

2

.3

%

AGCO

Corp.

5.45%,

3/21/2027

1,150,000

1,165,683

CNH

Industrial

Capital

LLC

3.95%,

5/23/2025

7,845,000

7,753,108

Daimler

Truck

Finance

North

America

LLC

5.20%,

1/17/2025(b)

4,265,000

4,259,498

(SOFR

+

0.96%),

6.33%,

9/25/2027(a)(b)

3,570,000

3,579,175

Otis

Worldwide

Corp.

2.06%,

4/5/2025

7,150,000

6,994,355

Stanley

Black

&

Decker,

Inc.

6.27%,

3/6/2026

2,020,000

2,020,353

25,772,172

Media

-

0

.5

%

Fox

Corp.

3.05%,

4/7/2025

6,000,000

5,905,564

Metals

&

Mining

-

0

.4

%

Steel

Dynamics,

Inc.

2.80%,

12/15/2024

4,800,000

4,744,957

Multi-Utilities

-

0

.5

%

Black

Hills

Corp.

1.04%,

8/23/2024

960,000

957,085

DTE

Energy

Co.

4.22%,

11/1/2024(d)

4,700,000

4,677,664

5,634,749

Oil,

Gas

&

Consumable

Fuels

-

3

.6

%

Boardwalk

Pipelines

LP

4.95%,

12/15/2024

3,800,000

3,789,127

Enterprise

Products

Operating

LLC

5.05%,

1/10/2026

720,000

723,024

Kinder

Morgan

Energy

Partners

LP

4.25%,

9/1/2024

6,870,000

6,856,332

Kinder

Morgan,

Inc.

4.30%,

6/1/2025

1,200,000

1,188,430

Marathon

Petroleum

Corp.

3.63%,

9/15/2024

1,950,000

1,944,535

Phillips

66

Co.

2.45%,

12/15/2024

1,109,000

1,096,672

3.61%,

2/15/2025

8,820,000

8,724,760

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Ultra-Short

Income

Fund

(cont.)

309

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Oil,

Gas

&

Consumable

Fuels

-

3.6%

(continued)

Sabine

Pass

Liquefaction

LLC

5.63%,

3/1/2025

$

2,028,000

$

2,026,465

TransCanada

PipeLines

Ltd.

1.00%,

10/12/2024

9,010,000

8,921,492

Western

Midstream

Operating

LP

3.95%,

6/1/2025

5,000,000

4,925,083

40,195,920

Passenger

Airlines

-

0

.9

%

Southwest

Airlines

Co.

5.25%,

5/4/2025

10,000,000

9,967,011

Personal

Care

Products

-

0

.3

%

Kenvue,

Inc.

5.50%,

3/22/2025

3,305,000

3,309,606

Pharmaceuticals

-

0

.3

%

Bristol-Myers

Squibb

Co.

(SOFR

+

0.49%),

5.90%,

2/20/2026(a)

3,182,000

3,193,996

Retail

REITs

-

0

.5

%

Kimco

Realty

OP

LLC

REIT,

3.30%,

2/1/2025

6,000,000

5,923,980

Semiconductors

&

Semiconductor

Equipment

-

0

.7

%

Analog

Devices,

Inc.

(United

States

SOFR

Compounded

Index

+

0.25%),

5.62%,

10/1/2024(a)

610,000

610,073

2.95%,

4/1/2025

2,000,000

1,970,692

KLA

Corp.

4.65%,

11/1/2024

3,579,000

3,570,747

Microchip

Technology,

Inc.

0.98%,

9/1/2024

1,870,000

1,861,651

8,013,163

Software

-

2

.4

%

Autodesk,

Inc.

4.38%,

6/15/2025

6,738,000

6,686,816

Intuit,

Inc.

0.95%,

7/15/2025

905,000

870,353

5.25%,

9/15/2026

4,950,000

5,021,928

Oracle

Corp.

2.95%,

11/15/2024

9,031,000

8,963,565

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Software

-

2.4%

(continued)

Roper

Technologies,

Inc.

2.35%,

9/15/2024

$

5,000,000

$

4,977,235

26,519,897

Specialized

REITs

-

0

.8

%

Public

Storage

Operating

Co.

REIT,

(United

States

SOFR

Compounded

Index

+

0.60%),

5.93%,

7/25/2025(a)

4,296,000

4,310,345

REIT,

(United

States

SOFR

Compounded

Index

+

0.70%),

6.06%,

4/16/2027(a)

4,180,000

4,192,874

8,503,219

Specialty

Retail

-

1

.7

%

Home

Depot,

Inc.

(The)

(SOFR

+

0.33%),

5.70%,

12/24/2025(a)

8,040,000

8,055,019

Lowe's

Cos.,

Inc.

4.00%,

4/15/2025

4,085,000

4,046,378

Ross

Stores,

Inc.

4.60%,

4/15/2025

7,011,000

6,977,873

19,079,270

Technology

Hardware,

Storage

&

Peripherals

-

0

.9

%

Dell

International

LLC

5.85%,

7/15/2025

4,000,000

4,016,109

Hewlett

Packard

Enterprise

Co.

5.90%,

10/1/2024

6,200,000

6,200,768

10,216,877

Textiles,

Apparel

&

Luxury

Goods

-

0

.5

%

VF

Corp.

2.40%,

4/23/2025

5,000,000

4,884,757

Trading

Companies

&

Distributors

-

1

.7

%

Air

Lease

Corp.

0.80%,

8/18/2024

1,980,000

1,975,242

4.25%,

9/15/2024

5,000,000

4,989,541

2.30%,

2/1/2025

3,000,000

2,950,196

WW

Grainger,

Inc.

1.85%,

2/15/2025

9,490,000

9,310,780

‌

‌

19,225,759

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Ultra-Short

Income

Fund

(cont.)

310

Investments

Principal

Amount

Value

CORPORATE

BONDS

(continued)

Wireless

Telecommunication

Services

-

0

.6

%

T-Mobile

USA,

Inc.

3.50%,

4/15/2025

$

7,000,000

$

6,901,684

Total

Corporate

Bonds

(Cost

$1,066,745,042)

1,068,874,392

ASSET-BACKED

SECURITIES

-

4

.2

%

BMW

Vehicle

Lease

Trust

Series

2023-2,

Class

A2,

5.95%,

8/25/2025

481,982

482,468

Capital

One

Multi-Asset

Execution

Trust

Series

2021-A3,

Class

A3,

1.04%,

11/15/2026

2,900,000

2,863,459

Series

2022-A3,

Class

A,

4.95%,

10/15/2027

1,882,000

1,880,613

Carmax

Auto

Owner

Trust

Series

2023-3,

Class

A2A,

5.72%,

11/16/2026

1,858,431

1,859,396

CarMax

Auto

Owner

Trust

Series

2021-4,

Class

A3,

0.56%,

9/15/2026

1,171,678

1,144,992

Chase

Issuance

Trust

Series

2023-A1,

Class

A,

5.16%,

9/15/2028

1,900,000

1,922,134

Dell

Equipment

Finance

Trust

Series

2023-1,

Class

A2,

5.65%,

9/22/2028(b)

572,003

571,970

Series

2023-1,

Class

A3,

5.65%,

9/22/2028(b)

2,300,000

2,304,997

Ford

Credit

Auto

Owner

Trust

Series

2023-A,

Class

A2A,

5.14%,

3/15/2026

177,612

177,380

Series

2023-B,

Class

A2A,

5.57%,

6/15/2026

681,533

681,695

Series

2024-B,

Class

A2A,

5.40%,

4/15/2027

1,750,000

1,754,068

GM

Financial

Automobile

Leasing

Trust

Series

2024-1,

Class

A3,

5.09%,

3/22/2027

1,018,000

1,019,517

GM

Financial

Consumer

Automobile

Receivables

Trust

Series

2023-1,

Class

A2A,

5.19%,

3/16/2026

203,928

203,761

Series

2021-2,

Class

A3,

0.51%,

4/16/2026

225,715

223,505

Series

2021-3,

Class

A3,

0.48%,

6/16/2026

390,294

384,623

Series

2023-3,

Class

A2A,

5.74%,

9/16/2026

226,369

226,574

Series

2022-1,

Class

A3,

1.26%,

11/16/2026

1,079,492

1,058,701

Investments

Principal

Amount

Value

Series

2022-3,

Class

A3,

3.64%,

4/16/2027

$

292,305

$

289,118

Harley-Davidson

Motorcycle

Trust

Series

2024-A,

Class

A2,

5.65%,

2/16/2027

1,000,000

1,001,816

Honda

Auto

Receivables

Owner

Trust

Series

2023-3,

Class

A2,

5.71%,

3/18/2026

2,278,530

2,280,304

Series

2023-4,

Class

A2,

5.87%,

6/22/2026

2,718,695

2,724,105

Series

2024-1,

Class

A2,

5.36%,

9/15/2026

2,000,000

1,999,407

Series

2024-2,

Class

A2,

5.48%,

11/18/2026

1,750,000

1,754,210

Hyundai

Auto

Receivables

Trust

Series

2023-C,

Class

A2A,

5.80%,

1/15/2027

1,690,765

1,694,348

John

Deere

Owner

Trust

Series

2024-A,

Class

A1,

5.52%,

3/17/2025

447,275

447,362

Mercedes-Benz

Auto

Receivables

Trust

Series

2023-1,

Class

A2,

5.09%,

1/15/2026

71,194

71,151

Series

2021-1,

Class

A3,

0.46%,

6/15/2026

828,080

813,058

Series

2023-2,

Class

A2,

5.92%,

11/16/2026

1,558,810

1,562,311

Nissan

Auto

Receivables

Owner

Trust

Series

2022-B,

Class

A2,

4.50%,

8/15/2025

112,854

112,791

Santander

Drive

Auto

Receivables

Trust

Series

2023-3,

Class

A2,

6.08%,

8/17/2026

329,072

329,249

Series

2023-6,

Class

A2,

6.08%,

5/17/2027

1,065,618

1,067,750

Series

2023-2,

Class

A3,

5.21%,

7/15/2027

2,500,000

2,496,143

Series

2024-2,

Class

A2,

5.80%,

9/15/2027

1,479,918

1,481,768

Toyota

Auto

Receivables

Owner

Trust

Series

2020-D,

Class

A4,

0.47%,

1/15/2026

312,539

310,681

Series

2022-D,

Class

A2A,

5.27%,

1/15/2026

246,888

246,750

Series

2023-C,

Class

A2A,

5.60%,

8/17/2026

834,878

835,327

Verizon

Master

Trust

Series

2023-2,

Class

A,

4.89%,

4/13/2028

2,000,000

1,994,121

Series

2022-2,

Class

A,

1.53%,

7/20/2028

1,300,000

1,276,238

Volkswagen

Auto

Lease

Trust

Series

2023-A,

Class

A2A,

5.87%,

1/20/2026

1,465,546

1,467,164

World

Omni

Auto

Receivables

Trust

Series

2022-C,

Class

A2,

3.73%,

3/16/2026

168,939

168,738

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Ultra-Short

Income

Fund

(cont.)

311

Investments

Principal

Amount

Value

ASSET-BACKED

SECURITIES

(continued)

Series

2021-B,

Class

A3,

0.42%,

6/15/2026

$

432,752

$

426,907

Series

2023-D,

Class

A2A,

5.91%,

2/16/2027

1,421,809

1,425,136

Total

Asset-Backed

Securities

(Cost

$46,835,309)

47,035,806

Total

Investments

-

100.5%

(Cost

$1,113,580,351)

1,115,910,198

Liabilities

in

excess

of

other

assets

-

(0.5%)

(5,869,740)

NET

ASSETS

-

100.0%

$1,110,040,458

(a)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

is

the

rate

in

effect

as

of

July

31,

2024.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

At

July

31,

2024,

the

value

of

these

securities

amounted

to

approximately

$163,606,646

or

14.74%

of

net

assets.

(c)

Security

issued

at

a

fixed

coupon

rate,

which

converts

to

a

variable

rate

at

a

future

date.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(d)

Step

bond.

Interest

rate

is

a

fixed

rate

for

an

initial

period

that

either

resets

at

a

specific

date

or

may

reset

in

the

future

at

a

contingent

upon

predetermined

trigger.

The

interest

rate

shown

was

the

current

rate

as

of

July

31,

2024.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

FlexShares®

Ultra-Short

Income

invested,

as

a

percentage

of

net

assets,

in

companies

domiciled

in

the

following

countries

as

of

July

31,

2024:

Australia

3‌

.6

%

Canada

8‌

.6

Denmark

0‌

.6

Finland

0‌

.2

France

2‌

.1

Germany

3‌

.4

Ireland

0‌

.8

Japan

0‌

.8

Netherlands

1‌

.0

New

Zealand

0‌

.5

South

Korea

0‌

.1

Spain

0‌

.1

Sweden

1‌

.1

Switzerland

1‌

.3

United

Kingdom

3‌

.8

United

States

72‌

.5

Other

1

(

0‌

.5

)

100.0%

1

Includes

any

non-fixed-income

securities

and

net

other

assets

(liabilities).

Security

Type

%

of

Net

Assets

Corporate

Bonds

96‌

.3

%

Asset-Backed

Securities

4‌

.2

Others

(1)

(

0‌

.5

)

100‌

.0

%

(1)

Includes

any

other

net

assets/(liabilities).

312

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

Schedule

of

Investments

FlexShares

®

Core

Select

Bond

Fund

July

31,

2024

(Unaudited)

Investments

Shares

Value

EXCHANGE

TRADED

FUNDS

-

99.5%

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund(a)

326,280

$

15,734,820

FlexShares®

Credit-

Scored

US

Long

Corporate

Bond

Index

Fund(a)

19,050

831,342

FlexShares®

Disciplined

Duration

MBS

Index

Fund(a)

1,015,995

21,010,777

FlexShares®

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund(a)

142,641

3,389,150

FlexShares®

Ultra-

Short

Income

Fund(a)(b)

103,852

7,844,980

iShares

10+

Year

Investment

Grade

Corporate

Bond

ETF(b)

925

47,554

iShares

1-3

Year

Treasury

Bond

ETF(b)

68,151

5,611,553

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

268,956

13,950,748

iShares

20+

Year

Treasury

Bond

ETF

231,927

21,988,999

iShares

3-7

Year

Treasury

Bond

ETF

170,827

20,101,213

iShares

5-10

Year

Investment

Grade

Corporate

Bond

ETF(b)

116,359

6,098,375

iShares

7-10

Year

Treasury

Bond

ETF

100,952

9,698,459

iShares

MBS

ETF

436,468

40,993,075

Total

Exchange

Traded

Funds

(Cost

$169,168,736)

167,301,045

Investments

Principal

Amount

Value

SECURITIES

LENDING

REINVESTMENTS

-

0

.7

%

(c)

REPURCHASE

AGREEMENTS

-

0

.7

%

CF

Secured

LLC

5.34%,

dated

7/31/2024,

due

8/1/2024,

repurchase

price

$1,131,468,

collateralized

by

various

U.S.

Treasury

Securities,

ranging

from

0.00%

-

6.88%,

maturing

8/15/2024

-

8/15/2053;

total

market

value

$1,158,431  

(Cost

$1,131,300)

$1,131,300

$

1,131,300

SHORT-TERM

INVESTMENTS

-

0

.0

%

(e)

(d)

U.S.

TREASURY

OBLIGATIONS

-

0

.0

%

(e)

U.S.

Treasury

Bills

5.28%,

10/3/2024(d)(f)

(Cost

$69,369)

$

70,000

69,365

Total

Investments

-

100.2%

(Cost

$170,369,405)

168,501,710

Liabilities

in

excess

of

other

assets

-

(0.2%)

(307,967)

NET

ASSETS

-

100.0%

$168,193,743

(a)

Investment

in

affiliated

Fund.

Northern

Trust

Investments,

Inc.

is

the

Investment

Adviser

to

both

the

Fund

and

the

affiliated

Funds.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

at

July

31,

2024.

The

total

value

of

securities

on

loan

at

July

31,

2024

was

$6,201,975,

collateralized

in

the

form

of

cash

with

a

value

of

$1,131,300

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Investments

and

$5,181,473

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.31%,

and

maturity

dates

ranging

from

August

1,

2024

–

February

15,

2053;

a

total

value

of

$6,312,773.

(c)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

July

31,

2024.

The

total

value

of

securities

purchased

was

$1,131,300.

(d)

All

or

a

portion

of

the

security

pledged

as

collateral

for

Futures

Contracts.

(e)

Represents

less

than

0.05%

of

net

assets.

(f)

The

rate

shown

was

the

current

yield

as

of

July

31,

2024.

Percentages

shown

are

based

on

Net

Assets.

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Core

Select

Bond

Fund

(cont.)

313

For

the

period

ended

July

31,

2024,

the

FlexShares®

Core

Select

Bond

Fund

was

invested

in

securities

of

affiliated

FlexShares®

Funds.

The

Schedules

of

Investments

of

the

affiliated

FlexShares®

Funds

are

located

elsewhere

in

this

Report.

Investment

in

a

company

which

was

affiliated

for

the

period

ended

July

31,

2024,

was

as

follows:

Security

Value

October

31,

2023

Purchases

at

Cost

Sales

Proceeds

Shares

July

31,

2024

Value

July

31,

2024

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Realized

Gain

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund

$

13,290,121

$

3,944,473

$

2,335,874

326,280

$

15,734,820

$

828,445

$

490,434

$

7,655

FlexShares®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

847,983

24,326

156,812

19,050

831,342

117,061

34,641

(

1,216

)

FlexShares®

Disciplined

Duration

MBS

Index

Fund

23,209,155

616,950

4,015,504

1,015,995

21,010,777

1,054,168

610,734

146,008

FlexShares®

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund

3,854,121

100,530

656,412

142,641

3,389,150

93,976

122,789

(

3,065

)

FlexShares®

Ultra-

Short

Income

Fund

5,969,915

7,020,658

5,173,098

103,852

7,844,980

18,449

299,964

9,056

$47,171,295

$11,706,937

$12,337,700

1,607,818

$48,811,069

$2,112,099

$1,558,562

$158,438

Futures

Contracts

FlexShares®

Core

Select

Bond

Fund

had

the

following

open

futures

contracts

as

of

July

31,

2024:

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

Value

and

Unrealized

Appreciation

Long

Contracts

‌

U.S.

Treasury

2

Year

Note

51

09/30/2024

USD

$

10,473,727

$

88,556

Abbreviations:

USD

—

US

Dollar

See

Accompanying

Notes

to

the

Schedules

of

Investments.

FlexShares

Trust

Statements

of

Operations

FlexShares

®

Core

Select

Bond

Fund

(cont.)

314

Security

Type

%

of

Net

Assets

Exchange

Traded

Funds

99‌

.5

%

Securities

Lending

Reinvestments

0‌

.7

Short-Term

Investments

0‌

.0

†

Others

(1)

(

0‌

.2

)

100‌

.0

%

†

Amount

represents

less

than

0.05%.

(1)

Includes

any

other

net

assets/(liabilities).

315

Notes

to

the

Financial

Statements

July

31,

2024

Investment

Valuation 

Various

inputs

are

used

in

determining

the

value

of

each

Fund’s

investments.

These

inputs

are

summarized

in

three

levels

listed

below:

Level

1—Quoted

prices

in

active

markets

for

identical

assets

on

the

measurement

date.

Level

2—Other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Level

3—Significant

unobservable

inputs

(including

the

Funds’

own

assumptions

in

determining

the

fair

value

of

investments).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

For

example,

short-term

debt

securities

may

be

valued

at

amortized

cost,

as

long

as

amortized

cost

approximates

the

current

fair

value

of

a

security,

but

since

the

valuation

is

not

obtained

from

a

quoted

price

in

an

active

market,

such

securities

are

reflected

as

Level

2. 

The

following

is

a

summary

of

the

valuations

as

of July

31,

2024 for

each

Fund

based

upon

the

three

levels

defined

above.

Please

refer

to

the

Schedules

of

Investments

to

view

equity

and

debt

securities

segregated

by

industry

type

where

applicable. 

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

US

Quality

Low

Volatility

Index

Fund

Investments

  Common

Stocks*

$

129‌,715,842

$

—‌

$

—‌

$

129‌,715,842

  Securities

Lending

Reinvestments

      Repurchase

Agreements

—‌

1‌,285,949

—‌

1‌,285,949

  Short-Term

Investments

—‌

34‌,683

—‌

34‌,683

Total

Investments

$

129‌,715,842

$

1‌,320,632

$

—‌

$

131‌,036,474

Other

Financial

Instruments

Assets

  Futures

Contracts

$

2‌,754

$

—‌

$

—‌

$

2‌,754

Liabilities

  Futures

Contracts

(

2‌,370

)

—‌

—‌

(

2‌,370

)

Total

Other

Financial

Instruments

$

384‌

$

—‌

$

—‌

$

384‌

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

Developed

Markets

ex-US

Quality

Low

Volatility

Index

Fund

Investments

  Common

Stocks*

$

46‌,471,220

$

—‌

$

—‌

$

46‌,471,220

  Warrants

—‌

—‌

—‌

—‌

  Securities

Lending

Reinvestments

      Repurchase

Agreements

—‌

732‌,514

—‌

732‌,514

Total

Investments

$

46‌,471,220

$

732‌,514

$

—‌

$

47‌,203,734

316

Notes

to

the

Financial

Statements

(cont.)

Level

1

—

Quoted

Prices

(continued)

Level

2

—

Other

Significant

Observable

Inputs

(continued)

Level

3

—

Significant

Unobservable

Inputs

(continued)

Total

(continued)

Other

Financial

Instruments

Assets

  Futures

Contracts

$

11‌,538

$

—‌

$

—‌

$

11‌,538

  Forward

Foreign

Currency

Contracts

—‌

12‌,042

—‌

12‌,042

Liabilities

  Forward

Foreign

Currency

Contracts

—‌

(

5‌,942

)

—‌

(

5‌,942

)

Total

Other

Financial

Instruments

$

11‌,538

$

6‌,100

$

—‌

$

17‌,638

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

Emerging

Markets

Quality

Low

Volatility

Index

Fund

Investments

  Common

Stocks

    Banks

$

1‌,990,619

$

48‌,184

$

—‌

$

2‌,038,803

    Other*

10‌,539,023

—‌

—‌

10‌,539,023

Total

Investments

$

12‌,529,642

$

48‌,184

$

—‌

$

12‌,577,826

Other

Financial

Instruments

Assets

  Futures

Contracts

$

747‌

$

—‌

$

—‌

$

747‌

  Forward

Foreign

Currency

Contracts

—‌

14‌

—‌

14‌

Total

Other

Financial

Instruments

$

747‌

$

14‌

$

—‌

$

761‌

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

Morningstar

US

Market

Factor

Tilt

Index

Fund

Investments

  Common

Stocks*

$

1‌,652,470,480

$

—‌

$

—‌

$

1‌,652,470,480

  Rights

—‌

—‌

—‌

—‌

  Warrants

166‌,161

—‌

—‌

166‌,161

  Securities

Lending

Reinvestments

      Certificates

of

Deposit

—‌

32‌,002,999

—‌

32‌,002,999

      Repurchase

Agreements

—‌

116‌,522,751

—‌

116‌,522,751

Total

Investments

$

1‌,652,636,641

$

148‌,525,750

$

—‌

$

1‌,801,162,391

Other

Financial

Instruments

Assets

  Futures

Contracts

$

444‌,857

$

—‌

$

—‌

$

444‌,857

Total

Other

Financial

Instruments

$

444‌,857

$

—‌

$

—‌

$

444‌,857

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

Morningstar

Developed

Markets

ex-US

Factor

Tilt

Index

Fund

Investments

  Closed

End

Funds

$

27‌,758

$

—‌

$

—‌

$

27‌,758

  Common

Stocks

    Metals

&

Mining

23‌,321,257

—‌

10‌,149

23‌,331,406

    Software

6‌,959,368

76‌,758

—‌

7‌,036,126

    Other*

458‌,842,513

—‌

—‌

458‌,842,513

317

Notes

to

the

Financial

Statements

(cont.)

Level

1

—

Quoted

Prices

(continued)

Level

2

—

Other

Significant

Observable

Inputs

(continued)

Level

3

—

Significant

Unobservable

Inputs

(continued)

Total

(continued)

  Warrants

$

—‌

$

—‌

$

—‌

$

—‌

  Securities

Lending

Reinvestments

      Repurchase

Agreements

—‌

11‌,191,765

—‌

11‌,191,765

Total

Investments

$

489‌,150,896

$

11‌,268,523

$

10‌,149

$

500‌,429,568

Other

Financial

Instruments

Assets

  Futures

Contracts

$

113‌,571

$

—‌

$

—‌

$

113‌,571

  Forward

Foreign

Currency

Contracts

—‌

44‌,429

—‌

44‌,429

Liabilities

  Futures

Contracts

(

16‌,654

)

—‌

—‌

(

16‌,654

)

  Forward

Foreign

Currency

Contracts

—‌

(

9‌,331

)

—‌

(

9‌,331

)

Total

Other

Financial

Instruments

$

96‌,917

$

35‌,098

$

—‌

$

132‌,015

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

Morningstar

Emerging

Markets

Factor

Tilt

Index

Fund

Investments

  Common

Stocks

    Banks

$

39‌,394,047

$

50‌,721

$

—‌

$

39‌,444,768

    Commercial

Services

&

Supplies

346‌,400

—‌

31‌,799

378‌,199

    Consumer

Staples

Distribution

&

Retail

3‌,213,022

290‌

—‌

3‌,213,312

    Diversified

Telecommunication

Services

2‌,281,459

308‌,156

—‌

2‌,589,615

    Food

Products

5‌,844,185

16‌,155

—‌

5‌,860,340

    Health

Care

Providers

&

Services

2‌,733,994

—‌

6‌,645

2‌,740,639

    Hotels,

Restaurants

&

Leisure

4‌,137,381

1‌,852

—‌

4‌,139,233

    Independent

Power

and

Renewable

Electricity

Producers

4‌,536,470

33‌,433

—‌

4‌,569,903

    Industrial

REITs

1‌,228,588

303‌,149

—‌

1‌,531,737

    Personal

Care

Products

1‌,465,843

—‌

19‌,633

1‌,485,476

    Pharmaceuticals

4‌,166,131

—‌

6‌,488

4‌,172,619

    Real

Estate

Management

&

Development

7‌,702,594

—‌

19‌,731

7‌,722,325

    Retail

REITs

869‌,635

263‌,630

—‌

1‌,133,265

    Other*

188‌,719,658

—‌

—‌

188‌,719,658

  Corporate

Bonds*

$

—‌

$

1‌,213

$

—‌

$

1‌,213

  Rights

314‌

5‌,041

—‌

5‌,355

  Securities

Lending

Reinvestments

      Repurchase

Agreements

—‌

3‌,280,775

—‌

3‌,280,775

Total

Investments

$

266‌,639,721

$

4‌,264,415

$

84‌,296

$

270‌,988,432

Other

Financial

Instruments

Assets

  Futures

Contracts

$

5‌,419

$

—‌

$

—‌

$

5‌,419

  Forward

Foreign

Currency

Contracts

—‌

17‌,586

—‌

17‌,586

Liabilities

  Forward

Foreign

Currency

Contracts

—‌

(

2‌,697

)

—‌

(

2‌,697

)

Total

Other

Financial

Instruments

$

5‌,419

$

14‌,889

$

—‌

$

20‌,308

318

Notes

to

the

Financial

Statements

(cont.)

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

US

Quality

Large

Cap

Index

Fund

Investments

  Common

Stocks*

$

225‌,933,703

$

—‌

$

—‌

$

225‌,933,703

  Securities

Lending

Reinvestments

      Repurchase

Agreements

—‌

3‌,534,603

—‌

3‌,534,603

Total

Investments

$

225‌,933,703

$

3‌,534,603

$

—‌

$

229‌,468,306

Other

Financial

Instruments

Assets

  Futures

Contracts

$

12‌,023

$

—‌

$

—‌

$

12‌,023

Total

Other

Financial

Instruments

$

12‌,023

$

—‌

$

—‌

$

12‌,023

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

STOXX®

US

ESG

Select

Index

Fund

Investments

  Common

Stocks*

$

174‌,314,025

$

—‌

$

—‌

$

174‌,314,025

Total

Investments

$

174‌,314,025

$

—‌

$

—‌

$

174‌,314,025

Other

Financial

Instruments

Assets

  Futures

Contracts

$

9‌,518

$

—‌

$

—‌

$

9‌,518

Total

Other

Financial

Instruments

$

9‌,518

$

—‌

$

—‌

$

9‌,518

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

STOXX®

Global

ESG

Select

Index

Fund

Investments

  Common

Stocks*

$

172‌,857,160

$

—‌

$

—‌

$

172‌,857,160

  Securities

Lending

Reinvestments

      Repurchase

Agreements

—‌

1‌,001,766

—‌

1‌,001,766

Total

Investments

$

172‌,857,160

$

1‌,001,766

$

—‌

$

173‌,858,926

Other

Financial

Instruments

Assets

  Futures

Contracts

$

19‌,246

$

—‌

$

—‌

$

19‌,246

Liabilities

  Futures

Contracts

(

2‌,634

)

—‌

—‌

(

2‌,634

)

  Forward

Foreign

Currency

Contracts

—‌

(

5‌,667

)

—‌

(

5‌,667

)

Total

Other

Financial

Instruments

$

16‌,612

$

(

5‌,667

)

$

—‌

$

10‌,945

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

ESG &

Climate

US

Large

Cap

Core

Index

Fund

Fund

Investments

  Common

Stocks*

$

62‌,946,309

$

—‌

$

—‌

$

62‌,946,309

  Securities

Lending

Reinvestments

      Repurchase

Agreements

—‌

1‌,771,319

—‌

1‌,771,319

  Short-Term

Investments

—‌

39‌,637

—‌

39‌,637

Total

Investments

$

62‌,946,309

$

1‌,810,956

$

—‌

$

64‌,757,265

319

Notes

to

the

Financial

Statements

(cont.)

Level

1

—

Quoted

Prices

(continued)

Level

2

—

Other

Significant

Observable

Inputs

(continued)

Level

3

—

Significant

Unobservable

Inputs

(continued)

Total

(continued)

Other

Financial

Instruments

Assets

  Futures

Contracts

$

7‌,026

$

—‌

$

—‌

$

7‌,026

Total

Other

Financial

Instruments

$

7‌,026

$

—‌

$

—‌

$

7‌,026

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

ESG &

Climate

Developed

Markets ex-US Core

Index

Fund

Fund

Investments

  Common

Stocks*

$

55‌,020,468

$

—‌

$

—‌

$

55‌,020,468

  Securities

Lending

Reinvestments

      Repurchase

Agreements

—‌

927‌,206

—‌

927‌,206

Total

Investments

$

55‌,020,468

$

927‌,206

$

—‌

$

55‌,947,674

Other

Financial

Instruments

Assets

  Futures

Contracts

$

18‌,911

$

—‌

$

—‌

$

18‌,911

  Forward

Foreign

Currency

Contracts

—‌

7‌,371

—‌

7‌,371

Liabilities

  Forward

Foreign

Currency

Contracts

—‌

(

6‌,598

)

—‌

(

6‌,598

)

Total

Other

Financial

Instruments

$

18‌,911

$

773‌

$

—‌

$

19‌,684

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

Morningstar

Global

Upstream

Natural

Resources

Index

Fund

Investments

  Common

Stocks*

$

5‌,812,075,946

$

—‌

$

—‌

$

5‌,812,075,946

  Securities

Lending

Reinvestments

      Certificates

of

Deposit

—‌

30‌,003,617

—‌

30‌,003,617

      Repurchase

Agreements

—‌

136‌,249,465

—‌

136‌,249,465

Total

Investments

$

5‌,812,075,946

$

166‌,253,082

$

—‌

$

5‌,978,329,028

Other

Financial

Instruments

Assets

  Futures

Contracts

$

2‌,505,288

$

—‌

$

—‌

$

2‌,505,288

  Forward

Foreign

Currency

Contracts

—‌

122‌,620

—‌

122‌,620

Liabilities

  Forward

Foreign

Currency

Contracts

—‌

(

260‌,259

)

—‌

(

260‌,259

)

Total

Other

Financial

Instruments

$

2‌,505,288

$

(

137‌,639

)

$

—‌

$

2‌,367,649

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

STOXX®

Global

Broad

Infrastructure

Index

Fund

Investments

  Common

Stocks*

$

2‌,257,481,191

$

—‌

$

—‌

$

2‌,257,481,191

  Securities

Lending

Reinvestments

      Repurchase

Agreements

—‌

89‌,601,149

—‌

89‌,601,149

Total

Investments

$

2‌,257,481,191

$

89‌,601,149

$

—‌

$

2‌,347,082,340

320

Notes

to

the

Financial

Statements

(cont.)

Level

1

—

Quoted

Prices

(continued)

Level

2

—

Other

Significant

Observable

Inputs

(continued)

Level

3

—

Significant

Unobservable

Inputs

(continued)

Total

(continued)

Other

Financial

Instruments

Assets

  Futures

Contracts

$

581‌,584

$

—‌

$

—‌

$

581‌,584

  Forward

Foreign

Currency

Contracts

—‌

84‌,719

—‌

84‌,719

Liabilities

  Futures

Contracts

(

20‌,943

)

—‌

—‌

(

20‌,943

)

  Forward

Foreign

Currency

Contracts

—‌

(

69‌,262

)

—‌

(

69‌,262

)

Total

Other

Financial

Instruments

$

560‌,641

$

15‌,457

$

—‌

$

576‌,098

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

Global

Quality

Real

Estate

Index

Fund

Investments

  Common

Stocks*

$

333‌,203,178

$

—‌

$

—‌

$

333‌,203,178

  Securities

Lending

Reinvestments

      Repurchase

Agreements

—‌

26‌,284,459

—‌

26‌,284,459

Total

Investments

$

333‌,203,178

$

26‌,284,459

$

—‌

$

359‌,487,637

Other

Financial

Instruments

Assets

  Futures

Contracts

$

318‌,732

$

—‌

$

—‌

$

318‌,732

  Forward

Foreign

Currency

Contracts

—‌

2‌,826

—‌

2‌,826

Liabilities

  Forward

Foreign

Currency

Contracts

—‌

(

1‌,611

)

—‌

(

1‌,611

)

Total

Other

Financial

Instruments

$

318‌,732

$

1‌,215

$

—‌

$

319‌,947

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

Real

Assets

Allocation

Index

Fund

Investments

  Exchange

Traded

Funds

$

7‌,836,932

$

—‌

$

—‌

$

7‌,836,932

Total

Investments

$

7‌,836,932

$

—‌

$

—‌

$

7‌,836,932

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

Quality

Dividend

Index

Fund

Investments

  Common

Stocks*

$

1‌,777,139,923

$

—‌

$

—‌

$

1‌,777,139,923

  Securities

Lending

Reinvestments

      Certificates

of

Deposit

—‌

6‌,000,987

—‌

6‌,000,987

      Repurchase

Agreements

—‌

102‌,963,109

—‌

102‌,963,109

Total

Investments

$

1‌,777,139,923

$

108‌,964,096

$

—‌

$

1‌,886,104,019

Other

Financial

Instruments

Assets

  Futures

Contracts

$

217‌,722

$

—‌

$

—‌

$

217‌,722

Total

Other

Financial

Instruments

$

217‌,722

$

—‌

$

—‌

$

217‌,722

321

Notes

to

the

Financial

Statements

(cont.)

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

Quality

Dividend

Defensive

Index

Fund

Investments

  Common

Stocks*

$

379‌,808,819

$

—‌

$

—‌

$

379‌,808,819

  Securities

Lending

Reinvestments

      Repurchase

Agreements

—‌

12‌,604,821

—‌

12‌,604,821

Total

Investments

$

379‌,808,819

$

12‌,604,821

$

—‌

$

392‌,413,640

Other

Financial

Instruments

Assets

  Futures

Contracts

$

22‌,179

$

—‌

$

—‌

$

22‌,179

Liabilities

  Futures

Contracts

(

3‌,275

)

—‌

—‌

(

3‌,275

)

Total

Other

Financial

Instruments

$

18‌,904

$

—‌

$

—‌

$

18‌,904

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

International

Quality

Dividend

Index

Fund

Investments

  Common

Stocks*

$

575‌,374,297

$

—‌

$

—‌

$

575‌,374,297

  Securities

Lending

Reinvestments

      Repurchase

Agreements

—‌

2‌,088,665

—‌

2‌,088,665

Total

Investments

$

575‌,374,297

$

2‌,088,665

$

—‌

$

577‌,462,962

Other

Financial

Instruments

Assets

  Futures

Contracts

$

204‌,849

$

—‌

$

—‌

$

204‌,849

  Forward

Foreign

Currency

Contracts

—‌

70‌,235

—‌

70‌,235

Liabilities

  Forward

Foreign

Currency

Contracts

—‌

(

97‌,425

)

—‌

(

97‌,425

)

Total

Other

Financial

Instruments

$

204‌,849

$

(

27‌,190

)

$

—‌

$

177‌,659

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

International

Quality

Dividend

Defensive

Index

Fund

Investments

  Common

Stocks*

$

21‌,950,917

$

—‌

$

—‌

$

21‌,950,917

  Securities

Lending

Reinvestments

      Repurchase

Agreements

—‌

520‌,795

—‌

520‌,795

Total

Investments

$

21‌,950,917

$

520‌,795

$

—‌

$

22‌,471,712

Other

Financial

Instruments

Assets

  Futures

Contracts

$

7‌,374

$

—‌

$

—‌

$

7‌,374

  Forward

Foreign

Currency

Contracts

—‌

2‌,510

—‌

2‌,510

Liabilities

  Forward

Foreign

Currency

Contracts

—‌

(

2‌,744

)

—‌

(

2‌,744

)

Total

Other

Financial

Instruments

$

7‌,374

$

(

234‌

)

$

—‌

$

7‌,140

322

Notes

to

the

Financial

Statements

(cont.)

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

International

Quality

Dividend

Dynamic

Index

Fund

Investments

  Common

Stocks*

$

67‌,054,126

$

—‌

$

—‌

$

67‌,054,126

  Securities

Lending

Reinvestments

      Repurchase

Agreements

—‌

742‌,591

—‌

742‌,591

Total

Investments

$

67‌,054,126

$

742‌,591

$

—‌

$

67‌,796,717

Other

Financial

Instruments

Assets

  Futures

Contracts

$

20‌,448

$

—‌

$

—‌

$

20‌,448

  Forward

Foreign

Currency

Contracts

—‌

3‌,078

—‌

3‌,078

Liabilities

  Forward

Foreign

Currency

Contracts

—‌

(

6‌,272

)

—‌

(

6‌,272

)

Total

Other

Financial

Instruments

$

20‌,448

$

(

3‌,194

)

$

—‌

$

17‌,254

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

iBoxx

3-Year

Target

Duration

TIPS

Index

Fund

Investments

  U.S.

Treasury

Obligations

$

—‌

$

1‌,742,709,259

$

—‌

$

1‌,742,709,259

Total

Investments

$

—‌

$

1‌,742,709,259

$

—‌

$

1‌,742,709,259

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

iBoxx

5-Year

Target

Duration

TIPS

Index

Fund

Investments

  U.S.

Treasury

Obligations

$

—‌

$

687‌,468,272

$

—‌

$

687‌,468,272

Total

Investments

$

—‌

$

687‌,468,272

$

—‌

$

687‌,468,272

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

Disciplined

Duration

MBS

Index

Fund

Investments

  Mortgage-Backed

Securities

$

—‌

$

75‌,854,776

$

—‌

$

75‌,854,776

Total

Investments

$

—‌

$

75‌,854,776

$

—‌

$

75‌,854,776

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

Credit-Scored

US

Corporate

Bond

Index

Fund

Investments

  Corporate

Bonds*

$

—‌

$

404‌,671,724

$

—‌

$

404‌,671,724

  Securities

Lending

Reinvestments

      Repurchase

Agreements

—‌

26‌,285,833

—‌

26‌,285,833

Total

Investments

$

—‌

$

430‌,957,557

$

—‌

$

430‌,957,557

323

Notes

to

the

Financial

Statements

(cont.)

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

Credit-Scored

US

Long

Corporate

Bond

Index

Fund

Investments

  Corporate

Bonds*

$

—‌

$

40‌,369,073

$

—‌

$

40‌,369,073

  U.S.

Treasury

Obligations

—‌

459‌,039

—‌

459‌,039

Total

Investments

$

—‌

$

40‌,828,112

$

—‌

$

40‌,828,112

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

High

Yield

Value-Scored

Bond

Index

Fund

Investments

  Corporate

Bonds*

$

—‌

$

1‌,391,623,631

$

—‌

$

1‌,391,623,631

  Securities

Lending

Reinvestments

      Repurchase

Agreements

—‌

79‌,844,640

—‌

79‌,844,640

Total

Investments

$

—‌

$

1‌,471,468,271

$

—‌

$

1‌,471,468,271

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

ESG &

Climate

Investment

Grade

Corporate

Core

Index

Fund

Fund

Investments

  Corporate

Bonds*

$

—‌

$

42‌,189,044

$

—‌

$

42‌,189,044

Total

Investments

$

—‌

$

42‌,189,044

$

—‌

$

42‌,189,044

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

Ultra-Short

Income

Fund

Investments

  Asset-Backed

Securities

$

—‌

$

47‌,035,806

$

—‌

$

47‌,035,806

  Corporate

Bonds*

—‌

1‌,068,874,392

—‌

1‌,068,874,392

Total

Investments

$

—‌

$

1‌,115,910,198

$

—‌

$

1‌,115,910,198

Level

1

—

Quoted

Prices

Level

2

—

Other

Significant

Observable

Inputs

Level

3

—

Significant

Unobservable

Inputs

Total

FlexShares®

Core

Select

Bond

Fund

Investments

  Exchange

Traded

Funds

$

167‌,301,045

$

—‌

$

—‌

$

167‌,301,045

  Securities

Lending

Reinvestments

      Repurchase

Agreements

—‌

1‌,131,300

—‌

1‌,131,300

  Short-Term

Investments

—‌

69‌,365

—‌

69‌,365

Total

Investments

$

167‌,301,045

$

1‌,200,665

$

—‌

$

168‌,501,710

Other

Financial

Instruments

Assets

  Futures

Contracts

$

88‌,556

$

—‌

$

—‌

$

88‌,556

Total

Other

Financial

Instruments

$

88‌,556

$

—‌

$

—‌

$

88‌,556

*

See

Schedules

of

Investments

for

segregation

by

industry

type.